New Manager Change

Effective December 1, 2009:


Franco Castagliuolo has been named co-portfolio manager of Fidelity Ginnie Mae Fund, Fidelity Mortgage Securities Fund, Fidelity Advisor Mortgage Securities Fund, Fidelity Government Income Fund (with retail and Advisor share classes), Fidelity Intermediate Government Income Fund, and the Mortgage Backed Securities Central Fund. William W. Irving will remain as lead manager of these funds.  Castagliuolo joined Fidelity Management & Research Company’s Fixed-Income Division in 1997 as a research associate.  In this role, his responsibilities included supporting municipal bond research.  In 1998, he moved from a research to a trading role for Fidelity’s municipal bond funds. From 2002 until 2006, he traded U.S. Government Agency mortgage-backed securities (MBS) for Fidelity’s taxable bond funds.   In 2007, he joined Fidelity’s taxable bond research team focusing on non-agency residential mortgage-backed securities (RMBS).  In 2009, Castagliulo’s research role changed to concentrate on MBS investment recommendations for the taxable bond funds.