Portfolio Manager Appointments

Effective October 1, 2018

Asher Anolic and Jason Weiner assume co-portfolio management responsibilities on Fidelity Capital Appreciation Fund, joining portfolio manager Fergus Shiel, who has expressed his desire to retire from Fidelity effective March 31, 2019. Fergus will remain as co-portfolio manager until his retirement and will work closely with Asher and Jason to ensure an orderly transition.

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
© 2018 FMR LLC. All rights reserved.
861035.1.0

Effective October 1, 2018

Chris Lin assumes lead portfolio management responsibility on Fidelity OTC Portfolio, Sonu Kalra will remain co-portfolio manager until year end, when Chris will become sole portfolio manager. Sonu will continue to manage Fidelity Blue Chip Growth 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC,200 Seaport Boulevard, Boston, MA 02110
© 2018 FMR LLC. All rights reserved.
860819.1.0

Effective September 24, 2018

Jody Simes assumes co-portfolio management responsibilities on Fidelity Global Commodity Stock Fund, joining portfolio manager Joe Wickwire, who has expressed his desire to retire from asset management effective March 31, 2019. Joe will remain as co-portfolio manager until his retirement and will work closely with Jody to ensure an orderly transition. We expect that Jody will assume lead portfolio management responsibilities on October 31, 2018.

Steve Calhoun assumes co-portfolio management responsibilities on Fidelity Select Gold Portfolio joining portfolio manager Joe Wickwire. Joe remains as co-portfolio manager until his retirement on March 31, 2019. Joe will work closely with Steve to ensure an orderly transition. We expect that Steve will assume lead portfolio management responsibilities on February 1, 2019.

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
© 2018 FMR LLC. All rights reserved.
860286.2.0

Effective August 31, 2018

Andrew Sergeant assumes sole portfolio management responsibilities on Fidelity Europe Fund and Fidelity Nordic Fund. Andrew has been serving co-portfolio manager on the funds since June 1, 2018. Co-portfolio manager Stefan Lindblad, who had been on a leave of absence, has informed us that he is leaving the firm to pursue other opportunities.

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
© 2018 FMR LLC. All rights reserved.
857875.1.0

Effective August 31, 2018

Chuck Culp assumes co-management responsibilities on Fidelity® Select Consumer Finance Portfolio (FSVLX), joining Shilpa Mehra. Shilpa remains on the fund as lead portfolio manager. We expect that after a thoughtful and deliberate transition period, Chuck will assume sole management of the fund. Shilpa will continue her portfolio management responsibility as co-manager of the Fidelity Trend Fund.

Maurice Fitzmaurice assumes co-management responsibilities on Fidelity® Select Energy Services Portfolio (FSESX), joining Ben Shuleva. Ben remains on the fund as lead portfolio manager. We expect that after a thoughtful and deliberate 6-month transition period, Maurice will assume sole management of the fund. Ben will continue his portfolio management responsibility as co-manager of the Fidelity Select Natural Gas 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2018 FMR LLC. All rights reserved.
856870.1.0

Effective September 1, 2018

Elizah McLaughlin joins co-managers Mark Sommer, Kevin Ramundo and Cormac Cullen on the following Fidelity municipal bond funds: Fidelity Arizona Municipal Income Fund, Fidelity California Limited Term Tax-Free Bond Fund, Fidelity California Municipal Income Fund, Fidelity Connecticut Municipal Income Fund, Fidelity Flex Municipal Income Fund, Fidelity Intermediate Municipal Income Fund, Fidelity Limited Term Municipal Income Fund, Fidelity Maryland Municipal Income Fund, Fidelity Massachusetts Municipal Income Fund, Fidelity Michigan Municipal Income Fund, Fidelity Minnesota Municipal Income Fund, Fidelity Municipal Income 2019 Fund, Fidelity Municipal Income 2021 Fund, Fidelity Municipal Income 2023 Fund, Fidelity Municipal Income 2025 Fund, Fidelity 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, and Fidelity Tax-Free Bond Fund. Elizah succeeds Mark Sommer, who has expressed his desire to retire from Fidelity as of December 31, 2018.

