497 1 main.htm

Supplement to the
Fidelity
® Blue Chip Growth Fund and
Fidelity Blue Chip
Value Fund
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 5.

Blue Chip GrowthA

Calendar Years
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

 

24.26%

-10.54%

-16.55%

-25.32%

24.80%

6.26%

4.03%

5.54%

11.83%

-38.60%


fid31043

During the periods shown in the chart for Blue Chip Growth:
Returns
Quarter ended

Highest Quarter Return

20.03%

December 31, 1999

Lowest Quarter Return

-24.75%

December 31, 2008

Year-to-Date Return

-5.06%

March 31, 2009

A The returns shown above are for a class of shares of the fund.

<R>BCF/BCV-09-03 July 30, 2009
1.798338.110</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 6.

For the periods ended
December 31, 2008
Past 1
year
Past 5
years
Past 10
years

Blue Chip GrowthA

 

 

 

Return Before Taxes

-38.60%

-4.34%

-3.61%

Return After Taxes on Distributions

-38.86%

-4.87%

-4.08%

Return After Taxes on Distributions and Sale of Fund Shares

-24.58%

-3.40%

-2.87%

Russell 1000® Growth Index
(reflects no deduction for fees, expenses, or taxes)

-38.44%

-3.42%

-4.27%

A The returns shown above are for a class of shares of the fund.

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 6.</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of a 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 14.</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 14.</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, each 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 17.</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>Effective July 1, 2009, the following information replaces the biographical information for Jennifer Uhrig found in the "Fund Management" section beginning on page 23.</R>

<R>Sonu Kalra is manager of Blue Chip Growth Fund, which he has managed since July 2009. Mr. Kalra joined Fidelity Investments as a research analyst in 1998, after receiving an MBA from the Wharton School of Business at the University of Pennsylvania.</R>

Supplement to the
Fidelity
® Blue Chip Growth Fund
Class K
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.

Blue Chip GrowthA

Calendar Years
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

 

24.26%

-10.54%

-16.55%

-25.32%

24.80%

6.26%

4.03%

5.54%

11.83%

-38.60%


fid31045

During the periods shown in the chart for Blue Chip Growth:
Returns
Quarter ended

Highest Quarter Return

20.03%

December 31, 1999

Lowest Quarter Return

-24.75%

December 31, 2008

Year-to-Date Return

-5.06%

March 31, 2009

A The returns shown above are for the original class of shares of the fund, which is not available through this prospectus. Class K would have substantially similar annual returns to the original class because the classes are invested in the same portfolio of securities. Class K's returns would differ from the original class's returns to the extent that the classes do not have the same expenses.

<R>BCF-K-09-03 July 30, 2009
1.899242.102</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 4.

For the periods ended
December 31, 2008
Past 1
year
Past 5
years
Past 10
years

Blue Chip GrowthA

-38.60%

-4.34%

-3.61%

Russell 1000® Growth Index
(reflects no deduction for fees, expenses, or taxes)

-38.44%

-3.42%

-4.27%

A The returns shown above are for the original class of shares of the fund, which is not available through this prospectus. Class K would have substantially similar annual returns to the original class because the classes are invested in the same portfolio of securities. Class K's returns would differ from the original class's returns to the extent that the classes do not have the same expenses.

<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>The following information replaces the biographical information for Jennifer Uhrig found in the "Fund Management" section on page 17.</R>

Sonu Kalra is manager of Blue Chip Growth Fund, which he has managed since July 2009. Mr. Kalra joined Fidelity Investments as a research analyst in 1998, after receiving an MBA from the Wharton School of Business at the University of Pennsylvania.

Supplement to the
Fidelity
® Dividend Growth Fund
September 29, 2008
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 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.

DGF-09-01 July 30, 2009
1.477570.113

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.

Supplement to the
Fidelity
® Dividend Growth Fund
Class K
September 29, 2008
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 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 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.

DGF-K-09-01 July 30, 2009
1.878257.101

Supplement to the
Fidelity
® Growth & Income Portfolio
September 29, 2008
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>GAI-09-02 July 30, 2009
1.480657.118</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>

The following information replaces the biographical information for Timothy Cohen found in the "Fund Management" section beginning on page 21.

James Catudal is manager of Growth & Income Portfolio, which he has managed since January 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1997, Mr. Catudal has worked as a research analyst and portfolio manager.

Supplement to the
Fidelity
® Growth & Income Portfolio
Class K
September 29, 2008
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>

The following information replaces the biographical information for Timothy Cohen found in the "Fund Management" section beginning on page 17.

