Portfolio Manager Appointments

Effective October 24, 2016:

John Mirshekari has been named manager of the industrials sector assets of Fidelity® Balanced Fund and Fidelity® Stock Selector Mid Cap Fund.

Shadman Riaz has been named manager of the materials sector assets of Fidelity® Stock Selector Mid Cap Fund. Mirshekari and Riaz succeed Monty Kori, who will pursue other opportunities.

Mirshekari specializes in the industrial sector and manages the industrials sub-portfolios in several funds, including: Fidelity Low-Priced Stock Fund, Fidelity® Stock Selector Large Cap Value Fund, and Fidelity® Value Fund. Mirshekari has been in the investments industry since joining Fidelity as a research associate in 2003.

Riaz specializes in the cyclical sectors of energy, industrials, and materials, along with utilities. Riaz currently manages sub-portfolios in several funds, including: Fidelity® Fidelity Series Small Cap Opportunities Fund and Fidelity Stock Selector Small Cap Opportunities Fund (energy, industrials, materials, utilities); Fidelity Low-Priced Stock Fund (energy, materials, utilities); Fidelity Value Fund (energy, materials); and Fidelity Stock Selector Mid Cap Fund (energy). He has been in the investments industry since 1996.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
778141.1.0

Effective October 12, 2016:

Richard (Rick) Malnight will assume sole responsibility of Fidelity Select Chemicals Portfolio, succeeding Mahmoud Sharaf. Since joining Fidelity in 2007, Rick has been a research analyst on Fidelity’s high income team covering chemicals, refining, and steel industries. Prior to joining Fidelity, Rick was a research analyst at W.R. Huff Asset Management from 2001 to 2006, where he covered the chemicals and paper industries. Previously, he held various roles with Air Products and Chemicals, Inc. from 1989 to 1999, primarily managing business units in the U.S. and Asia supplying tonnage gases to customers in the chemical, refining, steel, and electronics industries.

Nicola Stafford has been appointed lead portfolio manager of Fidelity Select Retailing Portfolio, joining Deena Friedman. Deena will serve as co-manager until the end of the year, at which time Nicola will become sole portfolio manager. Nicola will continue to serve as an assistant portfolio manager of Fidelity Mid-Cap Stock Fund and as an analyst covering U.S. consumer durable retail stocks. Nicola previously worked at Fidelity International in London from 2009 until 2015, where she managed a global consumer industries fund (2008 to 2015) and created and co-managed a global demographics fund (2009 to 2015). She started her career in the U.S. with Fidelity Investments in 2001 as an analyst following U.S. consumer discretionary (2001 to 2004). She then followed IT Services companies and managed Fidelity Select IT Services Portfolio (2004 to 2006). In 2006, Nicola moved to London as an analyst responsible for covering European consumer staples, a position she held until 2008.

Matthew Drukker has been named lead portfolio manager of Fidelity Select Wireless Portfolio. Harlan Carere, who currently manages the fund, will serve as co-manager until the end of the year, at which time Matthew will become sole portfolio manager. Matthew will continue to serve as an analyst covering the U.S. telecommunications industry and manage Fidelity Select Telecommunications Portfolio, Fidelity Telecom Services Central Fund, and VIP Telecommunications Portfolio. He’ll also continue to manage the telecommunications sub-portfolios of Fidelity Stock Selector All Cap Fund and Fidelity Series Broad Market Opportunities Fund. Prior to assuming his current responsibilities, Matthew co-managed Select Wireless Portfolio from 2011 to 2013, and covered the restaurant industry until September 2010. Before joining Fidelity full time in 2008, he was an intern in Fidelity’s Equity Research division in 2007. Previously, Matthew was an investment banker in New York from 1999 to 2006, specializing in mergers and acquisitions and capital raising for financial institutions. He has been in the investments industry since 1999.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
776724.1.0

Effective October 1, 2016:

Mike Plage has joined Jeff Moore, a 21-year Fidelity veteran, as co-manager of Fidelity Investment Grade Bond Fund (with retail and Advisor share classes). Plage will continue to manage institutional and retail fixed income portfolios within credit and diversified strategies. Prior to assuming his current position in December 2009, Plage worked as a fixed income trader from 2005 to 2009. Before joining Fidelity in 2005, he was a trader at Travelers Insurance (Citigroup) from 1997 to 2005.

