SUPPLEMENT TO THE
FIDELITY ADVISOR FOCUS FUNDS
CLASS A, CLASS T, CLASS B, AND CLASS C
SEPTEMBER 28, 1998 PROSPECTUS
The following information replaces similar information for CONSUMER
INDUSTRIES, CYCLICAL INDUSTRIES, NATURAL RESOURCES, TECHNOLOGY, and
UTILITIES GROWTH found in "Expenses" on page P-5.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
OPERATING EXPENSES CLASS A CLASS T CLASS B CLASS C
CONSUMER INDUSTRIES MANAGEMENT FEE 0.59% 0.59% 0.59% 0.59%[A]
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER SERVICE 0.25% 0.50% 1.00% 1.00%
FEE FOR CLASS B AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT CLASS A, 0.66% 0.66% 0.66% 0.66%[A]
CLASS T, CLASS B, AND CLASS C)
TOTAL OPERATING EXPENSES 1.50% 1.75% 2.25% 2.25%
CYCLICAL INDUSTRIES MANAGEMENT FEE 0.59% 0.59% 0.59% 0.59%[A]
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER SERVICE 0.25% 0.50% 1.00% 1.00%
FEE FOR CLASS B AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT CLASS A, 0.66% 0.66% 0.66% 0.66%[A]
CLASS T, CLASS B, AND CLASS C)
TOTAL OPERATING EXPENSES 1.50% 1.75% 2.25% 2.25%
NATURAL RESOURCES MANAGEMENT FEE 0.59% 0.59% 0.59% 0.59%[A]
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER SERVICE 0.25% 0.50% 1.00% 1.00%
FEE FOR CLASS B AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT CLASS C) 0.50% 0.35% 0.39% 0.66%[A]
TOTAL OPERATING EXPENSES 1.34% 1.44% 1.98% 2.25%
TECHNOLOGY MANAGEMENT FEE 0.59% 0.59% 0.59% 0.59%[A]
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER SERVICE 0.25% 0.50% 1.00% 1.00%
FEE FOR CLASS B AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT CLASS C) 0.55% 0.51% 0.62% 0.66%[A]
TOTAL OPERATING EXPENSES 1.39% 1.60% 2.21% 2.25%
UTILITIES GROWTH MANAGEMENT FEE 0.59% 0.59% 0.59% 0.59%[A]
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER SERVICE 0.25% 0.50% 1.00% 1.00%
FEE FOR CLASS B AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT CLASS A, 0.66% 0.66% 0.66% 0.66%[A]
CLASS T, CLASS B, AND CLASS C)
TOTAL OPERATING EXPENSES 1.50% 1.75% 2.25% 2.25%
</TABLE>
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
The following information replaces similar information found in
"Expenses" on page P-6.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total Class A, Class T, Class B, and Class C operating expenses
presented in the preceding table would have been:
CLASS A CLASS T CLASS B CLASS C
CONSUMER INDUSTRIES 1.48% 1.73% 2.23% *
CYCLICAL INDUSTRIES N/A N/A N/A *
FINANCIAL SERVICES 1.30% 1.50% 2.04% *
HEALTH CARE 1.36% 1.52% 2.12% *
NATURAL RESOURCES 1.30% 1.40% 1.94% *
TECHNOLOGY 1.35% 1.56% 2.18% *
UTILITIES GROWTH 1.47% 1.71% 2.22% *
* IMPACT OF CREDITS NOT APPLIED TO FIRST YEAR ESTIMATED
EXPENSES.
The following information replaces similar information found in
"Expenses" on page P-6.
