-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QLdZgussCB9BJDj9VEsF7WuZuVdor7poIO/ev8KmVWfl8HhxavW7cL1YjssLxgI3 VrtEoEssNFWt+Zwr4q6bSg== 0000729218-08-000003.txt : 20080208 0000729218-08-000003.hdr.sgml : 20080208 20080208154619 ACCESSION NUMBER: 0000729218-08-000003 CONFORMED SUBMISSION TYPE: DEFA14C PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080208 DATE AS OF CHANGE: 20080208 EFFECTIVENESS DATE: 20080208 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SUMMER STREET TRUST CENTRAL INDEX KEY: 0000225322 IRS NUMBER: 042623605 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-02737 FILM NUMBER: 08589140 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 2142816350 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY HIGH INCOME FUND DATE OF NAME CHANGE: 19890309 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY AGGRESSIVE INCOME FUND DATE OF NAME CHANGE: 19810205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 042732797 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 08589141 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-1413 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 08589142 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY COURT STREET TRUST II CENTRAL INDEX KEY: 0000880709 IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-06453 FILM NUMBER: 08589147 BUSINESS ADDRESS: STREET 1: 1201 NORTH MARKET ST PO BOX 1347 CITY: WILMINGTON STATE: DE ZIP: 19899-0471 BUSINESS PHONE: 6175706270 MAIL ADDRESS: STREET 1: P.O. BOX 650471 STREET 2: MAILZONE DW4B CITY: DALLAS STATE: TX ZIP: 75265-0471 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY CONTRAFUND CENTRAL INDEX KEY: 0000024238 IRS NUMBER: 046056833 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-01400 FILM NUMBER: 08589149 BUSINESS ADDRESS: STREET 1: FIDELITY INVESTMENTS COMPANY STREET 2: 82 DEVONSHIRE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: (617)439-1220 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAIL ZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY CONTRAFUND INC DATE OF NAME CHANGE: 19850618 FORMER COMPANY: FORMER CONFORMED NAME: CONTRAFUND INC DATE OF NAME CHANGE: 19810203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY DEVONSHIRE TRUST CENTRAL INDEX KEY: 0000035341 IRS NUMBER: 046133142 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-01352 FILM NUMBER: 08589146 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-1413 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19870304 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST FUND INC DATE OF NAME CHANGE: 19751117 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST INCOME FUND INC DATE OF NAME CHANGE: 19690420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY PURITAN TRUST CENTRAL INDEX KEY: 0000081205 IRS NUMBER: 046026952 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-00649 FILM NUMBER: 08589143 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-563-1413 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY PURITAN FUND DATE OF NAME CHANGE: 19870414 FORMER COMPANY: FORMER CONFORMED NAME: PURITAN FUND INC DATE OF NAME CHANGE: 19810106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY ADVISOR SERIES VIII CENTRAL INDEX KEY: 0000729218 IRS NUMBER: 042778701 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-03855 FILM NUMBER: 08589137 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6175706270 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE ZH1 CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY SPECIAL SITUATIONS FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VARIABLE INSURANCE PRODUCTS FUND IV CENTRAL INDEX KEY: 0000720318 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-03759 FILM NUMBER: 08589139 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391652 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY ADVISOR SERIES VI DATE OF NAME CHANGE: 19930630 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY OLIVER STREET TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: TAX EXEMPT