Manager Changes at Fidelity

Please note the following portfolio manager
appointments. No ratings changes are recommended based on these new
appointments.

Effective May 1, 2010:


Steven Bullock has been named portfolio manager of Fidelity Select Industrial
Equipment Portfolio, succeeding Jonathan S. Kasen. Bullock joined Fidelity in
2006 as an equity research analyst responsible for covering energy and utility
stocks. He began covering machinery stocks in 2008.

Matthew Friedman has been named co-portfolio
manager of Fidelity Value Fund and Fidelity Advisor Value Fund, which he will
manage with current portfolio manager Richard B. Fentin during a three month
transition period, at the end of which Fentin will retire from active fund
management. Friedman joined Fidelity in June 1999 as a summer intern in the
equity research department covering Internet infrastructure stocks. He joined
the research group full time in 2000, following specialty pharmaceuticals and
generics stocks. He also has covered the media, cable and satellite sectors. He
managed Fidelity Select Multimedia Portfolio from 2003 to 2004, when he assumed
management of Fidelity Select Chemicals Portfolio, which he managed until 2006.
He managed Fidelity Advisor Cyclical Industries Fund, VIP Cyclical Industries
Portfolio, and Fidelity Select Cyclical Industries Portfolio, and served as
sector leader of the cyclical research group, from 2004 until 2005. He also
managed Fidelity Select Natural Gas Portfolio in 2005. He managed Fidelity
Select Energy Portfolio and co-managed Fidelity Advisor Natural Resources Fund,
Fidelity Select Natural Resources Portfolio, and VIP Natural Resources
Portfolio from 2004 until 2006, when he assumed responsibilities for Fidelity
Value Strategies Fund, Fidelity Advisor Value Strategies Fund, and VIP Value
Strategies Portfolio.

Scott Offen has been named co-portfolio manager
of VIP Value Portfolio, which he will manage with current portfolio manager
Richard B. Fentin during a three month transition period. Offen will continue
to manage Fidelity Value Discovery Fund and Fidelity Advisor Equity Value Fund.
He also will continue to be responsible for the equity portion of Fidelity
Strategic Dividend and Income Fund. Offen joined Fidelity's equity research
department in 1985, and over time followed numerous industries and sectors. He
has managed several Fidelity funds, including Fidelity Select Life Insurance
Portfolio from 1989 through 1990, Fidelity Select Brokerage and Investment
Management Portfolio from 1990 to 1993, and Fidelity Select Paper and Forest
Products Portfolio from 1993 to 1996. He also managed Fidelity Select Food and
Agriculture Portfolio from 1996 to 1999, and Fidelity Select Energy Portfolio,
Fidelity Select Natural Resources Portfolio and Fidelity Advisor Focus Natural
Resources Fund from 1999 to 2002. In addition, Offen managed VIP Natural
Resources Portfolio from 2001 to 2002. He has managed Fidelity Value Discovery
Fund since its inception in 2002. In 2006, he began co-managing Strategic
Dividend and Income Fund and Fidelity Advisor Equity Value Fund.

 

Thomas T. Soviero has been named portfolio
manager of Fidelity Advisor Value Strategies Fund (with retail and Advisor
share classes) and VIP Value Strategies Portfolio, succeeding Friedman. Soviero
will continue to manage Fidelity Leveraged Company Stock Fund, Fidelity Advisor
Leveraged Company Stock Fund, Fidelity Convertible Securities Fund (with retail
and Advisor share classes). He also will continue to co-manage Fidelity Advisor
High Income Advantage Fund with Harley L. Lank and several institutional high
yield portfolios with Adam Kramer.

 

Effective June 7, 2010:
Shadman Riaz, Stephen Barwikowski, John Mirshekari, Laurie Bertner and James
Justin Bennett have been appointed co-portfolio managers, joining existing
portfolio managers Friedman and Fentin, on Fidelity Value Fund and Fidelity
Advisor Value Fund. This group of portfolio managers will be responsible for a
portion of the assets of the two funds using a sector neutral approach, with
each individual responsible for managing one or more sectors of the portfolios.
At the same time, Friedman and Fentin will manage the remaining assets of the
two funds until August 1, 2010, when Friedman assumes sole responsibility for
their portion of the funds. All of the fund managers will continue with their
other current responsibilities.

 

Effective June 30, 2010:
Jonathan S. Kasen has been named portfolio manager of Fidelity Select Energy Service
Portfolio, succeeding John Dowd. Dowd will continue to manage Fidelity Select
Energy Portfolio and Fidelity Select Natural Resources Portfolio, and serve as
a co-manager of Fidelity Stock Selector. Kasen joined Fidelity in 2006 as an
equity research analyst following industrial and electrical stocks. He began
co-managing Fidelity Select Industrial Services Portfolio in 2008. Prior to
joining Fidelity, Kasen was an equity research analyst at Hellman Jordan
Management Company, an equity investment firm in Boston, from 2001 to 2004.