EXPENSE TABLE EXAMPLE: You would pay the following amount in
total expenses on a $1,000 investment, assuming a 5% annual return and
either (1) full redemption or (2) no redemption at the end of each
time period. Total expenses shown below include your shareholder
transaction expenses, such as the maximum front-end sales charge or
CDSC, as applicable, and a class's annual operating expenses.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FULL REDEMPTION NO REDEMPTION
CLASS A CLASS T CLASS B CLASS C CLASS B CLASS C
CONSUMER INDUSTRIES 1 YEAR $ 72 $ 52 $ 73[A] $ 33[A] $ 23 $ 23
3 YEARS $ 102 $ 88 $ 100[A] $ 70 $ 70 $ 70
5 YEARS $ 135 $ 127 $ 141[A] $ 120 $ 120 $ 120
10 YEARS[B] $ 226 $ 234 $ 231 $ 258 $ 231 $ 258
CYCLICAL INDUSTRIES 1 YEAR $ 72 $ 52 $ 73[A] $ 33[A] $ 23 $ 23
3 YEARS $ 102 $ 88 $ 100[A] $ 70 $ 70 $ 70
5 YEARS $ 135 $ 127 $ 141[A] $ 120 $ 120 $ 120
10 YEARS[B] $ 226 $ 234 $ 231 $ 258 $ 231 $ 258
FINANCIAL SERVICES 1 YEAR $ 70 $ 50 $ 71[A] $ 31[A] $ 21 $ 21
3 YEARS $ 97 $ 81 $ 95[A] $ 65 $ 65 $ 65
5 YEARS $ 126 $ 115 $ 131[A] $ 112 $ 111 $ 112
10 YEARS[B] $ 207 $ 210 $ 211 $ 242 $ 211 $ 242
HEALTH CARE 1 YEAR $ 71 $ 50 $ 72[A] $ 32[A] $ 22 $ 22
3 YEARS $ 99 $ 82 $ 97[A] $ 68 $ 67 $ 68
5 YEARS $ 129 $ 116 $ 134[A] $117 $ 114 $ 117
10 YEARS[B] $ 214 $ 212 $ 218 $ 251 $ 218 $ 251
NATURAL RESOURCES 1 YEAR $ 70 $ 49 $ 70[A] $ 33[A] $ 20 $ 23
3 YEARS $ 98 $ 79 $ 92[A] $ 70 $ 62 $ 70
5 YEARS $ 127 $ 111 $ 127[A] $120 $ 107 $ 120
10 YEARS[B] $ 209 $ 201 $ 206 $ 258 $ 206 $ 258
TECHNOLOGY 1 YEAR $ 71 $ 51 $ 72[A] $ 33[A] $ 22 $ 23
3 YEARS $ 99 $ 84 $ 99[A] $ 70 $ 69 $ 70
5 YEARS $ 129 $ 119 $ 138[A] $ 120 $ 118 $ 120
10 YEARS[B] $ 215 $ 218 $ 224 $ 258 $ 224 $ 258
UTILITIES GROWTH 1 YEAR $ 72 $ 52 $ 73[A] $ 33[A] $ 23 $ 23
3 YEARS $ 102 $ 88 $ 100[A] $ 70 $ 70 $ 70
5 YEARS $ 135 $ 127 $ 141[A] $ 120 $ 120 $ 120
10 YEARS[B] $ 226 $ 234 $ 231 $ 258 $ 231 $ 258
</TABLE>
[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
[B] REFLECTS CONVERSION OF CLASS B SHARES TO CLASS A SHARES AFTER
SEVEN YEARS.
THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT
MEANT TO SUGGEST ACTUAL OR EXPECTED EXPENSES OR RETURNS, ALL OF WHICH
MAY VARY .
The following information replaces similar information found in
"Expenses" on page P-7.
FMR has voluntarily agreed to reimburse Class A, Class T, Class B,
and Class C of each fund to the extent that total operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses), as a percentage of their respective average net assets,
exceed the following rates:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A EFFECTIVE CLASS T EFFECTIVE CLASS B EFFECTIVE CLASS C EFFECTIVE
DATE DATE DATE DATE
CONSUMER INDUSTRIES 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
CYCLICAL INDUSTRIES 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
FINANCIAL SERVICES 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
HEALTH CARE 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
NATURAL RESOURCES 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
TECHNOLOGY 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
UTILITIES GROWTH 1.50% 12/1/98 1.75% 12/1/98 2.25% 12/1/98 2.25% 12/1/98
</TABLE>
If these agreements were not in effect, other expenses and total
operating expenses, as a percentage of average net assets, would have
been the following amounts:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OTHER EXPENSES TOTAL OPERATING EXPENSES
CLASS A CLASS T CLASS B CLASS C[A] CLASS A CLASS T CLASS B CLASS C[A]
CONSUMER INDUSTRIES 1.62% 1.12% 1.87% 2.80% 2.46% 2.21% 3.46% 4.39%
CYCLICAL INDUSTRIES 4.56% 2.91% 5.85% 14.42% 5.40% 4.00% 7.44% 16.01%
NATURAL RESOURCES * * * 1.15% * * * 2.74%
TECHNOLOGY * * * 0.84% * * * 2.43%
UTILITIES GROWTH 1.34% 0.85% 1.04% 1.52% 2.18% 1.94% 2.63% 3.11%
</TABLE>
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
* TOTAL OPERATING EXPENSES WERE LESS THAN THE VOLUNTARY EXPENSE
CAPS IN EFFECT DURING THE FISCAL YEAR ENDED 1998.
