SUPPLEMENT TO THE FIDELITY ADVISOR FOCUS FUNDS INSTITUTIONAL CLASS
OCTOBER 31,1997 PROSPECTUS
The following information replaces each reference to 1-800-843-3001.
If you are investing through a broker-dealer or insurance
representative, call 1-800-522-7297. If you are investing through a
bank representative, call 1-800-843-3001.
The following information replaces the first three paragraphs found in
"Who May Want to Invest" on page 4.
Institutional Class shares are offered to:
1. Broker-dealer managed account 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. In addition, employee
benefit plans must have at least $50 million in plan assets;
2. Registered investment advisor managed account programs, provided
the registered investment advisor is not part of an organization
primarily engaged in the brokerage business, and the program (i)
charges an asset-based fee and (ii) will have at least $1 million
invested in the Institutional Class of the Advisor funds. In addition,
non-employee benefit plan accounts in the program must be managed on a
discretionary basis;
3. Trust institution and bank trust department managed account
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. Accounts managed by third parties are not eligible to purchase
Institutional Class shares;
4. Insurance company separate accounts that will have at least $1
million invested in the Institutional Class of the Advisor funds; and
5. Fidelity Trustees and employees.
For purchases made by managed account programs or insurance company
separate accounts, 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 found under
"FMR and Its Affiliates" in the "Charter" section on page 15.
Robert Ewing is manager of Advisor Financial Services, which he has
managed since January 1998. He also manages another Fidelity fund.
Since joining Fidelity in 1990, Mr. Ewing has worked as a research
associate, analyst and manager.
Michael Tempero is manager of Advisor Technology, which he has
managed since July 1998. He also manages another Fidelity fund. Mr.
Tempero joined Fidelity as an analyst in 1993, after receiving his MBA
from the University of Chicago.
SUPPLEMENT TO THE FIDELITY ADVISOR FOCUS FUNDS CLASS A, CLASS T, CLASS
B, AND
CLASS C OCTOBER 31, 1997 PROSPECTUS
The following information replaces similar information found in "Who
May Want to Invest" on page 4.
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
12b-1 fee. Class A and Class T shares may be subject to a contingent
deferred sales charge (CDSC). Class B and Class C shares do not have a
front-end sales charge, but do have a CDSC, and pay a 12b-1 fee.
Institutional Class shares have no sales charge and do not pay a 12b-1
fee, but are available only to certain types of investors. See "Sales
Charge Reductions and Waivers," page 46, for Institutional Class
eligibility information. You may obtain more information about
Institutional Class shares, which are not offered through this
prospectus, by calling 1-800-522-7297 if you are investing through a
broker-dealer or insurance representative, 1-800-843-3001 if you are
investing through a bank representative, or from your investment
professional.
If you prefer not to pay a front-end sales charge, you should consider
Class B or Class C shares. While Class B and Class C shares are
subject to higher ongoing costs than Class A or Class T shares, in
general because of their higher 12b-1 fees, Class B and Class C shares
are sold with a CDSC instead of a front-end sales charge so your
entire purchase amount is immediately invested. In general, Class B
shares have higher costs than Class C shares over a short holding
period because Class B shares have a higher CDSC that declines over
six years, and Class B shares have lower costs than Class C shares
over a longer period because Class B shares convert to Class A shares
after seven years. Please note that purchase amounts of more than
$250,000 will not be accepted for Class B shares, that purchase
amounts of more than $1,000,000 generally will not be accepted for
Class C 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. See "How to Buy Shares," page 36, for more
information on the maximum purchase amount for Class C shares. 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. If
you sell your Class C shares within one year, you will normally pay a
1.00% CDSC. See "Transaction Details," page 43, for CDSC schedules and
related information. Class B shares will automatically convert to
Class A shares after a holding period of seven years. Class C shares
do not convert to another class of shares. See "Transaction Details,"
page 43, for conversion information.
The following information replaces similar information found under
"FMR and Its Affiliates" in the "Charter" section on page 28.
Robert Ewing is manager of Advisor Financial Services, which he has
managed since January 1998. He also manages another Fidelity fund.
Since joining Fidelity in 1990, Mr. Ewing has worked as a research
associate, analyst and manager.
Michael Tempero is manager of Advisor Technology, which he has
managed since July 1998. He also manages another Fidelity fund. Mr.
Tempero joined Fidelity as an analyst in 1993, after receiving his MBA
from the University of Chicago.
EFFECTIVE AUGUST 24, 1998, the following information replaces the
ninth and tenth paragraphs found under the heading "Other Expenses" in
the"Breakdown of Expenses" section on page 34.
Class C shares of each fund have adopted a DISTRIBUTION AND SERVICE
PLAN. Under the plans, Class C of each fund is authorized to pay FDC a
monthly distribution fee as compensation for its services and expenses
in connection with the distribution of Class C shares. Class C of each
fund may pay FDC a distribution fee at an annual rate of 0.75% of its
average net assets, or such lesser amount as the Trustees may
determine from time to time. Class C of each fund currently pays FDC a
monthly distribution fee at an annual rate of 0.75% of its average net
assets throughout the month. Normally, after the first year of
investment, up to the full amount of the Class C distribution fee may
be reallowed to investment professionals as compensation for their
services in connection with the distribution of Class C shares.