PORTFOLIOS DATE OF NAME CHANGE: 19911113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY COURT STREET TRUST CENTRAL INDEX KEY: 0000225323 IRS NUMBER: 042626105 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-02741 FILM NUMBER: 08589148 BUSINESS ADDRESS: STREET 1: ONE SPARTAN WAY CITY: MERRIMACK STATE: NH ZIP: 03054 BUSINESS PHONE: 603-791-7486 MAIL ADDRESS: STREET 1: ONE SPARTAN WAY STREET 2: MAIL ZONE ST2S CITY: MERRIMACK STATE: NH ZIP: 03054 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY HIGH YIELD MUNICIPALS DATE OF NAME CHANGE: 19870818 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY EXTRA MUNICIPALS DATE OF NAME CHANGE: 19600201 FORMER COMPANY: FORMER CONFORMED NAME: DEVON MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19600201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MT VERNON STREET TRUST CENTRAL INDEX KEY: 0000707823 IRS NUMBER: 042778701 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-03583 FILM NUMBER: 08589144 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTOM STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY GROWTH COMPANY FUND DATE OF NAME CHANGE: 19910110 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MERCURY FUND DATE OF NAME CHANGE: 19861216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY FINANCIAL TRUST CENTRAL INDEX KEY: 0000708191 IRS NUMBER: 042778698 STATE OF INCORPORATION: MA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEFA14C SEC ACT: 1934 Act SEC FILE NUMBER: 811-03587 FILM NUMBER: 08589145 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6175707000 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY FREEDOM FUND DATE OF NAME CHANGE: 19870129 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY TAX QUALIFIED EQUITY FUND DATE OF NAME CHANGE: 19830104 0000024238 S000006037 Fidelity Contrafund C000016601 Fidelity Contrafund FCNTX 0000035341 S000006069 Fidelity Real Estate Investment Portfolio C000016687 Fidelity Real Estate Investment Portfolio FRESX 0000035341 S000006071 Fidelity Utilities Fund C000016689 Fidelity Utilities Fund FIUIX 0000081205 S000007152 Fidelity Low-Priced Stock Fund C000019556 Fidelity Low-Priced Stock Fund FLPSX 0000081205 S000007153 Fidelity Puritan Fund C000019557 Fidelity Puritan Fund FPURX 0000225322 S000007495 Fidelity Capital & Income Fund C000020469 Fidelity Capital & Income Fund FAGIX 0000225323 S000006038 Fidelity Connecticut Municipal Income Fund C000016602 Fidelity Connecticut Municipal Income Fund FICNX 0000225323 S000006040 Fidelity New Jersey Municipal Income Fund C000016604 Fidelity New Jersey Municipal Income Fund FNJHX 0000320351 S000007466 Health Care Portfolio C000020440 Health Care Portfolio FSPHX 0000707823 S000007118 Fidelity Aggressive Growth Fund C000019447 Fidelity Aggressive Growth Fund FDEGX 0000707823 S000007119 Fidelity Growth Company Fund C000019448 Fidelity Growth Company Fund FDGRX 0000707823 S000007120 Fidelity New Millennium Fund C000019449 Fidelity New Millennium Fund FMILX 0000708191 S000006969 Fidelity Convertible Securities Fund C000019022 Fidelity Convertible Securities Fund FCVSX 0000708191 S000006970 Fidelity Equity-Income II Fund C000019023 Fidelity Equity-Income II Fund FEQTX 0000708191 S000006971 Fidelity Independence Fund C000019024 Fidelity Independence Fund FDFFX 0000720318 S000007736 Consumer Discretionary Portfolio C000021050 Initial Class C000021051 Investor Class 0000720318 S000007741 Growth Stock Portfolio C000021058 Initial Class C000021059 Investor Class C000021060 Service Class C000021061 Service Class 2 0000720318 S000007742 Health Care Portfolio C000021062 Initial Class C000021063 Investor Class 0000720318 S000007743 International Capital Appreciation Portfolio C000021064 Initial Class C000021065 Investor Class R C000021066 Service Class C000021067 Service Class 2 C000021068 Initial Class R C000021069 Service Class 2 R C000021070 Service Class R 0000720318 S000007747 Industrials Portfolio C000021074 Initial Class C000021075 Investor Class 0000720318 S000007752 Energy Portfolio C000021080 