Manager Change for Select Wireless

New Portfolio Manager Appointment:
Effective December 1, 2011:
Matthew C. Drukker has been named co-portfolio manager of Select Wireless Portfolio (FWRLX), joining existing co-manager Kyle Weaver. Drukker will be succeeding Gavin Baker, who will continue to manage Fidelity OTC Portfolio (FOCPX).  Drukker joined Fidelity in 2007 in the Equity Research division of FMRCo.  From 2008 to 2010, he was a research analyst covering the restaurant industry. Since 2010, Drukker has been responsible for covering the telecom services sector.  Prior to Fidelity, Drukker was an investment banker at Sander O’Neill in New York from 1999 to 2006.

No change to the BUY-HOLD-SELL recommendation for this fund based on this manager change.