Supplement to the
Fidelity^® Convertible Securities Fund
March 25, 2009
Prospectus

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 5.</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

<R>Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section beginning on page 11.</R>

<R>Minimums</R>
<R>Initial Purchase	$2,500</R>
<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500</R>
<R>Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAsA	$200</R>
<R>Balance	$2,000</R>
<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500</R>

<R>^A Requires monthly purchases of $200 until fund balance is $2,500 worth of shares.</R>

<R>Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section beginning on page 11.</R>

<R>There is no minimum balance or initial purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts, or a Fidelity systematic withdrawal service. In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>The following information replaces the similar information found in the "Selling Shares" section beginning on page 15.</R>

<R>A signature guarantee is designed to protect you and Fidelity from fraud. If you hold your shares in a Fidelity mutual fund account and submit your request to Fidelity by mail, Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:</R>

• <R>You wish to sell more than $100,000 worth of shares;</R>
• <R>When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to a different address than the record address;</R>
• <R>You are requesting that redemption proceeds be paid to someone other than the account owner; or </R>
• <R>In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.</R>

<R>You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. </R>

<R>CVS-09-02 July 30, 2009 1.483705.120</R>

Supplement to the
Fidelity Advisor Convertible Securities Fund
Class A, Class T, Class B, and Class C
February 17, 2009
Prospectus

<R>Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section on page 11.</R>

<R>Minimums</R>
<R>To Open an Account	$2,500</R>
<R>For certain Fidelity Advisor retirement accountsA	$500</R>
<R>Through regular investment plansB	$100</R>
<R>Minimum Balance	$1,000</R>
<R>For certain Fidelity Advisor retirement accountsA	None</R>

<R>^A Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.</R>

<R>^B An account may be opened with a minimum of $100, provided that a regular investment plan is established at the time the account is opened.</R>

<R>Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section on page 11.</R>

<R>There is no minimum account balance or initial purchase minimum for (i) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, or a Fidelity systematic withdrawal service, or (ii) certain mutual fund wrap program accounts. An eligible wrap program must offer asset allocation services, charge an asset-based fee to its participants for asset allocation and/or other advisory services, and meet trading and other operational requirements under an appropriate agreement with Fidelity Distributors Corporation (FDC). In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>The following information replaces the similar information found in the "Selling Shares" section beginning on page 15.</R>

<R>A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:</R>

• <R>You wish to sell more than $100,000 worth of shares;</R>
• <R>When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to a different address than the record address;</R>
• <R>You are requesting that redemption proceeds be paid to someone other than the account owner; or </R>
• <R>In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.</R>

<R>You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.</R>

<R>ACVS-09-01 July 30, 2009 1.900369.100</R>

Supplement to the
Fidelity Advisor Convertible Securities Fund
Institutional Class
February 17, 2009
Prospectus

<R>Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section on page 11.</R>

<R>Minimums</R>
<R>To Open an Account	$2,500</R>
<R>For certain Fidelity Advisor retirement accountsA	$500</R>
<R>Through regular investment plansB	$100</R>
<R>Minimum Balance	$1,000</R>
<R>For certain Fidelity Advisor retirement accountsA	None</R>

<R>^A Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.</R>

<R>^B An account may be opened with a minimum of $100, provided that a regular investment plan is established at the time the account is opened.</R>

<R>Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section beginning on page 11.</R>

<R>There is no minimum account balance or initial purchase minimum for (i) investments through Portfolio Advisory Services, (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, or a Fidelity systematic withdrawal service, (iii) investments through a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, or (iv) certain mutual fund wrap program accounts. An eligible wrap program must offer asset allocation services, charge an asset-based fee to its participants for asset allocation and/or other advisory services, and meet trading and other operational requirements under an appropriate agreement with Fidelity Distributors Corporation (FDC). In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>The following information replaces the similar information found in the "Selling Shares" section beginning on page 15.</R>

<R>A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:</R>

• <R>You wish to sell more than $100,000 worth of shares;</R>
• <R>When the address on your account (record address) has changed within the last 15 days or you are requesting that a check be mailed to a different address than the record address;</R>
• <R>You are requesting that redemption proceeds be paid to someone other than the account owner; or </R>
• <R>In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.</R>

<R>You should be able to obtain a signature guarantee from a bank, broker-dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.</R>

<R>ACVSI-09-01 July 30, 2009 1.900370.100</R>

Supplement to
the Fidelity^®
Equity-Income II Fund March 25, 2009
Prospectus

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 5.</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

