Like securities of all mutual funds, these securities
have not been approved or disapproved by the
Securities and Exchange Commission, and the
Securities and Exchange Commission has not
determined if this prospectus is accurate or
complete. Any representation to the contrary is a
criminal offense.
FIDELITY (registered trademark)
ADVISOR DOMESTIC EQUITY
FUNDS
CLASS A, CLASS T, CLASS B, AND CLASS C
GROWTH FUNDS: CLASSES
Fidelity Advisor TechnoQuant (registered trademark) Growth Fund
A,T,B,C Fidelity Advisor Small Cap Fund A,T,B,C Fidelity Advisor
Value Strategies Fund A,T,B Fidelity Advisor Mid Cap Fund
A,T,B,C Fidelity Advisor Retirement Growth Fund A,T,B,C Fidelity
Advisor Equity Growth Fund A,T,B,C Fidelity Advisor Large Cap Fund
A,T,B,C Fidelity Advisor Dividend Growth Fund A,T,B,C Fidelity Advisor
Growth Opportunities Fund A,T,B,C
GROWTH AND INCOME FUNDS:
Fidelity Advisor Growth & Income Fund A,T,B,C Fidelity Advisor Equity
Income Fund A,T,B,C Fidelity Advisor Asset Allocation Fund A,T,B,C
Fidelity Advisor Balanced Fund A,T,B,C
PROSPECTUS
FEBRUARY 26, 1999
(FIDELITY_LOGO_GRAPHIC)(registered trademark)
82 DEVONSHIRE STREET, BOSTON, MA 02109
REVISED DECEMBER 29, 1999
CONTENTS
FUND SUMMARY 3 INVESTMENT SUMMARY
8 PERFORMANCE
16 FEE TABLE
FUND BASICS 27 INVESTMENT DETAILS
32 VALUING SHARES
SHAREHOLDER INFORMATION 32 BUYING AND SELLING SHARES
40 EXCHANGING SHARES
40 ACCOUNT FEATURES AND POLICIES
44 DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
44 TAX CONSEQUENCES
FUND SERVICES 44 FUND MANAGEMENT
46 FUND DISTRIBUTION
APPENDIX 52 FINANCIAL HIGHLIGHTS
110 PRIOR PERFORMANCE OF SIMILAR
FUNDS
FUND SUMMARY
INVESTMENT SUMMARY
INVESTMENT OBJECTIVE
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using computer-aided, quantitative analysis of
technical factors such as price and volume information as well as
fundamental factors 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.
(small solid bullet) QUANTITATIVE INVESTING. Securities selected using
quantitative analysis can perform differently than the market as a
whole as a result of the factors used in the analysis, the weight
placed on each factor, and changes in the factors' historical trends.
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.
INVESTMENT OBJECTIVE
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with small market capitalizations (those with
market capitalizations similar to companies in the Russell 2000).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
(small solid bullet) SMALL CAP INVESTING. The value of securities of
smaller, less well-known issuers can perform differently than the
market as a whole and other types of stocks and can be more volatile
than that of larger issuers.
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.
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.
INVESTMENT OBJECTIVE
ADVISOR MID CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with medium market capitalizations (those with
market capitalizations similar to companies in the S&P MidCap 400).
(small solid bullet) Potentially investing in companies with smaller
or larger market capitalizations.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR RETIREMENT GROWTH 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 domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
(small solid bullet) Realizing capital gains without considering the
tax consequences to shareholders.
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.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing at least 65% of total assets in common
stocks.
(small solid bullet) Investing in companies it believes have
above-average growth potential (stocks of these companies are often
called "growth" stocks).
(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.
(small solid bullet) "GROWTH" INVESTING. "Growth" stocks can perform
differently than the market as a whole and other types of stocks and
can be more volatile than other types of stocks.
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.
INVESTMENT OBJECTIVE
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with large market capitalizations (over $1
billion).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR DIVIDEND GROWTH 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 at least 65% of total assets in
companies that it believes have the potential for dividend growth by
either increasing their dividends or commencing dividends, if none are
currently paid.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Potentially investing in other types of
securities, including bonds which may be lower-quality debt
securities.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing a majority of the fund's assets in
common stocks with a focus on those that pay current dividends and
show potential for capital appreciation.
(small solid bullet) Potentially investing in bonds, including
lower-quality debt securities, as well as stocks that are not
currently paying dividends, but offer prospects for future income or
capital appreciation.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing at least 65% of total assets in
income-producing equity securities, which tends to lead to investments
in large cap "value" stocks.
(small solid bullet) Potentially investing in other types of equity
securities and debt securities, including lower-quality debt
securities.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
(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.
INVESTMENT OBJECTIVE
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long-term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Allocating the fund's assets among stocks, bonds,
and short-term and money market instruments.
(small solid bullet) Maintaining a neutral mix over time of 70% of
assets in stocks, 25% of assets in bonds, and 5% of assets in
short-term and money market instruments.
(small solid bullet) Adjusting allocation among asset classes
gradually within the following ranges: stock class (50% - 100%), bond
class (0% - 50%), and short-term /money market class (0% - 50%).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Analyzing an issuer using fundamental and/or
quantitative factors and evaluating each security's current price
relative to estimated long-term value in selecting 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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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) PREPAYMENT. The ability of an issuer of a debt
security to repay principal prior to a security's maturity can cause
greater price volatility if interest rates change.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR BALANCED FUND seeks both income and growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing approximately 60% of assets in stocks
and other equity securities and the remainder in bonds and other debt
securities, including lower-quality debt securities, when its outlook
is neutral.
(small solid bullet) Investing at least 25% of total assets in
fixed-income senior securities (including debt securities and
preferred stock).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) With respect to equity investments, emphasizing
above-average income-producing equity securities, which tends to lead
to investments in stocks that have more "value" characteristics than
"growth" characteristics.
(small solid bullet) Analyzing a security's issuer using fundamental
factors and evaluating each security's current price relative to
estimated long-term value in selecting 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) INTEREST RATE CHANGES. Interest rate increases
can cause prices of debt securities to decrease.
(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) PREPAYMENT. The ability of an issuer of a debt
security to repay principal prior to a security's maturity can cause
greater price volatility if interest rates change.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
PERFORMANCE
The following information illustrates the changes in the funds'
performance, as represented by the performance of Class T, from year
to year and compares the funds' performance to the performance of a
market index and an average of the performance of similar funds over
various periods of time. Advisor Balanced may also compare its
performance to the performance of a combination of market indexes over
various periods of time. Each of Advisor Equity Income and Advisor
Equity Growth may also compare its performance to the performance of
an additional index over various periods of time. Prior to July 1,
1999, Advisor Value Strategies 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.
Because Advisor Small Cap, Advisor Retirement Growth, Advisor Dividend
Growth and Advisor Asset Allocation were new when this prospectus was
printed, their performance history is not included. Performance
history will be available for Advisor Small Cap, Advisor Retirement
Growth, Advisor Dividend Growth and Advisor Asset Allocation after
each fund has been in operation for one calendar year.
YEAR-BY-YEAR RETURNS
The returns in the charts do not include the effect of Class T's
front-end sales charge. If the effect of the sales charge was
reflected, returns would be lower than those shown.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR TECHNOQUANT GROWTH -
CLASS T
Calendar Years 1997 1998
11.82% 15.63%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 11.82
Row: 10, Col: 1, Value: 15.63
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR
TECHNOQUANT GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS 18.04%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -9.30% (QUARTER ENDING MARCH 31, 1997).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR VALUE STRATEGIES -
CLASS T
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
32.60% -7.17% 23.08% 12.87% 20.44% -7.17% 38.16% 1.53% 26.01% 0.84%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 32.6
Row: 2, Col: 1, Value: -7.17
Row: 3, Col: 1, Value: 23.08
Row: 4, Col: 1, Value: 12.87
Row: 5, Col: 1, Value: 20.44
Row: 6, Col: 1, Value: -7.17
Row: 7, Col: 1, Value: 38.16
Row: 8, Col: 1, Value: 1.53
Row: 9, Col: 1, Value: 26.01
Row: 10, Col: 1, Value: 0.8400000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR VALUE
STRATEGIES , THE HIGHEST RETURN FOR A QUARTER WAS 18.07% (QUARTER
ENDING SEPTEMBER 30, 1997) AND THE LOWEST RETURN FOR A QUARTER WAS
- -17.99% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR MID CAP - CLASS T
Calendar Years 1997 1998
27.25% 14.41%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 27.25
Row: 10, Col: 1, Value: 14.41
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR MID CAP,
THE HIGHEST RETURN FOR A QUARTER WAS 23.34% (QUARTER ENDING DECEMBER
31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -17.31% (QUARTER
ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR EQUITY GROWTH - CLASS T
Calendar Years 1993 1994 1995 1996 1997 1998
14.85% -0.89% 39.14% 16.24% 23.93% 38.72%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: 14.85
Row: 6, Col: 1, Value: -0.8900000000000001
Row: 7, Col: 1, Value: 39.14
Row: 8, Col: 1, Value: 16.24
Row: 9, Col: 1, Value: 23.93
Row: 10, Col: 1, Value: 38.72000000000001
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR EQUITY
GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS 24.10% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -5.95%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR LARGE CAP - CLASS T
Calendar Years 1997 1998
23.82% 35.50%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 23.82
Row: 10, Col: 1, Value: 35.5
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR LARGE
CAP, THE HIGHEST RETURN FOR A QUARTER WAS 23.50% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -7.74%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR GROWTH OPPORTUNITIES
- - CLASS T
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
24.14% -1.65% 42.68% 15.03% 22.17% 2.86% 33.04% 17.73% 28.56% 23.98%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 24.14
Row: 2, Col: 1, Value: -1.65
Row: 3, Col: 1, Value: 42.68
Row: 4, Col: 1, Value: 15.03
Row: 5, Col: 1, Value: 22.17
Row: 6, Col: 1, Value: 2.36
Row: 7, Col: 1, Value: 33.04
Row: 8, Col: 1, Value: 17.73
Row: 9, Col: 1, Value: 28.56
Row: 10, Col: 1, Value: 23.98
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR GROWTH
OPPORTUNITIES, THE HIGHEST RETURN FOR A QUARTER WAS 25.40% (QUARTER
ENDING MARCH 31, 1991) AND THE LOWEST RETURN FOR A QUARTER WAS -20.91%
(QUARTER ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR GROWTH & INCOME -
CLASS T
Calendar Years 1997 1998
27.69% 30.31%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 27.69
Row: 10, Col: 1, Value: 30.31
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR GROWTH &
INCOME, THE HIGHEST RETURN FOR A QUARTER WAS 23.44% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -10.67%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR EQUITY INCOME - CLASS T
Calendar Years 1993 1994 1995 1996 1997 1998
18.03% 6.46% 32.55% 14.61% 25.89% 16.14%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: 18.03
Row: 6, Col: 1, Value: 6.46
Row: 7, Col: 1, Value: 32.55
Row: 8, Col: 1, Value: 14.61
Row: 9, Col: 1, Value: 25.89
Row: 10, Col: 1, Value: 16.14
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR EQUITY
INCOME, THE HIGHEST RETURN FOR A QUARTER WAS 17.75% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -12.28%
(QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR BALANCED - CLASS T
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
24.60% -2.94% 34.48% 9.20% 19.66% -5.09% 14.06% 8.43% 22.33% 15.45%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 24.6
Row: 2, Col: 1, Value: -2.94
Row: 3, Col: 1, Value: 34.48
Row: 4, Col: 1, Value: 9.199999999999999
Row: 5, Col: 1, Value: 19.66
Row: 6, Col: 1, Value: -5.09
Row: 7, Col: 1, Value: 14.06
Row: 8, Col: 1, Value: 8.43
Row: 9, Col: 1, Value: 22.33
Row: 10, Col: 1, Value: 15.45
DURING THE PERIODS SHOWN IN THE CHART FOR CLASS T OF ADVISOR BALANCED,
THE HIGHEST RETURN FOR A QUARTER WAS 14.15% (QUARTER ENDING MARCH 31,
1991) AND THE LOWEST RETURN FOR A QUARTER WAS -8.52% (QUARTER ENDING
SEPTEMBER 30, 1990).
AVERAGE ANNUAL RETURNS
The returns in the following table include the effect of Class A's and
Class T's maximum applicable front-end sales charge and Class B's and
Class C's maximum applicable contingent deferred sales charge (CDSC).
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class*
December 31, 1998
ADVISOR TECHNOQUANT GROWTH - 9.13% n/a 10.62%A
CLASS A
ADVISOR TECHNOQUANT GROWTH - 11.59% n/a 11.70%A
CLASS T
ADVISOR TECHNOQUANT GROWTH - 10.01% n/a 11.36%A
CLASS B
ADVISOR TECHNOQUANT GROWTH - 13.80% n/a 13.80%B
CLASS C
S&P 500 28.58% n/a 30.95%A
Lipper Capital Appreciation 19.96% n/a 17.52%A
Funds Average
ADVISOR VALUE STRATEGIES - -5.10% n/a 9.31%A
CLASS A
ADVISOR VALUE STRATEGIES - -2.69% 9.81% 12.64%
CLASS T
ADVISOR VALUE STRATEGIES - -4.67% n/a 14.42%C
CLASS B
S&P 500 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
ADVISOR MID CAP - CLASS A 7.98% n/a 17.27%A
ADVISOR MID CAP - CLASS T 10.40% n/a 18.53%A
ADVISOR MID CAP - CLASS B 8.79% n/a 18.39%A
ADVISOR MID CAP - CLASS C 12.40% n/a 12.40%B
S&P MidCap 400 Index 19.11% n/a 25.51%A
Lipper Mid Cap Funds Average 12.16% n/a 15.45%A
ADVISOR EQUITY GROWTH - CLASS A 30.90% n/a 27.35%A
ADVISOR EQUITY GROWTH - CLASS T 33.86% 21.61% 20.45%D
ADVISOR EQUITY GROWTH - CLASS B 32.96% n/a 28.78%A
ADVISOR EQUITY GROWTH - CLASS C 36.99% n/a 36.99%B
Russell 3000 Growth Index 35.02% 24.21% 20.53%D
Lipper Growth Funds Average 22.86% 18.63% 17.33%D
S&P 500 28.58% 24.06% 21.61%D
ADVISOR LARGE CAP - CLASS A 27.65% n/a 25.69%A
ADVISOR LARGE CAP - CLASS T 30.76% n/a 27.24%A
ADVISOR LARGE CAP - CLASS B 29.76% n/a 27.30%A
ADVISOR LARGE CAP - CLASS C 33.40% n/a 33.40%B
S&P 500 28.58% n/a 30.95%A
Lipper Growth Funds Average 22.86% n/a 23.59%A
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE CLASS'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1997.
B FROM JANUARY 1, 1998.
C FROM JANUARY 1, 1995.
D FROM JANUARY 1, 1993.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class*
December 31, 1998
ADVISOR GROWTH OPPORTUNITIES 17.06% n/a 22.76%A
- - CLASS A
ADVISOR GROWTH OPPORTUNITIES 19.64% 19.90% 19.75%
- - CLASS T
ADVISOR GROWTH OPPORTUNITIES 18.30% n/a 18.30%B
- - CLASS B
ADVISOR GROWTH OPPORTUNITIES 22.26% n/a 22.26%B
- - CLASS C
S&P 500 28.58% 24.06% 19.21%
Lipper Growth Funds Average 22.86% 18.63% 16.72%
ADVISOR GROWTH & INCOME - 23.03% n/a 25.49%A
CLASS A
ADVISOR GROWTH & INCOME - 25.75% n/a 26.71%A
CLASS T
ADVISOR GROWTH & INCOME - 24.55% n/a 26.74%A
CLASS B
ADVISOR GROWTH & INCOME - 28.35% n/a 28.35%B
CLASS C
S&P 500 28.58% n/a 30.95%A
Lipper Growth and Income 15.61% n/a 20.81%A
Funds Average
ADVISOR EQUITY INCOME - CLASS A 9.70% n/a 17.50%A
ADVISOR EQUITY INCOME - CLASS T 12.07% 17.94% 17.95%C
ADVISOR EQUITY INCOME - CLASS B 10.54% n/a 21.05%D
ADVISOR EQUITY INCOME - CLASS C 14.41% n/a 14.41%B
Russell 3000 Value Index 13.50% 20.11% 19.87%C
Lipper Equity Income Funds 10.89% 16.60% 16.05%C
Average
S&P 500 28.58% 24.06% 21.61%C
ADVISOR BALANCED - CLASS A 8.91% n/a 15.31%A
ADVISOR BALANCED - CLASS T 11.41% 9.85% 13.02%
ADVISOR BALANCED - CLASS B 9.80% n/a 16.34%A
ADVISOR BALANCED - CLASS C 13.65% n/a 13.65%B
S&P 500 28.58% 24.06% 19.21%
Lipper Balanced Funds Average 13.48% 13.84% 12.97%
Fidelity Balanced Composite 20.98% 17.32% 15.34%
Index
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE CLASS'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1997.
B FROM JANUARY 1, 1998.
C FROM JANUARY 1, 1993.
D FROM JANUARY 1, 1995.
If FMR had not reimbursed certain class expenses during these periods,
each class's returns would have been lower except for Class T and
Class B of Advisor Mid Cap; Class T of Advisor Growth Opportunities;
Class T of Advisor Growth & Income; and Class T and Class B of Advisor
Balanced.
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.
Fidelity Balanced Composite Index is a hypothetical representation of
the performance of Advisor Balanced's general investment categories
using a weighting of 60% equity and 40% bond. The following indexes
are used to calculate the Composite Index: equity - the Standard &
Poor's 500 Index, and bond - the Lehman Brothers Aggregate Bond Index.
The index weightings of the Composite Index are rebalanced monthly.
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Standard & Poor's MidCap 400(registered trademark) Index is a market
capitalization-weighted index of 400 medium-capitalization stocks.
Russell 3000 Growth Index is a market capitalization-weighted index of
U.S. domiciled growth oriented stocks.
Russell 3000 Value Index is a market capitalization-weighted index of
U.S. domiciled value oriented stocks.
Russell MidCap Value Index is a market capitalization-weighted
index of medium capitalization value-oriented stocks of U.S.
corporations.
The Lehman Brothers Aggregate Bond Index is a market value-weighted
index of investment-grade fixed-rate debt issues, including
government, corporate, asset-backed, and mortgage-backed securities,
with maturities of one year or more.
Each Lipper Funds Average reflects the performance (excluding sales
charges) of mutual funds with similar objectives.
FEE TABLE
The following table describes the fees and expenses that are incurred
when you buy, hold or sell Class A, Class T, Class B, and Class C
shares of a fund. The annual class operating expenses provided
beginning on page 15 for each class of each fund except Advisor Small
Cap, Advisor Retirement Growth, Advisor Dividend Growth, and Advisor
Asset Allocation, are based on historical expenses, adjusted to
reflect current fees, and do not reflect the effect of any expense
reimbursements or reduction of certain expenses during the period. The
annual class operating expenses provided beginning on page 15 for each
class of Advisor Small Cap, Advisor Retirement Growth, Advisor
Dividend Growth, and Advisor Asset Allocation are based on estimated
expenses.
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Class A Class T Class B Class C*
Maximum sales charge (load) 5.75%A 3.50%B None None
on purchases (as a % of
offering price)
Maximum CDSC (as a % of the NoneC NoneC 5.00%D 1.00%E
lesser of original purchase
price or redemption proceeds)
Sales charge (load) on None None None None
reinvested distributions
* ADVISOR VALUE STRATEGIES DOES NOT OFFER CLASS C SHARES.
A LOWER FRONT-END SALES CHARGES FOR CLASS A MAY BE AVAILABLE WITH
PURCHASE OF $50,000 OR MORE.
B LOWER FRONT-END SALES CHARGES FOR CLASS T MAY BE AVAILABLE WITH
PURCHASE OF $50,000 OR MORE.
C A CDSC OF 0.25% IS ASSESSED ON CERTAIN REDEMPTIONS OF CLASS A AND
CLASS T SHARES ON WHICH A FINDER'S FEE WAS PAID.
D DECLINES OVER 6 YEARS FROM 5.00% TO 0%.
E ON CLASS C SHARES REDEEMED WITHIN ONE YEAR OF PURCHASE.
ANNUAL CLASS OPERATING EXPENSES (PAID FROM CLASS ASSETS)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Class T Class B Class C
ADVISOR TECHNOQUANT GROWTH Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.74% 0.77% 0.70% 1.01%
Total annual class operating 1.58% 1.86% 2.29% 2.60%
expensesA
ADVISOR SMALL CAP Management fee 0.74% 0.74% 0.74% 0.74%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.64% 0.60% 0.62% 0.62%
Total annual class operating 1.63% 1.84% 2.36% 2.36%
expensesA
ADVISOR VALUE STRATEGIES Management fee 0.38% 0.38% 0.38% *
Distribution and Service 0.25% 0.50% 1.00% *
(12b-1) fee (including 0.25%
Service fee only for Class B)
Other expenses 0.43% 0.29% 0.33% *
Total annual class operating 1.06% 1.17% 1.71% *
expensesA
ADVISOR MID CAP Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.39% 0.34% 0.35% 0.37%
Total annual class operating 1.23% 1.43% 1.94% 1.96%
expensesA
ADVISOR RETIREMENT GROWTH Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.51% 0.48% 0.50% 0.48%
Total annual class operating 1.35% 1.57% 2.09% 2.07%
expensesA
</TABLE>
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE CLASS A, CLASS T, CLASS B,
AND CLASS C OF CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING
EXPENSES (EXCLUDING INTEREST, TAXES, SECURITIES LENDING FEES,
BROKERAGE COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF
THEIR RESPECTIVE AVERAGE NET ASSETS, EXCEED THE FOLLOWING RATES:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Effective Date Class T Effective Date Class B Effective Date Class C Effective Date
Advisor TechnoQuant
Growth 1.30% 12/1/98 1.55% 12/1/98 2.05% 12/1/98 2.05% 12/1/98
Advisor Small Cap 1.75% 9/6/98 2.00% 9/6/98 2.50% 9/6/98 2.50% 9/6/98
Advisor Value Strategies 1.30% 2/27/99 1.55% 2/27/99 2.05% 2/27/99 * *
Advisor Mid Cap 1.30% 2/27/99 1.55% 2/27/99 2.05% 2/27/99 2.05% 2/27/99
Advisor Retirement
Growth 1.75% 12/29/98 2.00% 12/29/98 2.50% 12/29/98 2.50% 12/29/98
</TABLE>
* FUND DOES NOT OFFER CLASS C SHARES.
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total class operating expenses would have been:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Class A Class T Class B Class C
Advisor TechnoQuant Growth 1.29%(dagger) 1.52%(dagger) 2.03%(dagger) 2.02%(dagger)
Advisor Value Strategies 1.05% 1.16% 1.70% *
Advisor Mid Cap 1.20% 1.40% 1.91% 1.92%
</TABLE>
(dagger) AFTER REIMBURSEMENT.
* FUND DOES NOT OFFER CLASS C SHARES.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Class T Class B Class C
ADVISOR EQUITY GROWTH Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.27% 0.20% 0.28% 0.25%
Total annual class operating 1.11% 1.29% 1.87% 1.84%
expensesA
ADVISOR LARGE CAP Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.48% 0.40% 0.43% 0.44%
Total annual class operating 1.32% 1.49% 2.02% 2.03%
expensesA
ADVISOR DIVIDEND GROWTH Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.47% 0.44% 0.45% 0.44%
Total annual class operating 1.31% 1.53% 2.04% 2.03%
expensesA
ADVISOR GROWTH OPPORTUNITIES Management fee 0.46% 0.46% 0.46% 0.46%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.25% 0.18% 0.25% 0.23%
Total annual class operating 0.96% 1.14% 1.71% 1.69%
expenses
ADVISOR GROWTH & INCOME Management fee 0.49% 0.49% 0.49% 0.49%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.36% 0.32% 0.34% 0.32%
Total annual class operating 1.10% 1.31% 1.83% 1.81%
expensesA
</TABLE>
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE CLASS A, CLASS T, CLASS B,
AND CLASS C OF CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING
EXPENSES (EXCLUDING INTEREST, TAXES, SECURITIES LENDING FEES,
BROKERAGE COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF
THEIR RESPECTIVE AVERAGE NET ASSETS, EXCEED THE FOLLOWING RATES:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Effective Date Class T Effective Date Class B Effective Date Class C Effective Date
Advisor Equity Growth 1.20% 1/1/99 1.45% 1/1/99 1.95% 1/1/99 1.95% 1/1/99
Advisor Large Cap 1.30% 12/1/98 1.55% 12/1/98 2.05% 12/1/98 2.05% 12/1/98
Advisor Dividend Growth 1.75% 12/29/98 2.00% 12/29/98 2.50% 12/29/98 2.50% 12/29/98
Advisor Growth & Income 1.20% 2/27/99 1.45% 2/27/99 1.95% 2/27/99 1.95% 2/27/99
</TABLE>
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total class operating expenses would have been:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Class A Class T Class B Class C
Advisor Equity Growth 1.09% 1.27% 1.84% 1.81%
Advisor Large Cap 1.28%(dagger) 1.47% 2.00% 2.01%
Advisor Growth Opportunities 0.95% 1.13% 1.70% (dagger)(dagger)
Advisor Growth & Income 1.09% 1.30% 1.82% 1.79%
</TABLE>
(dagger) AFTER REIMBURSEMENT.
(dagger)(dagger) NOT APPLICABLE.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Class T Class B Class C
ADVISOR EQUITY INCOME Management fee 0.49% 0.49% 0.49% 0.49%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.27% 0.21% 0.24% 0.26%
Total annual class operating 1.01% 1.20% 1.73% 1.75%
expensesA
ADVISOR ASSET ALLOCATION Management fee 0.59% 0.59% 0.59% 0.59%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 1.25% 1.22% 1.24% 1.22%
Total annual class operating 2.09% 2.31% 2.83% 2.81%
expensesA
ADVISOR BALANCED Management fee 0.44% 0.44% 0.44% 0.44%
Distribution and Service 0.25% 0.50% 1.00% 1.00%
(12b-1) fee (including 0.25%
Service fee only for Class B
and Class C)
Other expenses 0.30% 0.22% 0.28% 0.21%
Total annual class operating 0.99% 1.16% 1.72% 1.65%
expensesA
</TABLE>
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE CLASS A, CLASS T, CLASS B,
AND CLASS C OF CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING
EXPENSES (EXCLUDING INTEREST, TAXES, SECURITIES LENDING FEES,
BROKERAGE COMMISSIONS AND EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF
THEIR RESPECTIVE AVERAGE NET ASSETS, EXCEED THE FOLLOWING RATES:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Effective Date Class T Effective Date Class B Effective Date Class C Effective
Date
Advisor Equity Income 1.10% 1/1/99 1.35% 1/1/99 1.85% 1/1/99 1.85% 1/1/99
Advisor Asset Allocation 1.75% 12/29/98 2.00% 12/29/98 2.50% 12/29/98 2.50% 12/29/98
Advisor Balanced 1.05% 1/1/99 1.30% 1/1/99 1.80% 1/1/99 1.80% 1/1/99
</TABLE>
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total class operating expenses would have been:
Class A Class T Class B Class C
Advisor Equity Income 1.00% 1.19% 1.71% 1.73%
Advisor Balanced 0.96% 1.15% 1.71% 1.64%
Long-term shareholders may pay more than the economic equivalent of
the maximum sales charges permitted by the National Association of
Securities Dealers, Inc., due to 12b-1 fees.
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that each class's annual return is 5% and
that your shareholder fees and each class's annual operating expenses
are exactly as described in the fee table. This example illustrates
the effect of fees and expenses, but is not meant to suggest actual or
expected fees and expenses or returns, all of which may vary. For
every $10,000 you invested, here's how much you would pay in total
expenses if you close your account after the number of years indicated
and if you leave your account open:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Class T Class B
Account open Account closed Account open Account closed Account open
ADVISOR TECHNOQUANT GROWTH 1 year $ 726 $ 726 $ 532 $ 532 $ 232
3 years $ 1,045 $ 1,045 $ 914 $ 914 $ 715
5 years $ 1,386 $ 1,386 $ 1,321 $ 1,321 $ 1,225
10 years $ 2,345 $ 2,345 $ 2,453 $ 2,453 $ 2,364A
ADVISOR SMALL CAP 1 year $ 731 $ 731 $ 530 $ 530 $ 239
3 years $ 1,060 $ 1,060 $ 908 $ 908 $ 736
ADVISOR VALUE STRATEGIES 1 year $ 677 $ 677 $ 465 $ 465 $ 174
3 years $ 893 $ 893 $ 709 $ 709 $ 539
5 years $ 1,126 $ 1,126 $ 971 $ 971 $ 928
10 years $ 1,795 $ 1,795 $ 1,721 $ 1,721 $ 1,767A
ADVISOR MID CAP 1 year $ 693 $ 693 $ 490 $ 490 $ 197
3 years $ 943 $ 943 $ 787 $ 787 $ 609
5 years $ 1,212 $ 1,212 $ 1,104 $ 1,104 $ 1,047
10 years $ 1,978 $ 1,978 $ 2,003 $ 2,003 $ 1,994A
ADVISOR RETIREMENT GROWTH 1 year $ 705 $ 705 $ 504 $ 504 $ 212
3 years $ 978 $ 978 $ 828 $ 828 $ 655
ADVISOR EQUITY GROWTH 1 year $ 682 $ 682 $ 477 $ 477 $ 190
3 years $ 908 $ 908 $ 745 $ 745 $ 588
5 years $ 1,151 $ 1,151 $ 1,033 $ 1,033 $ 1,011
10 years $ 1,849 $ 1,849 $ 1,852 $ 1,852 $ 1,899A
ADVISOR LARGE CAP 1 year $ 702 $ 702 $ 496 $ 496 $ 205
3 years $ 969 $ 969 $ 805 $ 805 $ 634
5 years $ 1,257 $ 1,257 $ 1,135 $ 1,135 $ 1,088
10 years $ 2,074 $ 2,074 $ 2,067 $ 2,067 $ 2,084A
ADVISOR DIVIDEND GROWTH 1 year $ 701 $ 701 $ 500 $ 500 $ 207
3 years $ 966 $ 966 $ 816 $ 816 $ 640
ADVISOR GROWTH
OPPORTUNITIES 1 year $ 667 $ 667 $ 462 $ 462 $ 174
3 years $ 863 $ 863 $ 700 $ 700 $ 539
5 years $ 1,075 $ 1,075 $ 956 $ 956 $ 928
10 years $ 1,685 $ 1,685 $ 1,688 $ 1,688 $ 1,727A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Class C
Account closed Account open Account closed
ADVISOR TECHNOQUANT GROWTH $ 732 $ 263 $ 363
$ 1,015 $ 808 $ 808
$ 1,425 $ 1,380 $ 1,380
$ 2,364A $ 2,934 $ 2,934
ADVISOR SMALL CAP $ 739 $ 239 $ 339
$ 1,036 $ 736 $ 736
ADVISOR VALUE STRATEGIES $ 674 * *
$ 839 * *
$ 1,128 * *
$ 1,767A * *
ADVISOR MID CAP $ 697 $ 199 $ 299
$ 909 $ 615 $ 615
$ 1,247 $ 1,057 $ 1,057
$ 1,994A $ 2,285 $ 2,285
ADVISOR RETIREMENT GROWTH $ 712 $ 210 $ 310
$ 955 $ 649 $ 649
ADVISOR EQUITY GROWTH $ 690 $ 187 $ 287
$ 888 $ 579 $ 579
$ 1,211 $ 995 $ 995
$ 1,899A $ 2,159 $ 2,159
ADVISOR LARGE CAP $ 705 $ 206 $ 306
$ 934 $ 637 $ 637
$ 1,288 $ 1,093 $ 1,093
$ 2,084A $ 2,358 $ 2,358
ADVISOR DIVIDEND GROWTH $ 707 $ 206 $ 306
$ 940 $ 637 $ 637
ADVISOR GROWTH OPPORTUNITIES $ 674 $ 172 $ 272
$ 839 $ 533 $ 533
$ 1,128 $ 918 $ 918
$ 1,727A $ 1,998 $ 1,998
</TABLE>
* FUND DOES NOT OFFER CLASS C SHARES.
