FIDELITY ADVISOR SERIES VII, 497, 1997-01-17

FIDELITY ADVISOR SERIES VII
497, 1997-01-17

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SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS
CLASS A, CLASS T, AND CLASS B AUGUST 30, 1996 PROSPECTUS
The following information replaces the similar information under the
heading "FMR and Its Affiliates" in the "Charter" section beginning on page
28.
Katherine Collins is manager of Advisor Mid Cap, which she has managed
since January 1997. She also manages another Fidelity fund. Since joining
Fidelity in 1990, Ms. Collins has worked as an analyst and manager.
Lawrence Rakers is manager of Advisor Natural Resources, which he has
managed since January 1997. He also manages other Fidelity funds. Mr.
Rakers joined Fidelity as an analyst in 1993. Previously, he was a project
engineer for Loral Corporation from 1986 to 1993.
Jennifer S. Uhrig is Vice President and manager of Advisor Equity Growth,
which she has managed since January 1997. She also manages another Fidelity
fund. Since joining Fidelity in 1987, Ms. Uhrig has worked as an analyst
and manager.
Effective January 2, 1997, Fidelity Advisor Income & Growth was renamed
Fidelity Advisor Balanced Fund.
Effective January 2, 1997, the following information replaces the similar
information found in the "Who May Want to Invest" section beginning on page
3.
In determining which class of shares is the most appropriate for you, you
should consider, among other factors, the length of time you intend to hold
your shares. In general, because of its higher front-end load, Class A
shares have higher costs than Class T for a short holding period and,
because of their lower 12b-1 fees, lower costs than Class T for a longer
holding period. If you are planning to invest a significant amount either
at one time or through a regular investment program, you should consider
the reduced sales charges available on Class A and Class T shares. If you
prefer not to pay a front-end sales charge and plan to hold your shares for
more than three or six years, as applicable, you should consider Class B
shares. While Class B shares are subject to higher ongoing expenses, they
are sold without a front-end sales charge so your entire purchase amount is
immediately invested. However, if you sell your Class B shares within three
or six years, as applicable, you will normally pay a CDSC that varies
depending on how long you have held your shares.
Effective January 2, 1997, the following information replaces the similar
information found in the "Expenses" section beginning on page 4.
A CDSC is imposed on Class B shares only if you redeem Class B shares
within three years of purchase for Intermediate Bond and Intermediate
Municipal Income, or within six years of purchase for all other funds. See
"Transaction Details," page 51, for information about the CDSC.

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Class Class Class B
A T

Maximum CDSC for all funds that offer Class B shares (except the Intermediate-Term
Bond Funds) None None 5.00%[A]
(as a % of the lesser of original purchase price or redemption proceeds) [C]

</TABLE>

[A] DECLINES OVER 6 YEARS FROM 5.00% TO 0%.
[C] A CONTINGENT DEFERRED SALES CHARGE OF 0.25% IS ASSESSED ON CERTAIN
REDEMPTIONS OF CLASS T SHARES THAT WERE PURCHASED WITHOUT AN INITIAL SALES
CHARGE. SEE "TRANSACTION DETAILS."
EXPENSE TABLE EXAMPLE: You would pay the following expenses, including the
maximum front-end sales charge or CDSC, as applicable, on a $1,000
investment, assuming a 5% annual return and either full redemption or no
redemption, at the end of each time period:
EQUITY FUNDS
Examples

Full No
Redempti Redempti
on on

Class B Class B

OVERSEAS After 1 year $74[A] $24

After 3 $103[A $73
years ]

After 5 $145[A $125
years ]

After 10 $239 $239
years[B]

MID CAP After 1 year $72[A] $22

After 3 $99[A] $69
years

NATURAL RESOURCES After 1 year $72[A] $22

After 3 $97[A] $67
years

After 5 $135[A $115
years ]

After 10 $221 $221
years[B]

STRATEGIC OPPORTUNITIES After 1 year $71[A] $21

After 3 $96[A] $66
years

After 5 $133[A $113
years ]

After 10 $217 $217
years[B]

LARGE CAP After 1 year $73[A] $23

After 3 $101[A $71
years ]

EQUITY INCOME After 1 year $69[A] $19

After 3 $88[A] $58
years

After 5 $120[A $100
years ]

After 10 $188 $188
years [B]

[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
[B] REFLECTS CONVERSION OF CLASS B SHARES TO CLASS A SHARES AFTER SEVEN
YEARS.
TAXABLE INCOME FUNDS
Examples

Full No
Redempti Redempti
on on

Class B Class B

EMERGING MARKETS INCOME After 1 year $72[A] $22

After 3 years $97[A] $67

After 5 years $135[A $115
]

After 10 $220 $220
years[B]

HIGH YIELD After 1 year $69[A] $19

After 3 years $90[A] $60

After 5 years $123[A] $103

After 10 $193 $193
years[B]

STRATEGIC INCOME After 1 year $70[A] $20

After 3 years $93[A] $63

After 5 years $128[A] $108

After 10 $204 $204
years[B]

GOVERNMENT INVESTMENT After 1 year $67[A] $17

After 3 years $82[A] $52

After 5 years $110[A] $90

After 10 $166 $166
years[B]

INTERMEDIATE BOND After 1 year $47[A] $17

After 3 $62[A] $52
years

After 5 $81 $81
years[C]

After 10 $140 $140
years[C]

MUNICIPAL FUNDS
Examples

Full No
Redempti Redempti
on on

Class B Class B

HIGH INCOME MUNICIPAL After 1 year $67[A] $17

After 3 $82[A] $52
years

After 5 $110[A] $90
years

After 10 $166 $166
years[B]

INTERMEDIATE MUNICIPAL INCOME After 1 year $47[A] $17

After 3 years $62[A] $52

After 5 $81 $81
years[C]

After 10 $140 $140
years[C]

[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
[B] REFLECTS CONVERSION OF CLASS B SHARES TO CLASS A SHARES AFTER SEVEN
YEARS.
[C] REFLECTS CONVERSION OF CLASS B SHARES TO CLASS A SHARES AFTER FOUR
YEARS.
STATE MUNICIPAL FUNDS
Examples

Full No
Redempti Redempti
on on

Class B Class B

CALIFORNIA MUNICIPAL INCOME After 1 year $67 [A] $17

After 3 $82[A] $52
years

NEW YORK MUNICIPAL INCOME After 1 year $67[A] $17

After 3 $82[A] $52
years

[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT MEANT TO
SUGGEST ACTUAL OR EXPECTED COSTS OR RETURNS, ALL OF WHICH MAY VARY.
Effective January 1, 1997, FMR has voluntarily agreed to reimburse Class A
and Class T of Equity Growth to the extent that total operating expenses as
a percentage of their respective average net assets exceed 1.75% and 2.00%,
respectively.
Effective January 2, 1997, the following information replaces the similar
information found in the "Performance" section beginning on page 23.
GROWTH FUNDS - CLASS B

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Average Annual Total Return E Cumulative Total Return E

Past 1 Past 5 10 years/ Past 6 Past 1 Past 5 10 years/
year years Life of fund+ months year years Life of fund+

OVERSEAS - CLASS B (LOAD ADJ.)[A][B] 7.61% 10.57 8.10% 5.02% 7.61% 65.27 59.88
% % %

MID CAP - CLASS B (LOAD ADJ.)[A][C] n/a n/a n/a n/a n/a n/a 7.40%

NATURAL RESOURCES - CLASS B 28.76 17.26 17.32 20.69 28.76 121.7 279.1
(LOAD ADJ.)[A][B] % % % % % 0% 2%

STRATEGIC OPPORTUNITIES - CLASS B 10.14 12.89 11.57 -5.18 10.14 83.31 198.9
(LOAD ADJ.) [A][D] % % % % % % 3%

LARGE CAP - CLASS B (LOAD ADJ.)[A][C] n/a n/a n/a n/a n/a n/a -1.70
%

EQUITY INCOME - CLASS B (LOAD 16.68 16.36 12.53 3.07% 16.68 113.3 225.5
ADJ.)[A][C] % % % % 6% 0%

</TABLE>

TAXABLE INCOME FUNDS - CLASS B

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Average Annual Total ReturnE Cumulative Total ReturnE

Past 1 Past 5 10 years/ Past 6 Past 1 Past 5 10 years/
year years Life of fund+ months year years Life of fund+

EMERGING MARKETS INCOME - CLASS B 25.22 n/a 7.97% 7.84% 25.22 n/a 19.37
(LOAD ADJ.)[A][D] % % %

HIGH YIELD - CLASS B (LOAD ADJ.)[A][B] 8.78% 15.58 13.60 0.94% 8.78% 106.2 228.5
% % 2% 4%

STRATEGIC INCOME - CLASS B (LOAD 5.59% n/a 12.27 -1.70 5.59% n/a 21.25
ADJ.)[A][D] % % %

GOVERNMENT INVESTMENT - CLASS B 1.86% 6.38% 6.75% -5.55 1.86% 36.27 83.79
(LOAD ADJ.)[A][B] % % %

INTERMEDIATE BOND - CLASS B 0.21% 7.03% 7.67% -3.66 0.21% 40.48 109.4
(LOAD ADJ.)[A][C] % % 0%

</TABLE>

MUNICIPAL FUNDS - CLASS B

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Average Annual Total ReturnE Cumulative Total ReturnE

Past 1 Past 5 10 years/ Past 6 Past 1 Past 5 10 years/
year years Life of fund+ months year years Life of fund+

