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Portfolio Manager Appointments

Effective May1, 2015:

Jay Small has been appointed co-manager on all the Fidelity passively managed bond portfolios, succeeding Alan Bembenek. He will manage the portfolios, which include seven mutual funds as well as several portfolios managed for institutional clients, with existing co-manager Brandon Bettencourt. The mutual funds are: Fidelity Spartan U.S. Bond Index Fund, Fidelity Series Inflation-Protected Bond Index Fund, Fidelity Inflation-Protected Bond Index Fund, Fidelity Spartan Inflation-Protected Bond Index Fund, Fidelity Spartan Short-Term Treasury Bond Index Fund, Fidelity Spartan Intermediate Treasury Bond Index Fund and Fidelity Spartan Long-Term Treasury Bond Index Fund.

Small joined Fidelity in 2010 as a corporate bond trader. Before joining Fidelity, he worked at 40/86 Advisors (formerly known as Conseco Capital Management, Inc.) as a Corporate Bond Trader from 2007 until 2010. From 2002 until 2006, he held various trading positions at Wachovia Securities. Small started his professional career in 2000 as an investment banking analyst at First Union Securities/Wachovia Securities.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
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
718784.1.0

Effective January 1, 2015:

Derek Janssen has been named lead portfolio manager of Fidelity Small Cap Value Fund and Fidelity Advisor Small Cap Value Fund. He has been co-managing these funds alongside Chuck Myers since January 2013. Janssen is expected to assume sole portfolio management responsibility for the funds, with Chuck transitioning off the funds on January 1, 2016.

Myers will continue to co-manage Fidelity Small Cap Value Fund and Fidelity Advisor Small Cap Value Fund through 2015, transitioning off the funds on January 1, 2016. Following his transition, Chuck will continue to manage Fidelity Small Cap Discovery Fund, which he has done since 2006.

Prior to becoming co-portfolio manager of Fidelity Small Cap Value Fund and Fidelity Advisor Small Cap Value Fund at the end of 2012, Janssen was an analyst on Fidelity’s small cap team, most recently covering U.S. stocks out of Boston. From 2008 to 2010, Janssen worked in Fidelity’s Tokyo office, covering non-U.S. small cap stocks, a continuation of the role he had since joining Fidelity in 2007. Prior to Fidelity, he worked at two hedge funds, one of which focused exclusively on US small cap value stocks. Janssen has been in the investment industry since 2003.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
The securities of smaller, less well-known companies can be more volatile than those of larger companies.
Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.
Value stocks can perform differently than other types of stocks and can continue to be undervalued by the market for long periods of time. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.
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

Effective November 3, 2014:

Kevin Walenta has been named portfolio manager of Fidelity Select Environment and Alternative Energy Portfolio, succeeding Anna Davydova. Davydova will continue her coverage of MLPs and Refining for Fidelity’s Energy and Utility Team.

Prior to assuming his current position in 2013 covering equity securities in the utilities sector, Walenta worked as an equity research analyst at FMRCo covering the industrials sector from 2010 to 2013 and the energy sector from 2008 to 2010. Before joining Fidelity in 2008, he was an equity research associate at Driehaus Capital Management from 2004 to 2006. Walenta has been in the investments industry since 2004.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
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

Effective September 30, 2014:

Risteard Hogan has been named sole portfolio manager of Fidelity Canada Fund (FICDX), a fund of which he has been co-managing alongside Doug Lober since January 2014.

Hogan assumed his position in Fidelity's International Equity Research division in 2006. In 2010, he assumed began managing the financials sub-portfolio for Fidelity International Equity Central Fund. He began managing Fidelity Europe Fund in 2012, and Fidelity Europe Capital Appreciation Fund, Fidelity Advisor Europe Capital Appreciation Fund and the Europe sub-portfolio of Fidelity Global Balanced Fund in 2013.

In 2005, Hogan was an international equity analyst for Fidelity International Limited (FIL), where he covered European financials, international chemicals and building materials industries.

Stefan Lindbald has been named portfolio manager of Fidelity Nordic Fund (FNORX), succeeding Per Johansson. He has also been named sole portfolio manager of Fidelity Europe Fund (FIEUX), a fund of which he has been co-managing alongside Risteard Hogan since December 2013.

Lindbald joined Fidelity in 2010 as a research analyst covering European banks, insurance companies, and holding companies. In addition to these responsibilities, Lindbald has managed the European Financials sub-portfolio of the Fidelity International Equity Central Fund since 2011.

From 2005 to 2010, Lindbald was a partner at KDA Capital in London and helped to manage its long-biased hedge fund. Before this role, Lindbald was a research analyst at Fidelity International Limited (FIL), where he was the healthcare sector leader and covered medical device companies as well as European real estate companies.

Sean Gavin has been named portfolio manager of Fidelity Blue Chip Value Fund (FBCVX), Fidelity Advisor Value Leaders Fund, and Fidelity VIP Value Leaders Portfolio, succeeding Michael Chren.

Sean Gavin also currently manages Fidelity Value Discovery Fund and Fidelity Advisor Equity Value Fund. From 2007 to 2012, Gavin was an equity research analyst with roles as a diversified analyst on the Value team, food and beverage analyst, and as a transportation analyst.

Before joining Fidelity in 2007, Gavin was an assistant portfolio manager at Pioneer Investments from 2002 to 2007, research analyst at Boston Partners Asset Management from 2000 to 2002, and a research analyst at Delphi Management from 1998 to 2000. He has been in the investments industry since 1998.

Colin Anderson has been named co-portfolio manager of Fidelity Select Communications Equipment Fund (FSDCX) and Fidelity Advisor Communications Equipment Fund, joining existing portfolio manager Ali Khan.

Anderson began his career at Fidelity in 2007 as part of the equity research team. In 2014, he joined the technology and telecom research team. Prior to his current role, he had been a member of the consumer, cyclicals and health care equity research teams.

Tim Gannon has been named portfolio manager of the Technology sleeves of Fidelity Emerging Markets Discovery Fund (FEDDX) and Fidelity Total Emerging Markets Fund (FTEMX), succeeding Doug Chow. Chow will continue managing the Technology sleeve of the International Equity Central Fund and retain his Asian technology research coverage for the firm.

Gannon also currently manages the Healthcare sleeves of the Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund. Prior to joining Fidelity in May 2006, Gannon was a quantitative analyst at Gartmore Global Investments from 1999 to 2006. During this time, Gannon also worked as an assistant portfolio manager. He has been in the investments industry since 1999.

Gregory Lee has been named portfolio manager of the Energy sleeves of Fidelity Emerging Markets Discovery Fund (FEDDX) and Fidelity Total Emerging Markets Fund (FTEMX), succeeding Per Johannson.

Lee also currently manages the Industrials sleeves of the Fidelity Emerging Markets Discovery Fund and Fidelity Total Emerging Markets Fund. Prior to assuming his current position in 2012, Lee was an emerging markets equity analyst from 2010 to 2012 and a U.S. equity analyst from 2007 to 2010. Before joining Fidelity in 2007, Lee worked as an equity research associate at Raymond James & Associates from 2002 to 2005, where he was responsible for covering stocks in the technology and defense sectors. He has been in the investments industry since 2002.

