New Manager Change at Fidelity

Effective August 31, 2010:
Harley J. Lank
has
been named sole portfolio manager of Fidelity Advisor High Income Advantage
Fund after serving as co–manager of the fund with Thomas T. Soviero since
September 2009. 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), Fidelity Advisor Value
Strategies Fund, and VIP Value Strategies Portfolio. Lank joined Fidelity in
1996 as a high yield analyst, and he began managing high–yield assets in 2000.
He will continue to manage several high–yield portfolios available exclusively
to non-U.S. investors, as well as the preferred stock portion of Fidelity
Strategic Dividend & Income Fund (with retail and Advisor share classes).