SUPPLEMENT TO THE
FIDELITY ADVISOR FOCUS FUNDSSMCLASS A, CLASS T, CLASS B, AND CLASS C
SEPTEMBER 29, 1999 PROSPECTUS
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR UTILITIES GROWTH FUND WILL
CHANGE ITS NAME TO "FIDELITY ADVISOR TELECOMMUNICATIONS & UTILITIES
GROWTH FUND." References in the Prospectus to "Fidelity Advisor
Utilities Growth Fund" will be replaced by "Fidelity Advisor
Telecommunications & Utilities Growth Fund."
The following information replaces similar information found in the
"Fund Management" section on page P-27.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.
The following information supplements similar information found in the
"Fund Management" section on page P-27.
(small solid bullet) Fidelity Investment Japan Ltd. (FIJ), in Tokyo,
Japan, serves as a sub-adviser for each fund. As of September 28,
1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for each fund.
The following information replaces similar information found in the
"Fund Management" section on page P-27.
James Catudal is manager of Advisor Financial Services, which he has
managed since February 2000. He also manages another Fidelity fund.
Since joining Fidelity in 1997, Mr. Catudal has worked as an analyst
and manager. Previously, he was an equity analyst with State Street
Research & Management. He received an MBA from the Amos Tuck School at
Dartmouth College in 1995.
Brian Hogan is manager of Advisor Cyclical Industries, which he has
managed since February 2000. He also manages another Fidelity fund.
Since joining Fidelity in 1994, Mr. Hogan has worked as a fixed-income
analyst, research analyst and manager.
Lawrence Rakers is manager of Advisor Technology, which he has managed
since January 2000. He also manages another Fidelity fund. Mr. Rakers
joined Fidelity as an analyst in 1993.
The following information replaces similar information found in the
"Fund Management" section on page P-27.
FMR pays FMR U.K. and FMR Far East for providing sub-advisory
services. FMR Far East pays FIJ for providing sub-advisory services.
SUPPLEMENT TO THE FIDELITY ADVISOR FOCUS FUNDSSM INSTITUTIONAL CLASS
SEPTEMBER 29, 1999 PROSPECTUS
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR UTILITIES GROWTH FUND WILL
CHANGE ITS NAME TO "FIDELITY ADVISOR TELECOMMUNICATIONS & UTILITIES
GROWTH FUND." References in the Prospectus to "Fidelity Advisor
Utilities Growth Fund" will be replaced by "Fidelity Advisor
Telecommunications & Utilities Growth Fund."
The following information replaces similar information found in the
"Fund Management" section on page P-24.
(small solid bullet) Fidelity Management & Research Far East Inc. (FMR
Far East) serves as a sub-adviser for each fund. FMR Far East was
organized in 1986 to provide investment research and advice to FMR.
Currently, FMR Far East provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for each fund.
The following information supplements similar information found in the
"Fund Management" section on page P-24.
(small solid bullet) Fidelity Investment Japan Ltd. (FIJ), in Tokyo,
Japan, serves as a sub-adviser for each fund. As of September 28,
1999, FIJ had approximately $16.3 billion in discretionary assets
under management. Currently, FIJ provides investment research and
advice on issuers based outside the United States for each fund.
The following information replaces similar information found in the
"Fund Management" section on page P-24.
James Catudal is manager of Advisor Financial Services, which he has
managed since February 2000. He also manages another Fidelity fund.
Since joining Fidelity in 1997, Mr. Catudal has worked as an analyst
and manager. Previously, he was an equity analyst with State Street
Research & Management. He received an MBA from the Amos Tuck School at
Dartmouth College in 1995.
Brian Hogan is manager of Advisor Cyclical Industries, which he has
managed since February 2000. He also manages another Fidelity fund.
Since joining Fidelity in 1994, Mr. Hogan has worked as a fixed-income
analyst, research analyst and manager.