Morgan Peck has been named portfolio manager of the Consumer sleeves of Fidelity Small Cap Opportunities Fund (FSOPX) and Fidelity Stock Selector Small Cap Fund (FDSCX), succeeding Anmol Mehra. Mehra will remain an Analyst with Fidelity Investments focused on researching small cap stocks. 

Peck also currently manages the financial sleeves for Fidelity Small Cap Opportunities Fund and Fidelity Stock Selector Small Cap Fund. She joined Fidelity in 2003 and has been a member of Fidelity's dedicated small cap team since 2006.

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.
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

Effective July 1, 2014:

Ali Khan has been named co-portfolio manager of Fidelity Select Software and Computer Services Portfolio (FSCSX), joining Brian Lempel.

Khan will remain portfolio manager of Fidelity Select Communications Equipment Portfolio and Fidelity Advisor Communications Equipment Fund, and remains responsible for analyzing securities in the large cap software industry. Kahn was previously an analyst covering networking and telecom equipment securities. He also spent time covering the semiconductor industry. Kahn joined Fidelity Investments in 2007 as an equity research analyst in Fidelity’s summer internship program and then rejoined as a full-time analyst in 2008.

Effective June 30, 2014:

Gordon Scott has been named portfolio manager of Fidelity Export and Multinational Fund (FEXPX), succeeding Heather Carrillo, who is taking a new position within Fidelity.

Scott has been with Fidelity since 2005, having initially covered transportation and machinery stocks as a research associate. Since May 2008, Scott has been a consumer research analyst. He began managing portfolios in 2011 along with his research responsibilities. With this appointment, he will immediately transition off Fidelity Select Consumer Discretionary Portfolio, Fidelity Advisor Consumer Discretionary Fund, VIP Consumer Discretionary Fund, Fidelity Stock Selector All Cap Fund and Fidelity Series Broad Market Opportunities Fund.

Peter Dixon has been named portfolio manager of Fidelity Select Consumer Discretionary Portfolio (FSCPX), Fidelity Advisor Consumer Discretionary Fund (FCNAX) and VIP Consumer Discretionary Portfolio. He has also been named as a co-portfolio manager of Fidelity Stock Selector All Cap Fund (FDSSX) and Fidelity Series Broad Market Opportunities Fund (FBMAX).

Dixon is a senior research analyst at Fidelity, responsible for covering global retail stocks. He has been the sector leader of the Global Consumer Team since 2012 as well as the sector portfolio manager of Fidelity Select Retailing since 2010, after managing Fidelity Select Leisure from 2008 to 2010. Prior to joining Fidelity in 2006, Dixon was an equity analyst at Wooster Capital Management during the summer of 2005. Previously, he worked as a professional health care representative at Pfizer, Inc. from 2002 to 2004, a director of market research and analysis at Matrix Datagroup from 2001 to 2002, and as a business analyst covering media and communications at American Management Systems from 1999 to 2001.

Deena Friedman has been named co-portfolio manager of Fidelity Select Retailing Portfolio (FSRPX) joining Peter Dixon.

Friedman joined Fidelity as an analyst on the Consumer Team in 2006, providing research coverage on many of the companies in the Select Retailing Portfolio. Prior to Fidelity, Friedman was a research analyst at Brean Murray in New York City. She has 15 years of experience in the investment industry.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective June 5, 2014:

Doug Chow, Tim Gannon, Jim Hayes, Per Johansson, Gregory Lee, and Sam Polyak have been named portfolio managers of Fidelity Emerging Markets Discovery Fund (with retail and Advisor share classes), and will be succeeding Ashish Swarup over the next several weeks. As members of the Fidelity Stock Selector Emerging Markets (EM) team, they will co-manage the fund using a sector–neutral approach focusing on the ability to leverage their stock picking expertise along with Fidelity’s deep fundamental research support. The Stock Selector EM team will continue to manage Fidelity Series Emerging Markets Fund, Fidelity Emerging Markets Central Fund and the equity portion of the Fidelity Total Emerging Markets Fund.

Sammy Simnegar has been named co-manager of Fidelity Total International Equity Fund (retail and Advisor share classes), joining existing co-managers Jed Weiss and Alex Zavratsky. Simnegar will be responsible for managing the emerging markets portion of the fund, and will also be succeeding Swarup over the next several weeks. Simnegar will continue to manage Fidelity International Capital Appreciation Fund, Fidelity Advisor International Capital Appreciation Fund, Fidelity Emerging Markets Fund and Fidelity Advisor Emerging Markets Fund.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Investing involves risk including the risk of loss.
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 securities of smaller, less well-known companies can be more volatile than those of larger companies. The fund may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.
Fidelity, Fidelity Investments, and Fidelity Investments and the Pyramid Design logo are registered service marks of FMR LLC.
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

Effective May 19, 2014:

Curt Hollingsworth has been named lead manager on Fidelity International Bond Fund and Fidelity Global Bond Fund. Hollingsworth had been serving as a co-portfolio manager on these funds. Michael Foggin and Constantin Petrov have been appointed co-managers of these funds. Jeffrey Moore remains co-manager on Fidelity Global Bond Fund. Matt Conti who was a co-manager on Fidelity International Bond Fund will focus on managing his other high yield assets, including Fidelity Short Duration High Income Fund, which was just launched in November last year.

Hollingsworth joined Fidelity in 1983 as a trader and in 1987 became a portfolio manager. He managed the investment-grade bond component of Fidelity Balanced Fund until 1990, Fidelity Government Income Fund from 1990 to 1995, and Fidelity GNMA Fund from 1997 to 1998. In 2000, Hollingsworth was named head of money market trading, a position he held until 2006 when he became head of bond trading for the Fixed Income Division until 2009. He began managing Fidelity’s passive bond portfolios in 2009 and Fidelity’s global bond funds in 2012.

Foggin will continue to manage the Pyramis global credit portfolio distributed to institutional investors, as well as the international credit subportfolio of Fidelity Total Bond Fund. Prior to joining Fidelity in 2012, he was a fixed income portfolio manager at Schroders from 2006 to 2012. Previously, Foggin worked as a trader assistant at Caxton Asset Management Limited from 2004 to 2006.

Petrov is a research analyst and portfolio manager focusing on local currency debt markets. He joined Fidelity in 1996 and was responsible for sovereign analysis of oil-producing countries, debt and equity valuation, risk management, quantitative trading strategies, and econometrics.

Brandon Bettencourt has been appointed co-manager on all the Fidelity passively-managed bond portfolios, succeeding Hollingsworth. The funds are: Fidelity Spartan U.S. Bond Index Fund, Fidelity Series Inflation-Protected Bond Index Fund, Fidelity Inflation-Protected Bond Index Fund, Fidelity Spartan Inflation-Protected Bond Index Fund, Fidelity Spartan Short-Term Treasury Bond Index Fund, Fidelity Spartan Intermediate Treasury Bond Index Fund and Fidelity Spartan Long-Term Treasury Bond Index Fund. Bettencourt will manage the funds with existing co-manager Alan Bembenek.

