SUPPLEMENT TO THE
FIDELITY ADVISOR FUNDS(registered trademark)
CLASS A, CLASS T, CLASS B, AND CLASS C
FEBRUARY 26, 1999
REVISED APRIL 9,1999 PROSPECTUS
SHAREHOLDER MEETING. On or about June 16, 1999, a meeting of the
shareholders of Fidelity Advisor Series I: Fidelity Advisor Strategic
Opportunities Fund will be held to approve a proposal to amend the
fund's management contract and a proposal to eliminate certain
fundamental investment policies of the fund. Shareholders of record on
April 19, 1999 are entitled to vote at the meeting. The proposed
management contract amendments include a proposal to eliminate the
current performance adjustment component of the management fee
Fidelity Management & Research Company (FMR) receives from the fund
for managing its investments and business affairs under the fund's
existing management contract. The proposed management contract also
allows FMR and the trust, on behalf of the fund, to modify the
management contract subject to the requirements of the Investment
Company Act of 1940.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-522-7297 to request a
free copy of the proxy statement.
The following information replaces similar information found under
the heading "Average Annual Returns" in the "Performance" section on
page 20.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class*
December 31, 1998
ADVISOR HIGH YIELD - CLASS A -5.15% n/a 4.47%A
ADVISOR HIGH YIELD - CLASS T -3.93% 8.03% 12.59%
ADVISOR HIGH YIELD - CLASS B -5.58% n/a 10.20%B
ADVISOR HIGH YIELD - CLASS C -2.07% n/a -2.07%C
Merrill Lynch High Yield 3.66% 9.01% 11.08%
Master Index
Merrill Lynch High Yield 2.95% 9.12% 11.18%
Master II Index
Lipper High Current Yield -0.44% 7.37% 9.34%
Funds Average
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE
CLASS'S COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1997.
B FROM JANUARY 1, 1995.
C FROM JANUARY 1, 1998.
The following information supplements the information found under
the hea ding "Average Annual Returns" in the "Performance"
section on page 22.
Going forward, Advisor High Yield's performance will be compared to
the Merrill Lynch High Yield Master II Index rather than the Merrill
Lynch High Yield Master Index because the Merrill Lynch High Yield
Master II Index contains deferred interest bonds and payment-in-kind
securities and is therefore a better representation of the high yield
bond universe.
Merrill Lynch High Yield Master II Index is a market value-weighted
index of all domestic and yankee high-yield bonds, including deferred
interest bonds and payment-in-kind securities. Issues included in the
index have maturities of one year or more and have a credit rating
lower than BBB-/Baa3, but are not in default.
The following information replaces similar information found in the
"Fund Management" section on page 50.
Fidelity Management & Research (U.K.) Inc. (FMR U.K.), in London,
England, serves as a sub-adviser for the Equity Funds, the Bond Funds
(except Advisor Government Investment and Advisor Municipal Income),
Advisor Intermediate Bond, and Advisor Short Fixed-Income. FMR U.K.
was organized in 1986 to provide investment research and advice to
FMR. Currently, FMR U.K. provides investment research and advice on
issuers based outside the United States and may also provide
investment advisory services for the Equity Funds, the Bond Funds
(except Advisor Government Investment and Advisor Municipal Income),
Advisor Intermediate Bond, and Advisor Short Fixed-Income.
Fidelity Management & Research Far East Inc. (FMR Far East), in
Tokyo, Japan, serves as a sub-adviser for the Equity Funds, the Bond
Funds (except Advisor Government Investment and Advisor Municipal
Income), Advisor Intermediate Bond, and Advisor Short Fixed-Income.
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 the Equity Funds, the Bond
Funds (except Advisor Government Investment and Advisor Municipal
Income), Advisor Intermediate Bond, and Advisor Short
Fixed-Income.
John Carlson is vice president and lead manager of Advisor Strategic
Income, which he has managed since August 1995. Other Fidelity
investment professionals assist Mr. Carlson in selecting investments
for the fund. He also manages other Fidelity funds. Prior to joining
Fidelity in 1995, Mr. Carlson was executive director of emerging
markets at Lehman Brothers International from 1992 through 1995.
Margaret Eagle is vice president and manager of Advisor High Yield,
which she has managed since January 1987. Additionally, she is a
senior vice president of Fidelity Trust Company. Since joining
Fidelity in 1980, Ms. Eagle has been an analyst and portfolio manager.