A REFLECTS CONVERSION TO CLASS A SHARES AFTER A MAXIMUM OF
SE VEN YEARS.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A Class T Class B
Account open Account closed Account open Account closed Account open
ADVISOR GROWTH & INCOME 1 year $ 681 $ 681 $ 479 $ 479 $ 186
3 years $ 905 $ 905 $ 751 $ 751 $ 576
5 years $ 1,146 $ 1,146 $ 1,043 $ 1,043 $ 990
10 years $ 1,838 $ 1,838 $ 1,874 $ 1,874 $ 1,867A
ADVISOR EQUITY INCOME 1 year $ 672 $ 672 $ 468 $ 468 $ 176
3 years $ 878 $ 878 $ 718 $ 718 $ 545
5 years $ 1,101 $ 1,101 $ 987 $ 987 $ 939
10 years $ 1,740 $ 1,740 $ 1,754 $ 1,754 $ 1,761A
ADVISOR ASSET ALLOCATION 1 year $ 775 $ 775 $ 576 $ 576 $ 286
3 years $ 1,192 $ 1,192 $ 1,046 $ 1,046 $ 877
ADVISOR BALANCED 1 year $ 670 $ 670 $ 464 $ 464 $ 175
3 years $ 872 $ 872 $ 706 $ 706 $ 542
5 years $ 1,091 $ 1,091 $ 966 $ 966 $ 933
10 years $ 1,718 $ 1,718 $ 1,710 $ 1,710 $ 1,746A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
Class C
Account closed Account open Account closed
ADVISOR GROWTH & INCOME $ 686 $ 184 $ 284
$ 876 $ 569 $ 569
$ 1,190 $ 980 $ 980
$ 1,867A $ 2,127 $ 2,127
ADVISOR EQUITY INCOME $ 676 $ 178 $ 278
$ 845 $ 551 $ 551
$ 1,139 $ 949 $ 949
$ 1,761A $ 2,062 $ 2,062
ADVISOR ASSET ALLOCATION $ 786 $ 284 $ 384
$ 1,177 $ 871 $ 871
ADVISOR BALANCED $ 675 $ 168 $ 268
$ 842 $ 520 $ 520
$ 1,133 $ 897 $ 897
$ 1,746A $ 1,955 $ 1,955
</TABLE>
A REFLECTS CONVERSION TO CLASS A SH ARES AFTER A MAXIMUM OF SEVEN
YEAR S.
FUND BASICS
INVESTMENT DETAILS
INVESTMENT OBJECTIVE
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
In buying and selling securities, FMR uses a security selection
process that utilizes computer-aided, quantitative analysis. FMR's
computer models use many types of factors, but emphasize technical
data such as price and volume information. Fundamental factors, such
as earnings estimates and dividend yield, may also be considered.
FMR's emphasis on technical analysis can result in the fund's holding
different types of stocks at different times. For example, the fund
can hold stocks of companies with large or small market capitalization
or high or low price/earnings ratios. The fund's focus can change
rapidly based on FMR's analysis of the most current information. At
times, the fund could be concentrated in a small number of market
sectors or securities.
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.
INVESTMENT OBJECTIVE
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with small market capitalizations. Small
market capitalization companies are those whose market capitalization
is similar to the market capitalization of companies in the Russell
2000 at the time of the fund's investment. Companies whose
capitalization no longer meets this definition after purchase continue
to be considered to have a small market capitalization for purposes of
the 65% policy. As of November 30, 1998, the Russell 2000 included
companies with capitalizations between $3.0 million and $2.5 billion.
The size of companies in the Russell 2000 changes with market
conditions and the composition of the index.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
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.
INVESTMENT OBJECTIVE
ADVISOR MID CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with medium market capitalizations. Medium
market capitalization companies are those whose market capitalization
is similar to the capitalization of companies in the S&P MidCap 400 at
the time of the fund's investment. Companies whose capitalization no
longer meets this definition after purchase continue to be considered
to have a medium market capitalization for purposes of the 65% policy.
As of November 30, 1998, the S&P MidCap 400 included companies with
capitalizations between $132.0 million and $67.7 billion. The size of
companies in the S&P MidCap 400 changes with market conditions and the
composition of the index. FMR may also invest the fund's assets in
companies with smaller or larger market capitalizations.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR RETIREMENT GROWTH FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
Because the fund is designed for those in tax-qualified retirement
plans and non-profit organizations, FMR's investment strategies may
result in the realization of capital gains without consideration for
the tax consequences to shareholders.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests at least 65% of the fund's total assets in common
stocks.
FMR invests the fund's assets in companies FMR believes have
above-average growth potential. Growth may be measured by factors such
as earnings or revenue.
Companies with high growth potential tend to be companies with higher
than average price/earnings (P/E) ratios. Companies with strong growth
potential often have new products, technologies, distribution channels
or other opportunities or have a strong industry or market position.
The stocks of these companies are often called "growth" stocks.
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.
INVESTMENT OBJECTIVE
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with large market capitalizations. FMR defines
large market capitalization companies as those with market
capitalizations of $1 billion or more at the time of the fund's
investment. Companies whose capitalization falls below this level
after purchase continue to be considered to have a large market
capitalization for purposes of the 65% policy.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR DIVIDEND GROWTH FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
companies that FMR believes have the potential for dividend growth by
either increasing their dividends or commencing dividends, if none are
currently paid.
The fund's strategy is based on the premise that dividends are an
indication of a company's financial health and companies that are
commencing or increasing their dividends have an enhanced potential
for capital growth. Although FMR uses income to evaluate the fund's
investments, the fund does not invest for income.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks. FMR
may also invest the fund's assets in other types of securities,
including bonds which may be lower-quality debt securities.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests a majority of the fund's assets in common stocks
with a focus on those that pay current dividends and show potential
for capital appreciation. FMR may also invest the fund's assets in
bonds, including lower-quality debt securities, as well as stocks that
are not currently paying dividends, but offer prospects for future
income or capital appreciation.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests at least 65% of the fund's total assets in
income-producing equity securities. FMR may also invest the fund's
assets in other types of equity securities and debt securities,
including lower-quality debt securities.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR's emphasis on above-average income-producing equity securities
tends to lead to investments in large cap "value" stocks. However, FMR
is not constrained by any particular investment style. 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.
INVESTMENT OBJECTIVE
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long-term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
PRINCIPAL INVESTMENT STRATEGIES
FMR allocates the fund's assets among the following classes, or types,
of investments. The STOCK CLASS includes equity securities of all
types. The BOND CLASS includes all varieties of fixed-income
securities; including lower-quality debt securities, maturing in more
than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments.
FMR may use its judgement to place a security in the most appropriate
class based on its investment characteristics. Fixed-income securities
may be classified in the bond or short-term/money market class
according to interest rate sensitivity as well as maturity. FMR may
also invest the fund's assets in other instruments that do not fall
within these classes.
FMR has the ability to allocate the fund's assets within specified
ranges. The fund's neutral mix represents the benchmark for its
combination of investments in each asset class over time. FMR may
change the neutral mix from time to time. The approximate neutral mix
and range for each asset class are shown below:
Neutral Mix
STOCKS 70%
(can range from
50-100%)
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 70.0
Row: 1, Col: 3, Value: 25.0
BONDS 25%
(can range from 0-50%)
SHORT-TERM/MONEY
MARKET 5% (can range
from 0-50%)
FMR will not try to pinpoint the precise moment when a major
reallocation should be made. Instead, FMR regularly reviews the fund's
allocation and makes changes gradually to favor investments that it
believes will provide the most favorable outlook for achieving the
fund's objective. Normally, a single reallocation will not involve
more than 20% of the fund's total assets.
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 generally analyzes
the issuer of a security using fundamental factors (e.g., growth
potential, earnings estimates and management) and/or quantitative
factors (e.g., historical earnings, dividend yield and earnings per
share) and evaluates each security's current price relative to its
estimated long-term value.
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, interest rates or other factors that affect security
values. If FMR's strategies do not work as intended, the fund may not
achieve its objective.
INVESTMENT OBJECTIVE
ADVISOR BALANCED FUND seeks both income and growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
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 debt securities, including lower-quality debt
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).
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
With respect to the fund's equity investments, FMR's emphasis on
above-average income-producing equity securities tends to lead to
investments in stocks that have more "value" characteristics than
"growth" characteristics. However, FMR is not constrained by any
particular investment style. In buying and selling securities for the
fund, FMR generally analyzes the issuer of a security using
fundamental factors (e.g., growth potential, earnings estimates and
management) and evaluates each security's current price relative to
its estimated long-term value.
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, interest rates or other factors that affect security
values. If FMR's strategies do not work as intended, the fund may not
achieve its objective.
DESCRIPTION OF PRINCIPAL SECURITY TYPES
EQUITY SECURITIES represent an ownership interest, or the right to
acquire an ownership interest, in an issuer. Different types of equity
securities provide different voting and dividend rights and priority
in the event of the bankruptcy of the issuer. Equity securities
include common stocks, preferred stocks, convertible securities and
warrants.
DEBT SECURITIES are used by issuers to borrow money. The issuer
usually pays a fixed, variable or floating rate of interest, and must
repay the amount borrowed at the maturity of the security. Some debt
securities, such as zero coupon bonds, do not pay current interest but
are sold at a discount from their face values. Debt securities include
corporate bonds, government securities, and mortgage and other
asset-backed securities.
MONEY MARKET SECURITIES are high-quality, short-term debt securities
that pay a fixed, variable or floating interest rate. Securities are
often specifically structured so that they are eligible investments
for a money market fund. For example, in order to satisfy the maturity
restrictions for a money market fund, some money market securities
have demand or put features which have the effect of shortening the
security's maturity. Taxable money market securities include bank
certificates of deposit, bank acceptances, bank time deposits, notes,
commercial paper and U.S. Government securities.
PRINCIPAL INVESTMENT RISKS
Many factors affect each fund's performance. A fund's share price and
yield, if applicable, change daily based on changes in market
conditions and interest rates and in response to other economic,
political or financial developments. A fund's reaction to these
developments will be affected by the types and maturities of the
securities in which the fund invests, the financial condition,
industry and economic sector, and geographic location of an issuer,
and the fund's level of investment in the securities of that issuer.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
The following factors may significantly affect a fund's performance:
STOCK MARKET VOLATILITY. The value of equity securities fluctuates in
response to issuer, political, market and economic developments. In
the short term, equity prices can fluctuate dramatically in response
to these developments. Different parts of the market and different
types of equity securities can react differently to these
developments. For example, large cap stocks can react differently than
small cap stocks, and "growth" stocks can react differently than
"value" stocks. Issuer, political or economic developments can affect
a single issuer, issuers within an industry or economic sector or
geographic region, or the market as a whole.
INTEREST RATE CHANGES. Debt securities have varying levels of
sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when
interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes. In other
words, the longer the maturity of a security, the greater the impact a
change in interest rates could have on the security's price. In
addition, short-term and long-term interest rates do not necessarily
move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term
securities tend to react to changes in long-term interest rates.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
can involve additional risks relating to political, economic or
regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes;
trading, settlement, custodial and other operational risks; and the
less stringent investor protection and disclosure standards of some
foreign markets. All of these factors can make foreign investments,
especially those in emerging markets, more volatile and potentially
less liquid than U.S. investments. In addition, foreign markets can
perform differently than the U.S. market.
PREPAYMENT. Many types of debt securities, including mortgage
securities, are subject to prepayment risk. Prepayment occurs when the
issuer of a security can repay principal prior to the security's
maturity. Securities subject to prepayment generally offer less
potential for gains during a declining interest rate environment and
similar or greater potential for loss in a rising interest rate
environment. In addition, the potential impact of prepayment features
on the price of a debt security can be difficult to predict and result
in greater volatility.
ISSUER-SPECIFIC CHANGES. Changes in the financial condition of an
issuer, changes in specific economic or political conditions that
affect a particular type of security or issuer, and changes in general
economic or political conditions can affect the credit quality or
value of an issuer's securities. Lower-quality debt securities (those
of less than investment-grade quality) tend to be more sensitive to
these changes than higher-quality debt securities.
Lower-quality debt securities involve greater risk of default or price
changes due to changes in the credit quality of the issuer. The value
of lower-quality debt securities often fluctuates in response to
company, political or economic developments and can decline
significantly over short periods of time or during periods of general
or regional economic difficulty.
SMALL CAP INVESTING. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger issuers
and can react differently to issuer, political, market and economic
developments than the market as a whole and other types of stocks.
Smaller issuers can have more limited product lines, markets and
financial resources.
QUANTITATIVE INVESTING. The value of securities selected using
quantitative analysis can react differently to issuer, political,
market and economic developments than the market as a whole or
securities selected using only fundamental analysis. The factors used
in quantitative analysis and the weight placed on those factors may
not be predictive of a security's value. In addition, factors that
affect a security's value can change over time and these changes may
not be reflected in the quantitative model.
"GROWTH" INVESTING. "Growth" stocks can react differently to issuer,
political, market and economic developments than the market as a whole
and other types of stocks. "Growth" stocks tend to be more expensive
relative to their earnings or assets compared to other types of
stocks. As a result, "growth" stocks tend to be sensitive to changes
in their earnings and more volatile than other types of stocks.
"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.
In response to market, economic, political or other conditions, FMR
may temporarily use a different investment strategy for defensive
purposes. If FMR does so, different factors could affect a fund's
performance and the fund may not achieve its investment objective.
FUNDAMENTAL INVESTMENT POLICIES
The policies discussed below are fundamental, that is, subject to
change only by shareholder approval.
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
ADVISOR VALUE STRATEGIES FUND seeks capital
appreciation.
ADVISOR MID CAP FUND seeks long-term growth of capital.
ADVISOR RETIREMENT GROWTH FUND seeks capital appreciation.
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation by
investing primarily in common and preferred stock and securities
convertible into the common stock of companies with above-average
growth characteristics.
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
ADVISOR DIVIDEND GROWTH FUND seeks capital appreciation.
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth by
investing primarily in common stocks and securities convertible into
common stocks.
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
ADVISOR BALANCED FUND 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.
VALUING SHARES
Each fund is open for business each day the New York Stock Exchange
(NYSE) is open.
A class's net asset value per share (NAV) is the value of a single
share. Fidelity(registered trademark) normally calculates each class's
NAV as of the close of business of the NYSE, normally 4:00 p.m.
Eastern time. However, NAV may be calculated earlier if trading on the
NYSE is restricted or as permitted by the Securities and Exchange
Commission (SEC). Each fund's assets are valued as of this time for
the purpose of computing each class's NAV.
To the extent that each fund's assets are traded in other markets on
days when the NYSE is closed, the value of the fund's assets may be
affected on days when the fund is not open for business. In addition,
trading in some of a fund's assets may not occur on days when the fund
is open for business.
Each fund's assets are valued primarily on the basis of market
quotations. Certain short-term securities are valued on the basis of
amortized cost. If market quotations are not readily available for a
security or if a security's value has been materially affected by
events occurring after the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or
market), that security may be valued by another method that the Board
of Trustees believes accurately reflects fair value. A security's
valuation may differ depending on the method used for determining
value.
SHAREHOLDER INFORMATION
BUYING AND SELLING SHARES
GENERAL INFORMATION
For account, product and service information, please use the following
phone numbers:
(small solid bullet) If you are investing through a broker-dealer or
insurance representative, 1-800-522-7297 (8:30 a.m.-7:00 p.m. Eastern
time, Monday through Friday).
(small solid bullet) If you are investing through a bank
representative, 1-800-843-3001 (8:30 a.m.-7:00 p.m. Eastern time,
Monday through Friday).
Please use the following addresses:
BUYING OR SELLING SHARES
Fidelity Investments(registered trademark)
P.O. Box 770002
Cincinnati, OH 45277-0081
OVERNIGHT EXPRESS
Fidelity Investments
2300 Litton Lane - KH2A
Hebron, KY 41048
You may buy or sell Class A, Class T, Class B, and Class C shares of
the funds through a retirement account or an investment professional.
When you invest through a retirement account or an investment
professional, the procedures for buying, selling and exchanging shares
of each class of a fund and the account features and policies may
differ. Additional fees may also apply to your investment in Class A,
Class T, Class B, and Class C shares of a fund, including a
transaction fee if you buy or sell shares of the fund through a broker
or other investment professional.
Certain methods of contacting Fidelity, such as by telephone, may be
unavailable or delayed (for example, during periods of unusual market
activity).
The different ways to set up (register) your account with Fidelity are
listed in the following table.
WAYS TO SET UP YOUR ACCOUNT
INDIVIDUAL OR JOINT TENANT
FOR YOUR GENERAL INVESTMENT NEEDS
RETIREMENT
FOR TAX-ADVANTAGED RETIREMENT SAVINGS
(solid bullet) TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
(solid bullet) ROTH IRAS
(solid bullet) ROTH CONVERSION IRAS
(solid bullet) ROLLOVER IRAS
(solid bullet) 401(K) PLANS AND CERTAIN OTHER 401(A)-QUALIFIED PLANS
(solid bullet) KEOGH PLANS
(solid bullet) SIMPLE IRAS
(solid bullet) SIMPLIFIED EMPLOYEE PENSION PLANS (SEP-IRAS)
(solid bullet) SALARY REDUCTION SEP-IRAS (SARSEPS)
GIFTS OR TRANSFERS TO A MINOR (UGMA, UTMA)
TO INVEST FOR A CHILD'S EDUCATION OR OTHER FUTURE NEEDS
TRUST
FOR MONEY BEING INVESTED BY A TRUST
BUSINESS OR ORGANIZATION
FOR INVESTMENT NEEDS OF CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS OR
OTHER GROUPS
BUYING SHARES
The price to buy one share of Class A or Class T is the class's
offering price or the class's NAV, depending on whether you pay a
front-end sales charge.
For Class B and Class C, the price to buy one share is the class's
NAV. Class B and Class C shares are sold without a front-end sales
charge, but may be subject to a CDSC upon redemption.
If you pay a front-end sales charge, your price will be Class A's or
Class T's offering price. When you buy Class A or Class T shares at
the offering price, Fidelity deducts the appropriate sales charge and
invests the rest in Class A or Class T shares of the fund. If you
qualify for a front-end sales charge waiver, your price will be Class
A's or Class T's NAV.
The offering price of Class A or Class T is its NAV divided by the
difference between one and the applicable front-end sales charge
percentage. Class A has a maximum front-end sales charge of 5.75% of
the offering price. Class T has a maximum front-end sales charge 3.50%
of the offering price.
Your shares will be bought at the next offering price or NAV, as
applicable, calculated after your order is received in proper form.
It is the responsibility of your investment professional to transmit
your order to buy shares to Fidelity before the close of business on
the day you place your order.
Short-term or excessive trading into and out of a fund may harm
performance by disrupting portfolio management strategies and by
increasing expenses. Accordingly, a fund may reject any purchase
orders, including exchanges, particularly from market timers or
investors who, in FMR's opinion, have a pattern of short-term or
excessive trading or whose trading has been or may be disruptive to
that fund. For these purposes, FMR may consider an investor's trading
history in that fund or other Fidelity funds, and accounts under
common ownership or control.
Each fund may stop offering shares completely or may offer shares only
on a limited basis, for a period of time or permanently.
When you place an order to buy shares, note the following:
(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.
(small solid bullet) Fidelity does not accept cash.
(small solid bullet) When making a purchase with more than one check,
each check must have a value of at least $50.
(small solid bullet) Fidelity reserves the right to limit the number
of checks processed at one time.
(small solid bullet) Fidelity must receive payment within three
business days after an order for shares is placed; otherwise your
purchase order may be canceled and you could be liable for any losses
or fees a fund or Fidelity has incurred.
(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees a fund or
Fidelity has incurred.
Shares can be bought or sold through investment professionals using an
automated order placement and settlement system that guarantees
payment for orders on a specified date.
Certain financial institutions that meet creditworthiness criteria
established by Fidelity Distributors Corporation (FDC) may enter
confirmed purchase orders on behalf of customers by phone, with
payment to follow no later than close of business on the next business
day. If payment is not received by that time, the order will be
canceled and the financial institution will be liable for any losses.
MINIMUMS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accountsA $500
Through regular investment plansB $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accountsA None
A FIDELITY ADVISOR TRADITIONAL IRA, ROTH IRA, ROTH CONVERSION IRA,
ROLLOVER IRA, SEP-IRA, AND KEOGH ACCOUNTS.
BAN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED.
There is no minimum account balance or initial or subsequent purchase
minimum for certain Fidelity retirement accounts funded through salary
deduction, or accounts opened with the proceeds of distributions from
such retirement accounts. In addition, each fund may waive or lower
purchase minimums in other circumstances.
Purchase and account minimums are waived for purchases of Class T
shares with distributions from a Fidelity Defined Trust account.
PURCHASE AMOUNTS OF MORE THAN $250,000 WILL NOT BE ACCEPTED FOR CLASS
B SHARES.
PURCHASE AMOUNTS OF MORE THAN $1 MILLION WILL NOT BE ACCEPTED FOR
CLASS C SHARES. THIS LIMIT DOES NOT APPLY TO PURCHASES OF CLASS C
SHARES MADE BY AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT), 403(B) PROGRAM OR PLAN COVERING A
SOLE-PROPRIETOR (FORMERLY KEOGH/H.R. 10 PLAN).
KEY INFORMATION
PHONE TO OPEN AN ACCOUNT
(small solid bullet) Exchange
from the same class of
another Fidelity Advisor
fund or from certain other
Fidelity funds. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information."
TO ADD TO AN ACCOUNT
(small solid bullet) Exchange
from the same class of
another Fidelity Advisor
fund or from certain other
Fidelity funds. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information."
MAIL FIDELITY INVESTMENTS TO OPEN AN ACCOUNT
P.O. BOX 770002 CINCINNATI, (small solid bullet) Complete
OH 45277-0081 and sign the application.
Make your check payable to
the complete name of the
fund and note the applicable
class. Mail to your
investment professional or
to the address at left.
TO ADD TO AN ACCOUNT
(small solid bullet) Make
your check payable to the
complete name of the fund
and note the applicable
class. Indicate your fund
account number on your check
and mail to your investment
professional or to the
address at left.
(small solid bullet) Exchange
from the same class of other
Fidelity Advisor funds or
from certain other Fidelity
funds. Send a letter of
instruction to your
investment professional or
to the address at left,
including your name, the
funds' names, the applicable
class names, the fund
account numbers, and the
dollar amount or number of
shares to be exchanged.
IN PERSON TO OPEN AN ACCOUNT
(small solid bullet) Bring
your application and check
to your investment
professional.
TO ADD TO AN ACCOUNT
(small solid bullet) Bring
your check to your
investment professional.
WIRE TO OPEN AN ACCOUNT
(small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" to set
up your account and to
arrange a wire transaction.
(small solid bullet) Wire to:
Banker's Trust Company, Bank
Routing # 021001033, Account
# 00159759.
(small solid bullet) Specify
the complete name of the
fund, note the applicable
class, and include your new
fund account number and your
name.
TO ADD TO AN ACCOUNT
(small solid bullet) Wire to:
Banker's Trust Company, Bank
Routing # 021001033, Account
# 00159759.
(small solid bullet) Specify
the complete name of the
fund, note the applicable
class, and include your fund
account number and your name.
AUTOMATICALLY TO OPEN AN ACCOUNT
(small solid bullet) Not
available.
TO ADD TO AN ACCOUNT
(small solid bullet) Use
Fidelity Advisor Systematic
Investment Program.
(small solid bullet) Use
Fidelity Advisor Systematic
Exchange Program to exchange
from certain Fidelity money
market funds or a Fidelity
Advisor fund.
SELLING SHARES
The price to sell one share of each class is the class's NAV, minus
any applicable CDSC.
If appropriate to protect shareholders, each fund may impose a
redemption fee (trading fee) on redemptions from the fund.
Any applicable CDSC is calculated based on your original redemption
amount.
Your shares will be sold at the next NAV calculated after your order
is received in proper form, minus any applicable CDSC.
It is the responsibility of your investment professional to transmit
your order to sell shares to Fidelity before the close of business on
the day you place your order.
Certain requests must include a signature guarantee. It is designed to
protect you and Fidelity from fraud. Your request must be made in
writing and include a signature guarantee if any of the following
situations apply:
(small solid bullet) You wish to sell more than $100,000 worth of
shares;
(small solid bullet) Your account registration has changed within the
last 30 days;
(small solid bullet) The check is being mailed to a different address
than the one on your account (record address);
(small solid bullet) The check is being made payable to someone other
than the account owner; or
(small solid bullet) The redemption proceeds are being transferred to
a Fidelity account with a different registration.
You should be able to obtain a signature guarantee from a bank,
broker, dealer, credit union (if authorized under state law),
securities exchange or association, clearing agency, or savings
association. A notary public cannot provide a signature guarantee.
When you place an order to sell shares, note the following:
(small solid bullet) If you are selling some but not all of your
shares, leave at least $1,000 worth of shares in the account to keep
it open, except accounts not subject to account minimums.
(small solid bullet) Normally, Fidelity will process redemptions by
the next business day, but Fidelity may take up to seven days to
process redemptions if making immediate payment would adversely affect
a fund.
(small solid bullet) Redemption proceeds (other than exchanges) may be
delayed until money from prior purchases sufficient to cover your
redemption has been received and collected. This can take up to seven
business days after a purchase.
(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays),
when trading on the NYSE is restricted, or as permitted by the SEC.
(small solid bullet) Redemption proceeds may be paid in securities or
other assets rather than in cash if the Board of Trustees determines
it is in the best interests of a fund.
(small solid bullet) You will not receive interest on amounts
represented by uncashed redemption checks.
(small solid bullet) Unless otherwise instructed, Fidelity will send a
check to the record address.
To sell shares issued with certificates, call Fidelity for
instructions. The fund no longer issues share certificates.
KEY INFORMATION
PHONE (small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" to
initiate a wire transaction
or to request a check for
your redemption.
(small solid bullet) Exchange
to the same class of other
Fidelity Advisor funds or to
certain other Fidelity
funds. Call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information."
MAIL: FIDELITY INVESTMENTS INDIVIDUAL, JOINT TENANT,
P.O. BOX 770002 CINCINNATI, SOLE PROPRIETORSHIP, UGMA,
OH 45277-0081 UTMA
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including your name, the
fund's name, the applicable
class name, your fund
account number, and the
dollar amount or number of
shares to be sold. The
letter of instruction must
be signed by all persons
required to sign for
transactions, exactly as
their names appear on the
account.
RETIREMENT ACCOUNT
(small solid bullet) The
account owner should
complete a retirement
distribution form. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information" to
request one.
TRUST
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including the trust's name,
the fund's name, the
applicable class name, the
trust's fund account number,
and the dollar amount or
number of shares to be sold.
The trustee must sign the
letter of instruction
indicating capacity as
trustee. If the trustee's
name is not in the account
registration, provide a copy
of the trust document
certified within the last 60
days.
BUSINESS OR ORGANIZATION
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including the firm's name,
the fund's name, the
applicable class name, the
firm's fund account number,
and the dollar amount or
number of shares to be sold.
At least one person
authorized by corporate
resolution to act on the
account must sign the letter
of instruction.
(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.
EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN
(small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" for
instructions.
IN PERSON INDIVIDUAL, JOINT TENANT,
SOLE PROPRIETORSHIP, UGMA,
UTMA
(small solid bullet) Bring a
letter of instruction to
your investment
professional. The letter of
instruction must be signed
by all persons required to
sign for transactions,
exactly as their names
appear on the account.
RETIREMENT ACCOUNT
(small solid bullet) The
account owner should
complete a retirement
distribution form. Visit
your investment professional
to request one.
TRUST
(small solid bullet) Bring a
letter of instruction to
your investment
professional. The trustee
must sign the letter of
instruction indicating
capacity as trustee. If the
trustee's name is not in the
account registration,
provide a copy of the trust
document certified within
the last 60 days.
BUSINESS OR ORGANIZATION
(small solid bullet) Bring a
letter of instruction to
your investment
professional. At least one
person authorized by
corporate resolution to act
on the account must sign the
letter of instruction.
(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.
EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN
(small solid bullet) Visit
your investment professional
for instructions.
AUTOMATICALLY (small solid bullet) Use
Fidelity Advisor Systematic
Exchange Program to exchange
to the same class of another
Fidelity Advisor fund or to
certain Fidelity funds.
(small solid bullet) Use
Fidelity Advisor Systematic
Withdrawal Program to set up
periodic redemptions from
your Class A, Class T, Class
B and Class C account.
EXCHANGING SHARES
An exchange involves the redemption of all or a portion of the shares
of one fund and the purchase of shares of another fund.
As a Class A shareholder, you have the privilege of exchanging Class A
shares of a fund for the same class of shares of other Fidelity
Advisor funds at NAV or for Daily Money Class shares of Treasury Fund,
Prime Fund or Tax-Exempt Fund.
As a Class T shareholder, you have the privilege of exchanging Class T
shares of a fund for the same class of shares of other Fidelity
Advisor funds at NAV or for Daily Money Class shares of Treasury Fund,
Prime Fund or Tax-Exempt Fund. If you purchased your Class T shares
through certain investment professionals that have signed an agreement
with FDC, you also have the privilege of exchanging your Class T
shares for shares of Fidelity Capital Appreciation Fund.
As a Class B shareholder, you have the privilege of exchanging Class B
shares of a fund for the same class of shares of other Fidelity
Advisor funds or for Advisor B Class shares of Treasury Fund.
As a Class C shareholder, you have the privilege of exchanging Class C
shares of a fund for the same class of shares of other Fidelity
Advisor funds or for Advisor C Class shares of Treasury Fund.
However, you should note the following policies and restrictions
governing exchanges:
(small solid bullet) The fund or class you are exchanging into must be
available for sale in your state.
(small solid bullet) You may exchange only between accounts that are
registered in the same name, address, and taxpayer identification
number.
(small solid bullet) Before exchanging into a fund or class, read its
prospectus.
(small solid bullet) Exchanges may have tax consequences for you.
(small solid bullet) Each fund may temporarily or permanently
terminate the exchange privilege of any investor who makes more than
four exchanges out of the fund per calendar year.
(small solid bullet) The exchange limit may be modified for accounts
held by certain institutional retirement plans to conform to plan
exchange limits and Department of Labor regulations. See your plan
materials for further information.
(small solid bullet) Each fund may refuse exchange purchases by any
person or group if, in FMR's judgment, the fund would be unable to
invest the money effectively in accordance with its investment
objective and policies, or would otherwise potentially be adversely
affected.
(small solid bullet) Any exchanges of Class A, Class T, Class B and
Class C shares are not subject to a CDSC.
The funds may terminate or modify the exchange privileges in the
future.
Other funds may have different exchange restrictions, and may impose
trading fees of up to 1.00% of the amount exchanged. Check each fund's
prospectus for details.
ACCOUNT FEATURES AND POLICIES
FEATURES
The following features are available to buy and sell shares of the
funds.
AUTOMATIC INVESTMENT AND WITHDRAWAL PROGRAMS. Fidelity offers
convenient services that let you automatically transfer money into
your account, between accounts, or out of your account. While
automatic investment programs do not guarantee a profit and will not
protect you against loss in a declining market, they can be an
excellent way to invest for retirement, a home, educational expenses,
and other long-term financial goals. Automatic withdrawal or exchange
programs can be a convenient way to provide a consistent income flow
or to move money between your investments.
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FIDELITY ADVISOR SYSTEMATIC
INVESTMENT PROGRAM TO MOVE
MONEY FROM YOUR BANK ACCOUNT
TO A FIDELITY ADVISOR FUND.
