FIDELITY ADVISOR SERIES VIII
497, 1997-11-03
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SUPPLEMENT TO THE FIDELITY ADVISOR 
INTERNATIONAL FUNDS CLASS A, CLASS T, 
CLASS B, AND CLASS C OCTOBER 31, 1997 
PROSPECTUS
The following information supplements the information found in "Sales
Charge Reductions and Waivers" on page 34.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
6. Purchased prior to December 31, 1997 by Class B shareholders who
have closed their Class B Municipal Bond, Class B California Municipal
Income, or Class B New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to (i) purchases of up to
the account balance in the Class B Municipal Bond, Class B California
Municipal Income, or Class B New York Municipal Income account closed
and (ii) purchases made on the same day that the Class B account is
closed; or
7. Purchased prior to December 31, 1998 by shareholders who have
closed their Class A Municipal Bond, Class A California Municipal
Income, or Class A New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received by FIIOC.
The following information supplements the information found in "Sales
Charge Reductions and Waivers" on page 34.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T
SHARES:
15. Purchased prior to December 31, 1998 by shareholders who have
closed their Class T Municipal Bond, Class T California Municipal
Income, or Class T New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received by FIIOC.
For the purposes of load waiver (10), certain broker-dealers that
otherwise meet the qualifications and asset minimums established by
FDC are not required to sign a participation agreement.
SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS:
CLASS A, CLASS T, CLASS B, CLASS C, INSTITUTIONAL CLASS, AND INITIAL
CLASS
OCTOBER 31, 1997
STATEMENT OF ADDITIONAL INFORMATION
 
EFFECTIVE NOVEMBER 1, 1997, Fidelity Advisor California Municipal
Income Fund and Fidelity Advisor New York Municipal Income Fund are
closed to new and existing accounts.
   EFFECTIVE NOVEMBER 1, 1997, Class A, Class T, Class B, and
Institutional Class of Fidelity Advisor Municipal Bond Fund are closed
to new and existing accounts except for shares purchased by investors
participating in the Fidelity sponsored TARGETS Program who may
purchase shares through December 31, 1997.    
   EFFECTIVE DECEMBER 15, 1997, Fidelity Advisor High Income Municipal
Fund will be renamed Fidelity Advisor Municipal Income Fund.    
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND UNDER THE
HEADING "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION" ON
PAGE 128.
CLASS A SHARES ONLY
6. to shares purchased prior to December 31, 1997 by Class B
shareholders who have closed their Class B Municipal Bond, Class B
California Municipal Income, or Class B New York Municipal Income
accounts prior to December 31, 1997. This waiver is limited to (i)
purchases of up to the account balance in the Class B Municipal Bond,
Class B California Municipal Income, or Class B New York Municipal
Income account closed and (ii) purchases made on the same day that the
Class B account is closed; or 
7. to shares purchased prior to December 31, 1998 by shareholders who
have closed their Class A Municipal Bond, Class A California Municipal
Income, or Class A New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000   ; shareholders are entitled to this waiver after the
original load waiver certificate is received by FIIOC.    
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND UNDER THE
HEADING "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION" ON
PAGE 129.
CLASS T SHARES ONLY
15. to shares purchased prior to December 31, 1998 by shareholders who
have closed their Class T Municipal Bond, Class T California Municipal
Income, or Class T New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000   ; shareholders are entitled to this waiver after the
original load waiver certificate is received by FIIOC    .
   For purposes of load waiver (10), certain broker-dealers that
otherwise meet qualifications and asset minimums established by FDC
are not required to sign a participation agreement.    
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION" ON
PAGE 130.
CLASS B AND CLASS C SHARES ONLY
The contingent deferred sales charge (CDSC) on Class B and Class C
shares may be waived (1) in the case of disability or death, provided
that the shares are redeemed within one year following the death or
the initial determination of disability; (2) in connection with a
total or partial redemption related to certain distributions from
retirement plans or accounts at age 70, which are permitted without
penalty pursuant to the Internal Revenue Code; (3) in connection with
redemptions through the Fidelity Advisor Systematic Withdrawal
Program; or (4) (APPLICABLE TO CLASS B ONLY) in connection with Class
B Municipal Bond, Class B California Municipal Income, or Class B New
York Municipal Income accounts that are closed prior to December 31,
1997.
SUPPLEMENT TO THE
FIDELITY ADVISOR 
STRATEGIC OPPORTUNITIES FUND - INITIAL CLASS - FEBRUARY 28, 1997
PROSPECTUS
   The following information replaces similar information found on the
Cover.    
   To learn more about the fund and its investments, you can obtain a
copy of the fund's most recent financial report and portfolio listing
or a copy of the Statement of Additional Information (SAI) dated
October 31, 1997. The SAI has been filed with the Securities and
Exchange Commission (SEC) and is available along with other related
materials on the SEC's Internet Web site (http:/www.sec.gov). The SAI
is incorporated herein by reference (legally forms a part of the
prospectus). For a free copy of either document, call Fidelity
Distributors Corporation (FDC) 82 Devonshire Street, Boston, MA 02109
at 1-800-544-8888.     
The following information replaces similar information found in "Who
May Want to Invest" on page 3   .     
The fund is composed of multiple classes of shares. All classes of the
fund have a common investment objective and investment portfolio.
   The fund offers Initial Class shares, Class A shares, Class T
shares, Class B shares, and Institutional Class shares    . Class A
and Class T shares have a front-end sales charge and pay a    12b-1
fee    . Class A and Class T shares may be subject to a contingent
deferred sales charge (CDSC). Class B shares do not have a front-end
sales charge, but do have a CDSC, and pay a    12b-1 fee.    
Institutional Class shares have no sales charge, and do not pay a
   12b-1 fee,     but are available only to certain types of
investors. 
      