Kevin Grant is vice president and manager of Advisor Balanced and
Advisor Intermediate Bond, which he has managed since March 1996 and
October 1995, respectively. Mr. Grant manages the fixed-income
investments for Advisor Balanced. He also manages several other
Fidelity funds. Prior to joining Fidelity in 1993, Mr. Grant was vice
president and chief mortgage strategist at Morgan Stanley for three
years.
The following information found in the "Fund Management" section on
page 51 is no longer applicable.
Ian Spreadbury is manager of Advisor Strategic Income's foreign bond
investments, which he has managed since May 1998. He also manages
another Fidelity fund. Additionally, Mr. Spreadbury is a director of
fixed income and a portfolio manager for Fidelity International
Limited (FIL). Prior to joining Fidelity in 1995, Mr. Spreadbury was a
senior fund manager with Legal & General, Limited, from 1981 to 1995.
The following information replaces similar information found in the
"Financial Highlights" section on page 95.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ADVISOR INTERMEDIATE MUNICIPAL INCOME - CLASS B
Selected Per-Share Data and
Ratios
Years ended November 30 1998G 1997 1996 1995 1994D
Net asset value, beginning $ 10.590 $ 10.410 $ 10.380 $ 9.400 $ 9.890
of period
Income from Investment
Operations
Net interest income .339 .382 .394 .373 .155
Net realized and .200 .181 .030 .980 (.490)
unrealized gain (loss)
Total from investment .539 .563 .424 1.353 (.335)
operations
Less Distributions
From net interest income (.339) (.382) (.394) (.373) (.155)
From net realized gain (.030) (.001) -- -- --
Total distributions (.369) (.383) (.394) (.373) (.155)
Net asset value, end of $ 10.760 $ 10.590 $ 10.410 $ 10.380 $ 9.400
period
Total returnB,C 5.17% 5.54% 4.21% 14.60% (3.44)%
Net assets, end of period $ 11,134 $ 7,917 $ 7,445 $ 6,226 $ 1,682
(000 omitted)
Ratio of expenses to 1.65%A,E 1.65%E 1.66%E 1.68%E 1.65%A,E
average net assets
Ratio of net interest 3.45%A 3.67% 3.76% 3.71% 3.74%A
income to average net assets
Portfolio turnover 26%A,F 18% 35% 53% 53%
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FOR THE PERIOD JUNE 30, 1994 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO NOVEMBER 30, 1994.
E FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
F THE PORTFOLIO TURNOVER RATE DOES NOT INCLUDE THE ASSETS ACQUIRED IN
THE MERGER.
G ELEVEN MONTHS ENDED OCTOBER 31
SUPPLEMENT TO THE
FIDELITY ADVISOR FUNDS(registered trademark)
INSTITUTIONAL CLASS
FEBRUARY 26,1999 PROSPECTUS
SHAREHOLDER MEETING. On or about June 16, 1999, a meeting of the
shareholders of Fidelity Advisor Series I: Fidelity Advisor Strategic
Opportunities Fund will be held to approve a proposal to amend the
fund's management contract and a proposal to eliminate certain
fundamental investment policies of the fund. Shareholders of record on
April 19, 1999 are entitled to vote at the meeting. The proposed
management contract amendments include a proposal to eliminate the
current performance adjustment component of the management fee
Fidelity Management & Research Company (FMR) receives from the fund
for managing its investments and business affairs under the fund's
existing management contract. The proposed management contract also
allows FMR and the trust, on behalf of the fund, to modify the
management contract subject to the requirements of the Investment
Company Act of 1940.
For more detailed information concerning the proposals under
consideration, please contact Fidelity at 1-800-522-7297 to request a
free copy of the proxy statement.
The following information replaces similar information found under the
heading "Average Annual Returns" in the "Performance" section on page
19.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
For the periods ended Past 1 year Past 5 years Past 10 years/ Life of class*
December 31, 1998
ADVISOR HIGH YIELD -0.18% n/a 9.23%A
Merrill Lynch High Yield 3.66% n/a 9.11%A
Master Index
Merrill Lynch High Yield 2.95% n/a 9.07%A
Master II Index
Lipper High Current Yield -0.44% n/a 8.21%A
Funds Average
</TABLE>
* BEGINNING JANUARY 1 OF THE FIRST CALENDAR YEAR FOLLOWING THE
CLASS'S COMMENCEMENT OF OPERATIONS.
A FROM JANUARY 1, 1996.
The following information supplements the information found in the
"Performance" section on page 20.
Going forward, Advisor High Yield's performance will be compared to
the Merrill Lynch High Yield Master II Index rather than the Merrill
Lynch High Yield Master Index because the Merrill Lynch High Yield
Master II Index contains deferred interest bonds and payment-in-kind
securities and is therefore a better representation of the high yield
bond universe.