MINIMUM MINIMUM FREQUENCY PROCEDURES
INITIAL ADDITIONAL Monthly, bimonthly, (small solid bullet) To set
$100 $100 quarterly, or semi-annually up for a new account,
complete the appropriate
section on the application.
(small solid bullet) To set
up for existing accounts,
call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information" for an
application.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information." Call
at least 10 business days
prior to your next scheduled
investment date.
TO DIRECT DISTRIBUTIONS FROM
A FIDELITY DEFINED TRUST TO
CLASS T OF A FIDELITY
ADVISOR FUND.
MINIMUM MINIMUM PROCEDURES
INITIAL ADDITIONAL (small solid bullet) To set
Not Applicable Not Applicable up for a new or existing
account, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information" for
the appropriate enrollment
form.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information."
FIDELITY ADVISOR SYSTEMATIC
EXCHANGE PROGRAM TO MOVE
MONEY FROM CERTAIN FIDELITY
MONEY MARKET FUNDS TO CLASS
A, CLASS T, CLASS B OR CLASS
C OF A FIDELITY ADVISOR FUND
OR FROM CLASS A, CLASS T,
CLASS B OR CLASS C OF A
FIDELITY ADVISOR FUND TO THE
SAME CLASS OF ANOTHER
FIDELITY ADVISOR FUND.
MINIMUM FREQUENCY PROCEDURES
$100 Monthly, quarterly, (small solid bullet) To set
semi-annually, or annually up, call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information" after both
accounts are opened.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information." Call
at least 2 business days
prior to your next scheduled
exchange date.
(small solid bullet) The
account from which the
exchanges are to be
processed must have a
minimum balance of $10,000.
The account into which the
exchange is being processed
must have a minimum balance
of $1,000.
</TABLE>
FIDELITY ADVISOR SYSTEMATIC
WITHDRAWAL PROGRAM TO SET UP
PERIODIC REDEMPTIONS FROM
YOUR CLASS A, CLASS T, CLASS
B OR CLASS C ACCOUNT TO YOU
OR TO YOUR BANK CHECKING
ACCOUNT.
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MINIMUM MAXIMUM FREQUENCY PROCEDURES
$100 $50,000 Class A and Class T: Monthly, (small solid bullet) Accounts
quarterly, or semi-annually with a value of $10,000 or
Class B and Class C: Monthly more in Class A, Class T,
or quarterly Class B or Class C shares
are eligible for this program.
(small solid bullet) To set
up, call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information" for instructions.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information." Call
at least 10 business days
prior to your next scheduled
withdrawal date.
(small solid bullet)
Aggregate redemptions per
12-month period from your
Class B or Class C account
may not exceed 10% of the
account value and are not
subject to a CDSC; and you
may set your withdrawal
amount as a percentage of
the value of your account or
a fixed dollar amount.
(small solid bullet) Because
of Class A's and Class T's
front-end sales charge, you
may not want to set up a
systematic withdrawal plan
during a period when you are
buying Class A or Class T
shares on a regular basis.
</TABLE>
OTHER FEATURES. The following other features are also available to buy
and sell shares of the funds.
WIRE
TO PURCHASE AND SELL SHARES VIA THE FEDERAL RESERVE WIRE SYSTEM.
(small solid bullet) You must sign up for the Wire feature before
using it. Complete the appropriate section on the application when
opening your account.
(small solid bullet) Call your investment professional or call
Fidelity at the appropriate number found in "General Information"
before your first use to verify that this feature is set up on your
account.
(small solid bullet) To sell shares by wire, you must designate the
U.S. commercial bank account(s) into which you wish the redemption
proceeds deposited.
(small solid bullet) To add the wire feature or to change the bank
account designated to receive redemption proceeds at any time prior to
making a redemption request, you should send a letter of instruction,
including a signature guarantee, to your investment professional or to
Fidelity at the address found in "General Information."
POLICIES
The following policies apply to you as a shareholder.
STATEMENTS AND REPORTS that Fidelity sends to you include the
following:
(small solid bullet) Confirmation statements (after transactions
affecting your account balance except reinvestment of distributions in
the fund or another fund and certain transactions through automatic
investment or withdrawal programs).
(small solid bullet) Monthly or quarterly account statements
(detailing account balances and all transactions completed during the
prior month or quarter).
(small solid bullet) Financial reports (every six months).
To reduce expenses, only one copy of most financial reports and
prospectuses will be mailed, even if you have more than one account in
a fund. Call Fidelity at 1-888-622-3175 if you need additional copies
of financial reports or prospectuses.
You may initiate many TRANSACTIONS BY TELEPHONE OR ELECTRONICALLY.
Fidelity will not be responsible for any losses resulting from
unauthorized transactions if it follows reasonable security procedures
designed to verify the identity of the investor. Fidelity will request
personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity
recommends the use of an Internet browser with 128-bit encryption. You
should verify the accuracy of your confirmation statements immediately
after you receive them. If you do not want the ability to sell and
exchange by telephone, call Fidelity for instructions. Additional
documentation may be required from corporations, associations, and
certain fiduciaries.
When you sign your ACCOUNT APPLICATION, you will be asked to certify
that your social security or taxpayer identification number is correct
and that you are not subject to 31% backup withholding for failing to
report income to the IRS. If you violate IRS regulations, the IRS can
require a fund to withhold 31% of your taxable distributions and
redemptions.
If your ACCOUNT BALANCE falls below $1,000 (except accounts not
subject to account minimums), you will be given 30 days' notice to
reestablish the minimum balance. If you do not increase your balance,
Fidelity may close your account and send the proceeds to you. Your
shares will be sold at the NAV, minus any applicable CDSC, on the day
your account is closed.
Fidelity may charge a FEE FOR SPECIAL SERVICES, such as providing
historical account documents, that are beyond the normal scope of its
services.
DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
Each fund earns dividends, interest and other income from its
investments, and distributes this income (less expenses) to
shareholders as dividends. Each fund also realizes capital gains from
its investments, and distributes these gains (less any losses) to
shareholders as capital gains distributions.
Each of Advisor TechnoQuant Growth, Advisor Small Cap, Advisor Value
Strategies, Advisor Mid Cap, Advisor Retirement Growth, Advisor Equity
Growth, Advisor Large Cap, Advisor Dividend Growth, and Advisor Growth
Opportunities normally pays dividends and capital gains distributions
in December and January. Each of Advisor Growth & Income, Advisor
Equity Income, Advisor Asset Allocation, and Advisor Balanced normally
pays dividends in March, June, September, and December and pays
capital gains distributions in December and January.
DISTRIBUTION OPTIONS
When you open an account, specify on your application how you want to
receive your distributions. The following options may be available for
each class's distributions:
1. REINVESTMENT OPTION. Your dividends and capital gains distributions
will be automatically reinvested in additional shares of the same
class of the fund. If you do not indicate a choice on your
application, you will be assigned this option.
2. INCOME-EARNED OPTION. Your capital gains distributions will be
automatically reinvested in additional shares of the same class of the
fund. Your dividends will be paid in cash.
3. CASH OPTION. Your dividends and capital gains distributions will be
paid in cash.
4. DIRECTED DIVIDENDS(registered trademark) OPTION. Your dividends
will be automatically invested in the same class of shares of another
identically registered Fidelity Advisor fund or shares of certain
identically registered Fidelity funds. Your capital gains
distributions will be automatically invested in the same class of
shares of another identically registered Fidelity Advisor fund or
shares of certain identically registered Fidelity funds, automatically
reinvested in additional shares of the same class of the fund, or paid
in cash.
Not all distribution options are available for every account. If the
option you prefer is not listed on your account application, or if you
want to change your current option, contact your investment
professional directly or call Fidelity.
If you elect to receive distributions paid in cash by check and the
U.S. Postal Service does not deliver your checks, your distribution
option may be converted to the Reinvestment Option. You will not
receive interest on amounts represented by uncashed distribution
checks.
TAX CONSEQUENCES
As with any investment, your investment in a fund could have tax
consequences for you. If you are not investing through a
tax-advantaged retirement account, you should consider these tax
consequences.
TAXES ON DISTRIBUTIONS. Distributions you receive from each fund are
subject to federal income tax, and may also be subject to state or
local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
If you buy shares when a fund has realized but not yet distributed
income or capital gains, you will be "buying a dividend" by paying the
full price for the shares and then receiving a portion of the price
back in the form of a taxable distribution.
Any taxable distributions you receive from a fund will normally be
taxable to you when you receive them, regardless of your distribution
option.
TAXES ON TRANSACTIONS. Your redemptions, including exchanges, may
result in a capital gain or loss for federal tax purposes. A capital
gain or loss on your investment in a fund is the difference between
the cost of your shares and the price you receive when you sell them.
FUND SERVICES
FUND MANAGEMENT
Each fund is a mutual fund, an investment that pools shareholders'
money and invests it toward a specified goal.
FMR is each fund's manager.
As of April 30, 1998, FMR had approximately $529 billion in
discretionary assets under management.
As the manager, FMR is responsible for choosing the funds' investments
and handling their business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.), in London, England, serves as a sub-adviser for each fund. FMR
U.K. was organized in 1986 to provide investment research and advice
to FMR. Currently, FMR U.K. provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East
was organized in 1986 to provide investment research and advice to
FMR. Currently, FMR Far East provides investment research and advice
on issuers based outside the United States and may also provide
investment advisory services for each fund.
(small solid bullet) Effective January 1, 2000, Fidelity Investment
Japan Ltd. (FIJ), in Tokyo, Japan, will serve as a sub-adviser for
each fund. As of September 28, 1999, FIJ had approximately $16.3
billion in discretionary assets under management. FIJ will provide
investment research and advice on issuers based outside the United
States for each fund.
Fidelity Investments Money Management, Inc. (FIMM), in Merrimack, New
Hampshire, serves as sub-adviser for Advisor Asset Allocation and
Advisor Balanced. FIMM chooses certain types of investments for each
fund.
FIMM is an affiliate of FMR. As of May 1, 1998, FIMM had approximately
$99 billion in discretionary assets under management.
A fund could be adversely affected if the computer systems used by FMR
and other service providers do not properly process and calculate
date-related information from and after January 1, 2000. FMR has
advised each fund that it is actively working on necessary changes to
its computer systems and expects that its systems, and those of other
major service providers, will be modified prior to January 1, 2000.
However, there can be no assurance that there will be no adverse
impact on a fund.
John Avery is lead manager of Advisor Balanced, which he has managed
since January 1998; he had been associate manager of the fund since
September 1997. He also manages another Fidelity fund. Mr. Avery
joined Fidelity in 1995 as an analyst. Previously, he was an analyst
for Putnam Investments from 1993 to 1994.
Robert Chow is vice president and manager of Advisor Equity Income,
which he has managed since March 1996. Previously, he managed other
Fidelity funds. Since joining Fidelity in 1989, Mr. Chow has worked as
an analyst, portfolio assistant and manager.
David Felman is vice president and manager of Advisor Mid Cap,
which he has managed since August 1999. He also manages other Fidelity
funds. Mr. Felman joined Fidelity as an analyst in 1993.
Karen Firestone is manager of Advisor Large Cap, which she has managed
since April 1998. She also manages other Fidelity funds. Since joining
Fidelity in 1983, Ms. Firestone has worked as an analyst and manager.
Kevin Grant is vice president and manager of Advisor Balanced,
which he has managed since March 1996. Mr. Grant manages the
fixed-income investments for Advisor Balanced. He also manages several
other Fidelity funds. Prior to joining Fidelity in 1993, Mr. Grant was
vice president and chief mortgage strategist at Morgan Stanley for
three years.
Dick Habermann is vice president and lead manager of Advisor Asset
Allocation, which he has managed since December 1998. Other Fidelity
investment professionals assist Mr. Habermann in selecting investments
within each asset class for the fund. He also manages other Fidelity
funds. Mr. Habermann is a senior vice president of FMR Co. Previously,
he was Division Head for International Equities and Director of
International Research from 1993 to 1996, and Joint Chief Strategist
for Portfolio Advisory Services SM from 1996 to 1997. Mr. Habermann
joined Fidelity in 1968.
Tim Krochuk is manager of Advisor TechnoQuant Growth, which he has
managed since December 1996. He also manages another Fidelity fund.
Since joining Fidelity in 1992, Mr. Krochuk has worked as a
quantitative analyst and manager.
Harry Lange is vice president and manager of Advisor Small Cap, which
he has managed since September 1998. He also manages another Fidelity
fund. Since joining Fidelity in 1987, Mr. Lange has worked as an
analyst, manager and director of research.
Harris Leviton is vice president and manager of Advisor Value
Strategies , which he has managed since March 1996. Previously, he
managed other Fidelity funds. Since joining Fidelity in 1986, he has
worked as an analyst and manager.
Charles Mangum is vice president and manager of Advisor Dividend
Growth, which he has managed since January 1999. Previously, he
managed other Fidelity funds. Since joining Fidelity in 1990, Mr.
Mangum has worked as an analyst and manager.
J. Fergus Shiel is vice president and manager of Advisor Retirement
Growth, which he has managed since January 1999. Since joining
Fidelity in 1989, Mr. Shiel has worked as an analyst, portfolio
assistant and manager.
Beth Terrana is vice president and manager of Advisor Growth & Income,
which she has managed since December 1996. She also manages other
Fidelity funds. Since joining Fidelity in 1983, Ms. Terana has worked
as an analyst, portfolio assistant and manager.
Jennifer 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.
George Vanderheiden is vice president and manager of Advisor Growth
Opportunities, which he has managed since November 1987. Mr.
Vanderheiden is a member of the Board of Directors for FMR Corp. He
joined Fidelity in 1971.
Fidelity investment personnel may invest in securities for their own
investment accounts pursuant to a code of ethics that establishes
procedures for personal investing and restricts certain transactions.
Each fund pays a management fee to FMR.
The management fee is calculated and paid to FMR every month.
For Advisor TechnoQuant Growth, Advisor Small Cap, Advisor Mid Cap,
Advisor Retirement Growth, Advisor Equity Growth, Advisor Large Cap,
Advisor Dividend Growth, Advisor Growth & Income, Advisor Equity
Income, Advisor Asset Allocation, and Advisor Balanced, the fee is
calculated by adding a group fee rate to an individual fund fee rate,
dividing by twelve, and multiplying the result by the fund's average
net assets throughout the month.
For Advisor Value Strategies, 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.
For Advisor Growth Opportunities, the fee is determined by
calculating a basic fee and then applying a performance adjustment.
The performance adjustment either increases or decreases the
management fee, depending on how well the fund has performed relative
to the S&P 500.
Management fee = Basic fee +/- Performance adjustment
The basic fee is calculated by adding a group fee rate to an
individual fund fee rate, dividing by twelve, and multiplying the
result by a fund's average net assets throughout the month.
The group fee rate is based on the average net assets of all the
mutual funds advised by FMR. This rate cannot rise above 0.52%, and it
drops as total assets under management increase.
For November 30, 1998, the group fee rate was 0.2878% for Advisor
TechnoQuant Growth, Advisor Small Cap, Advisor Value
Strategies , Advisor Mid Cap, Advisor Retirement Growth, Advisor
Equity Growth, Advisor Large Cap, Advisor Dividend Growth, Advisor
Growth Opportunities, Advisor Growth & Income, Advisor Equity Income,
Advisor Asset Allocation, and Advisor Balanced. The individual fund
fee rate is 0.30% for Advisor TechnoQuant Growth, Advisor Value
Strategies , Advisor Mid Cap, Advisor Retirement Growth, Advisor
Equity Growth, Advisor Large Cap, Advisor Dividend Growth, Advisor
Growth Opportunities, and Advisor Asset Allocation. The individual
fund fee rate is 0.20% for Advisor Growth & Income and Advisor Equity
Income. The individual fund fee rate is 0.15% for Advisor Balanced.
The individual fund fee rate is 0.45% for Advisor Small Cap.
The basic fee for Advisor Value Strategies and Advisor Growth
Opportunities for the fiscal year ended November 30, 1998, was 0.59%
and 0.59%, respectively, of the fund's average net assets.
The performance adjustment rate is calculated monthly by comparing
over the performance period Advisor Value Strategies ' and
Advisor Growth Opportunities' performance to that of the S&P 500.
For Advisor Value Strategies and Advisor Growth Opportunities
the performance period is the most recent 36-month period.
For Advisor Value Strategies, 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.
For Advisor Growth Opportunities, 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 then added to
or subtracted from the basic fee. The maximum annualized performance
adjustment rate is (plus/minus)0.20% of the fund's average net assets
over the performance period.
For the purposes of calculating the performance adjustment for each of
Advisor Value Strategies and Advisor Growth Opportunities, the
fund's investment performance will be based on the average performance
of all classes of the fund weighted according to their average assets
for each month in the performance period.
The following table states the total management fee, as a percentage
of each fund's average net assets, for each fund for the fiscal year
ended November 30, 1998:
Total Management Fee
Advisor TechnoQuant Growth 0.59%
Advisor Small Cap 0.75%A,D
Advisor Value Strategies 0.38%
Advisor Mid Cap 0.59%
Advisor Equity Growth 0.59%
Advisor Large Cap 0.59%
Advisor Growth Opportunities 0.46%
Advisor Growth & Income 0.49%
Advisor Equity Income 0.50%B
Advisor Balanced 0.46%A,C
A ANNUALIZED.
B FOR THE FISCAL YEAR ENDED NOVEMBER 30, 1998, ADVISOR EQUITY INCOME
PAID FMR AT AN ANNUAL RATE OF 0.50% OF ITS AVERAGE NET ASSETS.
C FOR THE ONE MONTH PERIOD ENDED NOVEMBER 30, 1998.
D FOR THE PERIOD SEPTEMBER 9, 1998 (COMMENCEMENT OF OPERATIONS) TO
NOVEMBER 30, 1998.
The total management fee for the fiscal year ended October 31, 1998
was 0.44% of the fund's average net assets for Advisor Balanced.
FMR pays FIMM, FMR U.K., and FMR Far East for providing
sub-advisory services. FMR Far East will pay FIJ for providing
sub-advisory services.
FMR may, from time to time, agree to reimburse each class for
management fees and other expenses above a specified limit. FMR
retains the ability to be repaid by a class if expenses fall below the
specified limit prior to the end of the fiscal year. Reimbursement
arrangements, which may be terminated by FMR at any time, can decrease
a class's expenses and boost its performance.
As of December 31, 1998, approximately 100% of Advisor Retirement
Growth's, Advisor Dividend Growth's, and Advisor Asset Allocation's
total outstanding shares were held by FMR.
FUND DISTRIBUTION
Each fund is composed of multiple classes of shares. All classes of a
fund have a common investment objective and investment portfolio.
FDC distributes each class's shares.
You may pay a sales charge when you buy or sell your shares.
FDC collects the sales charge.
The front-end sales charge will be reduced for purchases of Class A
and Class T shares according to the sales charge schedules below.
SALES CHARGES AND CONCESSIONS - CLASS A
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Sales Charge Investment professional
concession as % of offering
price
As a % of offering price As an approximate % of net Investment professional
amount invested concession as % of offering
price
Up to $49,999 5.75% 6.10% 5.00%
$50,000 to $99,999 4.50% 4.71% 3.75%
$100,000 to $249,999 3.50% 3.63% 2.75%
$250,000 to $499,999 2.50% 2.56% 2.00%
$500,000 to $999,999 2.00% 2.04% 1.75%
$1,000,000 to $24,999,999 1.00% 1.01% 0.75%
$25,000,000 or more None* None* *
</TABLE>
* SEE "FINDER'S FEE" SECTION ON PAGE 67.
SALES CHARGES AND CONCESSIONS - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Sales Charge Investment professional
concession as % of offering
price
As a % of offering price As an approximate % of net Investment professional
amount invested concession as % of offering
price
Up to $49,999 3.50% 3.63% 3.00%
$50,000 to $99,999 3.00% 3.09% 2.50%
$100,000 to $249,999 2.50% 2.56% 2.00%
$250,000 to $499,999 1.50% 1.52% 1.25%
$500,000 to $999,999 1.00% 1.01% 0.75%
$1,000,000 or more None* None* *
</TABLE>
* SEE "FINDER'S FEE" SECTION ON PAGE 67.
Class A or Class T shares purchased by an individual or company
through the Combined Purchase, Rights of Accumulation or Letter of
Intent program may receive a reduced front-end sales charge according
to the sales charge schedules above. To qualify for a Class A or Class
T front-end sales charge reduction under one of these programs, you
must notify Fidelity in advance of your purchase. More detailed
information about these programs is contained in the Statement of
Additional Information (SAI).
COMBINED PURCHASE. To receive a Class A or Class T front-end sales
charge reduction, if you are a new shareholder, you may combine your
purchase of Class A or Class T shares with purchases of: (i) Class A ,
Class T, Class B and Class C shares of any Fidelity Advisor fund and
(ii) Advisor B Class shares and Advisor C Class shares of Treasury
Fund.
RIGHTS OF ACCUMULATION. To receive a Class A or Class T front-end
sales charge reduction, if you are an existing shareholder, you may
add to your purchase of Class A or Class T shares the current value of
your holdings in: (i) Class A, Class T, Class B and Class C shares of
any Fidelity Advisor fund, (ii) Advisor B Class shares and Advisor C
Class shares of Treasury Fund and (iii) Daily Money Class shares of
Treasury Fund, Prime Fund or Tax-Exempt Fund acquired by exchange from
any Fidelity Advisor fund.
LETTER OF INTENT. You may receive a Class A or Class T front-end sales
charge reduction on your purchases of Class A and Class T shares made
during a 13-month period by signing a Letter of Intent (Letter). Each
Class A or Class T purchase you make after you sign the Letter will be
entitled to the reduced front-end sales charge applicable to the total
investment indicated in the Letter. Purchases of the following may be
aggregated for the purpose of completing your Letter: (i) Class A and
Class T shares of any Fidelity Advisor fund (except those acquired by
exchange from Daily Money Class shares of Treasury Fund, Prime Fund or
Tax-Exempt Fund that had been previously exchanged from a Fidelity
Advisor fund), (ii) Class B and Class C shares of any Fidelity Advisor
fund and (iii) Advisor B Class shares and Advisor C Class shares of
Treasury Fund. Reinvested income and capital gain distributions will
not be considered purchases for the purpose of completing your Letter.
Class B shares may, upon redemption, be assessed a CDSC based on the
following schedule:
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%
A AFTER A MAXIMUM OF SEVEN YEARS, CLASS B SHARES WILL CONVERT
AUTOMATICALLY TO CLASS A SHARES OF THE SAME FIDELITY ADVISOR FUND.
When exchanging Class B shares of one fund for Class B shares of
another Fidelity Advisor fund or Advisor B Class shares of Treasury
Fund, your Class B shares retain the CDSC schedule in effect when they
were originally bought.
Except as provided below, investment professionals receive as
compensation from FDC, at the time of sale, a concession equal to
4.00% of your purchase of Class B shares. For purchases of Class B
shares through reinvested dividends or capital gains distributions,
investment professionals do not receive a concession at the time of
sale.
Class C shares may, upon redemption within one year of purchase, be
assessed a CDSC of 1.00%.
Except as provided below, investment professionals will receive as
compensation from FDC, at the time of the sale, a concession equal to
1.00% of your purchase of Class C shares. For purchases of Class C
shares made for an employee benefit plan, 403(b) program or plan
covering a sole-proprietor (formerly Keogh/H.R. 10 plan) or through
reinvested dividends or capital gains distributions, investment
professionals do not receive a concession at the time of sale.
The CDSC for Class B and Class C shares will be calculated based on
the lesser of the cost of the Class B or Class C shares, as
applicable, at the initial date of purchase or the value of those
Class B or Class C shares, as applicable, at redemption, not including
any reinvested dividends or capital gains. Class B and Class C shares
acquired through reinvestment of dividends or capital gains
distributions will not be subject to a CDSC. In determining the
applicability and rate of any CDSC at redemption, Class B or Class C
shares representing reinvested dividends and capital gains will be
redeemed first, followed by those Class B or Class C shares that have
been held for the longest period of time.
A front-end sales charge will not apply to the following Class A
shares:
1. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP,
or SARSEP plan or a plan covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program with at
least $25 million or more in plan assets;
2. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP,
or SARSEP plan or a plan covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program
investing through an insurance company separate account used to fund
annuity contracts;
3. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP,
or SARSEP plan or a plan covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program
investing through a trust institution, bank trust department or
insurance company, or any such institution's broker-dealer affiliate
that is not part of an organization primarily engaged in the brokerage
business. Employee benefit plans (except SIMPLE IRA, SEP, and SARSEP
plans and plans covering self-employed individuals and their employees
(formerly Keogh/H.R. 10 plans)) and 403(b) programs that participate
in the Advisor Retirement Connection do not qualify for this waiver;
4. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP,
or SARSEP plan or a plan covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program
investing through an investment professional sponsored program that
requires the participating employee benefit plan to invest initially
in Class C or Class B shares and, upon meeting certain criteria,
subsequently requires the plan to invest in Class A shares;
5. Purchased by a trust institution or bank trust department for a
managed account that is charged an asset-based fee. Employee benefit
plans (except SIMPLE IRA, SEP, and SARSEP plans and plans covering
self-employed individuals and their employees (formerly Keogh/H.R. 10
plans)), 403(b) programs and accounts managed by third parties do not
qualify for this waiver;
6. Purchased by a broker-dealer for a managed account that is charged
an asset-based fee. Employee benefit plans (except SIMPLE IRA, SEP,
and SARSEP plans and plans covering self-employed individuals and
their employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs do
not qualify for this waiver;
7. Purchased by a registered investment advisor that is not part of an
organization primarily engaged in the brokerage business for an
account that is managed on a discretionary basis and is charged an
asset-based fee. Employee benefit plans (except SIMPLE IRA, SEP, and
SARSEP plans and plans covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) and 403(b) programs do not
qualify for this waiver;
8. Purchased with proceeds from the sale of front-end load shares of a
non-Advisor mutual fund for an account participating in the FundSelect
by Nationwide program;
9. Purchased by a bank trust officer, registered representative, or
other employee (or a member of one of their immediate families) of
investment professionals having agreements with FDC; or
10. Purchased by the Fidelity Investments Charitable Gift
Fund.
A front-end sales charge will not apply to the following Class T
shares:
1. Purchased for an insurance company separate account used to fund
annuity contracts for employee benefit plans (except SIMPLE IRA, SEP,
and SARSEP plans and plans covering self-employed individuals and
their employees (formerly Keogh/H.R. 10 plans)) or 403(b) programs;
2. Purchased by a trust institution or bank trust department for a
managed account that is charged an asset-based fee. Accounts managed
by third parties do not qualify for this waiver;
3. Purchased by a broker-dealer for a managed account that is charged
an asset-based fee;
4. Purchased by a registered investment advisor that is not part of an
organization primarily engaged in the brokerage business for an
account that is managed on a discretionary basis and is charged an
asset-based fee;
5. Purchased for an employee benefit plan (except a SIMPLE IRA, SEP,
or SARSEP plan or a plan covering self-employed individuals and their
employees (formerly Keogh/H.R. 10 plans)) or a 403(b) program;
6. Purchased for a Fidelity or Fidelity Advisor account with the
proceeds of a distribution from (i) an insurance company separate
account used to fund annuity contracts for employee benefit plans, 403
(b) programs or plans covering sole-proprietors (formerly Keogh/H.R.
10 plans) that are invested in Fidelity Advisor or Fidelity funds, or
(ii) an employee benefit plan, 403(b) program or plan covering a
sole-proprietor (formerly Keogh/H.R. 10 plan) that is invested in
Fidelity Advisor or Fidelity funds. (Distributions other than those
transferred to an IRA account must be transferred directly into a
Fidelity account.);
7. Purchased for any state, county, or city, or any governmental
instrumentality, department, authority or agency;
8. Purchased with redemption proceeds from other mutual fund complexes
on which you have previously paid a front-end sales charge or CDSC;
9. 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;
10. Purchased by a charitable organization (as defined for purposes of
Section 501(c)(3) of the Internal Revenue Code , but excluding the
Fidelity Investments Charitable Gift Fund ) investing $100,000 or
more;
11. Purchased by a bank trust officer, registered representative, or
other employee (or a member of one of their immediate families) of
investment professionals having agreements with FDC;
12. Purchased for a charitable remainder trust or life income pool
established for the benefit of a charitable organization (as defined
for purposes of Section 501(c)(3) of the Internal Revenue Code);
13. Purchased with distributions of income, principal, and capital
gains from Fidelity Defined Trusts; or
14. Purchased by the Fidelity Investments Charitable Gift
Fund.
The Class B or Class C CDSC will not apply to the redemption of
shares:
1. For disability or death, provided that the shares are sold within
one year following the death or the initial determination of
disability;
2. That are permitted without penalty at age 701/2 pursuant to the
Internal Revenue Code from retirement plans or accounts (other than of
shares purchased on or after February 11, 1999 for Traditional IRAs,
Roth IRAs and Rollover IRAs);
3. For disability, payment of death benefits, or minimum required
distributions starting at age 701/2 from Traditional IRAs, Roth IRAs
and Rollover IRAs purchased on or after February 11, 1999;
4. Through the Fidelity Advisor Systematic Withdrawal Program; or
5. (Applicable to Class C only) From an employee benefit plan, 403(b)
program or plan covering a sole-proprietor (formerly Keogh/H.R. 10
plan).
To qualify for a Class A or Class T front-end sales charge reduction
or waiver, you must notify Fidelity in advance of your purchase.
To qualify for a Class B or Class C CDSC waiver, you must notify
Fidelity in advance of your redemption.
FINDER'S FEE. On eligible purchases of (i) Class A shares in amounts
of $1 million or more that qualify for a Class A load waiver, (ii)
Class A shares in amounts of $25 million or more, and (iii) Class T
shares in amounts of $1 million or more, investment professionals will
be compensated with a fee at the rate of 0.25% of the purchase amount.
Shares held by an insurance company separate account will be
aggregated at the client (e.g., the contract holder or plan sponsor)
level, not at the separate account level. Upon request, anyone
claiming eligibility for the 0.25% fee with respect to shares held by
an insurance company separate account must provide Fidelity access to
records detailing purchases at the client level.
Except as provided below, any assets on which a finder's fee has been
paid will bear a contingent deferred sales charge (Class A or Class T
CDSC) if they do not remain in Class A or Class T shares of the
Fidelity Advisor funds, or Daily Money Class shares of Treasury Fund,
Prime Fund or Tax-Exempt Fund, for a period of at least one
uninterrupted year. The Class A or Class T CDSC will be 0.25% of the
lesser of the cost of the Class A or Class T shares, as applicable, at
the initial date of purchase or the value of those Class A or Class T
shares, as applicable, at redemption, not including any reinvested
dividends or capital gains. Class A and Class T shares acquired
through reinvestment of dividends or capital gains distributions will
not be subject to a Class A or Class T CDSC. In determining the
applicability and rate of any Class A or Class T CDSC at redemption,
Class A or Class T shares representing reinvested dividends and
capital gains will be redeemed first, followed by those Class A or
Class T CDSC shares that have been held for the longest period of
time.
The Class A or Class T CDSC will not apply to the redemption of
shares:
1. Held by insurance company separate accounts;
2. For plan loans or distributions or exchanges to non-Advisor fund
investment options from employee benefit plans (except shares of
SIMPLE IRA, SEP, and SARSEP plans and plans covering self-employed
individuals and their employees (formerly Keogh/H.R. 10 plans)
purchased on or after February 11, 1999) and 403(b) programs; or
3. For disability, payment of death benefits, or minimum required
distributions starting at age 701/2 from Traditional IRAs, Roth IRAs,
SIMPLE IRAs, SEPs, SARSEPs and plans covering a sole-proprietor or
self-employed individuals and their employees (formerly Keogh/H.R. 10
plans).
