SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS: CLASS A, CLASS T, CLASS B,
INSTITUTIONAL CLASS, AND INITIAL CLASS
FEBRUARY 28, 1997
STATEMENT OF ADDITIONAL INFORMATION
Effective May 9, 1997, the following information supplements information
found in "Additional Purchase, Exchange, and Redemption Information" on
page 119.
CLASS A SHARES ONLY
Pursuant to Rule 22d-1 under the 1940 Act, FDC exercises its right to waive
Class A's maximum 5.25% (Equity Funds); 4.25% (Bond Funds); 3.25%
(Intermediate Bond Funds); or 1.50% (Short Bond Funds) front-end sales
charge in connection with a fund's merger with or acquisition of any
investment company or trust. In addition, FDC has chosen to waive Class A's
front-end sales charge in certain instances because of efficiencies
involved in those sales of shares. The sales charge will not apply:
1. to shares purchased by a trust institution or bank trust department that
has executed a participation agreement with FDC specifying certain asset
minimums and qualifications, and marketing restrictions. Assets managed by
third parties do not qualify for this waiver;
2. to shares purchased for use in a broker-dealer managed account program,
provided the broker-dealer has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver; or
3. to shares purchased on a discretionary basis by a registered investment
adviser which is not part of an organization primarily engaged in the
brokerage business, that has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver.
For the purpose of load waiver (2), certain broker-dealers that otherwise
meet the qualifications and asset minimums established by FDC are not
required to sign a participation agreement.
A sales load waiver form must accompany these transactions.
Effective May 9, 1997, the following information replaces similar
information found in "Additional Purchase, Exchange, and Redemption
Information" on page 121.
CLASS B SHARES ONLY
The contingent deferred sales charge (CDSC) on Class B shares may be waived
(1) in the case of disability or death, provided that Class B shares are
redeemed within one year following the death or the initial determination
of disability; (2) in connection with a total or partial redemption related
to certain distributions from retirement plans or accounts at age 70 1/2,
which are permitted without penalty pursuant to the Internal Revenue
Code; or (3) in connection with redemptions through the Fidelity Advisor
Systematic Withdrawal Program.
A sales load waiver form must accompany these transactions.
Effective May 9, 1997, the following information replaces similar
information found in "Additional Purchase, Exchange, and Redemption
Information" on page 122.
CLASS A, CLASS T, CLASS B, AND INSTITUTIONAL CLASS SHARES ONLY
FIDELITY ADVISOR SYSTEMATIC WITHDRAWAL PROGRAM. If you own Class A, Class
T, or Institutional Class shares worth $10,000 or more, you can have
monthly, quarterly or semi-annual checks sent from your account to you, to
a person named by you, or to your bank checking account. If you own Class B
shares worth $10,000 or more, you can have monthly or quarterly checks sent
from your account to you, to a person named by you, or to your bank
checking account. Aggregate redemptions per 12 month period from your Class
B account may not exceed 10% of the value of the account and are not
subject to a CDSC; and you may set your withdrawal amount as a percentage
of the value of your account or a fixed dollar amount. Your Systematic
Withdrawal Program payments are drawn from Class A, Class T, Class B ,
or Institutional Class share redemptions, as applicable. If Systematic
Withdrawal Plan redemptions exceed income dividends earned on your shares,
your account eventually may be exhausted.
The following information replaces similar information found in "Trustees
and Officers" on page 126.
The Trustees and executive officers of the trusts are listed below. Except
as indicated, each individual has held the office shown or other offices in
the same company for the last five years. All persons named as Trustees
also serve in similar capacities for other funds advised by FMR. The
business address of each Trustee and officer who is an "interested person"
(as defined in the 1940 Act) is 82 Devonshire Street, Boston, Massachusetts
02109, which is also the address of FMR. The business address of all the
other Trustees is Fidelity Investments, P.O. Box 9235, Boston,
Massachusetts 02205-9235. Those Trustees who are "interested persons" by
virtue of their affiliation with either a trust or FMR are indicated by an
asterisk (*).
ROBERT M. GATES (53), Trustee (1997), is a consultant, author, and
lecturer (1993). Mr. Gates was Director of the Central Intelligence Agency
(CIA) from 1991-1993. From 1989 to 1991, Mr. Gates served as Assistant to
the President of the United States and Deputy National Security Advisor.