Bettencourt joined Fidelity in 2008 as a municipal research associate and initially worked in municipal structured research. He subsequently added housing, higher education and student loans to his areas of expertise. In 2011, Bettencourt assumed a Portfolio Analyst position on the Passive Strategy Team, where he worked developing and applying quantitative models and rebalancing tools, and generating trade strategies and orders to help keep portfolios structured appropriately.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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.
Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.
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, credit, and default risks for both issuers and counterparties.
Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. In addition, the fund is considered non-diversified and may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.
Shares of Fidelity Series funds 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

Effective May 1, 2014:

Christopher Sharpe and Ruben Calderon have assumed portfolio management responsibilities for Fidelity Global Strategies Fund and Fidelity Advisor Global Strategies Fund, succeeding Andrew Dierdorf and Jurrien Timmer. Sharpe joined Fidelity in 2002 as an asset allocation director. He was promoted to portfolio manager in 2005, when he began managing Fidelity’s target date strategies. In addition to his co-management of Fidelity Global Strategies and Fidelity Advisor Global Strategies Funds, Sharpe continues to co-manage Fidelity Four-in-One Index Fund, Fidelity Series Broad Market Opportunities Fund, Fidelity Stock Selector All Cap Fund and Fidelity Advisor Stock Selector All Cap Fund. Before joining Fidelity, Sharpe worked as an investment policy officer at John Hancock Financial Services from 2000 to 2002, and as a consultant and investment actuary at Mercer Human Resources Consulting from 1990 to 2000.

Calderon joined Fidelity in 1995 as a technical analyst and his coverage grew to include global emerging markets and international equity markets. His coverage evolved into an integrated approach of technical, quantitative and other aspects of research. After managing a global pilot fund for a few years, he was promoted to portfolio manager in 2005 as a co-manager of Fidelity Global Balanced Fund, which he will continue to co-manage. Prior to joining Fidelity, he was an emerging market specialist with the Bank Credit Analyst Research Group in Montreal, Canada.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
The Fidelity and Advisor Global Strategies Funds are subject to asset allocation risk and the risks of the underlying funds in which it invests. Those risks include the volatility of the financial markets in the U.S. and abroad as well as those risks associated with debt securities or bonds. Foreign markets may be more volatile than U.S. markets due to interest rate, currency exchange rate, economic, and political risks. 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, credit, and default risks for both issuers and counterparties. The value of commodities and commodity-linked investments may be affected by the performance of the overall commodities markets as well as weather, political, tax, and other regulatory and market developments. If the funds' asset allocation strategy does not work as intended, the funds may not achieve its objective Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective April 4, 2014:

James Francis of Geode Capital Management has transitioned off of the portfolio management team managing Spartan Total Market Index Fund, Spartan International Index Fund, Spartan 500 Index Fund, Spartan Global Ex U.S. Index Fund, Spartan Emerging Markets Index Fund, Spartan Extended Market Index Fund, Spartan Real Estate Index Fund, Spartan Mid-Cap Index Fund, Spartan Small Cap Index Fund, Fidelity Nasdaq Composite Index Fund, Fidelity Nasdaq Composite Index Tracking Stock Fund, Fidelity Series 100 Index Fund, Fidelity Series Global Ex U.S. Index Fund, Fidelity Series 1000 Value Index Fund, VIP Index 500 Fund, VIP Disciplined Small Cap Fund, Fidelity Large Cap Core Enhanced Index Fund, Fidelity Large Cap Growth Enhanced Index Fund, Fidelity Large Cap Value Enhanced Index Fund, Fidelity Mid Cap Enhanced Index Fund, Fidelity Small Cap Enhanced Index Fund, and Fidelity International Enhanced Index Fund.

These index funds are managed by a team at Geode Capital Management who will continue to manage the funds. The passive index funds will continue to be managed by Lou Bottari, Patrick Waddell, and Peter Matthew. The enhanced index funds will continue to be managed by Maximilian Kaufmann, Lou Bottari, Patrick Waddell, and Peter Matthew.

Patrick Waddell, CFA is a senior portfolio manager of the passive index and enhanced index funds. Since joining Geode in 2004, Waddell has worked as an assistant portfolio manager, portfolio manager and senior portfolio manager.

Lou Bottari is a portfolio manager of the passive index and enhanced index funds. Since joining Geode in 2008, Bottari has worked as an assistant portfolio manager and portfolio manager.

Peter Matthew is assistant portfolio manager of the passive index and enhanced index funds. Since joining Geode in 2007, Matthew has worked as a senior operations associate, and assistant portfolio manager.

Maximilian Kaufmann is senior portfolio manager of the enhanced index funds. Since joining Geode in 2009, Kaufmann has worked as a portfolio manager and senior portfolio manager.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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.
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

Fidelity Management & Research Company (FMRCo) expects to appoint Gopal Reddy lead portfolio manager for VIP Growth Opportunities Portfolio (FAQTC), Fidelity Advisor Growth Opportunities Fund and Fidelity Advisor Series Growth Opportunities Fund, effective January 1, 2015, with Steve Wymer continuing as co-manager. Subsequently, FMRCo expects Reddy will assume sole portfolio management responsibility for the funds, with Wymer transitioning off the funds on March 31, 2015. Following his transition, Wymer will continue to manage Fidelity Growth Company Fund, Fidelity Series Growth Company Fund and a commingled pool for institutional investors. Reddy joined Fidelity in 2001 as a research associate. Prior to assuming his current co-manager position in October 2012, he worked as an analyst covering the leisure, software, and internet & media sectors at FMRCo. As an equity research analyst, Reddy has followed the small-cap technology, for-profit education, gaming and lodging, software, Internet and media industries. He managed Fidelity Select Leisure Portfolio from November 2005 until October 2006.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
VIP refers to Variable Insurance Products. This portfolio is available for investment only by the separate accounts of insurance companies. Annuities are long-term investments.
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.
Growth stocks can perform differently from other types of stocks and the market as a whole and can be more volatile than other types of stocks.
Shares of Series funds 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

Effective March 17, 2014:

Jamie Stuttard has decided to move on and pursue other opportunities outside the London Bond Team at Fidelity. Existing co-managers Curt Hollingsworth and Matt Conti will assume responsibility for managing Fidelity International Bond Fund (FINUX). Existing co-managers Hollingsworth, Conti and Jeff Moore will assume responsibility for Fidelity Global Bond Fund (FGBFX).

Hollingsworth joined Fidelity in 1983 as a trader. Before becoming a portfolio manager, he headed bond and money market trading for Fidelity Management & Research Company (FMRCo). In addition to his co-management responsibilities on Fidelity International Bond and Fidelity Global Bond, Hollingsworth also manages Fidelity Spartan Short-Term Treasury Bond Index Fund, Fidelity Spartan Intermediate Treasury Bond Index Fund, Fidelity Spartan Long-Term Treasury Bond Index Fund, and Fidelity U.S. Bond Index Fund.