To qualify for a Class A or Class T finder's fee or CDSC waiver, you
must notify Fidelity in advance of your purchase or redemption,
respectively.
REINSTATEMENT PRIVILEGE. If you have sold all or part of your Class A,
Class T, Class B or Class C shares of a fund, you may reinvest an
amount equal to all or a portion of the redemption proceeds in the
same class of the fund or another Fidelity Advisor fund, at the NAV
next determined after receipt in proper form of your investment order,
provided that such reinvestment is made within 90 days of redemption.
Under these circumstances, the dollar amount of the CDSC you paid, if
any, on shares will be reimbursed to you by reinvesting that amount in
Class A, Class T, Class B or Class C shares, as applicable. You must
reinstate your Class A, Class T, Class B or Class C shares into an
account with the same registration. This privilege may be exercised
only once by a shareholder with respect to a fund and certain
restrictions may apply. For purposes of the CDSC schedule, the holding
period will continue as if the Class A, Class T, Class B or Class C
shares had not been redeemed.
CONVERSION FEATURE. After a maximum of sev en years from the
initial date of purchase, 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 bought 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.
Class A of each fund has adopted a Distribution and Service Plan
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under
the plan, Class A of each fund is authorized to pay FDC a monthly
12b-1 fee as compensation for providing services intended to result in
the sale of Class A shares and/or shareholder support services. Class
A of each fund may pay FDC a 12b-1 fee at an annual rate of 0.75% of
its average net assets, or such lesser amount as the Trustees may
determine from time to time. Class A of each fund currently pays FDC a
monthly 12b-1 fee at an annual rate of 0.25% of its average net assets
throughout the month. Class A's 12b-1 fee rate may be increased only
when the Trustees believe that it is in the best interests of Class A
shareholders to do so.
Class T of each fund has adopted a Distribution and Service Plan
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under
the plan, Class T of each fund is authorized to pay FDC a monthly
12b-1 fee as compensation for providing services intended to result in
the sale of Class T shares and/or shareholder support services. Class
T of Advisor TechnoQuant Growth, Advisor Small Cap, Advisor Mid Cap,
Advisor Retirement Growth, Advisor Equity Growth, Advisor Large Cap,
Advisor Dividend Growth, Advisor Growth & Income, Advisor Equity
Income, and Advisor Asset Allocation may pay FDC a 12b-1 fee at an
annual rate of 0.75% of its average net assets, or such lesser amount
as the Trustees may determine from time to time. Class T of Advisor
Value Strategies , Advisor Growth Opportunities, and Advisor
Balanced may pay FDC a 12b-1 fee at an annual rate of 0.65% of its
average net assets, or such lesser amount as the Trustees may
determine from time to time. Class T of each fund currently pays FDC a
monthly 12b-1 fee at an annual rate of 0.50% of its average net assets
throughout the month. Class T's 12b-1 fee rate may be increased only
when the Trustees believe that it is in the best interests of Class T
shareholders to do so.
FDC may reallow to intermediaries (such as banks, broker-dealers and
other service-providers), including its affiliates, up to the full
amount of the Class A and Class T 12b-1 fee, for providing services
intended to result in the sale of Class A or Class T shares and/or
shareholder support services.
Class B of each fund has adopted a Distribution and Service Plan
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under
the plan, Class B of each fund is authorized to pay FDC a monthly
12b-1 (distribution) fee as compensation for providing services
intended to result in the sale of Class B shares. Class B of each fund
currently pays FDC a monthly 12b-1 (distribution) fee at an annual
rate of 0.75% of its average net assets throughout the month.
In addition, pursuant to each Class B plan, Class B of each fund pays
FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class
B's average net assets throughout the month for providing shareholder
support services.
FDC may reallow up to the full amount of the Class B 12b-1 (service)
fee to intermediaries (such as banks, broker-dealers and other
service-providers) for providing shareholder support services.
Class C of each fund (except Advisor Value Strategies ) has
adopted a Distribution and Service Plan pursuant to Rule 12b-1 under
the Investment Company Act of 1940. Under the plan, Class C of each
fund is authorized to pay FDC a monthly 12b-1 (distribution) fee as
compensation for providing services intended to result in the sale of
Class C shares. Class C of each fund currently pays FDC a monthly
12b-1 (distribution) fee at an annual rate of 0.75% of its average net
assets throughout the month.
In addition, pursuant to each Class C plan, Class C of each fund pays
FDC a monthly 12b-1 (service) fee at an annual rate of 0.25% of Class
C's average net assets throughout the month for providing shareholder
support services.
Normally, after the first year of investment, FDC may reallow up to
the full amount of the Class C 12b-1 (distribution) fees to
intermediaries (such as banks, broker-dealers and other
service-providers) for providing services intended to result in the
sale of Class C shares and may reallow up to the full amount of the
Class C 12b-1 (service) fee to intermediaries for providing
shareholder support services.
For purchases of Class C shares made for an employee benefit plan,
403(b) program or plan covering a sole-proprietor (formerly Keogh/H.R.
10 plan) or through reinvestment of dividends or capital gains
distributions, during the first year of investment and thereafter, FDC
may reallow up to the full amount of the Class C 12b-1 (distribution)
fee paid by such shares to intermediaries, including its affiliates,
for providing services intended to result in the sale of Class C
shares and may reallow up to the full amount of the Class C 12b-1
(service) fee paid by such shares to intermediaries, including its
affiliates, for providing shareholder support services.
Because 12b-1 fees are paid out of each class's assets on an ongoing
basis, they will increase the cost of your investment and may cost you
more than paying other types of sales charges.
In addition, each plan specifically recognizes that FMR may make
payments from its management fee revenue, past profits, or other
resources to FDC for expenses incurred in connection with providing
services intended to result in the sale of the applicable class's
shares and/or shareholder support services, including payments made to
intermediaries that provide those services. Currently, the Board of
Trustees of each fund has authorized such payments.
To receive sales concessions, finder's fees and payments made pursuant
to a Distribution and Service Plan, intermediaries must sign the
appropriate agreement with FDC in advance.
FMR may allocate brokerage transactions in a manner that takes into
account the sale of shares of the Fidelity Advisor funds, provided
that a fund receives brokerage services and commission rates
comparable to those of other broker-dealers.
No dealer, sales representative, or any other person has been
authorized to give any information or to make any representations,
other than those contained in this Prospectus and in the related SAI,
in connection with the offer contained in this Prospectus. If given or
made, such other information or representations must not be relied
upon as having been authorized by the funds or FDC. This Prospectus
and the related SAI do not constitute an offer by the funds or by FDC
to sell or to buy shares of the funds to any person to whom it is
unlawful to make such offer.
APPENDIX
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand each
class's financial history for the past 5 years or, if shorter, the
period of the class's operations. Certain information reflects
financial results for a single class share. Total returns for each
period include the reinvestment of all dividends and distributions.
This information has been audited by PricewaterhouseCoopers LLP,
independent accountants, whose report, along with each fund's
financial highlights and financial statements, are included in each
fund's Annual Report. A free copy of each Annual Report is available
upon request. Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation commenced operations on December 28, 1998.
ADVISOR TECHNOQUANT GROWTH - CLASS A
1.Selected Per-Share Data and
Ratios
2.Years ended November 30 1998 1997E
3.Net asset value, beginning $ 11.38 $ 10.00
of period
4.Income from Investment
Operations
5. Net investment income .01 (.07)
(loss)D
6. Net realized and .69 1.45
unrealized gain (loss)
7. Total from investment .70 1.38
operations
8.Less Distributions
9. From net realized gain (.26) --
10. In excess of net (.11) --
realized gain
11. Total distributions (.37) --
12.Net asset value, end of $ 11.71 $ 11.38
period
13.Total returnB,C 6.53% 13.80%
14.Net assets, end of period $ 2,885 $ 5,376
(000 omitted)
15.Ratio of expenses to 1.61% 1.75%A,F
average net assets
16.Ratio of expenses to 1.60%G 1.75%A
average net assets after
expense reductions
17.Ratio of net investment .09% (.73)%A
income (loss) to average net
assets
18.Portfolio turnover 358% 213%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR TECHNOQUANT GROWTH - CLASS T
19.Selected Per-Share Data
and Ratios
20.Years ended November 30 1998 1997E
21.Net asset value, beginning $ 11.36 $ 10.00
of period
22.Income from Investment
Operations
23. Net investment income (.02) (.10)
(loss)D
24. Net realized and .70 1.46
unrealized gain (loss)
25. Total from investment .68 1.36
operations
26.Less Distributions
27. From net realized gain (.26) --
28. In excess of net (.10) --
realized gain
29. Total distributions (.36) --
30.Net asset value, end of $ 11.68 $ 11.36
period
31.Total returnB,C 6.35% 13.60%
32.Net assets, end of period $ 16,368 $ 20,283
(000 omitted)
33.Ratio of expenses to 1.79% 2.00%A,F
average net assets
34.Ratio of expenses to 1.76%G 2.00%A
average net assets after
expense reductions
35.Ratio of net investment (.11)% (1.00)%A
income (loss) to average net
assets
36.Portfolio turnover 358% 213%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR TECHNOQUANT GROWTH - CLASS B
37.Selected Per-Share Data
and Ratios
38.Years ended November 30 1998 1997E
39.Net asset value, beginning $ 11.31 $ 10.00
of period
40.Income from Investment
Operations
41. Net investment income (.09) (.15)
(loss)D
42. Net realized and .71 1.46
unrealized gain (loss)
43. Total from investment .62 1.31
operations
44.Less Distributions
45. From net realized gain (.24) --
46. In excess of net realized (.09) --
gain
47. Total distributions (.33) --
48.Net asset value, end of $ 11.60 $ 11.31
period
49.Total returnB,C 5.80% 13.10%
50.Net assets, end of period $ 10,994 $ 11,370
(000 omitted)
51.Ratio of expenses to 2.24% 2.50%A,F
average net assets
52.Ratio of expenses to 2.22%G 2.50%A
average net assets after
expense reductions
53.Ratio of net investment (.58)% (1.51)%A
income (loss) to average net
assets
54.Portfolio turnover 358% 213%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR TECHNOQUANT GROWTH - CLASS C
55.Selected Per-Share Data
and Ratios
56.Year ended November 30 1998 1997E
57.Net asset value, beginning $ 11.36 $ 11.85
of period
58.Income from Investment
Operations
59. Net investment income (.14) --
(loss)D
60. Net realized and .74 (.49)
unrealized gain (loss)
61. Total from investment .60 (.49)
operations
62.Less Distributions
63. From net realized gain (.26) --
64. In excess of net (.10) --
realized gain
65. Total distributions (.36) --
66.Net asset value, end of $ 11.60 $ 11.36
period
67.Total returnB,C 5.62% (4.14)%
68.Net assets, end of period $ 482 $ 48
(000 omitted)
69.Ratio of expenses to 2.50%F 2.50%A,F
average net assets
70.Ratio of expenses to 2.47%G 2.50%A
average net assets after
expense reductions
71.Ratio of net investment (.88)% (.60)%A
income (loss) to average net
assets
72.Portfolio turnover 358% 213%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR SMALL CAP - CLASS A
73.Selected Per-Share Data
and Ratios
74.September 9, 1998 1998
(commencement of operations)
to November 30
75.Net asset value, beginning $ 10.00
of period
76.Income from Investment
Operations
77. Net investment income (.01)
(loss)D
78. Net realized and 2.36
unrealized gain (loss)
79. Total from investment 2.35
operations
80.Net asset value, end of $ 12.35
period
81.Total returnB,C 23.50%
82.Net assets, end of period $ 9,587
(000 omitted)
83.Ratio of expenses to 1.75%A,E
average net assets
84.Ratio of expenses to 1.68%A,F
average net assets after
expense reductions
85.Ratio of net investment (.40)%A
income (loss) to average net
assets
86.Portfolio turnover 204%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR SMALL CAP - CLASS T
87.Selected Per-Share Data
and Ratios
88.September 9, 1998 1998
(commencement of operations)
to November 30
89.Net asset value, beginning $ 10.00
of period
90.Income from Investment
Operations
91. Net investment income (.02)
(loss)D
92. Net realized and 2.36
unrealized gain (loss)
93. Total from investment 2.34
operations
94.Net asset value, end of $ 12.34
period
95.Total returnB,C 23.40%
96.Net assets, end of period $ 72,428
(000 omitted)
97.Ratio of expenses to 2.00%A,E
average net assets
98.Ratio of expenses to 1.93%A,F
average net assets after
expense reductions
99.Ratio of net investment (.63)%A
income (loss) to average net
assets
100.Portfolio turnover 204%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR SMALL CAP - CLASS B
101.Selected Per-Share Data
and Ratios
102.September 9, 1998 1998
(commencement of operations)
to November 30
103.Net asset value, $ 10.00
beginning of period
104.Income from Investment
Operations
105. Net investment income (.03)
(loss)D
106. Net realized and 2.34
unrealized gain (loss)
107. Total from investment 2.31
operations
108.Net asset value, end of $ 12.31
period
109.Total returnB,C 23.10%
110.Net assets, end of period $ 24,344
(000 omitted)
111.Ratio of expenses to 2.50%A,E
average net assets
112.Ratio of expenses to 2.43%A,F
average net assets after
expense reductions
113.Ratio of net investment (1.15)%A
income (loss) to average net
assets
114.Portfolio turnover 204%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR SMALL CAP - CLASS C
115.Selected Per-Share Data
and Ratios
116.September 9, 1998 1998
(commencement of operations)
to November 30
117.Net asset value, $ 10.00
beginning of period
118.Income from Investment
Operations
119. Net investment income (.03)
(loss)D
120. Net realized and 2.37
unrealized gain (loss)
121. Total from investment 2.34
operations
122.Net asset value, end of $ 12.34
period
123.Total returnB,C 23.40%
124.Net assets, end of period $ 22,117
(000 omitted)
125.Ratio of expenses to 2.50%A,E
average net assets
126.Ratio of expenses to 2.44%A,F
average net assets after
expense reductions
127.Ratio of net investment (1.15)%A
income (loss) to average net
assets
128.Portfolio turnover 204%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR VALUE STRATEGIES - CLASS A
129.Selected Per-Share Data
and Ratios
130.Years ended November 30 1998 1997I 1996F
131.Net asset value, $ 27.51 $ 22.51 $ 23.48
beginning of period
132.Income from Investment
Operations
133. Net investment income (.14) (.13) .08
(loss)E
134. Net realized and (1.09) 6.00 1.26
unrealized gain (loss)
135. Total from investment (1.23) 5.87 1.34
operations
136.Less Distributions
137. From net investment -- -- (.37)
income
138. From net realized gain (2.39) (.87) (1.94)
139. Total distributions (2.39) (.87) (2.31)
140.Net asset value, end of $ 23.89 $ 27.51 $ 22.51
period
141.Total returnB,C (4.45)% 26.96% 5.80%
142.Net assets, end of period $ 4,613 $ 2,309 $ 638
(000 omitted)
143.Ratio of expenses to 1.24%G 1.49%A,G .99%A,D
average net assets
144.Ratio of expenses to 1.23%H 1.47%A,H .97%A,H
average net assets after
expense reductions
145.Ratio of net investment (.59)% (.59)%A 1.00%A
income (loss) to average net
assets
146.Portfolio turnover 64% 61%A 151%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D LIMITED IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
E NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
F FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO DECEMBER 31, 1996.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
I ELEVEN MONTHS ENDED NOVEMBER 30, 1997
ADVISOR VALUE STRATEGIES - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
147.Selected Per-Share Data
and Ratios
148.Years ended November 30 1998 1997H 1996J 1995J 1994G 1994K 1993K
149.Net asset value, $ 27.78 $ 22.69 $ 24.88 $ 18.70 $ 19.96 $ 22.52 $ 19.53
beginning of period
150.Income from Investment
Operations
151. Net investment income (.13)D (.07)D .17D .39 .10D .39D .33
(loss)
152. Net realized and (1.10) 6.03 .18 6.73 (.75) (.81) 4.44
unrealized gain (loss)
153. Total from investment (1.23) 5.96 .35 7.12 (.65) (.42) 4.77
operations
154.Less Distributions
155. From net investment -- -- (.19) (.39) (.35) (.43) (.57)
income
156. From net realized gain (2.32) (.87) (2.35) (.55) (.26) (1.71) (1.21)
157. Total distributions (2.32) (.87) (2.54) (.94) (.61) (2.14) (1.78)
158.Net asset value, end of $ 24.23 $ 27.78 $ 22.69 $ 24.88 $ 18.70 $ 19.96 $ 22.52
period
159.Total returnB,C (4.40)% 27.15% 1.53% 38.16% (3.26)% (2.24)% 26.33%
160.Net assets, end of period $ 443,578 $ 529,043 $ 560,645 $ 619,993 $ 375,691 $ 385,349 $ 269,833
(000 omitted)
161.Ratio of expenses to 1.16% 1.24%A 1.28% 1.61% 1.73%A,E 1.85% 1.57%I
average net assets
162.Ratio of expenses to 1.15%F 1.23%A,F 1.27%F 1.61% 1.73%A 1.84%F 1.57%
average net assets after
expense reductions
163.Ratio of net investment (.53)% (.29)%A .70% 1.90% 2.03%A 1.89% 2.06%
income (loss) to average net
assets
164.Portfolio turnover 64% 61%A 151% 142% 228%A 159% 183%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G THREE MONTHS ENDED DECEMBER 31, 1994.
H ELEVEN MONTHS ENDED NOVEMBER 30, 1997.
I INCLUDES REIMBURSEMENT OF $.03 PER SHARE FOR ADJUSTMENTS TO PRIOR
PERIOD'S FEES.
J YEAR ENDED DECEMBER 31
K YEAR ENDED SEPTEMBER 30
ADVISOR VALUE STRATEGIES - CLASS B
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
165.Selected Per-Share Data
and Ratios
166.Years ended November 30 1998 1997H 1996J 1995J 1994I 1994E
167.Net asset value, $ 27.23 $ 22.36 $ 24.56 $ 18.57 $ 19.98 $ 19.65
beginning of period
168.Income from Investment
Operations
169. Net investment income (.27)D (.18)D .04D .38 .06D .05D
(loss)
170. Net realized and (1.07) 5.92 .18 6.54 (.74) .28
unrealized gain (loss)
171. Total from investment (1.34) 5.74 .22 6.92 (.68) .33
operations
172.Less Distributions
173. From net investment -- -- (.07) (.38) (.47) --
income
174. From net realized gain (2.20) (.87) (2.35) (.55) (.26) --
175. Total distributions (2.20) (.87) (2.42) (.93) (.73) --
176.Net asset value, end of $ 23.69 $ 27.23 $ 22.36 $ 24.56 $ 18.57 $ 19.98
period
177.Total returnB,C (4.94)% 26.55% 1.00% 37.35% (3.41)% 1.68%
178.Net assets, end of period $ 101,234 $ 109,646 $ 98,535 $ 87,566 $ 17,090 $ 8,824
(000 omitted)
179.Ratio of expenses to 1.71% 1.78%A 1.80% 2.11% 2.58%A 2.63%A,G
average net assets
180.Ratio of expenses to 1.70%F 1.77%A,F 1.79%F 2.10%F 2.53%A,F 2.63%A
average net assets after
expense reductions
181.Ratio of net investment (1.07)% (.84)%A .18% 1.40% 1.22%A 1.11%A
income (loss) to average net
assets
182.Portfolio turnover 64% 61%A 151% 142% 228%A 159%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JUNE 30, 1994 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO SEPTEMBER 30, 1994.
F FMR OR THE FUND HAS ENTERED INTO VARYING AGREEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS EXPENSES.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H ELEVEN MONTHS ENDED NOVEMBER 30, 1997.
I THREE MONTHS ENDED DECEMBER 31, 1994.
J YEAR ENDED DECEMBER 31
ADVISOR MID CAP - CLASS A
183.Selected Per-Share Data
and Ratios
184.Years ended November 30 1998 1997 1996E
185.Net asset value, $ 14.04 $ 11.70 $ 10.74
beginning of period
186.Income from Investment
Operations
187. Net investment income (.05) (.09) (.01)
(loss)D
188. Net realized and 1.17 2.64 .97
unrealized gain (loss)
189. Total from investment 1.12 2.55 .96
operations
190.Less Distributions
191. From net realized gain (1.45) (.21) --
192.Net asset value, end of $ 13.71 $ 14.04 $ 11.70
period
193.Total returnB,C 9.07% 22.24% 8.94%
194.Net assets, end of period $ 11,340 $ 4,670 $ 1,239
(000 omitted)
195.Ratio of expenses to 1.30% 1.62%F 1.56%A,F
average net assets
196.Ratio of expenses to 1.27%G 1.58%G 1.56%A
average net assets after
expense reductions
197.Ratio of net investment (.36)% (.71)% (.33)%A
income (loss) to average net
assets
198.Portfolio turnover 139% 208% 101%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1996.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR MID CAP - CLASS T
199.Selected Per-Share Data
and Ratios
200.Years ended November 30 1998 1997 1996E
201.Net asset value, $ 14.09 $ 11.70 $ 10.00
beginning of period
202.Income from Investment
Operations
203. Net investment income (.07) (.07) (.03)
(loss)D
204. Net realized and 1.17 2.64 1.73
unrealized gain (loss)
205. Total from investment 1.10 2.57 1.70
operations
206.Less Distributions
207. From net realized gain (1.44) (.18) --
208.Net asset value, end of $ 13.75 $ 14.09 $ 11.70
period
209.Total returnB,C 8.87% 22.35% 17.00%
210.Net assets, end of period $ 367,035 $ 326,642 $ 187,040
(000 omitted)
211.Ratio of expenses to 1.42% 1.48% 1.60%A
average net assets
212.Ratio of expenses to 1.39%F 1.44%F 1.60%A
average net assets after
expense reductions
213.Ratio of net investment (.51)% (.53)% (.37)%A
income (loss) to average net
assets
214.Portfolio turnover 139% 208% 101%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO NOVEMBER 30, 1996.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR MID CAP - CLASS B
215.Selected Per-Share Data
and Ratios
216.Years ended November 30 1998 1997 1996E
217.Net asset value, $ 13.94 $ 11.61 $ 10.00
beginning of period
218.Income from Investment
Operations
219. Net investment income (.14) (.14) (.10)
(loss)D
220. Net realized and 1.17 2.62 1.71
unrealized gain (loss)
221. Total from investment 1.03 2.48 1.61
operations
222.Less Distributions
223. From net realized gain (1.39) (.15) --
224.Net asset value, end of $ 13.58 $ 13.94 $ 11.61
period
225.Total returnB,C 8.38% 21.67% 16.10%
226.Net assets, end of period $ 82,317 $ 58,758 $ 32,727
(000 omitted)
227.Ratio of expenses to 1.94% 2.03% 2.38%A
average net assets
228.Ratio of expenses to 1.91%F 1.98%F 2.37%A,F
average net assets after
expense reductions
229.Ratio of net investment (1.02)% (1.08)% (1.14)%A
income (loss) to average net
assets
230.Portfolio turnover 139% 208% 101%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1996.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR MID CAP - CLASS C
231.Selected Per-Share Data
and Ratios
232.Years ended November 30 1998 1997E
233.Net asset value, $ 14.08 $ 14.16
beginning of period
234.Income from Investment
Operations
235. Net investment income (.15) (.01)
(loss)D
236. Net realized and 1.15 (.07)
unrealized gain (loss)
237. Total from investment 1.00 (.08)
operations
238.Less Distributions
239. From net realized gain (1.44) --
240.Net asset value, end of $ 13.64 $ 14.08
period
241.Total returnB,C 8.09% (.56)%
242.Net assets, end of period $ 12,593 $ 345
(000 omitted)
243.Ratio of expenses to 2.15%F 2.50%A,F
average net assets
244.Ratio of expenses to 2.11%G 2.40%A,G
average net assets after
expense reductions
245.Ratio of net investment (1.16)% (1.07)%A
income (loss) to average net
assets
246.Portfolio turnover 139% 208%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY GROWTH - CLASS A
247.Selected Per-Share Data
and Ratios
248.Years ended November 30 1998 1997 1996F
249.Net asset value, $ 51.69 $ 44.80 $ 39.47
beginning of period
250.Income from Investment
Operations
251. Net investment income (.13) (.06) .04
(loss)E
252. Net realized and 12.76 8.54 5.29
unrealized gain (loss)
253. Total from investment 12.63 8.48 5.33
operations
254.Less Distributions
255. From net investment (.03)I (.36) --
income
256. From net realized gain (6.15)I (1.23) --
257. Total distributions (6.18) (1.59) --
258.Net asset value, end of $ 58.14 $ 51.69 $ 44.80
period
259.Total returnB,C 28.21% 19.73% 13.50%
260.Net assets, end of period $ 91,557 $ 28,522 $ 4,423
(000 omitted)
261.Ratio of expenses to 1.12% 1.32%G 1.52%A,D,G
average net assets
262.Ratio of expenses to 1.10%H 1.30%H 1.50%A,H
average net assets after
expense reductions
263.Ratio of net investment (.26)% (.12)% .38%A
income (loss) to average net
assets
264.Portfolio turnover 122% 108% 76%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D LIMITED IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
E NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
F FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1996.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
I THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATION RELATED TO BOOK
TO TAX DIFFERENCES.
ADVISOR EQUITY GROWTH - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
265.Selected Per-Share Data
and Ratios
266.Years ended November 30 1998 1997 1996 1995 1994
267.Net asset value, $ 51.97 $ 44.81 $ 39.83 $ 28.52 $ 29.50
beginning of period
268.Income from Investment
Operations
269. Net investment income (.21)C (.04)C .22C .06 .08
(loss)
270. Net realized and 12.87 8.60 6.90 11.54 .39
unrealized gain (loss)
271. Total from investment 12.66 8.56 7.12 11.60 .47
operations
272.Less Distributions
273. From net investment -- (.17) (.03) (.08) --
income
274. From net realized gain (6.04) (1.23) (2.11) (.16) (1.45)
275. In excess of net -- -- -- (.05) --
realized gain
276. Total distributions (6.04) (1.40) (2.14) (.29) (1.45)
277.Net asset value, end of $ 58.59 $ 51.97 $ 44.81 $ 39.83 $ 28.52
period
278.Total returnA,B 28.00% 19.81% 19.00% 41.11% 1.58%
279.Net assets, end of period $ 5,187,390 $ 4,205,772 $ 3,536,973 $ 2,051,429 $ 874,172
(000 omitted)
280.Ratio of expenses to 1.29% 1.31%D 1.36% 1.55% 1.71%
average net assets
281.Ratio of expenses to 1.27%E 1.29%E 1.34%E 1.54%E 1.70%E
average net assets after
expense reductions
282.Ratio of net investment (.41)% (.08)% .54% .21% .15%
income (loss) to average net
assets
283.Portfolio turnover 122% 108% 76% 97% 137%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE.
C NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY GROWTH - CLASS B
284.Selected Per-Share Data
and Ratios
285.Years ended November 30 1998 1997E
286.Net asset value, $ 51.41 $ 41.81
beginning of period
287.Income from Investment
Operations
288. Net investment income (.52) (.32)
(loss)D
289. Net realized and 12.68 9.95
unrealized gain (loss)
290. Total from investment 12.16 9.63
operations
291.Less Distributions
292. From net realized gain (6.07) (.03)
293.Net asset value, end of $ 57.50 $ 51.41
period
294.Total returnB,C 27.27% 23.05%
295.Net assets, end of period $ 306,619 $ 71,496
(000 omitted)
296.Ratio of expenses to 1.88% 1.93%A,F
average net assets
297.Ratio of expenses to 1.85%G 1.90%A,G
average net assets after
expense reductions
298.Ratio of net investment (1.01)% (.73)%A
income (loss) to average net
assets
299.Portfolio turnover 122% 108%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY GROWTH - CLASS C
300.Selected Per-Share Data
and Ratios
301.Years ended November 30 1998 1997E
302.Net asset value, $ 51.95 $ 51.84
beginning of period
303.Income from Investment
Operations
304. Net investment income (.54) (.02)
(loss)D
305. Net realized and 12.87 .13
unrealized gain (loss)
306. Total from investment 12.33 .11
operations
307.Less Distributions
308. From net realized gain (6.04) --
309.Net asset value, end of $ 58.24 $ 51.95
period
310.Total returnB,C 27.30% 0.21%
311.Net assets, end of period $ 64,262 $ 965
(000 omitted)
312.Ratio of expenses to 1.89% 1.95%A,F
average net assets
313.Ratio of expenses to 1.86%G 1.89%A,G
average net assets after
expense reductions
314.Ratio of net investment (1.03)% (.82)%A
income (loss) to average net
assets
315.Portfolio turnover 122% 108%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR LARGE CAP - CLASS A
316.Selected Per-Share Data
and Ratios
317.Years ended November 30 1998 1997 1996G
318.Net asset value, $ 13.96 $ 11.83 $ 10.21
beginning of period
319.Income from Investment
Operations
320. Net investment income (.05) (.04) --
(loss)D
321. Net realized and 3.54 2.25 1.62
unrealized gain (loss)
322. Total from investment 3.49 2.21 1.62
operations
323.Less Distributions
324. From net realized gain (.83) (.08) --
325.Net asset value, end of $ 16.62 $ 13.96 $ 11.83
period
326.Total returnB,C 26.69% 18.82% 15.87%
327.Net assets, end of period $ 4,254 $ 2,330 $ 503
(000 omitted)
328.Ratio of expenses to 1.46%E 1.75%E 1.75%A,E
average net assets
329.Ratio of expenses to 1.44%F 1.72%F 1.75%A
average net assets after
expense reductions
330.Ratio of net investment (.31)% (.34)% .11%A
income (loss) to average net
assets
331.Portfolio turnover 141% 93% 59%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1996.
ADVISOR LARGE CAP - CLASS T
332.Selected Per-Share Data
and Ratios
333.Years Ended November 30 1998 1997 1996G
334.Net asset value, $ 13.98 $ 11.82 $ 10.00
beginning of period
335.Income from Investment
Operations
336. Net investment income (.05) (.02) (.01)
(loss)D
337. Net realized and 3.56 2.24 1.83
unrealized gain (loss)
338. Total from investment 3.51 2.22 1.82
operations
339.Less Distributions
340. From net realized gain (.82) (.06) --
341.Net asset value, end of $ 16.67 $ 13.98 $ 11.82
period
342.Total returnB,C 26.77% 18.89% 18.20%
343.Net assets, end of period $ 81,455 $ 42,753 $ 26,133
(000 omitted)
344.Ratio of expenses to 1.46% 1.62% 2.00%A,E
average net assets
345.Ratio of expenses to 1.44%F 1.60%F 2.00%A
average net assets after
expense reductions
346.Ratio of net investment (.31)% (.18)% (.14)%A
income (loss) to average net
assets
347.Portfolio turnover 141% 93% 59%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO NOVEMBER 30, 1996.
ADVISOR LARGE CAP - CLASS B
348.Selected Per-Share Data
and Ratios
349.Years ended November 30 1998 1997 1996G
350.Net asset value, $ 13.85 $ 11.77 $ 10.00
beginning of period
351.Income from Investment
Operations
352. Net investment income (.13) (.09) (.05)
(loss)D
353. Net realized and 3.54 2.22 1.82
unrealized gain (loss)
354. Total from investment 3.41 2.13 1.77
operations
355.Less Distributions
356. From net realized gain (.76) (.05) --
357.Net asset value, end of $ 16.50 $ 13.85 $ 11.77
period
358.Total returnB,C 26.15% 18.18% 17.70%
359.Net assets, end of period $ 37,229 $ 20,926 $ 9,721
(000 omitted)
360.Ratio of expenses to 2.00% 2.16% 2.50%A,E
average net assets
361.Ratio of expenses to 1.98%F 2.14%F 2.50%A
average net assets after
expense reductions
362.Ratio of net investment (.85)% (.73)% (.64)%A
income (loss) to average net
assets
363.Portfolio turnover 141% 93% 59%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1996.
