497 1 main.htm

Supplement to the
Fidelity® Advisor Asset Allocation Fund
Class A, Class T,
Class B, and Class C
January 29, 2001 Prospectus

<R>Effective July 2001, 0.25% of each Class A and Class T 12b-1 fee will be classified as a service fee under each Class A and Class T Distribution and Service Plan. The reclassification of part of the 12b-1 fee will not increase the amounts paid under each plan.</R>

The following information replaces similar information found in the "Buying and Selling Shares" section on page 14.

There is no minimum account balance or initial or subsequent 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 (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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on pages 28 and 29.

A front-end sales charge will not apply to the following Class A shares:

1. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program <R>other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian,</R> with at least $25 million or more in plan assets;

3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection <R>or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian,</R> do not qualify for this waiver;

AAL-01-02 July 16, 2001
1.742446.102

The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 30.

A front-end sales charge will not apply to the following Class A shares:

<R>11.</R> Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 30.

A front-end sales charge will not apply to the following Class T shares:

<R>5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian;</R>

6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, <R>a</R> 403(b) program <R>other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian,</R> or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 30 will no longer be applicable.

<R>8.</R> Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 31.

A front-end sales charge will not apply to the following Class T shares:

<R>15.</R> Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces the first and fourth paragraphs found under the heading "Special Purchase Shares" in the "Fund Distribution" section beginning on page 31.

Special Purchase Shares. Certain Class A and Class T shares may be subject to a CDSC of 0.25% of the lesser of the cost of the shares at the date of purchase or the value of the shares at the time of redemption. These shares, referred to in this prospectus as "Special Purchase Shares," are Class A and Class T shares sold by investment professionals who receive a finder's fee from FDC equal to 0.25% of their purchase amount. Finder's fees are paid only in connection with purchases of: (i) Class A shares in amounts of $1 million or more that qualify for a Class A load waiver; (ii) Class A shares in amounts of $25 million or more; and (iii) Class T shares in amounts of $1 million or more. Finder's fees are not paid in connection with purchases of Class A or Class T shares by insurance company separate accounts.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 32.

The CDSC on Special Purchase Shares will not apply to the redemption of shares:

1. Acquired by insurance company separate accounts prior to April 1, 2001;

2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) and 403(b) programs <R>other than Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian;</R> or

Supplement to the
Fidelity^® Advisor
Asset Allocation Fund Institutional Class
January 29, 2001 Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

Institutional Class shares are offered to:

<R>7. Employee benefit plan programs covering employees of broker-dealers, registered investment advisers, trust institutions and bank trust departments, and insurance companies having agreements with FDC; and</R>

<R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.</R>

The following information replaces similar information found under the heading "Minimums" in the "Buying and Selling Shares" section on page 13.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, <R>(iii) investments through a qualified state tuition program for which FMR or an affiliate serves as investment manager, or (iv)</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

AALI-01-02 July 16, 2001
1.742447.102

Supplement to the
Fidelity^® Advisor Balanced Fund
Class A, Class T,
Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 13.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

A front-end sales charge will not apply to the following Class A shares:

<R></R>1. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, with at least $25 million or more in plan assets;

<R></R>3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian, do not qualify for this waiver;

AIG-01-02 July 16, 2001
1.744347.102

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian; </R>

<R>6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are</R> invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 29 will no longer be applicable.</R>

<R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;</R>

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 30.</R>

A front-end sales charge will not apply to the following Class T shares:

<R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian. </R>

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 31.