Merrill Lynch High Yield Master II Index is a market value-weighted
index of all domestic and yankee high-yield bonds, including deferred
interest bonds and payment-in-kind securities. Issues included in the
index have maturities of one year or more and have a credit rating
lower than BBB-/Baa3, but are not in default.
The following information replaces similar information found under the
heading "Principal Investment Risks" in the "Investment Details"
section on page 37.
FOREIGN EXPOSURE. Foreign securities, foreign currencies, and
securities issued by U.S. entities with substantial foreign operations
can involve additional risks relating to political, economic or
regulatory conditions in foreign countries. These risks include
fluctuations in foreign currencies; withholding or other taxes;
trading, settlement, custodial and other operational risks; and the
less stringent investor protection and disclosure standards of some
foreign markets. For example, many foreign countries are less prepared
than the United States to properly process and calculate information
related to dates from and after January 1, 2000, which could result in
difficulty pricing foreign investments and failure by foreign issuers
to pay timely dividends, interest or principal. All of these factors
can make foreign investments, especially those in emerging markets,
more volatile and potentially less liquid than U.S. investments. In
addition, foreign markets can perform differently than the U.S.
market.
The following information replaces similar information found in the
"Fund Management" section beginning on page 46.
John Carlson is vice president and lead manager of Advisor Strategic
Income, which he has managed since August 1995. Other Fidelity
investment professionals assist Mr. Carlson in selecting investments
for the fund. He also manages other Fidelity funds. Prior to joining
Fidelity in 1995, Mr. Carlson was executive director of emerging
markets at Lehman Brothers International from 1992 through 1995.
Margaret Eagle is vice president and manager of Advisor High Yield,
which she has managed since January 1987. Additionally, she is a
senior vice president of Fidelity Trust Company. Since joining
Fidelity in 1980, Ms. Eagle has been an analyst and portfolio manager.
Kevin Grant is vice president and manager of Advisor Balanced and
Advisor Intermediate Bond, which he has managed since March 1996 and
October 1995, respectively. Mr. Grant manages the fixed-income
investments for Advisor Balanced. He also manages several other
Fidelity funds. Prior to joining Fidelity in 1993, Mr. Grant was vice
president and chief mortgage strategist at Morgan Stanley for three
years.
The following information found in the "Fund Management" section on
page 47 is no longer applicable.
Ian Spreadbury is manager of Advisor Strategic Income's foreign bond
investments, which he has managed since May 1998. He also manages
another Fidelity fund. Additionally, Mr. Spreadbury is a director of
fixed income and a portfolio manager for Fidelity International
Limited (FIL). Prior to joining Fidelity in 1995, Mr. Spreadbury was a
senior fund manager with Legal & General, Limited, from 1981 to 1995.
The following information replaces similar information found in the
"Financial Highlights" section on page 59.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
ADVISOR INTERMEDIATE MUNICIPAL INCOME
Selected Per-Share Data
and Ratios
Years ended November 30 1998G 1997 1996 1995 1994 1993
Net asset value, beginning $ 10.590 $ 10.410 $ 10.360 $ 9.410 $ 10.460 $ 11.080
of period
Income from Investment
Operations
Net interest income .427 .475 .487 .477 .481 .536
Net realized and .210 .181 .050 .950 (1.030) .260
unrealized gain (loss)
Total from investment .637 .656 .537 1.427 (.549) .796
operations
Less Distributions
From net interest income (.427) (.475) (.487) (.477) (.481) (.536)
From net realized gain (.030) (.001) -- -- -- (.880)
In excess of net realized -- -- -- -- (.020) --
gain
Total distributions (.457) (.476) (.487) (.477) (.501) (1.416)
Net asset value, end of $ 10.770 $ 10.590 $ 10.410 $ 10.360 $ 9.410 $ 10.460
period
Total returnB,C 6.14% 6.48% 5.36% 15.44% (5.43)% 8.01%
Net assets, end of period $ 6,328 $ 6,098 $ 6,455 $ 11,085 $ 11,702 $ 15,076
(000 omitted)
Ratio of expenses to .75%A,D .75%D .75%D .70%D .65%D .65%D
average net assets
Ratio of expenses to .75%A .75% .74%E .70% .65% .65%
average net assets after
expense reductions
Ratio of net interest 4.36%A 4.57% 4.68% 4.96% 4.75% 5.01%
income to average net assets
Portfolio turnover 26%A,F 18% 35% 53% 53% 46%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
F THE PORTFOLIO TURNOVER RATE DOES NOT INCLUDE THE ASSETS ACQUIRED IN
THE MERGER.