Moore joined Fidelity as an analyst in 1995 and began managing portfolios in 2000. In addition to his co-management responsibilities for Fidelity Global Bond, Moore manages Fidelity Investment Grade Bond Fund and he is co-manager for Fidelity Total Bond. Prior to joining Fidelity, he was a credit analyst following Canadian provincial, municipal and government debt for Dominion Bond Rating Service. From 1990 to 1994, he served as a financial analyst in the financial markets analysis and economic development groups for the Department of Finance of the Canadian government. Moore is portfolio manager for investment grade portfolios across retail and institutional assets.

Conti joined Fidelity in 1995 as a high yield analyst. In addition to his co-management responsibilities for Fidelity Global Bond and Fidelity International Bond, Conti also manages Fidelity Short Duration High Income Fund, Fidelity Focused High Income Fund, VIP High Income Portfolio, and Fidelity Advisor High Income Fund, as well as the high yield subportfolios for Fidelity Total Bond Fund and Fidelity’s Asset Manager Funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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 avoiding losses caused by price volatility by holding them until maturity is not possible.
Foreign securities are subject to currency-exchange-rate, economic, and political risks, all of which are magnified in emerging markets.
Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.
Leverage can increase market exposure, magnify investment risks, and cause losses to be realized more quickly. In addition, the fund is considered non-diversified and may have additional volatility because it can invest a significant portion of assets in securities of a small number of individual issuers.
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

Effective March 1, 2014:

Kirk Neureiter will be named portfolio manager of Fidelity Japan Fund, succeeding Rie Shigekawa. Neureiter began his career at Fidelity in 1994 as a research associate at Fidelity Worldwide Investment (FIL) and has covered hotels, textile, apparel, chemical, and pharmaceutical industries. He also managed various FIL funds, including the Japan sleeves of Global Balanced and International Growth Funds and several institutional accounts.

David Jenkins will be named portfolio manager of Fidelity Japan Smaller Companies Fund, succeeding manager Nick Price. Jenkins began his career at Fidelity in 2007 and has lived in Tokyo since 2010, working as a global research analyst conducting broad opportunistic coverage of international small cap stocks. He has been a key contributor to the small cap team's investments, with a particular focus on the Japanese market.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective March 1, 2014:

Sam Chamovitz has been named portfolio manager of Fidelity International Small Cap Fund (FISMX), succeeding co-managers Dale Nicholls, Nicholas Price and Colin Stone. Chamovitz began his career in the investment industry in 2002 and joined Fidelity's small cap team in 2007, where he subsequently covered non-U.S. small cap stocks. He covered stocks in the technology sector from 2007-2010, real estate from 2009–2011, health care from 2009–2013 and industrials from 2010-2014.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective February 1, 2014:

Katie Shaw has been named sole portfolio manager of Select Leisure Portfolio (FDLSX). Jean Park, who was co-manager with Shaw, will transition off the fund, while remaining manager of Fidelity Growth Strategies Fund and VIP Growth Strategies Portfolio. Shaw has 13 years of experience in the financial services industry. She joined Fidelity as an equity research analyst intern in 2007. In August 2008, she became a research analyst in the Equity Research division responsible for coverage of restaurant stocks within the consumer sector. Prior to joining Fidelity, Shaw served as a private equity associate for TA Associates from 2002-2006. She began her finance career in 2000 as an investment banking analyst for Salomon Smith Barney.

Ben Shuleva has been named sole portfolio manager of Select Energy Service Portfolio (FSESX). Jonathan Kasen, who was co-manager with Shuleva, will transition off the fund, while remaining manager of the energy sector sleeves of VIP Contrafund Portfolio, Fidelity Balanced Fund (Advisor and retail share classes) and Fidelity Series All-Sector Equity Fund. Shuleva joined Fidelity’s Equity division in August 2008 as a research associate covering the energy sector. Within a year, he added exploration and production companies to his coverage. Shuleva was promoted to research analyst in 2011 and began covering the refining space and the offshore rig sector. In addition to his portfolio management responsibilities, Shuleva will remain a research analyst on the Energy team covering energy service stocks.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective February 28, 2014:

Sam Chamovitz has been named portfolio manager of Fidelity International Small Cap Fund (FISMX), succeeding co-managers Dale Nicholls, Nicholas Price and Colin Stone. Chamovitz began his career in the investment industry in 2002 and joined Fidelity's small cap team in 2007, where he subsequently covered non-U.S. small cap stocks. He covered stocks in the technology sector from 2007-2010, real estate from 2009–2011, health care from 2009–2013 and industrials from 2010-2014.

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.
The securities of smaller, less well-known companies can be more volatile than those of larger companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective January 21, 2014:

Brett Sumsion has been appointed co-portfolio manager of Fidelity’s target date funds, including Fidelity Freedom® Funds, Fidelity Advisor Freedom Funds, Fidelity Freedom K Funds, Fidelity Freedom Index Funds, VIP Freedom Portfolios, VIP Investor Freedom Portfolios, VIP Freedom Lifetime Income Portfolios, Strategic Advisers® Multi-Manager Target Date Funds, Fidelity Income Replacement FundsSM and Fidelity-managed 529 College Savings Plans. Brett will succeed Christopher Sharpe following a thoughtful and deliberate transition period that will be completed on or before March 31, 2014. Brett has 13 years of extensive, institutionally-focused asset allocation experience and joined Fidelity in 2014. He joined from DuPont Capital Management, Inc. and held various positions, including managing director of asset allocation (2008 to 2013) and portfolio manager (2005 to 2008).

Before investing in any mutual fund or 529 plan, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity or visit fidelity.com or advisor.fidelity.com for a free 529 Fact Kit, Offering Statement, prospectus or, if available, a summary prospectus. Read it carefully before you invest.
The investment risks of each Fidelity Freedom Fund change over time as its asset allocation changes. They are subject to the volatility of the financial markets, including equity and fixed income investments in the U.S. and abroad and may be subject to risks associated with investing in high yield, real estate, small cap and, commodity-related, foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates.
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
© 2014 FMR LLC. All rights reserved.
676454.1.0

Effective January 1, 2014:

Ramona Persaud has been named portfolio manager of Fidelity Dividend Growth Fund (FDGFX) and Fidelity Advisor Dividend Growth Fund (FDGTX), succeeding Larry Rakers. Rakers is assuming a new position within Fidelity's Global Asset Allocation (GAA) division. Persaud will continue to manage Fidelity Global Equity Income Fund, Fidelity Advisor Global Equity Income Fund and the global sub-portfolio of Fidelity Equity-Income Fund.

Persaud joined Fidelity as an equity research analyst in 2003. In 2004, she became Select Construction & Housing portfolio manager and research analyst. In 2006, she became Select Banking portfolio manager and research analyst. She became assistant portfolio manager of Diversified International Fund in 2008 and was based out of London. She assumed her current portfolio manager role in 2011. Before joining Fidelity, Ramona worked as an analyst at Morgan Stanley from 1996 to 1999, and as an analyst at Goldman Sachs from 1999 to 2001.

