MC-06-02 May 30, 20061.756202.117

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Supplement to theFidelity� AdvisorMid Cap FundClass A, Class T,Class B, and Class CJanuary 29, 2006ProspectusThe following information replaces the similar information found under the heading ”Fee Table” in the ”FundSummary” section on page 6.

Shareholder fees (paid by the investor directly)

Class A Class T Class B Class C

Maximum sales charge (load) on purchases (as a % of offering price)A 5.75%B 3.50%C None None

Maximum contingent deferred sales charge (as a % of the lesser oforiginal purchase price or redemption proceeds)D, E NoneF NoneG 5.00%H 1.00%I

Sales charge (load) on reinvested distributions None None None None

A The actual sales charge may be higher due to rounding.B Lower front-end sales charges for Class A may be available with purchase of $50,000 or more.C Lower front-end sales charges for Class T may be available with purchase of $50,000 or more.D The actual contingent deferred sales charge may be higher due to rounding.E A contingent deferred sales charge may be charged when you sell your shares or if your shares are redeemed because youraccount falls below the account minimum for any reason, including solely due to declines in net asset value per share.F Class A purchases of $1 million or more will not be subject to a front-end sales charge but may be subject, uponredemption, to a contingent deferred sales charge that declines over 2 years from 1.00% to 0%.G Class T purchases of $1 million or more will not be subject to a front-end sales charge but may be subject, uponredemption, to a contingent deferred sales charge of 0.25% if redeemed less than one year after purchase.H Declines over 6 years from 5.00% to 0%.I On Class C shares redeemed less than one year after purchase.

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The following information replaces similar informa-tion found in the ”Fund Distribution” section begin-ning on page 29.

Sales Charges and Concessions –Class A

Sales Charge

As a % ofofferingprice A

As anapproximate

% of netamount

invested A

Investmentprofessional

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$3,999,999 None None 1.00%

$4,000,000 to$24,999,999 None None 0.50%

$25,000,000or more None None 0.25%

A The actual sales charge you pay may be higher orlower than those calculated using these percentagesdue to rounding. The impact of rounding may varywith the amount of your investment and the size ofthe class’s NAV.

Investments in Class A shares of$1 million or more may, upon re-demption for any reason, includingfailure to maintain the accountminimum, be assessed a CDSC basedon the following schedule:

From Dateof Purchase

Contingent DeferredSales Charge A

Less than 1 year 1.00%1 year to less than 2 years 0.50%2 years or more 0.00%

A The actual CDSC you pay may be higher or lower thanthose calculated using these percentages due to rounding.The impact of rounding may vary with the amount ofyour investment and the size of the class’s NAV.

When exchanging Class A shares ofone fund for Class A shares of an-other Fidelity fund that offers Advisorclasses of shares or Daily MoneyClass shares of Treasury Fund, PrimeFund, or Tax-Exempt Fund, yourClass A shares retain the CDSCschedule in effect when they wereoriginally bought.

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Sales Charges and Concessions –Class T

Sales Charge

As a % ofofferingprice A

As anapproximate

% of netamount

invested A

Investmentprofessional

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%

$1,000,000or more None None 0.25%

A The actual sales charge you pay may be higher orlower than those calculated using these percentagesdue to rounding. The impact of rounding may varywith the amount of your investment and the size ofthe class’s NAV.

Investments in Class T shares of$1 million or more may, upon re-demption less than one year afterpurchase, for any reason, includingfailure to maintain the account mini-mum, be assessed a CDSC of 0.25%.The actual CDSC you pay may behigher or lower than that calculatedusing this percentage due to round-ing. The impact of rounding mayvary with the amount of your invest-ment and the size of the class’s NAV.

When exchanging Class T shares ofone fund for Class T shares of an-other Fidelity fund that offers Advisorclasses of shares or Daily Money Classshares of Treasury Fund, Prime Fund,or Tax-Exempt Fund, your Class Tshares retain the CDSC schedule ineffect when they were originallybought.

The CDSC for Class A, Class T,Class B, and Class C shares will becalculated based on the lesser of thecost of each class’s shares, as applica-ble, at the initial date of purchase orthe value of those shares, as applica-ble, at redemption, not including anyreinvested dividends or capital gains.Class A, Class T, Class B, and Class Cshares acquired through reinvest-ment of dividends or capital gain dis-tributions will not be subject to aCDSC. In determining the applicabil-ity and rate of any CDSC at redemp-tion, shares representing reinvesteddividends and capital gains will beredeemed first, followed by thoseshares that have been held for thelongest period of time.

The following information replaces the similar infor-mation for Class A and Class T found in the “FundDistribution” section beginning on page 33.

A front-end sales charge will notapply to the following Class A shares:

1. Purchased for an employee benefitplan. For this purpose, employeebenefit plans generally include profit

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sharing, 401(k), and 403(b) plans,but do not include: IRAs; SIMPLE,SEP, or SARSEP plans; plans coveringself-employed individuals and theiremployees (formerly Keogh/H.R. 10plans); health savings accounts; orplans investing through the FidelityAdvisor 403(b) program;

2. Purchased for an insurance com-pany separate account used to fundannuity contracts for employee benefitplans (as defined above);

3. Purchased by broker-dealer, regis-tered investment adviser, insurancecompany, trust institution or banktrust department managed accountprograms that charge an asset-basedfee;

4. Purchased with proceeds from thesale of front-end load shares of a non-Advisor mutual fund for an accountparticipating in the FundSelect byNationwide program;

5. Purchased by a bank trust officer,registered representative, or otheremployee (or a member of one oftheir immediate families) of interme-diaries having agreements with FDC.A member of the immediate family ofa bank trust officer, a registered rep-resentative, or other employee of in-termediaries having agreements withFDC, is a spouse of one of those indi-viduals, an account for which one ofthose individuals is acting as custo-dian for a minor child, and a trust

account that is registered for the solebenefit of a minor child of one ofthose individuals;

6. Purchased by the Fidelity Invest-ments Charitable Gift Fund;

7. Purchased to repay a loan againstClass A or Class B shares held in theinvestor’s Fidelity Advisor 403(b)program; or

8. Purchased by broker-dealer, regis-tered investment adviser, insurancecompany, trust institution or banktrust department health savings ac-count programs.

A waiver form must accompanythese transactions.

A front-end sales charge will not ap-ply to the following Class T shares:

1. Purchased for an employee benefitplan. For this purpose, employeebenefit plans generally include profitsharing, 401(k), and 403(b) plans,but do not include: IRAs; SIMPLE,SEP, or SARSEP plans; plans coveringself-employed individuals and theiremployees (formerly Keogh/H.R. 10plans); health savings accounts; orplans investing through the FidelityAdvisor 403(b) program;

2. Purchased for an insurance com-pany separate account used to fundannuity contracts for employee benefitplans (as defined above);

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3. Purchased by broker-dealer, regis-tered investment adviser, insurancecompany, trust institution or banktrust department managed accountprograms that charge an asset-basedfee;

4. Purchased for a Fidelity or FidelityAdvisor account (including pur-chases by exchange) with the pro-ceeds of a distribution from (i) aninsurance company separate accountused to fund annuity contracts foremployee benefit plans, 403(b)programs, or plans covering sole-proprietors (formerly Keogh/H.R. 10plans) that are invested in FidelityAdvisor or Fidelity funds, or (ii) anemployee benefit plan, a 403(b) pro-gram other than a Fidelity Advisor403(b) program, or plan covering asole-proprietor (formerly Keogh/H.R.10 plan) that is invested in FidelityAdvisor or Fidelity funds. (Distribu-tions other than those transferred toan IRA account must be transferreddirectly into a Fidelity account.);

5. Purchased for any state, county, orcity, or any governmental instrumen-tality, department, authority oragency;

6. Purchased by a current or formerTrustee or officer of a Fidelity fund ora current or retired officer, directoror regular employee of FMR Corp. orFidelity International Limited (FIL)or their direct or indirect subsidiaries

(a Fidelity Trustee or employee), thespouse of a Fidelity Trustee or em-ployee, a Fidelity Trustee or employeeacting as custodian for a minor child,or a person acting as trustee of a trustfor the sole benefit of the minor childof a Fidelity Trustee or employee;

7. Purchased by a charitable orga-nization (as defined for purposes ofSection 501(c)(3) of the InternalRevenue Code) investing $100,000 ormore;

8. Purchased by the Fidelity Invest-ments Charitable Gift Fund;

9. Purchased by a bank trust officer,registered representative, or otheremployee (or a member of one oftheir immediate families) of interme-diaries having agreements with FDC.A member of the immediate family ofa bank trust officer, a registered rep-resentative, or other employee of in-termediaries having agreements withFDC, is a spouse of one of those indi-viduals, an account for which one ofthose individuals is acting as custo-dian for a minor child, and a trust ac-count that is registered for the solebenefit of a minor child of one ofthose individuals;

10. Purchased for a charitable re-mainder trust or life income poolestablished for the benefit of a chari-table organization (as defined forpurposes of Section 501(c)(3) of theInternal Revenue Code);

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11. Purchased with distributions ofincome, principal, and capital gainsfrom Fidelity Defined Trusts;

12. Purchased to repay a loanagainst Class T shares held in theinvestor’s Fidelity Advisor 403(b)program; or

13. Purchased by broker-dealer, reg-istered investment adviser, insurancecompany, trust institution or banktrust department health savings ac-count programs.