HIGH INCOME MUNICIPAL - CLASS B 0.80% 6.73% 8.98% -4.63 0.88% 38.53 110.0
(LOAD ADJ.)[A][B] % % 0%

INTERMEDIATE MUNICIPAL INCOME - 0.25% 5.41% 6.26% -3.65 0.25% 30.14 83.51
CLASS B (LOAD ADJ.)[A][C] % % %

</TABLE>

STATE MUNICIPAL FUNDS - CLASS B

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Average Annual Total ReturnE Cumulative Total ReturnE

Past 1 Past 5 10 years/ Past 6 Past 1 Past 5 10 years/
year years Life of fund+ months year years Life of fund+

CALIFORNIA MUNICIPAL INCOME - CLASS n/a n/a n/a n/a n/a n/a -7.67
B %
(LOAD ADJ.)[A][B]

NEW YORK MUNICIPAL INCOME - CLASS B n/a n/a n/a -4.54 n/a n/a 0.06%
%
(LOAD ADJ.)[A][B]

</TABLE>

+ LIFE OF FUND FIGURES ARE FROM COMMENCEMENT OF OPERATIONS (APRIL 23, 1990
FOR OVERSEAS; DECEMBER 29, 1987 FOR NATURAL RESOURCES; MARCH 10, 1994 FOR
EMERGING MARKETS INCOME; JANUARY 5, 1987 FOR HIGH YIELD; OCTOBER 31, 1994
FOR STRATEGIC INCOME; JANUARY 7, 1987 FOR GOVERNMENT INVESTMENT; SEPTEMBER
16, 1987 FOR HIGH INCOME MUNICIPAL; AUGUST 21, 1995 FOR NEW YORK MUNICIPAL
INCOME AND FEBRUARY 20, 1996 FOR MID CAP, LARGE CAP, AND CALIFORNIA
MUNICIPAL INCOME) THROUGH THE SEMI-ANNUAL PERIODS ENDED 1996.
[A] CLASS B'S CONTINGENT DEFERRED SALES CHARGES (CDSC) INCLUDED IN THE
TOTAL RETURN FIGURES ARE CALCULATED PURSUANT TO THE CDSC SCHEDULES FOUND ON
PAGE SIX OF THIS SUPPLEMENT.
[B] PERIOD ENDED APRIL 30, 1996
[C] PERIOD ENDED MAY 31, 1996
[D] PERIOD ENDED JUNE 30, 1996
[E] INITIAL OFFERING OF CLASS B SHARES FOR EQUITY INCOME, INTERMEDIATE
BOND, AND INTERMEDIATE MUNICIPAL INCOME TOOK PLACE ON JUNE 30, 1994, AND
BEAR A 12B-1 AND SHAREHOLDER SERVICING FEE (AT A THEN CURRENTLY APPLICABLE
COMBINED RATE OF 1.00%) WHICH IS NOT REFLECTED IN PRIOR DATE RETURNS.
RETURNS PRIOR TO JUNE 30, 1994 AND SEPTEMBER 10, 1992, ARE THOSE OF CLASS T
AND INSTITUTIONAL CLASS SHARES, RESPECTIVELY. CLASS T RETURNS INCLUDE A
THEN CURRENTLY APPLICABLE 12B-1 FEE OF 0.65% FOR EQUITY INCOME, AND 0.25%
FOR INTERMEDIATE BOND AND INTERMEDIATE MUNICIPAL INCOME. INSTITUTIONAL
CLASS, THE ORIGINAL CLASS OF THESE FUNDS, DOES NOT BEAR A 12B-1 FEE. CLASS
B SHARE RETURNS WOULD HAVE BEEN LOWER HAD ITS 12B-1 AND SHAREHOLDER
SERVICING FEES BEEN REFLECTED IN PRIOR DATE RETURNS.
INITIAL OFFERING OF CLASS B SHARES FOR STRATEGIC OPPORTUNITIES TOOK PLACE
ON JUNE 30, 1994, AND BEAR A 12B-1 AND SHAREHOLDER SERVICING FEE (AT A THEN
CURRENTLY APPLICABLE COMBINED RATE OF 1.00%) WHICH IS NOT REFLECTED IN
PRIOR DATE RETURNS. RETURNS PRIOR TO JUNE 30, 1994 AND AUGUST 20, 1986, ARE
THOSE OF CLASS T AND INITIAL CLASS SHARES, RESPECTIVELY. CLASS T RETURNS
INCLUDE A THEN APPLICABLE 12B-1 FEE OF 0.65%. INITIAL CLASS, THE ORIGINAL
CLASS OF THE FUND, DOES NOT BEAR A 12B-1 FEE. CLASS B SHARE RETURNS WOULD
HAVE BEEN LOWER HAD ITS 12B-1 FEE AND SHAREHOLDER SERVICING FEE BEEN
REFLECTED IN PRIOR DATE RETURNS.
INITIAL OFFERING OF CLASS B SHARES FOR EMERGING MARKETS INCOME, HIGH
YIELD, GOVERNMENT INVESTMENT, AND HIGH INCOME MUNICIPAL TOOK PLACE ON JUNE
30, 1994, AND BEAR A 12B-1 AND SHAREHOLDER SERVICING FEE (AT A THEN
CURRENTLY APPLICABLE COMBINED RATE OF 1.00%) WHICH IS NOT REFLECTED IN
PRIOR DATE RETURNS. RETURNS PRIOR TO JUNE 30, 1994, ARE THOSE OF CLASS T
SHARES, THE ORIGINAL CLASS OF THESE FUNDS AND INCLUDE THEN APPLICABLE CLASS
T 12B-1 FEES OF 0.25%. CLASS B RETURNS WOULD HAVE BEEN LOWER HAD ITS 12B-1
AND SHAREHOLDER SERVICING FEE BEEN REFLECTED IN PRIOR DATE RETURNS.
INITIAL OFFERING OF CLASS B SHARES FOR OVERSEAS AND NATURAL RESOURCES TOOK
PLACE ON JULY 3, 1995, AND BEAR A 12B-1 AND SHAREHOLDER SERVICING FEE (AT A
THEN CURRENTLY APPLICABLE COMBINED RATE OF 1.00%) WHICH IS NOT REFLECTED IN
PRIOR DATE RETURNS. RETURNS PRIOR TO JULY 3, 1995 ARE THOSE OF CLASS T
SHARES, THE ORIGINAL CLASS OF THESE FUNDS AND INCLUDE THEN APPLICABLE CLASS
T 12B-1 FEES OF 0.65%. CLASS B SHARE RETURNS WOULD HAVE BEEN LOWER HAD ITS
12B-1 FEES BEEN REFLECTED IN PRIOR DATE RETURNS.
The following information supplements the "FMR and Its Affiliates"
discussion found in the "Charter" section beginning on page 28.
As of July 31, 1996, approximately 53.67% of California Municipal Income's
total outstanding shares and 31.23% of New York Municipal Income's total
outstanding shares were held by FMR Corp. Mr. Edward C. Johnson 3d,
President and Trustee of each fund, is a member of a family group which, by
virtue of its owning approximately 49% of the voting securities of FMR
Corp., may be deemed under the 1940 Act to form a controlling group with
respect to FMR Corp. Therefore, based on his membership in this group, Mr.
Edward C. Johnson 3d may be deemed to be a beneficial owner of these shares
of California Municipal Income and New York Municipal Income, respectively.
Effective January 2, 1997, the following information replaces the similar
information found in the "Investment Principles and Risks" section
beginning on page 30.
NATURAL RESOURCES FUND seeks long-term growth of capital and protection of
the purchasing power of shareholders' capital by investing primarily in
securities of foreign and domestic companies that own or develop natural
resources, or supply goods and services to such companies, or in physical
commodities.
The fund, normally invests at least 80% of its assets in securities of
foreign and domestic companies that own or develop natural resources, or
supply goods and services to such companies, or in physical commodities.
These may include companies involved either directly or through
subsidiaries in exploring, mining, refining, processing, transporting,
fabricating, dealing in, or owning natural resources. Natural resources
include precious metals (e.g., gold, platinum and silver), ferrous and
nonferrous metals (e.g., iron, aluminum and copper), strategic metals
(e.g., uranium and titanium), hydrocarbons (e.g., coal, oil and natural
gases), chemicals, forest products, real estate, food products and other
basic commodities. FMR will seek securities whose prices directly reflect
positive changes in the value of an underlying natural resource or whose
issuers will benefit from particular phases in the overall economic cycle.
Accordingly, the fund may shift its emphasis from one natural resource
industry to another depending on prevailing trends or developments. The
fund may also invest in securities of companies in other industries, and in
corporate and governmental debt securities of all types.
Although the fund is authorized to invest up to 50% of its assets in
physical commodities, it currently intends to invest no more than 25% of
its total assets in them, and intends to limit its physical commodity
investments to readily marketable precious metals. Precious metals, at
times, have been subject to substantial price fluctuations over short
periods of time and may be affected by unpredictable international monetary
and political policies such as currency devaluations or revaluations,
economic and social conditions within a country, trade imbalances, or trade
or currency restrictions between countries.
Effective January 2, 1997, the following information replaces the similar
information found in the "Securities and Investment Practices" discussion
found in the "Investment Principles and Risks" section beginning on page
30.
Natural Resources currently intends to limit its investments in lower than
Baa-quality debt securities to 5% of its assets.
The following information supplements the information found in the
"Securities and Investment Practices" discussion found in the "Investment
Principles and Risks" section beginning on page 30.
CASH MANAGEMENT. A fund may invest in money market securities, in a pooled
account of repurchase agreements, and in a money market fund available only
to funds and accounts managed by FMR or its affiliates, whose goal is to
seek a high level of current income (exempt from federal income tax in the
case of a tax-free money market fund) while maintaining a stable $1.00
share price. A major change in interest rates or a default on the money
market fund's investments could cause its share price to change.
RESTRICTIONS: California Municipal Income and New York Municipal Income do
not currently intend to invest in a money market fund. High Income
Municipal, Intermediate Municipal Income, and Short-Intermediate Municipal
Income do not currently intend to invest in a pooled account of repurchase
agreements. Equity Growth and Strategic Opportunities will not invest in a
money market fund.
Effective January 2, 1997, the following information supplements the
information found in the "Securities and Investment Practices" discussion
found in the "Investment Principles and Risks" section beginning on page
30.
Natural Resources normally invests at least 80% of its assets, but always
invests at least 25% of its total assets, in securities of companies
principally engaged in the business activities of the industries in the
market sector identified for the fund.
The following information replaces similar information found in the "Other
Expenses" discussion found in the "Breakdown of Expenses" section beginning
on page 40.
Effective January 2, 1997, Fidelity Investments Institutional Operations
Company, Inc. (FIIOC) performs transfer agency, dividend disbursing and
shareholder servicing functions for Class T shares of the Equity Funds,
Emerging Markets Income, High Yield, Strategic Income, Government
Investment, Intermediate Bond, and Short Fixed-Income.
The following information replaces similar information in the "How to Buy
Shares" section beginning on page 45.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500*
For Fidelity Advisor IRA, Rollover IRA, SEP IRA and Keogh accounts $500
Through regular investment plans** $1,000*
TO ADD TO AN ACCOUNT $250*
For Fidelity Advisor IRA, Rollover IRA, SEP IRA and Keogh accounts $100
Through regular investment plans $100*
MINIMUM BALANCE $1,000**
For Fidelity Advisor IRA, Rollover IRA, SEP IRA and Keogh accounts NONE
* INVESTMENT MINIMUMS ARE WAIVED FOR PURCHASES INTO NON-RETIREMENT ACCOUNTS
WITH DISTRIBUTIONS FROM A FIDELITY DEFINED TRUST ACCOUNT. INVESTMENT
MINIMUMS AND MINIMUM ACCOUNT BALANCES ARE ALSO WAIVED FOR INVESTMENTS IN
CERTAIN RETIREMENT ACCOUNTS FUNDED THROUGH SALARY REDUCTION, OR ACCOUNTS
FUNDED WITH THE PROCEEDS OF DISTRIBUTIONS FROM SUCH FIDELITY RETIREMENT
ACCOUNTS.
** AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $1,000, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS OPENED.
FOR MORE INFORMATION ABOUT REGULAR INVESTMENTS PLANS, PLEASE REFER TO
"INVESTOR SERVICES", PAGE 48.
Effective January 2, 1997, the following information replaces the
information in the "How to Buy Shares" section in the chart on page 46 in
the "wire" row under the column "To Add to an Account."
Wire to:
Banker's Trust Co.
Routing #021001033
Fidelity DART Depository
Account #00159759
FBO: (account name)
(account number)
Specify the complete, name of the fund of your choice, note the applicable
class, and include your account number and your name.
Effective January 2, 1997 following information replaces the information
found in the "How to Sell Shares" section under the "Selling Shares in
Writing" heading on page 47.
Write a "letter of instruction" with:
(small solid bullet) Your name,
(small solid bullet) The fund's name,
(small solid bullet) The applicable class name,
(small solid bullet) Your fund account number,
(small solid bullet) The dollar amount or number of shares to be redeemed,
signed certificates (if applicable), and
(small solid bullet) Any other applicable requirements listed in the
following table.
Deliver your letter to your investment professional, or mail it to the
following address:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Unless otherwise instructed, the transfer agent will send a check to the
record address.
Effective January 2, 1997, the following information replaces similar
information found in the "Dividends, Capital Gains, and Taxes" section
beginning on page 50.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will be automatically reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3 or 4 and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in your account at the current NAV
and your election may be converted to the Reinvestment Option. To change
your distribution option, call your investment professional directly or, if
you purchased your shares through a broker-dealer or insurance
representative, call 1-800-522-7297. If you purchased your shares through a
bank representative, call 1-800-843-3001.
Effective January 2, 1997 the following information replaces the similar
information found in the "Transaction Details" section beginning on page
51.
CONTINGENT DEFERRED SALES CHARGE. Class B shares may, upon redemption, be
assessed a CDSC based on the following schedules:
EQUITY FUNDS