James Catudal is manager of Growth & Income Portfolio, which he has managed since January 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1997, Mr. Catudal has worked as a research analyst and portfolio manager.

<R>GAI-K-09-02 July 30, 2009
1.890015.101</R>

Supplement to the
Fidelity
® International Real Estate Fund
September 29, 2008
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 12.

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 12.

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.

IRE-09-01 July 30, 2009
1.808406.109

The following information replaces the similar information found in the "Selling Shares" section beginning on page 16.

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.

Supplement to the
Fidelity Advisor International Real Estate Fund
Class A, Class T, Class B, and Class C
September 29, 2008
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 A, Class T, Class B, and Class C 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>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 12.</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>AIRE-09-01 July 30, 2009
1.855555.102</R>

<R>The following information replaces the similar information found in the "Selling Shares" section on page 18.</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>

The following information replaces similar sales charge waiver information for Class A and Class T found in the "Fund Distribution" section beginning on page 30.

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

1. Purchased for an employee benefit plan other than a plan investing through the Fidelity Advisor 403(b) program. For this purpose, employee benefit plans generally include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; or health savings accounts;

2. Purchased for an insurance company separate account;

3. Purchased for managed account programs that charge an asset-based fee by a broker-dealer, registered investment adviser, insurance company, trust institution or bank trust department;

4. Purchased with the proceeds of a redemption of Fidelity or Fidelity Advisor fund shares held in (i) an insurance company separate account, or (ii) an employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program), the proceeds of which must be reinvested directly into Fidelity Advisor fund shares;

5. Purchased with any proceeds of a distribution from a Fidelity recordkept employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program) that is rolled directly into a Fidelity Advisor IRA.

6. Purchased for any state, county, or city, or any governmental instrumentality, department, authority or agency;

7. Purchased by a current or former Trustee or officer of a Fidelity fund or a current or retired officer, director or regular employee of FMR LLC or FIL Limited or their direct or indirect subsidiaries (a Fidelity Trustee or employee), the spouse of a Fidelity Trustee or employee, a Fidelity Trustee or employee acting as custodian for a minor child, or a person acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee;

8. Purchased by a charitable organization (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) investing $100,000 or more, or, a charitable remainder trust or life income pool established for the benefit of a charitable organization;

9. Purchased by the Fidelity Investments Charitable Gift Fund;

10. Purchased by a bank trust officer, registered representative, or other employee (or a member of one of their immediate families) of intermediaries having agreements with FDC. A member of the immediate family of a bank trust officer, a registered representative, or other employee of intermediaries having agreements with FDC, is a spouse of one of those individuals, an account for which one of those individuals is acting as custodian for a minor child, and a trust account that is registered for the sole benefit of a minor child of one of those individuals;

11. Purchased with distributions of income, principal, and capital gains from Fidelity Defined Trusts;

12. Purchased to repay a loan against Class A, Class T or Class B shares held in the investor's Fidelity Advisor 403(b) program; or

13. Purchased for health savings account programs by a broker-dealer, registered investment adviser, insurance company, trust institution, or bank trust department.

Supplement to the
Fidelity Advisor International Real Estate Fund
Institutional Class
September 29, 2008
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 Institutional Class 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 11.

Minimums

To Open an Account

$2,500

For certain Fidelity Advisor retirement accountsA

$500

Through regular investment plansB

$100

Minimum Balance

$1,000

For certain Fidelity Advisor retirement accountsA

None

A Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

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.

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

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.

AIREI-09-01 July 30, 2009
1.855554.101

The following information replaces the similar information found in the "Selling Shares" section on page 17.

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 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-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.

Supplement to the
Fidelity
® Leveraged Company Stock Fund
September 29, 2008
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 12.

Minimums

Initial Purchase

$10,000

For Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs

$2,500

For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts

$500

Balance

$5,000

For Fidelity Traditional IRAs, Roth IRAs, and Rollover IRAs

$2,000

For Fidelity Simplified Employee Pension-IRA and Keogh accounts, and Non-Fidelity Prototype Retirement accounts

$500

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

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.

LSF-09-01 July 30, 2009
1.751999.112

The following information replaces the similar information found in the "Selling Shares" section beginning on page 16.

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.

Supplement to the
Fidelity
® Leveraged Company Stock Fund Class K
September 29, 2008
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 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 15.

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 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.

