SUPPLEMENT TO THE FIDELITY STRATEGIC
OPPORTUNITIES FUND
INITIAL CLASS
FEBRUARY 26,1999
PROSPECTUS
FIDELITY ADVISOR STRATEGIC OPPORTUNITIES FUND HAS BEEN RENAMED
FIDELITY ADVISOR VALUE STRATEGIES FUND. ALL REFERENCES TO ADVISOR
STRATEGIC OPPORTUNITIES THROUGHOUT THIS PROSPECTUS SHOULD BE REPLACED
WITH ADVISOR VALUE STRATEGIES.
The following information replaces similar information found in the
"Investment Summary" section on page 3.
INVESTMENT OBJECTIVE
ADVISOR VALUE STRATEGIES FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing in securities of companies that FMR
believes are undervalued in the marketplace in relation to factors
such as assets, earnings or growth potential (stocks of these
companies are often called "value" stocks).
(small solid bullet) Focusing investments in medium-sized companies,
but may also invest substantially in larger or smaller companies.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
PRINCIPAL INVESTMENT RISKS
The fund is subject to the following principal investment risks:
(small solid bullet) STOCK MARKET VOLATILITY. Stock markets are
volatile and can decline significantly in response to adverse issuer,
political, regulatory, market or economic developments. Different
parts of the market can react differently to these developments.
(small solid bullet) FOREIGN EXPOSURE. Foreign markets can be more
volatile than the U.S. market due to increased risks of adverse
issuer, political, regulatory, market or economic developments and can
perform differently than the U.S. market.
(small solid bullet) ISSUER-SPECIFIC CHANGES. The value of an
individual security or particular type of security can be more
volatile than the market as a whole and can perform differently than
the value of the market as a whole. The value of securities of smaller
issuers can be more volatile than that of larger issuers.
(small solid bullet) "VALUE" INVESTING. "Value" stocks can perform
differently than the market as a whole and other types of stocks and
can continue to be undervalued by the market for long periods of time.
An investment in the fund is not a deposit of a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.
When you sell your shares of the fund, they could be worth more or
less than what you paid for them.
The following information replaces similar information found in the
"Performance" section on page 3.
The following information illustrates the changes in the fund 's
performance from year to year and compares the fund's performance to
the performance of a market index and an average of the performance of
similar funds over various periods of time. Prior to July 1, 1999, the
fund operated under certain different investment policies.
Accordingly, the fund's historical performance may not represent its
current investment policies. Returns are based on past results and are
not an indication of future performance.
The following information replaces similar information in the
"Performance" section on page 4.
AVERAGE ANNUAL RETURNS
For the periods ended Past 1 year Past 5 years Past 10 years
December 31, 1998
Value Strategies - Initial 1.22% 11.21% 13.63%
Class
S&P 500(registered trademark) 28.58% 24.06% 19.21%
Russell MidCap Value Index 5.08% 17.53% 16.18%
Lipper Capital Appreciation 19.96% 14.96% 14.09%
Funds Average
The following information supplements the information found in the
"Performance" section on page 4.
Going forward, Advisor Value Strategies' performance will be compared
to the Russell MidCap Value Index rather than the S&P 500. The Russell
MidCap Value Index more closely reflects the fund's investment
strategy.
Russell MidCap Value Index is a market capitalization-weighted index
of medium capitalization value-oriented stocks of U.S. corporations.
The following information replaces similar information found on page
4.
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Sales charge (load) on None
purchases and reinvested
distributions
Deferred sales charge (load) None
on redemptions
Annual account maintenance $12.00
fee (for accounts under
$2,500)
The following information replaces similar information found in the
"Investment Details" section on page 6.
INVESTMENT OBJECTIVE
ADVISOR VALUE STRATEGIES FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR focuses on securities of companies that it believes are
undervalued in the marketplace in relation to factors such as the
company's assets, earnings or growth potential. The stocks of these
companies are often called "value" stocks.
Although FMR focuses on investing the fund's assets in securities
issued by medium-sized companies, FMR may also make substantial
investments in securities issued by larger or smaller companies.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
In buying and selling securities for the fund, FMR relies on
fundamental analysis of each issuer and its potential for success in
light of its current financial condition, its industry position, and
economic and market conditions. Factors considered include growth
potential, earnings estimates and management.
FMR may lend the fund's securities to broker-dealers or other
institutions to earn income for the fund.
FMR may use various techniques, such as buying and selling futures
contracts, to increase or decrease the fund's exposure to changing
security prices or other factors that affect security values. If FMR's
strategies do not work as intended, the fund may not achieve its
objective.
The following information supplements the information found under the
heading "Principle Investment Risks" in the "Investment Details"
section on page 7.
"VALUE" INVESTING. "Value" stocks can react differently to issuer,
political, market and economic developments than the market as a whole
and other types of stocks. "Value" stocks tend to be inexpensive
relative to their earnings or assets compared to other types of
stocks. However, "value" stocks can continue to be inexpensive for
long periods of time and may not ever realize their full value.
The following information replaces similar information found under the
heading "Fundamental Investment Policies" in the "Investment Details"
section on page 7.
ADVISOR VALUE STRATEGIES FUND seeks capital appreciation.
The following information replaces similar information found on
page 11.
MINIMUMS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity retirement accountsA $500
TO ADD TO AN ACCOUNT $250
Through regular investment plans $100
MINIMUM BALANCE $2,000
For certain Fidelity retirement accountsA $500
A FIDELITY TRADITIONAL IRA, ROTH IRA, ROTH CONVERSION IRA, ROLLOVER
IRA, SEP-IRA, AND KEOGH ACCOUNTS.
The following information replaces the twelfth and thirteenth
paragraphs found in the "Fund Management" section on page 21.
The management fee is calculated and paid to FMR every month. The fee
is determined by calculating a basic fee and then applying a
performance adjustment. The performance adjustment decreases the
management fee if the fund has performed worse than the S&P 500. After
December 31, 2000, no performance adjustment will be applied to the
basic fee.
The following information replaces the fifth paragraph found in the
"Fund Management" section on page 22.
The performance adjustment rate is divided by twelve and multiplied by
the fund's average net assets throughout the month, and the resulting
dollar amount is subtracted from the basic fee if the fund's
performance over the performance period is worse than that of the S&P
500. The maximum annualized performance adjustment rate is -0.20% of
the fund's average net assets over the performance period.