From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 5%

1 year to less than 2 years 4%

2 years to less than 3 years 3%

3 years to less than 4 years 3%

4 years to less than 5 years 2%

5 years to less than 6 years 1%

6 years to less than 7 years [A] 0%

BOND FUNDS:

From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 5%

1 year to less than 2 years 4%

2 years to less than 3 years 3%

3 years to less than 4 years 3%

4 years to less than 5 years 2%

5 years to less than 6 years 1%

6 years to less than 7 years [A] 0%

INTERMEDIATE-TERM BOND FUNDS:

From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 3%

1 year to less than 2 years 2%

2 years to less than 3 years 1%

3 years to less than 4 years [B] 0%

[A] AFTER A MAXIMUM HOLDING PERIOD OF SEVEN YEARS, CLASS B SHARES WILL
CONVERT AUTOMATICALLY TO CLASS A SHARES OF THE SAME FIDELITY ADVISOR FUND.
SEE "CONVERSION FEATURE" BELOW FOR MORE INFORMATION.
[B] AFTER A MAXIMUM HOLDING PERIOD OF FOUR YEARS, CLASS B SHARES WILL
CONVERT AUTOMATICALLY TO CLASS A SHARES OF THE SAME FIDELITY ADVISOR FUND.
Investment professionals with whom FDC has agreements receive as
compensation from FDC a concession equal to 4.00% (2.00% for the
Intermediate-Term Bond Funds) of your purchase of Class B shares.
CONVERSION FEATURE. After a maximum holding period of seven years from the
initial date of purchase (four years for the Intermediate-Term Bond Funds),
Class B shares and any capital appreciation associated with those shares,
convert automatically to Class A shares of the same Fidelity Advisor fund.
Conversion to Class A shares will be made at NAV. At the time of
conversion, a portion of the Class B shares purchased through the
reinvestment of dividends or capital gains (Dividend Shares) will also
convert to Class A shares. The portion of Dividend Shares that will convert
is determined by the ratio of your converting Class B non-Dividend Shares
to your total Class B non-Dividend Shares.
THE TRANSFER AGENTS RESERVE THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE
of $12.00 from accounts with a value of less than $2,500 (including any
amount paid as a sales charge), subject to an annual maximum charge of
$60.00 per shareholder. Accounts opened after September 30 will not be
subject to the fee for that year. The fee, which is payable to the transfer
agent, is designed to offset in part the relatively higher costs of
servicing smaller accounts. The fee will not be deducted from retirement
accounts (except non-prototype retirement accounts), accounts using a
systematic investment program, certain (Network Level I and III) accounts
which are maintained through National Securities Clearing Corporation
(NSCC), or if total assets in Fidelity mutual funds exceed $50,000.
Eligibility for the $50,000 waiver is determined by aggregating Fidelity
mutual fund accounts (excluding contractual plans) maintained (i) by FIIOC
and (ii) through NSCC; provided those accounts are registered under the
same primary social security number.
The following information replaces the similar information found in the
"Sales Charge Reductions and Waivers" section beginning on page 55.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T SHARES:
2. 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 Corp.
or Fidelity International 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;
5. Purchased for a Fidelity or Fidelity Advisor account with the proceeds
of a distribution (i) from an employee benefit plan that qualified for
waiver (11) or had a minimum $3 million in plan assets invested in Fidelity
funds; or (ii) from an insurance company separate account qualifying under
(6) below, or used to fund annuity contracts purchased by employee benefit
plans having in the aggregate at least $3 million in plan assets invested
in Fidelity funds. (Distributions other than those transferred to an IRA
account must be transferred directly into a Fidelity account.);