Lawrence Rakers is manager of Advisor Technology, which he has managed
since January 2000. He also manages another Fidelity fund. Mr. Rakers
joined Fidelity as an analyst in 1993.
The following information replaces similar information found in the
"Fund Management" section on page P-24.
FMR pays FMR U.K. and FMR Far East for providing sub-advisory
services. FMR Far East pays FIJ for providing sub-advisory services.
SUPPLEMENT TO THE
FIDELITY ADVISOR FOCUS FUNDSSM
CLASS A, CLASS T, CLASS B, CLASS C, AND INSTITUTIONAL CLASS
SEPTEMBER 29, 1999
STATEMENT OF ADDITIONAL INFORMATION
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR UTILITIES GROWTH FUND
WILL BE RENAMED FIDELITY ADVISOR TELECOMMUNICATIONS & UTILITIES
GROWTH FUND. ALL REFERENCES TO FIDELITY ADVISOR UTILITIES GROWTH FUND
THROUGHOUT THIS SAI WILL BE REPLACED WITH FIDELITY ADVISOR
TELECOMMUNICATIONS & UTILITIES GROWTH FUND.
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE 47.
J. GARY BURKHEAD (58), Member of the Advisory Board (1997), is Vice
Chairman and a Member of the Board of Directors of FMR Corp. (1997)
and President of Fidelity Personal Investments and Brokerage Group
(1997). Previously, Mr. Burkhead served as President of Fidelity
Management & Research Compa ny.
E. BRADLEY JONES (71), Trustee. Prior to his retirement in 1984, Mr.
Jones was Chairman and Chief Executive Officer of LTV Steel Company.
He is a Director of TRW Inc. (automotive, space, defense, and
information technology), CSX Corporation (freight transportation),
Birmingham Steel Corporation (producer of steel and steel products),
and RPM, Inc. (manufacturer of chemical products), and he previously
served as a Director of NACCO Industries, Inc. (mining and
manufacturing, 1985-1995), Hyster-Yale Materials Handling, Inc.
(1985-1995), and Cleveland-Cliffs Inc (mining, 1985-1997), and as a
Trustee of First Union Real Estate Investments (1986-1997). In
addition, he serves as a Trustee of the Cleveland Clinic Foundation,
where he has also been a member of the Executive Committee as well as
Chairman of the Board and President, a Trustee of University School
(Cleveland), and a Trustee of Cleveland Clinic Florida.
RICHARD A. SILVER (52), Treasurer (1997), is Treasurer of the
Fidelity funds and is an employee of FMR (1997). Before joining FMR,
Mr. Silver served as Executive Vice President, Fund Accounting &
Administration at First Data Investor Services Group, Inc.
(1996-1997). Prior to 1996, Mr. Silver was Senior Vice President and
Chief Financial Officer at The Colonial Group, Inc. Mr. Silver also
served as Chairman of the Accounting/Treasurer's Committee of the
Investment Company Institute (1987-1993).
LEONARD M. RUSH (53), Assistant Treasurer (1994), is an employee of
FMR (1994). Prior to becoming Assistant Treasurer of the Fidelity
funds, Mr. Rush was Chief Compliance Officer of FMR Corp. (1993-1994)
and Chief Financial Officer of Fidelity Brokerage Services, Inc.
(1990-1993).
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND
IN THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.
NED C. LAUTENBACH (55), Trustee (2000), has been a partner of Clayton,
Dubilier & Rice, Inc. (private equity investment firm) since September
1998. Mr. Lautenbach was Senior Vice President of IBM Corporation from
1992 until his retirement in July 1998. From 1993 to 1995 he was
Chairman of IBM World Trade Corporation. He also was a member of IBM's
Corporate Executive Committee from 1994 to July 1998. He is a Director
of PPG Industries Inc. (glass, coating and chemical manufacturer),
Dynatech Corporation (global communications equipment), Eaton
Corporation (global manufacturer of highly engineered products) and
ChoicePoint Inc. (data identification, retrieval, storage, and
analysis).