Initial Class C000021081 Investor Class C000021082 Sevice Class 2 0000720318 S000007753 Real Estate Portfolio C000021083 Initial Class C000021084 Investor Class C000021085 Service Class C000021086 Service Class 2 0000720318 S000007755 Technology Portfolio C000021091 Initial Class C000021092 Investor Class 0000720318 S000007756 Utilities Portfolio C000021093 Initial Class C000021094 Investor Class 0000720318 S000007757 Value Leaders Portfolio C000021095 Initial Class C000021096 Investor Class C000021097 Service Class C000021098 Service Class 2 0000720318 S000007758 Financial Services Portfolio C000021099 Initial Class C000021100 Investor Class 0000720318 S000016757 Consumer Staples Portfolio C000046802 Initial Class C000046803 Investor Class 0000720318 S000016758 Materials Portfolio C000046804 Initial Class C000046805 Investor Class 0000720318 S000016759 Telecommunications Portfolio C000046806 Initial Class C000046807 Investor Class 0000720318 S000020664 Emerging Markets Portfolio C000057688 Initial Class C000057689 Initial Class R C000057690 Investor Class R C000057691 Service Class C000057692 Service Class 2 C000057693 Service Class 2 R 0000729218 S000005432 Fidelity Advisor Diversified International Fund C000014776 Class A FDVAX C000014777 Class B FDIBX C000014778 Class C FADCX C000014779 Class T FADIX C000014780 Institutional Class FDVIX 0000729218 S000005433 Fidelity Advisor Latin America Fund C000014781 Class A FLTAX C000014782 Class B FLTBX C000014783 Class C FLACX C000014784 Class T FLTTX C000014785 Institutional Class FLNIX 0000729218 S000005434 Fidelity Advisor Overseas Fund C000014786 Class A FAOAX C000014787 Class B FAOBX C000014788 Class C FAOCX C000014789 Class T FAERX C000014790 Institutional Class FAOIX 0000729218 S000005435 Fidelity Advisor Value Leaders Fund C000014791 Class A FVLAX C000014792 Class B FVLBX C000014793 Class C FVLCX C000014794 Class T FVLTX C000014795 Institutional Class FVLIX 0000729218 S000005436 Fidelity Advisor Emerging Asia Fund C000014796 Class A FEAAX C000014797 Class B FERBX C000014798 Class C FERCX C000014799 Class T FEATX C000014800 Institutional Class FERIX 0000729218 S000005437 Fidelity Advisor Emerging Markets Fund C000014801 Class A FAMKX C000014802 Class B FBMKX C000014803 Class C FMCKX C000014804 Class T FTMKX C000014805 Institutional Class FIMKX 0000729218 S000005438 Fidelity Advisor Emerging Markets Income Fund C000014806 Class A FMKAX C000014807 Class B FBEMX C000014808 Class C FMKCX C000014809 Class T FAEMX C000014810 Institutional Class FMKIX 0000729218 S000005439 Fidelity Advisor Europe Capital Appreciation Fund C000014811 Class A FAEAX C000014812 Class B FBEAX C000014813 Class C FCEAX C000014814 Class T FAECX C000014815 Institutional Class FIEAX 0000729218 S000005440 Fidelity Advisor Global Capital Appreciation Fund C000014816 Class A FGEAX C000014817 Class B FGEBX C000014818 Class C FEUCX C000014819 Class T FGETX C000014820 Institutional Class FEUIX 0000729218 S000005441 Fidelity Advisor International Capital Appreciation Fund C000014821 Class A FCPAX C000014822 Class B FCPBX C000014823 Class C FCPCX C000014824 Class T FIATX C000014825 Institutional Class FCPIX 0000729218 S000005442 Fidelity Advisor Japan Fund C000014826 Class A FJPAX C000014827 Class B FAJBX C000014828 Class C FAJCX C000014829 Class T FAJTX C000014830 Institutional Class FAJIX 0000754510 S000007198 Fidelity Growth & Income Portfolio C000019696 Fidelity Growth & Income Portfolio FGRIX 0000880709 S000006050 Fidelity Connecticut Municipal Money Market Fund C000016619 Fidelity Connecticut Municipal Money Market Fund 0000880709 S000006052 Fidelity New Jersey AMT Tax-Free Money Market Fund C000016621 Fidelity New Jersey AMT Tax-Free Money Market Fund FSJXX C000047920 Fidelity New Jersey AMT Tax-Free Money Market Fund: Institutional Class C000047921 Fidelity New Jersey AMT Tax-Free Money Market Fund: Service Class 0000880709 S000006053 Fidelity New Jersey Municipal Money Market Fund C000016622 Fidelity New Jersey Municipal Money Market Fund FNJXX DEFA14C 1 main.htm

