FIDELITY ADVISOR ANNUITY FUND
497, 1996-02-06
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MONEY MARKET, GOVERNMENT INVESTMENT, HIGH YIELD, 
INCOME & GROWTH, GROWTH OPPORTUNITIES, AND OVERSEAS FUNDS
FUNDS OF FIDELITY ADVISOR ANNUITY FUND
 
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED JANUARY 2, 1995 (AS SUPPLEMENTED AUGUST 25, 1995)
 
   MANAGEMENT CONTRACT. Effective January 1, 1996, FMR agreed to
voluntarily adopt the revised group fee rate schedules shown below for
purposes of calculating the group fee component of the management fee.  The
revised schedules provide for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedule found under the section entitled "Management
Contracts" for Income & Growth, Growth Opportunities, and Overseas
Funds.    
          GROUP FEE RATE SCHEDULE                                    
EFFECTIVE ANNUAL FEE RATES
     Average Group   Annualized   Group Net    Effective Annual Fee   
 Assets               Rate         Assets      Rate                   
 
0 - $  3 billion          .5200%    $ 0.5 billion   .5200%   
 
3 -    6                  .4900      25             .4238    
 
6 -    9                  .4600      50             .3823    
 
9 -    12                 .4300      75             .3626    
 
12 -   15                 .4000     100             .3512    
 
15 -   18                 .3850     125             .3430    
 
18 -   21                 .3700     150             .3371    
 
21 -   24                 .3600     175             .3325    
 
24 -   30                 .3500     200             .3284    
 
30 -   36                 .3450     225             .3249    
 
36 -   42                 .3400     250             .3219    
 
42 -   48                 .3350     275             .3190    
 
48 -   66                 .3250     300             .3163    
 
66 -   84                 .3200     325             .3137    
 
84 -   102                .3150     350             .3113    
 
102 -   138               .3100     375             .3090    
 
138 -   174               .3050     400             .3067    
 
174 -   210               .3000        425          .3046    
 
210 -   246               .2950        450          .3024    
 
246 -   282               .2900        475          .3003    
 
282 -   318               .2850        500          .2982    
 
318 -   354               .2800        525          .2962    
 
354 -   390               .2750        550          .2942    
 
   390 -   426            .2700                              
 
   426 -   462            .2650                              
 
   462 -   498            .2600                              
 
   498 -   534            .2550                              
 
           Over 534       .2500                              
 
 
 
 
 
 
(Page 1 of 2)
 
ADV.INS-ptB-96-1 February 6, 1996
   The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedule found under the section entitled "Management
Contracts" for Money Market, Government Investment, and High Yield
Funds.    
          GROUP FEE RATE SCHEDULE                                    
EFFECTIVE ANNUAL FEE RATES
     Average Group   Annualized   Group Net    Effective Annual Fee   
 Assets               Rate         Assets      Rate                   
 
0 - $  3 billion          .3700%    $ 0.5 billion   .5200%   
 
3 -    6                  .3400      25             .4238    
 
6 -    9                  .3100      50             .3823    
 
9 -    12                 .2800      75             .3626    
 
12 -   15                 .2500     100             .3512    
 
15 -   18                 .2200     125             .3430    
 
18 -   21                 .2000     150             .3371    
 
21 -   24                 .1900     175             .3325    
 
24 -   30                 .1800     200             .3284    
 
30 -   36                 .1750     225             .3249    
 
36 -   42                 .1700     250             .3219    
 
42 -   48                 .1650     275             .3190    
 
48 -   66                 .1600     300             .3163    
 
66 -   84                 .1550     325             .3137    
 
84 -   120                .1500     350             .3113    
 
120 -   156               .1450     375             .3090    
 
156 -   192               .1400     400             .3067    
 
192 -   228               .1350        425          .1443    
 
228 -   264               .1300        450          .1427    
 
264 -   300               .1275        475          .1413    
 
300 -   336               .1250        500          .1399    
 
336 -   372               .1225        525          .1385    
 
   372 -   408            .1200        550          .1372    
 
   408 -   444            .1175                              
 
   444 -   480            .1150                              
 
   480 -   516            .1125                              
 
           Over 516       .1100                              
 



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