SUPPLEMENT TO THE FIDELITY ADVISOR INSTITUTIONAL CLASS FEBRUARY 26,
1996 PROSPECTUS
The following information replaces the similar information under the
heading "FMR and Affiliates" in the "Charter" section beginning on page 20.
Katherine Collins is manager of Advisor Mid Cap, which she has managed
since January 1997. She also manages another Fidelity fund. Since joining
Fidelity in 1990, Ms. Collins has worked as an analyst and manager.
Lawrence Rakers is manager of Advisor Natural Resources, which he has
managed since January 1997. He also manages other Fidelity funds. Mr.
Rakers joined Fidelity as an analyst in 1993. Previously, he was a project
engineer for Loral Corporation from 1986 to 1993.
Jennifer S. Uhrig is Vice President and manager of Advisor Equity Growth,
which she has managed since January 1997. She also manages another Fidelity
fund. Since joining Fidelity in 1987, Ms. Uhrig has worked as an analyst
and manager.
Effective January 2, 1997, Fidelity Advisor Income & Growth was renamed
Fidelity Advisor Balanced Fund.
Effective August 30, 1996, Class A has been renamed Class T and a new class
of shares (Class A) was made available for purchase on or about September
3, 1996. In addition, Fidelity Global Resources Fund has been renamed
Fidelity Natural Resources Fund.
The following information replaces similar information found in the first
and second paragraphs on page 3 in the "Who May Want to Invest" section.
Institutional Class shares are offered to accounts managed (i) by a bank
trust department and other trust institutions, (ii) by a broker-dealer, and
(iii) by a registered investment advisor (RIA) on a discretionary basis
(collectively, eligible intermediaries).
Shares are available through eligible intermediaries that have signed a
participation agreement with FDC. The participation agreement specifies
certain aggregate asset minimums and asset qualifications, trading
guidelines, marketing restrictions and program requirements. Eligible
intermediaries with existing Institutional Class accounts will be required
to sign and comply with a participation agreement in order to purchase
additional shares. Investors prior to June 30, 1995 that have not signed a
participation agreement will be allowed to continue investing in
Institutional Class shares under the terms of this relationship until June
30, 1997, after which they will be prevented from making new or subsequent
purchases in Institutional Class, except that employee benefit plans will
be permitted to make additional purchases of Institutional Class shares. In
addition, Institutional Class shares are available through certain eligible
intermediaries that meet qualifications established by FDC but have not
signed a participation agreement.
The following information replaces the seventh paragraph on page 3 in the
"Who May Want to Invest" section.
Government Investment is designed for investors who seek high current
income from a portfolio of U.S. Government securities in a manner
consistent with preserving principal.
Intermediate Bond and Short Fixed-Income are designed for investors who
seek high current income from a portfolio of investment-grade debt
securities consistent with capital preservation.
The following information replaces the last paragraph beginning on page 3
in the "Who May Want to Invest" section.
Each fund is composed of multiple classes of shares. All classes of a fund
have a common investment objective and investment portfolio. Class A and
Class T shares have front-end sales charge and pay a distribution fee.
Class T shares may be subject to a contingent deferred sales charge (CDSC).
Natural Resources offers Class B shares which do not have a front-end sales
charge, but do have a CDSC, and pay a distribution fee and a shareholder
service fee. Because Institutional Class shares have no sales charge, and
do not pay a distribution fee or a shareholder service fee, Institutional
Class shares are expected to have a higher total return than Class A, Class
T, or Class B shares. You may obtain more information about Class A, Class
T, and Class B, which are not offered through this prospectus, by calling
1-800-843-3001 or from your investment professional.
The following information replaces the first paragraph and table in the
"Expenses" section on page 4.
SHAREHOLDER TRANSACTION EXPENSES are charges you pay when you buy, sell, or
hold Institutional Class shares of a fund.
Maximum sales charge on purchases and None
reinvested distributions

Maximum deferred sales None
charge

Redemption fee (except Natural Resources) None

Redemption fee for Natural Resources on shares held 1.00
less than 60 days[A] (as a % of amount redeemed) %

Exchange fee None

Annual account maintenance fee $12.0
(for accounts under $2500) 0

[A] NATURAL RESOURCES WILL CHARGE A REDEMPTION FEE ON SHARES PURCHASED ON
OR AFTER MARCH 1, 1997.
The following information replaces the similar information regarding
Balanced, Natural Resources, and Short Fixed-Income found in the "Expenses"
section beginning on page 4.
The following are based on historical expenses, adjusted for current fees,
of the Institutional Class of Balanced and Natural Resources, and are
calculated as a percentage of average net assets of the Institutional Class
of Balanced and Natural Resources, respectively. A portion of the brokerage
commissions that each fund paid was used to reduce other expenses.
Including this reduction, total operating expenses would have been 0.94%
and 1.17% for the Institutional Class of Balanced and Natural Resources,
respectively.
Operating Expenses

BALANCED Management fee (after 0.46%[B
fee reduction) ]

12b-1 fee (Distribution None
fee)

Other expenses 0.49%[A
]

Total operating 0.95%
expenses

Operating Expenses

NATURAL RESOURCES Management fee (after 0.61%[C
fee reduction) ]

12b-1 fee (Distribution None
fee)

Other expenses 0.58%[A
]

Total operating 1.19%
expenses

Operating Expenses

SHORT Management fee 0.45%
FIXED-INCOME

12b-1 fee (Distribution None
fee)

Other expenses (after 0.30%[A
reimbursement) ]

Total operating 0.75%
expenses

[A] BASED ON ESTIMATED EXPENSES FOR FIRST YEAR.
[B] EFFECTIVE AUGUST 1, 1996 FMR VOLUNTARILY AGREED TO IMPLEMENT A
MANAGEMENT FEE REDUCTION. THE INDIVIDUAL FUND FEE RATE WAS REDUCED FROM
0.20% TO 0.15%. IF THIS AGREEMENT WAS NOT IN EFFECT, THE MANAGEMENT FEE
WOULD BE 0.51% AND TOTAL OPERATING EXPENSES WOULD BE 1.00%.
[C] EFFECTIVE SEPTEMBER 1, 1996 FMR VOLUNTARILY AGREED TO IMPLEMENT A
MANAGEMENT FEE REDUCTION. THE INDIVIDUAL FUND FEE RATE WAS REDUCED FROM
0.45% TO 0.30%. IF THIS AGREEMENT WAS NOT IN EFFECT, THE MANAGEMENT FEE
WOULD BE 0.76% AND TOTAL OPERATING EXPENSES WOULD BE 1.34%.
EXPENSE TABLE EXAMPLE: You would pay the following expenses on a $1,000
investment in Institutional Class shares, assuming a 5% annual return and
full redemption at the end of each time period:
Examples