A waiver form must accompanythese transactions.

The Class A or Class T CDSC will notapply to the redemption of shares:

1. Held by insurance companyseparate accounts;

2. For plan loans or distributionsor exchanges to non-Advisor fundinvestment options from employeebenefit plans (except shares ofSIMPLE IRA, SEP, and SARSEP plansand plans covering self-employedindividuals and their employees(formerly Keogh/H.R. 10 plans)) and403(b) programs other than FidelityAdvisor 403(b) programs for whichFidelity or an affiliate serves ascustodian;

3. For disability, payment of deathbenefits, or minimum required dis-tributions starting at age 70

12 from

Traditional IRAs, Roth IRAs, Rollover

IRAs, SIMPLE IRAs, SEPs, SARSEPs,and plans covering a sole-proprietoror self-employed individuals andtheir employees (formerly Keogh/H.R. 10 plans);

4. Purchased by the Fidelity Invest-ments Charitable Gift Fund; or

5. On which a finder’s fee was eligi-ble to be paid to an investment pro-fessional at the time of purchase, butwas not paid because payment wasdeclined. (To determine your eligibil-ity for this CDSC waiver, please askyour investment professional if he orshe received a finder’s fee at the timeof purchase.)

You may be required to submit awaiver form with these transactions.

You may be required to notify Fidelityin advance of your redemption toqualify for a Class A, Class T, Class B,or Class C CDSC waiver.

Finder’s Fees. Finder’s fees may bepaid to investment professionals whosell Class A and Class T shares inpurchase amounts of $1 million ormore. For Class A share purchases,investment professionals may becompensated at the time of purchasewith a finder’s fee at the rate of 1.00%of the purchase amount for pur-chases of $1 million up to $4 million,0.50% of the purchase amount forpurchases of $4 million up to $25 mil-lion, and 0.25% of the purchase

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amount for purchases of $25 millionor more. For Class T purchases, in-vestment professionals may be com-pensated at the time of purchasewith a finder’s fee at the rate of0.25% of the purchase amount.

Investment professionals may be eli-gible for a finder’s fee on the follow-ing purchases of Class A and Class Tshares made through broker-dealersand banks: a trade that brings thevalue of the accumulated account(s)of an investor, including a 403(b)program or an employee benefit plan(except a SEP or SARSEP plan or aplan covering self-employed individ-uals and their employees (formerly aKeogh/H.R. 10 plan)), over $1 mil-lion; a trade for an investor with anaccumulated account value of$1 million or more; and an incre-mental trade toward an investor’s$1 million Letter.

Finder’s fees are not paid in connec-tion with purchases of Class A orClass T shares by insurance companyseparate accounts or the Fidelity In-vestments Charitable Gift Fund, orpurchases of Class A or Class Tshares made with the proceeds fromthe redemption of shares of anyFidelity fund.

To qualify to receive a finder’s fee, aninvestment professional must notifyFidelity in advance, and may be re-quired to enter into an agreementwith FDC in order to receive thefinder’s fee.

Like securities of all mutualfunds, these securities havenot been approved or disap-proved by the Securities andExchange Commission, andthe Securities and ExchangeCommission has not deter-mined if this prospectus isaccurate or complete. Anyrepresentation to the con-trary is a criminal offense. 82 Devonshire Street, Boston, MA 02109

Fidelity� Advisor

Mid Cap FundClass A(Fund 251, CUSIP 315805879)

Class T(Fund 531, CUSIP 315805408)

Class B(Fund 532, CUSIP 315805507)

Class C(Fund 484, CUSIP 315805713)

ProspectusJanuary 29, 2006

Contents

2Prospectus

Fund Summary 3 Investment Summary3 Performance5 Fee Table

Fund Basics 8 Investment Details10 Valuing Shares

Shareholder Information 11 Buying and Selling Shares20 Exchanging Shares21 Account Features and Policies25 Dividends and Capital Gain

Distributions26 Tax Consequences

Fund Services 27 Fund Management29 Fund Distribution

Appendix 41 Financial Highlights45 Additional Performance Information

Fund Summary

3 Prospectus

Investment SummaryInvestment Objective

Advisor Mid Cap Fund seeks long-term growth of capital.

Principal Investment Strategies

� Normally investing primarily incommon stocks.

� Normally investing at least 80% of as-sets in securities of companies with me-dium market capitalizations (which, forpurposes of this fund, are those compa-nies with market capitalizations similarto companies in the Russell Midcap�

Index or the Standard & Poor’s� Mid-Cap 400 Index (S&P� MidCap 400).

� Potentially investing in companies withsmaller or larger market capitalizations.

� Investing in domestic and foreignissuers.

� Investing in either “growth” stocks or“value” stocks or both.

� Using fundamental analysis of eachissuer’s financial condition and industryposition and market and economic con-ditions to select investments.

Principal Investment Risks

� Stock Market Volatility. Stock mar-kets are volatile and can decline signifi-cantly in response to adverse issuer,political, regulatory, market, or econom-ic developments. Different parts of themarket can react differently to thesedevelopments.

� Foreign Exposure. Foreign marketscan be more volatile than the U.S. mar-ket due to increased risks of adverse is-suer, political, regulatory, market, or

economic developments and can per-form differently from the U.S. market.

� Issuer-Specific Changes. The valueof an individual security or particulartype of security can be more volatilethan the market as a whole and canperform differently from the value ofthe market as a whole. The value of se-curities of smaller issuers can be morevolatile than that of larger issuers.

� Mid Cap Investing. The value of se-curities of medium size, less well-knownissuers can perform differently from themarket as a whole and other types ofstocks and can be more volatile thanthat of larger issuers.

An investment in the fund is not a de-posit of a bank and is not insured orguaranteed by the Federal DepositInsurance Corporation or any othergovernment agency.

When you sell your shares they may beworth more or less than what you paidfor them, which means that you couldlose money.

PerformanceThe following information is intendedto help you understand the risks of in-vesting in the fund. The informationillustrates the changes in the fund’s per-formance from year to year, as repre-sented by the performance of Class T,and compares each class’s performanceto the performance of a market indexand an average of the performance ofsimilar funds over various periods oftime. Returns (before and after taxes)are based on past results and are not anindication of future performance.

Fund Summary - continued

4Prospectus

Year-by-Year ReturnsThe returns in the chart do not includethe effect of Class T’s front-end sales

charge. If the effect of the sales chargewere reflected, returns would be lowerthan those shown.

Advisor Mid Cap – Class TCalendar Years 1997 1998 1999 2000 2001 2002 2003 2004 2005

27.25% 14.41% 38.29% 31.27% –13.19% –18.72% 43.75% 15.88% 8.21%

–20–10

01020304050

Percentage (%)

During the periods shown in the chart for Class T of Advisor Mid Cap: Returns Quarter endedHighest Quarter Return 28.31% December 31, 1999Lowest Quarter Return –21.88% September 30, 2001

Average Annual ReturnsThe returns in the following table in-clude the effect of Class A’s and Class T’smaximum applicable front-end salescharge and Class B’s and Class C’s maxi-mum applicable contingent deferredsales charge (CDSC). After-tax returnsare calculated using the historical high-est individual federal marginal incometax rates, but do not reflect the impact ofstate or local taxes. After-tax returns forClass T are shown in the table below andafter-tax returns for other classes willvary. Return After Taxes on Distributionsand Sale of Fund Shares may be higherthan other returns for the same perioddue to a tax benefit of realizing a capitalloss upon the sale of fund shares. Actualafter-tax returns may differ depending onyour individual circumstances. The after-tax returns shown are not relevant if you

hold your shares in a retirement accountor in another tax-deferred arrangement.

5 Prospectus

For the periods endedDecember 31, 2005

Past 1year

Past 5years

Life ofclass

Advisor Mid Cap

Class A – Return Before Taxes 2.15% 3.86% 14.20%A

Class T – Return Before Taxes 4.42% 4.18% 14.33%B

Return After Taxes on Distributions 2.29% 3.63% 12.91%B

Return After Taxes on Distributions and Sale of Fund Shares 4.80% 3.49% 12.09%B

Class B – Return Before Taxes 2.68% 3.95% 14.33%B,D

Class C – Return Before Taxes 6.59% 4.34% 12.29%C

S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes) 12.56% 8.60% 14.15%B

LipperSM Mid-Cap Funds Average (reflects no deduction for sales charges or taxes) 9.67% 2.85% ––

A From September 3, 1996.B From February 20, 1996.C From November 3, 1997.D Returns reflect the conversion of Class B shares to Class A shares after a maximum of seven years.

If Fidelity Management & ResearchCompany (FMR) were to reimburse cer-tain expenses, returns would be higherduring these periods.