Matt Bartlett has joined existing manager David Prothro, a 25-year Fidelity veteran, as co-manager of Fidelity Corporate Bond Fund (with retail and Advisor share classes), succeeding Mike Plage. Bartlett has also succeeded Plage as co-manager of Fidelity Short Duration High Income Fund (with retail and Advisor share classes), which continues to be lead-managed by Matt Conti, a 21-year Fidelity veteran. In addition, Bartlett has joined David Prothro and Plage, an 11-year Fidelity veteran, as co-manager of Fidelity Corporate Bond ETF. Prior to assuming his new role, Bartlett served as managing director of research, industrials. Previously, Bartlett was a Fixed Income research analyst covering a variety of sectors. Before joining Fidelity in 2005, Bartlett held research roles at Banc of America Securities, Alex, Brown & Sons, and Aegon Investment Management.

Celso Munoz has been named co-manager of Fidelity Series Investment Grade Bond Fund, including two of its sub-portfolios, and VIP Investment Grade Bond Portfolio, which he will manage with existing manager Ford O'Neil, a 26-year Fidelity veteran. Prior to assuming his new role, Munoz worked as a fixed income research analyst covering the insurance industry and the government-sponsored enterprises. He started his Fidelity career as a research analyst in the equity division in 2005, where he most recently covered insurance stocks and health care stocks. Before joining Fidelity in 2005, Munoz was an associate at Deutsche Bank and was a member of the Mergers & Acquisitions group within the firm’s investment banking practice.

Mike Weaver and Celso Munoz have joined Ford O'Neil, Mike Plage, and Mike Foggin as co-managers of Fidelity Total Bond ETF. Weaver will continue to manage institutional high yield portfolios and Fidelity’s collateralized loan obligation (CLO) strategies. Prior to assuming his current role in 2013, Weaver held various positions in Fidelity's High Income Group, including portfolio manager of Select Automotive Portfolio from 2009 to 2013, and research analyst from 2005 to 2013. Before joining Fidelity in 2005, he worked as a research analyst at Janus Capital Group from 2003 to 2005, an investment banking associate at JPMorgan from 2000 to 2003, and as an investment banking analyst at Barclays Capital from 1998 to 2000.

Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
©2016 FMR LLC. All rights reserved.
775516.1.0

Effective September 29, 2016:

John Dance has been named lead portfolio manager on Fidelity Emerging Asia Fund (FSEAX) and Fidelity Advisor Emerging Asia Fund, succeeding Colin Chickles who is retiring and will leave Fidelity at the end of the year. Chickles will serve as co-manager until the end of 2016, at which time Dance will become sole portfolio manager on the funds. Dance will continue to manage Fidelity Pacific Basin Fund, which he has done since October 2013. He will also continue to co-manage Fidelity Global Balanced Fund and Fidelity Advisor Global Balanced Fund, which he has done since May 2016, managing Asian equity assets in the funds. Prior to assuming his current management responsibilities, Dance served as co-sector leader of the Consumer Discretionary and Consumer Staples team from 2011 to 2013. Previously, he was a research analyst at Fidelity International Limited (FIL) from 2006 to 2011, where he covered shipping and airlines industries within the Asia Ex-Japan region. Before joining Fidelity in 2006, Dance worked as an analyst at Deutsche Asset Management in Sydney, Australia, from 2004 to 2006. He has been in the investments industry since 2004.

Before investing, consider the investment objectives, risks, charges, and expenses of the fund or annuity and its investment options. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments, all of which are magnified in emerging markets. These risks are particularly significant for funds 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 Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
775456.1.0

Effective September 22, 2016:

Jeff Feingold has been named lead portfolio manager on Fidelity Independence Fund (FDFFX). Feingold joins Bob Bertelson who will serve as co-portfolio manager until the end of 2016, when Bob steps into a new investment advisory role at Fidelity. Feingold will assume sole portfolio management responsibility of Fidelity Independence Fund at the start of 2017. Feingold will continue to manage Fidelity Magellan Fund.

