Effective July 1, 2008:

Andrew H. Sassine has been named portfolio manager of Fidelity Small Cap Stock Fund, succeeding Paul L. Antico, who is retiring from portfolio management after 17 years at Fidelity. Sassine will continue to manage Fidelity International Small Cap Opportunities Fund (with retail and Advisor share classes). He joined Fidelity in 1999 as a high–yield research analyst, and followed the telecommunications, satellite, technology, defense and aerospace, and restaurant industries. In 2001, Sassine joined the international equity group as a research analyst covering international small– and mid–cap stocks. He subsequently spent a year in Hong Kong following Chinese small–cap and mid–cap companies prior to taking over management of Fidelity International Small Cap Opportunities Fund in 2005. Prior to joining Fidelity, Sassine was a vice president in the Acquisition Finance Group at Fleet National Bank. From 1993 to 1996, he managed a portfolio of highly leveraged middle market companies at Continental Bank and Heller Financial in Chicago.

Derek L. Young has been named sole portfolio manager of Fidelity Asset Manager 20%, 30%, 40%, 50%, 60% and 85%, (with retail and Advisor share classes), Fidelity Asset Manager 70%, Fidelity VIP Asset Manager Portfolio, Fidelity VIP Asset Manager: Growth Portfolio, all of which he has been co–managing with Richard C. Habermann, who is retiring from Fidelity after 40 years with the firm. Young has also been named portfolio manager of Fidelity Broad Market Opportunities Fund, succeeding Habermann. Young will continue to co–manage Fidelity Strategic Real Return Fund (with retail and Advisor share classes), Fidelity Strategic Dividend & Income Fund (with retail and Advisor share classes), Fidelity Four–in–One Index Fund, Fidelity Strategic Income Fund, Fidelity Advisor Strategic Income Fund, VIP Strategic Income Portfolio, and Fidelity Global Balanced Fund. Young joined Fidelity in 1996 as director of risk management for Fidelity Management Trust Company (FMTC). He later served as senior vice president of strategic investment services and marketing for FMTC and served as a member of the FMTC Trust Committee. He assumed responsibility for Fidelity Strategic Income Fund, VIP Strategic Income Portfolio, Fidelity Strategic Dividend & Income Fund, and Fidelity Four–in–One Index Fund in 2005. He also began co–managing Fidelity Strategic Real Return Fund in 2005. Young began managing Fidelity Global Balanced Fund in 2006. In 2007, he began managing VIP Asset Manager Portfolio, VIP Asset Manager: Growth Portfolio, Fidelity Strategic Income Fund, Fidelity Advisor Strategic Income Fund, Fidelity VIP Strategic Income Portfolio, Fidelity Strategic Dividend & Income Fund (with retail and Advisor share classes), and Fidelity Strategic Real Return Fund (with retail and Advisor classes). Prior to joining Fidelity, Young was a manager in the Risk Strategy Consulting Practice for KPMG. From 1991 to 1995, he worked for the Board of Governors of the Federal Reserve as a senior financial analyst and then as a supervisory financial analyst. He began his career at Empire Financial Services in 1986 where he was a vice president.

Effective June 30, 2008:

Robin L. Foley has been named co–portfolio manager of Fidelity Short–Term Bond Fund and Fidelity Advisor Short Fixed–Income Fund, succeeding Andrew J. Dudley. Robert Galusza will remain as lead manager of these funds. Foley joined Fidelity in 1986 and was responsible for managing client implementations and relationships for large defined contribution corporate clients. In 1991, she began managing institutional fixed–income portfolios, and continues to manage short–duration and stable–value portfolios for institutional clients.

Robert Galusza has been named sole portfolio manager of Fidelity Ultra Short Bond Fund (with retail and Advisor share classes) which he has co–managed with Dudley. He will continue to manage short duration fixed–income portfolios for institutional clients. Galusza joined Fidelity in 1987 as a fixed income portfolio analyst. Previously, he was an international underwriter for Chubb and Son Inc., in Washington, D.C. from June 1985 until October 1987 where he performed risk analysis on international corporations.

