Portfolio Manager Appointments

Effective September 30, 2020:

Andrew Sergeant is appointed co-portfolio manager of Fidelity® Worldwide Fund, joining lead manager Bill Kennedy and co-manager Steve DuFour. Andrew’s focus will be on the fund’s non-U.S. equity subportfolio.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective August 17, 2020:

Nicole Abernethy was appointed co-portfolio manager of Fidelity® Select Telecommunications Portfolio, alongside Matt Drukker. She is expected to assume sole responsibility for the fund by February 28, 2021, after a deliberate and thoughtful transition period.

Will Hilkert was appointed co-portfolio manager of Fidelity® Select Leisure Portfolio, alongside Becky Baker. He is expected to assume sole responsibility for the fund by February 28, 2021, after a deliberate and thoughtful transition period.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective July 20, 2020:

Becky Baker was appointed co-portfolio manager of Fidelity® Select IT Services Portfolio, alongside Zach Turner. She is expected to assume sole responsibility for the fund by year-end after a deliberate and thoughtful transition period.

Brian Lempel was appointed co-portfolio manager of Fidelity® Select Technology Portfolio, alongside Nidhi Gupta. He is expected to assume sole responsibility for the fund by December 31, 2020.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective June 30, 2020:

Zachary Turner will be appointed co-portfolio manager of Fidelity® Dividend Growth Fund, alongside Gordon Scott. Zach will assume sole responsibility for the fund on December 31, 2020, after a deliberate and thoughtful transition period.

Jean Park is expanding her portfolio management responsibilities to include Fidelity® Export and Multinational Fund, succeeding Gordon Scott.

Clint Lawrence becomes sole portfolio manager of Fidelity® Small Cap Value Fund, after having co-managed the fund with Derek Janssen since 2017. Derek will continue to manage Fidelity® Small Cap Discovery Fund.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective March 16, 2020:

Adam Benjamin is appointed co-manager of Fidelity Select Semiconductors Portfolio, with the expectation that he will eventually succeed Steve Barwikowski, who has expressed his desire to retire from Fidelity on June 30, 2020.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective March 1, 2020:

Michael Maka will join Cormac Cullen, Elizah McLaughlin, and Kevin Ramundo as co-portfolio manager on Fidelity Intermediate Municipal Income Fund, Fidelity Municipal Income Fund, Fidelity Tax-Free Bond Fund, Fidelity Limited Term Municipal Income Fund, Fidelity Defined Maturity Funds (Fidelity Municipal Income 2021, 2023, and 2025), as well as Fidelity California Limited Term Tax-Free Bond Fund and several other state-specific (Massachusetts, New York, California, Michigan, Minnesota, Ohio, Pennsylvania, Connecticut, New Jersey, Maryland, Arizona) Municipal Income Funds. He will eventually succeed Kevin Ramundo, who has expressed his desire to retire from Fidelity on June 30, 2020.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2020 FMR LLC. All rights reserved.
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Effective December 31, 2019

Maurice FitzMaurice will become portfolio manager of Fidelity Select Energy Portfolio, succeeding John Dowd.

Ashley Fernandes will assume responsibility for the energy sector sleeves of Fidelity Balanced Fund and Fidelity Series All-Sector Equity Fund, succeeding Jonathan Kasen. In addition, Ashley will become portfolio manager of the energy sleeve of Fidelity Stock Selector All Cap Fund, succeeding John Dowd.

Peter Belisle will become co-portfolio manager of Fidelity Select Natural Gas Portfolio, joining Ben Shuleva. We expect that Peter will assume sole portfolio management responsibilities on or about June 30, 2020.

Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Effective December 31, 2019

Melissa Reilly assumes portfolio management responsibilities on the Consumer Staples sub-portfolios of Fidelity Balanced Fund.

Ben Shuleva assumes co-portfolio management responsibilities on Fidelity Select Consumer Staples Portfolio and the Consumer Staples sub-portfolio of Fidelity Stock Selector All Cap Fund. We expect that Ben will assume sole PM responsibility on these portfolios on June 30, 2020.

Nicola Stafford will continue with her other portfolio management responsibilities on the Consumer Discretionary sleeves of Fidelity and Fidelity Advisor Balanced Funds, Fidelity VIP Balanced Fund, and Fidelity Series All Sector Equity Fund. Additionally, she will continue to co-manage Fidelity Mid-Cap Stock Fund with John Roth.

Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Effective November 1, 2019

Nicola Stafford has been appointed portfolio manager of Fidelity Select Consumer Staples Portfolio (FDFAX), succeeding James McElligott. Nicola is an experienced and talented investor with 18 years of experience in the investments industry, since joining Fidelity in 2001. She currently manages the consumer discretionary and consumer staples sleeves of Fidelity and Fidelity Advisor Balanced Funds, Fidelity VIP Balanced Fund, and Fidelity Series All Sector Equity Fund. Additionally, she co-manages Fidelity Mid-Cap Stock Fund.

Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are the property of their respective owners.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Effective June 1, 2019

Matt Reed assumes co-management responsibility for Fidelity Select Financial Services Portfolio, Fidelity Advisor Financial Services Fund, and Fidelity VIP Financial Services Portfolio, alongside Chris Lee. Chris will remain co-portfolio manager until October 1, 2019. Earlier in the year, Chris was appointed as a Managing Director of Research within Fidelity's equity group.

Pierre Sorel assume co-management responsibility for Fidelity Financial Services Central Fund, alongside Chris Lee. Chris will remain co-portfolio manager until October 1, 2019. Earlier in the year, Chris was appointed as a Managing Director of Research within Fidelity's equity group.