BALANCED After 1 year $10

After 3 $30
years

After 5 $53
years

After 10 $117
years

Examples

NATURAL RESOURCES After 1 year $12

After 3 $38
years

After 5 $65
years

After 10 $144
years

Examples

SHORT FIXED-INCOME After 1 year $8

After 3 $24
years

After 5 $42
years

After 10 $94
years

THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT MEANT TO
SUGGEST ACTUAL OR EXPECTED COSTS OR RETURNS, ALL OF WHICH MAY VARY.
Effective October 30, 1995, FMR has voluntarily agreed to reimburse the
Institutional Class of Balanced to the extent that total operating expenses
as a percentage of the fund's average net assets exceed 1.25%.
Effective August 30, 1996, FMR has voluntarily agreed to reimburse the
Institutional Class of Natural Resources and Short Fixed-Income to the
extent that total operating expenses as a percentage of each fund's average
net assets exceed 1.50% and 0.75%, respectively. If this agreement were not
in effect, other expenses of the Institutional Class as a percentage of
average net assets would be 0.53% for Short Fixed-Income.
Effective January 1, 1997, FMR has voluntarily agreed to reimburse the
Institutional Class of Equity Growth to the extent that total operating
expenses as a percentage of the fund's average net assets exceed 1.50%
The following information replaces the similar information under the
heading "FMR and Affiliates" in the "Charter" section on page 20.
C. Robert Chow is manager of Advisor Equity Income, which he has managed
since March 1996. Previously, he managed Select Paper and Forest Products,
Select Computers, and Select Insurance. In addition, he was an equity
analyst covering consumer finance and household products. Mr. Chow joined
Fidelity in 1989.
Bettina E. Doulton is lead manager and vice president of Advisor Balanced,
which she has managed since March 1996. Ms. Doulton also manages Advisor
Annuity Income & Growth, and Puritan(registered trademark). Previously, she
managed Advisor Equity Income, VIP Equity-Income, Value, Select Automotive,
and was an assistant to Peter Lynch on Magellan(registered trademark). Ms.
Doulton also served as an analyst following the automotive and tire
industry as well as the gaming and lodging industry. Ms. Doulton joined
Fidelity in 1986.
Kevin E. Grant is vice president of Advisor Balanced and has been manager
of its fixed-income investments since March 1996. Mr. Grant is also vice
president and manager of Advisor Intermediate Bond, and manager of Advisor
Strategic Income's U.S. government and domestic investment grade
investments. In addition, he manages the fixed-income investments of
Puritan. Mr. Grant also manages Advisor World Limited Term Bond, Spartan
Ginnie Mae, Ginnie Mae, and Mortgage Securities. Previously, he was vice
president and chief strategist for mortgage-backed securities at Morgan
Stanley and an investment director at Aetna. Mr. Grant joined Fidelity in
1993.
Lawrence Greenberg is vice president and manager of Advisor Equity Growth,
which he has managed since June 1996. Mr. Greenberg also manages
VIP:Growth, Growth Company, and Emerging Growth. Mr. Greenberg joined
Fidelity in 1986.
Harris B. Leviton is vice president and manager of Advisor Strategic
Opportunities, which he has managed since March 1996. Previously, he
managed Retirement Growth, Select Electronics, and Convertible Securities.
Mr. Leviton joined Fidelity in 1986.
Richard Mace, Jr. is vice president and manager of Advisor Overseas, which
he has managed since March 1996. Mr. Mace also manages International Value,
Global Balanced, Overseas, Advisor Annuity Overseas, and VIP Overseas.
Previously, he managed International Growth & Income, Select
Transportation, Select Industrial Materials, and Select Chemicals.
Additionally, between 1992 and 1993, he co-managed Equity-Income and Global
Balanced. Mr. Mace joined Fidelity in 1987.
Thomas Sprague is manager of Advisor Large Cap, which he has managed since
March 1996. Mr. Sprague also manages Large Cap Stock, Trust Earnings
Growth, and Advisor World U.S. Large Cap. Previously, he managed Select
Environmental Services, Select Electronics, Select Software, and Select
Computer Services. Mr. Sprague joined Fidelity in 1989.
Effective January 2, 1997, the following information replaces the first
three of four paragraphs under the heading "Global Resources Fund" found in
the "Investment Principles and Risks" section beginning on page 23.
NATURAL RESOURCES FUND seeks long-term growth of capital and protection of
the purchasing power of shareholders' capital by investing primarily in
securities of foreign and domestic companies that own or develop natural
resources, or supply goods and services to such companies, or in physical
commodities.
The fund normally invests at least 80% of its assets in securities of
foreign and domestic companies that own or develop natural resources, or
supply goods and services to such companies, or in physical commodities.
These may include companies involved either directly or through
subsidiaries in exploring, mining, refining, processing, transporting,
fabricating, dealing in, or owning natural resources. Natural resources
include precious metals (e.g., gold, platinum and silver), ferrous and
non-ferrous metals (e.g., iron, aluminum and copper), strategic metals
(e.g., uranium and titanium), hydrocarbons (e.g., coal, oil and natural
gases), chemicals, forest products, real estate, food products and other
basic commodities. FMR will seek securities whose prices directly reflect
positive changes in the value of an underlying natural resource or whose
issuers will benefit from particular phases in the overall economic cycle.
Accordingly, the fund may shift its emphasis from one natural resource
industry to another depending on prevailing trends or developments. The
fund may also invest in securities of companies in other industries, and in
corporate and governmental debt securities of all types.
Although the fund is authorized to invest up to 50% of its assets in
physical commodities, it currently intends to invest no more than 25% of
its total assets in them, and intends to limit its physical commodity
investments to readily marketable precious metals. Precious metals, at
times, have been subject to substantial price fluctuations over short
periods of time and may be affected by unpredictable international monetary
and political policies such as currency devaluations or revaluations,
economic and social conditions within a country, trade imbalances, or trade
or currency restrictions between countries.
The following information replaces the two paragraphs under the heading
"Income & Growth Fund" in the "Investment Principles and Risks" section on
page 24.
BALANCED seeks both income and growth of capital by investing in a
diversified portfolio of equity and fixed-income securities with income,
growth of income and capital appreciation potential.
FMR manages the fund to maintain a balance between stocks and bonds. When
FMR's outlook is neutral, it will invest approximately 60% of the fund's
assets in stocks and other equity securities and the remainder in bonds and
other fixed-income securities. FMR may vary from this target if it believes
stocks or bonds offer more favorable opportunities, but will always invest
at least 25% of the fund's total assets in fixed-income senior securities
(including debt securities and preferred stock).
The fund invests in equity securities, convertible securities, common and
preferred stocks, and fixed-income securities that provide income or
opportunities for capital growth. The fund may buy securities that are not
currently paying income but offer prospects for future income. The fund may
invest in securities of foreign issuers. In selecting investments for the
fund, FMR will consider such factors as the issuer's financial strength,
its outlook for increased dividend or interest payments, and the potential
for capital gains.
The following information replaces the second paragraph on page 25 under
the heading "Government Investment Fund" in the "Investment Principles and
Risks" section.
The fund normally invests only in U.S. Government securities, repurchase
agreements and other instruments related to U.S. Government securities.
Under normal conditions, the fund will invest at least 65% of its total
assets in U.S. Government securities and repurchase agreements for U.S.
Government securities. Other instruments may include futures or options on
U.S. Government securities or interests in U.S. Government securities that
have been repackaged by dealers or other third parties.
The following information replaces the second paragraph on page 26 under
the heading "Intermediate Municipal Income Fund" in the "Investment
Principles and Risks" section.
The fund normally invests at least 80% of its net assets in securities
whose interest is free from federal income tax. The fund normally invests
in municipal obligations rated investment-grade or higher. The fund may
also invest more than 25% of its total assets in tax-free securities whose
revenue sources are from similar types of projects (e.g., education,
electric utilities, health care, housing, transportation or water, sewer,
and gas utilities) or whose issuers share the same geographic location. The
fund may, under normal conditions, invest up to 100% of its assets in
municipal securities subject to the federal alternative minimum tax.
The following information replaces the second paragraph on page 26 under
the heading "California Municipal Income Fund" in the "Investment
Principles and Risks" section.
The fund normally invests at least 80% of its net assets in securities
whose interest is free from federal and California income taxes. The fund
normally invests in municipal securities of investment-grade quality. The
fund may, under normal conditions, invest up to 100% of its assets in
municipal securities subject to the federal alternative minimum tax.
The following information replaces the second paragraph on page 26 under
the heading "New York Municipal Income Fund" in the "Investment Principles
and Risks" section.
The fund normally invests at least 80% of its net assets in securities
whose interest is free from federal and New York State and City personal
income taxes. The fund normally invests in municipal securities of
investment-grade quality. The fund may, under normal conditions, invest up
to 100% of its assets in municipal securities subject to the federal
alternative minimum tax.
The following information replaces the information found in the
RESTRICTIONS subsection beginning on page 27 under the heading "Debt
Securities" in the "Securities and Investment Practices" section.
RESTRICTIONS: For all of the Equity Funds, purchase of a debt security is
consistent with a fund's debt quality policy if it is rated at or above the
stated level by Moody's Investor Service (Moody's) or rated in the
equivalent categories by Standard & Poor's (S&P), or is unrated but judged
to be of equivalent quality by FMR.
Each of Overseas, Mid Cap, Equity Growth, Growth Opportunities, Strategic
Opportunities, Large Cap, Equity Income, and Balanced currently intends to
limit its investments in lower than Baa-quality debt securities to less
than 35% of its assets.
Each of Short Fixed-Income, Intermediate Municipal Income,
Short-Intermediate Municipal Income, California Municipal Income, and New
York Municipal Income normally invests only in investment-grade securities,
but reserves the right to invest up to 5% of its assets in below
investment-grade securities. A security is considered to be
investment-grade if it is rated investment-grade by Moody's, S&P, Duff &
Phelps Credit Rating Co. (Duff & Phelps), or Fitch Investors Service, L.P.
(Fitch), or is unrated but judged by FMR to be of equivalent quality.
Intermediate Bond invests only in investment-grade securities, and will
limit its investments in medium quality securities to 5% of its assets. A
security is considered to be investment-grade or medium quality if it is
rated investment-grade or medium quality, respectively, by Moody's , S&P,
Duff & Phelps, or Fitch, or is unrated but judged by FMR to be of
equivalent quality.
High Income Municipal does not currently intend to invest more than 10% of
its total assets in bonds that are in default.
Effective January 2, 1997 the following information replaces the similar
information found in the "Securities and Investment Practices" discussion
found in the "Investment Principles and Risks" section beginning on page
22.
Natural Resources currently intends to limit its investments in lower than
Baa-quality debt securities to 5% of its assets.
The following information supplements the information found in the
"Securities and Investment Practices" discussion found in the "Investment
Principles and Risks" section beginning on page 22.
CASH MANAGEMENT. A fund may invest in money market securities, in a pooled
account of repurchase agreements, and in a money market fund available only
to funds and accounts managed by FMR or its affiliates, whose goal is to
seek a high level of current income (exempt from federal income tax in the
case of a tax-free money market fund) while maintaining a stable $1.00
share price. A major change in interest rates or a default on the money
market fund's investments could cause its share price to change.
RESTRICTIONS: California Municipal Income and New York Municipal Income do
not currently intend to invest in or a money market fund. High Income
Municipal, Intermediate Municipal Income, and Short-Intermediate Municipal
Income do not currently intend to invest in a pooled account of repurchase
agreements. Equity Growth and Strategic Opportunities will not invest in a
money market fund.
Effective January 2, 1997 the following information supplements the
information found in the "Securities and Investment Practices discussion
found in the "Investment Principles and Risks" section.
Natural Resources normally invest at least 80% of its assets, but always
invests at least 25% of its total assets, in securities of companies
principally engaged in the business activities of the industries in the
market sector identified for the fund.
The following information replaces the similar information regarding
Balanced and Natural Resources found in the table in the "Breakdown of
Expenses" section on page 33.
Group Individual Total
Fee Rate Fund Fee Manageme
Rate nt Fee

Balanced 0.31% 0.20%[E 0.51%
] [E]

Natural Resources 0.31% 0.45%[F 0.76%
] [F]