Standard & Poor’s MidCap 400 Index(S&P MidCap 400) is a marketcapitalization-weighted index of 400medium-capitalization stocks chosenfor market size, liquidity, and industrygroup representation.

The Lipper Funds Average reflects theperformance of mutual funds with sim-ilar objectives.

Fee TableThe following table describes the feesand expenses that are incurred whenyou buy, hold, or sell Class A, Class T,Class B, and Class C shares of the fund.The annual class operating expenses

provided below for each class do notreflect the effect of any reduction ofcertain expenses during the period.

Fund Summary - continued

6Prospectus

Shareholder fees (paid by the investor directly)

Class A Class T Class B Class C

Maximum sales charge (load) on purchases (as a % of offering price) A 5.75%B 3.50%C None None

Maximum contingent deferred sales charge (as a % of the lesser oforiginal purchase price or redemption proceeds)D,E NoneF NoneF 5.00%G 1.00%H

Sales charge (load) on reinvested distributions None None None None

A The actual sales charge may be higher due to rounding.B Lower front-end sales charges for Class A may be available with purchase of $50,000 or more.C Lower front-end sales charges for Class T may be available with purchase of $50,000 or more.D The actual contingent deferred sales charge may be higher due to rounding.E A contingent deferred sales charge may be charged when you sell your shares or if your shares are redeemed because youraccount falls below the account minimum for any reason, including solely due to declines in net asset value per share.F Certain purchases of Class A and Class T shares will not be subject to a front-end sales charge but will be subject to a contingentdeferred sales charge of 0.25% if redeemed less than one year after purchase. See “Special Purchase Shares” on page 35.G Declines over 6 years from 5.00% to 0%.H On Class C shares redeemed less than one year after purchase.

Annual operating expenses (paid from class assets)

Class A Class T Class B Class C

Management fee 0.57% 0.57% 0.57% 0.57%

Distribution and/or Service (12b-1) fees 0.25% 0.50% 1.00% 1.00%

Other expenses 0.33% 0.24% 0.38% 0.33%

Total annual class operating expenses A 1.15% 1.31% 1.95% 1.90%

A FMR has voluntarily agreed to reimburse Class A, Class T, Class B, and Class C of the fund to the extent that total operatingexpenses (excluding interest, taxes, certain securities lending costs, brokerage commissions, and extraordinary expenses), as apercentage of their respective average net assets, exceed the following rates:

Class AEffective

Date Class TEffective

Date Class BEffective

Date Class CEffective

Date

Advisor Mid Cap 1.25% 2/1/05 1.50% 2/1/05 2.00% 2/1/05 2.00% 2/1/05

These arrangements may be discontinued by FMR at any time.

7 Prospectus

This example helps you compare thecost of investing in the fund with thecost of investing in other mutual funds.

Let’s say, hypothetically, that each class’sannual return is 5% and that your share-holder fees and each class’s annual oper-ating expenses are exactly as describedin the fee table. This example illustrates

the effect of fees and expenses, but isnot meant to suggest actual or expectedfees and expenses or returns, all ofwhich may vary. For every $10,000 youinvested, here’s how much you would payin total expenses if you sell all of yourshares at the end of each time periodindicated and if you hold your shares:

Class A Class T Class B Class C

Sell AllShares

HoldShares

Sell AllShares

HoldShares

Sell AllShares

HoldShares

Sell AllShares

HoldShares

1 year $ 685 $ 685 $ 479 $ 479 $ 698 $ 198 $ 293 $ 193

3 years $ 919 $ 919 $ 751 $ 751 $ 912 $ 612 $ 597 $ 597

5 years $ 1,172 $ 1,172 $ 1,043 $ 1,043 $ 1,252 $ 1,052 $ 1,026 $ 1,026

10 years $ 1,892 $ 1,892 $ 1,874 $ 1,874 $ 1,970A $ 1,970A $ 2,222 $ 2,222

A Reflects conversion to Class A shares after a maximum of seven years.

A portion of the brokerage commis-sions that the fund pays may be reim-bursed and used to reduce the fund’sexpenses. In addition, through arrange-ments with the fund’s custodian andtransfer agent, credits realized as a

result of uninvested cash balances areused to reduce custodian and transferagent expenses. Including these reduc-tions, the total Class A, Class T, Class B,and Class C operating expenses areshown in the table below.

Total OperatingExpenses

Advisor Mid Cap – Class A 1.08%

Advisor Mid Cap – Class T 1.24%

Advisor Mid Cap – Class B 1.89%

Advisor Mid Cap – Class C 1.84%

Fund Basics

8Prospectus

Investment DetailsInvestment Objective

Advisor Mid Cap Fund seeks long-term growth of capital.

Principal Investment Strategies

FMR normally invests the fund’s assetsprimarily in common stocks.

FMR normally invests at least 80% ofthe fund’s assets in securities of compa-nies with medium market capitaliza-tions. Although a universal definition ofmedium market capitalization compa-nies does not exist, for purposes of thisfund, FMR generally defines mediummarket capitalization companies asthose whose market capitalization issimilar to the market capitalization ofcompanies in the Russell Midcap Indexor the S&P MidCap 400. A company’smarket capitalization is based on itscurrent market capitalization or itsmarket capitalization at the time of thefund’s investment. Companies whosecapitalization no longer meets this defi-nition after purchase continue to beconsidered to have a medium marketcapitalization for purposes of the 80%policy. The size of the companies ineach index changes with market condi-tions and the composition of the index.FMR may also invest the fund’s assets incompanies with smaller or larger mar-ket capitalizations.

FMR may invest the fund’s assets in se-curities of foreign issuers in addition tosecurities of domestic issuers.

FMR is not constrained by any particu-lar investment style. At any given time,FMR may tend to buy “growth” stocks or

“value” stocks, or a combination of bothtypes. In buying and selling securitiesfor the fund, FMR relies on fundamentalanalysis of each issuer and its potentialfor success in light of its current finan-cial condition, its industry position, andeconomic and market conditions. Fac-tors considered include growth poten-tial, earnings estimates, andmanagement.

In addition to the principal investmentstrategies discussed above, FMR maylend the fund’s securities to broker-dealers or other institutions to earnincome for the fund.

FMR may also use various techniques,such as buying and selling futures con-tracts and exchange traded funds, to in-crease or decrease the fund’s exposure tochanging security prices or other factorsthat affect security values. If FMR’s strat-egies do not work as intended, the fundmay not achieve its objective.

Description of Principal SecurityTypes

Equity securities represent an owner-ship interest, or the right to acquire anownership interest, in an issuer. Differ-ent types of equity securities providedifferent voting and dividend rights andpriority in the event of the bankruptcyof the issuer. Equity securities includecommon stocks, preferred stocks, con-vertible securities, and warrants.

Principal Investment Risks

Many factors affect the fund’s perfor-mance. The fund’s share price changesdaily based on changes in market condi-tions and interest rates and in responseto other economic, political, or financial

9 Prospectus

developments. The fund’s reaction tothese developments will be affected bythe types of securities in which the fundinvests, the financial condition, industryand economic sector, and geographiclocation of an issuer, and the fund’s lev-el of investment in the securities of thatissuer. When you sell your shares theymay be worth more or less than whatyou paid for them, which means thatyou could lose money.

The following factors can significantlyaffect the fund’s performance:

Stock Market Volatility. The value ofequity securities fluctuates in responseto issuer, political, market, and economicdevelopments. In the short term, equityprices can fluctuate dramatically in re-sponse to these developments. Differentparts of the market and different types ofequity securities can react differently tothese developments. For example, largecap stocks can react differently fromsmall cap stocks, and “growth” stockscan react differently from “value” stocks.Issuer, political, or economic develop-ments can affect a single issuer, issuerswithin an industry or economic sector orgeographic region, or the market as awhole.

Foreign Exposure. Foreign securities,foreign currencies, and securities issuedby U.S. entities with substantial foreignoperations can involve additional risksrelating to political, economic, or regu-latory conditions in foreign countries.These risks include fluctuations in for-eign currencies; withholding or othertaxes; trading, settlement, custodial,and other operational risks; and the lessstringent investor protection and

disclosure standards of some foreignmarkets. All of these factors can makeforeign investments, especially those inemerging markets, more volatile and po-tentially less liquid than U.S. invest-ments. In addition, foreign markets canperform differently from the U.S. market.

Issuer-Specific Changes. Changes inthe financial condition of an issuer orcounterparty, changes in specific eco-nomic or political conditions that affecta particular type of security or issuer,and changes in general economic orpolitical conditions can affect a securi-ty’s or instrument’s value. The value ofsecurities of smaller, less well-knownissuers can be more volatile than that oflarger issuers.

Mid Cap Investing. The value of secu-rities of medium size, less well-knownissuers can be more volatile than that ofrelatively larger issuers and can reactdifferently to issuer, political, market,and economic developments than themarket as a whole and other types ofstocks.