LSF-K-09-01 July 30, 2009
1.900387.100

Supplement to the
Fidelity
® OTC Portfolio
September 29, 2008
Prospectus

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

<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>

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

<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>

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

<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>

OTC-09-02 July 30, 2009
1.472927.120

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

<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>

Effective July 1, 2009, the following information replaces the biographical information for Sonu Kalra found in the "Fund Management" section beginning on page 21.

Gavin Baker is manager of OTC Portfolio, which he has managed since July 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1999, Mr. Baker has worked as an equity research analyst.

Supplement to the
Fidelity
® OTC Portfolio
Class K
September 29, 2008
Prospectus

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

<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>

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

<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>

Effective July 1, 2009, the following information replaces the biographical information for Sonu Kalra found in the "Fund Management" section beginning on page 17.

Gavin Baker is manager of OTC Portfolio, which he has managed since July 2009. He also manages other Fidelity funds. Since joining Fidelity Investments in 1999, Mr. Baker has worked as an equity research analyst.

<R>OTC-K-09-02 July 30, 2009
1.899243.101</R>

Supplement to the
Fidelity
® Real Estate Income Fund
September 29, 2008
Prospectus

The following information replaces the introductory paragraph found under the heading "Fee Table" on page 6.

<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>

Effective September 14, 2009, the following information replaces the "Minimums" table found in the "Buying and Selling Shares" section on page 13.

<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>

Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section on page 13.

<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>REI-09-01 July 30, 2009
1.798339.107</R>

The following information replaces the similar information found in the "Selling Shares" section beginning on page 17.

<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>

Supplement to the
Fidelity
® Small Cap Growth Fund and Fidelity Small Cap Value Fund
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 5.

Small Cap Growth*

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

14.29%

13.20%

16.81%

-44.93%

fid31047

During the periods shown in the chart for Small Cap Growth:
Returns
Quarter ended

Highest Quarter Return

13.30%

March 31, 2006

Lowest Quarter Return

-27.58%

December 31, 2008

Year-to-Date Return

-6.79%

March 31, 2009

<R>SCP/SCV-09-02 July 30, 2009
1.808094.112</R>

Small Cap Value*

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

17.61%

15.65%

1.10%

-30.27%

fid31049

During the periods shown in the chart for Small Cap Value:
Returns
Quarter ended

Highest Quarter Return

13.18%

March 31, 2006

Lowest Quarter Return

-22.23%

December 31, 2008

Year-to-Date Return

-12.23%

March 31, 2009

* The returns shown above are for a class of shares of the fund.

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 6.

For the periods ended
December 31, 2008
Past 1
year
Life of
classA

Small Cap Growth*

 

 

Return Before Taxes

-44.93%

-1.24%

Return After Taxes on Distributions

-44.93%

-1.81%

Return After Taxes on Distributions and Sale of Fund Shares

-29.20%

-1.17%

Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes)

-38.54%

  -3.70%

LipperSM Small Cap Funds Average (reflects no deduction for sales charges or taxes)

-37.45%

 --

Small Cap Value*

 

 

Return Before Taxes

-30.27%

1.65%

Return After Taxes on Distributions

-30.46%

0.97%

Return After Taxes on Distributions and Sale of Fund Shares

-19.39%

1.36%

Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes)

-28.92%

  -2.32%

* The returns shown above are for a class of shares of the fund.

A From November 3, 2004.

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 6.</R>

<R>The following table describes the fees and expenses that may be incurred when you buy, hold, or sell shares of a 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 15.</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 15.</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, each 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 19.</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>

Supplement to the
Fidelity Advisor Small Cap Growth Fund
Class A, Class T, Class B, and Class C
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.

Advisor Small Cap Growth - Class AA

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

14.04%

12.82%

16.47%

-45.10%


fid31051

During the periods shown in the chart for Class A of the fund:
Returns
Quarter ended

Highest Quarter Return

13.16%

March 31, 2006

Lowest Quarter Return

-27.68%

December 31, 2008

Year-to-Date Return

-6.84%

March 31, 2009

<R>ASCP-09-02 July 30, 2009
1.808092.113</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 5.

For the periods ended
December 31, 2008
Past 1
year
Life of
classB

Advisor Small Cap Growth

 

 

Class AA - Return Before Taxes

-48.25%

-2.92%

Return After Taxes on Distributions

-48.25%

-3.45%

Return After Taxes on Distributions and Sale of Fund Shares

-31.36%

-2.56%

Class T - Return Before Taxes

-47.17%

-2.61%

Class B - Return Before Taxes

-48.23%

-2.73%

Class C - Return Before Taxes

-46.07%

-2.28%

Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes)

-38.54%

-3.70%

LipperSM Small Cap Funds Average (reflects no deduction for sales charges or taxes)

-37.45%

--

A The year to year returns in the chart and the after tax returns in the table were changed to Class A for consistency with other fund materials.