Mr. Gates is currently a Trustee for the Forum For International Policy, a
Board Member for the Virginia Neurological Institute, and a Senior Advisor
of the Harvard Journal of World Affairs. In addition, Mr. Gates also serves
as a member of the corporate board for LucasVarity PLC (automotive
components and diesel engines), Charles Stark Draper Laboratory
(non-profit), NACCO Industries, Inc. (mining and manufacturing), and TRW
Inc. (original equipment and replacement products) Mr. Gates currently
serves as a Trustee for each of the following trusts: Fidelity Advisor
Series II, III, IV, V, and VI, Fidelity Municipal Trust, and Fidelity
Income Fund.
WILLIAM O. McCOY (63),Trustee ( 1997), is the Vice President of
Finance for the University of North Carolina (16-school system, 1995).
Prior to his retirement in December 1994, Mr. McCoy was Vice Chairman of
the Board of BellSouth Corporation (telecommunications, 1984) and President
of BellSouth Enterprises (1986). He is currently a Director of Liberty
Corporation (holding company, 1984), Weeks Corporation of Atlanta (real
estate, 1994), Carolina Power and Light Company (electric utility, 1996),
and the Kenan Transport Co. (1996). Previously, he was a Director of First
American Corporation (bank holding company, 1979-1996). In addition, Mr.
McCoy serves as a member of the Board of Visitors for the University of
North Carolina at Chapel Hill (1994) and for the Kenan-Flager Business
School (University of North Carolina at Chapel Hill, 1988). Mr. McCoy
currently serves as a Trustee for each of the following trusts: Fidelity
Advisor Series II, III, IV, V, and VI, Fidelity Municipal Trust, and
Fidelity Income Fund.
The following footnote replaces a similar footnote found in the "Trustees
and Officers" section on page 130.
(double dagger)(double dagger)(double dagger) During the period from May
1, 1996 through December 31, 1996, William O. McCoy served as a Member of
the Advisory Board of each trust. Mr. McCoy was appointed to the Board of
Trustees of Fidelity Advisor Series II, III, IV, V, and VI, Fidelity
Municipal Trust, and Fidelity Income Fund, effective January 1, 1997.
SUPPLEMENT TO THE FIDELITY
ADVISOR FOCUS FUNDS
CLASS A, CLASS T, AND CLASS B
MARCH 24, 1997 PROSPECTUS
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "WHO MAY WANT TO INVEST" ON PAGE 3.
Each fund is composed of multiple classes of shares. All classes of a fund
have a common investment objective and investment portfolio. Class A and
Class T shares have a front-end sales charge and pay a distribution fee.
Class T shares may be subject to a contingent deferred sales charge (CDSC).
Class B shares do not have a front-end sales charge, but do have a CDSC,
and pay a distribution fee and a shareholder service fee. Institutional
Class shares have no sales charge and do not pay a distribution fee or a
shareholder service fee, but are available only to certain types of
investors. See "Sales Charge Reductions and Waivers," page 33, for
Institutional Class eligibility information. You may obtain more
information about Institutional Class shares, which are not offered through
this prospectus, by calling 1-800-843-3001 or from your investment
professional.
The performance of one class of shares of a fund may be different from the
performance of another class of shares of the same fund because of
different sales charges and class expenses. Contact your investment
professional to discuss which class is appropriate for you.
In determining which class of shares is appropriate for you, you should
consider, among other factors, the amount you plan to invest, the length of
time you intend to hold your shares, your eligibility for a sales charge
waiver or reduction, and the package of services provided to you by your
investment professional and the overall costs of those services. In
general, Class A shares have higher costs than Class T shares over a short
holding period because Class A shares have a higher front-end sales charge,
and Class A shares have lower costs than Class T shares over a longer
holding period because Class A shares have lower 12b-1 fees. If you are
planning to invest a significant amount either at one time or through a
regular investment program, you should consider the reduced front-end sales
charges available on Class A and Class T shares. See "Transaction Details,"
page 30, and "Sales Charge Reductions and Waivers," page 33, for sales
charge reduction information. If you are eligible for a front-end sales
charge waiver on a purchase of both Class A and Class T shares, Class A
shares generally will have lower costs than Class T shares because Class A
shares have lower 12b-1 fees. However, you should evaluate the overall
costs of purchasing Class A shares or Class T shares in the context of the
package of services provided to you by your investment professional. See
"Sales Charge Reductions and Waivers," page 33, for sales charge waiver
information. If you prefer not to pay a front-end sales charge, you should
consider Class B shares. While Class B shares are subject to higher ongoing
costs than Class A or Class T shares, because of their higher 12b-1 fees,
Class B shares are sold with a CDSC instead of a front-end sales charge so
your entire purchase amount is immediately invested. Please note that
purchase amounts of more than $250,000 will not be accepted for Class B
shares, and that Class A or Class T shares may have lower costs for
investments that qualify for a front-end sales charge reduction or waiver.
