SUPPLEMENT TO THE
FIDELITY(registered trademark) ADVISOR TECHNOQUANTSM GROWTH FUND,
FIDELITY ADVISOR SMALL CAP FUND, FIDELITY ADVISOR VALUE STRATEGIES
FUND, FIDELITY ADVISOR MID CAP FUND, FIDELITY ADVISOR RETIREMENT
GROWTH FUND, FIDELITY ADVISOR EQUITY GROWTH FUND, FIDELITY ADVISOR
LARGE CAP FUND, FIDELITY ADVISOR DIVIDEND GROWTH FUND, FIDELITY
ADVISOR GROWTH OPPORTUNITIES FUND, FIDELITY ADVISOR GROWTH & INCOME
FUND, FIDELITY ADVISOR EQUITY INCOME FUND, FIDELITY ADVISOR ASSET
ALLOCATION FUND, AND FIDELITY ADVISOR BALANCED FUND
FUNDS OF FIDELITY ADVISOR SERIES I
CLASS A, CLASS T, CLASS B, CLASS C, INSTITUTIONAL CLASS, AND INITIAL
CLASS
JANUARY 28, 2000
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION SUPPLEMENTS SIMILAR INFORMATION FOUND UNDER
THE HEADING "PERFORMANCE COMPARISONS" IN THE "PERFORMANCE" SECTION
BEGINNING ON PAGE 66.
Advisor Balanced may also compare its performance to that of the
Fidelity Advisor Balanced Composite Index which is a hypothetical
representation of the performance of the fund's general investment
categories using a weighting of 60% equity and 40% bond. The following
indexes are used to calculate the Fidelity Advisor Balanced Composite
Index: Russell 3000 Value Index for the equity category and the Lehman
Brothers Aggregate Bond Index for the bond category. The index
weightings of the Fidelity Advisor Balanced Composite Index are
rebalanced monthly.
RUSSELL 3000 VALUE INDEX is a market capitalization-weighted index of
value-oriented stocks of U.S. domiciled companies. Value-oriented
stocks tend to have lower price-to-book ratios and lower forecasted
values.
LEHMAN BROTHERS AGGREGATE BOND INDEX is a market value-weighted index
for investment-grade fixed-rate debt issues, including government,
corporate, asset-backed, and mortgage-backed securities. Issues
included in the index have an outstanding par value of at least $100
million and maturities of at least one year. Government and corporate
issues include all public obligations of the U.S. Treasury (excluding
flower bonds and foreign-targeted issues) and U.S. Government
agencies, as well as nonconvertible investment-grade, SEC-registered
corporate debt. Mortgage-backed securities include 15- and 30-year
fixed-rate securities backed by mortgage pools of the Government
National Mortgage Association (GNMA), Federal Home Loan Mortgage
Corporation (FHLMC), and Fannie Mae. Asset-backed securities include
credit card, auto, and home equity loans.
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE 74.
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 Company.
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).
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 74.
ROBERT A. DWIGHT (41),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.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 71.
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 November 30, 1999, or
calendar year ended December 31, 1999, as applicable.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION
FROM A Edward C. Johnson 3d** Ralph F. Cox Phyllis Burke Davis Robert M. Gates E. Bradley Jones ****
FUND
Advisor TechnoQuant GrowthB $ 0 $ 9 $ 9 $ 9 $ 9
Advisor Small CapB $ 0 $ 117 $ 114 $ 117 $ 117
Advisor Value StrategiesB $ 0 $ 160 $ 153 $ 158 $ 158
Advisor MidCapB $ 0 $ 168 $ 162 $ 167 $ 167
Advisor Retirement GrowthB,+ $ 0 $ 5 $ 5 $ 5 $ 5
Advisor Equity GrowthB, C, G $ 0 $ 2,508 $ 2,409 $ 2,494 $ 2,494
Advisor Large CapB $ 0 $ 73 $ 71 $ 73 $ 73
Advisor Dividend GrowthB,+ $ 0 $ 113 $ 110 $ 113 $ 114
Advisor Growth Opportunities $ 0 $ 8,455 $ 8,103 $ 8,395 $ 8,394
B, D, G
Advisor Growth & IncomeB $ 0 $ 376 $ 362 $ 375 $ 375
Advisor Equity IncomeB, E, G $ 0 $ 1,232 $ 1,181 $ 1,223 $ 1,223
Advisor Asset AllocationB+ $ 0 $ 4 $ 4 $ 4 $ 4
Advisor BalancedB,F,G $ 0 $ 930 $ 891 $ 923 $ 923