[E] EFFECTIVE AUGUST 1, 1996 FMR VOLUNTARILY AGREED TO REDUCE THE FUND'S
INDIVIDUAL FUND FEE RATE FROM 0.20% TO 0.15%. IF THIS REDUCTION WERE IN
EFFECT, THE TOTAL FEE WOULD HAVE BEEN 0.46%.
[F] EFFECTIVE SEPTEMBER 1, 1996 FMR VOLUNTARILY AGREED TO REDUCE THE FUND'S
INDIVIDUAL FUND FEE RATE FROM 0.45% TO 0.30%. IF THIS REDUCTION WERE IN
EFFECT, THE TOTAL FEE WOULD HAVE BEEN 0.61%.
The following information replaces similar information in the "How to Buy
Shares" section beginning on page 36.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
Through regular investment plans* $1,000*
TO ADD TO AN ACCOUNT $250*
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $100
Through regular investment plans* $100
MINIMUM BALANCE $1,000**
For Fidelity IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
* INVESTMENT MINIMUMS AND MINIMUM ACCOUNT BALANCES ARE ALSO WAIVED FOR
INVESTMENTS IN CERTAIN RETIREMENT ACCOUNTS FUNDED THROUGH SALARY REDUCTION,
OR ACCOUNTS FUNDED WITH THE PROCEEDS OF DISTRIBUTIONS FROM SUCH FIDELITY
RETIREMENT ACCOUNTS.
** AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $1000 PROVIDED THAT A REGULAR
INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS OPENED. FOR MORE
INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO "INVESTOR
SERVICES," PAGE 38.
The following information supplements the first paragraph of the "How to
Sell Shares" section on page 37.
If you sell your shares of Natural Resources after holding them less than
60 days, you will pay a redemption fee equal to 1.00% of the value of those
shares. Natural Resources will charge a redemption fee on shares purchased
on or after March 1, 1997.
Effective January 2, 1997, the following information replaces the similar
information under the heading "Selling Shares in Writing" in the "How to
Sell Shares" section on page 37.
Write a "letter of instruction" with:
(medium solid bullet) Your name
(medium solid bullet) The fund's name,
(medium solid bullet) the applicable class name,
(medium solid bullet) Your fund account number,
(medium solid bullet) The dollar amount or number of shares to be redeemed,
and
(medium solid bullet) Any other applicable requirements listed in the table
on page 38.
Deliver your letter to your investment professional, or mail it to the
following address:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Unless otherwise instructed the transfer agent will send a check to the
record address.
The following information replaces the second paragraph under the heading
"Exchange privilege" in the "Investor Services" section on page 39.
Note that exchanges out of a fund are limited to four per calendar year
(although exchanges out of Natural Resources are unlimited) and that they
may have tax consequences for you. For details on policies and restrictions
governing exchanges, including circumstances under which a shareholder's
exchange privilege may be suspended or revoked, see "Exchange
Restrictions," page 43.
Effective January 2, 1997, the following information replaces similar
information found in the "Dividends, Capital Gains, and Taxes" section
beginning on page 40.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will be automatically reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3 or 4 and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in our account at the current NAV
and your election may be converted to the Reinvestment Option. To change
your distribution option, call your investment professional directly or, if
you purchased your shares through a broker-dealer or insurance
representative, call 1-800-522-7297. If you purchased your shares through a
bank representative, call 1-800-843-3001.
The following information replaces the fourth paragraph of the "Transaction
Details" section beginning on page 41.
The OFFERING PRICE (price to buy one share) of Institutional Class shares
is the NAV. The REDEMPTION PRICE (price to sell one share) of Institutional
Class shares is the NAV minus any applicable redemption fee.
The following information supplements the "When you place an order to sell
shares" discussion in the "Transaction Details" section on page 42.
NATURAL RESOURCES' REDEMPTION FEE, if applicable, of 1.00% for shares held
less than 60 days, will be deducted from the amount of your redemption.
This fee is paid to the fund rather than FMR. If shares you are redeeming
were not all held for the same length of time, those shares you held
longest will be redeemed first for purposes of determining the applicable
fee.
Effective January 2, 1997, the following information replaces the similar
information found in the "Transaction Details" section beginning on page
42.
THE TRANSFER AGENTS RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE
of $12.00 from accounts with a value of less than $2,500, subject to an
annual maximum charge of $60.00 per shareholder. Accounts opened after
September 30 will not be subject to the fee for that year. The fee, which
is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. The fee will not be
deducted from retirement accounts (except non-prototype retirement
accounts), accounts using a systematic investment program, certain (Network
Level I and III) accounts which are maintained through National Securities
Clearing Corporation (NSCC), or if total assets in Fidelity mutual funds
exceed $50,000. Eligibility for the $50,000 waiver is determined by
aggregating Fidelity mutual fund accounts (excluding contractual plans)
maintained (i) by FIIOC and (ii) through NSCC; provided those accounts are
registered under the same primary social security number.
The following replaces the sixth bullet in the "Exchange Restrictions"
section on page 43.
(small solid bullet) Because excessive trading can hurt fund performance
and shareholders, each fund reserves the right to temporarily or
permanently terminate the exchange privilege of any investor who makes more
than four exchanges out of the fund per calendar year. Exchanges out of
Natural Resources are unlimited, although the fund reserves the right to
enact limitations in the future. Accounts under common ownership or
control, including accounts with the same taxpayer identification number,
will be counted together for purposes of the four exchange limit.
The following information supplements the information found in the
"Exchange Restrictions" section on page 43.
(small solid bullet) Each fund reserves the right to reject exchange
purchases in excess of 1% of its net assets or $1 million, whichever is
less. For purposes of this policy, accounts under common ownership will be
aggregated.

SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS: CLASS A, CLASS T, CLASS B, AND
INSTITUTIONAL CLASS
AUGUST 30, 1996 STATEMENT OF ADDITIONAL INFORMATION
Effective January 2, 1997, Fidelity Advisor Income & Growth Fund has been
renamed Fidelity Advisor Balanced Fund.
Effective January 2, 1997 Fidelity Investments Institutional Operations
Company, Inc. (FIIOC) performs transfer agency, dividend disbursing and
shareholder servicing functions for Class T shares of Overseas, Mid Cap,
Equity Growth, Natural Resources, Growth Opportunities, Strategic
Opportunities, Large Cap, Equity Income, Income & Growth, Emerging Markets
Income, High Yield, Strategic Income, Government Investment, Intermediate
Bond and Short Fixed-Income.
The following non-fundamental limit replaces the similar non-fundamental
limit for each fund (except Equity Growth Fund, Strategic Opportunities
Fund, New York Municipal Income Fund, and California Municipal Income Fund)
in the "Investment Policies and Limitations" section beginning on page 3.
The fund does not currently intend to (a) purchase securities of other
investment companies, except in the open market where no commission except
the ordinary broker's commission is paid, or (b) purchase or retain
securities issued by other open-end investment companies. Limitations (a)
and (b) do not apply (i) to securities received as dividends, through
offers of exchange, or as a result of a reorganization, consolidation, or
merger, or (ii) to securities of other open-end investment companies
managed by FMR or a successor or affiliate purchased pursuant to an
exemptive order granted by the SEC.
The following non-fundamental limit replaces non-fundamental limit (i) for
Emerging Markets Income Fund, Strategic Income Fund, and Short-Intermediate
Municipal Income Fund in the "Investment Policies and Limitations" section
beginning on page 3.
(i) In order to qualify as a "regulated investment company" under
Subchapter M of the Internal Revenue Code of 1986, as amended, the fund
currently intends to comply with certain diversification limits imposed by
Subchapter M.
The following information follows the last non-fundamental limit for
Emerging Markets Income Fund, Strategic Income Fund, and Short-Intermediate
Municipal Income Fund in the "Investment Policies and Limitations" section
beginning on page 3.
For purposes of limitation (i), Subchapter M generally requires the fund to
invest no more than 25% of its total assets in securities of any one issuer
and to invest at least 50% of its total assets so that no more than 5% of
the fund's total assets are invested in securities of any one issuer.
However, Subchapter M allows unlimited investments in cash, cash items,
government securities (as defined in Subchapter M) and securities of other
investment companies. These tax requirements are generally applied at the
end of each quarter of the fund's taxable year.
The following information replaces the similar information in the
"Performance" section beginning on page 66.
NEW YORK MUNICIPAL INCOME ONLY
Use the first table to find your approximate effective tax bracket as a New
York State resident with triple taxes (federal, state, and New York City)
or double taxes (federal and state) for 1997.
1997 TAX RATES

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Taxable Income* Marginal Tax Rate

Single Return Joint Return Marginal New York New York Combined New Combined New
Federal State City York State and York State,
Income Federal City and
Tax Bracket Effective Federal
Tax Bracket** Tax Bracket**

$ 24,651 - $ 25,000 $ 41,201 - $ 45,000 28.0% 6.85% 3.76% 32.93% 35.64%

$ 25,001 - $ 50,000 $ 45,001 - $ 90,000 28.0% 6.85% 3.82% 32.93% 35.68%

$ 50,001 - $ 124,650 $ 90,001 - $ 108,000 31.0% 6.85% 3.88% 35.73% 38.40%

$ 124,651 - $ 271,050 $ 108,001 - $ 271,050 36.0% 6.85% 3.88% 40.38% 42.86%

$ 271,051 - + $ 271,051 - + 39.6% 6.85% 3.88% 43.74% 46.10%

</TABLE>

* Net amount subject to federal income tax after deductions and
exemptions. Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, use the appropriate table
below to determine the tax-equivalent yield for a given tax-free yield.
NEW YORK CITY RESIDENTS - TRIPLE TAXES - 1997

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
If your effective combined federal, state, and New York
City personal income tax rate in 1997 is:

35.64% 35.68% 38.40% 42.86% 46.10%

To match these Your taxable investment would have
to earn the following yield:
tax-free yields:

2% 3.11% 3.11% 3.25% 3.50% 3.71%

3% 4.66% 4.66% 4.87% 5.25% 5.56%

4% 6.22% 6.22% 6.49% 7.00% 7.42%

5% 7.77% 7.77% 8.12% 8.75% 9.27%

6% 9.32% 9.33% 9.74% 10.50% 11.13%

7% 10.88% 10.88% 11.36% 12.25% 12.98%

8% 12.43% 12.44% 12.99% 14.00% 14.84%

9% 13.98% 13.99% 14.61% 15.75% 16.69%

10% 15.54% 15.55% 16.23% 17.50% 18.55%

11% 17.09% 17.10% 17.86% 19.25% 20.40%

NEW YORK STATE RESIDENTS (OUTSIDE NYC) - DOUBLE TAXES - 1997

If your effective combined federal and state personal income
tax rate in 1997 is:

32.93% 35.73% 40.38% 43.74%

To match these Your taxable investment would have to earn the
following yield:
tax-free yields:

2% 2.98% 3.11% 3.35% 3.55%

3% 4.47% 4.67% 5.03% 5.33%

4% 5.96% 6.22% 6.71% 7.11%

5% 7.46% 7.78% 8.39% 8.89%

6% 8.95% 9.34% 10.06% 10.66%

7% 10.44% 10.89% 11.74% 12.44%

8% 11.93% 12.45% 13.42% 14.22%

9% 13.42% 14.00% 15.10% 16.00%

10% 14.91% 15.56% 16.77% 17.77%

11% 16.40% 17.11% 18.45% 19.55%
</TABLE>
The fund may invest a portion of its assets in obligations that are
subject to city, state or federal income taxes. When the fund invests in
these obligations, its tax-equivalent yield will be lower. In the table
above, the tax-equivalent yields are calculated assuming investments are
100% federally and state tax-free.
The following information replaces the similar information in the
"Additional Purchase, Exchange, and Redemption Information" section on page
101.
The sales charge will not apply:
2. to shares 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 Corp. or FIL 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;
5. to shares in a Fidelity or Fidelity Advisor account purchased (including
purchases by exchange) with the proceeds of a distribution (i) from an
employee benefit plan that qualified for waiver (11) or had a minimum of $3
million in plan assets invested in Fidelity funds; or (ii) from an
insurance company separate account qualifying under (6) below or used to
fund annuity contracts purchased by employee benefit plans having in the
aggregate at least $3 million in plan assets invested in Fidelity funds.
(Distributions other than those transferred to an IRA account must be
transferred directly into a Fidelity account.)
Effective January 2, 1997, Class B shares of the funds may, upon
redemption, be assessed a contingent deferred sales charge (CDSC) based on
the following schedules:
EQUITY FUNDS: (OVERSEAS, MID CAP, NATURAL RESOURCES, GROWTH OPPORTUNITIES,
STRATEGIC OPPORTUNITIES, LARGE CAP, AND EQUITY INCOME)
From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 5%

1 year to less than 2 years 4%

2 years to less than 3 years 3%

3 years to less than 4 years 3%

4 years to less than 5 years 2%

5 years to less than 6 years 1%

6 years to less than 7 years 0%

BOND FUNDS: (EMERGING MARKETS INCOME, HIGH YIELD, STRATEGIC INCOME,
GOVERNMENT INVESTMENT, HIGH INCOME MUNICIPAL, NEW YORK MUNICIPAL INCOME,
AND CALIFORNIA MUNICIPAL INCOME)
From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 5%

1 year to less than 2 years 4%

2 years to less than 3 years 3%

3 years to less than 4 years 3%

4 years to less than 5 years 2%

5 years to less than 6 years 1%

6 years to less than 7 years 0%

INTERMEDIATE-TERM BOND FUNDS: (INTERMEDIATE BOND AND INTERMEDIATE MUNICIPAL
INCOME)
From Date of Purchase Contingent
Deferred
Sales Charge

Less than 1 year 3%

1 year to less than 2 years 2%

2 years to less than 3 years 1%

3 years to less than 4 years 0%

The following information replaces the similar information found in the
"Trustees and Officers" section beginning on page 106.
JENNIFER UHRIG (36), is Vice President of Equity Growth (1997), and other
funds advised by FMR, and an employee of FMR.

SUPPLEMENT TO THE FIDELITY
ADVISOR FOCUS FUNDS
CLASS A AND CLASS T AUGUST 30, 1996 PROSPECTUS
The following information replaces similar information found under the
heading "FMR and Its Affiliates" in the "Charter" section on page 9.
Paul Antico is manager of Advisor Consumer Industries, which he has managed
since January 1997. He also manages other Fidelity funds. Since joining
Fidelity in 1991, Mr. Antico has worked as an analyst and manager.
Lawrence Rakers is manager of Advisor Natural Resources, which he has
managed since January 1997. He also manages other Fidelity funds. Mr.
Rakers joined Fidelity as an analyst in 1993. Previously, he was a project
engineer for Loral Corporation from 1986 to 1993.
Effective January 2, 1997, the following information replaces the similar
information found in the "Who May Want to Invest" section beginning on page
3.
In determining which class of shares is the most appropriate for you, you
should consider, among other factors, the length of time you intend to hold
your shares. In general, because of its higher front-end load, Class A
shares have higher costs than Class T for a short holding period and,
because of their lower 12b-1 fees, lower costs than Class T for a longer
holding period. If you are planning to invest a significant amount either
at one time or through a regular investment program, you should consider
the reduced sales charges available on Class A and Class T shares. If you
are purchasing shares of Natural Resources and you prefer not to pay a
front-end sales charge and plan to hold your shares for more than six
years, you should consider Class B shares. While Class B shares are subject
to higher ongoing expenses, they are sold without a front-end sales charge
so your entire purchase amount is immediately invested. However, if you
sell your Class B shares within six years, you will normally pay a CDSC
that varies depending on how long you have held your shares.
Effective January 2, 1997, the following information replaces similar
information found in the first paragraph of the "Investment Principles and
Risks" section found on page 10.
Each fund concentrates its investments in the securities of companies in a
particular market sector. Under normal conditions, each fund will invest at
least 80% of its assets in securities of companies principally engaged in
the business activities of its named market sector. The funds will invest
primarily in equity securities, although they may invest in other types of
instruments as well.
Effective January 2, 1997, the following replaces similar information found
in the "Investment Principles and Risks" section under the "Natural
Resources" heading on page 11.
NATURAL RESOURCES FUND seeks long-term growth of capital and protection of
the purchasing power of shareholders' capital by investing primarily in
securities of foreign and domestic companies that own or develop natural
resources, or supply goods and services to such companies, or in physical
commodities.
The fund normally invests at least 80% of its assets in securities of
foreign and domestic companies that own or develop natural resources, or
supply goods and services to such companies, or in physical commodities.
These may include companies involved either directly or through
subsidiaries in exploring, mining, refining, processing, transporting,
fabricating, dealing in, or owning natural resources. Natural resources
include precious metals (e.g., gold, platinum and silver), ferrous and
nonferrous metals (e.g., iron, aluminum and copper), strategic metals
(e.g., uranium and titanium), hydrocarbons (e.g., coal, oil and natural
gases), chemicals, forest products, real estate, food products and other
basic commodities. FMR will seek securities whose prices directly reflect
positive changes in the value of an underlying natural resource or whose
issuers will benefit from particular phases in the overall economic cycle.
Accordingly, the fund may shift its emphasis from one natural resource
industry to another depending upon prevailing trends or developments. The
fund may also invest in securities of companies in other industries, and in
corporate and governmental debt securities of all types.
Although the fund is authorized to invest up to 50% of its assets in
physical commodities, it currently intends to invest no more than 25% of
its total assets in them, and intends to limit its physical commodity
investments to readily marketable precious metals. Precious metals, at
times, have been subject to substantial price fluctuations over short
periods of time and may be affected by unpredictable international monetary
and political policies such as currency devaluations or revaluations,
economic and social conditions within a country, trade imbalances, or trade
or currency restrictions between countries.
Effective January 2, 1997, the following replaces similar information found
in the "Investment Principles and Risks" section under the "Debt
Securities" heading on page 12.
RESTRICTIONS: Purchase of a debt security is consistent with a fund's debt
quality policy if it is rated at or above the stated level by Moody's
Investor Service (Moody's) or rated in the equivalent category by Standard
& Poor's (S&P), or is unrated but judged to be of equivalent quality by
FMR.
Each fund currently intends to limit its investments in lower than
Baa-quality debt securities to 5% of its assets.
Effective January 2, 1997, the following information replaces similar
information found in the second paragraph of the "Diversification" section
found on page 13.
Each fund normally invests at least 80% of its assets, but always invests
at least 25% of its total assets, in securities of companies principally
engaged in the business activities of the industries in the market sector
identified for the fund. Natural Resources may not invest more than 25% of
its total assets in any one industry.
Effective January 2, 1997 Fidelity Investments Institutional Operations
Company, Inc. (FIIOC) performs transfer agency, dividend disbursing and
shareholder servicing functions for Class T shares of each fund.
The following information replaces similar information in the "How to Buy
Shares" section on page 17.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
Through regular investment plans** $1,000*
TO ADD TO AN ACCOUNT $250*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts $100
Through regular investment plans $100*
MINIMUM BALANCE $1,000*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts None
*ACCOUNT MINIMUMS ARE WAIVED FOR PURCHASES INTO NON-RETIREMENT ACCOUNTS
WITH DISTRIBUTIONS FROM A FIDELITY DEFINED TRUST ACCOUNT. INVESTMENT
MINIMUMS AND MINIMUM ACCOUNT BALANCES ARE ALSO WAIVED FOR INVESTMENTS IN
CERTAIN RETIREMENT ACCOUNTS FUNDED THROUGH SALARY REDUCTION, OR ACCOUNTS
FUNDED WITH THE PROCEEDS OF DISTRIBUTIONS FROM SUCH FIDELITY RETIREMENT
ACCOUNTS.
**AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $1,000, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS OPENED.
FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE 20.
Effective January 2, 1997, following information replaces the information
found in the "How to Buy Shares" section in the chart on page 18 in the
"Wire" row, under the column "To Add to an Account."
Wire to:
Bankers Trust Co.
Routing #021001033
Fidelity DART Depository
Account #00159759
FBO: (account name)
(account number)
Specify the complete name of the fund of your choice, note the applicable
class, and include your account number and your name.
Effective January 2, 1997, following information replaces the information
found in the "How to Sell Shares" section under the "Selling Shares in
Writing" heading on page 19.
Write a "letter of instruction" with:
(small solid bullet) Your name,
(small solid bullet) The fund's name,
(small solid bullet) The applicable class name,
(small solid bullet) Your fund account number,
(small solid bullet) The dollar amount or number of shares to be redeemed,
and
(small solid bullet) Any other applicable requirements listed in the table
on page 20.
Deliver your letter to your investment professional, or mail it to the
following address :
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Unless otherwise instructed, Fidelity will send a check to the record
address.
Effective January 2, 1997, the following information replaces similar
information found in the "Dividends, Capital Gains, and Taxes" section on
page 22.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will be automatically reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3 or 4 and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in your account at the current NAV
and your election may be converted to the Reinvestment Option. To change
your distribution option, call your investment professional directly or, if
you purchased your shares through a broker-dealer or insurance
representative, call 1-800-522-7297. If you purchased your shares through a
bank representative, call 1-800-843-3001.
Effective January 2, 1997, the following information replaces similar
information found in the "Transaction Details" section on page 24.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500 (including any amount paid
as a sales charge), subject to an annual maximum charge of $60.00 per
shareholder. Accounts opened after September 30 will not be subject to the
fee for that year. The fee, which is payable to the transfer agent, is
designed to offset in part the relatively higher costs of servicing smaller
accounts. The fee will not be deducted from retirement accounts (except
non-prototype retirement accounts), accounts using a systematic investment
program, certain (Network Level I and III) accounts which are maintained
through National Securities Clearing Corporation (NSCC), or if total assets
in Fidelity mutual funds exceed $50,000. Eligibility for the $50,000 waiver
is determined by aggregating Fidelity mutual fund accounts (excluding
contractual plans) maintained (i) by FIIOC and (ii) through NSCC; provided
those accounts are registered under the same primary social security
number.
The following information replaces similar information found in the "Sales
Charge Reductions and Waivers" section on page 25.
2. 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 Corp.
or Fidelity International 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;
5. Purchased for a Fidelity or Fidelity Advisor account with the proceeds
of a distribution (i) from an employee benefit plan that qualified for
waiver (11) or had a minimum of $3 million in plan assets invested in
Fidelity funds; or (ii) from an insurance company separate account
qualifying under (6) below, or used to fund annuity contracts purchased by
employee benefit plans having in the aggregate at least $3 million in plan
assets invested in Fidelity funds (Distributions other than those
transferred to an IRA account must be transferred directly into a Fidelity
account.);