Effective June 1, 2008:

Vincent Montemaggiore has been named portfolio manager of Fidelity Select Banking Portfolio, succeeding Ramona Persaud. After joining Fidelity in 2004 as an equity research intern following supply chain technology companies, Montemaggiore joined Fidelity's equity research department full time in 2005 following advertising and publishing companies. In 2006, he took on additional research coverage on industrial conglomerates and managed Fidelity Select Industrial Equipment Portfolio from 2007 until 2008. Prior to joining Fidelity, he worked as an investment banking analyst in New York from 2002 to 2003 at De Guardiola Advisors, Inc., and from 2000 until 2002 at Putnam Lovell Securities, Inc. focusing on mergers and acquisitions within the financial services industry.

Noriko Takahashi has been named co–portfolio manager of Fidelity International Small Cap Fund (a retail fund with Advisor share classes), joining existing co–managers Wilson Wong and Colin Stone. Takahashi will be responsible for the fund's investments in Japan, and succeeds Tokuya Sano, who will focus on managing equity portfolios available exclusively to overseas investors. Takahashi has managed Japanese small–cap equity portfolios for eight years. She joined Fidelity in March 2008. Previously, Takahashi worked at Goldman Sachs Asset Management, where she was co–head of the Japanese equity small–cap team, and vice president and portfolio manager. In that role, Takahashi was responsible for the management of small–cap portfolios for institutions as well as mutual fund clients. Takahashi also worked as an analyst and portfolio manager with Invesco Asset Management for two years before joining Goldman Sachs. She started her career in the securities industry with UBS Securities, where she spent 13 years as an investment analyst, including five years specializing in small–cap stocks.

Effective May 9, 2008:

Charles L. Myers has been named portfolio manager of Fidelity Small Cap Value Fund (with retail and Advisor share classes), succeeding Thomas Hense, who has taken on a new senior management role within Fidelity Management & Research Company (FMRCo). Myers will continue to manage Fidelity Small Cap Retirement Fund, for which he assumed responsibility in 2006. Myers joined Fidelity's small–cap team in 1999. From 2001 to 2003, he worked as a research analyst in Fidelity's London office following European telecommunications operators. Upon his return to the Boston office, Myers re–joined the small–cap team and in 2004 became a portfolio assistant on Fidelity Low Priced Stock Fund. Myers co–managed Fidelity Small Cap Growth Fund and Fidelity Advisor Small Cap Growth Fund with Lionel T. Harris from 2005 until 2006. Prior to joining Fidelity, he was a summer associate for Morgan Stanley Asset Management in London, analyzing the global pharmaceutical and U.S. managed care industries. Myers also served as an equity research associate for Morgan Stanley in New York in the summer of 1997. From 1994 to 1997, he was director of investments and a member of the board of directors for the University of Pennsylvania's Student Federal Credit Union.

Effective May 1, 2008:

Brian Wilhelm has been named portfolio manager of Fidelity Select Insurance Portfolio, succeeding Stephen Hermsdorf. Since joining Fidelity in 2006 as an equity research analyst, Wilhelm has been following companies in the property casualty insurance and reinsurance industries. Previously, he spent 10 years at Dowling & Partners; a Connecticut–based equity research firm specializes in analysis of the insurance industry. Wilhelm began his tenure at the firm as an analyst and concluded as a partner.

Maurice FitzMaurice has been named portfolio manager of Fidelity Select Defense and Aerospace Portfolio, succeeding Andrew Hatem. FitzMaurice joined Fidelity's High–Income Division in 1998, and has covered a wide variety of sectors as an analyst including energy, utilities, media, real estate, consumer products, retail and airlines. Currently, he is manager of Fidelity Select Air Transportation Portfolio and Fidelity Select Transportation Portfolio, both of which he began managing in 2007. Previously, FitzMaurice covered equities within the airline and rail sectors. He also managed the high–yield portions of Fidelity Balanced Fund, Fidelity Advisor Balanced Fund, and VIP III Balanced Portfolio from October 2006 until June 2007, and — from November 2005 until October 2006 — managed the high–yield portion of Fidelity Total Bond Fund. Prior to joining Fidelity, FitzMaurice worked for Lehman Brothers as an analyst in the Investment Banking Division from 1994 until 1996.