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
© 2018 FMR LLC. All rights reserved.
856167.1.0

Effective July 31, 2018

Shilpa Mehra assumes co-management responsibilities with Dan Kelley on Fidelity Trend Fund. Dan remains lead portfolio manager on the fund and will transition off through a thoughtful and deliberate process that will last from 6 to 12 months. At that time, Shilpa will assume sole management of the fund. She is an experienced analyst and stock picker, and we believe Trend Fund shareholders will benefit from her expertise.

Caroline Tall works alongside Colin Anderson as co-portfolio manager on Fidelity Select Communications Equipment Portfolio and Fidelity Advisor Communications Equipment Fund. Colin will work closely with Caroline as co-manager until he transitions off of the fund at year end. At that time, Caroline will assume sole management of the fund. She will assume coverage of the Communications Equipment stocks from Colin as well.

Karim Suwwan de Felipe assumes sole portfolio management responsibilities for Fidelity Select Pharmaceuticals Portfolio. Karim has served as a co-manager on the fund over the past year with Asher Anolic, who remains co-portfolio manager for Fidelity Growth Discovery Fund, Fidelity Advisor Equity Growth Fund, Fidelity Advisor Series Equity Growth Fund, Fidelity Advisor World Funds Equity Growth Fund, and Fidelity VIP Growth Portfolio.

Rich Thompson transitions his lead portfolio manager responsibilities for Fidelity Series Small Cap Opportunities Fund and Fidelity Advisor Stock Selector Small Cap Fund to Morgen Peck. His lead portfolio manager responsibilities for Fidelity Flex Small Cap Fund transition to Clint Lawrence.

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 risk s 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.
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
© 2018 FMR LLC. All rights reserved.
854177.1.0

Effective July 15, 2018

Nidhi Gupta Nidhi Gupta assumes co-portfolio management responsibilities on Fidelity Select Technology Portfolio (FSPTX), Fidelity Advisor Technology Fund (FADTX), and Fidelity VIP Technology Fund (FYENC), joining Charlie Chai. Charlie will continue to co- manage the funds until his retirement on December 31, 2018, at which point Nidhi will assume sole management responsibilities. Nidhi will continue to manage the Fidelity Select Multimedia 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2018 FMR LLC. All rights reserved.
852286.1.0

Effective June 30, 2018

Dan Kelley assumes co-management responsibility on Fidelity Puritan Fund, joining portfolio manager Ramin Arani. Ramin has expressed his desire to retire from asset management. We expect after a deliberate and thoughtful transition period, Dan will assume sole management responsibilities by year end.

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 risk 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.
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
© 2018 FMR LLC. All rights reserved.
851221.1.0

Effective June 30, 2018

Jane Wu assumes portfolio manager responsibilities of the healthcare sleeves for the Fidelity and Fidelity Advisor Emerging Markets Discovery Funds, Fidelity Emerging Markets Equity Central Fund, Fidelity Series Emerging Markets Opportunities Fund, Fidelity Emerging Markets Equity Investment Trust, and Fidelity and Fidelity Advisor Total Emerging Markets Funds

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 risk 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.
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
© 2018 FMR LLC. All rights reserved.
850500.1.0

Effective June 30, 2018

Mike Weaver assumes co-portfolio manager responsibilities on Fidelity Focused High Income Fund, joining portfolio manager Matt Conti. As previously announced, Matt will be retiring on December 31, 2018. Matt will continue to co-manage the funds until his retirement, when Mike will assume sole management responsibilities, effective January 1, 2019.

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.
Interest rate increases can cause the price of a debt security to decrease. Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.
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.
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
© 2018 FMR LLC. All rights reserved.
849705.1.0

Effective June 13, 2018

Ryan Oldham assumes co-management responsibility on Fidelity Canada Fund, joining portfolio manager Risteard Hogan. Risteard will be taking a role as a managing director of research within Fidelity's equity group, overseeing the Healthcare and Financials sector teams. We expect Ryan will assume sole portfolio management responsibilities on the funds after a thoughtful and deliberate 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.
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.
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
© 2018 FMR LLC. All rights reserved.
849449.1.0

Effective June 30, 2018

Ivan Xie and Stephen Lieu are assuming co-portfolio management responsibility on Fidelity China Region Fund. Ivan and Stephen have served as co-managers on the fund since April 2018, along with Bobby Bao.