The Stock Selector Large Cap Team (under Bob Stansky's leadership) has been named portfolio manager of Fidelity VIP Balanced Portfolio (FJBAC), also succeeding Rakers. The team, led by Bob Stansky, includes sector specialists Douglas Simmons, Brian Lempel, Tobias Welo, Monty Kori, Steve Kaye, Jonathan Kasen, Pierre Sorel, Bob Lee, and Peter Saperstone.

The Stock Selector Large Cap Team has also managed Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and Fidelity Series All-Sector Equity Fund since 2008 and VIP Contrafund since 2007, all of which they will continue to manage with this new appointment.

Alex Devereaux has been named sole portfolio manager of Fidelity Disciplined Equity Fund (FDEQX), a fund he has been co-managing alongside Keith Quinton since January 2013.

Devereaux joined Fidelity in 2005 as a quantitative analyst responsible for alpha modeling, risk management and portfolio construction within the core Quantitative Research group. Prior to joining Fidelity, Devereaux was a senior quantitative analyst for Evergreen Investments from 2004 to 2005. He also worked as a quantitative analyst at Gartmore Global Investments from 2000 to 2004 and as a consultant at FactSet Research Systems from 1998 to 2000.

Risteard Hogan has been named co-portfolio manager of Fidelity Canada Fund (FICDX), joining existing portfolio manager Doug Lober.

Hogan assumed his position in Fidelity's International Equity Research division in 2006. In 2010, he assumed began managing the financials sub-portfolio for Fidelity International Equity Central Fund. He began managing Fidelity Europe Fund in 2012, and Fidelity Europe Capital Appreciation Fund, Fidelity Advisor Europe Capital Appreciation Fund and the Europe sub-portfolio of Fidelity Global Balanced Fund in 2013.

In 2005, Hogan was an international equity analyst for Fidelity International Limited (FIL), where he covered European financials, international chemicals and building materials industries.

Peter Deutsch has been named sole portfolio manager of Select Insurance Portfolio (FSPCX), a fund of which he has been co-managing alongside Court Dignan since June 2013. Dignan will continue as the portfolio manager of Fidelity Mid Cap Value Fund, a position he has held since April 2013.

Deutsch joined Fidelity in 2010 as an analyst covering the regional bank sector. He has been co-managing Select Insurance since June 2013 and is also currently responsible for coverage of all of the large cap insurance companies in the U.S. Prior to joining Fidelity, he worked in Goldman Sach's investment banking division for two years. Before this, he was an analyst at Oaktree Capital Management for two years covering a wide range of sectors in both distressed credit and equities.

Effective December 16, 2013:

Matthew Fruhan has been named portfolio manager of Fidelity Advisor Capital Development Fund (FDETX), succeeding Harlan Carere. Fruhan will continue to manage Fidelity Large Cap Stock Fund, Fidelity Advisor Large Cap Fund, Fidelity Mega Cap Stock Fund, Fidelity Growth & Income Portfolio, Fidelity Advisor Growth & Income Fund and VIP Growth & Income Portfolio.

Fruhan joined Fidelity's High Yield Research department in 1995, following the specialty retail, automotive supply and transportation industries until 1997. In 1999, he became an equity analyst following the food and supermarket industries. From 1999 to 2005, Fruhan managed a number of Fidelity's sector portfolios across the consumer, industrial, and financial sectors.

In 2005, Fruhan assumed management responsibility for Fidelity Large Cap Stock Fund and then Fidelity Advisor Large Cap Fund. He assumed management of Fidelity Mega Cap Stock Fund in 2009, and Fidelity Growth & Income Portfolio, Fidelity Advisor Growth & Income Fund and VIP Growth & Income Portfolio in 2011.

Stefan Lindbald has been named co-portfolio manager of Fidelity Europe Fund (FIEUX), Fidelity Europe Capital Appreciation Fund (FECAX), and Fidelity Advisor Europe Capital Appreciation Fund (FEIAX), joining existing portfolio manager Risteard Hogan.

Lindbald joined Fidelity in 2010 as a research analyst covering European banks, insurance companies, and holding companies. In addition to these responsibilities, Lindbald has managed the European Financials sub-portfolio of the Fidelity International Equity Central Fund since 2011.

From 2005 to 2010, Lindbald was a partner at KDA Capital in London and helped to manage its long-biased hedge fund. Before this role, Lindbald was a research analyst at Fidelity International Limited (FIL), where he was the healthcare sector leader and covered medical device companies as well as European real estate companies.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective October 30, 2013

Robin Foley has been named lead manager for the Fidelity Intermediate Bond Fund (FTHRX), succeeding Ford O’Neil, who will focus full management attention on his growing range of core, core plus and fixed income asset allocation strategies and portfolios. Foley will join Robert Galusza, who has been lead managing the fund since 2009 and will continue as co-manager.

Foley will continue to co-manage Fidelity Short-Term Bond Fund and Fidelity Advisor Short-Fixed Income Fund. She joined Fidelity in 1986 and was responsible for managing the implementation and relationship management for large defined contribution corporate clients. In 1991, Foley began managing fixed income portfolios for Fidelity Management Trust Company (FMTC) and in 1995 she became a portfolio manager in the fixed income division of Fidelity Investments. She has managed short and intermediate duration portfolios for Fidelity’s insurance company and for institutional clients.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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
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

Effective October 1, 2013:

John Dance has been named portfolio manager of Fidelity Pacific Basin Fund (FPBFX), succeeding Dale Nicholls. Dance joined Fidelity in 2008 as a research analyst in the London office where he was responsible for coverage of the European retail industry. In 2011, he also began managing the consumer discretionary sub-portfolio of Fidelity International Equity Central Fund. In 2012, Dance became co-sector leader of the combined Consumer Discretionary and Consumer Staples team, while continuing his aforementioned coverage and management responsibilities.

Prior to joining Fidelity in 2008, Dance spent two years as a research analyst for FIL Limited (FIL). In his role, he was a member of the Regional Equities team based in Hong Kong and was responsible for coverage of the shipping and airlines industries within the Asia ex-Japan region. From 2004 to 2006, Dance was an analyst for Deutsche Asset Management in Sydney, Australia, where he was part of the Australian Equities team, responsible for coverage of the transport, gold and diversified infrastructure industries. From 2002 to 2004, Dance held various research positions for The University of Sydney.

Before investing, consider the funds’ investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective August 1, 2013:

Ben Shuleva has been named co-portfolio manager of Select Energy Service Portfolio, joining co-manager Jonathan Kasen. Shuleva joined Fidelity’s Equity division in August 2008 as a research associate covering the energy sector. Within a year, he added exploration and production companies to his coverage. Shuleva was promoted to research analyst in 2011 and began covering the refining space and the offshore rig sector.