The following information replaces the fourth paragraph found under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 31.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

<R>The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 31.</R>

<R>The CDSC on Special Purchase Shares will not apply to the redemption of shares:</R>

1. Acquired by insurance company separate accounts prior to April 1, 2001;

<R></R>2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) and 403(b) programs other than Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian; or

Supplement to the
Fidelity^® Advisor Balanced Fund Institutional Class
January 29, 2001
Prospectus

<R>The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 11.</R>

<R>Institutional Class shares are offered to:</R>

7. Employee benefit plan programs covering employees of broker-dealers, registered investment advisers, trust institutions and bank trust departments, and insurance companies having agreements with FDC; and

<R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager. </R>

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, <R>(iii) investments through a qualified state tuition program for which FMR or an</R> <R>affiliate serves as investment manager, or (iv) certain mutual fund wrap</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

AIGI-01-02 July 16, 2001
1.744350.102

Supplement to the Fidelity^® Advisor
Dividend Growth Fund
Class A, Class T,
Class B, and Class C
January 29, 2001 Prospectus

The following replaces footnote C to the "Shareholder fees (paid by the investor directly)" table on page 5.

^CCertain purchases of Class A and Class T shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge of 0.25% if redeemed within one year of purchase. See "Special Purchase Shares" on page 29.

The following information replaces similar information found <R>under the heading "Minimums"</R> in the"Buying and Selling Shares" section on page 12.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 26.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

ADGF-01-0<R>2</R> <R>July 16</R>, 2001
1.756194.101

<R></R>3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian, do not qualify for this waiver;

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 26.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.</R>

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian;

<R></R>6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 28 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces the first and fourth paragraphs found under the heading "Special Purchase Shares" in the "Fund Distribution" section beginning on page 29.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund <R>Services</R>" section on page 30.

<R>The CDSC on Special Purchase Shares will not apply to the redemption of shares:</R>

1. Acquired by insurance company separate accounts prior to April 1, 2001;

Supplement to the Fidelity^® Advisor
Dividend Growth Fund
Institutional Class
January 29, 2001 Prospectus

The following information supplements the information found <R>under the heading "Buying Shares"</R> in the "Buying and Selling Shares" section beginning on page <R>9</R>.

<R>Institutional Class shares are offered to:</R>

<R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.</R>

The following information replaces similar information found <R>under the heading "Minimums"</R> in the "Buying and Selling Shares" section on page 11.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, (iii) investments through a qualified state 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

ADGFI-01-0<R>2</R> <R>July 16</R>, 2001
1.756195.101

Supplement to the
Fidelity^® Advisor Dynamic Capital Appreciation Fund (formerly Fidelity Advisor Retirement Growth Fund)
Class A, Class T,
Class B, and Class C January 29, 2001 Prospectus

The following information replaces the similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 26.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R>3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian, do not qualify for this waiver;</R>

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian;

<R></R>6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 28 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces the similar information found in the "Special Purchase Shares" section on page 29.

The following information replaces the similar information found in the "Special Purchase Shares" section on page 30.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

<R>The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Services" section on page 30.</R>

<R>The CDSC on Special Purchase Shares will not apply to the redemption of shares:</R>

1. Acquired by insurance company separate accounts prior to April 1, 2001;

2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) <R>and 403(b) programs other than Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian</R>; or

Supplement to the
Fidelity^® Advisor Dynamic Capital Appreciation Fund (formerly Fidelity Advisor Retirement Growth Fund)
Institutional Class
January 29, 2001 Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 10.

<R>Institutional Class shares are offered to:</R>

<R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.</R>

The following information replaces similar information found under the heading "Minimums" in the "Buying and Selling Shares" section on page 11.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts;<R> (iii) investments through a qualified state tuition program for which FMR or an affiliate serves as investment manager, or (iv)</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

Supplement to the Fidelity^® Advisor Equity Growth Fund
Class A, Class T,
Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on pages 26 and 27.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

EPG-01-02 <R>July 16, 2001</R>
1.756213.101

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 24.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 28 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 24.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces the first and fourth paragraphs under the heading "Special Purchase Shares" in the "Fund <R>Services</R>" section beginning on page 29.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund <R>Services</R>" section on page 30.

The CDSC on Special Purchase Shares will not apply to the redemption of shares:

1. Acquired by insurance company separate accounts prior to April 1, 2001;

Supplement to the
Fidelity^® Advisor Equity Growth Fund
Institutional Class
January 29, 2001
Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section beginning on page <R>9</R>.