TOTAL COMPENSATION FROM THE $ 0 $ 217,500 $ 211,500 $ 217,500 $ 217,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
AGGREGATE COMPENSATION
FROM A Donald J. Kirk Ned C. Lautenbach*** Peter S. Lynch** William O. McCoy Gerald C. McDonough
FUND
Advisor TechnoQuant GrowthB $ 9 $ 1 $ 0 $ 9 $ 12
Advisor Small CapB $ 118 $ 33 $ 0 $ 115 $ 146
Advisor Value StrategiesB $ 158 $ 25 $ 0 $ 156 $ 196
Advisor MidCapB $ 167 $ 30 $ 0 $ 165 $ 207
Advisor Retirement GrowthB,+ $ 5 $ 2 $ 0 $ 5 $ 7
Advisor Equity GrowthB, C, G $ 2,497 $ 478 $ 0 $ 2,455 $ 3,087
Advisor Large CapB $ 73 $ 18 $ 0 $ 72 $ 91
Advisor Dividend GrowthB,+ $ 115 $ 34 $ 0 $ 110 $ 141
Advisor Growth Opportunities $ 8,388 $ 1,331 $ 0 $ 8,288 $ 10,379
B, D, G
Advisor Growth & IncomeB $ 376 $ 83 $ 0 $ 368 $ 465
Advisor Equity IncomeB, E, G $ 1,222 $ 192 $ 0 $ 1,208 $ 1,512
Advisor Asset AllocationB+ $ 4 $ 1 $ 0 $ 4 $ 5
Advisor BalancedB,F,G $ 922 $ 145 $ 0 $ 911 $ 1,141
TOTAL COMPENSATION FROM THE $ 217,500 $ 54,000 $ 0 $ 214,500 $ 269,000
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUND
Advisor TechnoQuant GrowthB $ 9 $ 0 $ 9
Advisor Small CapB $ 117 $ 0 $ 115
Advisor Value StrategiesB $ 158 $ 0 $ 155
Advisor MidCapB $ 167 $ 0 $ 164
Advisor Retirement GrowthB,+ $ 5 $ 0 $ 5
Advisor Equity GrowthB, C, G $ 2,494 $ 0 $ 2,441
Advisor Large CapB $ 73 $ 0 $ 72
Advisor Dividend GrowthB,+ $ 113 $ 0 $ 111
Advisor Growth Opportunities $ 8,395 $ 0 $ 8,219
B, D, G
Advisor Growth & IncomeB $ 375 $ 0 $ 366
Advisor Equity IncomeB, E, G $ 1,223 $ 0 $ 1,197
Advisor Asset AllocationB+ $ 4 $ 0 $ 4
Advisor BalancedB,F,G $ 923 $ 0 $ 904
TOTAL COMPENSATION FROM THE $ 217,500 $ 0 $ 213,000
FUND COMPLEX*,A
</TABLE>
* Information is for the calendar year ended December 31, 1999 for 236
funds in the complex.
** Interested Trustees of the funds 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.
+ Estimated
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, 1999, 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, $53,735; William O. McCoy, $53,735; and Thomas
R. Williams, $62,319.
B Compensation figures include cash, and may include amounts required
to be deferred and amounts deferred at the election of Trustees.
C The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $1,164; Phyllis Burke Davis,
$1,164; Robert M. Gates, $1,164; E. Bradley Jones, $1,164; Donald J.
Kirk, $1,164; William O. McCoy, $1,164; Gerald C. McDonough, $1,357;
Marvin L. Mann, $1,164; and Thomas R. Williams, $1,164.
D The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $3,915; Phyllis Burke Davis,
$3,915; Robert M. Gates, $3,915; E. Bradley Jones, $3,915; Donald J.
Kirk, $3,915; William O. McCoy, $3,915; Gerald C. McDonough, $4,568;
Marvin L. Mann, $3,915; and Thomas R. Williams, $3,915.
E The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $571; Phyllis Burke Davis, $571;
Robert M. Gates, $571; E. Bradley Jones, $571; Donald J. Kirk, $571;
William O. McCoy, $571; Gerald C. McDonough, $666; Marvin L. Mann,
$571; and Thomas R. Williams, $571.
F The following amounts are required to be deferred by each
non-interested Trustee: Ralph F. Cox, $430; Phyllis Burke Davis, $430;
Robert M. Gates, $430; E. Bradley Jones, $430; Donald J. Kirk, $430;
William O. McCoy, $430; Gerald C. McDonough, $502; Marvin L. Mann,
$430; and Thomas R. Williams, $430.
G Certain of the non-interested Trustees' aggregate compensation from
a fund includes accrued voluntary deferred compensation as follows:
Advisor Equity Income (Ralph F. Cox, $476, William O. McCoy, $476,
Marvin L. Mann, $43, Thomas R. Williams, $476); Advisor Equity Growth
(Ralph F. Cox, $969, William O. McCoy, $969, Marvin L. Mann, $69,
Thomas R. Williams, $969); Advisor Balanced (Ralph F. Cox, $359,
William O. McCoy, $359, Marvin L. Mann, $33, Thomas R. Williams,
$359); and Growth Opportunities (Ralph F. Cox, $3,266, William O.
McCoy, $3,266, Marvin L. Mann, $283, Thomas R. Williams, $3,266).
