FIDELITY ADVISOR
ANNUITY FUNDS
FIDELITY ADVISOR ANNUITY
INCOME & GROWTH FUND
DATED APRIL 30, 1996
The following information replaces the two paragraphs under the heading
"Fidelity Advisor Annuity Income & Growth Fund" in the "Investment
Principles and Risks" section of the Prospectus:
The 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.
FMR manages the fund to maintain a balance between stocks and bonds. When
FMR's outlook is neutral, it will invest approximately 60% of the fund's
assets in stocks and other equity securities and the remainder in bonds and
other fixed-income securities. FMR may vary from this target if it believes
stocks or bonds offer more favorable opportunities, but will always invest
at least 25% of the fund's total assets in fixed-income senior securities
(including debt securities and preferred stock).
The fund invests in equity securities, convertible securities, common and
preferred stocks, and fixed-income securities that provide income or
opportunities for capital growth. The fund may buy securities that are not
currently paying income but offer prospects for future income. The fund may
invest in securities of foreign issuers. In selecting investments for the
fund, FMR will consider such factors as the issuer's financial strength,
its outlook for increased dividend or interest payments, and the potential
for capital gains.
Effective August 1, 1996, FMR has voluntarily agreed to reduce Fidelity
Advisor Annuity Income & Growth Fund's individual fund fee rate from .20%
to .15%.
The following information supplements the fourth and fifth paragraphs under
the heading "Management Fee" in the "Breakdown of Expenses" section:
For the Income & Growth Fund, effective August 1, 1996, the individual fund
fee rate is .15%. The total management fee for the Income & Growth Fund for
fiscal 1995 was .51%.