Feingold joined Fidelity as an equity research analyst in 1997. Prior to his current role, Jeff managed various other domestic and international growth funds at Fidelity. He also served as co-director/managing director of research at FMRCo from 2004 to 2006. Before joining Fidelity, Jeff was a financial analyst at Morgan Stanley & Co. from 1992 to 1995. He has been in the investments industry since 1992.

Before investing, consider the investment objectives, risks, charges, and expenses of the annuity and its investment options. 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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
774948.1.0

Effective September 14, 2016:

Mark Notkin has been named portfolio manager of Fidelity Leveraged Company Stock Fund, succeeding Tom Soviero, who announced that he will be retiring and leaving Fidelity at the end of the year. Notkin will continue to manage Fidelity Capital & Income Fund and co-manage VIP Strategic Income Portfolio, Fidelity Strategic Income Fund, and Fidelity Advisor Strategic Income Fund. Prior to assuming his current management responsibilities, Notkin managed VIP High Income Portfolio from 2001 to 2003 along with various high-yield portfolios starting in 1996. Before joining Fidelity in 1994 as a high-yield analyst, he was an assistant to the chief financial officer at Sunbeam-Oster Company, Inc. from 1992 to 1994. Previously, he worked as an assistant vice president of corporate finance at Bank of Boston from 1989 to 1992 and as a credit analyst at Fleet Financial Group from 1988 to 1989.

Harley Lank has been named portfolio manager of Fidelity Advisor Leveraged Company Stock Fund, succeeding Tom Soviero. In addition, Lank will succeed Soviero on a similar fund available to Japanese investors. Lank will continue to manage Fidelity Advisor High Income Advantage Fund, the U.S. high-yield sub-portfolios of Fidelity Puritan Fund, and Fidelity Global High Income Fund, as well as various high-yield portfolios not available to U.S. investors. Prior to assuming his current responsibilities, Lank managed several other Fidelity funds, and he worked as a research analyst from 1996 to 2001. Before joining Fidelity in 1996, Lank was a corporate finance analyst at Bank of Boston from 1992 to 1994. He has been in the investments industry since 1992.

Matt Friedman has been named portfolio manager of Fidelity Advisor Value Strategies Fund (with retail and Advisor share classes) and VIP Value Strategies Portfolio, succeeding Tom Soviero. Friedman will continue to manage Fidelity VIP Value Portfolio, Fidelity Stock Selector Large Cap Value Fund, and Fidelity and Fidelity Advisor Series Stock Selector Large Cap Value Funds. He will also continue to co-manage Fidelity Value Fund and Fidelity Advisor Value Fund. Prior to assuming his current responsibilities, Friedman managed several diversified value strategies from 2006 to 2011 and managed various select funds from 2003 to 2006. Additionally, he was sector leader of the industrials and energy research groups from 2004 to 2005 and followed specialty pharmaceuticals and generics stocks starting in 2000. Previously, he was a summer intern following internet infrastructure stocks in 1999. Before joining Fidelity in 1999, Friedman worked as an investment banking analyst at Lehman Brothers from 1996 to 1998 and as an audit senior at Arthur Andersen from 1994 to 1996.

Before investing, consider the investment objectives, risks, charges, and expenses of the annuity and its investment options. 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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
773761.1.0

Effective September 6, 2016:

Charles Myers has returned from a leave of absence to resume his day-to-day responsibilities as lead portfolio manager role of Fidelity® Small Cap Discovery Fund (FSCRX) and Fidelity Series Small Cap Discovery Fund. Derek Janssen, who served as interim manager since March 7, 2016, will continue as co-manager on the funds with Myers. Janssen also will continue his role as portfolio manager of Fidelity Small Cap Value Fund (FCVPX) and Fidelity Advisor Small Cap Value 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.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
© 2016 FMR LLC. All rights reserved.
772864.1.0

Effective September 1, 2016

Neil Nabar will assume sole responsibility of the Fidelity Select Construction and Housing Portfolio, succeeding Holger Boerner. Neil is a talented investment professional with 14 years of experience in financial services. Since 2012, Neil has been a member of Fidelity's real estate research team covering Real Estate Investment Trusts (REITs) across a variety of property types. Prior to this, Neil was a quantitative analyst at FMRCo from 2009 to 2012, and was a quantitative analyst while he was an intern in 2008. Previously, he worked as an investment associate at Putnam Investments from 2004 to 2007. He has been in the investments industry since 2004.