<R>Institutional Class shares are offered to:</R>

<R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.</R>

The following information replaces similar information found under the heading "Minimums" in the "Buying and Selling Shares" section on page 11.

EPGI-01-02 <R>July 16, 2001</R>
1.756212.101

Supplement to the
Fidelity^® Advisor
Equity Income Fund
Class A, Class T,
Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 26.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>2. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, with at least $25 million or more in plan assets;

EPI-01-02 July 16, 2001
1.756211.101

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 28 will no longer be applicable</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Services" section on page 29.

<R>The following information replaces the similar information found under the heading "Special Purchase Shares" in the "Fund Services" section on page 30.</R>

<R>The CDSC on Special Purchase Shares will not apply to the redemption of shares:</R>

<R>The following information replaces the similar information found under the heading "Special Purchase Shares" in the "Fund Services" section on page 30.</R>

<R>To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.</R>

1. Acquired by insurance company separate accounts prior to April 1, 2001;

Supplement to the
Fidelity^® Advisor
Equity Income Fund
Institutional Class
January 29, 2001
Prospectus

<R>The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section beginning on page 9.</R>

<R>Institutional Class shares are offered to:</R>

<R></R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

<R>The following information replaces similar information found under the heading "Minimums" in the "Buying and Selling Shares" section on page 11.</R>

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services ^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, <R>(iii) investments through a qualified state tuition program for which FMR or an affiliate serves as investment manager, or (iv)</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

EPII-01-02 July 16, 2001
1.756210.101

Supplement to the Fidelity^® Advisor
Equity Value Fund Class A, Class T, Class B, and Class C
April 29, 2001 Prospectus

Effective July 2001, 0.25% of each Class A and Class T 12b-1 fee will be classified as a service fee under each Class A and Class T Distribution and Service Plan. The reclassification of part of the 12b-1 fee will not increase the amounts paid under each plan.

The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 25.

A front-end sales charge will not apply to the following Class A shares:

1. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, with at least $25 million or more in plan assets;

3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian, do not qualify for this waiver;

The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 26.

A front-end sales charge will not apply to the following Class A shares:

11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 27.

A front-end sales charge will not apply to the following Class T shares:

5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian;

AEV-01-01 July 16, 2001
1.760401.100

6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 27 will no longer be applicable.

8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 27.

A front-end sales charge will not apply to the following Class T shares:

15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Fund Services" section on page 28.

The CDSC on Special Purchase Shares will not apply to the redemption of shares:

2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) and 403(b) programs other than Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian; or

Supplement to the
Fidelity^® Advisor
Equity Value Fund
Institutional Class
April 29, 2001
Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 9.

Institutional Class shares are offered to:

8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

The following information replaces similar information found under the heading "Minimums" in the "Buying and Selling Shares" section on page 10.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, or (iii) investments through a qualified state 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

AEVI-01-01 July 16, 2001
1.760402.100

SUPPLEMENT TO

FIDELITY^® ADVISOR EQUITY VALUE FUND

Class A, Class T, Class B, Class C, and Institutional Class

April 29, 2001

STATEMENT OF ADDITIONAL INFORMATION

The following information replaces similar information found under the heading "Limitations on Futures and Options Transactions" in the "Investment Policies and Limitations" section on page 6.

The above limitations on the fund's investments in futures contracts and options, and the fund's policies regarding futures contracts and options discussed elsewhere in this SAI may be changed as regulatory agencies permit.

The following information replaces similar information found under the heading "Class A Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 15.

1. to shares purchased for an employee benefit plan (as defined in the Employee Retirement Income Security Act) (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, with at least $25 million or more in plan assets;

3. to shares purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program investing through a trust institution, bank trust department or insurance company, or any such institution's broker-dealer affiliate that is not part of an organization primarily engaged in the brokerage business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate in the Advisor Retirement Connection or are Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian, do not qualify for this waiver;

AEV/AEVIB-01-01 July 16, 2001
1.760408.100

The following information supplements the information found under the heading "Class A Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 16.