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, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory market or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic and political risks, all of which are magnified in emerging markets. The risks are particularly significant for funds that focus on a single country or region.
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
© 2018 FMR LLC. All rights reserved.
848886.1.0

Effective June 1, 2018

Andrew Sergeant assumes co-management responsibility on Fidelity Europe Fund and Fidelity Nordic Fund. Andrew will serve as co-portfolio manager on the funds while Stefan Lindblad is on a three-month leave of absence. We expect Stefan will return to Fidelity and to his portfolio management responsibilities on August 31, 2018.

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
© 2018 FMR LLC. All rights reserved.
846581.1.0

Effective May 1, 2018

Effective May 1, 2018, Boris Shepov assumes co-management responsibilities on Fidelity Select Retailing Portfolio (FSRPX), joining Nicky Stafford. We expect over the coming months that Boris Shepov will be named sole manager of the fund. Nicky will continue to co-manage Fidelity Mid-Cap Stock Fund, while also managing the consumer discretionary sleeves of Fidelity Balanced Fund, Fidelity VIP Balanced Fund and FA Balanced 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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2018 FMR LLC. All rights reserved.
844074.1.0

Effective April 3, 2018

Ivan Xie and Stephen Lieu assume co-management responsibility on Fidelity China Region Fund, joining existing portfolio manager, Bobby Bao (Lead PM). We expect over the coming months that Ivan and Stephen will remain as co-managers on the fund, based in Hong Kong. Bobby will transition into another role at Fidelity in the U.S.

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
© 2018 FMR LLC. All rights reserved.
840768.1.0

Effective April 2, 2018

Matt Conti has expressed his desire to retire from Fidelity on December 31, 2018. With Matt's retirement, the following portfolio management changes are effective April 2, 2018:

Mike Weaver assumes co-management responsibility on Fidelity® Total Bond Fund, joining existing portfolio managers Ford O'Neil (Lead PM), Matt Conti, Michael Foggin, Jeffrey Moore, and Celso Munoz. Matt will continue to co-manage the fund until his retirement.

Kevin Nielsen assumes co-management responsibility on Fidelity® Short Duration High Income Fund, joining existing portfolio managers Matt Conti and Matthew Bartlett. Matt will continue to co-manage the fund until his retirement.

An appointment for Fidelity® Focused High Income Fund, currently managed by Matt Conti, will be announced in Q3 2018.

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.
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. Lower-quality fixed income securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Foreign investments involve greater risks than U.S. investments, and can decline significantly in response to adverse issuer, political, regulatory, market, and economic risks. 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
© 2018 FMR LLC. All rights reserved.
839247.1.0

Effective June 1, 2018

Patrick Venanzi has requested and has been granted a short leave of absence from Fidelity. Venanzi will be out of the office for 3 months beginning June 1, 2018 and will return to Fidelity and to his management responsibilities on August 30, 2018. Fidelity announced the appointments of interim portfolio managers who will assume Venanzi’s responsibilities until his return.

Jennifer Fo Cardillo and Slava Kruzement will be named interim co-managers on Fidelity Small Cap Growth Fund.

Jennifer Fo Cardillo, has been named interim co-manager on Fidelity Stock Selector Small Cap Fund and Fidelity Series Small Cap Opportunities Fund, joining existing lead portfolio manager Richard Thompson along with co-managers Eirene Kontopoulos, Morgan Peck and Shadman Riaz.

Investing involves risk including the risk of 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
© 2018 FMR LLC. All rights reserved.
833195.1.0

Effective December 1, 2017

Kathy Buck has decided to retire from portfolio management on March 31, 2018. With Kathy's retirement, the following portfolio management changes are effective December 1, 2017:

Matt Friedman assumes responsibilities for the consumer discretionary and consumer staples sleeves on Fidelity Value Fund. Matt (co-manager) has managed since May 2010. Stephen Barwikowski (co-manager), Justin Bennett (co-manager), Laurie Bertner (co-manager), John Mirshekari (co-manager), and Shadman Riaz (co-manager) have managed the fund since June 2010.

Laurie Mundt assumes co-manager responsibilities for the consumer staples sleeves of Fidelity Stock Selector Large Cap Value Fund. Laurie (co-manager) has managed the fund since March 2011. Matt Friedman (lead portfolio manager) has managed since March 2011. Justin Bennett (co-manager) and John Mirshekari (co-manager) have managed the fund since March 2011. John Sheehy (co-manager) has managed the fund since June 2016.