Matt Reed will join John Sheehy as co-portfolio manager of the Select Banking Portfolio. Matt is a talented investment professional with eight years of experience in financial services. Since 2009, Matt has been a research analyst in the High Income Division of FMRCo. In this role he has been responsible for analyzing and recommending securities throughout the capital structure (debt through equity) for investment, with a focus primarily on global financials. Before joining Fidelity in 2008 as an intern, Matt was a director of Asia Pacific strategy and planning at MetLife from 2005 to 2007, and a director of finance at Travelers Group from 2001 to 2005. Matt has been in the investments industry since 2008.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
772528.1.0

Effective June 17, 2016:

Matt Friedman has joined Steve Barwikowski as co-manager of the Information Technology and Telecommunication Services sleeves of Fidelity Value Fund and Fidelity Advisor Value Fund. After a thoughtful transition period, Friedman will assume sole management responsibilities for these two sleeves. Friedman will continue with his existing responsibilities, which include co-managing Fidelity Value Fund, Fidelity Advisor Value Fund, and Fidelity VIP Value Portfolio. In addition, Friedman is a co- manager on Fidelity Stock Selector Large Cap Value Fund (with retail and Advisor share classes), Fidelity Series Stock Selector Large Cap Value Fund, and Fidelity Advisor Series Stock Selector Large Cap Value Fund. Prior to assuming his current responsibilities, Friedman managed several diversified value strategies from 2006 to 2011 and managed various select funds from 2003 to 2006. Additionally, he was sector leader of the Industrials and Energy research groups from 2004 to 2005 and followed specialty pharmaceuticals and generics stocks starting in 2000. Before joining Fidelity in 1999, Friedman worked as an investment banking analyst at Lehman Brothers from 1996 to 1998 and as an audit senior at Arthur Andersen from 1994 to 1996. He has been in the investments industry since 1994.

John Sheehy has joined Steve Barwikowski as co-manager of the Information Technology and Telecommunication Services sleeves of Fidelity Stock Selector Large Cap Value Fund (with retail and Advisor share classes), Fidelity Series Stock Selector Large Cap Value Fund, and Fidelity Advisor Series Stock Selector Large Cap Value Fund. After a thoughtful transition period, Sheehy will assume sole management responsibilities for these two sleeves. Sheehy is a research analyst at Fidelity. In this role, he is responsible for research and analysis of the Banking sector. In addition, Sheehy manages Fidelity Select Banking Portfolio. Prior to assuming his current responsibilities in 2012, Sheehy covered various other sectors as an analyst at Fidelity Management and Research Co. (FMRCo), including Aerospace and Defense from 2009 to 2012, and Paper/Packaging from 2007 to 2009. Before joining Fidelity in 2007, he worked as an audit manager at Deloitte from 1998 to 2005. He has been in the investments industry since 2007.

As previously announced:

Effective July 1, 2016, Harlan Carere becomes sole portfolio manager of Fidelity Select Wireless Portfolio, which he has co-managed with Kyle Weaver since December 2015. Carere is a research analyst at Fidelity and is responsible for covering European telecommunications, satellite, and cable companies. Prior to assuming his current responsibilities in 2013, Carere was a portfolio manager of Fidelity Advisor Capital Development Fund from 2007 to 2013, and an assistant portfolio manager on Fidelity Magellan Fund from 2006 to 2007. Previously, he held various other roles at Fidelity, including Health Care sector leader/portfolio manager of Fidelity Select Health Care Portfolio, Fidelity Select Pharmaceuticals Portfolio, and Fidelity Select Biotechnology Portfolio from 2005 to 2006. He also was an analyst/portfolio manager of Fidelity Select Transportation Portfolio and Fidelity Select Air Transportation Portfolio from 2003 to 2004, and technology sector leader/analyst covering information technology hardware at Fidelity International Limited from 2000 to 2003, during which he also managed Fidelity Global Technology Fund. Before joining Fidelity in 2000, Carere worked as an equity analyst intern at Berman Capital in 1999, an associate at Goldman, Sachs & Company in 1998, director of marketing at Umbra Ltd. from 1997 to 1998, and as chairman/founder of The Spectrum Corporation from 1994 to 1997. He has been in the investments industry since 1998.