The following information replaces similar information found in the
"Charter" section under "FMR and Its Affiliates" on page P-25.
Peter Saperstone is manager of Advisor Utilities Growth, which he has
managed since October 1998. He also manages other Fidelity funds. Mr.
Saperstone joined Fidelity in 1995 and has worked as an analyst and
manager.
The following information replaces similar information found in
"How to Buy Shares" on page P-33.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accounts* $500
Through regular investment plans** $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accounts* None
* THESE LOWER MINIMUMS APPLY TO FIDELITY ADVISOR TRADITIONAL IRA,
ROTH IRA, ROTH CONVERSION IRA, ROLLOVER IRA, SEP-IRA, AND KEOGH
ACCOUNTS.
** AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED. FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE
REFER TO "INVESTOR SERVICES," PAGE P-36.
The following information replaces similar information found in
"Investor Services" on page P-37.
REGULAR INVESTMENT PLANS
FIDELITY ADVISOR SYSTEMATIC INVESTMENT PROGRAM
TO MOVE MONEY FROM YOUR BANK ACCOUNT TO A FIDELITY ADVISOR FUND
MINIMUM
INITIAL
$100
The following information replaces the second paragraph found under
the heading "Finder's Fee" in the "Transaction Details" section on
page P-39.
Except as provided below, any assets on which a finder's fee has
been paid will bear a CDSC (Class A or Class T CDSC) if they do not
remain in Class A or Class T shares of the Fidelity Advisor funds, or
Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt
Fund, for a period of at least one uninterrupted year. The Class A or
Class T CDSC will be 0.25% of the lesser of the cost of the Class A or
Class T shares, as applicable, at the initial date of purchase or the
value of the Class A or Class T shares, as applicable, at redemption,
not including any reinvested dividends or capital gains. Class A and
Class T shares acquired through distributions (dividends or capital
gains) will not be subject to a Class A or Class T CDSC. In
determining the applicability and rate of any Class A or Class T CDSC
at redemption, Class A or Class T shares representing reinvested
dividends and capital gains, if any, will be redeemed first, followed
by those Class A or Class T CDSC shares that have been held for the
longest period of time.
The following information replaces the fourth paragraph found under
the heading "Finder's Fee" in the "Transaction Details" section on
page P-39.
With respect to shares held by an insurance company separate
account, the Class A or Class T CDSC does not apply.
With respect to employee benefit plans, the Class A or Class T CDSC
does not apply to the following types of redemptions; (i) plan loans
or distributions or (ii) exchanges to non-Advisor fund investment
options. With respect to Individual Retirement Accounts, the Class A
or Class T CDSC does not apply to redemptions made for disability,
payment of death benefits, or required partial distributions starting
at age 70. Your investment professional should advise Fidelity at the
time your redemption order is placed if you qualify for a waiver of
the Class A or Class T CDSC.
The following information replaces similar information found in
"Exchange Restrictions" on page P-41.
As a shareholder, you have the privilege of exchanging Class A,
Class T, Class B, or Class C shares of a fund for the same class of
shares of other Fidelity Advisor funds at NAV; Class A or Class T
shares for Daily Money Class shares of Treasury Fund, Prime Fund, or
Tax-Exempt Fund; Class B shares for Advisor B Class shares of Treasury
Fund; and Class C shares for Advisor C Class shares of Treasury Fund.