ROBERT A. DWIGHT (44),Treasurer (2000), is Treasurer of the
Fidelity funds and is an employee of FMR. Prior to becoming Treasurer
of the Fidelity funds, he served as President of Fidelity Accounting
and Custody Services (FACS). Before joining Fidelity, Mr. Dwight was
Senior Vice President of fund accounting operations for The Boston
Company.
MARIA F. DWYER (41), Deputy Treasurer (2000), is Deputy Treasurer of
the Fidelity funds and is a Vice President (1999) and an employee
(1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director
of Compliance for MFS Investment Management.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 47.
The following table sets forth information describing the compensation
of each Trustee and Member of the Advisory Board of each fund for his
or her services for the fiscal year ended July 31, 1999, or calendar
year ended December 31, 1998, as applicable.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A Edward C. Johnson 3d** Abigail P. Johnson ** Ralph F. Cox Phyllis Burke Davis Robert M. Gates
FUND
Consumer Industries B $ 0 $ 0 $ 11 $ 10 $ 11
Cyclical IndustriesB $ 0 $ 0 $ 2 $ 2 $ 2
Financial ServicesB $ 0 $ 0 $ 76 $ 72 $ 76
Health CareB $ 0 $ 0 $ 123 $ 117 $ 123
Natural ResourcesB $ 0 $ 0 $ 109 $ 104 $ 108
TechnologyB $ 0 $ 0 $ 106 $ 99 $ 105
Utilities GrowthB $ 0 $ 0 $ 22 $ 21 $ 22
TOTAL COMPENSATION FROM THE $ 0 $ 0 $223,500 $220,500 $223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A E. Bradley Jones **** Donald J. Kirk Ned C. Lautenbach*** Peter S. Lynch ** William O. McCoy
FUND
Consumer Industries B $ 10 $ 11 $ 0 $ 0 $ 11
Cyclical IndustriesB $ 2 $ 2 $ 0 $ 0 $ 2
Financial ServicesB $ 75 $ 76 $ 0 $ 0 $ 76
Health CareB $ 122 $ 123 $ 0 $ 0 $ 123
Natural ResourcesB $ 108 $ 110 $ 0 $ 0 $ 108
TechnologyB $ 105 $ 106 $ 0 $ 0 $ 105
Utilities GrowthB $ 22 $ 22 $ 0 $ 0 $ 22
TOTAL COMPENSATION FROM THE $222,000 $226,500 $ 0 $ 0 $223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Gerald C. Mc- Donough Marvin L. Mann Robert C. Pozen ** Thomas R. Williams
FUND
Consumer Industries B $ 13 $ 11 $ 0 $ 10
Cyclical IndustriesB $ 2 $ 2 $ 0 $ 2
Financial ServicesB $ 93 $ 76 $ 0 $ 74
Health CareB $ 150 $ 123 $ 0 $ 119
Natural ResourcesB $ 133 $ 108 $ 0 $ 106
TechnologyB $ 129 $ 105 $ 0 $ 102
Utilities GrowthB $ 27 $ 22 $ 0 $ 22
TOTAL COMPENSATION FROM THE $273,500 $220,500 $ 0 $223,500
FUND COMPLEX*,A
</TABLE>
* Information is for the calendar year ended December 31, 1998 for 237
funds in the complex.
** Interested Trustees of the funds and Ms. Johnson are compensated
by FMR.
*** During the period from October 14, 1999 through December 31, 1999,
Mr. Lautenbach served as a Member of the Advisory Board. Effective
January 1, 2000, Mr. Lautenbach serves as a Member of the Board of
Trustees.
**** Mr. Jones served on the Board of Trustees through December 31,
1999.
A Compensation figures include cash, amounts required to be deferred,
and may include amounts deferred at the election of Trustees. For the
calendar year ended December 31, 1998, the Trustees accrued required
deferred compensation from the funds as follows: Ralph F. Cox,
$75,000; Phyllis Burke Davis, $75,000; Robert M. Gates, $75,000; E.