Jean Park has been named portfolio manager of Fidelity Growth Strategies Fund and VIP Growth Strategies Portfolio, succeeding Chris Lee. Lee will continue to manage Select Financials Services Portfolio and Select Brokerage and Investment Management Portfolio. Park joined Fidelity in 2006 as an equity analyst covering asset managers on the Financials team. In 2010, she became responsible for coverage of hotels and cruise lines, and casinos and gaming stocks and assumed management responsibilities for Select Leisure Portfolio. Prior to joining Fidelity, Park worked for Goldman Sachs Asset Management from 2001 until 2004 where she was an analyst and then associate in the high yield bond group covering the food, supermarkets, and consumer product industries.

Katherine (Katie) Shaw has been named co-portfolio manager of Select Leisure Portfolio, which she will manage with current manager Jean Park. Shaw joined Fidelity as an equity research analyst intern in 2007. In 2008, she became a research analyst in the Equity Research division responsible for coverage of restaurant stocks within the consumer sector. Prior to joining Fidelity, Shaw served as a private equity associate for TA Associates from 2002 to 2006. She began her finance career in 2000 as an investment banking analyst for Salomon Smith Barney.

Before investing, consider the funds’ investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective July 1, 2013:

Annie Rosen has been named portfolio manager for Select Automotive Portfolio (FSAVX), succeeding Michael Weaver. Rosen joined Fidelity as a research associate in 2003. She covered REITs (real estate investment trusts) for two years and then joined Fidelity’s Healthcare sector team. Rosen was promoted to research analyst in 2006. She later spent two years in Fidelity's London office (2007-2009) where she followed the Machinery industry. Rosen returned to Boston in early 2010 as an analyst on Fidelity's Value investing team. In early 2012, Rosen joined Fidelity's Consumer sector team following the automotive industry, including suppliers and OEMs (original equipment manufacturers).

Jonathan Kasen has been named portfolio manager of the energy sector sleeves of Fidelity VIP Contrafund Portfolio, Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and Fidelity Series All-Sector Equity Fund, succeeding Nathan Strik. Kasen joined Fidelity in 2006 as an equity research analyst following multi-industry, industrial distribution and electrical products companies. He began managing Select Industrial Equipment Portfolio in May 2008 and co-managed the fund from April 2010 until May 2010. He assumed management responsibilities for Select Energy Service Portfolio in June 2010. Prior to joining Fidelity, Kasen was a summer intern at Fred Alger Management in New York City in 2005. From 2001 to 2004, he was an equity research analyst at Hellman Jordan Management Company, a long/short equity investment firm located in Boston.

Monty Kori has been named portfolio manager of the industrials sector sleeves of Fidelity VIP Contrafund Portfolio, Fidelity Balanced Fund, and Fidelity Advisor Balanced Fund, succeeding John Avery. Avery will continue to manage Fidelity Fund, which he has managed since 2002. Kori joined Fidelity in 2006 as a research analyst. He currently co-manages the industrials and materials subsectors of Fidelity Advisor Stock Selector Mid Cap Fund, formerly Fidelity Advisor Mid Cap Fund, which he assumed responsibility for in March 2011. Prior to 2008, Kori was a member of the Fidelity's Financials team where he was responsible for covering the Exchanges and Discount Brokers. Prior to joining Fidelity, Kori served as a research analyst for Basswood Partners in New York during 2005. From 2002 to 2004, he was an associate with Stone Point Capital, a private equity firm based in Greenwich, Connecticut focused on investments in financial services. He began his career in 2000 as an investment banking analyst within Morgan Stanley's Financial Institutions group.

Tobias Welo has been named portfolio manager of the industrials sector sleeve of Fidelity Series All-Sector Equity Fund, succeeding Monty Kori. Welo will continue to manage Select Industrials Portfolio, Select Materials Portfolio, Fidelity Advisor Industrials Fund, Fidelity VIP Materials, Fidelity VIP Industrials, Materials Central Fund (used for Stock Selector All Cap Fund), Industrials Central Fund (used for Stock Selector All Cap Fund), and the materials subportoflios of Fidelity VIP Contrafund, Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and Fidelity Series All Sector Equity Fund. Welo joined Fidelity in 2005 and is the sector leader of the Cyclicals research team.Before joining Fidelity, Welo was a director for BlackRock where he was an analyst and assistant portfolio manager. From 1999 to 2002, he was a vice president and analyst for Boston Partners, covering multiple industries, including consumer staples, consumer discretionary, industrials and the coal industry.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
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, credit, and default risks for both issuers and counterparties.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective June 1, 2013:

Peter Deutsch has been named co-portfolio manager of Select Insurance Portfolio (FSPCX)joining existing portfolio manager Court Dignon. Deutsch joined Fidelity in 2010 as an analyst covering the regional bank sector. Prior to joining Fidelity, he worked was an analyst at Oaktree Capital Management covering a wide range of sectors in high yield and distressed credit. Before Oaktree, Deutsch was an analyst in Goldman Sachs's investment banking division. In his current role at Fidelity, Deutsch is responsible for coverage of U.S. large cap insurance companies.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective May 21, 2013:

Christopher Lee has been named portfolio manager for Select Financial Services Portfolio (FIDSX), Select Brokerage and Investment Management Portfolio (FSLBX), Fidelity Advisor Financial Services Fund, and VIP Financial Services Portfolio, succeeding Benjamin Hesse. Lee was also appointed co-manager of Fidelity Stock Selector All-Cap Fund (FDSSX), Fidelity Advisor Stock Selector All-Cap Fund, and Fidelity Series Broad Market Opportunities Fund, also succeeding Hesse. Lee joined Fidelity in 2004 as an equity analyst following the semiconductor industry. He assumed responsibility for Select Electronics Portfolio and Fidelity Advisor Electronics Fund in 2007, which he managed until 2008. From February 2009 until April 2012, Lee was the sole manager of Select Consumer Finance Portfolio. He co-managed the fund from April 2012 until October 2012. Lee began managing Fidelity Growth Strategies Fund and VIP Growth Strategies Portfolio in April 2012.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
The financials industries are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.
The brokerage and investment management industry can be significantly affected by stock and bond market activity, changes in regulations, brokerage commission structure, and a competitive environment combined with the high operating leverage inherent in companies in this industry.
Shares of Series Funds are available for purchase only by mutual funds for which FMR or an affiliate serves as investment manager.
VIP refers to Variable Insurance Products. This fund is available only through the purchase of a variable annuity or variable life insurance contract of a participating insurance company.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective May 1, 2013:

Barry Golden will become portfolio manager of Strategic Advisers Small-Mid Cap Fund (FSCFX) and Strategic Advisers Small-Mid Cap Multi-Manager Fund, succeeding Cathy Pena. Golden joined Fidelity Management & Research Company (FMRCo) in 2003 and, most recently, served as team leader of Alternatives Research within Fidelity's Global Asset Allocation division. From 2005 to 2008, Golden was a research analyst on Strategic Advisers, Inc.'s (a Fidelity Investments company) U.S. Equity Value Team, where he covered mid-cap value managers. In 2008, he was named associate director of investments for Strategic Advisers' Charitable Gift Fund with responsibility for absolute return investments. In 2009, Golden was named team leader for Strategic Advisers' U.S. Equity Research. He also served as co-portfolio manager for the Strategic Advisers Growth Fund from its inception in June 2010 through the end of 2011.

