497 1 main.htm

Supplement to the
Fidelity^®Advisor Leveraged Company Stock Fund
Institutional Class
January 29, 2003
Prospectus

The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section beginning on page 5.

The following table describes the fees and expenses that are incurred when you buy, hold, or sell Institutional Class shares of the fund. The annual class operating expenses provided below for Institutional Class are based on historical expenses, adjusted to reflect current fees. The annual class operating expenses provided below do not reflect the effect of any expense reimbursements or reduction of certain expenses during the period.

Shareholder fees (paid by the investor directly)

	Institutional Class
Sales charge (load) on purchases and reinvested distributions	None
Deferred sales charge (load) on redemptions	None

Annual operating expenses (paid from class assets)

	Institutional Class
Management fee	0.63%
Distribution and/or Service (12b-1) fees	None
Other expenses	3.97%
Total annual class operating expenses^A	4.60%

^AEffective August 1, 2002, FMR has voluntarily agreed to reimburse Institutional Class of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as a percentage of its average net assets, exceed 1.25%. This arrangement may be discontinued by FMR at any time.

A portion of the brokerage commissions that the fund pays may be reimbursed and used to reduce the fund's expenses. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances are used to reduce custodian expenses. Including this reduction, the total Institutional Class operating expenses would have been 0.86%.

This example helps you compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that Institutional Class's annual return is 5% and that your shareholder fees and Institutional Class's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

	Institutional Class
1 year	$ 461
3 years	$ 1,388
5 years	$ 2,323
10 years	$ 4,693

<R>The following information replaces the biographical information for David Glancy in the "Fund Management" section on page 21.</R>

<R>Thomas Soviero is vice president and manager of Advisor Leveraged Company Stock Fund, which he has managed since July 2003. He also manages institutional high-yield accounts for Fidelity. Since joining Fidelity Investments in 1989, Mr. Soviero has worked as a research analyst, manager and director of high-yield research.</R>

ALSFI-03-02 July 21, 2003
1.756219.105

Supplement to the
Fidelity^®Advisor Leveraged Company Stock Fund
Class A, Class T, Class B, and Class C
January 29, 2003
Prospectus

The following information replaces the similar information found under the heading "Fee Table" in the "Fund Summary" section beginning on page 5.

The following table describes the fees and expenses that are incurred when you buy, hold, or sell Class A, Class T, Class B, and Class C shares of the fund. The annual operating expenses provided below for each class are based on historical expenses, adjusted to reflect current fees. The annual class operating expenses provided below for each class do not reflect the effect of any expense reimbursements or reduction of certain expenses during the period.

	Class A	Class T	Class B	Class C
Maximum sales charge (load) on purchases (as a % of offering price)	5.75%^A	3.50%^B	None	None
Maximum contingent deferred sales charge (as a % of the lesser of original purchase price or redemption proceeds)^C	None^D	None^D	5.00%^E	1.00%^F
Sales charge (load) on reinvested distributions	None	None	None	None

^A Lower front-end sales charges for Class A may be available with purchase of $50,000 or more.

^B Lower front-end sales charges for Class T may be available with purchase of $50,000 or more.

^C A contingent deferred sales charge may be charged when you sell your shares or if your account falls below the account minimum for any reason, including solely due to declines in net asset value per share.

^D Certain 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 less than one year after purchase. See "Special Purchase Shares" on page 31.

^E Declines over 6 years from 5.00% to 0%.

^F On Class C shares redeemed less than one year after purchase.

Annual operating expenses (paid from class assets)

	Class A	Class T	Class B	Class C
Management fee	0.63%	0.63%	0.63%	0.63%
Distribution and/or Service (12b-1) fees	0.28%^A	0.53%^A	1.00%	1.00%
Other expenses	3.90%	3.96%	4.01%	3.87%
Total annual class operating expenses^B	4.81%	5.12%	5.64%	5.50%

^A Under the Class A and Class T 12b-1 plans, a portion of the brokerage commissions paid when the fund buys or sells a portfolio security may be used to promote the sale of class shares. These commissions are paid by the fund in its day-to-day investment activities and are not a separate charge to class assets. Excluding these brokerage commissions, the 12b-1 fees for Class A and Class T are 0.25% and 0.50%, respectively, and the total annual class operating expenses are 4.50% and 4.81%, respectively.

^B FMR has voluntarily agreed to reimburse Class A, Class T, Class B, and Class C of the fund to the extent that total operating expenses (excluding interest, taxes, certain securities lending costs, brokerage commissions (including those contemplated by the Class A and Class T Rule 12b-1 plans), and extraordinary expenses), as a percentage of their respective average net assets, exceed the following rates:

	Class A	Effective Date	Class T	Effective Date	Class B	Effective Date	Class C	Effective Date
Advisor Leveraged Company Stock	1.50%	8/1/02	1.75%	8/1/02	2.25%	8/1/02	2.25%	8/1/02

These arrangements may be discontinued by FMR at any time.

A portion of the brokerage commissions that the fund pays may be reimbursed and used to reduce the fund's expenses and/or promote the sale of class shares. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances are used to reduce custodian expenses. Including this reduction, the total Class A, Class T, Class B, and Class C operating expenses are shown in the table below.

	Total Operating Expenses^A
Advisor Leveraged Company Stock - Class A	1.17%
Advisor Leveraged Company Stock - Class T	1.42%
Advisor Leveraged Company Stock - Class B	1.86%
Advisor Leveraged Company Stock - Class C	1.86%

^AAfter reimbursement.

This example helps you compare the cost of investing in the fund with the cost of investing in other mutual funds.

Let's say, hypothetically, that each class's annual return is 5% and that your shareholder fees and each class's annual operating expenses are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated and if you hold your shares:

	Class A		Class T		Class B		Class C
	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares	Sell All Shares	Hold Shares
1 year	$ 1,029	$ 1,029	$ 844	$ 844	$ 1,062	$ 562	$ 649	$ 549
3 years	$ 1,939	$ 1,939	$ 1,830	$ 1,830	$ 1,976	$ 1,676	$ 1,638	$ 1,638
5 years	$ 2,853	$ 2,853	$ 2,813	$ 2,813	$ 2,975	$ 2,775	$ 2,716	$ 2,716
10 years	$ 5,152	$ 5,152	$ 5,261	$ 5,261	$ 5,244^A	$ 5,244^A	$ 5,364	$ 5,364

^A Reflects conversion to Class A shares after a maximum of seven years.

<R>The following information replaces the biographical information for David Glancy in the "Fund Management" section on page 24.</R>