SUPPLEMENT TO THE FIDELITY ADVISOR MUNICIPAL BOND FUND CLASS A AND CLASS B
PROSPECTUS
DATED JUNE 30, 1996
Effective August 30, 1996, Class A of the fund has been renamed Class T.
Effective January 2, 1997, the following information replaces the similar
information found in the "Expenses" section beginning on page 3.
A CDSC is imposed on Class B shares only if you redeem Class B shares
within six years of purchase. See "Transaction Details," page 23, for
information about the CDSC.
Class T Class B
Maximum CDSC (as a % of the lesser of original purchase None[A] 5.00%[B
price or redemption proceeds) ]
[A] A CONTINGENT DEFERRED SALES CHARGE OF 0.25% IS ASSESSED ON CERTAIN
REDEMPTIONS OF CLASS T SHARES THAT WERE PURCHASED WITHOUT AN INITIAL SALES
CHARGE. SEE "TRANSACTION DETAILS".
[B] DECLINES OVER 6 YEARS FROM 5.00% TO 0%.
EXPENSE TABLE EXAMPLE: You would pay the following expenses, including the
maximum front-end sales charge or CDSC, as applicable, 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:
Class B (1) (2)
1 Year $ 67[A $ 17
]
3 Years $ 82[A $ 52
]
5 Years $ 110[A $ 90
]
10 Years $ 170[B $ 170[B
] ]
[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
[B] REFLECTS CONVERSION TO CLASS T SHARES AFTER SEVEN YEARS.
Class B shares will convert to Class A shares upon availability of Class A
shares on or about February 28, 1997.
THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT MEANT TO
SUGGEST ACTUAL OR EXPECTED COSTS OR RETURNS, ALL OF WHICH MAY VARY.
Effective January 2, 1997, the following information replaces the similar
information found in the "Performance" section beginning on page 6.
AVERAGE ANNUAL TOTAL RETURNS[A]
Fiscal years ended November 30, 1995 Past Past Past
1 5 10
year years years
Municipal Bond - Class B 15.40 7.95 8.86
(load adj.)[B] % % %
CUMULATIVE TOTAL RETURNS[A]
Fiscal years ended Past Past Past
November 30, 1995 1 5 10
year years years
Municipal Bond - Class B 15.40 46.61 133.7
(load adj.)[B] % % 1%
[A] INITIAL OFFERING OF CLASS B SHARES TOOK PLACE ON JULY 1, 1996. CLASS B
SHARES BEAR A 12B-1 FEE (INCLUDING A SHAREHOLDER SERVICING FEE) WHICH IS
NOT REFLECTED IN PRIOR DATE RETURNS. RETURNS PRIOR TO JULY 1, 1996 ARE
THOSE OF INITIAL CLASS THE ORIGINAL CLASS OF THE FUND, WHICH CLASS DOES NOT
BEAR A 12B-1 FEE. CLASS B SHARE RETURNS WOULD HAVE BEEN LOWER HAD ITS 12B-1
FEE BEEN REFLECTED IN PRIOR DATE RETURNS.
[B] CLASS B'S CONTINGENT DEFERRED SALES CHARGES INCLUDED IN THE PAST ONE
YEAR, PAST FIVE YEARS, AND 10 YEARS TOTAL RETURNS FIGURES ARE 5%, 2% AND
0%, RESPECTIVELY.
Effective January 2, 1997, following information replaces the information
found in the "How to Buy Shares" section in the chart on page 17 in the
"Wire" row, under the column "To Add to an Account."
Wire to:
Banker's Trust Co.
Routing # 021001033
Fidelity DART Depository
Acct #00159759
FBO: (Account name)
(Account number)
Specify "Fidelity Advisor Municipal Bond Fund," note the applicable class,
and include your account number and your name.
Effective January 2, 1997, following information replaces the information
found in the "How to Sell Shares" section under the "Selling Shares in
Writing" heading on page 18.
Write a "letter of instruction" with:
(small solid bullet) Your name,
(small solid bullet) The fund's name,
(small solid bullet) The applicable class name,
(small solid bullet) Your fund account number,
(small solid bullet) The dollar amount or number of shares to be redeemed,
signed certificates (if previously issued) and
(small solid bullet) Any other applicable requirements listed in the table
on page 19.
Deliver your letter to your investment professional, or mail it to the
following address:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Unless otherwise instructed, Fidelity will send a check to the record
address.
The following information replaces similar information found in the
"Dividends, Capital Gains, and Taxes" section on page 22.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will automatically be reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3, or 4, and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in your account at the current NAV
and your election may be converted to the Reinvestment Option. To change
your distribution option, call your investment professional directly or, if
you purchased your shares through a broker-dealer, call 1-800-522-7297. If
you purchased your shares through a bank representative, call
1-800-843-3001.