In response to market, economic, politi-cal, or other conditions, FMR may tem-porarily use a different investmentstrategy for defensive purposes. If FMRdoes so, different factors could affect thefund’s performance and the fund maynot achieve its investment objective.

Fundamental InvestmentPoliciesThe policy discussed below is funda-mental, that is, subject to change onlyby shareholder approval.

Advisor Mid Cap Fund seeks long-term growth of capital.

Fund Basics - continued

10Prospectus

Shareholder NoticeThe following policy is subject to changeonly upon 60 days’ prior notice toshareholders:

Advisor Mid Cap Fund normally in-vests at least 80% of its assets in securi-ties of companies with medium marketcapitalizations.

Valuing SharesThe fund is open for business each daythe New York Stock Exchange (NYSE)is open.

A class’s net asset value per share (NAV)is the value of a single share. Fidelitynormally calculates each class’s NAV asof the close of business of the NYSE, nor-mally 4:00 p.m. Eastern time. However,NAV may be calculated earlier if tradingon the NYSE is restricted or as permittedby the Securities and Exchange Commis-sion (SEC). The fund’s assets are valuedas of this time for the purpose of com-puting each class’s NAV.

To the extent that the fund’s assets aretraded in other markets on days whenthe fund is not open for business, thevalue of the fund’s assets may be af-fected on those days. In addition, trad-ing in some of the fund’s assets may notoccur on days when the fund is open forbusiness.

The fund’s assets are valued primarilyon the basis of market quotations or of-ficial closing prices. Certain short-termsecurities are valued on the basis ofamortized cost. If market quotations orofficial closing prices are not readilyavailable or do not accurately reflectfair value for a security or if a security’svalue has been materially affected byevents occurring after the close of theexchange or market on which the

security is principally traded, thatsecurity will be valued by another meth-od that the Board of Trustees believesaccurately reflects fair value in accor-dance with the Board’s fair value pricingpolicies. For example, arbitrage opportu-nities may exist when trading in a portfo-lio security or securities is halted anddoes not resume before the fund calcu-lates its NAV. These arbitrage opportuni-ties may enable short-term traders todilute the NAV of long-term investors.Securities trading in overseas marketspresent time zone arbitrage opportuni-ties when events affecting portfolio secu-rity values occur after the close of theoverseas market but prior to the close ofthe U.S. market. Fair value pricing willbe used for high yield debt and floatingrate loans when available pricing infor-mation is determined to be stale or forother reasons not to accurately reflectfair value. To the extent the fund investsin other open-end funds, the fund willcalculate its NAV using the NAV of theunderlying funds in which it invests asdescribed in the underlying funds’ pro-spectuses. The fund may invest in otherFidelity funds that use the same fairvalue pricing policies as the fund or inFidelity money market funds. A security’svaluation may differ depending on themethod used for determining value. Fairvaluation of a fund’s portfolio securitiescan serve to reduce arbitrage opportuni-ties available to short-term traders, butthere is no assurance that fair valuepricing policies will prevent dilution ofthe fund’s NAV by short-term traders.While the fund has policies regardingexcessive trading, these too may not beeffective to prevent short-term NAV arbi-trage trading, particularly in regard toomnibus accounts.

Shareholder Information

11 Prospectus

Buying and SellingSharesGeneral InformationFor account, product, and service in-formation, please call 1-877-208-0098(8:30 a.m. – 7:00 p.m. Eastern time,Monday through Friday).

Please use the following addresses:

Buying or Selling Shares

Fidelity InvestmentsP.O. Box 770002Cincinnati, OH 45277-0081

Overnight ExpressFidelity Investments100 Crosby ParkwayCovington, KY 41015

You may buy or sell Class A, Class T,Class B, and Class C shares of the fundthrough a retirement account or an in-vestment professional. When you investthrough a retirement account or an in-vestment professional, the proceduresfor buying, selling, and exchangingClass A, Class T, Class B, and Class Cshares of the fund and the account fea-tures and policies may differ. Additionalfees may also apply to your investment inClass A, Class T, Class B, and Class Cshares of the fund, including a transac-tion fee if you buy or sell Class A, Class T,Class B, and Class C shares of the fundthrough a broker or other investmentprofessional.

Certain methods of contacting Fidelity,such as by telephone, may be unavail-able or delayed (for example, duringperiods of unusual market activity).

The different ways to set up (register)your account with Fidelity are listed inthe following table.

Ways to Set Up Your Account

Individual or Joint TenantFor your general investment needs

RetirementFor tax-advantaged retirement savings

�Traditional Individual RetirementAccounts (IRAs)�Roth IRAs�Rollover IRAs�401(k) Plans and certain other401(a)-qualified plans�Keogh Plans�SIMPLE IRAs�Simplified Employee Pension Plans(SEP-IRAs)�Salary Reduction SEP-IRAs (SARSEPs)

Gifts or Transfers to a Minor(UGMA, UTMA)To invest for a child’s education or otherfuture needs

TrustFor money being invested by a trust

Business or OrganizationFor investment needs of corporations,associations, partnerships, or other groups

The fund may reject for any reason, orcancel as permitted or required by law,any purchase orders, includingexchanges.

For example, the fund may reject anypurchase orders, including exchanges,from market timers or investors that, inFMR’s opinion, may be disruptive to thefund.

Shareholder Information - continued

12Prospectus

Frequent purchases and sales of fundshares can harm shareholders in variousways, including reducing the returns tolong-term shareholders by increasingcosts to the fund (such as brokeragecommissions), disrupting portfoliomanagement strategies, and diluting thevalue of the shares of long-term share-holders in cases in which fluctuations inmarkets are not fully priced into thefund’s NAV. Accordingly, the Board ofTrustees has adopted policies and pro-cedures designed to discourage exces-sive or short-term trading of fundshares. However, there is the risk thatthe fund’s policies and procedures willprove ineffective in whole or in part todetect or prevent frequent trading. Thefund may alter its policies at any timewithout prior notice to shareholders.

There is no minimum holding period andshareholders can sell their shares at anytime. Shareholders will ordinarily complywith the fund’s policies regarding exces-sive trading by allowing 90 days to passafter each investment before they sell orexchange from the fund. The fund maytake action if shares are held longer than90 days if the trading is disruptive forother reasons such as unusually largetrade size. The fund reserves the right,but does not have the obligation, to re-ject any purchase or exchange transac-tion at any time. In addition, the fundreserves the right to impose restrictionson purchases or exchanges at any timeor conditions that are more restrictive ondisruptive, excessive, or short-term trad-ing than those that are otherwise statedin this prospectus.

Excessive trading activity is measuredby the number of roundtrip transactionsin a shareholder’s account. A roundtriptransaction occurs when a shareholderbuys and then sells shares of a fundwithin 30 days. Shareholders are limitedto two roundtrip transactions per fundwithin any rolling 90-day period, subjectto an overall limit of four roundtriptransactions across all Fidelity fundsover a rolling 12-month period. Round-trip transactions are counted at theshareholder account level for this pur-pose and each class of a multiple classfund is treated separately. Transactionsof $1,000 or less, systematic withdrawaland/or contribution programs, mandato-ry retirement distributions, and transac-tions initiated by a plan sponsor will notcount toward the roundtrip limits. Foremployer-sponsored retirement plans,only participant directed exchanges willcount toward the roundtrip limits.

Shareholders with two or more roundtriptransactions in a single fund within arolling 90-day period will be blockedfrom making additional purchases orexchange purchases of the fund for85 days. Shareholders with four or moreroundtrip transactions across all Fidelityfunds within any rolling 12-month periodwill be blocked for 85 days from addi-tional purchases or exchange purchasesacross all Fidelity funds. Any roundtripwithin 12 months of the expiration of amulti-fund block will initiate anothermulti-fund block for an 85-day period.For repeat offenders, FMR may, but doesnot have the obligation to, impose long-term or permanent blocks on purchaseor exchange purchase transactions inany account under the shareholder’s

13 Prospectus

common control at any time, other thana participant’s account held through anemployer-sponsored retirement plan.Employer-sponsored retirement planparticipants whose activity triggers apurchase or exchange block will be per-mitted one trade every calendar quarter.In the event of a block, employer andparticipant contributions and loan re-payments by the participant may still beinvested in the fund.

Qualified wrap programs will be moni-tored by matching the adviser’s ordersfor purchase, exchange, or sale transac-tions in fund shares to determine if theadviser’s orders comply with the fund’sfrequent trading policies. Additions toand withdrawals from a qualified wrapprogram by the adviser’s client will notbe matched with transactions initiatedby the adviser. Therefore if the adviserbuys shares of a fund and an individualclient subsequently sells shares of thesame fund within 30 days, the client’stransaction is not matched with the ad-viser’s and therefore does not count as aroundtrip. However, client initiatedtransactions are subject to the fund’spolicies on frequent trading and individ-ual clients will be subject to restrictionsdue to their frequent trading in a wrapaccount. Excessive trading by an adviserwill lead to fund blocks and the wrapprogram will cease to be a qualifiedwrap program. If the wrap program isblocked from making additional pur-chases or exchange purchases of a fundbecause of excessive trading by the ad-viser the wrap program will no longerbe considered qualified and any trans-action whether initiated by the adviseror the client will be matched whencounting roundtrips. Wrap account clientpurchases and sale transactions will be

monitored under the fund’s monitoringpolicy as though the wrap clients werefund shareholders. A qualified wrap pro-gram is: i) a program whose adviser cer-tifies that it has investment discretionover $100 million or more in client assetsinvested in mutual funds at the time ofthe certification, ii) a program in whichthe adviser directs transactions in theaccounts participating in the program inconcert with changes in a model portfo-lio, and iii) managed by an adviser whoagrees to give FMR sufficient informationto permit FMR to identify the individualaccounts in the wrap program.