Joel Tillinghast assumes Kathy's responsibilities on Fidelity Low-Priced Stock Fund. Joel Tillinghast (lead portfolio manager) has managed the fund since December 1989. Justin Bennett (co-manager), John Mirshekari (co-manager), and Shadman Riaz (co-manager) have managed the fund since September 2011. Morgen Peck (co-manager) has managed the fund since May 2016. Sam Chamovitz (co-manager) and Salim Hart (co-manager) have managed the fund since April 2017.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2017 FMR LLC. All rights reserved.
827289.1.0

Effective November 17, 2017

Richard (Rick) Malnight assumes manager responsibilities on Fidelity Select Materials Portfolio, Fidelity Advisor Materials Fund, Fidelity VIP Materials Portfolio, Fidelity Materials Central Fund, and the Materials sleeves of the Balanced funds, Series All Sector Equity, and VIP Contrafund, succeeding Tobias Welo. Tobias will continue to manage the Industrials portfolios (Select, FA, VIP, and Central Fund) and the Industrials sleeve of Series All Sector Equity Fund and provide research coverage in the industrials sector.

Rick is an experienced and talented investment professional and has been in the investments industry since 2001. He currently manages, and will continue to manage, the Fidelity Select Chemicals Portfolio in addition to his responsibilities as a research analyst responsible for covering chemicals companies. Previously Rick was a research analyst in the High Income group at FMR Co., covering the chemicals, refining, steel, and mining industries.

James McElligott assumes manager responsibilities on Fidelity Select Consumer Staples Portfolio, Fidelity Advisor Consumer Staples Fund, and Fidelity Consumer Staples Central Fund, succeeding Bob Lee. Bob will continue to manage the Consumer Staples sleeves of the Balanced funds, Series All Sector Equity, and VIP Contrafund.

James is an experienced and talented investment professional and has been in the investments industry since 2003. Since March 2014, he has managed, and will continue to manage, the Fidelity VIP Consumer Staples Portfolio. Additionally, he is a research analyst responsible for covering the global food, non-alcoholic beverages, and household and personal care product stocks within the consumer sector.

Prior to assuming his current responsibilities, Mr. McElligott managed Select Natural Gas Portfolio. He also was co-sector leader of the Natural Resources team and covered integrated oil companies. He joined Fidelity full time as an equity research analyst in 2003 and has followed refinery, exploration, and production and steel stocks.

Caroline Tall assumes co-manager responsibilities on Fidelity Select Computers Portfolio alongside lead manager Chris Lin. After a deliberate and thoughtful transition period, we expect Caroline to be named sole manager of the portfolio. Chris will continue to co-manage Fidelity OTC Portfolio, Fidelity OTC Commingled Pool, and manage the Information Technology and Telecom sleeves of the Fidelity and Fidelity Advisor Stock Selector Mid Cap Funds.

Caroline is an experienced and talented investment professional and has been in the investments industry since 2009. She is currently a research analyst and covering technology companies.

Prior to assuming her current position in 2012, Ms. Tall worked as an equity research associate. She has been in the financial industry since joining Fidelity in 2009.

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.
Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments.
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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
© 2017 FMR LLC. All rights reserved.
826041.1.0

Effective December 1, 2017

Sean Corcoran has been appointed portfolio manager and joins Franco Castagliuolo as co-manager on Fidelity Advisor Mortgage Securities Fund (with retail and Advisor share classes), Fidelity GNMA Fund, Fidelity Government Income Fund (with retail and Advisor share classes), Fidelity Inflation-Protected Bond Fund (with retail and Advisor share classes), Fidelity Intermediate Government Income Fund, and Fidelity Limited Term Government Fund. He also joins Castagliuolo as co-manager on Fidelity Advisor Strategic Income Fund–U.S. Government & Investment Grade Securities Subportfolio, Fidelity Strategic Income Fund–U.S. Government & Investment Grade Securities Subportfolio, Fidelity Strategic Real Return Fund–Inflation-Protected Debt Securities Subportfolio (with retail and Advisor share classes) and VIP Strategic Income Portfolio–High Grade Subportfolio. A 15-year Fidelity veteran, Corcoran was most recently a research analyst in Fidelity’s Fixed Income division and was responsible for commercial and residential real estate research, including commercial mortgage-backed and asset-backed sectors. Previously, Corcoran was a research associate for the taxable bond group. In this capacity, he was responsible for supporting research through security level analysis and development of analytical tools and models. He has been in the investments industry since 2002.

