New Manager Appointments

Fidelity has announced the manager appointments below. There are no ratings
changes based on this announcement.

Matthew Drukker has been named
portfolio manager of Select Telecommunications Portfolio (Retail and Advisor
share classes), VIP Telecommunications Portfolio and Telecom Services Central
Fund, succeeding Kristina Salen, who is leaving Fidelity.  Matt will
continue to co-manage Select Wireless Portfolio.

Nidhi Gupta has
been named portfolio manager of Select Multimedia Portfolio, also succeeding
Kristina Salen.

Also, the telecommunications
funds will now be part of the Technology team, while the Multimedia fund will
be part of the Consumer team.  There will no longer be a designated sector
leader for media, internet and telecomm.