    You may obtain more information about shares of Institutional
Class, Class A, Class T, and Class B shares, which are not offered
through this prospectus, by calling 1-800-843-3001.
   The performance of one class of shares of the fund may be different
from the performance of another class of shares of the fund because of
different sales charges and expenses.    
The following information replaces the similar information found in
the "Charter" section on page 9.
THE FUND MAY HOLD SPECIAL MEETINGS AND MAIL PROXY MATERIALS. These
meetings may be called to elect or remove trustees, change fundamental
policies, approve a management contract, or for other purposes.
Shareholders not attending these meetings are encouraged to vote by
proxy. Fidelity will mail proxy materials in advance, including a
voting card and information about the proposals to be voted on. The
number of votes you are entitled to is based upon the dollar value of
your investment.
The following information replaces the similar information found under
the heading "Equity Securities" in the "Securities and Investment
Practices" section on page 11.
RESTRICTIONS: With respect to 75% of its total assets, the fund may
not purchase more than 10% of the outstanding voting securities of a
single issuer. This limitation does not apply to securities of other
investment companies.
The following information replaces the similar information found under
the heading "Diversification" in the "Securities and Investment
Practices" section on page 14.
RESTRICTIONS: With respect to 75% of its total assets, the fund may
not purchase a security if, as a result, more than 5% would be
invested in the securities of any one issuer. This limitation does not
apply to U.S. Government securities or to securities of other
investment companies. The fund may not invest more than 25% of its
total assets in any one industry. This limitation does not apply to
U.S. Government securities.
The following information replaces the similar information found in
the "Fundamental Investment Policies and Restrictions" section on page
14.
With respect to 75% of its total assets, the fund may not purchase a
security if, as a result, more than 5% would be invested in the
securities of any one issuer and may not purchase more than 10% of the
outstanding voting securities of a single issuer. These limitations do
not apply to U.S. Government securities or to securities of other
investment companies. The fund may not invest more than 25% of its
total assets in any one industry. This limitation does not apply to
U.S. Government securities.
The following information replaces the similar information found under
the heading "Management Fee" in the "Breakdown of Expenses" section on
page 15.
Investment performance will be represented by the average performance
of all classes of the fund, weighted according to their average assets
for each month. 
 
SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS
CLASS A, CLASS T, CLASS B, AND CLASS C
OCTOBER 31,1997 PROSPECTUS
EFFECTIVE NOVEMBER 1, 1997, Fidelity Advisor California Municipal
Income Fund and Fidelity Advisor New York Municipal Income Fund are
closed to new and existing accounts.
EFFECTIVE NOVEMBER 1, 1997, Class A, Class T, and Class B of Fidelity
Advisor Municipal Bond Fund are closed to new and existing accounts
except for shares purchased by investors participating in the Fidelity
sponsored TARGETS Program who may purchase shares through December 31,
1997.
EFFECTIVE DECEMBER 15, 1997, Fidelity Advisor High Income Municipal
Fund will be renamed Fidelity Advisor Municipal Income Fund.
FMR anticipates presenting a proposal in 1997 to the Board of Trustees
of Fidelity Advisor Short-Intermediate Municipal Income Fund
requesting their approval to present shareholders of the fund a
proposal to merge the fund into Fidelity Advisor Intermediate
Municipal Income Fund. As a result, EFFECTIVE JANUARY 1, 1998,
Fidelity Advisor Short-Intermediate Municipal Income Fund will be
closed to new investors.
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information for MUNICIPAL BOND, CALIFORNIA MUNICIPAL INCOME, AND NEW
YORK MUNICIPAL INCOME found in "Expenses" on page 8. 
MUNICIPAL FUNDS                           
 
      Operating Expenses   Class A   Class T   Class B   Class C   
 
 
<TABLE>
<CAPTION>
<S>          <C>                                                                      <C>         <C>      <C>      <C>   
MUNICIPAL    Management fee                                                            0.40%[A]    0.40%    0.40%   *   
BOND                                                                                                                    
 
             12b-1 fee (including 0.25% Shareholder Service Fee for Class B shares)    0.15%       0.25%    0.90%   *   
 
             Other expenses (after reimbursement Class A)                              1.60%[A]    0.37%    0.52%   *   
 
             Total operating expenses                                                  2.15%       1.02%    1.82%   *   
 
</TABLE>
 
 
 
 
<TABLE>
<CAPTION>
<S>      <C>                                                                      <C>         <C>       <C>       <C>       
STATE MUNICIPAL FUNDS  
 
         Operating Expenses                                                       Class A     Class T   Class B   Class C   
 
CALIFOR
NIA      Management fee                                                            0.40%[A]    0.40%     0.40%    *         
MUNICIPAL                                                                                                             
INCOME                                                                                                                  
 
         12b-1 fee (including 0.25% Shareholder Service Fee for Class B shares)    0.15%       0.25%     0.90%    *         
 
         Other expenses (after reimbursement Class A)                              1.60%[A]    0.38%     0.95%    *         
 
         Total operating expenses                                                  2.15%       1.03%     2.25%    *         
 
NEW YORK Management fee                                                            0.40%[A]    0.40%     0.40%    *         
MUNICIPAL                                                                                                               
INCOME                                                                                                                
 
         12b-1 fee (including 0.25% Shareholder Service Fee for Class B shares)    0.15%       0.25%     0.90%    *         
 
         Other expenses (after reimbursement)                                      1.60%[A]    1.60%     1.60%    *         
 
         Total operating expenses                                                  2.15%       2.25%     2.90%    *         
 
</TABLE>
 
* FUND DOES NOT OFFER CLASS C SHARES.
[A] BASED ON ESTIMATED EXPENSES FOR FIRST YEAR.
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information for MUNICIPAL BOND, CALIFORNIA MUNICIPAL INCOME, AND NEW
YORK MUNICIPAL INCOME found in "Expenses" on page 11. 
MUNICIPAL FUNDS                           
 
 
<TABLE>
<CAPTION>
<S>              <C>           <C>               <C>       <C>         <C>        <C>             <C>        
                 Examples                                                                                    
 
                               Full Redemption                                    No Redemption              
 
                               Class A           Class T   Class B     Class C    Class B         Class C    
 
MUNICIPAL BOND   1 year         $ 68              $ 45      $ 68[A]    *           $ 18           *          
 
                 3 years        $ 112             $ 66      $ 87[A]    *           $ 57           *          
 
                 5 years        $ 157             $ 89      $ 119[A]   *           $ 99           *          
 
                 10 years[B]    $ 284             $ 155     $ 226      *           $ 226          *          
 