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 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

© 2017 FMR LLC. All rights reserved.

824819.1.0

Effective October 20, 2017

Ashley Fernandes assumes co-manager responsibilities on Fidelity Mega Cap Stock Fund, joining the fund's lead manager, Matt Fruhan. Ashley is an experienced and talented investment professional and has been in the investments industry since 2001. He currently manages the international energy sleeve of Fidelity International Equity Central Fund, in addition to his responsibilities as a research analyst responsible for covering global integrated oil companies.

Prior to assuming his current position, Ashley worked as a global energy analyst for Fidelity International Limited (FIL) in London. In this capacity, he was an analyst for the U.S., Canadian, European integrated, and emerging-markets energy sectors as well as small and mid-cap international exploration and production (E&P) companies. He is also a CFA® charterholder.

Nathan Strik assumes co-manager responsibilities on Fidelity Select Natural Resources Portfolio, joining the fund's lead manager, John Dowd. Nathan is an experienced and talented investment professional and has been in the investments industry since 2001. He is currently a sector leader overseeing the global research effort for energy & utilities and establishes positioning recommendations for both the sector and industries within the sector. He is also responsible for covering the North American Large Cap Exploration and Production companies. In addition, Nathan was a portfolio manager and member of the Stock Selector Large Cap Group from 2010 to 2013.

Prior to assuming his current responsibilities in January 2010, he worked as an assistant portfolio manager on FMRCo's Value Team from 2009 to 2010. Previously, he served as an assistant portfolio manager for Fidelity European Growth Fund at Fidelity International Limited (FIL) in London from 2007 to 2008, as an analyst at FIL from 2006 to 2007, and as a research analyst from 2002 to 2005.

Ben Shuleva assumes co-manager responsibilities on Fidelity Select Natural Gas Portfolio, joining the fund's lead manager, Ted Davis. Ben is an experienced and talented investment professional and has been in the investments industry since 2008. He is currently a research analyst and portfolio manager responsible for researching energy companies for Fidelity's diversified and energy-specific funds. He also manages Fidelity Select Energy Service Portfolio (since 2013).

Prior to assuming his current position in 2011, Ben was an equity research associate at FMRCo from 2008 to 2011 where he began his career researching stocks. Ben is 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.
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.
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 Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110

© 2017 FMR LLC. All rights reserved.

821577.1.0

Effective September 18, 2017

Sonu Kalra has been appointed lead portfolio manager and Chris Lin appointed co-manager of Fidelity OTC Portfolio (FOCPX).

Kalra joined Fidelity in 1998 as an analyst covering the radio, television, and entertainment industries. During his nearly 20 years at the firm, Kalra has served as sector leader of the technology team, while also managing a number of funds, including Fidelity OTC Portfolio. He is currently portfolio manager for several large cap growth investment products, including Fidelity Blue Chip Growth Fund.

Lin joined Fidelity in 2003 as a research associate covering biotechnology and other health care stocks. He has also previously served as co-manager of Fidelity Select Semiconductors Portfolio and Fidelity Advisor Semiconductors Fund. Most recently, Lin has been Fidelity’s technology sector leader where he is responsible for the coverage of large cap internet stocks. Additionally, he manages Fidelity Select Computers Portfolio and co-manages Fidelity Stock Selector Mid Cap Fund (Retail and Advisor share classes).

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
© 2017 FMR LLC. All rights reserved.
817371.1.0

Effective July 20, 2017

Adam Kramer has been appointed co-lead portfolio manager on Fidelity's Strategic Fund lineup, joining existing co-lead portfolio manager Ford O'Neil. The Strategic Fund lineup includes: Fidelity Strategic Dividend & Income Fund (retail and Advisor classes), Fidelity Strategic Real Return Fund (retail and Advisor classes) and Fidelity/Advisor/VIP/Strategic Income Fund. O'Neil and Kramer also will co-manage Strategic funds available exclusively to overseas and Canadian investors as well as institutional clients. Kramer joined Fidelity in 2000 and is a portfolio manager. In this role, he is the lead manager of the following funds: Fidelity Advisor Multi-Asset Income Fund, Fidelity Convertible Securities Fund, an opportunistic high- yield bond strategy for an institutional portfolio, and a high income fund available exclusively to Canadian investors. In addition, Kramer manages straight preferred stock, convertible bond, and high yield sub-portfolios.