ADVISOR LARGE CAP - CLASS C
364.Selected Per-Share Data
and Ratios
365.Years ended November 30 1998 1997G
366.Net asset value, $ 13.98 $ 13.97
beginning of period
367.Income from Investment
Operations
368. Net investment income (.21) (.01)
(loss)D
369. Net realized and 3.59 .02
unrealized gain (loss)
370. Total from investment 3.38 .01
operations
371.Less Distributions
372. From net realized gain (.82) --
373.Net asset value, end of $ 16.54 $ 13.98
period
374.Total returnB,C 25.79% 0.07%
375.Net assets, end of period $ 4,393 $ 41
(000 omitted)
376.Ratio of expenses to 2.50%E 2.50%A,E
average net assets
377.Ratio of expenses to 2.48%F 2.35%A,F
average net assets after
expense reductions
378.Ratio of net investment (1.40)% (.62)%A
income (loss) to average net
assets
379.Portfolio turnover 141% 93%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
ADVISOR GROWTH OPPORTUNITIES - CLASS A
380.Selected Per-Share Data
and Ratios
381.Year ended November 30 1998 1997H 1997I 1996E
382.Net asset value, $ 44.02 $ 42.57 $ 35.39 $ 32.86
beginning of period
383.Income from Investment
Operations
384. Net investment incomeD .48 .04 .54 .09
385. Net realized and 8.03 1.41 8.80 2.44
unrealized gain (loss)
386. Total from investment 8.51 1.45 9.34 2.53
operations
387.Less Distributions
388. From net investment (.60) -- (.72) --
income
389. From net realized gain (2.60) -- (1.44) --
390. Total distributions (3.20) -- (2.16) --
391.Net asset value, end of $ 49.33 $ 44.02 $ 42.57 $ 35.39
period
392.Total returnB,C 20.82% 3.41% 27.58% 7.70%
393.Net assets, end of period $ 359,107 $ 142,754 $ 129,628 $ 10,185
(000 omitted)
394.Ratio of expenses to .97% 1.10%A,F 1.05% 1.48%A,F
average net assets
395.Ratio of expenses to .96%G 1.09%A,G 1.04%G 1.47%A,G
average net assets after
expense reductions
396.Ratio of net investment 1.06% 1.22%A 1.36% 1.74%A
income to average net assets
397.Portfolio turnover 25% 33%A 35% 33%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO OCTOBER 31, 1996.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H ONE MONTH ENDED NOVEMBER 30
I YEAR ENDED OCTOBER 31
ADVISOR GROWTH OPPORTUNITIES - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
398.Selected Per-Share Data
and Ratios
399.Year ended November 30 1998 1997F 1997G 1996G 1995G 1994G
400.Net asset value, $ 44.20 $ 42.76 $ 35.41 $ 30.89 $ 26.62 $ 25.39
beginning of period
401.Income from Investment
Operations
402. Net investment income .42D .03D .55D .61D .39 .22
403. Net realized and 8.08 1.41 8.78 4.72 5.31 1.92
unrealized gain (loss)
404. Total from investment 8.50 1.44 9.33 5.33 5.70 2.14
operations
405.Less Distributions
406. From net investment (.47) -- (.54) (.41) (.27) (.07)
income
407. From net realized gain (2.60) -- (1.44) (.40) (1.16) (.84)
408. Total distributions (3.07) -- (1.98) (.81) (1.43) (.91)
409.Net asset value, end of $ 49.63 $ 44.20 $ 42.76 $ 35.41 $ 30.89 $ 26.62
period
410.Total returnB,C 20.63% 3.37% 27.43% 17.61% 22.88% 8.71%
411.Net assets, end of period $ 24,802,060 $ 20,410,697 $ 19,651,539 $ 14,314,950 $ 9,690,992 $ 4,598,668
(000 omitted)
412.Ratio of expenses to 1.14% 1.28%A 1.18% 1.34% 1.59% 1.63%
average net assets
413.Ratio of expenses to 1.13%E 1.27%A,E 1.17%E 1.34% 1.58%E 1.62%E
average net assets after
expense reductions
414.Ratio of net investment .92% 1.03%A 1.39% 1.88% 1.56% 1.12%
income to average net assets
415.Portfolio turnover 25% 33%A 35% 33% 39% 43%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
F ONE MONTH ENDED NOVEMBER 30
G YEARS ENDED OCTOBER 31
ADVISOR GROWTH OPPORTUNITIES - CLASS B
416.Selected Per-Share Data
and Ratios
417.Year ended November 30 1998 1997H 1997E
418.Net asset value, $ 44.02 $ 42.60 $ 37.62
beginning of period
419.Income from Investment
Operations
420. Net investment incomeD .14 .02 .13
421. Net realized and 8.04 1.40 4.85
unrealized gain (loss)
422. Total from investment 8.18 1.42 4.98
operations
423.Less Distributions
424. From net investment (.48) -- --
income
425. From net realized gain (2.60) -- --
426. Total distributions (3.08) -- --
427.Net asset value, end of $ 49.12 $ 44.02 $ 42.60
period
428.Total returnB,C 19.95% 3.33% 13.24%
429.Net assets, end of period $ 1,431,602 $ 422,511 $ 370,662
(000 omitted)
430.Ratio of expenses to 1.71% 1.85%A,F 1.75%A
average net assets
431.Ratio of expenses to 1.70%G 1.84%A,G 1.74%A,G
average net assets after
expense reductions
432.Ratio of net investment .31% .47%A .48%A
income to average net assets
433.Portfolio turnover 25% 33%A 35%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD MARCH 3, 1997 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO OCTOBER 31, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H ONE MONTH ENDED NOVEMBER 30
ADVISOR GROWTH OPPORTUNITIES - CLASS C
434.Selected Per-Share Data
and Ratios
435.Year ended November 30 1998 1997E
436.Net asset value, $ 44.20 $ 43.62
beginning of period
437.Income from Investment
Operations
438. Net investment incomeD .12 .02
439. Net realized and 8.08 .56
unrealized gain (loss)
440. Total from investment 8.20 .58
operations
441.Less Distributions
442. From net investment (.47) --
income
443. From net realized gain (2.60) --
444. Total distributions (3.07) --
445.Net asset value, end of $ 49.33 $ 44.20
period
446.Total returnB,C 19.91% 1.33%
447.Net assets, end of period $ 301,078 $ 5,845
(000 omitted)
448.Ratio of expenses to 1.70% 1.85%A,F
average net assets
449.Ratio of expenses to 1.70% 1.84%A,G
average net assets after
expense reductions
450.Ratio of net investment .27% .74%A
income to average net assets
451.Portfolio turnover 25% 33%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR GROWTH & INCOME - CLASS A
452.Selected Per-Share Data
and Ratios
453.Years ended November 30 1998 1997E
454.Net asset value, $ 12.47 $ 10.00
beginning of period
455.Income from Investment
Operations
456. Net investment incomeD .06 .04
457. Net realized and 2.79 2.46
unrealized gain (loss)
458. Total from investment 2.85 2.50
operations
459.Less Distributions
460. From net investment (.05) (.03)
income
461. From net realized gain (.18) --
462. Total distributions (.23) (.03)
463.Net asset value, end of $ 15.09 $ 12.47
period
464.Total returnB,C 23.24% 25.04%
465.Net assets, end of period $ 34,614 $ 6,977
(000 omitted)
466.Ratio of expenses to 1.12% 1.50%A,F
average net assets
467.Ratio of expenses to 1.11%G 1.50%A
average net assets after
expense reductions
468.Ratio of net investment .46% .34%A
income to average net assets
469.Portfolio turnover 54% 82%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR GROWTH & INCOME - CLASS T
470.Selected Per-Share Data
and Ratios
471.Years ended November 30 1998 1997E
472.Net asset value, $ 12.46 $ 10.00
beginning of period
473.Income from Investment
Operations
474. Net investment incomeD .04 .03
475. Net realized and 2.78 2.45
unrealized gain (loss)
476. Total from investment 2.82 2.48
operations
477.Less Distributions
478. From net investment (.03) (.02)
income
479. From net realized gain (.18) --
480. Total distributions (.21) (.02)
481.Net asset value, end of $ 15.07 $ 12.46
period
482.Total returnB,C 23.00% 24.83%
483.Net assets, end of period $ 400,322 $ 133,468
(000 omitted)
484.Ratio of expenses to 1.31% 1.59%A
average net assets
485.Ratio of expenses to 1.30%F 1.59%A
average net assets after
expense reductions
486.Ratio of net investment .27% .24%A
income to average net assets
487.Portfolio turnover 54% 82%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO NOVEMBER 30, 1997.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR GROWTH & INCOME - CLASS B
488.Selected Per-Share Data
and Ratios
489.Years ended November 30 1998 1997E
490.Net asset value, $ 12.41 $ 10.00
beginning of period
491.Income from Investment
Operations
492. Net investment income (.03) (.04)
(loss)D
493. Net realized and 2.77 2.46
unrealized gain (loss)
494. Total from investment 2.74 2.42
operations
495.Less Distributions
496. From net investment -- (.01)
income
497. From net realized gain (.17) --
498. Total distributions (.17) (.01)
499.Net asset value, end of $ 14.98 $ 12.41
period
500.Total returnB,C 22.39% 24.22%
501.Net assets, end of period $ 158,180 $ 28,825
(000 omitted)
502.Ratio of expenses to 1.83% 2.25%A,F
average net assets
503.Ratio of expenses to 1.82%G 2.25%A
average net assets after
expense reductions
504.Ratio of net investment (.25)% (.42)%A
income (loss) to average net
assets
505.Portfolio turnover 54% 82%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR GROWTH & INCOME - CLASS C
506.Selected Per-Share Data
and Ratios
507.Years ended November 30 1998 1997E
508.Net asset value, $ 12.45 $ 12.22
beginning of period
509.Income from Investment
Operations
510. Net investment income (.04) --
(loss)D
511. Net realized and 2.76 .23
unrealized gain (loss)
512. Total from investment 2.72 .23
operations
513.Less Distributions
514. From net investment (.01) --
income
515. From net realized gain (.18) --
516. Total distributions (.19) --
517.Net asset value, end of $ 14.98 $ 12.45
period
518.Total returnB,C 22.20% 1.88%
519.Net assets, end of period $ 59,652 $ 391
(000 omitted)
520.Ratio of expenses to 1.87% 2.24%A,F
average net assets
521.Ratio of expenses to 1.85%G 2.24%A
average net assets after
expense reductions
522.Ratio of net investment (.27)% .19%A
income (loss) to average net
assets
523.Portfolio turnover 54% 82%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY INCOME - CLASS A
524.Selected Per-Share Data
and Ratios
525.Years ended November 30 1998 1997 1996F
526.Net asset value, $ 26.69 $ 22.78 $ 20.38
beginning of period
527.Income from Investment
Operations
528. Net investment incomeE .24 .23 .06
529. Net realized and 3.19 4.61 2.44
unrealized gain (loss)
530. Total from investment 3.43 4.84 2.50
operations
531.Less Distributions
532. From net investment (.25) (.34) (.10)
income
533. From net realized gain (1.72) (.59) --
534. Total distributions (1.97) (.93) (.10)
535.Net asset value, end of $ 28.15 $ 26.69 $ 22.78
period
536.Total returnB,C 13.82% 22.05% 12.31%
537.Net assets, end of period $ 65,436 $ 25,659 $ 3,306
(000 omitted)
538.Ratio of expenses to 1.03% 1.26%G 1.46%A,D,G
average net assets
539.Ratio of expenses to 1.02%H 1.25%H 1.44%A,H
average net assets after
expense reductions
540.Ratio of net investment .89% .93% 1.27%A
income to average net assets
541.Portfolio turnover 59% 55% 78%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D LIMITED IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
E NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
F FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1996.
G FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY INCOME - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
542.Selected Per-Share Data
and Ratios
543.Years ended November 30 1998 1997 1996 1995 1994
544.Net asset value, $ 26.85 $ 22.83 $ 19.95 $ 15.96 $ 14.86
beginning of period
545.Income from Investment
Operations
546. Net investment income .19C .26C .30C .31 .28C
547. Net realized and 3.22 4.62 3.35 4.26 1.03
unrealized gain (loss)
548. Total from investment 3.41 4.88 3.65 4.57 1.31
operations
549.Less Distributions
550. From net investment (.19) (.27) (.31) (.30) (.21)
income
551. From net realized gain (1.72) (.59) (.46) (.28) --
552. Total distributions (1.91) (.86) (.77) (.58) (.21)
553.Net asset value, end of $ 28.35 $ 26.85 $ 22.83 $ 19.95 $ 15.96
period
554.Total returnA,B 13.63% 22.12% 18.89% 29.46% 8.84%
555.Net assets, end of period $ 2,635,406 $ 2,190,070 $ 1,672,994 $ 880,054 $ 179,501
(000 omitted)
556.Ratio of expenses to 1.21% 1.23% 1.27% 1.48% 1.67%
average net assets
557.Ratio of expenses to 1.20%D 1.21%D 1.26%D 1.47%D 1.64%D
average net assets after
expense reductions
558.Ratio of net investment .72% 1.05% 1.45% 1.78% 1.69%
income to average net assets
559.Portfolio turnover 59% 55% 78% 80% 140%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE.
C NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY INCOME - CLASS B
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
560.Selected Per-Share Data
and Ratios
561.Years ended November 30 1998 1997 1996 1995 1994E
562.Net asset value, $ 26.73 $ 22.73 $ 19.90 $ 15.94 $ 15.21
beginning of period
563.Income from Investment
Operations
564. Net investment income .05D .13D .19D .26 .08D
565. Net realized and 3.21 4.61 3.33 4.23 .72
unrealized gain (loss)
566. Total from investment 3.26 4.74 3.52 4.49 .80
operations
567.Less Distributions
568. From net investment (.07) (.15) (.23) (.25) (.07)
income
569. From net realized gain (1.72) (.59) (.46) (.28) --
570. Total distributions (1.79) (.74) (.69) (.53) (.07)
571.Net asset value, end of $ 28.20 $ 26.73 $ 22.73 $ 19.90 $ 15.94
period
572.Total returnB,C 13.06% 21.52% 18.22% 28.95% 5.25%
573.Net assets, end of period $ 877,573 $ 682,308 $ 500,447 $ 270,101 $ 35,373
(000 omitted)
574.Ratio of expenses to 1.74% 1.74%F 1.81% 1.85% 2.24%A
average net assets
575.Ratio of expenses to 1.72%G 1.73%G 1.79%G 1.84%G 2.18%A,G
average net assets after
expense reductions
576.Ratio of net investment .19% .53% .92% 1.41% 1.15%A
income to average net assets
577.Portfolio turnover 59% 55% 78% 80% 140%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JUNE 30, 1994 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1994.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY INCOME - CLASS C
578.Selected Per-Share Data
and Ratios
579.Years ended November 30 1998 1997E
580.Net asset value, $ 26.84 $ 26.65
beginning of period
581.Income from Investment
Operations
582. Net investment incomeD .02 .02
583. Net realized and 3.21 .17
unrealized gain (loss)
584. Total from investment 3.23 .19
operations
585.Less Distributions
586. From net investment (.12) --
income
587. From net realized gain (1.72) --
588. Total distributions (1.84) --
589.Net asset value, end of $ 28.23 $ 26.84
period
590.Total returnB,C 12.90% 0.71%
591.Net assets, end of period $ 37,014 $ 684
(000 omitted)
592.Ratio of expenses to 1.84% 1.85%A,F
average net assets
593.Ratio of expenses to 1.82%G 1.81%A,G
average net assets after
expense reductions
594.Ratio of net investment .07% 1.24%A
income to average net assets
595.Portfolio turnover 59% 55%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR BALANCED - CLASS A
596.Selected Per-Share Data
and Ratios
597.Years ended October 31 1998H 1998 1997 1996E
598.Net asset value, $ 19.25 $ 18.75 $ 16.04 $ 15.22
beginning of period
599.Income from Investment
Operations
600. Net investment incomeD .05 .53 .48 .08
601. Net realized and .61 1.80 2.83 .88
unrealized gain (loss)
602. Total from investment .66 2.33 3.31 .96
operations
603.Less Distributions
604. From net investment -- (.57) (.49) (.14)
income
605. From net realized gain -- (1.26) (.11) --
606. Total distributions -- (1.83) (.60) (.14)
607.Net asset value, end of $ 19.91 $ 19.25 $ 18.75 $ 16.04
period
608.Total returnB,C 3.43% 13.04% 20.99% 6.34%
609.Net assets, end of period $ 16,859 $ 15,517 $ 7,565 $ 1,181
(000 omitted)
610.Ratio of expenses to 1.02%A 1.05% 1.41%F 1.50%A,F
average net assets
611.Ratio of expenses to 1.02%A 1.02%G 1.40%G 1.49%A,G
average net assets after
expense reductions
612.Ratio of net investment 3.13%A 2.76% 2.68% 3.07%A
income to average net assets
613.Portfolio turnover 73%A 85% 70% 223%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO OCTOBER 31, 1996.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H ONE MONTH ENDED NOVEMBER 30
ADVISOR BALANCED - CLASS T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
614.Selected Per-Share Data
and Ratios
615.Years ended October 31 1998F 1998 1997 1996 1995 1994
616.Net asset value, $ 19.30 $ 18.79 $ 16.07 $ 15.30 $ 14.67 $ 15.91
beginning of period
617.Income from Investment
Operations
618. Net investment income .05D .51D .53D .51D .59 .38
619. Net realized and .61 1.80 2.84 .88 .54 (.79)
unrealized gain (loss)
620. Total from investment .66 2.31 3.37 1.39 1.13 (.41)
operations
621.Less Distributions
622. From net investment -- (.54) (.54) (.59) (.50) (.28)
income
623. In excess of net -- -- -- -- -- (.02)
investment income
624. From net realized gain -- (1.26) (.11) (.03) -- (.49)
625. Return of capital -- -- -- -- -- (.04)
626. Total distributions -- (1.80) (.65) (.62) (.50) (.83)
627.Net asset value, end of $ 19.96 $ 19.30 $ 18.79 $ 16.07 $ 15.30 $ 14.67
period
628.Total returnB,C 3.42% 12.90% 21.36% 9.30% 7.85% (2.69)%
629.Net assets, end of period $ 2,993,364 $ 2,903,025 $ 2,901,221 $ 2,992,716 $ 3,441,141 $ 3,128,776
(000 omitted)
630.Ratio of expenses to 1.22%A 1.16% 1.17% 1.26% 1.47% 1.59%
average net assets
631.Ratio of expenses to 1.22%A 1.15%E 1.17% 1.25%E 1.46%E 1.58%E
average net assets after
expense reductions
632.Ratio of net investment 2.92%A 2.68% 2.98% 3.32% 3.99% 3.79%
income to average net assets
633.Portfolio turnover 73%A 85% 70% 223% 297% 202%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
F ONE MONTH ENDED NOVEMBER 30
ADVISOR BALANCED - CLASS B
634.Selected Per-Share Data
and Ratios
635.Years ended October 31 1998G 1998 1997E
636.Net asset value, $ 19.21 $ 18.71 $ 16.36
beginning of period
637.Income from Investment
Operations
638. Net investment incomeD .04 .38 .29
639. Net realized and .61 1.81 2.38
unrealized gain (loss)
640. Total from investment .65 2.19 2.67
operations
641.Less Distributions
642. From net investment -- (.43) (.32)
income
643. From net realized gain -- (1.26) --
644. Total distributions -- (1.69) (.32)
645.Net asset value, end of $ 19.86 $ 19.21 $ 18.71
period
646.Total returnB,C 3.38% 12.25% 16.40%
647.Net assets, end of period $ 57,263 $ 51,226 $ 15,958
(000 omitted)
648.Ratio of expenses to 1.80%A 1.74% 2.12%A
average net assets
649.Ratio of expenses to 1.80%A 1.73%F 2.11%A,F
average net assets after
expense reductions
650.Ratio of net investment 2.35%A 2.02% 1.88%A
income to average net assets
651.Portfolio turnover 73%A 85% 70%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO OCTOBER 31, 1997.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G ONE MONTH ENDED NOVEMBER 30
ADVISOR BALANCED - CLASS C
652.Selected Per-Share Data
and Ratios
653.Year ended October 31 1998H 1998E
654.Net asset value, $ 19.22 $ 19.05
beginning of period
655.Income from Investment
Operations
656. Net investment incomeD .04 .36
657. Net realized and .62 1.56
unrealized gain (loss)
658. Total from investment .66 1.92
operations
659.Less Distributions
660. From net investment -- (.49)
income
661. From net realized gain -- (1.26)
662. Total distributions -- (1.75)
663.Net asset value, end of $ 19.88 $ 19.22
period
664.Total returnB,C 3.43% 10.62%
665.Net assets, end of period $ 21,099 $ 20,443
(000 omitted)
666.Ratio of expenses to 1.77%A 1.80%A,F
average net assets
667.Ratio of expenses to 1.76%A,G 1.79%A,G
average net assets after
expense reductions
668.Ratio of net investment 2.37%A 1.89%A
income to average net assets
669.Portfolio turnover 73%A 85%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO OCTOBER 31, 1998.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H ONE MONTH ENDED NOVEMBER 30
PRIOR PERFORMANCE OF SIMILAR FUNDS
Because Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation (Corresponding Funds) were new when this
prospectus was printed, their performance history is not included.
However, Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation are modeled after the following existing
funds, respectively: Fidelity Retirement Growth Fund, Fidelity
Dividend Growth Fund, and Fidelity Asset Manager: Growth (Related
Funds).
The Related Funds are managed by FMR and have investment objectives
and policies that are substantially identical in all material respects
to those of the Corresponding Funds offered through this prospectus.
The Related Funds, however, have different expenses and are sold
through different distribution channels. FMR also may manage other
substantially similar funds and accounts that may have better or worse
performance than the Related Funds. Performance of other funds and
accounts is not included due to factors such as differences in their
policies and/or portfolio management strategies and/or because these
accounts are not mutual funds.
Below you will find information about the prior performance of the
Related Funds, not the performance of the Corresponding Funds offered
through this prospectus. The performance data of the Related Funds is
net of management fees and other expenses and is based on past
results.
Although the Corresponding Funds have investment objectives and
policies that are substantially identical in all material respects to
those of the Related Funds, you should not assume that the
Corresponding Funds will have the same performance as the Related
Funds. For example, a Corresponding Fund's future performance may be
better or worse than the performance of its Related Fund due to, among
other things, differences in sales charges, expenses, asset sizes and
cash flows between the Corresponding Fund and its Related Fund. Class
A, Class T, Class B, and Class C shares of the Corresponding Funds
have higher sales charges and may have higher total expenses than the
Related Funds, which would have resulted in lower performance if each
Corresponding Fund's current sales charges and expenses had been
applied to the performance of the Related Funds. Certain investors may
be eligible for sales charge waivers.
The first table below shows the date FMR began managing each Related
Fund and the asset size of each Related Fund as of December 31, 1998.
The next group of tables on page shows changes in the performance of
each Related Fund from year to year.
The last group of tables on page 126 compares the performance of each
Related Fund to the performance of a market index and, for Fidelity
Asset Manager: Growth, a combination of market indexes and (except for
Fidelity Asset Manager: Growth) an average of the performance of
similar funds over various periods of time.
The performance of each Related Fund does not represent the past
performance of the Corresponding Funds and should not be interpreted
as indicative of the future performance of the Corresponding Funds or
the Related Funds.
CORRESPONDING FUND OFFERED RELATED FUND (INCEPTION DATE)
THROUGH THIS PROSPECTUS AND ASSET SIZE
Fidelity Advisor Retirement Fidelity Retirement Growth
Growth Fund Fund (March 25, 1983)
$4,946,100,000
Fidelity Advisor Dividend Fidelity Dividend Growth Fund
Growth Fund (April 27, 1993)
$10,368,600,000
Fidelity Advisor Asset Fidelity Asset Manager:
Allocation Fund Growth (December 30, 1991)
$5,119,900,000
YEAR-BY-YEAR RETURNS FOR THE RELATED FUNDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY RETIREMENT GROWTH
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
30.41% -10.16% 45.58% 10.60% 22.13% 0.06% 24.28% 8.33% 18.54% 35.89%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 30.41
Row: 2, Col: 1, Value: -10.16
Row: 3, Col: 1, Value: 45.58
Row: 4, Col: 1, Value: 10.6
Row: 5, Col: 1, Value: 22.13
Row: 6, Col: 1, Value: 0.06000000000000001
Row: 7, Col: 1, Value: 24.28
Row: 8, Col: 1, Value: 8.33
Row: 9, Col: 1, Value: 18.54
Row: 10, Col: 1, Value: 35.89
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY RETIREMENT GROWTH,
THE HIGHEST RETURN FOR A QUARTER WAS 21.80% (QUARTER ENDING DECEMBER
31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.09% (QUARTER
ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY DIVIDEND GROWTH
Calendar Years 1994 1995 1996 1997 1998
4.27% 37.53% 30.14% 27.90% 35.85%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 4.270000000000001
Row: 7, Col: 1, Value: 37.53
Row: 8, Col: 1, Value: 30.14
Row: 9, Col: 1, Value: 27.9
Row: 10, Col: 1, Value: 35.84999999999999
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY DIVIDEND GROWTH,
THE HIGHEST RETURN FOR A QUARTER WAS 19.53% (QUARTER ENDING DECEMBER
31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -6.15% (QUARTER
ENDING SEPTEMBER 30, 1997).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY ASSET MANAGER: GROWTH
Calendar Years 1992 1993 1994 1995 1996 1997 1998
19.08% 26.32% -7.39% 19.95% 17.59% 26.46% 18.08%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: 19.08
Row: 5, Col: 1, Value: 26.32
Row: 6, Col: 1, Value: -7.39
Row: 7, Col: 1, Value: 19.95
Row: 8, Col: 1, Value: 17.59
Row: 9, Col: 1, Value: 26.46
Row: 10, Col: 1, Value: 18.08
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY ASSET MANAGER:
GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS 16.07% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -8.20%
(QUARTER ENDING SEPTEMBER 30, 1998).
AVERAGE ANNUAL RETURNS FOR THE RELATED FUNDSC
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of fund*
December 31, 1998
FIDELITY RETIREMENT GROWTHD 35.89% 16.76% 17.46%
S&P 500 28.58% 24.06% 19.21%
Lipper Capital Appreciation 19.96% 14.96% 14.09%
Funds Average
FIDELITY DIVIDEND GROWTHD 35.85% 26.53% 26.53%A
S&P 500 28.58% 24.06% 24.06%A
Lipper Growth Funds Average 22.86% 18.63% 18.63%A
FIDELITY ASSET MANAGER: GROWTHD 18.08% 14.30% 16.62%B
S&P 500 28.58% 24.06% 19.51%B
Fidelity Aggressive Asset 22.74% 18.37% 15.50%B
Allocation Composite Index
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1994.
B FROM JANUARY 1, 1992.
C THE FUNDS OFFERED THROUGH THIS PROSPECTUS CHARGE A 12B-1 FEE AND MAY
SELL THEIR SHARES WITH A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED
SALES CHARGE, WHILE THE RELATED FUNDS DO NOT. CERTAIN INVESTORS MAY BE
ELIGIBLE FOR SALES CHARGE WAIVERS. INCLUDING ANY APPLICABLE SALES
CHARGE AND/OR 12B-1 FEE IN A PERFORMANCE CALCULATION PRODUCES A LOWER
RETURN.
D FOR THE FISCAL YEAR ENDED NOVEMBER 30, 1998, THE TOTAL OPERATING
EXPENSES WERE 0.57% FOR FIDELITY RETIREMENT GROWTH (INCLUDING EXPENSE
REDUCTIONS). FOR THE FISCAL YEAR ENDED JULY 31, 1998, THE TOTAL
OPERATING EXPENSES WERE 0.86% FOR FIDELITY DIVIDEND GROWTH (INCLUDING
EXPENSE REDUCTIONS). FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1998, THE
TOTAL OPERATING EXPENSES WERE 0.80% FOR FIDELITY ASSET MANAGER: GROWTH
(INCLUDING EXPENSE REDUCTIONS). IF FMR HAD NOT REIMBURSED CERTAIN
EXPENSES DURING THESE PERIODS, FIDELITY ASSET MANAGER: GROWTH'S TOTAL
RETURNS WOULD HAVE BEEN LOWER.
Fidelity Aggressive Asset Allocation Composite Index is a hypothetical
representation of the performance of Fidelity Asset Manager: Growth's
three asset classes according to their respective weightings in the
fund's neutral mix (70% stocks, 25% bonds, and 5% short-term/money
market). The following indexes are used to calculate the Composite
Index: stocks - the Standard & Poor's 500 Index (S&P 500), bonds - the
Lehman Brothers Aggregate Bond Index, and short-term/money market -
the Lehman Brothers 3-Month Treasury Bill Index. Prior to January 1,
1997, the Lehman Brothers U.S. Treasury Index was used for the bond
class. The index weightings of the Composite Index are rebalanced
monthly.
The S&P 500 is a market capitalization-weighted index of common
stocks.
The Lehman Brothers Aggregate Bond Index is a market value-weighted
index of investment-grade fixed-rate debt issues, including
government, corporate, asset-backed, and mortgage-backed securities,
with maturities of one year or more.
The Lehman Brothers 3-Month Treasury Bill Index represents the average
of Treasury Bill rates for each of the prior three months, adjusted to
a bond equivalent yield basis (short-term and money market
instruments).
The Lehman Brothers U.S. Treasury Index is a market value-weighted
index of public obligations of the U.S. Treasury with maturities of
one year or more.
Each Lipper Funds Average reflects the performance (excluding sales
charges) of mutual funds with similar objectives.
You can obtain additional information about the funds. The funds' SAI
includes more detailed information about each fund and its
investments. The SAI is incorporated herein by reference (legally
forms a part of the prospectus). For Advisor Retirement Growth,
Advisor Dividend Growth, and Advisor Asset Allocation, financial
reports will be available once the funds have completed their first
annual or semi-annual period. Each fund's annual and semi-annual
reports include a discussion of the fund's holdings and recent market
conditions and the fund's investment strategies that affected
performance.
For a free copy of any of these documents or to request other
information or ask questions about a fund, call Fidelity at
1-888-622-3175.
The SAI, the funds' annual and semi-annual reports and other related
materials are available on the SEC's Internet Web site
(http://www.sec.gov). You can obtain copies of this information upon
paying a duplicating fee, by writing the Public Reference Section of
the SEC, Washington, D.C. 20549-6009. You can also review and copy
information about the funds, including the funds' SAI, at the SEC's
Public Reference Room in Washington, D.C. Call 1-800-SEC-0330 for
information on the operation of the SEC's Public Reference Room.
INVESTMENT COMPANY ACT OF 1940, FILE NUMBER 811-3785 .
Fidelity, TechnoQuant , Fidelity Investments & (Pyramid) Design,
Fidelity Investments, and Directed Dividends are registered trademarks
of FMR Corp.
Portfolio Advisory Services is a service mark of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
1.702922.103 ACOM-pro-0299-02
Like securities of all mutual funds, these securities
have not been approved or disapproved by the
Securities and Exchange Commission, and the
Securities and Exchange Commission has not
determined if this prospectus is accurate or
complete. Any representation to the contrary is a
criminal offense.