If you sell your Class B shares within six years, you will normally pay a
CDSC that varies depending on how long you have held your shares. See
"Transaction Details," page 30, for CDSC schedules and related information.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "HOW TO BUY SHARES" ON PAGE 24.
Once each business day, two share prices are calculated for Class A and
Class T shares of each fund: the offering price and the NAV. If you pay a
front-end sales charge or qualify for a reduction as described on page 33,
your Class A or Class T share price will be the offering price. If you
qualify for a front-end sales charge waiver as described on page 33, your
Class A or Class T share price will be the NAV. When you buy Class A
or Class T shares at the offering price, the transfer agent deducts the
appropriate sales charge and invests the rest in Class A or Class T shares
of the fund. Class B's NAV is also calculated every business day. Class B
shares of each fund are sold without a front-end sales charge and may be
subject to a CDSC upon redemption. For information on how the CDSC is
calculated, see "Transaction Details," page 30.
PURCHASE AMOUNTS OF MORE THAN $250,000 WILL NOT BE ACCEPTED FOR
CLASS B SHARES.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "INVESTOR SERVICES" ON PAGE 28.
FIDELITY ADVISOR SYSTEMATIC WITHDRAWAL PROGRAM lets you set up periodic
redemptions from your Class A, Class T, or Class B account. Accounts
with a value of $10,000 or more in Class A , Class T, or Class B shares are
eligible for this program. Aggregate redemptions per 12-month period
from your Class B account may not exceed 10% of the account value and
are not subject to a CDSC . Because of Class A's and Class T's front-end
sales charge, you may not want to set up a systematic withdrawal plan
during a period when you are buying Class A or Class T shares on a regular
basis.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "TRANSACTION DETAILS" ON PAGE 31.
REINSTATEMENT PRIVILEGE. If you have sold all or part of your Class A,
Class T, or Class B shares of a fund, you may reinvest an amount equal to
all or a portion of the redemption proceeds in the same class of the fund
or any of the other Fidelity Advisor funds, at the NAV next determined
after receipt and acceptance of your investment order, provided that such
reinvestment is made within 90 days of redemption. Under these
circumstances, the dollar amount of the CDSC, if any, you paid on Class T
or Class B shares will be reimbursed to you by reinvesting that amount in
Class T shares or Class B shares, as applicable. You must reinstate your
shares into an account with the same registration. This privilege may be
exercised only once by a shareholder with respect to a fund and certain
restrictions may apply. For purposes of the CDSC holding period schedule,
the holding period of your Class T or Class B shares will continue as if
the shares had not been redeemed.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION SUPPLEMENTS INFORMATION
FOUND IN "SALES CHARGE REDUCTIONS AND WAIVERS" ON PAGE 33.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
1. Purchased by a trust institution or bank trust department that
has executed a participation agreement with FDC specifying certain asset
minimums and qualifications, and marketing restrictions. Assets managed by
third parties do not qualify for this waiver;
2. Purchased for use in a broker-dealer managed account program,
provided the broker-dealer has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver; or
3. Purchased on a discretionary basis by a registered investment
advisor which is not part of an organization primarily engaged in the
brokerage business, that has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver.
For the purpose of load waiver (2), certain broker-dealers that otherwise
meet the qualifications and asset minimums established by FDC are not
required to sign a participation agreement.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "SALES CHARGE REDUCTIONS AND WAIVERS" ON PAGE 34.