Geoff Stein has assumed sole portfolio management responsibilities for Fidelity Stock Selector All Cap Fund and has been appointed portfolio manager on Fidelity Global Strategies Fund. He also has been appointed co-portfolio manager on the Fidelity VIP Target Volatility Portfolio, five VIP FundsManager® Portfolios (20%, 50%, 60%, 70%, and 85%), as well as an institutional account. Stein joined Fidelity in 1994 and is a portfolio manager. In his role, he 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.

Andrew Dierdorf has been appointed sole portfolio manager on Fidelity Four-in-One Index Fund. Dierdorf joined Fidelity in 2004 and currently serves as portfolio manager. In this role, he is responsible for co-managing Fidelity's U.S. and Canadian target date portfolios, including Fidelity-managed 529 College Savings Plans and Fidelity Freedom Funds.

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.
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
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
©2017 FMR LLC. All rights reserved.
812763.1.0

Effective August 3, 2017

Katherine Shaw assumed portfolio management responsibilities on Fidelity Select Consumer Discretionary Portfolio, Fidelity Advisor (FA) Consumer Discretionary Fund, and Fidelity VIP Consumer Discretionary portfolio.

Rebecca Painter has been named co-portfolio manager of Fidelity Select Leisure Portfolio, with Katherine Shaw.

Nicola Stafford assumed portfolio management responsibilities for the consumer discretionary sleeves of Fidelity Balanced Fund, Fidelity VIP Balanced and FA Balanced Fund.

Chip Perrone assumed portfolio management responsibilities for the consumer discretionary sleeves of VIP Contrafund, Fidelity Series All-Sector Equity Fund, and the FIAM Sector Managed consumer discretionary sleeve of Strategic Advisers Core Fund.

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
© 2017 FMR LLC. All rights reserved.
812096.1.0

Effective July 1, 2017

Nicola Stafford assumed co-manager responsibilities on Fidelity Mid-Cap Stock Fund (FMCSX). Nicky joined lead portfolio manager John Roth on the fund. Nicky has served as an assistant portfolio manager on the fund since 2016. She is a talented investor with 16 years of experience in the investments industry. Nicky is currently portfolio manager of Fidelity Select Retailing Portfolio (since 2016). Prior to assuming her current responsibilities, Nicky was a research analyst at Fidelity International Limited (FIL) in London from 2008 to 2015. In this role, she managed a global consumer industries fund from 2008 to 2015 and created and co-managed a global demographics fund from 2009 to 2015. Previously, she covered European consumer staples in London from 2006 to 2008. Before relocating to London in 2006, Nicky covered IT services companies and managed Fidelity Select IT Services Portfolio from 2004 to 2006, and U.S. consumer discretionary from 2001 to 2004. Nicky has been in the investments industry since joining Fidelity in 2001.

Effective June 30, 2017

Kip Johann-Berkel assumed co-manager responsibilities on Fidelity Small Cap Stock Fund (FSLCX). Kip joined Lionel Harris, who remained lead portfolio manager on the funds. Lionel has decided to step away from portfolio management effective June 30, 2018. At that time, we expect Kip will assume lead portfolio management responsibility on the fund. Kip is an experienced and talented investment professional and has been in the investments industry since 2002. He is currently responsible for the coverage of U.S. small cap consumer stocks. Prior to assuming his current responsibilities in 2015, Kip covered small cap industrial stocks, financial technology stocks, and U.S. railroads.

Asher Anolic assumed co-manager responsibilities on Fidelity Growth Discovery Fund (FDSVX). Asher will serve as interim portfolio manager on the funds while Jason Weiner is on a leave of absence from January 1, 2018, through mid-June 2018. Asher is a talented investor with 15 years of experience in the investments industry. He is currently portfolio manager on Fidelity Select Pharmaceuticals Portfolio and serves as a research analyst covering global pharmaceuticals. Prior to assuming his current responsibilities, Asher covered global consumer staples and regional banks.