If you purchased your Class T shares through certain investment
professionals that have signed an agreement with FDC, you also have
the privilege of exchanging your Class T shares for shares of Fidelity
Capital Appreciation Fund. However, you should note the following:
The following information replaces the Class A waivers found in
"Sales Charge Reductions and Waivers" beginning on page P-42.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING
CLASS A SHARES:
1. Purchased for an employee benefit plan with at least $25
million or more in plan assets;
2. Purchased by an employee benefit plan investing through
an insurance company separate account used to fund annuity
contracts;
3. Purchased for an employee benefit plan investing through
a trust institution, bank trust department or insurance company, or
any such institution's broker-dealer affiliate that is not part of an
organization primarily engaged in the brokerage business. Employee
benefit plans that participate in the Advisor Retirement Connection do
not qualify for this waiver;
4. Purchased for an employee benefit plan investing through
an investment professional sponsored program that requires the
participating employee benefit plan to initially invest in Class C or
Class B shares and, upon meeting certain criteria, subsequently
requires the plan to invest in Class A shares;
5. Purchased by a trust institution or bank trust department
for a managed account that is charged an asset-based fee. Employee
benefit plans and accounts managed by third parties do not qualify for
this waiver;
6. Purchased by a broker-dealer for a managed account that
is charged an asset-based fee. Employee benefit plans do not qualify
for this waiver;
7. Purchased by a registered investment advisor that is not
part of an organization primarily engaged in the brokerage business
for an account that is managed on a discretionary basis and is charged
an asset-based fee. Employee benefit plans do not qualify for this
waiver;
8. Purchased by a bank trust officer, registered
representative, or other employee (or a member of one of their
immediate families) of investment professionals having agreements with
FDC; or
9. Purchased prior to December 31, 1998 by shareholders who
have closed their Class A Municipal Bond, Class A California Municipal
Income, or Class A New York Municipal Income accounts prior to
December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received in proper form by FIIOC.
SUPPLEMENT TO THE FIDELITY ADVISOR FOCUS FUNDS INSTITUTIONAL CLASS
SEPTEMBER 28, 1998 PROSPECTUS
The following information supplements similar information found in
"Who May Want to Invest" on page P-3.
6. Insurance company employee benefit plan programs that (i) charge
an asset-based fee and (ii) will have at least $1 million invested in
the Institutional Class of the Advisor funds. Insurance company
employee benefit plan programs include such programs offered by a
broker-dealer affiliate of an insurance company, provided that the
affiliate is not part of an organization primarily engaged in the
brokerage business.
The following information replaces similar information found in
"Who May Want to Invest" on page P-3.
For purchases made by managed account programs, insurance company
separate accounts or insurance company employee benefit plan programs,
FDC reserves the right to waive the requirement that $1 million be
invested in the Institutional Class of the Advisor funds. Employee
benefit plan investors must meet additional requirements specified in
the funds' SAI.
The following information replaces similar information for CONSUMER
INDUSTRIES, CYCLICAL INDUSTRIES, and UTILITIES GROWTH found in
"Expenses" on page P-4.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
OPERATING EXPENSES EXAMPLES
CONSUMER INDUSTRIES MANAGEMENT FEE 0.59% 1 YEAR $13
12B-1 FEE NONE 3 YEARS $40
OTHER EXPENSES (AFTER REIMBURSEMENT) 0.66% 5 YEARS $69
TOTAL OPERATING EXPENSES 1.25% 10 YEARS $151
CYCLICAL INDUSTRIES MANAGEMENT FEE 0.59% 1 YEAR $13
12B-1 FEE NONE 3 YEARS $40
OTHER EXPENSES (AFTER REIMBURSEMENT) 0.66% 5 YEARS $69
TOTAL OPERATING EXPENSES 1.25% 10 YEARS $151
UTILITIES GROWTH MANAGEMENT FEE 0.59% 1 YEAR $13
12B-1 FEE NONE 3 YEARS $40
OTHER EXPENSES (AFTER REIMBURSEMENT) 0.66% 5 YEARS $69
TOTAL OPERATING EXPENSES 1.25% 10 YEARS $151
</TABLE>
The following information replaces similar information found in
"Expenses" on page P-5.