SCHEDULE 14A INFORMATION

PROXY STATEMENT PURSUANT TO SECTION 14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

Filed by the Registrant

[X]

Filed by a Party other than the Registrant

[ ]

Check the appropriate box:

[ ]

Preliminary Proxy Statement

[ ]

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

[ ]

Definitive Proxy Statement

[ ]

Definitive Additional Materials

[x]

Soliciting Material under Rule 14a-12

Fidelity Contrafund (Fidelity Contrafund only)

Fidelity Devonshire Trust (Fidelity Utilities Fund and Fidelity Real Estate Investment Portfolio only)

Fidelity Puritan Trust (Fidelity Low-Priced Stock Fund and Fidelity Puritan Fund only)

Fidelity Securities Fund (Fidelity Growth & Income Portfolio only)

Fidelity Select Portfolios (Health Care Portfolio only)

Fidelity Summer Street Trust (Fidelity Capital & Income Fund only)

Fidelity Financial Trust (all funds except Fidelity Mid Cap Independence Fund)

Fidelity Mt. Vernon Street Trust (all funds except Fidelity 130/30 Large Cap Fund)

Variable Insurance Products Fund IV (all funds except Mid Cap Independence Portfolio)

Fidelity Advisor Series I

Fidelity Advisor Series VII

Fidelity Advisor Series VIII

Fidelity Beacon Street Trust

Fidelity Commonwealth Trust

Fidelity Concord Street Trust

Fidelity Destiny Portfolios

Fidelity Investment Trust

Fidelity Advisor Series II

Fidelity Colchester Street Trust

Fidelity Court Street Trust

Fidelity Court Street Trust II

Fidelity Money Market Trust

Fidelity Capital Trust

Fidelity Hastings Street Trust

Fidelity Magellan Fund

Variable Insurance Products Fund

Variable Insurance Products Fund II

Variable Insurance Products Fund III

(Name of Registrant as Specified In Its Charter)

Payment of Filing Fee (Check the appropriate box):

[X]

No fee required.

[ ]

Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1)

Title of each class of securities to which transaction applies:

(2)

Aggregate number of securities to which transaction applies:

(3)

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11:

(4)

Proposed maximum aggregate value of transaction:

(5)

Total Fee Paid:

[ ]

Fee paid previously with preliminary materials.

[ ]

Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

(1)

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(2)

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Date Filed:

FOR EXTERNAL POSTING IN MUTUAL FUND SECTION OF FIDELITY.COM

Board of Trustees of the Fidelity Funds to Create Two Separate Boards
February 2008

Fidelity's mutual fund business and the broader mutual fund marketplace continue to expand and evolve. As a result, the Board of Trustees of the Fidelity Funds, together with Fidelity Management & Research Company (FMR), have been considering ways to structure the Board for each Fidelity fund in order to ensure that Fidelity's mutual fund shareholders continue to be well served by Trustees in the years ahead. Historically, the Board of each Fidelity fund has consisted of the same group of individual Trustees who serve as Trustees for all other Fidelity funds. In effect, the Fidelity funds have been overseen by a single Board of Trustees.

The Trustees of the Fidelity Funds -- with the support of FMR -- have made a decision to reorganize themselves into two separate groups and thereby create two Boards. One Board will oversee Fidelity's equity and high-income funds, while the second Board will oversee Fidelity's investment-grade bond, money market, and asset allocation funds. The creation of separate Boards will allow Trustees to continue to focus most effectively on the unique needs of each group of funds in the years ahead.

The Board made this decision in order to plan for the future. The decision was based on three specific factors:

  • The continued diversification of Fidelity's mutual fund business into new asset classes and product types.
  • The increasing complexity of the securities marketplace in terms of the investment strategies available to Fidelity's mutual funds.
  • The expectation by the Board of Trustees that Fidelity's mutual fund business will continue to expand over the coming five to 10 years as a result of prevailing demographic and business trends.

The Board of Trustees fully expects that the environment of strong governance of the funds and protection of the interests of fund shareholders will continue under this new structure of two Boards of Trustees, in partnership with Fidelity as the funds' investment adviser.

By way of background, the Board of Trustees is responsible for governing the funds and protecting the interests of shareholders. They are elected by fund shareholders. Trustees on both Boards will be experienced executives who meet throughout the year to oversee the funds' activities, review contractual arrangements with companies that provide services to the funds, and review fund performance. Board members include independent Trustees, or those with no affiliation to Fidelity, and interested Trustees, or those who are employed by Fidelity. A significant majority of the Board is independent. Each of the new Boards is expected to have 75 percent or more independent Trustees.

The process of creating two Boards from the current single Board will take several months since meetings of fund shareholders must be convened to elect Trustees. We anticipate that the fund shareholder meetings at which these items are presented can be completed by mid-summer of 2008. More detailed information will be included in the individual fund proxies that will be mailed to shareholders of affected funds in the coming months.

# # #

Please read the proxy statement when it becomes available because it contains important information. The preliminary and definitive proxy statements can be accessed free of charge on www.sec.gov.

Fidelity Investments Institutional Services Company, Inc., 82 Devonshire Street, Boston, MA 02109

Fidelity Distributors Corporation, 82 Devonshire Street, Boston, MA 02109

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 100 Summer Street, Boston, MA 02110

National Financial Services, LLC, Member NYSE, SIPC, 200 Liberty Street, NY4F, New York, NY 10281

482023.1.0

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