11. to shares purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information found under the heading "Class T Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 16.

5. to shares purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian;

6. to shares purchased for a Fidelity or Fidelity Advisor account (including purchases by exchange) with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);

The following information supplements the information found under the heading "Class T Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 16.

15. to shares purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

Effective October 15, 2001, the following information found under the heading "Class T Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 16 will no longer be applicable.

8. to shares purchased with redemption proceeds from other mutual fund complexes on which the investor has paid a front-end or contingent deferred sales charge (CDSC);

The following information supplements the information found under the heading "Institutional Class Shares Only" in the "Buying, Selling, and Exchanging Information" section on page 17.

Institutional Class shares are offered to:

8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

The following information replaces similar information found under the heading "Special Purchase Shares" in the "Buying, Selling, and Exchanging Information" section on page 18.

The CDSC on Special Purchase Shares will not apply to the redemption of shares:

2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) and 403(b) programs other than a Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian; or

The following information supplements the information found in the "Transfer and Service Agent Agreements" section on page 27.

In addition, FIIOC receives the pro rata portion of the transfer agency fees applicable to shareholder accounts in a qualified state tuition program (QSTP), as defined under the Small Business Job Protection Act of 1996, managed by FMR or an affiliate, according to the percentage of the QSTP's assets that is invested in a fund.

Supplement to the Fidelity^® Advisor
Fifty Fund
Class A, Class T,
Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information in the "Buying and Selling Shares" section found on page 11.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 25.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

AFIF-01-02 July 16, 2001
1.749940.102

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 27.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 27.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 27 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces the first and fourth paragraphs under the heading "Special Purchase Shares" in the "Fund <R>Services</R>" section beginning on page 28.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

The following information replaces the similar information found under the heading "Special Purchase Shares" in the "Fund <R>Services</R>" section on page 29.

<R>The CDSC on Special Purchase Shares will not apply to the redemption of shares:</R>

1. Acquired by insurance company separate accounts prior to April 1, 2001;

Supplement to the Fidelity^® Advisor
Fifty Fund
Institutional Class
January 29, 2001
Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section beginning on page 8.

<R>Institutional Class shares are offered to:</R>

<R></R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

The following information replaces similar information <R>found under the heading "Minimums"</R> in the "Buying and Selling Shares" sectionon page 10.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts<R>, (iii) investments through a qualified state tuition program for which FMR or an affiliate serves as investment manager,</R> or <R>(iv)</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

AFIFI-01-02 July 16, 2001
1.749941.102

Supplement to the
Fidelity^® Advisor Growth & Income Fund Class A, Class T,
Class B, and Class C
January 29, 2001 Prospectus

<R>The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.</R>

<R>There is no minimum account balance or initial or subsequent 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 (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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 26.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>6. Purchased for a Fidelity or Fidelity Advisor account with the proceeds of a distribution from (i) an insurance company separate account used to fund annuity contracts for employee benefit plans, 403(b) programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10 plans) that are invested in Fidelity Advisor or Fidelity funds, or (ii) an employee benefit plan, a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, or plan covering a sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in Fidelity Advisor or Fidelity funds. (Distributions other than those transferred to an IRA account must be transferred directly into a Fidelity account.);</R>

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 28 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.</R>

The following information replaces the first and fourth paragraphs under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 29.

Special Purchase Shares. Certain Class A and Class T shares may be subject to a CDSC of 0.25% of the lesser of the cost of the shares at the date of the purchase or the value of the shares at the time of redemption. These shares, referred to in this prospectus as "Special Purchase Shares," are Class A and Class T shares sold by investment professionals who receive a finder's fee from FDC equal to 0.25% of their purchase amount. Finder's fees are paid only in connection with purchases of: (i) Class A shares in amounts of $1 million or more that qualify for Class A load waiver; (ii) Class A shares in amount of $25 million or more; and (ii) Class T shares in amount of $1 million or more. Finder's fees are not paid in connection with purchases of Class A or Class T shares by insurance company separate accounts.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