In addition, pursuant to each Class C plan, Class C of each fund pays
FDC a monthly service fee at an annual rate of 0.25% of Class C's
average net assets throughout the month. Normally, after the first
year of investment, the full amount of the Class C service fee is
reallowed to investment professionals for providing personal service
to and/or maintenance of Class C shareholder accounts.
For purchases of Class C shares made for an employee benefit plan,
during the first year of investment and thereafter, the full amount of
the Class C distribution fee and Class C service fee paid by such
shares is reallowed to investment professionals as compensation for
their services in connection with the distribution of Class C shares
and for providing personal service to and/or maintenance of Class C
shareholder accounts.
The following information replaces similar information found in "How
to Buy Shares" on page 36.
PURCHASE AMOUNTS OF MORE THAN $1 MILLION WILL NOT BE ACCEPTED FOR
CLASS C SHARES. THIS LIMIT DOES NOT APPLY TO PURCHASES OF CLASS C
SHARES MADE BY AN EMPLOYEE BENEFIT PLAN.
EFFECTIVE AUGUST 24, 1998, the following information replaces the
fifth paragraph under the heading "Contingent Deferred Sales Charge"
in the "Transactions Details" section on page 44.
Except as provided below, investment professionals with whom FDC has
agreements will receive as compensation from FDC, at the time of the
sale, a concession equal to 1.00% of your purchase of Class C shares.
For purchases of Class C shares made for an employee benefit plan,
investment professionals do not receive a concession at the time of
sale.
The following information replaces similar information found in "Sales
Charge Reductions and Waivers" on page 47.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
1. Purchased for an insurance company separate account used to fund
annuity contracts for employee benefit plans;
2. 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;
3. 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;
4. 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;
5. Purchased for an employee benefit plan that has $25 million or more
in plan assets;
6. 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.
EFFECTIVE AUGUST 24, 1998, the following information replaces similar
information found in "Sales Charge Reductions and Waivers" on page 47.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
5. Purchased for (i) an employee benefit plan that has $25 million or
more in plan assets or (ii) an employee benefit plan that is part of
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; or
The following information replaces similar information found in "Sales
Charge Reductions and Waivers" beginning on page 47.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T
SHARES:
1. Purchased for an insurance company separate account used to fund
annuity contracts for employee benefit plans;
2. Purchased by a trust institution or bank trust department for a
managed account that is charged an asset-based fee. Accounts managed
by third parties do not qualify for this waiver;
3. Purchased by a broker-dealer for a managed account that is charged
an asset-based fee;
4. 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;
5. Purchased for an employee benefit plan, except certain small
employer retirement plans;
6. Purchased for a Fidelity or Fidelity Advisor account with the
proceeds of a distribution from (i) an insurance company separate
account used to fund annuity contracts for employee benefit plans that
are invested in Fidelity Advisor or Fidelity funds, or (ii) an
employee benefit plan that is invested in Fidelity Advisor or Fidelity
funds. (Distributions other than those transferred to an IRA account
must be transferred directly into a Fidelity account.);
7. Purchased for any state, county, or city, or any governmental
instrumentality, department, authority or agency;
8. Purchased with redemption proceeds from other mutual fund complexes
on which you have previously paid a front-end sales charge or CDSC;
9. Purchased by a current or former trustee or officer of a Fidelity
fund or a current or retired officer, director or regular employee of
FMR Corp. or FIL or their direct or indirect subsidiaries (a Fidelity
trustee or employee), the spouse of a Fidelity trustee or employee, a
Fidelity trustee or employee acting as custodian for a minor child, or
a person acting as trustee of a trust for the sole benefit of the
minor child of a Fidelity trustee or employee;
10. Purchased by a charitable organization (as defined for purposes of
Section 501(c)(3) of the Internal Revenue Code) investing $100,000 or
more;
11. 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;
12. Purchased for a charitable remainder trust or life income pool
established for the benefit of a charitable organization (as defined
for purposes of Section 501(c)(3) of the Internal Revenue Code);
13. Purchased with distributions of income, principal, and capital
gains from Fidelity Defined Trusts; or
14. Purchased prior to December 31, 1998 by shareholders who have
closed their Class T Municipal Bond, Class T California Municipal
Income, or Class T 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.
You must notify FDC in advance if you qualify for a front-end sales
charge waiver. Employee benefit plan investors must meet additional
requirements specified in the funds' SAI.
If you are investing through an insurance company separate account, if
you are investing through a trust department, if you are investing
through an account managed by a broker-dealer, or if you have
authorized an investment adviser to make investment decisions for you,
you may qualify to purchase Class A shares without a sales charge (as
described in (1), (2), (3) and (4) on the previous page), Class T
shares without a sales charge (as described in (1), (2), (3) and (4)
on the previous page and above), or Institutional Class shares.
Because Institutional Class shares have no sales charge, and do not
pay a 12b-1 fee, Institutional Class shares are expected to have a
higher total return than Class A, Class T, Class B, and Class C
shares. Contact your investment professional to discuss if you
qualify.
THE CDSC ON CLASS B AND CLASS C SHARES MAY BE WAIVED:
1. In cases of disability or death, provided that the 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 701/2, which
are permitted without penalty pursuant to the Internal Revenue Code;
3. In connection with redemptions through the Fidelity Advisor
Systematic Withdrawal Program; or
4. (APPLICABLE TO CLASS C ONLY) In connection with any redemptions
from an employee benefit plan. Employee benefit plan investors must
meet additional requirements specified in the funds' SAI.