If you are investing through an account managed by a broker-dealer, if you
have authorized an investment adviser to make investment decisions for you,
or if you are investing through a trust department, you may qualify to
purchase Class T shares without a sales charge (as described in (9), (10)
and (13), above), Class A shares without a sales charge (as described in
(1), (2), and (3) above), or Institutional Class shares. Because
Institutional Class shares have no sales charge, and do not pay a
distribution fee or a shareholder service fee, Institutional Class shares
are expected to have a higher total return than Class A, Class T, or Class
B shares. Contact your investment professional to discuss if you qualify.
THE CDSC ON CLASS B SHARES MAY BE WAIVED:
1. In cases of disability or death, provided that Class B shares are
redeemed within one year following the death or the initial determination
of disability;
2. In connection with a total or partial redemption related to certain
distributions from retirement plans or accounts; or
3. In connection with redemptions through the Fidelity Advisor
Systematic Withdrawal Program.
SUPPLEMENT TO FIDELITY ADVISOR FOCUS FUNDS: CLASS A, CLASS T, CLASS B, AND
INSTITUTIONAL CLASS
STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 24, 1997
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION SUPPLEMENTS INFORMATION
FOUND IN "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION INFORMATION" ON
PAGE 25.
CLASS A SHARES ONLY
Pursuant to Rule 22d-1 under the 1940 Act, FDC exercises its right to waive
Class A's maximum 5.25% front-end sales charge in connection with a fund's
merger with or acquisition of any investment company or trust. In addition,
FDC has chosen to waive Class A's front-end sales charge in certain
instances because of efficiencies involved in those sales of shares. The
sales charge will not apply:
1. to shares purchased by a trust institution or bank trust department that
has executed a participation agreement with FDC specifying certain asset
minimums and qualifications, and marketing restrictions. Assets managed by
third parties do not qualify for this waiver;
2. to shares purchased for use in a broker-dealer managed account program,
provided the broker-dealer has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver; or
3. to shares purchased on a discretionary basis by a registered investment
adviser which is not part of an organization primarily engaged in the
brokerage business, that has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver.
For the purpose of load waiver (2), certain broker-dealers that otherwise
meet the qualifications and asset minimums established by FDC are not
required to sign a participation agreement.
A sales load waiver form must accompany these transactions.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION
INFORMATION" ON PAGE 26.
CLASS B SHARES ONLY
The contingent deferred sales charge (CDSC) on Class B shares may be waived
(1) in the case of disability or death, provided that Class B shares are
redeemed within one year following the death or the initial determination
of disability; (2) in connection with a total or partial redemption related
to certain distributions from retirement plans or accounts at age 70 1/2,
which are permitted without penalty pursuant to the Internal Revenue
Code; or (3) in connection with redemptions through the Fidelity Advisor
Systematic Withdrawal Program.
A sales load waiver form must accompany these transactions.
EFFECTIVE MAY 9, 1997, THE FOLLOWING INFORMATION REPLACES SIMILAR
INFORMATION FOUND IN "ADDITIONAL PURCHASE, EXCHANGE, AND REDEMPTION
INFORMATION" ON PAGE 27.
CLASS A, CLASS T, CLASS B , AND INSTITUTIONAL CLASS SHARES ONLY
FIDELITY ADVISOR SYSTEMATIC WITHDRAWAL PROGRAM. If you own Class A, Class
T, or Institutional Class shares worth $10,000 or more, you can have
monthly, quarterly or semi-annual checks sent from your account to you, to
a person named by you, or to your bank checking account. If you own
Class B shares worth $10,000 or more you can have monthly or quarterly
checks sent from your account to you, to a person named by you, or to your
bank checking account. Aggregate redemptions per 12-month period from your
Class B account may not exceed 10% of the value of the account and are not
subject to a CDSC; and you may set your withdrawal amount as a percentage
of the value of your account or a fixed dollar amount. Your Systematic
Withdrawal Program payments are drawn from Class A, Class T, Class
B, or Institutional Class share redemptions, as applicable. If
Systematic Withdrawal Plan redemptions exceed income dividends earned on
your shares, your account eventually may be exhausted.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN "TRUSTEES
AND OFFICERS" BEGINNING ON PAGE 29.