B From November 3, 2004.

<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 A, Class T, Class B, and Class C 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>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 12.</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 on page 18.</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>

Effective after the close of business on December 19, 2008, the following information replaces similar sales charge waiver information for Class A and Class T found in the "Fund Distribution" section beginning on page 30.

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

1. Purchased for an employee benefit plan other than a plan investing through the Fidelity Advisor 403(b) program. For this purpose, employee benefit plans generally include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; or health savings accounts;

2. Purchased for an insurance company separate account;

3. Purchased for managed account programs that charge an asset-based fee by a broker-dealer, registered investment adviser, insurance company, trust institution or bank trust department;

4. Purchased with the proceeds of a redemption of Fidelity or Fidelity Advisor fund shares held in (i) an insurance company separate account, or (ii) an employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program), the proceeds of which must be reinvested directly into Fidelity Advisor fund shares;

5. Purchased with any proceeds of a distribution from a Fidelity recordkept employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program) that is rolled directly into a Fidelity Advisor IRA.

6. Purchased for any state, county, or city, or any governmental instrumentality, department, authority or agency;

7. Purchased by a current or former Trustee or officer of a Fidelity fund or a current or retired officer, director or regular employee of FMR LLC or FIL Limited or their direct or indirect subsidiaries (a Fidelity Trustee or employee), the spouse of a Fidelity Trustee or employee, a Fidelity Trustee or employee acting as custodian for a minor child, or a person acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee;

8. Purchased by a charitable organization (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) investing $100,000 or more, or, a charitable remainder trust or life income pool established for the benefit of a charitable organization;

9. Purchased by the Fidelity Investments Charitable Gift Fund;

10. Purchased by a bank trust officer, registered representative, or other employee (or a member of one of their immediate families) of intermediaries having agreements with FDC. A member of the immediate family of a bank trust officer, a registered representative, or other employee of intermediaries having agreements with FDC, is a spouse of one of those individuals, an account for which one of those individuals is acting as custodian for a minor child, and a trust account that is registered for the sole benefit of a minor child of one of those individuals;

11. Purchased with distributions of income, principal, and capital gains from Fidelity Defined Trusts;

12. Purchased to repay a loan against Class A, Class T or Class B shares held in the investor's Fidelity Advisor 403(b) program; or

13. Purchased for health savings account programs by a broker-dealer, registered investment adviser, insurance company, trust institution, or bank trust department.

Supplement to the
Fidelity Advisor Small Cap Growth Fund
Institutional Class
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.

Advisor Small Cap Growth - Institutional Class

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

14.26%

13.26%

16.86%

-44.87%


fid31053

During the periods shown in the chart for Institutional Class of the fund:
Returns
Quarter ended

Highest Quarter Return

13.31%

March 31, 2006

Lowest Quarter Return

-27.62%

December 31, 2008

Year-to-Date Return

-6.78%

March 31, 2009

<R>ASCPI-09-02 July 30, 2009
1.808093.111</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 4.

For the periods ended
December 31, 2008
Past 1
year
Life of
classA

Advisor Small Cap Growth

 

 

Institutional Class - Return Before Taxes

-44.87%

-1.21%

Return After Taxes on Distributions

-44.87%

-1.79%

Return After Taxes on Distributions and Sale of Fund Shares

-29.16%

-1.15%

Russell 2000 Growth Index (reflects no deduction for fees, expenses, or taxes)

-38.54%

-3.70%

LipperSM Small Cap Funds Average (reflects no deduction for sales charges or taxes)

-37.45

--

A From November 3, 2004.

<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 Institutional Class 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 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 on page 17.</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>

Supplement to the
Fidelity Advisor Small Cap Value Fund
Class A, Class T, Class B, and Class C
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.

Advisor Small Cap Value - Class AA

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

17.21%

15.33%

0.78%

-30.52%


fid31055

During the periods shown in the chart for Class A of the fund:
Returns
Quarter ended

Highest Quarter Return

13.13%

March 31, 2006

Lowest Quarter Return

-22.34%

December 31, 2008

Year-to-Date Return

-12.22%

March 31, 2009

<R>ASCV-09-02 July 30, 2009
1.808271.114</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 5.