Jonathan Kasen has been named portfolio manager of Fidelity Select Industrial Equipment Portfolio, succeeding Vincent Montemaggiore. Kasen joined Fidelity in 2006 as an equity analyst following industrial distribution, machinery, electrical products, and mid–cap diversified industrial stocks. Prior to joining Fidelity, he was a summer intern at Fred Alger Management in New York City in 2005. From 2001 to 2004, Kasen was an equity research analyst, covering mainly health–care and technology companies, at Hellman Jordan Management Company — a specialty equity investment firm in Boston.

John Sheehy has been named sole portfolio manager of Fidelity Select Paper and Forest Products Portfolio, which he has been co–managing with Justin Bennett. Since joining Fidelity in 2006 as an equity research analyst, Sheehy has been following companies in the paper and packaging sectors. From 1998 until 2005, he was an audit manager covering consumer products and manufacturing firms for Deloitte LLP in New York.

Effective April 1, 2008:

Joanna Bewick has been named co–portfolio manager of Fidelity Strategic Income Fund, Fidelity Advisor Strategic Income Fund, VIP Strategic Income Portfolio, Fidelity Strategic Dividend & Income Fund (retail and Advisor classes), and Fidelity Strategic Real Return Fund (retail and Advisor classes), all of which she will manage with Derek L. Young. Bewick joined Fidelity in 1997 as a research analyst in Fidelity's Fixed–Income Division. In 2000, she joined Fidelity Management Trust Company (FMTC) and became a senior vice president and senior investment analyst. In this role, she led a team conducting portfolio optimizations, asset allocation studies and asset and liability analyses for Fidelity's institutional investors. In 2006, Bewick left Fidelity to follow the financial services sector as a vice president and fixed–income analyst at JP Morgan Asset Management. She returned to Fidelity in October 2007 to work in the Global Asset Allocation Group. Prior to joining Fidelity, Bewick worked for Federated Investors from 1990 to 1997, beginning as a senior fund accountant, then as an account administrator from 1994 through 1995 and, in 1995, as a fixed–income investment analyst.

William W. Irving has been named portfolio manager of Fidelity Mortgage Securities Fund, Fidelity Advisor Mortgage Securities Fund, and Fidelity Intermediate Government Income Fund, succeeding Brett Kozlowski. Irving will continue to manage Fidelity Government Income Fund, Fidelity Advisor Government Income Fund, Fidelity Ginnie Mae Fund, Fidelity Inflation Protected Bond Fund and Fidelity Advisor Inflation Protected Bond Fund. He will also continue to manage Spartan Short–Term Treasury Bond Index Fund, Spartan Intermediate Treasury Bond Index Fund and Spartan Long–Term Treasury Bond Index Fund. Irving joined Fidelity's Fixed–Income Division in 1999 as a quantitative analyst, and has been managing taxable bond portfolios since 2004. Prior to joining Fidelity, he was a senior member of the technical staff at Alphatech in Burlington, Massachusetts from 1995 to 1999. He also was a member of the technical staff at MIT Lincoln Laboratory in Lexington, Massachusetts from 1987 to 1995.

Jess Tan has been named portfolio manager of Fidelity Southeast Asia Fund succeeding Allan Liu. Liu will continue to manage equity portfolios available exclusively to overseas investors. Tan joined Fidelity as an equity research analyst covering the Asia–Pacific regional markets in 2000. After covering the regional consumer (retail, food/beverage/tobacco) and regional gaming industries, she went on to cover the Asia–Pacific media and telecommunications sectors. In 2002, Tan began managing Asia–Pacific equity funds available exclusively to overseas investors. Previously, Tan was a fund manager at American International Group. She began her career as an equity research analyst at HLG Securities in 1994.