Effective September 30, 2016, Kyle Weaver becomes sole portfolio manager of Fidelity Advisor Growth Opportunities Fund, VIP Growth Opportunities Portfolio, and Fidelity Advisor Series Growth Opportunities Fund, which he has co-managed with Steve Wymer since July 2015. Weaver is a portfolio manager at Fidelity. In this role, he co-manages Fidelity Select IT Services Portfolio and Fidelity Select Wireless Portfolio, and he is also the lead portfolio manager of Fidelity Advisor Growth Opportunities Portfolio, VIP Growth Opportunities Fund, and Fidelity Advisor Series Growth Opportunities Fund. In addition to managing the Select IT and Wireless portfolios, Weaver has been a research analyst covering various industries within the Technology and Telecommunications sectors. Before joining Fidelity in 2008, he worked at RiverSource Investments, LLC from 2002 to 2008 as a research analyst and portfolio manager of sector sleeves in Consumer, Telecom, and IT Services. Previously, Weaver was a private equity analyst at Bain Capital from 2001 to 2002 and an associate consultant at Bain & Company from 1999 to 2001. He has been in the investments industry since 2001.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
©2016 FMR LLC. All rights reserved.
765529.1.0

Effective May 13, 2016:

Adam Kramer has been appointed portfolio manager of Fidelity Convertible Securities Fund (with retail and Advisor share classes), succeeding Thomas Soviero. Kramer will continue as lead manager of Fidelity Advisor Multi-Asset Income Fund, and as co-manager of Fidelity Strategic Dividend & Income Fund (with retail and Advisor share classes), Fidelity Equity-Income Fund, Fidelity Advisor Equity Income Fund, and VIP Equity-Income Portfolio. He will also continue to manage funds exclusively available to Canadian investors and co-manage an institutional high yield portfolio.

Prior to assuming his current responsibilities, Kramer worked as a portfolio assistant on Fidelity Leveraged Company Stock Fund, Fidelity Convertible Securities Fund (with retail and Advisor share classes), and Fidelity Advisor High Income Advantage Fund starting in 2006. He began working at Fidelity in 2000 as a research analyst and has since covered a variety of industries. Prior to joining Fidelity, Kramer worked for RSM Richter in Montreal as a chartered accountant and auditor from 1994 to 1998. He has been in the investments industry since 1994.

Morgen Peck has assumed management responsibilities for the Information Technology (IT) and Telecommunication Services sleeves of Fidelity Stock Selector Small Cap Fund (with retail and Advisor share classes), Fidelity Series Small Cap Opportunities Fund, Fidelity Low-Priced Stock Fund, and an institutional portfolio, succeeding Rayna Lesser. Peck will continue to manage the Financials and Consumer Discretionary and Staples sleeves of Fidelity Stock Selector Small Cap Fund (with retail and Advisor share classes) and Fidelity Series Small Cap Opportunities Fund.

Prior to assuming her current position, Peck was a domestic equity analyst at Fidelity covering small cap domestic equities. She has been in the investments industry since joining Fidelity in 2003.

Chris Lin has been appointed co-portfolio manager of Fidelity Stock Selector Mid Cap Fund (with retail and Advisor share classes) and has assumed management responsibilities for the IT and Telecommunication Services sleeves, succeeding Lesser. Lin will continue with his current responsibilities as IT sector leader in Fidelity's Equity group and portfolio manager of Select Computers Portfolio.

Prior to assuming his current responsibilities in 2014, Lin co-managed Select Electronics Portfolio and Fidelity Advisor Electronics Fund from 2009 to 2013, and was a research analyst starting in 2006. He has been in the investments industry since joining Fidelity in 2003 as a research associate responsible for covering biotechnology and other health care stocks.