G ELEVEN MONTHS ENDED OCTOBER 31
The following information replaces similar information found on the
back cover.
Fidelity Advisor Funds, Fidelity Investments & (Pyramid) Design,
Fidelity, Fidelity Investments, and Directed Dividends are registered
trademarks of FMR Corp.
TechnoQuant and Portfolio Advisory Services are service marks of FMR
Corp.
SUPPLEMENT TO THE FIDELITY ADVISOR FUNDS(registered trademark)
CLASS A, CLASS T, CLASS B, CLASS C, INSTITUTIONAL CLASS, AND INITIAL
CLASS
FEBRUARY 26, 1999
REVISED APRIL 9, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION ON PAGE 82.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Average Annual Returns1
Fiscal Period Ended Thirty-Day Yield Tax Equivalent Yield One Year Five Years
Advisor Intermediate 2.63% 4.11% 2.67% 4.30%
Municipal Income - Class B
Advisor Intermediate 3.54% 5.53% 6.73% 5.22%
Municipal Income -
Institutional
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Cumulative Returns1
Ten Years/ Life of Fund* One Year Five Years Ten Years/ Life of Fund*
Advisor Intermediate 6.12% 2.67% 23.43% 81.13%
Municipal Income - Class B
Advisor Intermediate 6.62% 6.73% 29.00% 89.84%
Municipal Income -
Institutional
</TABLE>
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"PERFORMANCE" SECTION BEGINNING ON PAGE 134.
During the 10-year period ended October 31, 1998, a hypothetical
$10,000 investment in Class B of Advisor Intermediate Municipal Income
would have grown to $18,113.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
ADVISOR INTERMEDIATE
MUNICIPAL INCOME - CLASS B
Fiscal Year Ended
October 31 Value of Initial $10,000 Value of Reinvested Dividend Value of Reinvested Capital Total Value
Investment Distributions Gain Distributions
1998 $ 10,142 $ 6,753 $ 1,218 $ 18,113
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ADVISOR INTERMEDIATE INDEXES
MUNICIPAL INCOME - CLASS B
Fiscal Year Ended October 31 S&P 500 DJIA Cost of Living
1998 $ 51,835 $ 52,786 $ 13,644
</TABLE>
During the 10-year period ended October 31, 1998, a hypothetical
$10,000 investment in Institutional Class of Advisor Intermediate
Municipal Income would have grown to $18,984.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
ADVISOR INTERMEDIATE
MUNICIPAL INCOME -
INSTITUTIONAL CLASS
Fiscal Year Ended
October 31 Value of Initial $10,000 Value of Reinvested Dividend Value of Reinvested Capital Total Value
Investment Distributions Gain Distributions
1998 $ 10,151 $ 7,611 $ 1,222 $ 18,984
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ADVISOR INTERMEDIATE INDEXES
MUNICIPAL INCOME -
INSTITUTIONAL CLASS
Fiscal Year Ended October 31 S&P 500 DJIA Cost of Living
1998 $ 51,835 $ 52,786 $ 13,644
</TABLE>
THE FOLLOWING INFORMATION SUPPLEMENTS THE INFORMATION FOUND IN THE
"PERFORMANCE" SECTION ON PAGE 140.
Advisor High Yield may compare its performance to that of the Merrill
Lynch High Yield Master II Index, a market value-weighted index of all
domestic and yankee high-yield bonds, including deferred interest
bonds and payment-in-kind securities. Issues included in the index
have maturities of one year or more and have a credit rating lower
than BBB-/Baa3, but are not in default. Issues must have an
outstanding par value of at least $50 million to be included in the
index.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"MANAGEMENT CONTRACTS" SECTION ON PAGE 164.
The group fee rate is calculated on a cumulative basis pursuant to the
graduated fee rate schedule shown above on the left. The schedule
above on the right shows the effective annual group fee rate at
various asset levels, which is the result of cumulatively applying the
annualized rates on the left. For example, the effective annual fee
rate at $669 billion of group net assets - the approximate level for
December 1998 - was 0.2863%, which is the weighted average of the
respective fee rates for each level of group net assets up to $669
billion.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND UNDER THE
HEADING "SUB-ADVISERS" IN THE "MANAGEMENT CONTRACTS" SECTION ON PAGE
168.