A portion of the brokerage commissions that a fund pays is used to
reduce that fund's expenses. In addition, each fund has entered into
arrangements with its custodian and transfer agent whereby credits
realized as a result of uninvested cash balances are used to reduce
custodian and transfer agent expenses. Including these reductions, the
total Institutional Class operating expenses presented in the
preceding table would have been:
INSTITUTIONAL CLASS
CONSUMER INDUSTRIES 1.23%
CYCLICAL INDUSTRIES N/A
FINANCIAL SERVICES 1.13%
HEALTH CARE 1.04%
NATURAL RESOURCES 0.91%
TECHNOLOGY 1.07%
UTILITIES GROWTH 1.22%
FMR has voluntarily agreed to reimburse the Institutional Class of
each fund to the extent that total operating expenses (excluding
interest, taxes, brokerage commissions and extraordinary expenses), as
a percentage of their respective average net assets, exceed the
following rates:
EFFECTIVE
DATE
CONSUMER INDUSTRIES 1.25% 12/1/98
CYCLICAL INDUSTRIES 1.25% 12/1/98
FINANCIAL SERVICES 1.25% 12/1/98
HEALTH CARE 1.25% 12/1/98
NATURAL RESOURCES 1.25% 12/1/98
TECHNOLOGY 1.25% 12/1/98
UTILITIES GROWTH 1.25% 12/1/98
If these agreements were not in effect, other expenses and total
operating expenses of the Institutional Class of each fund, as a
percentage of average net assets, would have been the following
amounts:
OTHER TOTAL
EXPENSES EXPENSES
CONSUMER INDUSTRIES 1.19% 1.78%
CYCLICAL INDUSTRIES 2.94% 3.53%
UTILITIES GROWTH 0.87% 1.46%
The following information replaces similar information found in the
"Charter" section under "FMR and Its Affiliates" on page P-14.
Peter Saperstone is manager of Advisor Utilities Growth, which he has
managed since October 1998. He also manages other Fidelity funds. Mr.
Saperstone joined Fidelity in 1995 and has worked as an analyst and
manager.
The following information replaces similar information found in
"How to Buy Shares" on page P-21.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accounts* $500
Through regular investment plans** $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accounts* None
* THESE LOWER MINIMUMS APPLY TO FIDELITY ADVISOR TRADITIONAL IRA,
ROTH IRA, ROTH CONVERSION IRA, ROLLOVER IRA, SEP-IRA, AND KEOGH
ACCOUNTS.
** AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED. FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE
REFER TO "NVESTOR SERVICES," PAGE P-24.
The following information replaces similar information found in
"Investor Services" on page P-25.
REGULAR INVESTMENT PLANS
FIDELITY ADVISOR SYSTEMATIC INVESTMENT PROGRAM
TO MOVE MONEY FROM YOUR BANK ACCOUNT TO A FIDELITY ADVISOR FUND
MINIMUM
INITIAL
$100
SUPPLEMENT TO THE FIDELITY ADVISOR FOCUS FUNDSSM
CLASS A, CLASS T, CLASS B, CLASS C, AND INSTITUTIONAL CLASS
SEPTEMBER 28, 1998
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN
"ADDITIONAL PURCHASE, EXCHANGE AND REDEMPTION INFORMATION" ON PAGE
44.
CLASS A SHARES ONLY
Pursuant to Rule 22d-1 under the 1940 Act, FDC exercises its right
to waive Class A's 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 in those sales of shares.
The sales charge will not apply:
1. to shares purchased for an employee benefit plan (including
403(b) programs, but otherwise as defined in ERISA) with at least $25
million or more in plan assets;
2. to shares purchased for an employee benefit plan (including
403(b) programs, but otherwise as defined in ERISA) investing through
an insurance company separate account used to fund annuity
contracts;
3. to shares purchased for an employee benefit plan (including
403(b) programs, but otherwise as defined in ERISA) investing through
a trust institution, bank trusts department or insurance company, or
any such institution's broker-dealer affiliate that is not part of an
organization primarily engaged in the brokerage business. Employee
benefit plans that participate in the Advisor Retirement Connection do
not qualify for this waiver;
4. to shares purchased for an employee benefit plan (including
403(b) programs, but otherwise as defined in ERISA) investing through
an investment professional sponsored program that requires the
participating employee benefit plan to initially invest in Class C or
Class B shares and, upon meeting certain criteria, subsequently
requires the plan to invest in Class A shares;
5. to shares purchased by a trust institution or bank trust
department for a managed account that is charged an asset-based fee.