Before investing in any mutual fund, consider the funds' investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are the property of their respective owners.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Effective June 18, 2019

John Carlson has expressed his desire to retire from Fidelity on December 31, 2019. With John’s retirement, the following portfolio management changes are effective June 18, 2019:

Jonathan Kelly and Timothy Gill will remain as co-managers for Fidelity New Markets Income Fund. John will continue to co-manage the fund until his retirement

Jonathan Kelly assumes co-management responsibility for Fidelity Total Emerging Markets Fund, joining Timothy Gill, Sam Polyak, James Hayes, Gregory Lee, Xiaoting Zhao, and Jane Wu. John will continue to co-manage the fund until his retirement.

Jonathan Kelly and Timothy Gill assume co-management responsibility for Fidelity Global High Income Fund, joining Harley Lank, Brian Collins, and James Durance. John will continue to co-manage the fund until his retirement.

Before investing in any mutual fund, consider the funds’ investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region.
Keep in mind, investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are the property of their respective owners.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Effective June 1, 2019

Xiaoting Zhao assumes co-management responsibility for Fidelity Advisor Emerging Asia Fund and Fidelity Emerging Asia Fund , joining John Dance. John will remain co-portfolio manager until year-end. Earlier in the year, John joined Sammy Simnegar as co-portfolio manager on Fidelity Emerging Markets Fund , which he will take over as sole manager in October.

Kirk Neureiter and Bruce MacDonald assume co-management responsibility for Fidelity Pacific Basin Fund, joining John Dance. John will remain co-portfolio manager until year-end. Earlier in the year, John joined Sammy Simnegar as co-portfolio manager on Fidelity Emerging Markets Fund, which he will take over as sole manager in October.

Before investing in any mutual fund, consider the funds' investment objectives, risks, charges, and expenses. Contact your investment professional or visit institutional.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Foreign markets can be more volatile than U.S. markets due to increased risks of adverse issuer, political, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for investments that focus on a single country or region.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are the property of their respective owners.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Effective April 1, 2019

Zachary Turner assumes co-portfolio management responsibility on Fidelity Select IT Services Portfolio , joining Dan Sherwood. We expect that after a thoughtful and deliberate 6-month transition period, Zach will become sole portfolio manager. Dan will continue to co-manage Fidelity Advisor Mid Cap II Fund and VIP Mid Cap Portfolio.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Effective March 22, 2019

Pat Waddell has retired from Geode Capital Management. His retirement impacts the following Fidelity Equity Index Funds which are sub-advised by Geode:

The Fidelity equity index funds will continue to be managed by an experienced team of portfolio managers who share responsibilities. Geode specializes in quantitative investment strategies and has expertise in indexing, currently serving as the subadvisor to Fidelity’s equity index funds. Geode is a Boston-based SEC-registered investment adviser that not affiliated with Fidelity.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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Effective March 1, 2019

William Maclay has been appointed co-portfolio manager on Fidelity Strategic Real Return Fund (FSRRX), joining co-managers Ford O'Neil, Adam Kramer, Mark Snyderman, Samuel Wald, Franco Castagliuolo and Sean Corcoran.

William Maclay has been appointed co-portfolio manager on Fidelity Real Estate Income Fund (FRIFX), joining co-manager Mark Snyderman.

William Maclay has been appointed co-portfolio manager on Fidelity Real Estate High Income Fund (FRE.T), joining co-managers Stephen Rosen and David Bagnani. David Bagnani will remain co-portfolio manager on the fund until his retirement on September 30, 2019.

Past performance is no guarantee of future results.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal.
Fidelity, Fidelity Investments, Fidelity Investments and the pyramid logo are registered service marks of FMR LLC.
The third party trademarks appearing herein are the property of their respective owners.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
© 2019 FMR LLC. All rights reserved.
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Effective February 22, 2019

Sammy Simnegar assumes co-portfolio management responsibility on Fidelity Magellan Fund, Fidelity Magellan Commingled Pool, and Fidelity Independence Fund. Jeff Feingold will remain co-portfolio manager until his retirement at year end, when Sammy will become sole portfolio manager on the funds.

Kwasi Dadzie-Yeboah assumes lead management responsibility on Fidelity Disciplined Equity Fund, joining Alex Devereaux who will remain as a co-manager on the fund. We expect that on October 1, 2019, after a thoughtful and deliberate transition, Alex will come off the fund and Kwasi will take over sole management responsibility. Alex will be assuming a new role as a quantitative analyst.

John Dance assumes co-management responsibility on Fidelity Emerging Markets Fund, joining Sammy Simnegar. We expect that on October 1, 2019, after a thoughtful and deliberate transition, Sammy will come off the fund and John will assume sole management responsibility.

Sam Polyak assumes co-management responsibility on Fidelity Advisor Emerging Markets Fund, Fidelity VIP Emerging Markets Portfolio, and the Emerging Markets sub-portfolios of Fidelity Total International Equity Fund and Fidelity Flex International Fund, joining Sammy Simnegar. We expect that on October 1, 2019, after a thoughtful and deliberate transition, Sammy will come off the funds and Sam will assume sole management responsibility.

Dan Sherwood assumes co-management responsibility of Fidelity Advisor Mid Cap II Fund and VIP Mid Cap Portfolio, joining Tom Allen.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Distributors Company LLC, 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2019 FMR LLC. All rights reserved.
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