The fund’s excessive trade monitoringpolicy described above does not apply totransactions initiated by the trustee oradviser to a donor-advised charitablegift fund, qualified fund-of-fund(s) orother strategy funds, or omnibus ac-counts. Trustees or advisers of donor-advised charitable gift funds mustcertify to the fund’s satisfaction thatthey either work from an asset alloca-tion model or direct transactions intheir accounts in concert with changesin a model portfolio and that partici-pants are limited in their ability to in-fluence investments by the trust. Aqualified fund-of-fund(s) is a mutualfund, qualified tuition program, or otherstrategy fund consisting of qualifiedplan assets that either applies theFidelity fund’s policies on frequenttrading to shareholders at the fund-of-fund(s) level, or demonstrates that thefund-of-fund(s) has policies designedto control frequent trading and thatthey are reasonably likely to be effec-tive as determined by the Fidelityfund’s Treasurer. The adviser to thefund-of-fund(s) must also demonstrateto the Fidelity fund’s Treasurer that its

Shareholder Information - continued

14Prospectus

investment strategy will not lead to ex-cessive trading. Omnibus accounts aremaintained by intermediaries acting onbehalf of multiple investors whoseindividual trades are not ordinarily dis-closed to the fund. Short-term tradingby these investors is likely to go unde-tected by the fund and may increasecosts and disrupt portfolio management.The fund will monitor aggregate tradingin qualified fund-of-funds and knownomnibus accounts to attempt to identifydisruptive trades, focusing on transac-tions in excess of $250,000. There is noassurance that these policies will be ef-fective, or will successfully detect or de-ter market timing.

The fund’s Treasurer is authorized tosuspend the fund’s policies during peri-ods of severe market turbulence or na-tional emergency.

The fund does not knowingly accommo-date frequent purchases and redemp-tions of fund shares by investors, exceptas provided under the fund’s policieswith respect to known omnibus ac-counts, qualified fund-of-fund(s),qualified wrap accounts, donor-advisedcharitable gift funds, and 30 dayroundtrips.

Buying SharesEffective the close of business on July 30,2004, new positions in the fund may nolonger be opened. Shareholders of thefund on that date may continue to add totheir fund positions existing on thatdate. Investors who did not own sharesof the fund on July 30, 2004, generallywill not be allowed to buy shares of thefund except that new fund positions maybe opened: 1) by participants in mostgroup employer retirement plans (andtheir successor plans) if the fund had

been established as an investment optionunder the plans (or under another plansponsored by the same employer) byJuly 30, 2004, 2) for accounts managedon a discretionary basis by certain regis-tered investment advisers that have dis-cretionary assets of at least $500 millioninvested in mutual funds and haveincluded the fund in their discretionaryaccount program since July 30, 2004, and3) effective December 16, 2004 by amutual fund or a qualified tuition pro-gram for which FMR or an affiliateserves as investment manager. Theserestrictions generally will apply to invest-ments made directly with Fidelity andinvestments made through intermedi-aries. Investors may be required to dem-onstrate eligibility to buy shares of thefund before an investment is accepted.

The price to buy one share of Class A orClass T is the class’s offering price orthe class’s NAV, depending on whetheryou pay a front-end sales charge.

For Class B or Class C, the price to buyone share is the class’s NAV. Class B andClass C shares are sold without a front-end sales charge, but may be subject toa CDSC upon redemption.

If you pay a front-end sales charge, yourprice will be Class A’s or Class T’s offer-ing price. When you buy Class A orClass T shares at the offering price,Fidelity deducts the appropriate salescharge and invests the rest in Class A orClass T shares of the fund. If you qualifyfor a front-end sales charge waiver, yourprice will be Class A’s or Class T’s NAV.

The offering price of Class A or Class Tis its NAV plus the sales charge. Theoffering price is calculated by dividingClass A’s or Class T’s NAV by the differ-ence between one and the applicable

15 Prospectus

front-end sales charge percentage androunding to the nearest cent.

The dollar amount of the sales chargefor Class A or Class T is the differencebetween the offering price of theshares purchased and the NAV of thoseshares. Since the offering price pershare is calculated to the nearest centusing standard rounding criteria, thepercentage sales charge you actuallypay may be higher or lower than thesales charge percentages shown in thisprospectus due to rounding. The im-pact of rounding may vary with theamount of your investment and the sizeof the class’s NAV.

Your investment professional can helpyou choose the class of shares that bestsuits your investment needs.

Your shares will be bought at the nextoffering price or NAV, as applicable, cal-culated after your order is received inproper form.

It is the responsibility of your investmentprofessional to transmit your order tobuy shares to Fidelity before the close ofbusiness on the day you place your order.

The fund has authorized certain inter-mediaries and mutual funds for whichFMR or an affiliate serves as investmentmanager to accept orders to buy shareson its behalf. When the authorized in-termediaries or mutual funds receive anorder in proper form, the order is con-sidered as being placed with the fundand shares will be bought at the next of-fering price or NAV, as applicable, calcu-lated after the order is received by theauthorized intermediary or mutual fund.

The fund may stop offering shares com-pletely or may offer shares only on alimited basis, for a period of time orpermanently.

When you place an order to buy shares,note the following:

� All of your purchases must be made inU.S. dollars and checks must be drawnon U.S. banks.

� Fidelity does not accept cash.

� When making a purchase with morethan one check, each check must havea value of at least $50.

� Fidelity reserves the right to limit thenumber of checks processed at one time.

� Fidelity must receive payment withinthree business days after an order forshares is placed; otherwise your pur-chase order may be canceled and youcould be liable for any losses or fees thefund or Fidelity has incurred.

� If your check does not clear, your pur-chase will be canceled and you could beliable for any losses or fees the fund orFidelity has incurred.

� Under applicable anti-moneylaundering regulations and other feder-al regulations, purchase orders may besuspended, restricted, or canceled andthe monies may be withheld.

Shares can be bought or sold throughinvestment professionals using an auto-mated order placement and settlementsystem that guarantees payment fororders on a specified date.

Certain financial institutions that meetcreditworthiness criteria established byFidelity Distributors Corporation (FDC)may enter confirmed purchase orders onbehalf of customers by phone, with pay-ment to follow no later than close ofbusiness on the next business day. Ifpayment is not received by that time, theorder will be canceled and the financialinstitution will be liable for any losses.

Shareholder Information - continued

16Prospectus

Minimums

To Open an Account $2,500

For certain Fidelity Advisor retirementaccountsA $500

Through regular investment plansB $100

To Add to an Account $100

Minimum Balance $1,000

For certain Fidelity Advisor retirementaccountsA None

A Fidelity Advisor Traditional IRA, Roth 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 atthe time the account is opened.

There is no minimum account balance orinitial or subsequent purchase minimumfor (i) certain Fidelity retirement ac-counts funded through salary deduction,

or accounts opened with the proceeds ofdistributions from such retirement ac-counts or (ii) certain mutual fund wrapprogram accounts. An eligible wrap pro-gram must offer asset allocation services,charge an asset-based fee to its partici-pants for asset allocation and/or otheradvisory services, and meet trading andother operational requirements under anappropriate agreement with FDC. Inaddition, the fund may waive or lowerpurchase minimums in othercircumstances.

Purchase and account minimums arewaived for purchases of Class T shareswith distributions from a FidelityDefined Trust account.

Purchase amounts of more than$49,999 will not be accepted forClass B shares.

Key InformationPhone To Open an Account

� Exchange from the same class of another Fidelity fund that offers Advisor classes of shares or from certainother Fidelity funds. Call your investment professional or call Fidelity at the appropriate number found in“General Information.”

To Add to an Account� Exchange from the same class of another Fidelity fund that offers Advisor classes of shares or from certain

other Fidelity funds. Call your investment professional or call Fidelity at the appropriate number found in“General Information.”

�Use Fidelity Advisor Money Line� to transfer from your bank account. Call your investment professional orcall Fidelity at the appropriate number found in “General Information.”

MailFidelity InvestmentsP.O. Box 770002Cincinnati, OH45277-0081

To Open an Account� Complete 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�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.� Exchange from the same class of other Fidelity funds that offer Advisor classes of shares 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 thedollar amount or number of shares to be exchanged.

17 Prospectus

In Person To Open an Account�Bring your application and check to your investment professional.To Add to an Account�Bring your check to your investment professional.