For the periods ended
December 31, 2008
Past 1
year
Life of
classB

Advisor Small Cap Value

 

 

Class AA - Return Before Taxes

-34.51%

-0.11%

After Taxes on Distributions

-34.66%

-0.74%

Return After Taxes on Distributions and Sale of Fund Shares

-22.19%

-0.13%

Class T - Return Before Taxes

-33.08%

0.22%

Class B - Return Before Taxes

-34.38%

0.16%

Class C - Return Before Taxes

-31.66%

0.59%

Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes)

-28.92%

-2.32%

A The year to year returns in the chart and the after tax returns in the table were changed to Class A for consistency with other fund materials.

B From November 3, 2004.

<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 A, Class T, Class B, and Class C 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>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 12.</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 on page 18.</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>

Effective after the close of business on December 19, 2008, the following information replaces similar sales charge waiver information for Class A and Class T found in the "Fund Distribution" section beginning on page 30.

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

1. Purchased for an employee benefit plan other than a plan investing through the Fidelity Advisor 403(b) program. For this purpose, employee benefit plans generally include 401(a), 401(k), 403(b), and 457(b) governmental plans, but do not include: IRAs; SIMPLE, SEP, or SARSEP plans; or health savings accounts;

2. Purchased for an insurance company separate account;

3. Purchased for managed account programs that charge an asset-based fee by a broker-dealer, registered investment adviser, insurance company, trust institution or bank trust department;

4. Purchased with the proceeds of a redemption of Fidelity or Fidelity Advisor fund shares held in (i) an insurance company separate account, or (ii) an employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program), the proceeds of which must be reinvested directly into Fidelity Advisor fund shares;

5. Purchased with any proceeds of a distribution from a Fidelity recordkept employee benefit plan (as described in waiver number 1 above, including the Fidelity Advisor 403(b) program) that is rolled directly into a Fidelity Advisor IRA.

6. Purchased for any state, county, or city, or any governmental instrumentality, department, authority or agency;

7. Purchased by a current or former Trustee or officer of a Fidelity fund or a current or retired officer, director or regular employee of FMR LLC or FIL Limited or their direct or indirect subsidiaries (a Fidelity Trustee or employee), the spouse of a Fidelity Trustee or employee, a Fidelity Trustee or employee acting as custodian for a minor child, or a person acting as trustee of a trust for the sole benefit of the minor child of a Fidelity Trustee or employee;

8. Purchased by a charitable organization (as defined for purposes of Section 501(c)(3) of the Internal Revenue Code) investing $100,000 or more, or, a charitable remainder trust or life income pool established for the benefit of a charitable organization;

9. Purchased by the Fidelity Investments Charitable Gift Fund;

10. Purchased by a bank trust officer, registered representative, or other employee (or a member of one of their immediate families) of intermediaries having agreements with FDC. A member of the immediate family of a bank trust officer, a registered representative, or other employee of intermediaries having agreements with FDC, is a spouse of one of those individuals, an account for which one of those individuals is acting as custodian for a minor child, and a trust account that is registered for the sole benefit of a minor child of one of those individuals;

11. Purchased with distributions of income, principal, and capital gains from Fidelity Defined Trusts;

12. Purchased to repay a loan against Class A, Class T or Class B shares held in the investor's Fidelity Advisor 403(b) program; or

13. Purchased for health savings account programs by a broker-dealer, registered investment adviser, insurance company, trust institution, or bank trust department.

Supplement to the
Fidelity Advisor Small Cap Value Fund
Institutional Class
September 29, 2008
Prospectus

The following information replaces the similar information found under the heading "Year-by-Year Returns" in the "Fund Summary" section on page 4.

Advisor Small Cap Value - Institutional Class

Calendar Years
 
 
 
 
 
 
2005
2006
2007
2008

 

 

 

 

 

 

 

17.52%

15.69%

1.10%

-30.19%


fid31057

During the periods shown in the chart for Institutional Class of the fund:
Returns
Quarter ended

Highest Quarter Return

13.27%

March 31, 2006

Lowest Quarter Return

-22.22%

December 31, 2008

Year-to-Date Return

-12.22%

March 31, 2009

<R>ASCVI-09-02 July 30, 2009
1.808273.112</R>

The following information replaces the similar information found under the heading "Average Annual Returns" in the "Fund Summary" section on page 4.