The IT and Telecommunication Services sectors comprised approximately 18% of Fidelity Stock Selector Small Cap Fund (with retail and Advisor share classes) and Fidelity Series Small Cap Opportunities Fund and 16% of Stock Selector Mid Cap Fund, as of March 31, 2016. The IT and Telecommunication Services sleeves for which Peck has assumed management responsibilities represented less than 1% of Fidelity Low-Priced Stock Fund, as of March 31, 2016.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.
The securities of smaller, less well-known companies can be more volatile than those of larger companies.
Investors considering investments in bond funds should know that, generally speaking, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2016 FMR LLC. All rights reserved.
762143.1.0

Effective May 2, 2016:

Cormac Cullen will join Mark Sommer and Kevin Ramundo as a portfolio manager on the municipal bond team, succeeding Jamie Pagliocco who has been appointed Head of Global Bond Trading in Fidelity's Fixed Income Division. Cullen is a research analyst in Fidelity's Fixed Income division. In this role, he is responsible for covering various revenue sectors including health care and transportation issuers for the bond and money market funds. He also served as a member of our municipal structured research team. Prior to joining the municipal research group in 2008, Cullen supported the Division as senior legal counsel. Before joining Fidelity, he worked as a municipal bond attorney at Mintz, Levin in Boston from 2001 until 2007. He has been in the investments industry since 2001.

Together the three portfolio managers will co-manage Fidelity's municipal bond mutual funds listed below:
Fidelity Limited Term Municipal Income Fund
Fidelity Intermediate Municipal Income Fund
Fidelity Tax-Free Bond Fund
Fidelity Advisor Municipal Income Fund
Fidelity Municipal Income Fund

Fidelity Arizona Municipal Income Fund
Fidelity California Limited Term Tax-Free Bond Fund
Fidelity California Municipal Income Fund
Fidelity Connecticut Municipal Income Fund
Fidelity Maryland Municipal Income Fund
Fidelity Massachusetts Municipal Income Fund
Fidelity Michigan Municipal Income Fund
Fidelity Minnesota Municipal Income Fund
Fidelity New Jersey Municipal Income Fund
Fidelity New York Municipal Income Fund
Fidelity Ohio Municipal Income Fund
Fidelity Pennsylvania Municipal Income Fund

Fidelity Municipal Income 2017 Fund
Fidelity Municipal Income 2019 Fund
Fidelity Municipal Income 2021 Fund
Fidelity Municipal Income 2023 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.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties.
The municipal market can be affected by adverse tax, legislative, or political changes, and by the financial condition of the issuers of municipal securities.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
©2016 FMR LLC. All rights reserved.
758362.1.0

Effective February 1, 2016:

Dan Dittler will assume sole portfolio management responsibility for Fidelity Select Brokerage and Investment Management Portfolio. Dan has been co-managing the fund with Chris Lee since July 1, 2015. Dan has 19 years of experience in the investment industry. Since joining Fidelity, Dan has served as a research analyst on the Energy & Utilities, Health Care and Financials teams. He provided research coverage on stocks in the Life Sciences & Tools, Oil & Gas Storage & Transportation, Utilities, and Capital Markets industries.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
749799.1.0

Effective January 1, 2016:

Eddie Yoon and Justin Segalini have been named co-managers of Fidelity Select Health Care Services Portfolio, succeeding Steve Bullock. Eddie Yoon is responsible for the coverage of health care equipment and supplies stocks and serves as the health care sector research team leader since 2008. In this capacity, he also manages the Fidelity Select Health Care Portfolio. Prior to joining Fidelity in 2006, Eddie held multiple positions at JPMorgan Asset Management, including that of analyst/co-portfolio manager from 2005 to 2006 and analyst from 2002 to 2005. Justin Segalini most recently was a research analyst in the FMRCo Equity division from 2010-2015, responsible for the coverage of Real Estate Investment Trusts (REITs). Previously, Justin was a sector specialist, also in the FMRCo Equity division from 2007-2010. Before joining Fidelity in 2007, he was an associate at V Squared Investments from 2005 to 2007.

Will Pruett has been named sole manager of Fidelity Latin America Fund (retail and Advisor). Adam Kutas, who previously co-managed this fund with Will, will continue to manage Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund. Adam will also continue to manage two funds with frontier market mandates distributed by Fidelity Investments Canada.Since January 2013, Will Pruett has been a research analyst on our Emerging Markets team with a focus on financials. Prior to assuming his current role, Will worked as an equity analyst covering global mining from 2011 to 2013 and the international consumer segment from 2008 to 2011. Before joining Fidelity in 2008, Will was an international manager at HSBC from 2001 to 2006. He has been in the investments industry since 2001.