<R>Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section on page 12.</R>

<R>Minimums</R>
<R>Initial Purchase	$2,500</R>
<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500</R>
<R>Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAsA	$200</R>
<R>Balance	$2,000</R>
<R>For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500</R>

<R>^A Requires monthly purchases of $200 until fund balance is $2,500 worth of shares.</R>

<R>Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section on page 12.</R>

<R>There is no minimum balance or initial purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts, or a Fidelity systematic withdrawal service. In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>The following information replaces the similar information found in the "Selling Shares" section beginning on page 15.</R>

<R>A signature guarantee is designed to protect you and Fidelity from fraud. If you hold your shares in a Fidelity mutual fund account and submit your request to Fidelity by mail, Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:</R>

• <R>You wish to sell more than $100,000 worth of shares;</R>
• <R>When the address on your account (record address) has changed within the last 15 days, or you are requesting that a check be mailed to a different address than the record address;</R>
• <R>You are requesting that redemption proceeds be paid to someone other than the account owner; or </R>
• <R>In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.</R>

<R>You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. </R>

<R>EII-09-02 July 30, 2009 1.734046.116</R>

Supplement to the
Fidelity^®
Equity-Income II Fund Class K
March 25, 2009 Prospectus

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 5.</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell Class K shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.</R>

<R>The following information replaces the similar information found in the "Selling Shares" section beginning on page 13.</R>

<R>A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:</R>

• <R>You wish to sell more than $100,000 worth of shares;</R>
• <R>When the address on your account (record address) has changed within the last 15 days, or you are requesting that a check be mailed to a different address than the record address;</R>
• <R>You are requesting that redemption proceeds be paid to someone other than the account owner; or </R>
• <R>In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.</R>

<R>You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. </R>

<R>EII-K-09-02 July 30, 2009 1.891275.101</R>

Supplement to the
Fidelity^® Independence Fund
March 25, 2009
Prospectus

The following information replaces the introductory paragraph found under the heading "Fee Table" on page 5.

The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.

Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section on page 10.

Minimums
Initial Purchase	$2,500
For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500
Through regular investment plans in Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAsA	$200
Balance	$2,000
For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts	$500

^A Requires monthly purchases of $200 until fund balance is $2,500 worth of shares.

Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section on page 10.

There is no minimum balance or initial purchase minimum for investments through Portfolio Advisory Services, a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, certain Fidelity retirement accounts funded through salary deduction, or fund positions opened with the proceeds of distributions from such retirement accounts, or a Fidelity systematic withdrawal service. In addition, the fund may waive or lower purchase minimums in other circumstances.

The following information replaces the similar information found in the "Selling Shares" section beginning on page 13.

A signature guarantee is designed to protect you and Fidelity from fraud. If you hold your shares in a Fidelity mutual fund account and submit your request to Fidelity by mail, Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:

• You wish to sell more than $100,000 worth of shares;
• When the address on your account (record address) has changed within the last 15 days, or you are requesting that a check be mailed to a different address than the record address;
• You are requesting that redemption proceeds be paid to someone other than the account owner; or
• In certain situations when the redemption proceeds are being transferred to a Fidelity mutual fund account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.

FRE-09-01 July 30, 2009 1.717656.114

Supplement to the
Fidelity^® Independence Fund
Class K
March 25, 2009
Prospectus

The following information replaces the introductory paragraph found under the heading "Fee Table" on page 4.

The following table describes the fees and expenses that may be incurred when you buy, hold, or sell Class K shares of the fund. The following fees and expenses are based on the average net assets during the fund's most recent fiscal year. To the extent that current net assets are less or greater than the average during the most recent fiscal year, total annual operating expenses for the current fiscal year may be higher or lower than the information presented.

The following information replaces the similar information found in the "Selling Shares" section beginning on page 12.

A signature guarantee is designed to protect you and Fidelity from fraud. Fidelity may require that your request be made in writing and include a signature guarantee in certain circumstances, such as:

• You wish to sell more than $100,000 worth of shares;
• When the address on your account (record address) has changed within the last 15 days, or if you are requesting that a check be mailed to a different address than the record address;
• You are requesting that redemption proceeds be paid to someone other than the account owner; or
• In certain situations when the redemption proceeds are being transferred to a Fidelity account with a different registration.

You should be able to obtain a signature guarantee from a bank, broker (including Fidelity Investor Centers), dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee.

FRE-K-09-01 July 30, 2009 1.900385.100