Employee benefit plans (including 403(b) programs, but otherwise as
defined in ERISA) and accounts managed by third parties do not qualify
for this waiver;
6. to shares purchased by a broker-dealer for a managed account
that is charged an asset-based fee. Employee benefit plans (including
403(b) programs, but otherwise as defined in ERISA) do not qualify for
this waiver;
7. to shares purchased by a registered investment adviser that is
not part of an organization primarily engaged in the brokerage
business for an account that is managed on a discretionary basis and
is charged an asset-based fee. Employee benefit plans (including
403(b) programs, but otherwise as defined in ERISA) do not qualify for
this waiver;
8. to shares purchased by a bank trust officer, registered
representative, or other employee (or a member of one of their
immediate families) of investment professionals having agreements with
FDC; or
9. to shares purchased prior to December 31, 1998 by shareholders
who have closed their Class A Municipal Bond, Class A California
Municipal Income, or Class A New York Municipal Income accounts prior
to December 31, 1997. This waiver is limited to purchases of up to
$10,000; shareholders are entitled to this waiver after the original
load waiver certificate is received by FIIOC.
THE FOLLOWING INFORMATION REPLACES THE LAST PARAGRAPH FOUND UNDER
THE HEADING "INSTITUTIONAL CLASS SHARES ONLY" IN THE "ADDITIONAL
PURCHASE, EXCHANGE AND REDEMPTION INFORMATION" SECTION ON PAGE 45.
6. Insurance company employee benefit plan programs (including
403(b) programs, but otherwise as defined in ERISA) that (i) charge an
asset-based fee and (ii) will have at least $1 million invested in the
Institutional Class of the Advisor funds. Insurance company employee
benefit plan programs include such programs offered by a broker-dealer
affiliate of an insurance company, provided that the affiliate is not
part of an organization primarily engaged in the brokerage
business.
For purchases made by managed account programs, insurance company
separate accounts or insurance company employee benefit programs, FDC
reserves the right to waive the requirement that $1 million be
invested in the Institutional Class of the Advisor funds.
THE FOLLOWING INFORMATION REPLACES THE THIRD PARAGRAPH FOUND UNDER
THE HEADING "FINDER'S FEE" IN THE "ADDITIONAL PURCHASE, EXCHANGE AND
REDEMPTION INFORMATION" SECTION ON PAGE 46.
Except as provided below, any assets on which a finder's fee has
been paid will bear a contingent deferred sales charge (Class A or
Class T CDSC) if they do not remain in Class A or Class T shares of
the Fidelity Advisor Funds, or Daily Money Class shares of Treasury
Fund, Prime Fund or Tax-Exempt Fund, for a period of at least one
uninterrupted year. The Class A or Class T CDSC will be 0.25% of the
lesser of the cost of the Class A or Class T shares, as applicable, at
the initial date of purchase or the value of the Class A or Class T
shares, as applicable, at redemption, not including any reinvested
dividends or capital gains. Class A and Class T shares acquired
through distributions (dividends or capital gains) will not be subject
to a Class A or Class T CDSC. In determining the applicability and
rate of any Class A or Class T CDSC at redemption, Class A or Class T
shares representing reinvested dividends and capital gains, if any,
will be redeemed first, followed by those Class A or Class T shares
that have been held for the longest period of time.
Shares held by an insurance company separate account will be
aggregated at the client (e.g., the contract holder or plan sponsor)
level, not at the separate account level. Upon request, anyone
claiming eligibility for the 0.25% fee with respect to shares held by
an insurance company separate account must provide FDC access to
records detailing purchases at the client level.
With respect to shares held by an insurance company separate
account, the Class A or Class T CDSC does not apply.