Effective January 2, 1997 the following information replaces the similar
information found in the "Transaction Details" section beginning on page
23.
CONTINGENT DEFERRED SALES CHARGE. Class B shares may, upon redemption, be
assessed a CDSC based on the following schedule:
From Date of Purchase Contingent
Deferred
Sales
Charge
Less than 1 year 5%
1 year to less than 2 years 4%
2 years to less than 3 years 3%
3 years to less than 4 years 3%
4 years to less than 5 years 2%
5 years to less than 6 years 1%
6 years to less than 7 years[A] 0%
[A] AFTER A MAXIMUM HOLDING PERIOD OF SEVEN YEARS, CLASS B SHARES WILL
CONVERT AUTOMATICALLY TO CLASS T SHARES OF THE FUND. SEE "CONVERSION
FEATURE" BELOW FOR MORE INFORMATION.
Investment professionals with whom FDC has agreements receive as
compensation from FDC a concession equal to 4.00% of your purchase of Class
B shares.
CONVERSION FEATURE. After a maximum holding period of seven years from the
initial date of purchase, Class B shares and any capital appreciation
associated with those shares convert automatically to Class T shares of the
fund. Conversion to Class T shares will be made at NAV. At the time of
conversion, a portion of the Class B shares purchased through the
reinvestment of dividends or capital gains (Dividend Shares) will also
convert to Class T shares. The portion of Dividend Shares that will convert
is determined by the ratio of your converting Class B non-Dividend Shares
to your total Class B non-Dividend Shares.
THE TRANSFER AGENT RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE FEE
of $12.00 from accounts with a value of less than $2,500 (including any
amount paid as a sales charge), subject to an annual maximum charge of
$60.00 per shareholder. Accounts opened after September 30 will not be
subject to the fee for that year. The fee, which is payable to the transfer
agent, is designed to offset in part the relatively higher costs of
servicing smaller accounts. The fee will not be deducted from retirement
accounts (except non-prototype retirement accounts), accounts using a
systematic investment program, certain (Network Level I and III) accounts
which are maintained through National Securities Clearing Corporation
(NSCC), or if total assets in Fidelity mutual funds exceed $50,000.
Eligibility for the $50,000 waiver is determined by aggregating Fidelity
mutual fund accounts (excluding contractual plans) maintained (i) by FIIOC
and (ii) through NSCC; provided those accounts are registered under the
same primary social security number.
The following information replaces the "Quantity Discounts" and "Rights of
Accumulation" discussion in the "Sales Charge Reductions and Waivers"
section on page 27.
QUANTITY DISCOUNTS apply to purchases of Class T shares of a single
Fidelity Advisor fund or to combined purchases of (i) Class T and Class B
shares of any Fidelity Advisor fund, (ii) Class B shares of Daily Money
Fund: U.S. Treasury Portfolio, and (iii) Initial Class shares of Daily
Money Fund: U.S. Treasury Portfolio, Initial Class shares of Daily Money
Fund: Money Market Portfolio, and shares of Daily Tax-Exempt Money Fund
acquired by exchange from any Fidelity Advisor fund. The minimum investment
eligible for a quantity discount is $50,000, except that the minimum
investment for Fidelity Advisor Short Fixed-Income Fund and Fidelity
Advisor Short-Intermediate Municipal Income Fund is $500,000.
To qualify for a quantity discount, investing in the fund's Class T shares
for several accounts at the same time will be considered a single
transaction (Combined Purchase), as long as shares are purchased through
one investment professional and the total is at least $50,000 (or at least
$500,000 for Fidelity Advisor Short Fixed-Income Fund and Fidelity Advisor
Short-Intermediate Municipal Income Fund).
RIGHTS OF ACCUMULATION let you determine your front-end sales charge on
Class T shares by adding to your new purchase of Class T shares the value
of all of the Fidelity Advisor fund Class T and Class B shares held by you,
your spouse, and your children under age 21. You can also add the value of
Class B shares of Daily Money Fund: U.S. Treasury Portfolio as well as
Initial Class shares of Daily Money Fund: U.S. Treasury Portfolio, Initial
Class shares of Daily Money Fund: Money Market Portfolio, and shares of
Daily Tax-Exempt Money Fund acquired by exchange from any Fidelity Advisor
fund.