<R>The following information replaces similar information under the heading "Special Purchase Shares" in the "Fund Distribution" section on page 30.</R>

The CDSC on Special Purchase Shares will not apply to the redemption of share:

1. Acquired by insurance company separate accounts prior to April 1, 2001;

<R></R>2. For plan loans or distributions or exchanges to non-Advisor fund investment options from employee benefit plans (except shares of SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans) purchased on or after February 11, 1999) and 403(b) programs other than a Fidelity Advisor 403(b) programs for which Fidelity or an affiliate serves as custodian; or

Supplement to the
Fidelity^® Advisor Growth & Income Fund Institutional Class January 29, 2001 Prospectus

<R>The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section beginning on page 9.</R>

<R>Institutional Class shares are offered to:</R>

<R></R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

<R>The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section beginning on page 11.</R>

<R>There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts, (iii) investments through a qualified state 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.</R>

<R>AGAII-01-02 July 16, 2001
1.741968.102</R>

Supplement to the Fidelity^® Advisor Growth Opportunities Fund Class A, Class T,
Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 27.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R>The following information supplements the information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on page 28.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R></R>11. Purchased to repay a loan against Class A or Class B shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

<R>The following information replaces similar information for Class T found under the heading "Fund Distribution" in the "Fund Services" section beginning on page 28.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R>Effective October 15, 2001, the following information found under the heading "Fund Distribution" in the "Fund Services" section on page 29 will no longer be applicable.</R>

<R></R>8. Purchased with redemption proceeds from other mutual fund complexes on which you have previously paid a front-end sales charge or CDSC;

<R>The following information supplements the information for Class T found under the heading "Fund Distribution" in the "Fund Services" section on page 29.</R>

<R>A front-end sales charge will not apply to the following Class T shares:</R>

<R></R>15. Purchased to repay a loan against Class T shares held in the investor's Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian.

The following information replaces similar information found under the heading "Special Purchase Shares" in the <R>"Fund Services"</R> section on page 30.

The following information replaces similar information found under the heading "Special Purchase Shares" in the <R>"Fund Services"</R> section beginning on page 30.

To qualify to receive a finder's fee, an investment professional must notify Fidelity in advance of the eligible purchase.

The CDSC on Special Purchase Shares will not apply to the redemption of shares:

1. Acquired by insurance company separate accounts prior to April 1, 2001;

Supplement to the Fidelity^® Advisor Growth Opportunities Fund
Institutional Class
January 29, 2001
Prospectus

The following information supplements the information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 10.

<R>Institutional Class shares are offered to:</R>

<R></R>8. Qualified state tuition programs for which FMR or an affiliate serves as investment manager.

The following information replaces similar information found under the heading <R>"Minimums"</R> in the "Buying and Selling Shares" section on page 11.

There is no minimum account balance or initial or subsequent purchase minimum for (i) investments through Portfolio Advisory Services^SM , (ii) certain Fidelity retirement accounts funded through salary deduction, or accounts opened with the proceeds of distributions from such retirement accounts<R>, (iii) investments through a qualified state tuition program for which FMR or an affiliate serves as investment manager, or (iv)</R> 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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

Supplement to the
Fidelity^® Advisor
Large Cap Fund Class A, Class T, Class B, and Class C
January 29, 2001
Prospectus

The following information replaces similar information found under the heading "Buying Shares" in the "Buying and Selling Shares" section on page 12.

There is no minimum account balance or initial or subsequent 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 (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 FDC. In addition, the fund may waive or lower purchase minimums in other circumstances.

<R>The following information replaces similar information for Class A found under the heading "Fund Distribution" in the "Fund Services" section on pages 26 and 27.</R>

<R>A front-end sales charge will not apply to the following Class A shares:</R>

<R>1. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP, or SARSEP plan or a plan covering self-employed individuals and their employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program other than a Fidelity Advisor 403(b) program for which Fidelity or an affiliate serves as custodian, with at least $25 million or more in plan assets;</R>

LC-01-02 July 16, 2001
1.749194.102