Wire To Open an Account� 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.�Wire to: Deutsche Bank Trust Company Americas, Bank Routing # 021001033, Account # 00159759.� 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�Wire to: Deutsche Bank Trust Company Americas, Bank Routing # 021001033, Account # 00159759.� 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�Not available.To Add to an Account�Use Fidelity Advisor Systematic Investment Program.�Use Fidelity Advisor Systematic Exchange Program to exchange from certain Fidelity money market funds

or a Fidelity fund that offers Advisor classes of shares.

Selling SharesThe price to sell one share of Class A,Class T, Class B, or Class C is the class’sNAV, minus any applicable CDSC.

If appropriate to protect shareholders,the fund may impose a redemption feeon redemptions from the fund.

Any applicable CDSC is calculated basedon your original redemption amount.

Your shares will be sold at the next NAVcalculated after your order is received inproper form, minus any applicable CDSC.Normally, redemptions will be pro-cessed by the next business day, but itmay take up to seven days to pay theredemption proceeds if making imme-diate payment would adversely affectthe fund.

It is the responsibility of your invest-ment professional to transmit your or-der to sell shares to Fidelity before the

close of business on the day you placeyour order.

The fund has authorized certain inter-mediaries and mutual funds for whichFMR or an affiliate serves as investmentmanager to accept orders to sell shareson its behalf. When the authorized in-termediaries or mutual funds receive anorder in proper form, the order is con-sidered as being placed with the fundand shares will be sold at the next NAVcalculated, minus any applicable CDSC,after the order is received by the autho-rized intermediary or mutual fund.

Certain requests must include a signa-ture guarantee. It is designed to protectyou and Fidelity from fraud. Your re-quest must be made in writing and in-clude a signature guarantee if any of thefollowing situations apply:

� You wish to sell more than $100,000worth of shares;

Shareholder Information - continued

18Prospectus

� The address on your account (recordaddress) has changed within the last 15or 30 days, depending on your account,and you wish to sell $10,000 or more ofshares;

� You are requesting that a check bemailed to a different address than therecord address;

� You are requesting that redemptionproceeds be paid to someone other thanthe account owner; or

� The redemption proceeds are beingtransferred to a Fidelity account with adifferent registration.

You should be able to obtain a signatureguarantee from a bank, broker, dealer,credit union (if authorized under statelaw), securities exchange or associa-tion, clearing agency, or savings associa-tion. A notary public cannot provide asignature guarantee.

When you place an order to sell shares,note the following:

� If you are selling some but not all ofyour shares, leave at least $1,000 worthof shares in the account to keep it open,except accounts not subject to accountminimums.

� Redemption proceeds (other than ex-changes) may be delayed until moneyfrom prior purchases sufficient to coveryour redemption has been received andcollected. This can take up to sevenbusiness days after a purchase.

� Redemptions may be suspended orpayment dates postponed when theNYSE is closed (other than weekends orholidays), when trading on the NYSE isrestricted, or as permitted by the SEC.

� Redemption proceeds may be paid insecurities or other property rather thanin cash if FMR determines it is in thebest interests of the fund.

� You will not receive interest onamounts represented by uncashedredemption checks.

� Unless otherwise instructed, Fidelitywill send a check to the record address.

� Under applicable anti-money launder-ing regulations and other federal regula-tions, redemption requests may besuspended, restricted, canceled, orprocessed and the proceeds may bewithheld.

To sell shares issued with certificates,call Fidelity for instructions. The fundno longer issues share certificates.

19 Prospectus

Key InformationPhone � 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.�Use Fidelity Advisor Money Line to transfer to your bank account. Call your investment professional or

call Fidelity at the appropriate number found in “General Information.”� Exchange to the same class of other Fidelity funds that offer Advisor classes of shares or to certain

other Fidelity funds. Call your investment professional or call Fidelity at the appropriate number found in“General Information.”

MailFidelity InvestmentsP.O. Box 770002Cincinnati, OH45277-0081

Individual, Joint Tenant, Sole Proprietorship, UGMA, UTMA� 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 numberof shares to be sold. The letter of instruction must be signed by all persons required to sign fortransactions, exactly as their names appear on the account.

Retirement Account� 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� 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 dollaramount or number of shares to be sold. The trustee must sign the letter of instruction indicating capacityas trustee. If the trustee’s name is not in the account registration, provide a copy of the trust documentcertified within the last 60 days.

Business or Organization� 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 dollaramount or number of shares to be sold. At least one person authorized by corporate resolution to act onthe account must sign the letter of instruction.

� Include a corporate resolution with corporate seal or a signature guarantee.Executor, Administrator, Conservator, Guardian� 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

�Bring a letter of instruction to your investment professional. The letter of instruction must be signed byall persons required to sign for transactions, exactly as their names appear on the account.

Retirement Account� The account owner should complete a retirement distribution form. Visit your investment professional to

request one.Trust�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 acopy of the trust document certified within the last 60 days.

Business or Organization�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.� Include a corporate resolution with corporate seal or a signature guarantee.Executor, Administrator, Conservator, Guardian� Visit your investment professional for instructions.

Automatically �Use Fidelity Advisor Systematic Exchange Program to exchange to the same class of another Fidelity fundthat offers Advisor classes of shares or to certain Fidelity funds.

�Use Fidelity Advisor Systematic Withdrawal Program to set up periodic redemptions from your Class A,Class T, Class B, or Class C account.

Shareholder Information - continued

20Prospectus

Exchanging SharesAn exchange involves the redemptionof all or a portion of the shares of onefund and the purchase of shares ofanother fund.

As a Class A shareholder, you have theprivilege of exchanging Class A sharesof the fund for the same class of sharesof other Fidelity funds that offer Advisorclasses of shares at NAV or for DailyMoney Class shares of Treasury Fund,Prime Fund, or Tax-Exempt Fund.

As a Class T shareholder, you have theprivilege of exchanging Class T sharesof the fund for the same class of sharesof other Fidelity funds that offer Advisorclasses of shares at NAV or for DailyMoney Class shares of Treasury Fund,Prime Fund, or Tax-Exempt Fund. Ifyou purchased your Class T sharesthrough certain investment profession-als that have signed an agreement withFDC, you also have the privilege of ex-changing your Class T shares for sharesof Fidelity Capital Appreciation Fund.

As a Class B shareholder, you have theprivilege of exchanging Class B sharesof the fund for the same class of sharesof other Fidelity funds that offer Advisorclasses of shares or for Advisor B Classshares of Treasury Fund.

As a Class C shareholder, you have theprivilege of exchanging Class C sharesof the fund for the same class of sharesof other Fidelity funds that offer Advisorclasses of shares or for Advisor C Classshares of Treasury Fund.

However, you should note the followingpolicies and restrictions governingexchanges:

� The exchange limit may be modifiedfor accounts held by certain institution-al retirement plans to conform to planexchange limits and Department of La-bor regulations. See your retirementplan materials for further information.

� The fund may refuse any exchangepurchase for any reason. For example,the fund may refuse exchange pur-chases by any person or group if, inFMR’s judgment, the fund would be un-able to invest the money effectively inaccordance with its investment objec-tive and policies, or would otherwisepotentially be adversely affected.

� Any exchanges of Class A, Class T,Class B, and Class C shares are notsubject to a CDSC.

� Before exchanging into a fund orclass, read its prospectus.

� The fund or class you are exchanginginto must be available for sale in yourstate.

� Exchanges may have tax consequencesfor you.

� If you are exchanging between ac-counts that are not registered in thesame name, address, and taxpayer iden-tification number (TIN), there may beadditional requirements.

� Under applicable anti-money launder-ing regulations and other federal regula-tions, exchange requests may besuspended, restricted, canceled, orprocessed and the proceeds may bewithheld.

21 Prospectus

The fund may terminate or modify theexchange privileges in the future.

Other funds may have different ex-change restrictions and minimums, andmay impose redemption fees of up to2.00% of the amount exchanged. Checkeach fund’s prospectus for details.

Account Features andPoliciesFeaturesThe following features are available tobuy and sell shares of the fund.

Automatic Investment and With-drawal Programs. Fidelity offers

convenient services that let you auto-matically transfer money into your ac-count, between accounts, or out of youraccount. While automatic investmentprograms do not guarantee a profit andwill not protect you against loss in a de-clining market, they can be an excellentway to invest for retirement, a home,educational expenses, and other long-term financial goals. Automatic withdra-wal or exchange programs can be aconvenient way to provide a consistentincome flow or to move money betweenyour investments.

Fidelity Advisor Systematic Investment ProgramTo move money from your bank account to a Fidelity fund that offers Advisor classes ofshares.

Minimum Initial

$100

Minimum Additional

$100

Frequency

Monthly, bimonthly, quarterly,or semi-annually

Procedures

� To set up for a new account, completethe appropriate section on theapplication.

� To set up for existing accounts, call yourinvestment professional or call Fidelity atthe appropriate number found in“General Information” for anapplication.

� To make changes, call your investmentprofessional or call Fidelity at theappropriate number found in “GeneralInformation.” Call at least 10 businessdays prior to your next scheduledinvestment date.