FIDELITY (registered trademark)
ADVISOR DOMESTIC EQUITY
FUNDS
INSTITUTIONAL CLASS
GROWTH FUNDS:
Fidelity Advisor TechnoQuant (registered trademark) Growth Fund
Fidelity Advisor Small Cap Fund
Fidelity Advisor Value Strategies Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Retirement Growth Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Large Cap Fund
Fidelity Advisor Dividend Growth Fund
Fidelity Advisor Growth Opportunities Fund
GROWTH AND INCOME FUNDS:
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Asset Allocation Fund
Fidelity Advisor Balanced Fund
PROSPECTUS
FEBRUARY 26, 1999
REVISED DECEMBER 29, 1999
(FIDELITY_LOGO_GRAPHIC)(REGISTERED TRADEMARK)
82 DEVONSHIRE STREET, BOSTON, MA 02109
CONTENTS
FUND SUMMARY 64 INVESTMENT SUMMARY
70 PERFORMANCE
13 FEE TABLE
FUND BASICS 18 INVESTMENT DETAILS
23 VALUING SHARES
SHAREHOLDER INFORMATION 23 BUYING AND SELLING SHARES
26 EXCHANGING SHARES
26 ACCOUNT FEATURES AND POLICIES
28 DIVIDENDS AND CAPITAL GAINS
DISTRIBUTIONS
28 TAX CONSEQUENCES
FUND SERVICES 28 FUND MANAGEMENT
30 FUND DISTRIBUTION
APPENDIX 35 FINANCIAL HIGHLIGHTS
115 PRIOR PERFORMANCE OF SIMILAR
FUNDS
FUND SUMMARY
INVESTMENT SUMMARY
INVESTMENT OBJECTIVE
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
PRINCIPAL INVESTMENT STRATEGIES
Fidelity Management & Research Company (FMR)'s principal investment
strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Using computer-aided, quantitative analysis of
technical factors such as price and volume information as well as
fundamental factors 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.
(small solid bullet) QUANTITATIVE INVESTING. Securities selected using
quantitative analysis can perform differently than the market as a
whole as a result of the factors used in the analysis, the weight
placed on each factor, and changes in the factors' historical trends.
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.
INVESTMENT OBJECTIVE
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with small market capitalizations (those with
market capitalizations similar to companies in the Russell 2000).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
(small solid bullet) SMALL CAP INVESTING. The value of securities of
smaller, less well-known issuers can perform differently than the
market as a whole and other types of stocks and can be more volatile
than that of larger issuers.
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.
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.
INVESTMENT OBJECTIVE
ADVISOR MID CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with medium market capitalizations (those with
market capitalizations similar to companies in the S&P MidCap 400).
(small solid bullet) Potentially investing in companies with smaller
or larger market capitalizations.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR RETIREMENT GROWTH 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 domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(small solid bullet) Using fundamental analysis of each issuer's
financial condition and industry position and market and economic
conditions to select investments.
(small solid bullet) Realizing capital gains without considering the
tax consequences to shareholders.
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.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing at least 65% of total assets in common
stocks.
(small solid bullet) Investing in companies it believes have
above-average growth potential (stocks of these companies are often
called "growth" stocks).
(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.
(small solid bullet) "GROWTH" INVESTING. "Growth" stocks can perform
differently than the market as a whole and other types of stocks and
can be more volatile than other types of stocks.
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.
INVESTMENT OBJECTIVE
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Investing at least 65% of total assets in
securities of companies with large market capitalizations (over $1
billion).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR DIVIDEND GROWTH 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 at least 65% of total assets in
companies that it believes have the potential for dividend growth by
either increasing their dividends or commencing dividends, if none are
currently paid.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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.
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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing primarily in common stocks.
(small solid bullet) Potentially investing in other types of
securities, including bonds which may be lower-quality debt
securities.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing a majority of the fund's assets in
common stocks with a focus on those that pay current dividends and
show potential for capital appreciation.
(small solid bullet) Potentially investing in bonds, including
lower-quality debt securities, as well as stocks that are not
currently paying dividends, but offer prospects for future income or
capital appreciation.
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Investing in either "growth" stocks or "value"
stocks or both.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing at least 65% of total assets in
income-producing equity securities, which tends to lead to investments
in large cap "value" stocks.
(small solid bullet) Potentially investing in other types of equity
securities and debt securities, including lower-quality debt
securities.
(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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
(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.
INVESTMENT OBJECTIVE
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long-term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Allocating the fund's assets among stocks, bonds,
and short-term and money market instruments.
(small solid bullet) Maintaining a neutral mix over time of 70% of
assets in stocks, 25% of assets in bonds, and 5% of assets in
short-term and money market instruments.
(small solid bullet) Adjusting allocation among asset classes
gradually within the following ranges: stock class (50% - 100%), bond
class (0% - 50%), and short-term/money market class (0% - 50%).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) Analyzing an issuer using fundamental and/or
quantitative factors and evaluating each security's current price
relative to estimated long-term value in selecting 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) INTEREST RATE CHANGES. Interest rate increases
can cause the price of a debt security to decrease.
(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) PREPAYMENT. The ability of an issuer of a debt
security to repay principal prior to a security's maturity can cause
greater price volatility if interest rates change.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
INVESTMENT OBJECTIVE
ADVISOR BALANCED FUND seeks both income and growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR's principal investment strategies include:
(small solid bullet) Investing approximately 60% of assets in stocks
and other equity securities and the remainder in bonds and other debt
securities, including lower-quality debt securities, when its outlook
is neutral.
(small solid bullet) Investing at least 25% of total assets in
fixed-income senior securities (including debt securities and
preferred stock).
(small solid bullet) Investing in domestic and foreign issuers.
(small solid bullet) With respect to equity investments, emphasizing
above-average income-producing equity securities, which tends to lead
to investments in stocks that have more "value" characteristics than
"growth" characteristics.
(small solid bullet) Analyzing a security's issuer using fundamental
factors and evaluating each security's current price relative to
estimated long-term value in selecting 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) INTEREST RATE CHANGES. Interest rate increases
can cause prices of debt securities to decrease.
(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) PREPAYMENT. The ability of an issuer of a debt
security to repay principal prior to a security's maturity can cause
greater price volatility if interest rates change.
(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. Lower-quality debt securities
(those of less than investment-grade quality) can be more volatile due
to increased sensitivity to adverse issuer, political, regulatory,
market or economic developments.
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.
PERFORMANCE
The following information illustrates the changes in the funds'
performance from year to year and compares the funds' performance to
the performance of a market index and an average of the performance of
similar funds over various periods of time. Advisor Balanced may also
compare its performance to the performance of a combination of market
indexes over various periods of time. Each of Advisor Equity Income
and Advisor Equity Growth may also compare its performance to the
performance of an additional index over various periods of time.
Prior to July 1, 1999, Advisor Value Strategies 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.
Because Advisor Small Cap, Advisor Retirement Growth, Advisor Dividend
Growth and Advisor Asset Allocation were new when this prospectus was
printed, their performance history is not included. Performance
history will be available for Advisor Small Cap, Advisor Retirement
Growth, Advisor Dividend Growth and Advisor Asset Allocation after
each fund has been in operation for one calendar year.
YEAR-BY-YEAR RETURNS
ADVISOR TECHNOQUANT GROWTH
Calendar Years 1997 1998
12.33% 15.97%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 12.33
Row: 10, Col: 1, Value: 15.97
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR TECHNOQUANT GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS
18.27% (QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A
QUARTER WAS -9.30% (QUARTER ENDING MARCH 31, 1997).
ADVISOR VALUE STRATEGIES
Calendar Years 1996 1997 1998
1.99% 26.11% 1.12%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 1.99
Row: 9, Col: 1, Value: 26.11
Row: 10, Col: 1, Value: 1.12
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR VALUE STRATEGIES, THE HIGHEST RETURN FOR A QUARTER WAS 18.11%
(QUARTER ENDING SEPTEMBER 30, 1997) AND THE LOWEST RETURN FOR A
QUARTER WAS -17.84% (QUARTER ENDING SEPTEMBER 30, 1998).
ADVISOR MID CAP
Calendar Years 1997 1998
28.05% 15.07%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 28.05
Row: 10, Col: 1, Value: 15.07
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR MID CAP, THE HIGHEST RETURN FOR A QUARTER WAS 23.53% (QUARTER
ENDING DECEMBER 31, 1998), AND THE LOWEST RETURN FOR A QUARTER WAS
- -17.14% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR EQUITY GROWTH
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
44.84% 6.93% 64.71% 10.14% 15.71% -0.04% 40.12% 16.89% 24.61% 39.47%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 44.84
Row: 2, Col: 1, Value: 6.930000000000001
Row: 3, Col: 1, Value: 64.16999999999999
Row: 4, Col: 1, Value: 10.14
Row: 5, Col: 1, Value: 15.71
Row: 6, Col: 1, Value: -0.04000000000000001
Row: 7, Col: 1, Value: 40.0
Row: 8, Col: 1, Value: 16.89
Row: 9, Col: 1, Value: 24.61
Row: 10, Col: 1, Value: 39.47
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR EQUITY GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS 37.09%
(QUARTER ENDING MARCH 31, 1991) AND THE LOWEST RETURN FOR A QUARTER
WAS -22.23% (QUARTER ENDING SEPTEMBER 30, 1990).
ADVISOR LARGE CAP
Calendar Years 1997 1998
24.34% 36.14%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 24.34
Row: 10, Col: 1, Value: 36.14
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR LARGE CAP, THE HIGHEST RETURN FOR A QUARTER WAS 23.67%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -7.64% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR GROWTH OPPORTUNITIES
Calendar Years 1996 1997 1998
18.30% 29.20% 24.63%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 18.3
Row: 9, Col: 1, Value: 29.2
Row: 10, Col: 1, Value: 24.63
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR GROWTH OPPORTUNITIES, THE HIGHEST RETURN FOR A QUARTER WAS
20.63% (QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A
QUARTER WAS -7.54% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR GROWTH & INCOME
Calendar Years 1997 1998
28.23% 31.00%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: nil
Row: 9, Col: 1, Value: 28.0
Row: 10, Col: 1, Value: 31.0
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR GROWTH & INCOME, THE HIGHEST RETURN FOR A QUARTER WAS 23.56%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -10.52% (QUARTER ENDING SEPTEMBER 30, 1998).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ADVISOR EQUITY INCOME
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
18.43% -14.28% 29.81% 14.94% 18.80% 7.50% 33.49% 15.26% 26.64% 16.77%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 18.43
Row: 2, Col: 1, Value: -14.2
Row: 3, Col: 1, Value: 29.8
Row: 4, Col: 1, Value: 14.9
Row: 5, Col: 1, Value: 18.8
Row: 6, Col: 1, Value: 7.5
Row: 7, Col: 1, Value: 33.49
Row: 8, Col: 1, Value: 15.0
Row: 9, Col: 1, Value: 26.0
Row: 10, Col: 1, Value: 16.0
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR EQUITY INCOME, THE HIGHEST RETURN FOR A QUARTER WAS 17.90%
(QUARTER ENDING DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER
WAS -15.96% (QUARTER ENDING SEPTEMBER 30, 1990).
ADVISOR BALANCED
Calendar Years 1996 1997 1998
8.68% 22.92% 16.06%
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: nil
Row: 7, Col: 1, Value: nil
Row: 8, Col: 1, Value: 8.6
Row: 9, Col: 1, Value: 22.9
Row: 10, Col: 1, Value: 16.77
DURING THE PERIODS SHOWN IN THE CHART FOR INSTITUTIONAL CLASS OF
ADVISOR BALANCED, THE HIGHEST RETURN FOR A QUARTER WAS 12.58% (QUARTER
ENDING JUNE 30, 1997) AND THE LOWEST RETURN FOR A QUARTER WAS -5.79%
(QUARTER ENDING SEPTEMBER 30, 1998).
AVERAGE ANNUAL RETURNS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class*
December 31, 1998
ADVISOR TECHNOQUANT GROWTH 15.97% n/a 14.14%A
S&P 500 28.58% n/a 30.95%A
Lipper Capital Appreciation 19.96% n/a 17.52%A
Funds Average
ADVISOR VALUE STRATEGIES 1.12% n/a 9.16%B
S&P 500 28.58% n/a 28.23%B
Russell MidCap Value Index 5.08% n/a 19.30%B
Lipper Capital Appreciation 19.96% n/a 16.12%B
Funds Average
ADVISOR MID CAP 15.07% n/a 21.39%A
S&P MidCap 400 Index 19.11% n/a 25.51%A
Lipper Mid Cap Funds Average 12.16% n/a 15.45%A
ADVISOR EQUITY GROWTH 39.47% 23.26% 24.92%
Russell 3000 Growth Index 35.02% 24.21% 19.77%
Lipper Growth Funds Average 22.86% 18.63% 16.72%
S&P 500 28.58% 24.06% 19.21%
ADVISOR LARGE CAP 36.14% n/a 30.11%A
S&P 500 28.58% n/a 30.95%A
Lipper Growth Funds Average 22.86% n/a 23.59%A
ADVISOR GROWTH OPPORTUNITIES 24.63% n/a 23.97%B
S&P 500 28.58% n/a 28.23%B
Lipper Growth Funds Average 22.86% n/a 22.29%B
ADVISOR GROWTH & INCOME 31.00% n/a 29.61%A
S&P 500 28.58% n/a 30.95%A
Lipper Growth and Income 15.61% n/a 20.81%A
Funds Average
ADVISOR EQUITY INCOME 16.77% 19.59% 15.97%
Russell 3000 Value Index 13.50% 20.11% 17.08%
Lipper Equity Income Funds 10.89% 16.60% 14.47%
Average
S&P 500 28.58% 24.06% 19.21%
ADVISOR BALANCED 16.06% n/a 15.74%B
S&P 500 28.58% n/a 28.23%B
Lipper Balanced Funds Average 13.48% n/a 15.79%B
Fidelity Balanced Composite 20.98% n/a 19.80%B
Index
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE CLASS'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1997.
B FROM JANUARY 1, 1996.
If FMR had not reimbursed certain class expenses during these periods,
Institutional Class's returns would have been lower except for Advisor
Equity Growth, Advisor Growth Opportunities, and Advisor Growth &
Income.
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.
Fidelity Balanced Composite Index is a hypothetical representation of
the performance of Advisor Balanced's general investment categories
using a weighting of 60% equity and 40% bond. The following indexes
are used to calculate the Composite Index: equity - the Standard &
Poor's 500 Index, and bond - the Lehman Brothers Aggregate Bond Index.
The index weightings of the Composite Index are rebalanced monthly.
Standard & Poor's 500 Index (S&P 500(registered trademark)) is a
market capitalization-weighted index of common stocks.
Standard & Poor's MidCap 400(registered trademark) Index is a market
capitalization-weighted index of 400 medium-capitalization stocks.
Russell 3000 Growth Index is a market capitalization-weighted index of
U.S. domiciled growth oriented stocks.
Russell 3000 Value Index is a market capitalization-weighted index of
U.S. domiciled value oriented stocks.
Russell MidCap Value Index is a market capitalization-weighted
index of medium capitalization value-oriented stocks of U.S.
corporations.
The Lehman Brothers Aggregate Bond Index is a market value-weighted
index of investment-grade fixed-rate debt issues, including
government, corporate, asset-backed, and mortgage-backed securities,
with maturities of one year or more.
Each Lipper Funds Average reflects the performance (excluding sales
charges) of mutual funds with similar objectives.
FEE TABLE
The following table describes the fees and expenses that are incurred
when you buy, hold or sell Institutional Class shares of a fund. The
annual class operating expenses provided beginning on page 146 for
Institutional Class of each fund except Advisor Small Cap, Advisor
Retirement Growth, Advisor Dividend Growth, and Advisor Asset
Allocation are based on historical expenses, adjusted to reflect
current fees, and do not reflect the effect of any expense
reimbursements or reduction of certain expenses during the period. The
annual class operating expenses provided beginning on page 146 for
Institutional Class of Advisor Small Cap, Advisor Retirement Growth,
Advisor Dividend Growth, and Advisor Asset Allocation are based on
estimated expenses.
SHAREHOLDER FEES (PAID BY THE INVESTOR DIRECTLY)
Institutional Class
Sales charge (load) on None
purchases and reinvested
distributions
Deferred sales charge (load) None
on redemptions
ANNUAL CLASS OPERATING EXPENSES (PAID FROM CLASS ASSETS)
Institutional Class
ADVISOR TECHNOQUANT GROWTH Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.64%
Total annual class operating 1.23%
expensesA
ADVISOR SMALL CAP Management fee 0.74%
Distribution and Service None
(12b-1) fee
Other expenses 0.55%
Total annual class operating 1.29%
expensesA
ADVISOR VALUE STRATEGIES Management fee 0.38%
Distribution and Service None
(12b-1) fee
Other expenses 0.30%
Total annual class operating 0.68%
expensesA
ADVISOR MID CAP Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.27%
Total annual class operating 0.86%
expensesA
ADVISOR RETIREMENT GROWTH Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.41%
Total annual class operating 1.00%
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE INSTITUTIONAL CLASS OF
CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING EXPENSES (EXCLUDING
INTEREST, TAXES, SECURITIES LENDING FEES, BROKERAGE COMMISSIONS AND
EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR RESPECTIVE AVERAGE
NET ASSETS, EXCEED THE FOLLOWING RATES:
Institutional Class Effective Date
Advisor TechnoQuant Growth 1.05% 12/1/98
Advisor Small Cap 1.50% 9/6/98
Advisor Value Strategies 1.05% 2/27/99
Advisor Mid Cap 1.05% 2/27/99
Advisor Retirement Growth 1.50% 12/29/98
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total Institutional Class operating expenses would have been:
Institutional Class
Advisor TechnoQuant Growth 1.03%(dagger)
Advisor Value Strategies 0.67%
Advisor Mid Cap 0.83%
(dagger) AFTER REIMBURSEMENT.
<TABLE>
<CAPTION>
<S> <C> <C>
Institutional Class
ADVISOR EQUITY GROWTH Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.17%
Total annual class operating 0.76%
expensesA
ADVISOR LARGE CAP Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.35%
Total annual class operating 0.94%
expensesA
ADVISOR DIVIDEND GROWTH Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 0.37%
Total annual class operating 0.96%
expensesA
ADVISOR GROWTH OPPORTUNITIES Management fee 0.46%
Distribution and Service None
(12b-1) fee
Other expenses 0.16%
Total annual class operating 0.62%
expenses
ADVISOR GROWTH & INCOME Management fee 0.49%
Distribution and Service None
(12b-1) fee
Other expenses 0.27%
Total annual class operating 0.76%
expensesA
</TABLE>
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE INSTITUTIONAL CLASS OF
CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING EXPENSES (EXCLUDING
INTEREST, TAXES, SECURITIES LENDING FEES, BROKERAGE COMMISSIONS AND
EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR RESPECTIVE AVERAGE
NET ASSETS, EXCEED THE FOLLOWING RATES:
Institutional Class Effective Date
Advisor Equity Growth 0.95% 1/1/99
Advisor Large Cap 1.05% 12/1/98
Advisor Dividend Growth 1.50% 12/29/98
Advisor Growth & Income 0.95% 2/27/99
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total Institutional Class operating expenses would have been:
Institutional Class
Advisor Equity Growth 0.74%
Advisor Large Cap 0.92%
Advisor Growth Opportunities 0.61%
Advisor Growth & Income 0.75%
Institutional Class
ADVISOR EQUITY INCOME Management fee 0.49%
Distribution and Service None
(12b-1) fee
Other expenses 0.18%
Total annual class operating 0.67%
expensesA
ADVISOR ASSET ALLOCATION Management fee 0.59%
Distribution and Service None
(12b-1) fee
Other expenses 1.15%
Total annual class operating 1.74%
expensesA
ADVISOR BALANCED Management fee 0.44%
Distribution and Service None
(12b-1) fee
Other expenses 0.19%
Total annual class operating 0.63%
expensesA
A FMR HAS VOLUNTARILY AGREED TO REIMBURSE INSTITUTIONAL CLASS OF
CERTAIN FUNDS TO THE EXTENT THAT TOTAL OPERATING EXPENSES (EXCLUDING
INTEREST, TAXES, SECURITIES LENDING FEES, BROKERAGE COMMISSIONS AND
EXTRAORDINARY EXPENSES), AS A PERCENTAGE OF THEIR RESPECTIVE AVERAGE
NET ASSETS, EXCEED THE FOLLOWING RATES:
Institutional Class Effective Date
Advisor Equity Income 0.85% 1/1/99
Advisor Asset Allocation 1.50% 12/29/98
Advisor Balanced 0.80% 1/1/99
THESE ARRANGEMENTS CAN BE TERMINATED BY FMR AT ANY TIME.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total Institutional Class operating expenses would have been:
Institutional Class
Advisor Equity Income 0.66%
Advisor Balanced 0.61%
This EXAMPLE helps you compare the cost of investing in the funds with
the cost of investing in other mutual funds.
Let's say, hypothetically, that Institutional Class's annual return is
5% and that your shareholder fees and Institutional Class's annual
operating expenses are exactly as described in the fee table. This
example illustrates the effect of fees and expenses, but is not meant
to suggest actual or expected fees and expenses or returns, all of
which may vary. For every $10,000 you invested, here's how much you
would pay in total expenses if you close your account after the number
of years indicated:
Institutional Class
ADVISOR TECHNOQUANT GROWTH 1 year $ 125
3 years $ 390
5 years $ 676
10 years $ 1,489
ADVISOR SMALL CAP 1 year $ 131
3 years $ 409
Institutional Class
ADVISOR VALUE STRATEGIES 1 year $ 69
3 years $ 218
5 years $ 379
10 years $ 847
ADVISOR MID CAP 1 year $ 88
3 years $ 274
5 years $ 477
10 years $ 1,061
ADVISOR RETIREMENT GROWTH 1 year $ 102
3 years $ 318
ADVISOR EQUITY GROWTH 1 year $ 78
3 years $ 243
5 years $ 422
10 years $ 942
ADVISOR LARGE CAP 1 year $ 96
3 years $ 300
5 years $ 520
10 years $ 1,155
ADVISOR DIVIDEND GROWTH 1 year $ 98
3 years $ 306
ADVISOR GROWTH OPPORTUNITIES 1 year $ 63
3 years $ 199
5 years $ 346
10 years $ 774
ADVISOR GROWTH & INCOME 1 year $ 78
3 years $ 243
5 years $ 422
10 years $ 942
ADVISOR EQUITY INCOME 1 year $ 68
3 years $ 214
5 years $ 373
10 years $ 835
ADVISOR ASSET ALLOCATION 1 year $ 177
3 years $ 548
ADVISOR BALANCED 1 year $ 64
3 years $ 202
5 years $ 351
10 years $ 786
FUND BASICS
INVESTMENT DETAILS
INVESTMENT OBJECTIVE
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
In buying and selling securities, FMR uses a security selection
process that utilizes computer-aided, quantitative analysis. FMR's
computer models use many types of factors, but emphasize technical
data such as price and volume information. Fundamental factors, such
as earnings estimates and dividend yield, may also be considered.
FMR's emphasis on technical analysis can result in the fund's holding
different types of stocks at different times. For example, the fund
can hold stocks of companies with large or small market capitalization
or high or low price/earnings ratios. The fund's focus can change
rapidly based on FMR's analysis of the most current information. At
times, the fund could be concentrated in a small number of market
sectors or securities.
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.
INVESTMENT OBJECTIVE
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with small market capitalizations. Small
market capitalization companies are those whose market capitalization
is similar to the market capitalization of companies in the Russell
2000 at the time of the fund's investment. Companies whose
capitalization no longer meets this definition after purchase continue
to be considered to have a small market capitalization for purposes of
the 65% policy. As of November 30, 1998, the Russell 2000 included
companies with capitalizations between $3.0 million and $2.5 billion.
The size of companies in the Russell 2000 changes with market
conditions and the composition of the index.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
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.
INVESTMENT OBJECTIVE
ADVISOR MID CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with medium market capitalizations. Medium
market capitalization companies are those whose market capitalization
is similar to the capitalization of companies in the S&P MidCap 400 at
the time of the fund's investment. Companies whose capitalization no
longer meets this definition after purchase continue to be considered
to have a medium market capitalization for purposes of the 65% policy.
As of November 30, 1998, the S&P MidCap 400 included companies with
capitalizations between $132.0 million and $67.7 billion. The size of
companies in the S&P MidCap 400 changes with market conditions and the
composition of the index. FMR may also invest the fund's assets in
companies with smaller or larger market capitalizations.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR RETIREMENT GROWTH FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
Because the fund is designed for those in tax-qualified retirement
plans and non-profit organizations, FMR's investment strategies may
result in the realization of capital gains without consideration for
the tax consequences to shareholders.
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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests at least 65% of the fund's total assets in common
stocks.
FMR invests the fund's assets in companies FMR believes have
above-average growth potential. Growth may be measured by factors such
as earnings or revenue.
Companies with high growth potential tend to be companies with higher
than average price/earnings (P/E) ratios. Companies with strong growth
potential often have new products, technologies, distribution channels
or other opportunities or have a strong industry or market position.
The stocks of these companies are often called "growth" stocks.
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.
INVESTMENT OBJECTIVE
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
securities of companies with large market capitalizations. FMR defines
large market capitalization companies as those with market
capitalizations of $1 billion or more at the time of the fund's
investment. Companies whose capitalization falls below this level
after purchase continue to be considered to have a large market
capitalization for purposes of the 65% policy.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR DIVIDEND GROWTH FUND seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks.
FMR normally invests at least 65% of the fund's total assets in
companies that FMR believes have the potential for dividend growth by
either increasing their dividends or commencing dividends, if none are
currently paid.
The fund's strategy is based on the premise that dividends are an
indication of a company's financial health and companies that are
commencing or increasing their dividends have an enhanced potential
for capital growth. Although FMR uses income to evaluate the fund's
investments, the fund does not invest for income.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests the fund's assets primarily in common stocks. FMR
may also invest the fund's assets in other types of securities,
including bonds which may be lower-quality debt securities.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests a majority of the fund's assets in common stocks
with a focus on those that pay current dividends and show potential
for capital appreciation. FMR may also invest the fund's assets in
bonds, including lower-quality debt securities, as well as stocks that
are not currently paying dividends, but offer prospects for future
income or capital appreciation.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR is not constrained by any particular investment style. At any
given time, FMR may tend to buy "growth" stocks or "value" stocks, or
a combination of both types. 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.
INVESTMENT OBJECTIVE
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
FMR normally invests at least 65% of the fund's total assets in
income-producing equity securities. FMR may also invest the fund's
assets in other types of equity securities and debt securities,
including lower-quality debt securities.
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
FMR's emphasis on above-average income-producing equity securities
tends to lead to investments in large cap "value" stocks. However, FMR
is not constrained by any particular investment style. 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.
INVESTMENT OBJECTIVE
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long-term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
PRINCIPAL INVESTMENT STRATEGIES
FMR allocates the fund's assets among the following classes, or types,
of investments. The STOCK CLASS includes equity securities of all
types. The BOND CLASS includes all varieties of fixed-income
securities; including lower-quality debt securities, maturing in more
than one year. The SHORT-TERM/MONEY MARKET CLASS includes all types of
short-term and money market instruments.
FMR may use its judgment to place a security in the most appropriate
class based on its investment characteristics. Fixed-income securities
may be classified in the bond or short-term/money market class
according to interest rate sensitivity as well as maturity. FMR may
also invest the fund's assets in other instruments that do not fall
within these classes.
FMR has the ability to allocate the fund's assets within specified
ranges. The fund's neutral mix represents the benchmark for its
combination of investments in each asset class over time. FMR may
change the neutral mix from time to time. The approximate neutral mix
and range for each asset class are shown below:
Neutral Mix
STOCKS 70%
(can range from
50-100%)
Row: 1, Col: 1, Value: 5.0
Row: 1, Col: 2, Value: 70.0
Row: 1, Col: 3, Value: 25.0
BONDS 25%
(can range from 0-50%)
SHORT-TERM/MONEY
MARKET 5% (can range
from 0-50%)
FMR will not try to pinpoint the precise moment when a major
reallocation should be made. Instead, FMR regularly reviews the fund's
allocation and makes changes gradually to favor investments that it
believes will provide the most favorable outlook for achieving the
fund's objective. Normally, a single reallocation will not involve
more than 20% of the fund's total assets.
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 generally analyzes
the issuer of a security using fundamental factors (e.g., growth
potential, earnings estimates and management) and/or quantitative
factors (e.g., historical earnings, dividend yield and earnings per
share) and evaluates each security's current price relative to its
estimated long-term value.
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, interest rates or other factors that affect security
values. If FMR's strategies do not work as intended, the fund may not
achieve its objective.
INVESTMENT OBJECTIVE
ADVISOR BALANCED FUND seeks both income and growth of capital.
PRINCIPAL INVESTMENT STRATEGIES
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 debt securities, including lower-quality debt
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).
FMR may invest the fund's assets in securities of foreign issuers in
addition to securities of domestic issuers.
With respect to the fund's equity investments, FMR's emphasis on
above-average income-producing equity securities tends to lead to
investments in stocks that have more "value" characteristics than
"growth" characteristics. However, FMR is not constrained by any
particular investment style. In buying and selling securities for the
fund, FMR generally analyzes the issuer of a security using
fundamental factors (e.g., growth potential, earnings estimates and
management) and evaluates each security's current price relative to
its estimated long-term value.
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, interest rates or other factors that affect security
values. If FMR's strategies do not work as intended, the fund may not
achieve its objective.
DESCRIPTION OF PRINCIPAL SECURITY TYPES
EQUITY SECURITIES represent an ownership interest, or the right to
acquire an ownership interest, in an issuer. Different types of equity
securities provide different voting and dividend rights and priority
in the event of the bankruptcy of the issuer. Equity securities
include common stocks, preferred stocks, convertible securities and
warrants.
DEBT SECURITIES are used by issuers to borrow money. The issuer
usually pays a fixed, variable or floating rate of interest, and must
repay the amount borrowed at the maturity of the security. Some debt
securities, such as zero coupon bonds, do not pay current interest but
are sold at a discount from their face values. Debt securities include
corporate bonds, government securities, and mortgage and other
asset-backed securities.
MONEY MARKET SECURITIES are high-quality, short-term debt securities
that pay a fixed, variable or floating interest rate. Securities are
often specifically structured so that they are eligible investments
for a money market fund. For example, in order to satisfy the maturity
restrictions for a money market fund, some money market securities
have demand or put features which have the effect of shortening the
security's maturity. Taxable money market securities include bank
certificates of deposit, bank acceptances, bank time deposits, notes,
commercial paper and U.S. Government securities.
PRINCIPAL INVESTMENT RISKS
Many factors affect each fund's performance. A fund's share price and
yield, if applicable, change daily based on changes in market
conditions and interest rates and in response to other economic,
political or financial developments. A fund's reaction to these
developments will be affected by the types and maturities of the
securities in which the fund invests, the financial condition,
industry and economic sector, and geographic location of an issuer,
and the fund's level of investment in the securities of that issuer.
When you sell your shares of a fund, they could be worth more or less
than what you paid for them.
The following factors may significantly affect a fund's performance:
STOCK MARKET VOLATILITY. The value of equity securities fluctuates in
response to issuer, political, market and economic developments. In
the short term, equity prices can fluctuate dramatically in response
to these developments. Different parts of the market and different
types of equity securities can react differently to these
developments. For example, large cap stocks can react differently than
small cap stocks, and "growth" stocks can react differently than
"value" stocks. Issuer, political or economic developments can affect
a single issuer, issuers within an industry or economic sector or
geographic region, or the market as a whole.
INTEREST RATE CHANGES. Debt securities have varying levels of
sensitivity to changes in interest rates. In general, the price of a
debt security can fall when interest rates rise and can rise when
interest rates fall. Securities with longer maturities and mortgage
securities can be more sensitive to interest rate changes. In other
words, the longer the maturity of a security, the greater the impact a
change in interest rates could have on the security's price. In
addition, short-term and long-term interest rates do not necessarily
move in the same amount or the same direction. Short-term securities
tend to react to changes in short-term interest rates, and long-term
securities tend to react to changes in long-term interest rates.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
can involve additional risks relating to political, economic or
regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes;
trading, settlement, custodial and other operational risks; and the
less stringent investor protection and disclosure standards of some
foreign markets. All of these factors can make foreign investments,
especially those in emerging markets, more volatile and potentially
less liquid than U.S. investments. In addition, foreign markets can
perform differently than the U.S. market.