Colin Stone has been named co–portfolio manager of Fidelity International Small Cap Fund (a retail fund with Advisor share classes), joining existing co–managers Wilson Wong and Tokuya Sano. Stone will be responsible for the fund's investments in Europe and non–Asian countries and succeeds Ben Paton. Stone will continue to manage European funds available exclusively to overseas investors, including one of the largest European smaller companies funds, which he has managed since its launch in 1995. Stone joined Fidelity's (FIL Limited) equity research department in London in 1987. He followed European companies in several industries including, engineering, leisure, oil, and oil services from 1987 to 1993. From 1993 to 1995, he served as associate director of investment management and was promoted to director of investment management in 1995. He has been managing offshore pan–European funds since 1990, and managed Fidelity Nordic Fund from 1995 through 1998. Prior to joining Fidelity, Stone was an offshore petroleum engineer for Britoil, PLC, from 1984 to 1986.

Effective March 3, 2008:

John Sheehy has been named co–portfolio manager of Fidelity Select Paper and Forrest Products Portfolio, with Justin Bennett. Since joining Fidelity in 2007 as an equity research analyst, Sheehy has been following companies in the paper, forest products and packaging sectors. He previously served as an audit manager covering consumer products and manufacturing at Deloitte from 1998 to 2005.

Peter Dixon has been named portfolio manager of Fidelity Select Leisure Portfolio, succeeding Geoff Kuli. Since joining Fidelity in 2006 as an equity research analyst, Dixon has been following companies in the food manufacturing sector. He previously served as an equity analyst at Wooster Capital Management, LLP during the summer of 2005.

Effective February 6, 2008:

Ramin Arani has been named sole portfolio manager of the equity portion of Fidelity Puritan Fund, which he has been co–managing with Stephen R. Petersen since February 2007. George Fischer will continue to manage the bond portion of the fund. Petersen will continue to manage Fidelity Equity–Income Portfolio, which he has managed since 1993 and VIP Equity Income Portfolio, which he has managed since 1997. Prior to assuming his responsibilities on Puritan Fund, Arani managed Fidelity Trend Fund from 2000 to January 2007. He joined Fidelity's equity research department in 1992 covering defense electronics companies, and subsequently followed real estate investment trusts through 1996. Arani followed the retail sector and managed Fidelity Select Retailing Portfolio from 1997 to 1999. From 1999 to 2000, he covered the pharmaceutical sector and managed Fidelity Select Health Care Portfolio and Fidelity Advisor Health Care Fund. Arani also managed the equity portions of Fidelity Advisor Asset Manager 70% from August 2005 to July 2006 and Fidelity Asset Manager 85% from October 2005 to July 2006.

Effective January 11, 2008:

Richard D. Manuel, Jr. has been named sole portfolio manager of Fidelity Select Financial Services Portfolio, Fidelity Advisor Financial Services Fund, and VIP Financial Services Portfolio, which he has co–managed with Brian J. Younger since February 2007. Manuel also will continue to manage Fidelity Select Home Finance Portfolio, which he has managed since 2006. Manuel joined Fidelity in 2006 as an equity research analyst following the home finance and specialty finance industries. Prior to joining Fidelity, he was a research analyst for Riversource Investments, formerly a division of American Express, covering the financial sector. From 1995 to 2002, Manuel worked for Putnam Investments as a research analyst following companies in the financial and technology sectors.