For the periods ended
December 31, 2008
Past 1
year
Life of
classA

Advisor Small Cap Value

 

 

Institutional Class - Return Before Taxes

-30.19%

1.67%

Return After Taxes on Distributions

-30.37%

0.99%

Return After Taxes on Distributions and Sale of Fund Shares

-19.35%

1.37%

Russell 2000 Value Index (reflects no deduction for fees, expenses, or taxes)

-28.92%

-2.32%

A From November 3, 2004.

<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 Institutional Class 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 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 on page 17.</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>

Supplement to the
Fidelity
® Series Small Cap Opportunities Fund
September 29, 2008
Prospectus

Effective on April 1, 2009, Fidelity Small Cap Opportunities Fund was renamed Fidelity Series Small Cap Opportunities Fund and the fund removed its 1.50% redemption fee on shares held less than 90 days.

Fidelity Series Small Cap Opportunities Fund is composed of multiple classes of shares. References to the fund are deemed to include class where applicable.

The following information replaces the information found under the heading "Performance" in the "Fund Summary" section on page 3.

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the performance of the fund's shares over the past year and compares the performance of the fund's shares to the performance of a market index over various periods of time. Returns (before and after taxes) are based on past results and are not an indication of future performance.

Visit www.fidelity.com for current return information.

Year-by-Year Returns

Series Small Cap OpportunitiesA

Calendar Year
 
 
 
 
 
 
 
 
 
2008

 

 

 

 

 

 

 

 

 

 

-39.30%


fid31059

During the period shown in the chart for Series Small Cap Opportunities:
Returns
Quarter ended

Highest Quarter Return

-0.50%

June 30, 2008

Lowest Quarter Return

-24.87%

December 31, 2008

Year-to-Date Return

-11.27%

March 31, 2009

A The returns shown above are for a class of shares of the fund.

<R>SMO-09-03 July 30, 2009
1.843345.106</R>

Average Annual Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, but do not reflect the impact of state or local taxes. Return After Taxes on Distributions and Sale of Fund Shares may be higher than other returns for the same period due to a tax benefit of realizing a capital loss upon the sale of fund shares. Actual after-tax returns may differ depending on your individual circumstances. The after-tax returns shown are not relevant if you hold your shares in a retirement account or in another tax-deferred arrangement.

For the periods ended
December 31, 2008
Past 1
year
Life of
classB

Series Small Cap OpportunitiesA

 

 

Return Before Taxes

-39.30%

-27.44%

Return After Taxes on Distributions

-39.36%

-27.51%

Return After Taxes on Distributions and Sale of Fund Shares

-25.47%

-22.84%

Russell 2000® Index (reflects no deduction for fees, expenses, or taxes)

-33.79%

-22.58%

A The returns shown above are for a class of shares of the fund.

B From March 22, 2007.

Russell 2000® Index is a market capitalization-weighted index of the stocks of the 2,000 smallest companies included in the Russell 3000 Index. The Russell 3000 Index comprises the 3,000 largest U.S. domiciled companies.

<R>The following information replaces the introductory paragraph found under the heading "Fee Table" on page 3.</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 10.</R>

<R>Minimums</R>

<R>Initial Purchase

$10,000</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

$2,500</R>

<R>Balance

$5,000</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 10.</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 14.</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>

Supplement to the
Fidelity
® Advisor Growth Strategies Fund (formerly Fidelity Advisor Aggressive Growth Fund)
Class A, Class T, Class B, and Class C
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 Class A, Class T, Class B, and Class C 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 11.

Minimums

To Open an Account

$2,500

For certain Fidelity Advisor retirement accountsA

$500

Through regular investment plansB

$100

Minimum Balance

$1,000

For certain Fidelity Advisor retirement accountsA

None

A Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

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.

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

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.

AAG-09-01 July 30, 2009
1.756189.126

The following information replaces the similar information found in the "Selling Shares" section on page 16.

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 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-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.

Supplement to the
Fidelity
® Advisor Growth Strategies Fund (formerly Fidelity Advisor Aggressive Growth Fund)
Institutional Class
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 Institutional Class 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 9.

Minimums

To Open an Account

$2,500

For certain Fidelity Advisor retirement accountsA

$500

Through regular investment plansB

$100

Minimum Balance

$1,000

For certain Fidelity Advisor retirement accountsA

None

A Fidelity Advisor Traditional IRA, Roth IRA, Rollover IRA, SEP-IRA, and Keogh accounts.

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.

Effective September 14, 2009, the following information replaces the similar information found in the "Buying and Selling Shares" section beginning on page 9.

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.

AAGI-09-01 July 30, 2009
1.756191.119

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

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 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-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.