The Trustees and executive officers of the trust are listed below. Except
as indicated, each individual has held the office shown or other offices in
the same company for the last five years. All persons named as Trustees
also serve in similar capacities for other funds advised by FMR. The
business address of each Trustee and officer who is an "interested person"
(as defined in the Investment Company Act of 1940) is 82 Devonshire Street,
Boston, Massachusetts 02109, which is also the address of FMR. The business
address of all the other Trustees is Fidelity Investments, P.O. Box 9235,
Boston, Massachusetts 02205-9235. Those Trustees who are "interested
persons" by virtue of their affiliation with either the trust or FMR are
indicated by an asterisk (*).
ROBERT M. GATES (53), Trustee (1997), is a consultant, author, and lecturer
(1993). Mr. Gates was Director of the Central Intelligence Agency (CIA)
from 1991-1993. From 1989 to 1991, Mr. Gates served as Assistant to the
President of the United States and Deputy National Security Advisor. Mr.
Gates is currently a Trustee for the Forum For International Policy, a
Board Member for the Virginia Neurological Institute, and a Senior Advisor
of the Harvard Journal of World Affairs. In addition, Mr. Gates also serves
as a member of the corporate board for Lucas Varity PLC (automotive
components and diesel engines), Charles Stark Draper Laboratory
(non-profit), NACCO Industries, Inc. (mining and manufacturing), and TRW
Inc. (original equipment and replacement products). Mr. Gates currently
serves as a Trustee for the following trust: Fidelity Advisor Series V.
WILLIAM O. McCOY (63) Trustee (1997), is the Vice President of Finance for
the University of North Carolina (16-school system, 1995). Prior to his
retirement in December 1994, Mr. McCoy was Vice Chairman of the Board of
BellSouth Corporation (telecommunications, 1984) and President of BellSouth
Enterprises (1986). He is currently a Director of Liberty Corporation
(holding company, 1984), Weeks Corporation of Atlanta (real estate, 1994),
Carolina Power and Light Company (electric utility, 1996) and the Kenan
Transport Co. (1996). Previously, he was a Director of First American
Corporation (bank holding company, 1979-1996). In addition, Mr. McCoy
serves as a member of the Board of Visitors for the University of North
Carolina at Chapel Hill (1994) and for the Kenan-Flager Business School
(University of North Carolina at Chapel Hill, 1988). Mr. McCoy currently
serves as a Trustee for the following trust: Fidelity Advisor Series V.
The following table sets forth information describing the compensation of
each Trustee of each fund for his or her services as trustee for each fund
for its most recent fiscal year end.
COMPENSATION TABLE
<ERROR: WIDE TABLE>
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Table Width is 287 characters.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Aggregate
Compensation
from J. Gary Ralph Phyllis Richard Edward E. Donald PeterS. William Gerald Edward Marvin Thomas
a FundA Burkhea F.Cox Burke J. C. Bradley J.Kirk Lynch
(double
dagger) O. C. H. L. Mann R.
d(double
dagger) Davis Flynn
(double
dagger)
(double
dagger) Johnson Jones McCoy McDono Malone Williams
3d
(double
dagger) (double
dagger)
(double
dagger)
(double
dagger) ugh (double
dagger)
(double
dagger)
Consumer
Industries* $ 0 $ 7 $ 7 $ 0 $ 0 $ 7 $ 7 $ 0 $ 0 $ 8 $ 0 $ 7 $ 7
Cyclical
Industries* 0 7 7 0 0 7 7 0 0 8 0 7 7
Financial
Services* 0 9 9 0 0 9 9 0 0 11 0 9 9
Health
Care* 0 16 16 0 0 16 16 0 0 20 0 16 16
Natural
Resources**,B0 152 146 187 0 147 149 0 84 148 148 148 150
Technology* 0 16 16 1 0 16 16 0 0 20 1 16 16
Utilities
Growth* 0 12 12 0 0 12 12 0 0 15 0 12 12
TOTAL
COMPENSATION
FROM THE 0 137,700 134,700 168,000 0 134,700 136,200 0 85,333 136,200 136,200 134,700 136,200
FUND COMPLEX+,A
</TABLE>
* Estimated for the fiscal year ending July 31, 1997.
** Fiscal year ended October 31, 1996.
(double dagger) Interested Trustees of each fund are compensated by FMR.