SUPPLEMENT TO THE FIDELITY
ADVISOR FOCUS FUNDS INSTITUTIONAL CLASS
AUGUST 30, 1996 PROSPECTUS
The following information replaces similar information found under the
heading "FMR and Its Affiliates" in the "Charter" section on page 8.
Paul Antico is manager of Advisor Consumer Industries, which he has managed
since January 1997. He also manages other Fidelity funds. Since joining
Fidelity in 1991, Mr. Antico has worked as an analyst and manager.
Lawrence Rakers is manager of Advisor Natural Resources, which he has
managed since January 1997. He also manages other Fidelity funds. Mr.
Rakers joined Fidelity as an analyst in 1993. Previously, he was a project
engineer for Loral Corporation from 1986 to 1993.
The following information replaces similar information found in the "Key
Facts" section under the "Who May Want to Invest" heading on page 3.
Institutional Class shares are offered to accounts managed (i) by a bank
trust department and other trust institutions, (ii) by a broker-dealer, and
(iii) by a registered investment advisor (RIA) on a discretionary basis
(collectively, eligible intermediaries).
Shares are available through eligible intermediaries that have signed a
participation agreement with FDC. The participation agreement specified
certain aggregate asset minimums and asset qualifications, trading
guidelines, marketing restrictions and program requirements. For purpose of
exchanging into the funds, eligible intermediaries with existing
Institutional Class accounts will be required to sign and comply with a
participation agreement in order to purchase additional shares. Investors
prior to June 30, 1995 that have not signed a participation agreement will
be allowed to continue investing in Institutional Class shares under the
terms of this relationship until June 30, 1997, after which they will be
prevented from making new or subsequent purchases in Institutional Class,
except that employee benefit plans will be permitted to make additional
purchases of Institutional Class shares. In addition, Institutional Class
shares are available through certain eligible intermediaries that meet
qualifications established by FDC but have not signed a participation
agreement.
Effective January 2, 1997, the following information replaces similar
information found in the first paragraph of the "Investment Principles and
Risks" section found on page 9.
Each fund concentrates its investments in the securities of companies in a
particular market sector. Under normal conditions, each fund will invest at
least 80% of its assets in securities of companies principally engaged in
the business activities of its named market sector. The funds will invest
primarily in equity securities, although they may invest in other types of
instruments as well.
Effective January 2, 1997, the following replaces similar information found
in the "Investment Principles and Risks" section under the "Natural
Resources" heading on page 10.
NATURAL RESOURCES FUND seeks long-term growth of capital and protection of
the purchasing power of shareholders' capital by investing primarily in
securities of foreign and domestic companies that own or develop natural
resources, or supply goods and services to such companies, or in physical
commodities.
The fund normally invests at least 80% of its assets in securities of
foreign and domestic companies that own or develop natural resources, or
supply goods and services to such companies, or in physical commodities.
These may include companies involved either directly or through
subsidiaries in exploring, mining, refining, processing, transporting,
fabricating, dealing in, or owning natural resources. Natural resources
include precious metals (e.g., gold, platinum and silver), ferrous and
nonferrous metals (e.g., iron, aluminum and copper), strategic metals
(e.g., uranium and titanium), hydrocarbons (e.g., coal, oil and natural
gases), chemicals, forest products, real estate, food products and other
basic commodities. FMR will seek securities whose prices directly reflect
positive changes in the value of an underlying natural resource or whose
issuers will benefit from particular phases in the overall economic cycle.
Accordingly, the fund may shift its emphasis from one natural resource
industry to another depending upon prevailing trends or developments. The
fund may also invest in securities of companies in other industries, and in
corporate and governmental debt securities of all types.
Although the fund is authorized to invest up to 50% of its assets in
physical commodities, it currently intends to invest no more than 25% of
its total assets in them, and intends to limit its physical commodity
investments to readily marketable precious metals. Precious metals, at
times, have been subject to substantial price fluctuations over short
periods of time and may be affected by unpredictable international monetary
and political policies such as currency devaluations or revaluations,
economic and social conditions within a country, trade imbalances, or trade
or currency restrictions between countries.
Effective January 2, 1997, following information replaces similar
information found in the "Investment Principles and Risks" section under
the "Debt Securities" heading on page 11.
RESTRICTIONS: Purchase of a debt security is consistent with a fund's debt
quality policy if it is rated at or above the stated level by Moody's
Investor Service (Moody's) or rated in the equivalent category by Standard
& Poor's (S&P), or is unrated but judged to be of equivalent quality by
FMR.
Each fund currently intends to limit its investments in lower than
Baa-quality debt securities to 5% of its assets.
Effective January 2, 1997, the following information replaces similar
information found in the second paragraph of the "Diversification" section
found on page 12.
Each fund normally invests at least 80% of its assets, but always invests
at least 25% of its total assets, in securities of companies principally
engaged in the business activities of the industries in the market sector
identified for the fund. Natural Resources may not invest more than 25% of
its total assets in any one industry.
The following information replaces similar information in the "How to Buy
Shares" section on page 15.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts $500
Through regular investment plans** $1,000*
TO ADD TO AN ACCOUNT $250*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts $100
Through regular investment plans $100*
MINIMUM BALANCE $1,000*
For Fidelity Advisor IRA, Rollover IRA, SEP-IRA and Keogh accounts None
* INVESTMENT MINIMUMS AND MINIMUM ACCOUNT BALANCES ARE ALSO WAIVED FOR
INVESTMENTS IN CERTAIN RETIREMENT ACCOUNTS FUNDED THROUGH SALARY REDUCTION,
OR ACCOUNTS FUNDED WITH THE PROCEEDS OF DISTRIBUTIONS FROM SUCH FIDELITY
RETIREMENT ACCOUNTS.
**AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $1,000, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS OPENED.
FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE REFER TO
"INVESTOR SERVICES," PAGE 18.
Effective January 2, 1997, following information replaces the similar
information found in the "How to Buy Shares" section in the chart on page
16 in the "Wire" row, under the column "To Add to an Account."
Wire to:
Bankers Trust Co.
Routing #021001033
Fidelity DART Depository
Account #00159759
FBO: (account name)
(account number)
Specify the complete name of the fund of your choice, note the applicable
class, and include your account number and your name.
Effective January 2, 1997, the following information replaces similar
information found in the "Dividends, Capital Gains, and Taxes" section on
page 20.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will be automatically reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3 or 4 and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in your account at the then current
NAV and your election may be converted to the Reinvestment Option. To
change your distribution option, call your investment professional directly
or call 1-800-843-3001.
Effective January 2, 1997, following information replaces similar
information found in the "Transaction Details" section on page 21.
FIDELITY RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE of $12.00
from accounts with a value of less than $2,500, subject to an annual
maximum charge of $60.00 per shareholder. Accounts opened after September
30 will not be subject to the fee for that year. The fee, which is payable
to the transfer agent, is designed to offset in part the relatively higher
costs of servicing smaller accounts. The fee will not be deducted from
retirement accounts (except non-prototype retirement accounts), accounts
using a systematic investment program, certain (Network Level I and III)
accounts which are maintained through National Securities Clearing
Corporation (NSCC), or if total assets in Fidelity mutual funds exceed
$50,000. Eligibility for the $50,000 waiver is determined by aggregating
Fidelity mutual fund accounts (excluding contractual plans) maintained (i)
by FIIOC and (ii) through NSCC; provided those accounts are registered
under the same primary social security number.