Shareholder Information - continued

22Prospectus

To direct distributions from a Fidelity Defined Trust to Class T of a Fidelity fund that offersAdvisor classes of shares.

Minimum Initial

Not Applicable

Minimum Additional

Not Applicable

Procedures

� To set up for a new or existing account,call your investment professional or callFidelity at the appropriate number foundin “General Information” for theappropriate enrollment form.

� To make changes, call your investmentprofessional or call Fidelity at theappropriate number found in “GeneralInformation.”

Fidelity Advisor Systematic Exchange ProgramTo move money from certain Fidelity money market funds to Class A, Class T, Class B, orClass C of a Fidelity fund that offers Advisor classes of shares or from Class A, Class T,Class B, or Class C of a Fidelity fund that offers Advisor classes of shares to the same class ofanother Fidelity fund.

Minimum

$100Frequency

Monthly, quarterly,semi-annually, or annually

Procedures

� To set up, call your investmentprofessional or call Fidelity at theappropriate number found in “GeneralInformation” after both accounts areopened.

� To make changes, call yourinvestment professional or call Fidelityat the appropriate number found in“General Information.” Call at least 2business days prior to your nextscheduled exchange date.

� The account from which theexchanges are to be processed musthave a minimum balance of$10,000. The account into which theexchange is being processed musthave a minimum balance of $1,000.

23 Prospectus

Fidelity Advisor Systematic Withdrawal ProgramTo set up periodic redemptions from your Class A, Class T, Class B, or Class C account to youor to your bank checking account.

Minimum

$100Maximum

$50,000Frequency

Class A and Class T: Monthly,quarterly, or semi-annually

Class B and Class C: Monthlyor quarterly

Procedures

� Accounts with a value of $10,000 ormore in Class A, Class T, Class B, orClass C shares are eligible for thisprogram.

� To set up, call your investmentprofessional or call Fidelity at theappropriate number found in “GeneralInformation” for instructions.

� To make changes, call your investmentprofessional or call Fidelity at theappropriate number found in “GeneralInformation.” Call at least 10 businessdays prior to your next scheduledwithdrawal date.

� Aggregate redemptions per 12-monthperiod from your Class B or Class Caccount may not exceed 10% of theaccount value and are not subject to aCDSC; and you may set your withdrawalamount as a percentage of the value ofyour account or a fixed dollar amount.

� Because of Class A’s and Class T’sfront-end sales charge, you may notwant to set up a systematic withdrawalplan during a period when you arebuying Class A or Class T shares on aregular basis.

Shareholder Information - continued

24Prospectus

Other Features. The following otherfeatures are also available to buy andsell shares of the fund.

WireTo purchase and sell shares via the Federal Reserve Wire System.

� You must sign up for the wire feature before using it. Complete the appropriate section on the application whenopening your account.

� Call your investment professional or call Fidelity at the appropriate number found in “General Information” beforeyour first use to verify that this feature is set up on your account.

� To sell shares by wire, you must designate the U.S. commercial bank account(s) into which you wish theredemption proceeds deposited.

� To add the wire feature or to change the bank account designated to receive redemption proceeds at any timeprior to making a redemption request, you should send a letter of instruction, including a signature guarantee, toyour investment professional or to Fidelity at the address found in “General Information.”

Fidelity Advisor Money LineTo transfer money between your bank account and your fund account.

� You must sign up for the Fidelity Advisor Money Line feature before using it. Complete the appropriate section onthe application and then 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.

� Maximum transaction: $100,000

PoliciesThe following policies apply to you as ashareholder.

Statements and reports that Fidelitysends to you include the following:

� Confirmation statements (after trans-actions affecting your account balanceexcept reinvestment of distributions inthe fund or another fund and certaintransactions through automatic invest-ment or withdrawal programs).

� Monthly or quarterly account state-ments (detailing account balances andall transactions completed during theprior month or quarter).

� Financial reports (every six months).

To reduce expenses, only one copy ofmost financial reports and prospectusesmay be mailed, even if more than oneperson in a household holds shares ofthe fund. Call Fidelity at 1-877-208-0098if you need additional copies of finan-cial reports or prospectuses. If you donot want the mailing of these docu-ments to be combined with those forother members of your household, callFidelity at 1-877-208-0098.

You may initiate many transactionsby telephone or electronically.Fidelity will not be responsible for anyloss, cost, expense, or other liability

25 Prospectus

resulting from unauthorized transactionsif it follows reasonable security proce-dures designed to verify the identity ofthe investor. Fidelity will request person-alized security codes or other informa-tion, and may also record calls. Fortransactions conducted through the In-ternet, Fidelity recommends the use ofan Internet browser with 128-bit encryp-tion. You should verify the accuracy ofyour confirmation statements upon re-ceipt and notify Fidelity immediately ofany discrepancies in your account activi-ty. If you do not want the ability to selland exchange by telephone, call Fidelityfor instructions. Additional documenta-tion may be required from corporations,associations, and certain fiduciaries.

When you sign your account applica-tion, you will be asked to certify thatyour social security or taxpayer identifi-cation number (TIN) is correct and thatyou are not subject to backup withhold-ing for failing to report income to theIRS. If you violate IRS regulations, theIRS can require the fund to withhold anamount subject to the applicable back-up withholding rate from your taxabledistributions and redemptions.

You may also be asked to provide addi-tional information in order for Fidelity toverify your identity in accordance withrequirements under anti-money launder-ing regulations. Accounts may be re-stricted and/or closed, and the monieswithheld, pending verification of this in-formation or as otherwise required underthese and other federal regulations.

If your account balance falls below$1,000 for any reason, including solelydue to declines in NAV, you will be given

30 days’ notice to reestablish the mini-mum balance. If you do not increaseyour balance, Fidelity may close youraccount and send the proceeds to you.Your shares will be sold at the NAV, mi-nus any applicable CDSC, on the dayyour account is closed. Accounts notsubject to account minimums will notbe closed for failure to maintain a mini-mum balance.

Fidelity may charge a fee for certainservices, such as providing historicalaccount documents.

Dividends and CapitalGain DistributionsThe fund earns dividends, interest, andother income from its investments, anddistributes this income (less expenses)to shareholders as dividends. The fundalso realizes capital gains from its in-vestments, and distributes these gains(less any losses) to shareholders as cap-ital gain distributions.

The fund normally pays dividends andcapital gain distributions in Decemberand January.

Distribution OptionsWhen you open an account, specify onyour application how you want to re-ceive your distributions. The followingdistribution options are available foreach class:

1. Reinvestment Option. Your divi-dends and capital gain distributions willbe automatically reinvested in addition-al shares of the same class of the fund.If you do not indicate a choice on yourapplication, you will be assigned thisoption.

Shareholder Information - continued

26Prospectus

2. Income-Earned Option. Your capi-tal gain distributions will be automati-cally reinvested in additional shares ofthe same class of the fund. Your divi-dends will be paid in cash.

3. Cash Option. Your dividends andcapital gain distributions will be paid incash.

4. Directed Dividends� Option.Your dividends will be automatically in-vested in the same class of shares ofanother identically registered Fidelityfund that offers Advisor classes ofshares or shares of certain identicallyregistered Fidelity funds. Your capitalgain distributions will be automaticallyinvested in the same class of shares ofanother identically registered Fidelityfund that offers Advisor classes ofshares or shares of certain identicallyregistered Fidelity funds, automaticallyreinvested in additional shares of thesame class of the fund, or paid in cash.

Not all distribution options are availablefor every account. If the option you pre-fer is not listed on your account applica-tion, or if you want to change yourcurrent option, contact your investmentprofessional directly or call Fidelity.

If you elect to receive distributions paidin cash by check and the U.S. Postal Ser-vice does not deliver your checks, yourdistribution option may be converted tothe Reinvestment Option. You will notreceive interest on amounts representedby uncashed distribution checks.

Tax ConsequencesAs with any investment, your invest-ment in the fund could have tax

consequences for you. If you are not in-vesting through a tax-advantaged retire-ment account, you should considerthese tax consequences.

Taxes on distributions. Distributionsyou receive from the fund are subject tofederal income tax, and may also besubject to state or local taxes.

For federal tax purposes, certain of thefund’s distributions, including dividendsand distributions of short-term capitalgains, are taxable to you as ordinary in-come, while certain of the fund’s dis-tributions, including distributions oflong-term capital gains, are taxable toyou generally as capital gains. A percent-age of certain distributions of dividendsmay qualify for taxation at long-termcapital gains rates (provided certainholding period requirements are met).

If you buy shares when a fund has real-ized but not yet distributed income orcapital gains, you will be “buying a divi-dend” by paying the full price for theshares and then receiving a portion ofthe price back in the form of a taxabledistribution.

Any taxable distributions you receivefrom the fund will normally be taxableto you when you receive them, regard-less of your distribution option.

Taxes on transactions. Your redemp-tions, including exchanges, may resultin a capital gain or loss for federal taxpurposes. A capital gain or loss on yourinvestment in the fund generally is thedifference between the cost of yourshares and the price you receive whenyou sell them.