</TABLE>
 
STATE MUNICIPAL FUNDS                           
 
 
<TABLE>
<CAPTION>
<S>                           <C>           <C>               <C>       <C>         <C>        <C>             <C>        
                              Examples                                                                                    
 
                                            Full Redemption                                    No Redemption              
 
                                            Class A           Class T   Class B     Class C    Class B         Class C    
 
CALIFORNIA MUNICIPAL INCOME   1 year         $ 68              $ 45      $ 73[A]    *           $ 23           *          
 
                              3 years        $ 112             $ 67      $ 100[A]   *           $ 70           *          
 
                              5 years        $ 157             $ 90      $ 140[A]   *           $ 120          *          
 
                              10 years[B]    $ 284             $ 157     $ 255      *           $ 255          *          
 
NEW YORK MUNICIPAL INCOME     1 year         $ 68              $ 57      $ 79[A]    *           $ 29           *          
 
                              3 years        $ 112             $ 103     $ 120[A]   *           $ 90           *          
 
                              5 years        $ 157             $ 151     $ 173[A]   *           $ 153          *          
 
                              10 years[B]    $ 284             $ 284     $ 296      *           $ 296          *          
 
</TABLE>
 
* FUND DOES NOT OFFER CLASS C SHARES.
[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
[B] REFLECTS CONVERSION OF CLASS B SHARES TO CLASS A SHARES AFTER
SEVEN YEARS.
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information for MUNICIPAL BOND, CALIFORNIA MUNICIPAL INCOME, AND NEW
YORK MUNICIPAL INCOME found in "Expenses" on page 12. 
FMR has voluntarily agreed to reimburse Class A, Class T, Class B, and
Class C of each fund to the extent that total operating 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>   <C>       <C>              
     Class A   Effective Date Class T   Effective Date         Class B   Effective Date         Class C   Effective Date   
 
Municipal Bond                 
     2.15%    1/1/98         2.25%    1/1/98                  2.90%    1/1/98                 *         *                
 
California Municipal Income    
     2.15%    1/1/98         2.25%    1/1/98                  2.90%    1/1/98                 *         *                
 
New York Municipal Income      
     2.15%    1/1/98         2.25%    1/1/98                  2.90%    1/1/98                 *         *                
 
</TABLE>
 
* FUND DOES NOT OFFER CLASS C SHARES.
If these agreements were not in effect, other expenses and total
operating expenses, as a percentage of average net assets, would have
been the following amounts:
      Other Expenses                     Total Operating Expenses               
 
 
<TABLE>
<CAPTION>
<S>                           <C>         <C>         <C>         <C>        <C>         <C>         <C>         <C>       
                              Class A     Class T     Class B     Class C    Class A     Class T     Class B     Class C   
 
Municipal Bond                 2.80%[A]    (dagger)    (dagger)   *           3.35%[A]    (dagger)    (dagger)   *         
 
California Municipal Income    2.01%[A]    (dagger)    (dagger)   *           2.56%[A]    (dagger)    (dagger)   *         
 
New York Municipal Income      1.95%[A]    1.97%       2.42%      *           2.50%[A]    2.62%       3.72%      *         
 
