New manager change, no change in B-H-S ratings

Effective July 1, 2010:

Anna Davydova has been named sole
portfolio manager on Fidelity Select Environmental Portfolio, which she has
managed since March 1, 2010 with Douglas Simmons. Simmons will continue to
manage Fidelity Telecom and Utilities Fund, Fidelity Select Utilities
Portfolio, Fidelity Advisor Utilities Fund, and VIP Utilities Portfolio. He
also will continue to have responsibility for the telecommunications services
and utilities sectors within Fidelity's Multi-Manager Group. Davydova joined Fidelity
in 2005 as a research analyst covering coal, small cap oil services and oil
tankers. In 2007, she began covering the alternative energy sector.