Bradley Jones, $75,000; Donald J. Kirk, $75,000; William O. McCoy,
$75,000; Gerald C. McDonough, $87,500; Marvin L. Mann, $75,000; and
Thomas R. Williams, $75,000. Certain of the non-interested Trustees
elected voluntarily to defer a portion of their compensation as
follows: Ralph F. Cox, $55,039; Marvin L. Mann, $55,039; Thomas R.
Williams, $63,433; and William O. McCoy, $55,039.
B Compensation figures include cash.
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "CONTROL OF INVESTMENT ADVISERS" SECTION BEGINNING ON PAGE 51.
Fidelity International Limited (FIL), a Bermuda company formed in
1968, is the ultimate parent company of Fidelity Investments Japan
Limited (FIJ). Edward C. Johnson 3d, Johnson family members, and
various trusts for the benefit of the Johnson family own, directly or
indirectly, more than 25% of the voting common stock of FIL. FIL
provides investment advisory services to non-U.S. investment companies
and institutional investors investing in securities throughout the
world.
THE FOLLOWING INFORMATION REPLACES THE "GROUP FEE RATE" AND "EFFECTIVE
ANNUAL FEE RATE" SCHEDULES FOUND ON PAGE 52.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Assets Annualized Rate Group Net Assets Effective Annual Fee Rate
0 - $3 billion .5200% $ 1 billion .5200%
3 - 6 .4900 50 .3823
6 - 9 .4600 100 .3512
9 - 12 .4300 150 .3371
12 - 15 .4000 200 .3284
15 - 18 .3850 250 .3219
18 - 21 .3700 300 .3163
21 - 24 .3600 350 .3113
24 - 30 .3500 400 .3067
30 - 36 .3450 450 .3024
36 - 42 .3400 500 .2982
42 - 48 .3350 550 .2942
48 - 66 .3250 600 .2904
66 - 84 .3200 650 .2870
84 - 102 .3150 700 .2838
102 - 138 .3100 750 .2809
138 - 174 .3050 800 .2782
174 - 210 .3000 850 .2756
210 - 246 .2950 900 .2732
246 - 282 .2900 950 .2710
282 - 318 .2850 1,000 .2689
318 - 354 .2800 1,050 .2669
354 - 390 .2750 1,100 .2649
390 - 426 .2700 1,150 .2631
426 - 462 .2650 1,200 .2614
462 - 498 .2600 1,250 .2597
498 - 534 .2550 1,300 .2581
534 - 587 .2500 1,350 .2566
587 - 646 .2463 1,400 .2551
646 - 711 .2426
711 - 782 .2389
782 - 860 .2352
860 - 946 .2315
946 - 1,041 .2278
1,041 - 1,145 .2241
1,145 - 1,260 .2204
over - 1,260 .2167
</TABLE>
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 53.
SUB-ADVISERS. On behalf of each fund, FMR has entered into
sub-advisory agreements with FMR U.K. and FMR Far East. Pursuant to
the sub-advisory agreements, FMR may receive from the sub-advisers
investment research and advice on issuers outside the United States
and FMR may grant the sub-advisers investment management authority as
well as the authority to buy and sell securities if FMR believes it
would be beneficial to the funds.
THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 53.
On behalf of each fund, FMR Far East has entered into a sub-advisory
agreement with FIJ pursuant to which FMR Far East may receive from FIJ
investment research and advice relating to Japanese issuers (and such
other Asian issuers as FMR Far East may designate).
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 53.
For providing non-discretionary investment advice and research
services, FMR pays FMR U.K. and FMR Far East fees equal to 110% and
105%, respectively, of FMR U.K.'s and FMR Far East's costs incurred in
connection with providing investment advice and research services. For
providing non-discretionary investment advice and research services,
FMR Far East pays FIJ a fee equal to 100% of FIJ's costs incurred in
connection with providing investment advice and research services for
a fund to FMR Far East.