</TABLE>
 
* FUND DOES NOT OFFER CLASS C SHARES.
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR. 
(dagger) TOTAL OPERATING EXPENSES WERE LESS THAN THE VOLUNTARY EXPENSE
CAPS SHOWN IN THE FIRST TABLE ABOVE.
EFFECTIVE DECEMBER 15, 1997, the following information replaces
similar information found under the heading "High Income Municipal
Fund" in "Investment Principles and Risks" on page 68. 
MUNICIPAL INCOME FUND seeks high current income that is free from
federal income tax by investing primarily in investment-grade
municipal securities. FMR normally invests so that at least 80% of the
fund's assets is invested in municipal securities whose interest is
free from federal income tax. In addition, FMR may invest all of the
fund's assets in municipal securities issued to finance private
activities. The interest from these securities is a tax preference
item for the purposes of the federal alternative minimum tax.
Although the fund can invest in securities of any maturity, FMR seeks
to manage the fund so that it generally reacts to changes in interest
rates similarly to municipal bonds with maturities between eight and
18 years. As of October 31, 1996, the fund's dollar-weighted average
maturity was approximately 16.4 years.
EFFECTIVE DECEMBER 15, 1997, the following information replaces
similar information found under the heading "Debt Securities" in
"Securities and Investment Practices" on page 69. 
Each of Mortgage Securities, Short Fixed-Income, Municipal Income,
Intermediate Municipal Income, Short-Intermediate Municipal Income,
California Municipal Income, and New York Municipal Income normally
invests in investment-grade securities, but reserves the right to
invest up to 5% of its assets in below investment-grade securities. A
security is considered to be investment-grade if it is rated
investment-grade by Moody's, S&P, Duff & Phelps Credit Rating Co.
(Duff & Phelps), or Fitch Investors Service, L.P. (Fitch), or is
unrated but judged by FMR to be of equivalent quality. 
The following information supplements the information found in "Sales
Charge Reductions and Waivers" on page 91. 
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
6. Purchased prior to December 31, 1997 by Class B shareholders who
have closed their Class B Municipal Bond, Class B California Municipal
Income, or Class B New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to (i) purchases of up to
the account balance in the Class B Municipal Bond, Class B California
Municipal Income, or Class B New York Municipal Income account closed
and (ii) purchases made on the same day that the Class B account is
closed; or
7. Purchased prior to December 31, 1998 by shareholders who have
closed their Class A Municipal Bond, Class A California Municipal
Income, or Class A New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received by FIIOC.
The following information supplements the information found in "Sales
Charge Reductions and Waivers" on page 92. 
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T
SHARES:
15. Purchased prior to December 31, 1998 by shareholders who have
closed their Class T Municipal Bond, Class T California Municipal
Income, or Class T New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received by FIIOC.
For purposes of load waiver (10), certain broker-dealers that
otherwise meet the qualifications and asset minimums established by
FDC are not required to sign a participation agreement.
The following information supplements the information found in "Sales
Charge Reductions and Waivers" on page 92. 
THE CDSC ON CLASS B AND CLASS C SHARES MAY BE WAIVED:
4. (APPLICABLE TO CLASS B ONLY) In connection with Class B Municipal
Bond, Class B California Municipal Income, or Class B New York
Municipal Income accounts that are closed prior to December 31, 1997.
 
SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS
INSTITUTIONAL CLASS OCTOBER 31,1997 PROSPECTUS
EFFECTIVE NOVEMBER 1, 1997, Fidelity Advisor California Municipal
Income Fund and Fidelity Advisor New York Municipal Income Fund are
closed to new and existing accounts.
EFFECTIVE NOVEMBER 1, 1997, Institutional Class of Fidelity Advisor
Municipal Bond Fund is closed to new and existing accounts except for
shares purchased by investors participating in the Fidelity sponsored
TARGETS Program who may purchase shares through December 31, 1997.
EFFECTIVE DECEMBER 15, 1997, Fidelity Advisor High Income Municipal
Fund will be renamed Fidelity Advisor Municipal Income Fund.
FMR anticipates presenting a proposal in 1997 to the Board of Trustees
of Fidelity Advisor Short-Intermediate Municipal Income Fund
requesting their approval to present shareholders of the fund a
proposal to merge the fund into Fidelity Advisor Intermediate
Municipal Income Fund. As a result, EFFECTIVE JANUARY 1, 1998,
Fidelity Advisor Short-Intermediate Municipal Income Fund will be
closed to new investors.
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information for MUNICIPAL BOND, CALIFORNIA MUNICIPAL INCOME, AND NEW
YORK MUNICIPAL INCOME found in "Expenses" beginning on page 7. 
MUNICIPAL FUNDS
        
       
       
       
       
      Operating Expenses         Examples                     
 
MUNICIPAL BOND   Management fee              0.40%[A]   1 year     $ 16    
 
                 12b-1 fee                  None        3 years    $ 49    
 
                 Other expenses              1.14%[A]   5 years    $ 84    
 
                 Total operating expenses    1.54%      10 years   $ 183   
 
STATE MUNICIPAL FUNDS
        
       
       
       
       
      Operating Expenses         Examples                     
 
 
<TABLE>
<CAPTION>
<S>                           <C>                                     <C>      <C>        <C>     
CALIFORNIA MUNICIPAL INCOME   Management fee                           0.40%   1 year     $ 9     
 