PREPAYMENT. Many types of debt securities, including mortgage
securities, are subject to prepayment risk. Prepayment occurs when the
issuer of a security can repay principal prior to the security's
maturity. Securities subject to prepayment generally offer less
potential for gains during a declining interest rate environment and
similar or greater potential for loss in a rising interest rate
environment. In addition, the potential impact of prepayment features
on the price of a debt security can be difficult to predict and result
in greater volatility.
ISSUER-SPECIFIC CHANGES. Changes in the financial condition of an
issuer, changes in specific economic or political conditions that
affect a particular type of security or issuer, and changes in general
economic or political conditions can affect the credit quality or
value of an issuer's securities. Lower-quality debt securities (those
of less than investment-grade quality) tend to be more sensitive to
these changes than higher-quality debt securities.
Lower-quality debt securities involve greater risk of default or price
changes due to changes in the credit quality of the issuer. The value
of lower-quality debt securities often fluctuates in response to
company, political or economic developments and can decline
significantly over short periods of time or during periods of general
or regional economic difficulty.
SMALL CAP INVESTING. The value of securities of smaller, less
well-known issuers can be more volatile than that of larger issuers
and can react differently to issuer, political, market and economic
developments than the market as a whole and other types of stocks.
Smaller issuers can have more limited product lines, markets and
financial resources.
QUANTITATIVE INVESTING. The value of securities selected using
quantitative analysis can react differently to issuer, political,
market and economic developments than the market as a whole or
securities selected using only fundamental analysis. The factors used
in quantitative analysis and the weight placed on those factors may
not be predictive of a security's value. In addition, factors that
affect a security's value can change over time and these changes may
not be reflected in the quantitative model.
"GROWTH" INVESTING. "Growth" stocks can react differently to issuer,
political, market and economic developments than the market as a whole
and other types of stocks. "Growth" stocks tend to be more expensive
relative to their earnings or assets compared to other types of
stocks. As a result, "growth" stocks tend to be sensitive to changes
in their earnings and more volatile than other types of stocks.
"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.
In response to market, economic, political or other conditions, FMR
may temporarily use a different investment strategy for defensive
purposes. If FMR does so, different factors could affect a fund's
performance and the fund may not achieve its investment objective.
FUNDAMENTAL INVESTMENT POLICIES
The policies discussed below are fundamental, that is, subject to
change only by shareholder approval.
ADVISOR TECHNOQUANT GROWTH FUND seeks capital growth.
ADVISOR SMALL CAP FUND seeks long-term growth of capital.
ADVISOR VALUE STRATEGIES FUND seeks capital
appreciation.
ADVISOR MID CAP FUND seeks long-term growth of capital.
ADVISOR RETIREMENT GROWTH FUND seeks capital appreciation.
ADVISOR EQUITY GROWTH FUND seeks to achieve capital appreciation by
investing primarily in common and preferred stock and securities
convertible into the common stock of companies with above-average
growth characteristics.
ADVISOR LARGE CAP FUND seeks long-term growth of capital.
ADVISOR DIVIDEND GROWTH FUND seeks capital appreciation.
ADVISOR GROWTH OPPORTUNITIES FUND seeks to provide capital growth by
investing primarily in common stocks and securities convertible into
common stocks.
ADVISOR GROWTH & INCOME FUND seeks high total return through a
combination of current income and capital appreciation.
ADVISOR EQUITY INCOME FUND seeks a yield from dividend and interest
income which exceeds the composite dividend yield on securities
comprising the S&P 500. In addition, consistent with the primary
objective of obtaining dividend and interest income, the fund will
consider the potential for achieving capital appreciation.
ADVISOR ASSET ALLOCATION FUND seeks to maximize total return over the
long term by allocating its assets among stocks, bonds, short-term
instruments, and other investments.
ADVISOR BALANCED FUND 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.
VALUING SHARES
Each fund is open for business each day the New York Stock Exchange
(NYSE) is open.
A class's net asset value per share (NAV) is the value of a single
share. Fidelity(registered trademark) normally calculates
Institutional Class's NAV as of the close of business of the NYSE,
normally 4:00 p.m. Eastern time. However, NAV may be calculated
earlier if trading on the NYSE is restricted or as permitted by the
Securities and Exchange Commission (SEC). Each fund's assets are
valued as of this time for the purpose of computing Institutional
Class's NAV.
To the extent that each fund's assets are traded in other markets on
days when the NYSE is closed, the value of the fund's assets may be
affected on days when the fund is not open for business. In addition,
trading in some of a fund's assets may not occur on days when the fund
is open for business.
Each fund's assets are valued primarily on the basis of market
quotations. Certain short-term securities are valued on the basis of
amortized cost. If market quotations are not readily available for a
security or if a security's value has been materially affected by
events occurring after the close of the exchange or market on which
the security is principally traded (for example, a foreign exchange or
market), that security may be valued by another method that the Board
of Trustees believes accurately reflects fair value. A security's
valuation may differ depending on the method used for determining
value.
SHAREHOLDER INFORMATION
BUYING AND SELLING SHARES
GENERAL INFORMATION
For account, product and service information, please use the following
phone numbers:
(small solid bullet) If you are investing through a broker-dealer or
insurance representative, 1-800-522-7297 (8:30 a.m.-7:00 p.m. Eastern
time, Monday through Friday).
(small solid bullet) If you are investing through a bank
representative, 1-800-843-3001 (8:30 a.m.-7:00 p.m. Eastern time,
Monday through Friday).
Please use the following addresses:
BUYING OR SELLING SHARES
Fidelity Investments(registered trademark)
P.O. Box 770002
Cincinnati, OH 45277-0081
OVERNIGHT EXPRESS
Fidelity Investments
2300 Litton Lane - KH2A
Hebron, KY 41048
You may buy or sell Institutional Class shares of the funds through a
retirement account or an investment professional. When you invest
through a retirement account or an investment professional, the
procedures for buying, selling and exchanging Institutional Class
shares of a fund and the account features and policies may differ.
Additional fees may also apply to your investment in Institutional
Class shares of a fund, including a transaction fee if you buy or sell
Institutional Class shares of the fund through a broker or other
investment professional.
Certain methods of contacting Fidelity, such as by telephone, may be
unavailable or delayed (for example, during periods of unusual market
activity).
The different ways to set up (register) your account with Fidelity are
listed in the following table.
WAYS TO SET UP YOUR ACCOUNT
INDIVIDUAL OR JOINT TENANT
FOR YOUR GENERAL INVESTMENT NEEDS
RETIREMENT
FOR TAX-ADVANTAGED RETIREMENT SAVINGS
(small solid bullet) TRADITIONAL INDIVIDUAL RETIREMENT ACCOUNTS (IRAS)
(small solid bullet) ROTH IRAS
(small solid bullet) ROTH CONVERSION IRAS
(small solid bullet) ROLLOVER IRAS
(small solid bullet) 401(K) PLANS AND CERTAIN OTHER 401(A)-QUALIFIED
PLANS
(small solid bullet) KEOGH PLANS
(small solid bullet) SIMPLE IRAS
(small solid bullet) SIMPLIFIED EMPLOYEE PENSION PLANS (SEP-IRAS)
(small solid bullet) SALARY REDUCTION SEP-IRAS (SARSEPS)
GIFTS OR TRANSFERS TO A MINOR (UGMA, UTMA)
TO INVEST FOR A CHILD'S EDUCATION OR OTHER FUTURE NEEDS
TRUST
FOR MONEY BEING INVESTED BY A TRUST
BUSINESS OR ORGANIZATION
FOR INVESTMENT NEEDS OF CORPORATIONS, ASSOCIATIONS, PARTNERSHIPS OR
OTHER GROUPS
BUYING SHARES
Institutional Class shares are offered to:
1. Broker-dealer managed account programs that (i) charge an
asset-based fee and (ii) will have at least $1 million invested in the
Institutional Class of the Advisor funds. In addition, employee
benefit plans (as defined in the Employee Retirement Income Security
Act), 403(b) programs and plans covering sole-proprietors (formerly
Keogh/H.R. 10 plans) must have at least $50 million in plan assets;
2. Registered investment advisor managed account programs, provided
the registered investment advisor is not part of an organization
primarily engaged in the brokerage business, and the program (i)
charges an asset-based fee and (ii) will have at least $1 million
invested in the Institutional Class of the Advisor funds. In addition,
accounts other than an employee benefit plan, 403(b) program or plan
covering a sole-proprietor (formerly a Keogh/H.R. 10 plan) in the
program must be managed on a discretionary basis;
3. Trust institution and bank trust department managed account
programs that (i) charge an asset-based fee and (ii) will have at
least $1 million invested in the Institutional Class of the Advisor
funds. Accounts managed by third parties are not eligible to purchase
Institutional Class shares;
4. Insurance company separate accounts that will have at least $1
million invested in the Institutional Class of the Advisor funds;
5. Fidelity Trustees and employees; and
6. Insurance company programs for employee benefit plans, 403(b)
programs or plans covering sole-proprietors (formerly Keogh/H.R. 10
plans) that (i) charge an asset-based fee and (ii) will have at least
$1 million invested in the Institutional Class of the Advisor funds.
Insurance company programs for employee benefit plans, 403(b) programs
and plans covering sole-proprietors (formerly Keogh/H.R. 10 plans)
include such programs offered by a broker-dealer affiliate of an
insurance company, provided that the affiliate is not part of an
organization primarily engaged in the brokerage business.
For purchases made by managed account programs, insurance company
separate accounts or insurance company programs for employee benefit
plans, 403(b) programs or plans covering sole-proprietors (formerly
Keogh/H.R. 10 plans), Fidelity may waive the requirement that $1
million be invested in the Institutional Class of the Advisor funds.
The price to buy one share of Institutional Class is the class's NAV.
Institutional Class shares are sold without a sales charge.
Your shares will be bought at the next NAV calculated after your order
is received in proper form.
It is the responsibility of your investment professional to transmit
your order to buy shares to Fidelity before the close of business on
the day you place your order.
Short-term or excessive trading into and out of a fund may harm
performance by disrupting portfolio management strategies and by
increasing expenses. Accordingly, a fund may reject any purchase
orders, including exchanges, particularly from market timers or
investors who, in FMR's opinion, have a pattern of short-term or
excessive trading or whose trading has been or may be disruptive to
that fund. For these purposes, FMR may consider an investor's trading
history in that fund or other Fidelity funds, and accounts under
common ownership or control.
Each fund may stop offering shares completely or may offer shares only
on a limited basis, for a period of time or permanently.
When you place an order to buy shares, note the following:
(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.
(small solid bullet) Fidelity does not accept cash.
(small solid bullet) When making a purchase with more than one check,
each check must have a value of at least $50.
(small solid bullet) Fidelity reserves the right to limit the number
of checks processed at one time.
(small solid bullet) Fidelity must receive payment within three
business days after an order for shares is placed; otherwise your
purchase order may be canceled and you could be liable for any losses
or fees a fund or Fidelity has incurred.
(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees a fund or
Fidelity has incurred.
Institutional Class shares can be bought or sold through investment
professionals using an automated order placement and settlement system
that guarantees payment for orders on a specified date.
Certain financial institutions that meet creditworthiness criteria
established by Fidelity Distributors Corporation (FDC) may enter
confirmed purchase orders on behalf of customers by phone, with
payment to follow no later than close of business on the next business
day. If payment is not received by that time, the order will be
canceled and the financial institution will be liable for any losses.
MINIMUMS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accountsA $500
Through regular investment plansB $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accountsA None
A FIDELITY ADVISOR TRADITIONAL IRA, ROTH IRA, ROTH CONVERSION IRA,
ROLLOVER IRA, SEP-IRA, AND KEOGH ACCOUNTS.
B AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED.
There is no minimum account balance or initial or subsequent purchase
minimum for certain Fidelity retirement accounts funded through salary
deduction, or accounts opened with the proceeds of distributions from
such retirement accounts. In addition, each fund may waive or lower
purchase minimums in other circumstances.
KEY INFORMATION
PHONE TO OPEN AN ACCOUNT
(small solid bullet) Exchange
from the same class of
another Fidelity Advisor
fund or from another
Fidelity fund. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information."
TO ADD TO AN ACCOUNT
(small solid bullet) Exchange
from the same class of
another Fidelity Advisor
fund or from another
Fidelity fund. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information."
MAIL FIDELITY INVESTMENTS TO OPEN AN ACCOUNT
P.O. BOX 770002 CINCINNATI, (small solid bullet) Complete
OH 45277-0081 and sign the application.
Make your check payable to
the complete name of the
fund and note the applicable
class. Mail to your
investment professional or
to the address at left.
TO ADD TO AN ACCOUNT
(small solid bullet) Make
your check payable to the
complete name of the fund
and note the applicable
class. Indicate your fund
account number on your check
and mail to your investment
professional or to the
address at left.
(small solid bullet) Exchange
from the same class of other
Fidelity Advisor funds or
from another Fidelity fund.
Send a letter of instruction
to your investment
professional or to the
address at left, including
your name, the funds' names,
the applicable class names,
the fund account numbers,
and the dollar amount or
number of shares to be
exchanged.
IN PERSON TO OPEN AN ACCOUNT
(small solid bullet) Bring
your application and check
to your investment
professional.
TO ADD TO AN ACCOUNT
(small solid bullet) Bring
your check to your
investment professional.
WIRE TO OPEN AN ACCOUNT
(small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" to set
up your account and to
arrange a wire transaction.
(small solid bullet) Wire to:
Banker's Trust Company, Bank
Routing # 021001033, Account
# 00159759.
(small solid bullet) Specify
the complete name of the
fund, note the applicable
class, and include your new
fund account number and your
name.
TO ADD TO AN ACCOUNT
(small solid bullet) Wire to:
Banker's Trust Company, Bank
Routing # 021001033, Account
# 00159759.
(small solid bullet) Specify
the complete name of the
fund, note the applicable
class, and include your fund
account number and your name.
AUTOMATICALLY TO OPEN AN ACCOUNT
(small solid bullet) Not
available.
TO ADD TO AN ACCOUNT
(small solid bullet) Use
Fidelity Advisor Systematic
Investment Program.
SELLING SHARES
The price to sell one share of Institutional Class is the class's NAV.
If appropriate to protect shareholders, each fund may impose a
redemption fee (trading fee) on redemptions from the fund.
Your shares will be sold at the next NAV calculated after your order
is received in proper form.
It is the responsibility of your investment professional to transmit
your order to sell shares to Fidelity before the close of business on
the day you place your order.
Certain requests must include a signature guarantee. It is designed to
protect you and Fidelity from fraud. Your request must be made in
writing and include a signature guarantee if any of the following
situations apply:
(small solid bullet) You wish to sell more than $100,000 worth of
shares;
(small solid bullet) Your account registration has changed within the
last 30 days;
(small solid bullet) The check is being mailed to a different address
than the one on your account (record address);
(small solid bullet) The check is being made payable to someone other
than the account owner; or
(small solid bullet) The redemption proceeds are being transferred to
a Fidelity account with a different registration.
You should be able to obtain a signature guarantee from a bank,
broker, dealer, credit union (if authorized under state law),
securities exchange or association, clearing agency, or savings
association. A notary public cannot provide a signature guarantee.
When you place an order to sell shares, note the following:
(small solid bullet) If you are selling some but not all of your
shares, leave at least $1,000 worth of shares in the account to keep
it open, except accounts not subject to account minimums.
(small solid bullet) Normally, Fidelity will process redemptions by
the next business day, but Fidelity may take up to seven days to
process redemptions if making immediate payment would adversely affect
a fund.
(small solid bullet) Redemption proceeds (other than exchanges) may be
delayed until money from prior purchases sufficient to cover your
redemption has been received and collected. This can take up to seven
business days after a purchase.
(small solid bullet) Redemptions may be suspended or payment dates
postponed when the NYSE is closed (other than weekends or holidays),
when trading on the NYSE is restricted, or as permitted by the SEC.
(small solid bullet) Redemption proceeds may be paid in securities or
other assets rather than in cash if the Board of Trustees determines
it is in the best interests of a fund.
(small solid bullet) You will not receive interest on amounts
represented by uncashed redemption checks.
(small solid bullet) Unless otherwise instructed, Fidelity will send a
check to the record address.
To sell shares issued with certificates, call Fidelity for
instructions. The fund no longer issues share certificates.
KEY INFORMATION
PHONE (small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" to
initiate a wire transaction
or to request a check for
your redemption.
(small solid bullet) Exchange
to the same class of other
Fidelity Advisor funds or to
another Fidelity fund. Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information."
MAIL: FIDELITY INVESTMENTS INDIVIDUAL, JOINT TENANT,
P.O. BOX 770002 CINCINNATI, SOLE PROPRIETORSHIP, UGMA,
OH 45277-0081 UTMA
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including your name, the
fund's name, the applicable
class name, your fund
account number, and the
dollar amount or number of
shares to be sold. The
letter of instruction must
be signed by all persons
required to sign for
transactions, exactly as
their names appear on the
account.
RETIREMENT ACCOUNT
(small solid bullet) The
account owner should
complete a retirement
distribution form. Call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information" to
request one.
TRUST
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including the trust's name,
the fund's name, the
applicable class name, the
trust's fund account number,
and the dollar amount or
number of shares to be sold.
The trustee must sign the
letter of instruction
indicating capacity as
trustee. If the trustee's
name is not in the account
registration, provide a copy
of the trust document
certified within the last 60
days.
BUSINESS OR ORGANIZATION
(small solid bullet) Send a
letter of instruction to
your investment professional
or to the address at left,
including the firm's name,
the fund's name, the
applicable class name, the
firm's fund account number,
and the dollar amount or
number of shares to be sold.
At least one person
authorized by corporate
resolution to act on the
account must sign the letter
of instruction.
(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.
EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN
(small solid bullet) Call
your investment professional
or call Fidelity at the
appropriate number found in
"General Information" for
instructions.
IN PERSON INDIVIDUAL, JOINT TENANT,
SOLE PROPRIETORSHIP, UGMA,
UTMA
(small solid bullet) Bring a
letter of instruction to
your investment
professional. The letter of
instruction must be signed
by all persons required to
sign for transactions,
exactly as their names
appear on the account.
RETIREMENT ACCOUNT
(small solid bullet) The
account owner should
complete a retirement
distribution form. Visit
your investment professional
to request one.
TRUST
(small solid bullet) Bring a
letter of instruction to
your investment
professional. The trustee
must sign the letter of
instruction indicating
capacity as trustee. If the
trustee's name is not in the
account registration,
provide a copy of the trust
document certified within
the last 60 days.
BUSINESS OR ORGANIZATION
(small solid bullet) Bring a
letter of instruction to
your investment
professional. At least one
person authorized by
corporate resolution to act
on the account must sign the
letter of instruction.
(small solid bullet) Include
a corporate resolution with
corporate seal or a
signature guarantee.
EXECUTOR, ADMINISTRATOR,
CONSERVATOR, GUARDIAN
(small solid bullet) Visit
your investment professional
for instructions.
AUTOMATICALLY (small solid bullet) Use
Fidelity Advisor Systematic
Withdrawal Program to set up
periodic redemptions from
your Institutional Class
account.
EXCHANGING SHARES
An exchange involves the redemption of all or a portion of the shares
of one fund and the purchase of shares of another fund.
As an Institutional Class shareholder, you have the privilege of
exchanging your Institutional Class shares for Institutional Class
shares of other Fidelity Advisor funds or for shares of Fidelity
funds.
However, you should note the following policies and restrictions
governing exchanges:
(small solid bullet) The fund or class you are exchanging into must be
available for sale in your state.
(small solid bullet) You may exchange only between accounts that are
registered in the same name, address, and taxpayer identification
number.
(small solid bullet) Before exchanging into a fund or class, read its
prospectus.
(small solid bullet) Exchanges may have tax consequences for you.
(small solid bullet) Each fund may temporarily or permanently
terminate the exchange privilege of any investor who makes more than
four exchanges out of the fund per calendar year.
(small solid bullet) The exchange limit may be modified for accounts
held by certain institutional retirement plans to conform to plan
exchange limits and Department of Labor regulations. See your plan
materials for further information.
(small solid bullet) Each fund may refuse exchange purchases by any
person or group if, in FMR's judgment, the fund would be unable to
invest the money effectively in accordance with its investment
objective and policies, or would otherwise potentially be adversely
affected.
The funds may terminate or modify the exchange privileges in the
future.
Other funds may have different exchange restrictions, and may impose
administrative fees of up to 1.00% and trading fees of up to 3.00% of
the amount exchanged. Check each fund's prospectus for details.
ACCOUNT FEATURES AND POLICIES
FEATURES
The following features are available to buy and sell shares of the
funds.
AUTOMATIC INVESTMENT AND WITHDRAWAL PROGRAMS. Fidelity offers
convenient services that let you automatically transfer money into
your account, between accounts, or out of your account. While
automatic investment programs do not guarantee a profit and will not
protect you against loss in a declining market, they can be an
excellent way to invest for retirement, a home, educational expenses,
and other long-term financial goals. Automatic withdrawal or exchange
programs can be a convenient way to provide a consistent income flow
or to move money between your investments.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FIDELITY ADVISOR SYSTEMATIC
INVESTMENT PROGRAM TO MOVE
MONEY FROM YOUR BANK ACCOUNT
TO A FIDELITY ADVISOR FUND.
MINIMUM INITIAL MINIMUM ADDITIONAL FREQUENCY PROCEDURES
$100 $100 Monthly, bimonthly, (small solid bullet) To set
quarterly, or semi-annually up for a new account,
complete the appropriate
section on the application.
(small solid bullet) To set
up for existing accounts,
call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information" for an
application.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information." Call
at least 10 business days
prior to your next scheduled
investment date.
FIDELITY ADVISOR SYSTEMATIC
WITHDRAWAL PROGRAM TO SET UP
PERIODIC REDEMPTIONS FROM
YOUR INSTITUTIONAL CLASS
ACCOUNT TO YOU OR TO YOUR
BANK CHECKING ACCOUNT.
MINIMUM MAXIMUM FREQUENCY PROCEDURES
$100 $50,000 Monthly, quarterly, or (small solid bullet) Accounts
semi-annually with a value of $10,000 or
more in Institutional Class
shares are eligible for this
program.
(small solid bullet) To set
up, call your investment
professional or call
Fidelity at the appropriate
number found in "General
Information" for instructions.
(small solid bullet) To make
changes, call your
investment professional or
call Fidelity at the
appropriate number found in
"General Information." Call
at least 10 business days
prior to your next scheduled
withdrawal date.
</TABLE>
OTHER FEATURES. The following other features are also available to buy
and sell shares of the funds.
WIRE
TO PURCHASE AND SELL SHARES VIA THE FEDERAL RESERVE WIRE SYSTEM.
(small solid bullet) You must sign up for the Wire feature before
using it. Complete the appropriate section on the application when
opening your account.
(small solid bullet) Call your investment professional or call
Fidelity at the appropriate number found in "General Information"
before your first use to verify that this feature is set up on your
account.
(small solid bullet) To sell shares by wire, you must designate the
U.S. commercial bank account(s) into which you wish the redemption
proceeds deposited.
(small solid bullet) To add the wire feature or to change the bank
account designated to receive redemption proceeds at any time prior to
making a redemption request, you should send a letter of instruction,
including a signature guarantee, to your investment professional or to
Fidelity at the address found in "General Information."
POLICIES
The following policies apply to you as a shareholder.
STATEMENTS AND REPORTS that Fidelity sends to you include the
following:
(small solid bullet) Confirmation statements (after transactions
affecting your account balance except reinvestment of distributions in
the fund or another fund and certain transactions through automatic
investment or withdrawal programs).
(small solid bullet) Monthly or quarterly account statements
(detailing account balances and all transactions completed during the
prior month or quarter).
(small solid bullet) Financial reports (every six months).
To reduce expenses, only one copy of most financial reports and
prospectuses will be mailed, even if you have more than one account in
a fund. Call Fidelity at 1-888-622-3175 if you need additional copies
of financial reports or prospectuses.
You may initiate many TRANSACTIONS BY TELEPHONE OR ELECTRONICALLY.
Fidelity will not be responsible for any losses resulting from
unauthorized transactions if it follows reasonable security procedures
designed to verify the identity of the investor. Fidelity will request
personalized security codes or other information, and may also record
calls. For transactions conducted through the Internet, Fidelity
recommends the use of an Internet browser with 128-bit encryption. You
should verify the accuracy of your confirmation statements immediately
after you receive them. If you do not want the ability to sell and
exchange by telephone, call Fidelity for instructions. Additional
documentation may be required from corporations, associations, and
certain fiduciaries.
When you sign your ACCOUNT APPLICATION, you will be asked to certify
that your social security or taxpayer identification number is correct
and that you are not subject to 31% backup withholding for failing to
report income to the IRS. If you violate IRS regulations, the IRS can
require a fund to withhold 31% of your taxable distributions and
redemptions.
If your ACCOUNT BALANCE falls below $1,000 (except accounts not
subject to account minimums), you will be given 30 days' notice to
reestablish the minimum balance. If you do not increase your balance,
Fidelity may close your account and send the proceeds to you. Your
shares will be sold at the NAV on the day your account is closed.
Fidelity may charge a FEE FOR SPECIAL SERVICES, such as providing
historical account documents, that are beyond the normal scope of its
services.
DIVIDENDS AND CAPITAL GAINS DISTRIBUTIONS
Each fund earns dividends, interest and other income from its
investments, and distributes this income (less expenses) to
shareholders as dividends. Each fund also realizes capital gains from
its investments, and distributes these gains (less any losses) to
shareholders as capital gains distributions.
Each of Advisor TechnoQuant Growth, Advisor Small Cap, Advisor
Value Strategies , Advisor Mid Cap, Advisor Retirement Growth,
Advisor Equity Growth, Advisor Large Cap, Advisor Dividend Growth, and
Advisor Growth Opportunities normally pays dividends and capital gains
distributions in December and January. Each of Advisor Growth &
Income, Advisor Equity Income, Advisor Asset Allocation, and Advisor
Balanced normally pays dividends in March, June, September, and
December and pays capital gains distributions in December and January.
DISTRIBUTION OPTIONS
When you open an account, specify on your application how you want to
receive your distributions. The following options may be available for
Institutional Class's distributions:
5. REINVESTMENT OPTION. Your dividends and capital gains distributions
will be automatically reinvested in additional Institutional Class
shares of the fund. If you do not indicate a choice on your
application, you will be assigned this option.
6. INCOME-EARNED OPTION. Your capital gains distributions will be
automatically reinvested in additional Institutional Class shares of
the fund. Your dividends will be paid in cash.
7. CASH OPTION. Your dividends and capital gains distributions will be
paid in cash.
8. DIRECTED DIVIDENDS(registered trademark) OPTION. Your dividends
will be automatically invested in Institutional Class shares of
another identically registered Fidelity Advisor fund or shares of
identically registered Fidelity funds. Your capital gains
distributions will be automatically invested in Institutional Class
shares of another identically registered Fidelity Advisor fund or
shares of identically registered Fidelity funds, automatically
reinvested in additional Institutional Class shares of the fund, or
paid in cash.
Not all distribution options are available for every account. If the
option you prefer is not listed on your account application, or if you
want to change your current option, contact your investment
professional directly or call Fidelity.
If you elect to receive distributions paid in cash by check and the
U.S. Postal Service does not deliver your checks, your distribution
option may be converted to the Reinvestment Option. You will not
receive interest on amounts represented by uncashed distribution
checks.
TAX CONSEQUENCES
As with any investment, your investment in a fund could have tax
consequences for you. If you are not investing through a
tax-advantaged retirement account, you should consider these tax
consequences.
TAXES ON DISTRIBUTIONS. Distributions you receive from each fund are
subject to federal income tax, and may also be subject to state or
local taxes.
For federal tax purposes, each fund's dividends and distributions of
short-term capital gains are taxable to you as ordinary income. Each
fund's distributions of long-term capital gains are taxable to you
generally as capital gains.
If you buy shares when a fund has realized but not yet distributed
income or capital gains, you will be "buying a dividend" by paying the
full price for the shares and then receiving a portion of the price
back in the form of a taxable distribution.
Any taxable distributions you receive from a fund will normally be
taxable to you when you receive them, regardless of your distribution
option.
TAXES ON TRANSACTIONS. Your redemptions, including exchanges, may
result in a capital gain or loss for federal tax purposes. A capital
gain or loss on your investment in a fund is the difference between
the cost of your shares and the price you receive when you sell them.
FUND SERVICES
FUND MANAGEMENT
Each fund is a mutual fund, an investment that pools shareholders'
money and invests it toward a specified goal.
FMR is each fund's manager.
As of April 30, 1998, FMR had approximately $529 billion in
discretionary assets under management.
As the manager, FMR is responsible for choosing the funds' investments
and handling their business affairs.
Affiliates assist FMR with foreign investments:
(small solid bullet) Fidelity Management & Research (U.K.) Inc. (FMR
U.K.), in London, England, serves as a sub-adviser for each fund. FMR
U.K. was organized in 1986 to provide investment research and advice
to FMR. Currently, FMR U.K. provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East
was organized in 1986 to provide investment research and advice to
FMR. Currently, FMR Far East provides investment research and advice
on issuers based outside the United States and may also provide
investment advisory services for each fund.
(small solid bullet) Effective January 1, 2000, Fidelity Investment
Japan Ltd. (FIJ), in Tokyo, Japan, will serve as a sub-adviser for
each fund. As of September 28, 1999, FIJ had approximately $16.3
billion in discretionary assets under management. FIJ will provide
investment research and advice on issuers based outside the United
States for each fund.
Fidelity Investments Money Management, Inc. (FIMM), in Merrimack, New
Hampshire, serves as sub-adviser for Advisor Asset Allocation and
Advisor Balanced. FIMM chooses certain types of investments for each
fund.
FIMM is an affiliate of FMR. As of May 1, 1998, FIMM had approximately
$99 billion in discretionary assets under management.
A fund could be adversely affected if the computer systems used by FMR
and other service providers do not properly process and calculate
date-related information from and after January 1, 2000. FMR has
advised each fund that it is actively working on necessary changes to
its computer systems and expects that its systems, and those of other
major service providers, will be modified prior to January 1, 2000.
However, there can be no assurance that there will be no adverse
impact on a fund.
John Avery is lead manager of Advisor Balanced, which he has managed
since January 1998; he had been associate manager of the fund since
September 1997. He also manages another Fidelity fund. Mr. Avery
joined Fidelity in 1995 as an analyst. Previously, he was an analyst
for Putnam Investments from 1993 to 1994.
Robert Chow is vice president and manager of Advisor Equity Income,
which he has managed since March 1996. Previously, he managed other
Fidelity funds. Since joining Fidelity in 1989, Mr. Chow has worked as
an analyst, portfolio assistant and manager.
David Felman is vice president and manager of Advisor Mid Cap,
which he has managed since August 1999. He also manages other Fidelity
funds. Mr. Felman joined Fidelity as an analyst in 1993.
Karen Firestone is manager of Advisor Large Cap, which she has managed
since April 1998. She also manages other Fidelity funds. Since joining
Fidelity in 1983, Ms. Firestone has worked as an analyst and manager.
Kevin Grant is vice president and manager of Advisor Balanced,
which he has managed since March 1996. Mr. Grant manages the
fixed-income investments for Advisor Balanced. He also manages several
other Fidelity funds. Prior to joining Fidelity in 1993, Mr. Grant was
vice president and chief mortgage strategist at Morgan Stanley for
three years.