The following information replaces the similar information found in the
"Sales Charge Reductions and Waivers" section beginning on page 27.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T SHARES:
2. 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 Fidelity International Limited 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;
5. Purchased for a Fidelity or Fidelity Advisor account with the proceeds
of a distribution (i) from an employee benefit plan that qualified for
waiver (11) or had a minimum of $3 million in plan assets invested in
Fidelity funds; or (ii) from an insurance company separate account
qualifying under (6) below, or used to fund annuity contracts purchased by
employee benefit plans having in the aggregate at least $3 million in plan
assets invested in Fidelity funds. (Distributions other than those
transferred to an IRA account must be transferred directly into a Fidelity
account.)
SUPPLEMENT TO THE FIDELITY ADVISOR MUNICIPAL BOND FUND: CLASS A AND CLASS B
STATEMENT OF ADDITIONAL INFORMATION
DATED JUNE 30, 1996
Effective August 30, 1996, Class A of the fund has been renamed Class T.
The following information replaces the similar information found in the
"Additional Purchase, Exchange, and Redemption Information" section
beginning on page 15.
The sales charge will not apply:
2. to shares 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;
5. to shares in a Fidelity or Fidelity Advisor account purchased (including
purchases by exchange) with the proceeds of a distribution (i) from an
employee benefit plan that qualified for waiver (11) or had a minimum of $3
million in plan assets invested in Fidelity funds; or (ii) from an
insurance company separate account qualifying under (6) below or used to
fund annuity contracts purchased by employee benefit plans having in the
aggregate at least $3 million in plan assets invested in Fidelity funds.
(Distributions other than those transferred to an IRA account must be
transferred directly into a Fidelity account.)
The following information replaces the "Rights of Accumulation" discussion
in the "Additional Purchase, Exchange, and Redemption Information" section
on page 16.
RIGHTS OF ACCUMULATION permit reduced front-end sales charges on any future
purchases of Class T shares after you have reached a new breakpoint in the
fund's sales charge schedule. The value of (i) currently held Fidelity
Advisor fund Class T and Class B shares, (ii) Class B shares of Daily Money
Fund: U.S. Treasury Portfolio, and (iii) Initial Class shares of Daily
Money Fund: U.S. Treasury Portfolio, Initial Class shares of Daily Money
Fund: Money Market Portfolio, and shares of Daily Tax-Exempt Money Fund
acquired by exchange from any Fidelity Advisor fund, is determined at the
current day's NAV at the close of business, and is added to the amount of
your new purchase valued at the current offering price to determine your
reduced front-end sales charge.
Effective January 2, 1997, Class B shares of the fund may, upon redemption,
be assessed a contingent deferred sales charge (CDSC) based on the
following schedule:
BOND FUNDS:
From Date of Purchase Contingent
Deferred
Sales Charge
Less than 1 year 5%
1 year to less than 2 years 4%
2 years to less than 3 years 3%
3 years to less than 4 years 3%
4 years to less than 5 years 2%
5 years to less than 6 years 1%
6 years to less than 7 years 0%
SUPPLEMENT TO THE
FIDELITY ADVISOR
MUNICIPAL BOND FUND:
INSTITUTIONAL CLASS
PROSPECTUS
DATED JUNE 30, 1996
The following information replaces similar information found in the first
and second paragraphs on page 3 in the "Who May Want to Invest Section"
section.
Institutional Class shares are offered to accounts managed (i) by a bank
trust department and other trust institutions, (ii) by a broker-dealer, and
(iii) by a registered investment advisor (RIA) on a discretionary basis
(collectively, eligible intermediaries).
Shares are available through eligible intermediaries that have signed a
participation agreement with FDC. The participation agreement specifies
certain aggregate asset minimums and asset qualifications, trading
guidelines, marketing restrictions and program requirements. Eligible
intermediaries with existing Institutional Class accounts will be required
to sign and comply with a participation agreement in order to purchase
additional shares. Investors prior to June 30, 1995 that have not signed a
participation agreement will be allowed to continue investing in
Institutional Class shares under the terms of this relationship until June
30, 1997, after which they will be prevented from making new or subsequent
purchases in Institutional Class, except that employee benefit plans will
be permitted to make additional purchases of Institutional Class shares. In
addition, Institutional Class shares are available through certain eligible
intermediaries that meet qualifications established by FDC but have not
signed a participation agreement.
Effective August 30, 1996, Class A of the fund has been renamed Class T.
Effective January 2, 1997, following information replaces the similar
information under the heading "Selling Shares in Writing" in the "How to
Sell Shares" section on page 15.
Write a "letter of instruction" with:
(medium solid bullet) Your name
(medium solid bullet) The fund's name,
(medium solid bullet) The applicable class name,
(medium solid bullet) Your fund account number,
(medium solid bullet) The dollar amount or number of shares to be redeemed,
and
(medium solid bullet) Any other applicable requirements listed in the table
on page 16.