Steve Kaye has been named manager of the Health Care sleeve of Fidelity International Equity Central Fund, succeeding Jeff Stevens. Steve will continue to manage the Health Care sleeve of VIP Balanced Portfolio, Fidelity Series All-Sector Equity Fund, Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and VIP Contrafund Portfolio. Prior to assuming his current responsibilities, Steve Kaye managed Fidelity Growth & Income Portfolio from 1993 to 2005, as well as VIP Growth and Income Portfolio during 1998 while he acted as the Growth & Income group leader. Previously, Steve managed Fidelity Blue Chip Growth Fund from 1990 to 1993. From 1989 to 1990, he served as group leader for the Fidelity Select Portfolios and assistant director of equity research. During this time, Steve also managed Select Health Care Portfolio from 1989 to 1990 and Select Energy Service Portfolio in 1989. Shortly after joining Fidelity in 1985 as an analyst covering health care stocks, Steve was named manager of Select Biotechnology Portfolio, a position he held through April 1989. He has been in the investments industry since 1985.

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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
747735.1.0

Effective December 4, 2015:

Geoff Stein assumed lead portfolio management responsibilities for Fidelity Global Balanced Fund (with retail and Advisor share classes). Previously, Geoff served as co-manager for the fund. Geoff joined Fidelity in 1994 and currently serves as lead or co-manager for a number of multi-asset class mutual funds and sub advisory accounts for U.S. and Canadian investors.

Before joining Fidelity, Geoff served as a director of client services at Jacobs Levy Equity Management from 1992 to 1994, and as a consultant at Cambridge Associates from 1988 to 1992. He has been in the industry since 1988.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
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.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
746028.1.0

Effective December 1, 2015:

Harlan Carere has been appointed co-manager on Fidelity Select Wireless Portfolio, joining Kyle Weaver who will remain as lead portfolio manager on the fund. Since December 2013, Harlan has been a member of Fidelity's technology research team covering European telecommunications, satellite, and cable companies. Prior to this, Harlan was a portfolio manager of Fidelity Advisor Capital Development Fund from 2007 to 2013, and an assistant portfolio manager on Fidelity Magellan Fund from 2006 to 2007. Previously, he held various other roles at Fidelity, including health care sector leader/portfolio manager of Select Health Care Fund, Select Pharmaceuticals Fund, and Select Biotechnology Fund from 2005 to 2006, analyst/portfolio manager of Select Transportation Fund and Select Air Transportation Fund from 2003 to 2004, and technology sector leader/analyst covering information technology hardware at Fidelity International Limited from 2000 to 2003, during which he also managed Fidelity Global Technology Fund. Harlan has been in the investment industry since 1998.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Sector funds can be more volatile because of their narrow concentration in a specific industry.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
745478.1.0

Effective November 1, 2015:

Robert Galusza and Robert Chan have been appointed co-portfolio managers of Fidelity Conservative Income Bond Fund1, which they will manage with current portfolio manager James J. "Kim" Miller during a two month transition, at the end of which Miller will be leaving Fidelity. In addition, Galusza and Chan have been appointed co-portfolio managers on a small number of institutional separate accounts, also currently managed by Kim Miller. Both Galusza and Chan will continue their existing portfolio management responsibilities.

A 28-year Fidelity veteran, Galusza manages short duration portfolios, including Fidelity Short-Term Bond Fund, Fidelity Advisor Short Fixed-Income Fund, Fidelity Intermediate Bond Fund, Fidelity Limited Term Bond Fund, and Fidelity Advisor Limited Term Bond Fund. He also manages Fidelity Limited Term Bond ETF. Prior to assuming his current position in 1995, Galusza held various roles at Fidelity Management Trust Company (FMTC), including that of portfolio manager from 1990 to 1995 and portfolio analyst from 1987 to 1990. Before joining Fidelity in 1987, Galusza was an international underwriter at Chubb and Son Inc. from 1985 to 1987, where he performed risk analysis on international corporations.