Dick Habermann is vice president and lead manager of Advisor Asset
Allocation, which he has managed since December 1998. Other Fidelity
investment professionals assist Mr. Habermann in selecting investments
within each asset class for the fund. He also manages other Fidelity
funds. Mr. Habermann is a senior vice president of FMR Co. Previously,
he was Division Head for International Equities and Director of
International Research from 1993 to 1996, and Joint Chief Strategist
for Portfolio Advisory ServicesSM from 1996 to 1997. Mr. Habermann
joined Fidelity in 1968.
Tim Krochuk is manager of Advisor TechnoQuant Growth, which he has
managed since December 1996. He also manages another Fidelity fund.
Since joining Fidelity in 1992, Mr. Krochuk has worked as a
quantitative analyst and manager.
Harry Lange is vice president and manager of Advisor Small Cap, which
he has managed since September 1998. He also manages another Fidelity
fund. Since joining Fidelity in 1987, Mr. Lange has worked as an
analyst, manager and director of research.
Harris Leviton is vice president and manager of Advisor Value
Strategies , which he has managed since March 1996. Previously, he
managed other Fidelity funds. Since joining Fidelity in 1986, he has
worked as an analyst and manager.
Charles Mangum is vice president and manager of Advisor Dividend
Growth, which he has managed since January 1999. Previously, he
managed other Fidelity funds. Since joining Fidelity in 1990, Mr.
Mangum has worked as an analyst and manager.
J. Fergus Shiel is vice president and manager of Advisor Retirement
Growth, which he has managed since January 1999. Since joining
Fidelity in 1989, Mr. Shiel has worked as an analyst, portfolio
assistant and manager.
Beth Terrana is vice president and manager of Advisor Growth & Income,
which she has managed since December 1996. She also manages other
Fidelity funds. Since joining Fidelity in 1983, Ms. Terrana has worked
as an analyst, portfolio assistant and manager.
Jennifer 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.
George Vanderheiden is vice president and manager of Advisor Growth
Opportunities, which he has managed since November 1987. Mr.
Vanderheiden is a member of the Board of Directors for FMR Corp. He
joined Fidelity in 1971.
Fidelity investment personnel may invest in securities for their own
investment accounts pursuant to a code of ethics that establishes
procedures for personal investing and restricts certain transactions.
Each fund pays a management fee to FMR.
The management fee is calculated and paid to FMR every month.
For Advisor TechnoQuant Growth, Advisor Small Cap, Advisor Mid Cap,
Advisor Retirement Growth, Advisor Equity Growth, Advisor Large Cap,
Advisor Dividend Growth, Advisor Growth & Income, Advisor Equity
Income, Advisor Asset Allocation, and Advisor Balanced, the fee is
calculated by adding a group fee rate to an individual fund fee rate,
dividing by twelve, and multiplying the result by the fund's average
net assets throughout the month.
For Advisor Value Strategies, 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.
For Advisor Growth Opportunities, the fee is determined by
calculating a basic fee and then applying a performance adjustment.
The performance adjustment either increases or decreases the
management fee, depending on how well the fund has performed relative
to the S&P 500.
Management fee = Basic fee +/- Performance adjustment
The basic fee is calculated by adding a group fee rate to an
individual fund fee rate, dividing by twelve, and multiplying the
result by a fund's average net assets throughout the month.
The group fee rate is based on the average net assets of all the
mutual funds advised by FMR. This rate cannot rise above 0.52%, and it
drops as total assets under management increase.
For November 30, 1998, the group fee rate was 0.2878% for Advisor
TechnoQuant Growth, Advisor Small Cap, Advisor Value
Strategies , Advisor Mid Cap, Advisor Retirement Growth, Advisor
Equity Growth, Advisor Large Cap, Advisor Dividend Growth, Advisor
Growth Opportunities, Advisor Growth & Income, Advisor Equity Income,
Advisor Asset Allocation, and Advisor Balanced. The individual fund
fee rate is 0.30% for Advisor TechnoQuant Growth, Advisor Value
Strategies , Advisor Mid Cap, Advisor Retirement Growth, Advisor
Equity Growth, Advisor Large Cap, Advisor Dividend Growth, Advisor
Growth Opportunities, and Advisor Asset Allocation. The individual
fund fee rate is 0.20% for Advisor Growth & Income and Advisor Equity
Income. The individual fund fee rate is 0.15% for Advisor Balanced.
The individual fund fee rate is 0.45% for Advisor Small Cap.
The basic fee for Advisor Value Strategies and Advisor Growth
Opportunities for the fiscal year ended November 30, 1998, was 0.59%
and 0.59%, respectively, of the fund's average net assets.
The performance adjustment rate is calculated monthly by comparing
over the performance period Advisor Value Strategies ' and
Advisor Growth Opportunities' performance to that of the S&P 500.
For Advisor Value Strategies and Advisor Growth Opportunities,
the performance period is the most recent 36-month period.
For Advisor Value Strategies, 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.
For Advisor Growth Opportunities, 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 then added to
or subtracted from the basic fee. The maximum annualized performance
adjustment rate is (plus/minus)0.20% of the fund's average net assets
over the performance period.
For the purposes of calculating the performance adjustment for each of
Advisor Value Strategies and Advisor Growth Opportunities, the
fund's investment performance will be based on the average performance
of all classes of the fund weighted according to their average assets
for each month in the performance period.
The following table states the total management fee, as a percentage
of each fund's average net assets, for each fund for the fiscal year
ended November 30, 1998:
Total Management Fee
Advisor TechnoQuant Growth 0.59%
Advisor Small Cap 0.75%A,D
Advisor Value Strategies 0.38%
Advisor Mid Cap 0.59%
Advisor Equity Growth 0.59%
Advisor Large Cap 0.59%
Advisor Growth Opportunities 0.46%
Advisor Growth & Income 0.49%
Advisor Equity Income 0.50%B
Advisor Balanced 0.46%A,C
A ANNUALIZED
B FOR THE FISCAL YEAR ENDED NOVEMBER 30, 1998, ADVISOR EQUITY INCOME
PAID FMR AT AN ANNUAL RATE OF 0.50% OF ITS AVERAGE NET ASSETS.
C FOR THE ONE MONTH PERIOD ENDED NOVEMBER 30, 1998.
D FOR THE PERIOD SEPTEMBER 9, 1998 (COMMENCEMENT OF OPERATIONS) TO
NOVEMBER 30, 1998.
The total management fee for the fiscal year ended October 31, 1998
was 0.44% of the fund's average net assets for Advisor Balanced.
FMR pays FIMM, FMR U.K., and FMR Far East for providing
sub-advisory services. FMR Far East will pay FIJ for providing
sub-advisory services.
FMR may, from time to time, agree to reimburse each class for
management fees and other expenses above a specified limit. FMR
retains the ability to be repaid by a class if expenses fall below the
specified limit prior to the end of the fiscal year. Reimbursement
arrangements, which may be terminated by FMR at any time, can decrease
a class's expenses and boost its performance.
As of December 31, 1998, approximately 100% of Advisor Retirement
Growth's, Advisor Dividend Growth's, and Advisor Asset Allocation's
total outstanding shares were held by FMR.
FUND DISTRIBUTION
Each fund is composed of multiple classes of shares. All classes of a
fund have a common investment objective and investment portfolio.
FDC distributes Institutional Class's shares.
Institutional Class has adopted a Distribution and Service Plan
pursuant to Rule 12b-1 under the Investment Company Act of 1940 that
recognizes that FMR may use its management fee revenues, as well as
its past profits or its resources from any other source, to pay FDC
for expenses incurred in connection with providing services intended
to result in the sale of Institutional Class shares and/or shareholder
support services. FMR, directly or through FDC, may pay
intermediaries, such as banks, broker-dealers and other
service-providers, that provide those services. Currently, the Board
of Trustees of each fund has authorized such payments for
Institutional Class.
To receive payments made pursuant to a Distribution and Service Plan,
intermediaries must sign the appropriate agreement with FDC in
advance.
FMR may allocate brokerage transactions in a manner that takes into
account the sale of shares of the Fidelity Advisor funds, provided
that a fund receives brokerage services and commission rates
comparable to those of other broker-dealers.
No dealer, sales representative, or any other person has been
authorized to give any information or to make any representations,
other than those contained in this Prospectus and in the related
Statement of Additional Information (SAI), in connection with the
offer contained in this Prospectus. If given or made, such other
information or representations must not be relied upon as having been
authorized by the funds or FDC. This Prospectus and the related SAI do
not constitute an offer by the funds or by FDC to sell or to buy
shares of the funds to any person to whom it is unlawful to make such
offer.
APPENDIX
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand each
class's financial history for the past 5 years or, if shorter, the
period of the class's operations. Certain information reflects
financial results for a single class share. Total returns for each
period include the reinvestment of all dividends and distributions.
This information has been audited by PricewaterhouseCoopers LLP,
independent accountants, whose report, along with each fund's
financial highlights and financial statements, are included in each
fund's Annual Report. A free copy of each Annual Report is available
upon request. Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation commenced operations on December 28, 1998.
ADVISOR TECHNOQUANT GROWTH
670.Selected Per-Share Data
and Ratios
671.Years ended November 30 1998 1997E
672.Net asset value, $ 11.40 $ 10.00
beginning of period
673.Income from Investment
Operations
674. Net investment income .03 (.04)
(loss)D
675. Net realized and .68 1.44
unrealized gain (loss)
676. Total from investment .71 1.40
operations
677.Less Distributions
678. From net realized gain (.28) --
679. In excess of net (.11) --
realized gain
680. Total distributions (.39) --
681.Net asset value, end of $ 11.72 $ 11.40
period
682.Total returnB,C 6.63% 14.00%
683.Net assets, end of period $ 1,057 $ 1,459
(000 omitted)
684.Ratio of expenses to 1.50%F 1.50%A,F
average net assets
685.Ratio of expenses to 1.48%G 1.50%A
average net assets after
expense reductions
686.Ratio of net investment .17% (.42)%A
income (loss) to average net
assets
687.Portfolio turnover 358% 213%A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF
INSTITUTIONAL CLASS SHARES) TO NOVEMBER 30, 1997.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR SMALL CAP
688.Selected Per-Share Data
and Ratios
689.September 9, 1998 1998
(commencement of operations)
to November 30
690.Net asset value, $ 10.00
beginning of period
691.Income from Investment
Operations
692. Net investment income --
(loss)D
693. Net realized and 2.35
unrealized gain (loss)
694. Total from investment 2.35
operations
695.Net asset value, end of $ 12.35
period
696.Total returnB,C 23.50%
697.Net assets, end of period $ 12,898
(000 omitted)
698.Ratio of expenses to 1.50%A,E
average net assets
699.Ratio of expenses to 1.42%A,F
average net assets after
expense reductions
700.Ratio of net investment (.15)%A
income (loss) to average net
assets
701.Portfolio turnover 204%A
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR VALUE STRATEGIES
702.Selected Per-Share Data
and Ratios
703.Years ended November 30 1998 1997G 1996H 1995E
704.Net asset value, $ 27.63 $ 22.57 $ 24.80 $ 22.35
beginning of period
705.Income from Investment
Operations
706. Net investment income (.05)D (.05)D .29D .55
(loss)
707. Net realized and (1.10) 5.98 .17 3.00
unrealized gain (loss)
708. Total from investment (1.15) 5.93 .46 3.55
operations
709.Less Distributions
710. From net investment -- -- (.34) (.55)
income
711. From net realized gain (2.31) (.87) (2.35) (.55)
712. Total distributions (2.31) (.87) (2.69) (1.10)
713.Net asset value, end of $ 24.17 $ 27.63 $ 22.57 $ 24.80
period
714.Total returnB,C (4.12)% 27.16% 1.99% 15.96%
715.Net assets, end of period $ 4,808 $ 5,564 $ 41,832 $ 20,429
(000 omitted)
716.Ratio of expenses to .85% 1.06%A .78% .97%A
average net assets
717.Ratio of expenses to .84%F 1.05%A,F .76%F .96%A,F
average net assets after
expense reductions
718.Ratio of net investment (.20)% (.21)%A 1.21% 2.55%A
income (loss) to average net
assets
719.Portfolio turnover 64% 61%A 151% 142%
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JULY 3, 1995 (COMMENCEMENT OF SALE OF INSTITUTIONAL
CLASS SHARES) TO DECEMBER 31, 1995.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G ELEVEN MONTHS ENDED NOVEMBER 30, 1997.
H YEAR ENDED DECEMBER 31
ADVISOR MID CAP
720.Selected Per-Share Data
and Ratios
721.Years ended November 30 1998 1997 1996E
722.Net asset value, $ 14.12 $ 11.70 $ 10.00
beginning of period
723.Income from Investment
Operations
724. Net investment income .01 .01 (.02)
(loss)D
725. Net realized and 1.18 2.63 1.72
unrealized gain (loss)
726. Total from investment 1.19 2.64 1.70
operations
727.Less Distributions
728. From net realized gain (1.49) (.22) --
729.Net asset value, end of $ 13.82 $ 14.12 $ 11.70
period
730.Total returnB,C 9.60% 23.04% 17.00%
731.Net assets, end of period $ 34,551 $ 30,542 $ 3,600
(000 omitted)
732.Ratio of expenses to .87% .91% 1.50%A,F
average net assets
733.Ratio of expenses to .84%G .84%G 1.50%A
average net assets after
expense reductions
734.Ratio of net investment .04% .08% (.27)%A
income (loss) to average net
assets
735.Portfolio turnover 139% 208% 101%A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF
INSTITUTIONAL CLASS SHARES) TO NOVEMBER 30, 1996.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY GROWTH
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
736.Selected Per-Share Data
and Ratios
737.Years ended November 30 1998 1997 1996 1995 1994
738.Net asset value, $ 52.86 $ 45.52 $ 40.39 $ 28.90 $ 29.74
beginning of period
739.Income from Investment
Operations
740. Net investment income .06B .22B .45B .28 .30
741. Net realized and 13.08 8.72 7.00 11.69 .42
unrealized gain (loss)
742. Total from investment 13.14 8.94 7.45 11.97 .72
operations
743.Less Distributions
744. From net investment (.05)D (.37) (.21) (.27) (.11)
income
745. From net realized gain (6.24)D (1.23) (2.11) (.16) (1.45)
746. In excess of net -- -- -- (.05) --
realized gain
747. Total distributions (6.29) (1.60) (2.32) (.48) (1.56)
748.Net asset value, end of $ 59.71 $ 52.86 $ 45.52 $ 40.39 $ 28.90
period
749.Total returnA 28.67% 20.46% 19.68% 42.15% 2.46%
750.Net assets, end of period $ 1,087,907 $ 1,032,453 $ 1,323,526 $ 791,074 $ 410,450
(000 omitted)
751.Ratio of expenses to .76% .77% .79% .83% .86%
average net assets
752.Ratio of expenses to .74%C .75%C .77%C .83% .84%C
average net assets after
expense reductions
753.Ratio of net investment .12% .46% 1.11% .92% 1.00%
income to average net assets
754.Portfolio turnover 122% 108% 76% 97% 137%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
D THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES.
ADVISOR LARGE CAP
755.Selected Per-Share Data
and Ratios
756.Years ended November 30 1998 1997 1996H
757.Net asset value, $ 14.05 $ 11.86 $ 10.00
beginning of period
758.Income from Investment
Operations
759. Net investment incomeD .03 .04G .03
760. Net realized and 3.56 2.24 1.83
unrealized gain (loss)
761. Total from investment 3.59 2.28 1.86
operations
762.Less Distributions
763. From net realized gain (.87)I (.09) --
764.Net asset value, end of $ 16.77 $ 14.05 $ 11.86
period
765.Total returnB,C 27.35% 19.39% 18.60%
766.Net assets, end of period $ 8,742 $ 6,560 $ 9,144
(000 omitted)
767.Ratio of expenses to .99% 1.15% 1.50%A,E
average net assets
768.Ratio of expenses to .97%F 1.12%F 1.48%A,F
average net assets after
expense reductions
769.Ratio of net investment .18% .32% .38%A
income to average net assets
770.Portfolio turnover 141% 93% 59%A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G DURING THE PERIOD, A SIGNIFICANT SHAREHOLDER REDEMPTION CAUSED AN
UNUSUALLY HIGH LEVEL OF INVESTMENT INCOME PER SHARE.
H FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF SALE OF
INSTITUTIONAL CLASS SHARES) TO NOVEMBER 30, 1996.
I THE AMOUNT SHOWN REFLECTS CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES.
ADVISOR GROWTH OPPORTUNITIES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
771.Selected Per-Share Data
and Ratios
772.Year ended November 30 1998 1997G 1997H 1996H 1995E
773.Net asset value, $ 44.31 $ 42.85 $ 35.47 $ 30.97 $ 29.04
beginning of period
774.Income from Investment
Operations
775. Net investment income .65D .05D .75D .77D .12
776. Net realized and 8.10 1.41 8.78 4.74 1.81
unrealized gain (loss)
777. Total from investment 8.75 1.46 9.53 5.51 1.93
operations
778.Less Distributions
779. From net investment (.68) -- (.71) (.61) --
income
780. From net realized gain (2.60) -- (1.44) (.40) --
781. Total distributions (3.28) -- (2.15) (1.01) --
782.Net asset value, end of $ 49.78 $ 44.31 $ 42.85 $ 35.47 $ 30.97
period
783.Total returnB,C 21.29% 3.41% 28.07% 18.25% 6.65%
784.Net assets, end of period $ 618,433 $ 391,713 $ 374,978 $ 250,283 $ 71,953
(000 omitted)
785.Ratio of expenses to .62% .71%A .66% .85% .82%A
average net assets
786.Ratio of expenses to .61%F .70%A,F .65%F .84%F .81%A,F
average net assets after
expense reductions
787.Ratio of net investment 1.43% 1.60%A 1.91% 2.38% 2.33%A
income to average net assets
788.Portfolio turnover 25% 33%A 35% 33% 39%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JULY 3, 1995 (COMMENCEMENT OF SALE OF INSTITUTIONAL
CLASS SHARES) TO OCTOBER 31, 1995.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G ONE MONTH ENDED NOVEMBER 30
H YEARS ENDED OCTOBER 31
ADVISOR GROWTH & INCOME
789.Selected Per-Share Data
and Ratios
790.Years ended November 30 1998 1997E
791.Net asset value, $ 12.47 $ 10.00
beginning of period
792.Income from Investment
Operations
793. Net investment incomeD .11 .07
794. Net realized and 2.79 2.45
unrealized gain (loss)
795. Total from investment 2.90 2.52
operations
796.Less Distributions
797. From net investment (.09) (.05)
income
798. From net realized gain (.18) --
799. Total distributions (.27) (.05)
800.Net asset value, end of $ 15.10 $ 12.47
period
801.Total returnB,C 23.69% 25.26%
802.Net assets, end of period $ 97,052 $ 73,911
(000 omitted)
803.Ratio of expenses to .76% 1.19%A
average net assets
804.Ratio of expenses to .75%F 1.19%A
average net assets after
expense reductions
805.Ratio of net investment .82% .64%A
income to average net assets
806.Portfolio turnover 54% 82%A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF
INSTITUTIONAL CLASS SHARES) TO NOVEMBER 30, 1997.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR EQUITY INCOME
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
807.Selected Per-Share Data
and Ratios
808.Years ended November 30 1998 1997 1996 1995 1994
809.Net asset value, $ 27.07 $ 23.00 $ 20.09 $ 16.07 $ 14.93
beginning of period
810.Income from Investment
Operations
811. Net investment income .34B .39B .42B .45 .41B
812. Net realized and 3.24 4.68 3.37 4.28 1.05
unrealized gain (loss)
813. Total from investment 3.58 5.07 3.79 4.73 1.46
operations
814.Less Distributions
815. From net investment (.34) (.41) (.42) (.43) (.32)
income
816. From net realized gain (1.72) (.59) (.46) (.28) --
817. Total distributions (2.06) (1.00) (.88) (.71) (.32)
818.Net asset value, end of $ 28.59 $ 27.07 $ 23.00 $ 20.09 $ 16.07
period
819.Total returnA 14.23% 22.87% 19.54% 30.43% 9.82%
820.Net assets, end of period $ 493,144 $ 464,031 $ 343,867 $ 297,453 $ 197,533
(000 omitted)
821.Ratio of expenses to .68% .69% .71% .74% .73%
average net assets
822.Ratio of expenses to .67%C .67%C .70%C .73%C .71%C
average net assets after
expense reductions
823.Ratio of net investment 1.25% 1.60% 2.02% 2.52% 2.62%
income to average net assets
824.Portfolio turnover 59% 55% 78% 80% 140%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
ADVISOR BALANCED
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
825.Selected Per-Share Data
and Ratios
826.Years ended October 31 1998H 1998 1997 1996 1995E
827.Net asset value, $ 19.35 $ 18.85 $ 16.11 $ 15.40 $ 15.23
beginning of period
828.Income from Investment
Operations
829. Net investment income .05D .60D .61D .54D .25
830. Net realized and .63 1.81 2.86 .87 .09
unrealized gain (loss)
831. Total from investment .68 2.41 3.47 1.41 .34
operations
832.Less Distributions
833. From net investment -- (.65) (.62) (.67) (.17)
income
834. From net realized gain -- (1.26) (.11) (.03) --
835. Total distributions -- (1.91) (.73) (.70) (.17)
836.Net asset value, end of $ 20.03 $ 19.35 $ 18.85 $ 16.11 $ 15.40
period
837.Total returnB,C 3.51% 13.45% 21.97% 9.41% 2.22%
838.Net assets, end of period $ 63,136 $ 61,045 $ 38,924 $ 21,819 $ 993
(000 omitted)
839.Ratio of expenses to .66%A .65% .69% 1.06% .92%A,F
average net assets
840.Ratio of expenses to .66%A .63%G .69% 1.03%G .91%A,G
average net assets after
expense reductions
841.Ratio of net investment 3.48%A 3.15% 3.42% 3.54% 4.54%A
income to average net assets
842.Portfolio turnover 73%A 85% 70% 223% 297%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD JULY 3, 1995 (COMMENCEMENT OF SALE OF INSTITUTIONAL
CLASS SHARES) TO OCTOBER 31, 1995.
F FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H ONE MONTH ENDED NOVEMBER 30
PRIOR PERFORMANCE OF SIMILAR FUNDS
Because Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation (Corresponding Funds) were new when this
prospectus was printed, their performance history is not included.
However, Advisor Retirement Growth, Advisor Dividend Growth, and
Advisor Asset Allocation are modeled after the following existing
funds, respectively: Fidelity Retirement Growth Fund, Fidelity
Dividend Growth Fund, and Fidelity Asset Manager: Growth (Related
Funds).
The Related Funds are managed by FMR and have investment objectives
and policies that are substantially identical in all material respects
to those of the Corresponding Funds offered through this prospectus.
The Related Funds, however, have different expenses and are sold
through different distribution channels. FMR also may manage other
substantially similar funds and accounts that may have better or worse
performance than the Related Funds. Performance of other funds and
accounts is not included due to factors such as differences in their
policies and/or portfolio management strategies and/or because these
accounts are not mutual funds.
Below you will find information about the prior performance of the
Related Funds, not the performance of the Corresponding Funds offered
through this prospectus. The performance data of the Related Funds is
net of management fees and other expenses and is based on past
results.
Although the Corresponding Funds have investment objectives and
policies that are substantially identical in all material respects to
those of the Related Funds, you should not assume that the
Corresponding Funds will have the same performance as the Related
Funds. For example, a Corresponding Fund's future performance may be
better or worse than the performance of its Related Fund due to, among
other things, differences in sales charges, expenses, asset sizes and
cash flows between the Corresponding Fund and its Related Fund.
The first table below shows the date FMR began managing each Related
Fund and the asset size of each Related Fund as of December 31, 1998.
The next group of tables on page 195 shows changes in the performance
of each Related Fund from year to year.
The last group of tables on page 197 compares the performance of each
Related Fund to the performance of a market index and, for Fidelity
Asset Manager: Growth, a combination of market indexes and (except for
Fidelity Asset Manager: Growth) an average of the performance of
similar funds over various periods of time.
The performance of each Related Fund does not represent the past
performance of the Corresponding Funds and should not be interpreted
as indicative of the future performance of the Corresponding Funds or
the Related Funds.
CORRESPONDING FUND OFFERED RELATED FUND (INCEPTION DATE)
THROUGH THIS PROSPECTUS AND ASSET SIZE
Fidelity Advisor Retirement Fidelity Retirement Growth
Growth Fund Fund (March 25, 1983)
$4,946,100,000
Fidelity Advisor Dividend Fidelity Dividend Growth Fund
Growth Fund (April 27, 1993)
$10,368,600,000
Fidelity Advisor Asset Fidelity Asset Manager:
Allocation Fund Growth (December 30, 1991)
$5,119,900,000
YEAR-BY-YEAR RETURNS FOR THE RELATED FUNDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY RETIREMENT GROWTH
Calendar Years 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
30.41% -10.16% 45.58% 10.60% 22.13% 0.06% 24.28% 8.33% 18.54% 35.89%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: 30.4
Row: 2, Col: 1, Value: -10.0
Row: 3, Col: 1, Value: 45.5
Row: 4, Col: 1, Value: 10.6
Row: 5, Col: 1, Value: 22.0
Row: 6, Col: 1, Value: 0.06000000000000001
Row: 7, Col: 1, Value: 24.28
Row: 8, Col: 1, Value: 8.33
Row: 9, Col: 1, Value: 18.54
Row: 10, Col: 1, Value: 35.89
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY RETIREMENT GROWTH,
THE HIGHEST RETURN FOR A QUARTER WAS 21.80% (QUARTER ENDING DECEMBER
31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -20.09% (QUARTER
ENDING SEPTEMBER 30, 1990).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY DIVIDEND GROWTH
Calendar Years 1994 1995 1996 1997 1998
4.27% 37.53% 30.14% 27.90% 35.85%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: nil
Row: 5, Col: 1, Value: nil
Row: 6, Col: 1, Value: 4.2
Row: 7, Col: 1, Value: 37.53
Row: 8, Col: 1, Value: 30.14
Row: 9, Col: 1, Value: 27.9
Row: 10, Col: 1, Value: 35.84999999999999
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY DIVIDEND GROWTH,
THE HIGHEST RETURN FOR A QUARTER WAS 19.53% (QUARTER ENDING DECEMBER
31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -6.15% (QUARTER
ENDING SEPTEMBER 30, 1997).
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIDELITY ASSET MANAGER: GROWTH
Calendar Years 1992 1993 1994 1995 1996 1997 1998
19.08% 26.32% -7.39% 19.95% 17.59% 26.46% 18.08%
</TABLE>
Percentage (%)
Row: 1, Col: 1, Value: nil
Row: 2, Col: 1, Value: nil
Row: 3, Col: 1, Value: nil
Row: 4, Col: 1, Value: 19.0
Row: 5, Col: 1, Value: 26.0
Row: 6, Col: 1, Value: -7.39
Row: 7, Col: 1, Value: 19.9
Row: 8, Col: 1, Value: 17.59
Row: 9, Col: 1, Value: 26.4
Row: 10, Col: 1, Value: 18.0
DURING THE PERIODS SHOWN IN THE CHART FOR FIDELITY ASSET MANAGER:
GROWTH, THE HIGHEST RETURN FOR A QUARTER WAS 16.07% (QUARTER ENDING
DECEMBER 31, 1998) AND THE LOWEST RETURN FOR A QUARTER WAS -8.20%
(QUARTER ENDING SEPTEMBER 30, 1998).
AVERAGE ANNUAL RETURNS FOR THE RELATED FUNDS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of fund*
December 31, 1998
FIDELITY RETIREMENT GROWTHC 35.89% 16.76% 17.46%
S&P 500 28.58% 24.06% 19.21%
Lipper Capital Appreciation 19.96% 14.96% 14.09%
Funds Average
FIDELITY DIVIDEND GROWTHC 35.85% 26.53% 26.53%A
S&P 500 28.58% 24.06% 24.06%A
Lipper Growth Funds Average 22.86% 18.63% 18.63%A
FIDELITY ASSET MANAGER: GROWTHC 18.08% 14.30% 16.62%B
S&P 500 28.58% 24.06% 19.51%B
Fidelity Aggressive Asset 22.74% 18.37% 15.50%B
Allocation Composite Index
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE FUND'S
COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1994.
B FROM JANUARY 1, 1992.
C FOR THE FISCAL YEAR ENDED NOVEMBER 30, 1998, THE TOTAL OPERATING
EXPENSES WERE 0.57% FOR FIDELITY RETIREMENT GROWTH (INCLUDING EXPENSE
REDUCTIONS). FOR THE FISCAL YEAR ENDED JULY 31, 1998, THE TOTAL
OPERATING EXPENSES WERE 0.86% FOR FIDELITY DIVIDEND GROWTH (INCLUDING
EXPENSE REDUCTIONS). FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1998, THE
TOTAL OPERATING EXPENSES WERE 0.80% FOR FIDELITY ASSET MANAGER: GROWTH
(INCLUDING EXPENSE REDUCTIONS). IF FMR HAD NOT REIMBURSED CERTAIN
EXPENSES DURING THESE PERIODS, FIDELITY ASSET MANAGER: GROWTH'S TOTAL
RETURNS WOULD HAVE BEEN LOWER.
Fidelity Aggressive Asset Allocation Composite Index is a hypothetical
representation of the performance of Fidelity Asset Manager: Growth's
three asset classes according to their respective weightings in the
fund's neutral mix (70% stocks, 25% bonds, and 5% short-term/money
market). The following indexes are used to calculate the Composite
Index: stocks - the Standard & Poor's 500 Index (S&P 500), bonds - the
Lehman Brothers Aggregate Bond Index, and short-term/money market -
the Lehman Brothers 3-Month Treasury Bill Index. Prior to January 1,
1997, the Lehman Brothers U.S. Treasury Index was used for the bond
class. The index weightings of the Composite Index are rebalanced
monthly.
The S&P 500 is a market capitalization-weighted index of common
stocks.
The Lehman Brothers Aggregate Bond Index is a market value-weighted
index of investment-grade fixed-rate debt issues, including
government, corporate, asset-backed, and mortgage-backed securities,
with maturities of one year or more.
The Lehman Brothers 3-Month Treasury Bill Index represents the average
of Treasury Bill rates for each of the prior three months, adjusted to
a bond equivalent yield basis (short-term and money market
instruments).
The Lehman Brothers U.S. Treasury Index is a market value-weighted
index of public obligations of the U.S. Treasury with maturities of
one year or more.
Each Lipper Funds Average reflects the performance (excluding sales
charges) of mutual funds with similar objectives.
You can obtain additional information about the funds. The funds' SAI
includes more detailed information about each fund and its
investments. The SAI is incorporated herein by reference (legally
forms a part of the prospectus). For Advisor Retirement Growth,
Advisor Dividend Growth, and Advisor Asset Allocation, financial
reports will be available once the funds have completed their first
annual or semi-annual period. Each fund's annual and semi-annual
reports include a discussion of the fund's holdings and recent market
conditions and the fund's investment strategies that affected
performance.
For a free copy of any of these documents or to request other
information or ask questions about a fund, call Fidelity at
1-888-622-3175.
The SAI, the funds' annual and semi-annual reports and other related
materials are available on the SEC's Internet Web site
(http://www.sec.gov). You can obtain copies of this information upon
paying a duplicating fee, by writing the Public Reference Section of
the SEC, Washington, D.C. 20549-6009. You can also review and copy
information about the funds, including the funds' SAI, at the SEC's
Public Reference Room in Washington, D.C. Call 1-800-SEC-0330 for
information on the operation of the SEC's Public Reference Room.
INVESTMENT COMPANY ACT OF 1940, FILE NUMBER, 811-3785 .
Fidelity, TechnoQuant , Fidelity Investments & (Pyramid) Design,
Fidelity Investments, and Directed Dividends are registered trademarks
of FMR Corp.
Portfolio Advisory Services is a service mark of FMR Corp.
The third party marks appearing above are the marks of their
respective owners.
1.540265.102 ACOMI-pro-0299 -01