(double dagger)(double dagger) Richard J. Flynn and Edward H. Malone served
on the Board of Trustees through December 31, 1996.
(double dagger)(double dagger)(double dagger) During the period from May 1,
1996 through December 31, 1996, William O. McCoy served as a Member of the
Advisory Board of each trust.
+ Information is for the calendar year ended December 31, 1996 for 235
funds in the complex.
A Compensation figures include cash, a pro rata portion of benefits accrued
under the retirement program for the period ended December 30, 1996 and
required to be deferred, and may include amounts deferred at the election
of Trustees.
B The following amounts are required to be deferred by each non-interested
Trustee, most of which is subject to vesting: Ralph F. Cox, $6, Phyllis
Burke Davis, $6, Richard J. Flynn, $0, E. Bradley Jones, $6, Donald J.
Kirk, $6, William O. McCoy, $0, Gerald C. McDonough, $6, Edward H. Malone,
$6, Marvin L. Mann, $6, and Thomas R. Williams, $6.
SUPPLEMENT TO THE FIDELITY
ADVISOR INTERNATIONAL FUNDS
CLASS A, CLASS T, AND CLASS B
FEBRUARY 28, 1997 PROSPECTUS
Effective May 9, 1997, the following information replaces similar
information found in "Who May Want to Invest" on page 3.
Each fund is composed of multiple classes of shares. All classes of a fund
have a common investment objective and investment portfolio. Class A and
Class T shares have a front-end sales charge and pay a distribution fee.
Class T shares may be subject to a contingent deferred sales charge (CDSC).
Class B shares do not have a front-end sales charge, but do have a CDSC,
and pay a distribution fee and a shareholder service fee. Institutional
Class shares have no sales charge and do not pay a distribution fee or a
shareholder service fee, but are available only to certain types of
investors. See "Sales Charge Reductions and Waivers," page 29, for
Institutional Class eligibility information. You may obtain more
information about Institutional Class shares, which are not offered through
this prospectus, by calling 1-800-843-3001 or from your investment
professional.
The performance of one class of shares of a fund may be different from the
performance of another class of shares of the same fund because of
different sales charges and class expenses. Contact your investment
professional to discuss which class is appropriate for you.
In determining which class of shares is appropriate for you, you should
consider, among other factors, the amount you plan to invest, the length of
time you intend to hold your shares, your eligibility for a sales charge
waiver or reduction, and the package of services provided to you by your
investment professional and the overall costs of those services. In
general, Class A shares have higher costs than Class T shares over a short
holding period because Class A shares have a higher front-end sales charge,
and Class A shares have lower costs than Class T shares over a longer
holding period because Class A shares have lower 12b-1 fees. If you are
planning to invest a significant amount either at one time or through a
regular investment program, you should consider the reduced front-end sales
charges available on Class A and Class T shares. See "Transaction Details,"
page 26, and "Sales Charge Reductions and Waivers," page 29, for sales
charge reduction information. If you are eligible for a front-end sales
charge waiver on a purchase of both Class A and Class T shares, Class A
shares generally will have lower costs than Class T shares because Class A
shares have lower 12b-1 fees. However, you should evaluate the overall
costs of purchasing Class A shares or Class T shares in the context of the
package of services provided to you by your investment professional. See
"Sales Charge Reductions and Waivers," page 29, for sales charge waiver
information. If you prefer not to pay a front-end sales charge, you should
consider Class B shares. While Class B shares are subject to higher ongoing
costs than Class A or Class T shares, because of their higher 12b-1 fees,
Class B shares are sold with a CDSC instead of a front-end sales charge so
your entire purchase amount is immediately invested. Please note that
purchase amounts of more than $250,000 will not be accepted for Class B
shares, and that Class A or Class T shares may have lower costs for
investments that qualify for a front-end sales charge reduction or waiver.
If you sell your Class B shares within six years, you will normally pay a
CDSC that varies depending on how long you have held your shares. See
"Transaction Details," page 26, for CDSC schedules and related information.
Effective May 9, 1997, the following information replaces similar
information found in "How to Buy Shares" on page 20.