Karim Suwwan de Felipe assumed co-manager responsibilities on Fidelity Select Pharmaceuticals Portfolio (FPHAX). Karim joined lead portfolio manager Asher Anolic. Karim is a talented investor with 10 years of experience in the investments industry. Karim is currently a research analyst covering the global pharmaceutical sector. Prior to joining Fidelity in 2010, Karim was a senior research associate at Citi Investment Research and Analysis.

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.
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
© 2017 FMR LLC. All rights reserved.
808511.1.0

Effective June 6, 2017

Kevin Walenta has been appointed portfolio manager of Fidelity Mid Cap Value Fund (FSMVX), succeeding Court Dignan. Walenta is a talented investor with 13 years of experience in the investments industry. Most recently, he served as an equity research analyst covering the utilities sector, while also managing Fidelity Select Environment and Alternative Energy Portfolio (FSLEX), a fund he will continue to manage. Walenta began his Fidelity career in 2008 as an equity research analyst covering the industrial and energy sectors. Before joining Fidelity, he was an equity research associate at Driehaus Capital Management.

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
© 2017 FMR LLC. All rights reserved.
805961.1.0

Effective April 21, 2017:

Sam Chamovitz and Salim Hart will assume co-manager responsibilities on Fidelity Low-Priced Stock Fund, succeeding Jamie Harmon. Chamovitz and Hart join Lead Portfolio Manager Joel Tillinghast and co-managers Justin Bennet, Kathy Buck, John Mirshekari, Morgen Peck, and Shadman Riaz. Harmon remains at Fidelity, focused on his other portfolio management responsibilities.

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.
Investing involves risk including the risk of loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
© 2017 FMR LLC. All rights reserved.
799778.1.0

Effective January 1, 2018:

Ramona Persaud will assume lead portfolio management responsibility on Fidelity Equity-Income Fund. Persaud is currently co-manager on the fund. Adam Kramer will continue to serve as co-manager on this fund.

Effective April 7, 2017:

Sean Gavin assumes co-manager responsibilities on Fidelity Series Equity Income Fund. Gavin will assume sole portfolio management responsibility on January 1, 2018.

Gordon Scott assumes co-manager responsibilities on Fidelity Dividend Growth Fund. Scott will assume sole portfolio management responsibility on January 1, 2018.

John Sheehy assumes co-manager responsibilities on Fidelity Equity Dividend Income Fund. Sheehy will assume sole portfolio management responsibility on January 1, 2018.

Ramona Persaud assumes co-manager responsibilities on the equity sleeve of Fidelity Strategic Dividend & Income Fund until December 31, 2017 at which time she will become sole manager of the sleeve, alongside the fund's existing lead manager Joanna Bewick.

Jean Park assumes co-manager responsibilities on Fidelity Fund. Park will assume sole portfolio management responsibility on July 1, 2017.

798364.1.0

Effective March 31, 2017:

Jed Weiss has requested and has been granted a short leave of absence from Fidelity. Weiss will be out of the office beginning June 15, 2017, and will return to Fidelity and his portfolio management responsibilities in late November 2017.

Fidelity announced the addition of several interim co-managers who will assume Weiss' responsibilities until his return:

Vince Montemaggiore has been named interim co-manager on Fidelity International Growth Fund and Fidelity Series International Growth Fund.

Patrick Buchanan, Patrick Drouot, Elad Lachovitzki, Michael Luciano and Benjamin Piggott have been named interim co-portfolio managers on Fidelity Series International Small Cap Fund.

Patrick Buchanan and Patrick Drouot have been named interim co-managers on Fidelity International Small Cap Opportunities Fund. They will manage the fund with the support of the rest of the team working on the Fidelity Series International Small Cap Fund (Elad Lachovitzki, Michael Luciano, Benjamin Piggott).

Existing co-managers Sammy Simnegar and Alex Zavratsky are joined by interim co-managers Vince Montemaggiore, Patrick Buchanan and Patrick Drouot on Fidelity Total International Equity Fund. Montemaggiore will manage the funds' developed growth sleeves. Buchanan and Drouot will manage the small cap sleeves.

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.
Investing involves risk including the risk of loss.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
© 2017 FMR LLC. All rights reserved.
797093.1.0

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 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 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