Deliver your letter to your investment professional, or mail it to the
following address:
Fidelity Investments
P.O. Box 770002
Cincinnati, OH 45277-0081
Unless otherwise instructed, the transfer agent will send a check to the
record address.
Effective January 2, 1997, the following information replaces similar
information found in the "Dividends, Capital Gains, and Taxes" section on
page 18.
4. DIRECTED DIVIDENDS(registered trademark) PROGRAM. Your dividend
distributions will be automatically invested in the same class of shares of
another identically registered Fidelity Advisor fund. You will be sent a
check for your capital gain distributions or your capital gain
distributions will be automatically reinvested in additional shares of the
same class of the fund.
If you select distribution option 2, 3, or 4 and the U.S. Postal Service
cannot deliver your checks, or if your checks remain uncashed for six
months, those checks will be reinvested in your account at the current NAV
and your election may be converted to the Reinvestment Option. To change
your distribution option, call your investment professional directly or, if
you purchased your shares through a broker-dealer or insurance
representative, call 1-800-522-7297. If you purchased your shares through a
bank representative, call 1-800-843-3001.
Effective January 2, 1997, the following information replaces the similar
information found in the "Transaction Details" section on page 20.
THE TRANSFER AGENT RESERVES THE RIGHT TO DEDUCT AN ANNUAL MAINTENANCE
FEE of $12.00 from accounts with a value of less than $2,500, subject to
an annual maximum charge of $60.00 per shareholder. Accounts opened after
September 30 will not be subject to the fee for that year. The fee, which
is payable to the transfer agent, is designed to offset in part the
relatively higher costs of servicing smaller accounts. The fee will not be
deducted from retirement accounts (except non-prototype retirement
accounts), accounts using a systematic investment program, certain (Network
Level I and III) accounts which are maintained through National Securities
Clearing Corporation (NSCC), or if total assets in Fidelity mutual funds
exceed $50,000. Eligibility for the $50,000 waiver is determined by
aggregating Fidelity mutual fund accounts (excluding contractual plans)
maintained (i) by FIIOC and (ii) through NSCC; provided those accounts are
registered under the same primary social security number.
SUPPLEMENT TO THE FIDELITY ADVISOR MUNICIPAL BOND FUND: INSTITUTIONAL CLASS
STATEMENT OF ADDITIONAL INFORMATION
DATED JUNE 30, 1996
Effective August 30, 1996, Class A of the fund has been renamed Class T.
The following information replaces the similar information found in the
"Additional Purchase, Exchange, and Redemption Information" section
beginning on page 15.
The sales charge will not apply:
2. to shares 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;
5. to shares in a Fidelity or Fidelity Advisor account purchased (including
purchases by exchange) with the proceeds of a distribution (i) from an
employee benefit plan that qualified for waiver (11) or had a minimum of $3
million in plan assets invested in Fidelity funds; or (ii) from an
insurance company separate account qualifying under (6) below or used to
fund annuity contracts purchased by employee benefit plans having in the
aggregate at least $3 million in plan assets invested in Fidelity funds.
(Distributions other than those transferred to an IRA account must be
transferred directly into a Fidelity account.)
The following information replaces the "Rights of Accumulation" discussion
in the "Additional Purchase, Exchange, and Redemption Information" section
on page 16.
RIGHTS OF ACCUMULATION permit reduced front-end sales charges on any future
purchases of Class T shares after you have reached a new breakpoint in the
fund's sales charge schedule. The value of (i) currently held Fidelity
Advisor fund Class T and Class B shares, (ii) Class B shares of Daily Money
Fund: U.S. Treasury Portfolio, and (iii) Initial Class shares of Daily
Money Fund: U.S. Treasury Portfolio, Initial Class shares of Daily Money
Fund: Money Market Portfolio, and shares of Daily Tax-Exempt Money Fund
acquired by exchange from any Fidelity Advisor fund, is determined at the
current day's NAV at the close of business, and is added to the amount of
your new purchase valued at the current offering price to determine your
reduced front-end sales charge.
Effective January 2, 1997, Class B shares of the fund may, upon redemption,
be assessed a contingent deferred sales charge (CDSC) based on the
following schedule:
BOND FUNDS:
From Date of Purchase Contingent
Deferred
Sales Charge
Less than 1 year 5%
1 year to less than 2 4%
years
2 years to less than 3 3%
years
3 years to less than 4 3%
years
4 years to less than 5 2%
years
5 years to less than 6 1%
years
6 years to less than 7 0%
years