A portfolio manager in Fidelity's Fixed Income Division, Chan is responsible for managing stable value assets in institutional separate accounts and investment pools. Prior to assuming his current position in July 2012, Chan was a research analyst in the Fixed Income division from 2004 to 2012. During this time, he covered various industries, including insurance, healthcare/pharma, technology, and autos. Before joining Fidelity in 2004, Chan was a senior analyst at Cambridge Strategic Management Group from 1999 to 2002 and an investment banking analyst at Donaldson, Lufkin & Jenrette Securities from 1998 to 1999.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Past performance is no guarantee of future results.
1. The fund offers a retail and Institutional share class
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
740695.1.0

Effective September 30, 2015:

Will Pruett has been appointed co-manager on Fidelity Latin America Fund, joining Adam Kutas who will remain as lead portfolio manager on the fund. Subsequently, we expect Will to assume sole portfolio management responsibility for the fund, with Adam transitioning off the funds after a thoughtful and deliberate transition period.

Since January 2013, Will has been a research analyst on our Emerging Markets team with a focus on financials. Prior to this, Will worked as an equity analyst covering global mining from 2011 to 2013 and the international consumer segment from 2008 to 2011. Before joining Fidelity in 2008, Will was an international manager at HSBC from 2001 to 2006. He has been in the investments industry since 2001.

Xiaoting Zhao has been appointed as one of the co-managers on Fidelity Total Emerging Markets Fund, Fidelity Emerging Market Equity Central Fund, and Fidelity Series Emerging Markets Fund. He will be responsible for the IT sub-portfolios of each fund, succeeding Tim Gannon. Since August 2010, Zhao has been a research analyst in the Hong Kong office covering stocks in China, Korea, Malaysia, Singapore, and Taiwan. Before joining Fidelity, he held various other positions, including that of assistant vice president, Global Markets Group at Bank of America in Shanghai from 2005 to 2008; officer in Citigroup's Global Corporate and Investment Banking division in Shanghai from 2004 to 2005; and management trainee at HSBC Group in Shanghai from 2003 to 2004. He has been in the investments industry since 2003.

Niamh Brodie-Machura has been appointed as one of the co-managers on Fidelity International Equity Central Fund. She will be responsible for the European financials sub-portfolios of the fund, succeeding Stefan Lindlad. Since 2011, Niamh has been a research analyst in Fidelity's London office covering stocks in both the international, developed, and emerging markets. She most recently has been covering European banks in the UK, France, Spain, the Netherlands, Belgium, Ireland, and Portugal. Prior to joining Fidelity, Niamh was an equity analyst at Pioneer Investments in Dublin, Ireland from 2004 to 2010. Previously, Niamh was an equity analyst at Merrion Stockbrokers from 2000 to 2004 and a research analyst at Tilman Asset Management from 1997 to 1999.

Dan Sherwood has been appointed co-manager on the Fidelity Select IT Services Portfolio, joining lead portfolio manager, Kyle Weaver. Since February 2013, Sherwood has been a member of Fidelity's technology research team within FMRCo, covering a variety of software and IT services companies and will now solely focus on the IT services industry with this new appointment. He also has covered the U.S. real estate investment trust (REIT) sector for Fidelity. Sherwood joined Fidelity in 2008 after he graduated from the Wharton School at the University of Pennsylvania with an MBA in finance.

Prior to that, he was a vice president at Merrill Lynch Institutional Equity Trading from 2001 to 2006, and an analyst for Merrill Lynch Institutional Equity Sales from 1998 to 2001. Dan has been in the investments industry since 1998.

Jonathan Siegmann has been appointed portfolio manager on Fidelity Select Defense and Aerospace Portfolio, succeeding Douglas Scott. Since 2012, Siegmann has been a research analyst covering global paper, packaging, and wood product stocks. He came to Fidelity in 2007 as a senior sector specialist in equity research. Previously, Siegmann held various commercial and operations roles at BASF Corporation from 1998 to 2007, most recently working as a product manager of electronic chemicals. He has been in the investments industry since 2007.

Siegmann earned his BS in chemical engineering from Rensselaer Polytechnic Institute and his MBA from New York University's Stern School of Business. He is also a Chartered Financial Analyst (CFA) charterholder.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
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 funds that focus on a single country or region.
Shares of Series funds are not available for direct public investment. They are only available for purchase by mutual funds for which FMR or an affiliate serves as investment manager.
Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2015 FMR LLC. All rights reserved.
738011.1.0