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. These risks may be magnified in foreign markets. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks. The securities of smaller, less well-known companies can be more volatile than those of larger companies. The funds can invest in ETFs which may trade at a discount to their NAV. Fund of funds bear the risks of the investment strategies of their underlying funds.
The Strategic Advisers Small-Mid Cap Multi-Manager Fund is available for initial purchase through an eligible Fidelity Workplace Savings plan, and is otherwise closed to new investors.
The Strategic Advisers Small-Mid Cap Fund is only available to clients enrolled in Fidelity Portfolio Advisory Service®.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

Fidelity Investments Institutional Services Company, Inc., 100 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110

Effective April 12, 2013: 

Matthew Friedman has been named lead portfolio manager of Fidelity Stock Selector Large Cap Value Fund (retail and Advisor share classes), Fidelity Series Stock Selector Large Cap Value Fund, and Fidelity Advisor Series Stock Selector Large Cap Value Fund, succeeding Bruce Dirks. Friedman joined Fidelity as a research analyst in 2000 following specialty pharmaceuticals and generics stocks. He managed a number of Fidelity's sector funds from 2003 to 2006, including Select Multimedia Portfolio, Select Chemicals Portfolio, Select Natural Gas Portfolio, Fidelity Advisor Cyclical Industries Fund, VIP Cyclical Industries Portfolio, Select Cyclical Industries Portfolio, Select Energy Portfolio, Fidelity Advisor Natural Resources Fund, and Select Natural Resources Portfolio. Friedman managed Fidelity Advisor Value Strategies Fund and VIP Value Strategies Portfolio from 2006 to 2010. He also managed VIP Contrafund Portfolio and Fidelity Series All-Sector Equity Fund from 2007 to 2011. Friedman managed Fidelity Balanced Fund and Fidelity Advisor Balanced Fund from 2008 to 2011. He has been a co-manager on Fidelity Stock Selector Large Cap Value Fund (retail and Advisor share classes), Fidelity Series Stock Selector Large Cap Value Fund, and Fidelity Advisor Series Stock Selector Large Cap Value Fund since 2011 and 2012, respectively. Friedman also will continue to manage VIP Value Portfolio and co-manage Fidelity Value Fund and Fidelity Advisor Value Fund. 

Court Dignan has been named portfolio manager of Fidelity Mid Cap Value Fund (retail and Advisor share classes), succeeding Bruce Dirks. Dignan joined Fidelity in 2003, as an analyst in Fidelity Capital Investors and became an analyst in Fidelity's Equity group in 2005. From 2005 to 2009, Dignan worked as an analyst on Fidelity's small cap and value teams. He has managed Select Insurance Portfolio since 2009.

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. Value stocks can perform differently from other types of stocks and can continueto be undervalued by the market for long periods of time. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.
Investments in mid-sized companies may involve greater risks than those in larger, more well known companies, but may be less volatile than investments in smaller companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective April 1, 2013:

Brian Lempel has been named portfolio manager for the Information Technology sector assets of Fidelity VIP Contrafund, Fidelity Balanced Fund, and Fidelity Advisor Balanced Fund, succeeding Adam Hetnarski. Lempel joined Fidelity in August 2004 as an equity research associate. He became a research analyst in 2007 and covered the disk drives, storage networking, and global memory and video game industries. Lempel assumed management responsibilities for Select Software & Computer Services Portfolio in 2009 and the Information Technology sector assets of Fidelity Series All-Sector Equity Fund in October 2012.

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 securities are subject to interest rate, currency exchange rate, economic, and political risks. Fixed income investments entail interest rate risk (as interest rates rise bond prices usually fall), the risk of issuer default, issuer credit risk and inflation risk. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. Leverage can increase market exposure and magnify investment risk.
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
VIP refers to Variable Insurance Products.
This portfolio is available for investment only by the separate accounts of insurance companies.
Annuities are long-term investments.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective April 1, 2013:

Ted Davis has been named sole portfolio manager of Select Natural Gas Portfolio (FSNGX). Previously, Davis was co-manager with Ryan Oldham. Davis joined Fidelity in June 2012 and was named co-portfolio manager of Select Natural Gas Portfolio in October 2012. Prior to joining Fidelity, he spent 14 years at AllianceBernstein. At AllianceBernstein, Davis was the Global Commodities Sector Leader, where he coordinated global research for the energy, industrial and agricultural commodities and equities. He also managed a sleeve of global commodity stocks. Prior to AllianceBernstein, Davis worked in a number of equity research roles, where he covered stocks in the energy, industrials, materials and consumer sectors.

Asher Anolic has been named portfolio manager of Select Pharmaceuticals Portfolio (FPHAX), succeeding Andy Oh. Anolic joined Fidelity in 2008 as a research analyst. In this role, he has researched companies in the financials, consumer staples, and, more recently, the health care sectors with a focus on pharmaceuticals, generic drugs and contract research organizations. Prior to joining Fidelity, Asher spent time at Bear Stearns, where he worked as a research analyst covering the life science, biotechnology, pharmaceuticals, health care services, and medical device industries.

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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

Fidelity Investments Institutional Services Company, Inc., 100 Salem Street, Smithfield, RI 0291
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110

Effective April 1, 2013:

Eric Mollenhauer has been named portfolio manager of Fidelity Floating Rate High Income Fund (FFRHX) and Fidelity Advisor Floating Rate High Income Fund, succeeding Christine McConnell. Mollenhauer joined Fidelity’s High Income division as a research analyst in 1995 where he covered the paper and forest products, entertainment and leisure, gaming and lodging, services, homebuilding, and printing and publishing industries. In 2003, Mollenhauer became the director of High Yield Research, a position he held until 2006. In this role, he oversaw Fidelity’s high-yield research professionals and resources, and also managed high-yield bond portfolios not available to U.S. investors. He has managed the Fidelity Series Floating Rate High Income Fund since 2011 and the Fidelity Floating Rate Central Fund since 2007, which are both exclusively used by Fidelity asset allocation products. He also has managed a leveraged loans portfolio for institutional clients since 2007.

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.
Floating-rate loans generally are subject to restrictions on resale and they sometimes trade infrequently in the secondary market, and as a result may be more difficult to value, buy, or sell. A floating-rate loan might not be fully collateralized, which may cause the floating-rate loan to decline significantly in value.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective March 18, 2013

Risteard Hogan has been named portfolio manager of Fidelity Europe Capital Appreciation Fund (FECAX), Fidelity Advisor Europe Capital Appreciation Fund and the European sub-portfolios for Fidelity Global Balanced Fund (FGBLX), succeeding Melissa Reilly. Hogan also manages the Fidelity Europe Fund. Hogan joined Fidelity in 2005 as a research analyst and assumed his current position in the International Equity Research division in 2011. Hogan previously had co-management responsibilities for Fidelity International Equity Central Fund, where he managed the Consumer Staples subportfolio from 2008 to 2010 and the Financials subportfolio in 2011.