                              12b-1 fee                               None     3 years    $ 27    
 
                              Other expenses                           0.45%   5 years    $ 47    
 
                              Total operating expenses                 0.85%   10 years   $ 105   
 
NEW YORK MUNICIPAL INCOME     Management fee                           0.40%   1 year     $ 20    
 
                              12b-1 fee                               None     3 years    $ 63    
 
                              Other expenses  (after reimbursement)    1.60%   5 years    $ 108   
 
                              Total operating expenses                 2.00%   10 years   $ 233   
 
</TABLE>
 
[A] BASED ON ESTIMATED EXPENSES FOR FIRST YEAR.
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information for MUNICIPAL BOND, CALIFORNIA MUNICIPAL INCOME, AND NEW
YORK MUNICIPAL INCOME found in "Expenses" on page 9.
FMR has voluntarily agreed to reimburse the Institutional Class of
each fund to the extent that total operating expenses, as a percentage
of their respective average net assets, exceed the following rates:
                                       Effective   
                                       Date        
 
Municipal Bond                 2.00%   1/1/98      
 
California Municipal Income    2.00%   1/1/98      
 
New York Municipal Income      2.00%   1/1/98      
 
EFFECTIVE JANUARY 1, 1998, the following information replaces similar
information found in "Expenses" on page 9.
If these agreements were not in effect, other expenses and total
operating expenses of the Institutional Class of each fund, as a
percentage of average net assets, would have been the following
amounts:
 
<TABLE>
<CAPTION>
<S>                                    <C>              <C>       <C>   <C>                        <C>       <C>   
                                       Other Expenses                   Total Operating Expenses                   
 
TechnoQuant Growth[A]                                    7.03%                                      7.63%          
 
Mid Cap                                                  2.64%                                      3.24%          
 
Large Cap                                                1.94%                                      2.54%          
 
Growth & Income[A]                                       0.78%                                      1.28%          
 
Balanced                                                 0.56%                                      1.01%          
 
Strategic Income                                         0.96%                                      1.55%          
 
Mortgage Securities[A]                                   4.13%                                      4.57%          
 
Government Investment                                    0.38%                                      0.83%          
 
Short Fixed-Income                                       0.55%                                      1.00%          
 
High Income Municipal                                    3.86%                                      4.26%          
 
Intermediate Municipal Income                            0.44%                                      0.84%          
 
Short-Intermediate Municipal Income                      13.15%                                     13.55%         
 
New York Municipal Income                                3.43%                                      3.83%          
 
</TABLE>
 
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
EFFECTIVE DECEMBER 15, 1997, the following information replaces
similar information found under the heading "High Income Municipal
Fund" in "Investment Principles and Risks" on page 31. 
MUNICIPAL INCOME FUND seeks high current income that is free from
federal income tax by investing primarily in investment-grade
municipal securities. FMR normally invests so that at least 80% of the
fund's assets is invested in municipal securities whose interest is
free from federal income tax. In addition, FMR may invest all of the
fund's assets in municipal securities issued to finance private
activities. The interest from these securities is a tax preference
item for the purposes of the federal alternative minimum tax.
Although the fund can invest in securities of any maturity, FMR seeks
to manage the fund so that it generally reacts to changes in interest
rates similarly to municipal bonds with maturities between eight and
18 years. As of October 31, 1996, the fund's dollar-weighted average
maturity was approximately 16.4 years.
EFFECTIVE DECEMBER 15, 1997, the following information replaces
similar information found under the heading "Debt Securities" in
"Securities and Investment Practices" beginning on page 32. 
Each of Mortgage Securities, Short Fixed-Income, Municipal Income,
Intermediate Municipal Income, Short-Intermediate Municipal Income,
California Municipal Income, and New York Municipal Income normally
invests in investment-grade securities, but reserves the right to
invest up to 5% of its assets in below investment-grade securities. A
security is considered to be investment-grade if it is rated
investment-grade by Moody's, S&P, Duff & Phelps Credit Rating Co.
(Duff & Phelps), or Fitch Investors Service, L.P. (Fitch), or is
unrated but judged by FMR to be of equivalent quality. 



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