Manager Change For Floating Rate High Income

Effective April 1,
2013, Eric Mollenhauer has been
named portfolio manager of Fidelity Floating Rate High Income Fund and Fidelity
Advisor Floating Rate High Income Fund. Eric succeeds Christine
McConnell, who has decided to retire from the asset management industry after a
distinguished career and 25 years at Fidelity. Eric has managed the Pyramis Leveraged
Loans Composite since August 1, 2007. Eric also manages the Series
Floating Rate High Income Fund and the Floating Rate Central fund. The Pyramis
Leveraged Loans Composite strategy had approximately $94 million in assets, the
Series fund had $1.4 billion in assets and the Central fund had $1.6 billion in
assets as of 12/31/2012.

There are no changes to the buy-hold-sell ratings based on this manager change.