Effective January 9, 2008:

Tobias W. Welo has been named portfolio manager of Fidelity Select Materials Portfolio, Fidelity Advisor Materials Fund and VIP Materials Portfolio, succeeding Duffy Fischer. Welo will continue to manage Fidelity Select Industrials Portfolio, Fidelity Advisor Industrials Fund, and VIP Industrials Portfolio, for which he assumed responsibilities in 2007. Welo joined Fidelity in 2005, as a diversified equity analyst supporting the value group. Previously, he was a director for BlackRock, Inc., in Boston, where he served as an equity analyst and assistant portfolio manager. From 1999 to 2002, Welo was a vice president and analyst for Boston Partners, covering multiple industries, including consumer, industrials, and basic materials.

Matthew S. Schuldt has been named portfolio manager of Fidelity Select Chemicals Portfolio, also succeeding Fischer. Schuldt joined Fidelity in 2006, as an equity research analyst following companies in the specialty chemicals and industrial gas industries. In 2001, he co–founded Go4College.com, an Internet–based admissions counseling organization, where he served as president until 2006. Schuldt started his career in 1999, as an operations manager and internal consultant for McMaster–Carr Supply Company in Elmhurst, IL.

Effective January 4, 2008:

Patrick L. Venanzi has been named portfolio manager of Fidelity Mid Cap Growth Fund (with retail and Advisor share classes), succeeding Bahaa W. Fam, who has taken on a new venture capital role within Fidelity Biosciences. Venanzi joined Fidelity as a research intern in the small–cap team in 2000, and joined the firm full–time in 2001 in the core research group, following retail stocks and other consumer industries. He then followed companies in the semiconductor sector before joining the small–cap team in 2005, where he covered property/casualty insurance companies and medical–devices companies. In 2006, he joined Fidelity's mid cap team as a generalist.

Effective January 1, 2008:

Sammy Simnegar has been named portfolio manager of Fidelity Aggressive International Fund, Fidelity Advisor International Capital Appreciation Fund, VIP International Capital Appreciation Portfolio and the non–U.S. portion of Fidelity Advisor Global Capital Appreciation Fund, succeeding Darren Maupin. Victor Thay will continue to co–manage the U.S. portion of Fidelity Advisor Global Capital Appreciation Fund. Since joining Fidelity in 1998 as an equity research analyst, Simnegar has followed a number of domestic industries including REITS, lodging, banks, and telecommunications. In 2003, he joined the Emerging Markets Team and has followed companies in the energy, materials, and industrials sectors within developing countries. Previously, he worked for JP Morgan & Co in New York as an equity analyst where he covered companies in the REIT sector from 1997 to 1998. He started his career in 1994 at the Trans–Alliance Group, a consulting group, as a senior trade analyst.

Effective December 1, 2007

Harlan Carere has been named portfolio manager of Fidelity Advisor Capital Development Fund, succeeding Adam Hetnarski. Hetnarski will continue to co–manage Fidelity VIP Contrafund Portfolio as a member of the Multi–Manager Group. Carere joined Fidelity International Limited (FIL) in 2000 as an equity research analyst following the technology sector. He subsequently served as technology sector leader in FIL's London office and managed a global technology fund available exclusively to overseas investors. In 2003, he moved to Boston and began following transportation stocks. He managed Fidelity Select Transportation Portfolio and Fidelity Select Air Transportation Portfolio from January 2004 to January 2005. He also managed Fidelity Select Biotechnology Portfolio and Fidelity Advisor Biotechnology Fund from October 2004 to October 2005. He then managed Fidelity Select Pharmaceuticals Portfolio from January 2005 until July 2006 and Fidelity Select Health Care Portfolio, Fidelity Advisor Health Care Fund, and VIP Health Care Portfolio from March 2005 to August 2006. He joined the Capital Appreciation Group as a portfolio manager in April 2006. Since then, he has been assisting Harry Lange on Fidelity Magellan Fund. Prior to joining Fidelity, Carere was an equity analyst intern with Berman Capital and was an associate intern with Goldman, Sachs & Company, both in New York. Previously, he served as director of marketing for Umbra Ltd. in Toronto, Canada. He began his career as chairman and founder of The Spectrum Corporation–a designer, manufacturer and retailer of clothing and accessories in Toronto.