Prior to joining Fidelity Investments, Hogan served as an international equity research analyst for Fidelity Worldwide Investment (FWI). Hogan, prior to joining FWI, was based in Ireland and acted as head of corporate development for building materials distributor Heiton Group plc (now part of Grafton Group plc) beginning in 2001. From 1999 to 2001, he served as financial controller, CRH Europe Materials for Ireland-based CRH plc, a top tier global building materials manufacturer and distributor. He joined CRH plc as a group management accountant in 1998 and began his financial career with Coopers and Lybrand (now part of PwC) in 1993 first as an auditor and then as a manager in corporate finance advisory.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com 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.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective March 1, 2013

Kyle Weaver has been named sole portfolio manager of Select Wireless Portfolio (FWRLX). Matt Drukker, who had been co-manager with Weaver since 2011, has transitioned off the fund to assume new portfolio management responsibilities. Weaver currently manages Select IT Services Portfolio and has co-managed Select Wireless Portfolio since March 2011 after having served as lead manager of the fund from July 2009 to March 2011. Prior to joining Fidelity in 2008, Weaver was a research analyst and portfolio manager for RiverSource Investments, LLC (previously American Express). In his roles, he was responsible for the oversight of the IT services, consumer retail and telecommunications sleeves of the Large Cap Core Fund, and for conducting fundamental stock research within his covered sectors. From 2001 to 2002, Weaver was an analyst for Bain Capital, LLC, where he conducted due diligence for several private equity transactions. Weaver began his career as an associate analyst with Bain & Company in 1999.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.fidelity.com for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

Effective January 23, 2013

Chris Lin has been named portfolio manager of Select Computers Portfolio (FDXPX), succeeding Matt Schuldt. Lin joined Fidelity as a research associate within Fidelity's Equity Research department in 2003. In this role, he was responsible for covering biotechnology and other health care stocks and was promoted to an analyst position within the group in 2006. Lin co-managed Select Electronics Portfolio and Fidelity Advisor Electronics Fund from 2009 to 2013.

Steve Barwikowski has been named sole portfolio manager of Select Electronics Portfolio (FSELX) and Fidelity Advisor Electronics Fund. Barwikowski had been co-manager of the funds with Chris Lin. Barwikowski joined Fidelity in 1999 as a research associate. In 2009, he took on the responsibilities for covering the large cap semiconductors sector. Since January 2009, Barwikowski has co-managed Select Electronics Portfolio and Fidelity Advisor Electronics Fund. He also currently co-manages Fidelity Value Fund, Fidelity Advisor Value Fund, Fidelity Series Stock Selector Large Cap Value Fund, Fidelity Advisor Series Stock Selector Large Cap Value Fund and Fidelity Stock Selector Large Cap Value Fund.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective January 22, 2013

Matthew Drukker has been named portfolio manager of Select Telecommunications Portfolio (Retail and Advisor share classes), VIP Telecommunications Portfolio and Telecom Services Central Fund, succeeding Kristina Salen. Drukker will continue to co-manage Select Wireless Portfolio. Drukker is a research analyst responsible for coverage of the U.S. telecommunications industry. He joined Fidelity Investments as an intern in the Equity Research division of FMRCo in 2007 and joined the firm full-time in August 2008. He covered the restaurant industry until September 2010, when he gained responsibility for his current coverage assignment. Drukker began co-managing Select Wireless Portfolio in December 2011. Prior to Fidelity Investments, Drukker was an investment banker at Sander O’Neill in New York from 1999 to 2006.

Nidhi Gupta has been named portfolio manager of Select Multimedia Portfolio, also succeeding Kristina Salen. Gupta is a research analyst for Fidelity and assumed her current position in the Equity Research division in 2008. She joined Fidelity in the summer of 2007 as a global equity research analyst intern. Prior to joining Fidelity Investments, Gupta was a junior analyst at Citadel Investment Group in Chicago from 2005 to 2006, where she was responsible for coverage of U.S. and European large- and mid-cap pharmaceuticals. From 2003 to 2005, she was a business analyst for McKinsey & Company in San Francisco, and began her finance career in 2002 as summer analyst in the investment banking division of Goldman, Sachs & Company, also in San Francisco.

Before investing, consider the funds' investment objectives, risks, charges and expenses. Contact Fidelity or visit advisor.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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective January 2, 2013

Boris Schepov has been named sole portfolio manager of Select Industrial Equipment Portfolio (FSCGX). Steven Bullock, who was co-manager with Schepov, will transition off the fund, while remaining manager of Select Medical Delivery Portfolio. Prior to joining Fidelity Investments in 2008, Schepov served as a Global Financial Risk Management associate at Barclays Capital Hedge Funds Group. Prior to earning his MBA from Cornell University in 2008, Boris worked as an auditor at Withum, Smith & Brown PC.

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.
Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
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

Effective January 1, 2013

Derek Janssen has been named co-manager of Fidelity Small Cap Value Fund (FCVPX), joining Chuck Myers. Derek joined Fidelity’s Small Cap team in the Equity Research department in 2007 and was responsible for coverage of non-U.S. small-cap industrials stocks. From 2008 to 2010, he was a small-cap research analyst in the FMR Tokyo office. Derek returned to Boston in 2010 where he began covering small-cap U.S. technology companies. Prior to joining Fidelity, Derek worked at Skystone Capital Management, a small-cap, value-oriented hedge fund, from 2005 to 2007. He began his career at another hedge fund, Citadel Investment Group, in 2003.

Rich Thompson has been named manager of Fidelity Series Small Cap Opportunities Fund and Fidelity Stock Selector Small Cap Fund (FDSCX). Rich started at Fidelity in 1996 as an equity research analyst and covered stocks in the technology, retail and health-care industries and later became a member of Fidelity's small cap equity research team in Boston. For two years, he spent time in London serving as a small cap team leader and portfolio manager for FIL Limited. In 2005, Rich transitioned back to the Boston office and assumed portfolio management responsibility of Fidelity Small Cap Independence Fund.

Alex Devereaux has been named co-manager of Fidelity Disciplined Equity Fund (FDEQX), joining Keith Quinton. Alex joined the Fidelity Equity research team in 2005 as a quantitative researcher where his responsibilities include alpha modeling, risk management and portfolio construction within the core quantitative research group. Prior to joining Fidelity, Alex was a senior quantitative analyst for Evergreen Investments from 2004 to 2005. He also worked as a quantitative analyst at Gartmore Global Investments from 2000 to 2004 and as a consultant at FactSet Research Systems from 1998 to 2000.

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.
The securities of smaller, less well-known companies can be more volatile than those of larger companies.
Shareholders may be subject to certain short-term trading fees. Please consult the prospectus for further information.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
Fidelity Investments Institutional Services Company, Inc., 100 Salem Street, Smithfield, RI 02917
National Financial Services LLC, Member NYSE, SIPC, 200 Seaport Boulevard, Boston, MA 02110
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