Once each business day, two share prices are calculated for Class A and
Class T shares of each fund: the offering price and the NAV. If you pay a
front-end sales charge or qualify for a reduction as described on page 26,
your Class A or Class T share price will be the offering price. If you
qualify for a front-end sales charge waiver as described on page 29, your
Class A or Class T share price will be the NAV. When you buy Class A or
Class T shares at the offering price, the transfer agent deducts the
appropriate sales charge and invests the rest in Class A or Class T shares
of the fund. Class B's NAV is also calculated every business day. Class B
shares of each fund are sold without a front-end sales charge and may be
subject to a CDSC upon redemption. For information on how the CDSC is
calculated, see "Transaction Details," page 26.
PURCHASE AMOUNTS OF MORE THAN $250,000 WILL NOT BE ACCEPTED FOR CLASS B
SHARES.
Effective May 9, 1997, the following information replaces similar
information found in "Investor Services" on page 23.
FIDELITY ADVISOR SYSTEMATIC WITHDRAWAL PROGRAM lets you set up periodic
redemptions from your Class A, Class T, or Class B account. Accounts with a
value of $10,000 or more in Class A, Class T or Class B shares are eligible
for this program. Aggregate redemptions per 12 month period from your Class
B account may not exceed 10% of the account value and are not subject to a
CDSC. Because of Class A's and Class T's front-end sales charge, you may
not want to set up a systematic withdrawal plan during a period when you
are buying Class A or Class T shares on a regular basis.
Effective May 9, 1997, the following information replaces similar
information found in "Transaction Details" on page 26.
REINSTATEMENT PRIVILEGE. If you have sold all or part of your Class A,
Class T, or Class B shares of a fund, you may reinvest an amount equal to
all or a portion of the redemption proceeds in the same class of the fund
or any of the other Fidelity Advisor funds, at the NAV next determined
after receipt and acceptance of your investment order, provided that such
reinvestment is made within 90 days of redemption. Under these
circumstances, the dollar amount of the CDSC, if any, you paid on Class T
or Class B shares will be reimbursed to you by reinvesting that amount in
Class T shares or Class B shares, as applicable. You must reinstate your
shares into an account with the same registration. This privilege may be
exercised only once by a shareholder with respect to a fund and certain
restrictions may apply. For purposes of the CDSC holding period schedule,
the holding period of your Class T or Class B shares will continue as if
the shares had not been redeemed.
Effective May 9, 1997, the following information supplements information
found in "Sales Charge Reductions and Waivers" on page 29.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A SHARES:
4. Purchased by a trust institution or bank trust department that has
executed a participation agreement with FDC specifying certain asset
minimums and qualifications, and marketing restrictions. Assets managed by
third parties do not qualify for this waiver;
5. Purchased for use in a broker-dealer managed account program, provided
the broker-dealer has executed a participation agreement with FDC
specifying certain asset minimums and qualifications, and marketing,
program and trading restrictions. Employee benefit plan assets do not
qualify for this waiver; or
6. Purchased on a discretionary basis by a registered investment advisor
which is not part of an organization primarily engaged in the brokerage
business, that has executed a participation agreement with FDC specifying
certain asset minimums and qualifications, and marketing, program and
trading restrictions. Employee benefit plan assets do not qualify for this
waiver.
For the purpose of load waiver (2) certain broker-dealers that otherwise
meet the qualifications and asset minimums established by FDC are not
required to sign a participation agreement.
Effective May 9, 1997, the following information replaces similar
information found in "Sales Charge Reductions and Waivers" on page 29.
If you are investing through an account managed by a broker-dealer, if you
have authorized an investment adviser to make investment decisions for you,
or if you are investing through a trust department, you may qualify to
purchase Class T shares without a sales charge (as described in (9), (10)
and (13), above), Class A shares without a sales charge (as described in
(1), (2), and (3) above), or Institutional Class shares. Because
Institutional Class shares have no sales charge, and do not pay a
distribution fee or a shareholder service fee, Institutional Class shares
are expected to have a higher total return than Class A, Class T, or Class
B shares. Contact your investment professional to discuss if you qualify.
THE CDSC ON CLASS B SHARES MAY BE WAIVED:
1. In cases of disability or death, provided that Class B shares are
redeemed within one year following the death or the initial determination
of disability;
2. In connection with a total or partial redemption related to certain
distributions from retirement plans or accounts; or
3. In connection with redemptions through the Fidelity Advisor Systematic
Withdrawal Program.