Fund Services

27 Prospectus

Fund ManagementThe fund is a mutual fund, an invest-ment that pools shareholders’ moneyand invests it toward a specified goal.

FMR is the fund’s manager. The addressof FMR and its affiliates, unless other-wise indicated below, is 82 DevonshireStreet, Boston, Massachusetts 02109.

As of March 31, 2005, FMR had approxi-mately $9.1 billion in discretionary as-sets under management.

As the manager, FMR has overall respon-sibility for directing the fund’s invest-ments and handling its business affairs.

Affiliates assist FMR with foreigninvestments:

� Fidelity Management & Research(U.K.) Inc. (FMR U.K.), at 25 LovatLane, London, EC3R 8LL, England,serves as a sub-adviser for the fund.FMR U.K. was organized in 1986 to pro-vide investment research and advice toFMR. FMR U.K. may provide investmentresearch and advice on issuers basedoutside the United States and may alsoprovide investment advisory services forthe fund.

� Fidelity Management & Research (FarEast) Inc. (FMR Far East), at Shiroya-ma JT Mori Building, 4-3-1 ToranomonMinato-ku, Tokyo 105, Japan, serves as asub-adviser for the fund. FMR Far Eastwas organized in 1986 to provide invest-ment research and advice to FMR. FMRFar East may provide investment re-search and advice on issuers based out-side the United States and may also

provide investment advisory services forthe fund.

� Fidelity International InvestmentAdvisors (FIIA), at Pembroke Hall,42 Crow Lane, Pembroke HM19, Bermu-da, serves as a sub-adviser for the fund.As of September 28, 2005, FIIA hadapproximately $24.4 billion in discre-tionary assets under management. FIIAmay provide investment research andadvice on issuers based outside theUnited States for the fund.

� Fidelity International Investment Advi-sors (U.K.) Limited (FIIA(U.K.)L), at25 Cannon Street, London, EC4M 5TA,England, serves as a sub-adviser forthe fund. As of September 28, 2005,FIIA(U.K.)L had approximately $15.4 bil-lion in discretionary assets under man-agement. FIIA(U.K.)L may provideinvestment research and advice on issu-ers based outside the United States forthe fund.

� Fidelity Investments Japan Limited(FIJ), at Shiroyama JT Mori Building,4-3-1 Toranomon Minato-ku, Tokyo 105,Japan, serves as a sub-adviser for thefund. As of September 28, 2005, FIJ hadapproximately $49.2 billion in discre-tionary assets under management. FIJmay provide investment research andadvice on issuers based outside theUnited States and may also provide in-vestment advisory and order executionservices for the fund from time to time.

FMR Co., Inc. (FMRC) serves as a sub-adviser for the fund. FMRC has day-to-day responsibility for choosinginvestments for the fund.

Fund Services - continued

28Prospectus

FMRC is an affiliate of FMR. As ofMarch 31, 2005, FMRC had approxi-mately $630.1 billion in discretionaryassets under management.

Peter Saperstone is vice president andmanager of Advisor Mid Cap Fund,which he has managed since June 2001.Since joining Fidelity Investments in1995, Mr. Saperstone has worked as aresearch analyst and manager.

The statement of additional informa-tion (SAI) provides additional informa-tion about the compensation of, anyother accounts managed by, and anyfund shares held by Mr. Saperstone.

From time to time a manager, analyst,or other Fidelity employee may expressviews regarding a particular company,security, industry, or market sector. Theviews expressed by any such person arethe views of only that individual as ofthe time expressed and do not necessar-ily represent the views of Fidelity or anyother person in the Fidelity organiza-tion. Any such views are subject tochange at any time based upon marketor other conditions and Fidelity dis-claims any responsibility to update suchviews. These views may not be relied onas investment advice and, because in-vestment decisions for a Fidelity fundare based on numerous factors, may notbe relied on as an indication of tradingintent on behalf of any Fidelity fund.

The fund pays a management fee toFMR. The management fee is calculatedand paid to FMR every month. The feeis calculated by adding a group fee rateto an individual fund fee rate, dividingby twelve, and multiplying the result by

the fund’s average net assets throughoutthe month.

The group fee rate is based on the aver-age net assets of all the mutual fundsadvised by FMR. This rate cannot riseabove 0.52%, and it drops as total assetsunder management increase.

For November 2005 the group fee ratewas 0.27%. The individual fund fee rateis 0.30%.

The total management fee for the fiscalyear ended November 30, 2005, was0.57% of the fund’s average net assets.

FMR pays FMRC, FMR U.K., and FMRFar East for providing sub-advisory ser-vices. FMR pays FIIA for providing sub-advisory services, and FIIA in turn paysFIIA(U.K.)L. FIIA or FMR Far East inturn pays FIJ for providing sub-advisoryservices.

The basis for the Board of Trusteesapproving the management contractand sub-advisory agreements for thefund is available in the fund’s annualreport for the fiscal period endedNovember 30, 2005.

FMR may, from time to time, agree to re-imburse a class for management feesand other expenses above a specifiedlimit. FMR retains the ability to be re-paid by a class if expenses fall below thespecified limit prior to the end of the fis-cal year. Reimbursement arrangements,which may be discontinued by FMR atany time, can decrease a class’s expensesand boost its performance.

29 Prospectus

Fund DistributionThe fund is composed of multipleclasses of shares. All classes of the fundhave a common investment objectiveand investment portfolio.

FDC distributes each class’s shares.

Intermediaries, such as banks, broker-dealers, and other service-providers,may receive from FMR, FDC and/ortheir affiliates compensation for theirservices intended to result in the sale ofshares of the fund. This compensationmay take the form of:

� sales charges and concessions

� distribution and/or service (12b-1)fees

� finder’s fees

� payments for additional distribution-related activities and/or shareholderservices

� payments for educational seminarsand training, including seminars spon-sored by FMR or an affiliate, or by anintermediary

These payments are described in moredetail on the following pages and in theSAI.

You may pay a sales charge when youbuy or sell your Class A, Class T, Class B,or Class C shares.

FDC collects the sales charge.

As described in detail on the followingpages, you may be entitled to a waiver ofyour sales charge, or to pay a reducedsales charge, when you buy or sellClass A, Class T, Class B, or Class Cshares.

The front-end sales charge will bereduced for purchases of Class A andClass T shares according to the salescharge schedules below.

Sales Charges and Concessions –Class A

Sales Charge

As a % ofofferingpriceA

As anapproximate

% of netamount

investedA

Investmentprofessional

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%

$25,000,000or more NoneB NoneB B

A The actual sales charge you pay may be higher or lowerthan those calculated using these percentages due torounding. The impact of rounding may vary with the amountof your investment and the size of the class’s NAV.B See “Special Purchase Shares” on page 35.

Fund Services - continued

30Prospectus

Sales Charges and Concessions –Class T

Sales Charge

As a % ofofferingpriceA

As anapproximate

% of netamount

investedA

Investmentprofessional

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%

$1,000,000or more NoneB NoneB B

A The actual sales charge you pay may be higher or lowerthan those calculated using these percentages due torounding. The impact of rounding may vary with the amountof your investment and the size of the class’s NAV.B See “Special Purchase Shares” on page 35.

Class A or Class T shares purchased byan individual or company through theCombined Purchase, Rights of Accumula-tion, or Letter of Intent program may re-ceive a reduced front-end sales chargeaccording to the sales charge schedulesabove. To qualify for a Class A or Class Tfront-end sales charge reduction underone of these programs, you must notifyFidelity in advance of your purchase.

Combined Purchase, Rights of Ac-cumulation, and Letter of IntentPrograms. The following qualify as an“individual” or “company” for the pur-poses of determining eligibility for theCombined Purchase and Rights of Accu-mulation program: an individual,

spouse, and their children under age 21purchasing for his/her or their own ac-count; a trustee, administrator, or otherfiduciary purchasing for a single trustestate or a single fiduciary account orfor a single or parent-subsidiary groupof “employee benefit plans” (exceptSEP and SARSEP plans and planscovering self-employed individuals andtheir employees (formerly Keogh/H.R.10 plans)) and 403(b) programs; andtax-exempt organizations (as defined inSection 501(c)(3) of the Internal Reve-nue Code). The following qualify as an“individual” or “company” for the pur-poses of determining eligibility for theLetter of Intent program: an individual,spouse, and their children under age 21purchasing for his/her or their own ac-count; a trustee, administrator, or otherfiduciary purchasing for a single trustestate or a single fiduciary account (ex-cept SEP and SARSEP plans and planscovering self-employed individuals andtheir employees (formerly Keogh/H.R.10 plans)); an IRA or plans coveringsole-proprietors (formerly Keogh/H.R.10 plans); plans investing through theFidelity Advisor 403(b) program; andtax-exempt organizations (as definedin Section 501(c)(3) of the InternalRevenue Code).

Combined Purchase. To receive aClass A or Class T front-end salescharge reduction, if you are a newshareholder,