On behalf of Advisor TechnoQuant Growth, Advisor Small Cap, Advisor
Strategic Opportunities, Advisor Mid Cap, Advisor Retirement Growth,
Advisor Equity Growth, Advisor Large Cap, Advisor Dividend Growth,
Advisor Growth Opportunities, Advisor Growth & Income, Advisor Equity
Income, Advisor Asset Allocation, Advisor Balanced, Advisor High
Yield, Advisor Mortgage Securities, Advisor Intermediate Bond, and
Advisor Short Fixed-Income, FMR has entered into sub-advisory
agreements with FMR U.K. and FMR Far East. On behalf of Advisor Latin
America and Advisor Europe Capital Appreciation, FMR has entered into
sub-advisory agreements with FMR U.K., FMR Far East, and FIAA. FIAA,
in turn, has entered into a sub-advisory agreement with FIAA(U.K.)L.
On behalf of Advisor Japan, Advisor International Capital
Appreciation, Advisor Overseas, Advisor Diversified International,
Advisor Global Equity, Advisor Emerging Markets Income, and Advisor
Strategic Income, FMR has entered into sub-advisory agreements with
FMR U.K., FMR Far East, FIJ, and FIIA. FIIA, in turn, has entered into
a sub-advisory agreement with FIIA(U.K.)L. Pursuant to the
sub-advisory agreements, FMR may receive investment advice and
research services outside the United States from the sub-advisers.
THE FOLLOWING INFORMATION REPLACES THE SECOND AND EIGHTH PARAGRAPHS
FOUND IN THE "TRANSFER AND SERVICE AGENT AGREEMENTS" SECTION ON PAGE
182.
Each class of Advisor Municipal Income and Advisor Intermediate
Municipal Income has entered into a transfer agent agreement with
Citibank, N.A., which is located at 111 Wall Street, New York, New
York. Under the terms of the agreements, Citibank, N.A. provides
transfer agency, dividend disbursing, and shareholder services for
each class of each fund. Citibank, N.A. in turn has entered into
sub-transfer agent agreements with FIIOC. Under the terms of the
sub-agreements, FIIOC performs all processing activities associated
with providing these services for each class of each fund and receives
all related transfer agency fees paid to Citibank, N.A.
Each of Advisor Municipal Income and Advisor Intermediate Municipal
Income has also entered into a service agent agreement with Citibank,
N.A. Under the terms of the agreements, Citibank, N.A. provides
pricing and bookkeeping services for each fund. Citibank, N.A. in turn
has entered into sub-service agent agreements with FSC. Under the
terms of the sub-agreements, FSC performs all processing activities
associated with providing these services, including calculating the
NAV and dividends for each class of each fund and maintaining each
fund's portfolio and general accounting records, and receives all
related pricing and bookkeeping fees paid to Citibank, N.A.
THE FOLLOWING INFORMATION REPLACES SIMILAR INFORMATION FOUND IN THE
"DESCRIPTION OF THE TRUSTS" SECTION ON PAGE 185.
CUSTODIANS. Brown Brothers Harriman & Co., 40 Water Street, Boston,
Massachusetts, is custodian of the assets of Advisor International
Capital Appreciation, Advisor Mid Cap, Advisor Growth Opportunities,
Advisor Strategic Opportunities, and Advisor Large Cap. State Street
Bank and Trust Company, 1776 Heritage Drive, Quincy, Massachusetts, is
custodian of the assets of Advisor Latin America, Advisor Japan,
Advisor Europe Capital Appreciation, Advisor Diversified
International, Advisor Global Equity, Advisor Small Cap, Advisor
Retirement Growth, Advisor Dividend Growth, and Advisor Asset
Allocation. The Chase Manhattan Bank, 4 Chase MetroTech Center,
Brooklyn, New York, is custodian of the assets of Advisor TechnoQuant
Growth, Advisor Overseas, Advisor Equity Growth, Advisor Growth &
Income, Advisor Equity Income, Advisor Balanced, and Advisor Emerging
Markets Income. The Bank of New York, 110 Washington Street, New York,
New York, is custodian of the assets of Advisor High Yield, Advisor
Strategic Income, Advisor Government Investment, Advisor Intermediate
Bond, Advisor Mortgage Securities and Advisor Short Fixed-Income.
Citibank, N.A., 111 Wall Street, New York, New York, is custodian of
the assets of Advisor Municipal Income and Advisor Intermediate
Municipal Income. Each custodian is responsible for the safekeeping of
a fund's assets and the appointment of subcustodian banks and clearing
agencies. The Bank of New York and The Chase Manhattan Bank, each
headquartered in New York, also may serve as special purpose
custodians of certain assets in connection with repurchase agreement
transactions.
