SUPPLEMENT TO THE
FIDELITY(registered trademark) ADVISOR RETIREMENT GROWTH FUND CLASS A,
CLASS T, CLASS B, AND CLASS C JANUARY 28, 2000 PROSPECTUS
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR RETIREMENT GROWTH FUND WILL
BE RENAMED FIDELITY ADVISOR DYNAMIC CAPITAL APPRECIATION FUND. ALL
REFERENCES TO FIDELITY ADVISOR RETIREMENT GROWTH FUND THROUGHOUT THIS
PROSPECTUS SHOULD BE REPLACED WITH FIDELITY ADVISOR DYNAMIC CAPITAL
APPRECIATION FUND.
SUPPLEMENT TO THE
FIDELITY(registered trademark) ADVISOR RETIREMENT GROWTH FUND
INSTITUTIONAL CLASS JANUARY 28, 2000 PROSPECTUS
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR RETIREMENT GROWTH FUND WILL
BE RENAMED FIDELITY ADVISOR DYNAMIC CAPITAL APPRECIATION FUND. ALL
REFERENCES TO FIDELITY ADVISOR RETIREMENT GROWTH FUND THROUGHOUT THIS
PROSPECTUS SHOULD BE REPLACED WITH FIDELITY ADVISOR DYNAMIC CAPITAL
APPRECIATION FUND.
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
EFFECTIVE MAY 26, 2000, FIDELITY ADVISOR RETIREMENT GROWTH FUND
WILL BE RENAMED FIDELITY ADVISOR DYNAMIC CAPITAL APPRECIATION FUND.
ALL REFERENCES TO FIDELITY ADVISOR RETIREMENT GROWTH FUND THROUGHOUT
THIS SAI SHOULD BE REPLACED WITH FIDELITY ADVISOR DYNAMIC CAPITAL
APPRECIATION FUND.
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.
J. MICHAEL COOK (57), Member of the Advisory Board (2000). Prior to
Mr. Cook's retirement in May 1999, he served as Chairman and Chief
Executive Officer of Deloitte & Touche LLP, Chairman of the Deloitte &
Touche Foundation, and a member of the Board of Deloitte Touche
Tohmatsu. He currently serves as an Executive in Residence of the
Columbia Business School and as a Director of Dow Chemical Company
(2000), Columbia/HCA Healthcare Corporation (1999), and Children First
(1999). He is a member of the Executive Committee of the Securities
Regulation Institute, a member of the Advisory Board of Boardroom
Consultants, a Director of the National Forum for Health Care Quality,
Measurement and Reporting, past chairman and a member of the Board of
Catalyst (a leading organization for the advancement of women in
business), and is a Director of the STAR Foundation (Society to
Advance the Retarded and Handicapped). He also serves as a member of
the Board and Executive Committee and as Co-Chairman of the Audit and
Finance Committee of the Center for Strategic & International Studies,
a member of the Board of Overseers of the Columbia Business School,
and a Member of the Advisory Board of the Graduate School of Business
of the University of Florida.
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** J. Michael Cook Ralph F. Cox Phyllis Burke Davis Robert M. Gates
FUND
Advisor TechnoQuant GrowthB $ 0 $ 0 $ 9 $ 9 $ 9
Advisor Small CapB $ 0 $ 0 $ 117 $ 114 $ 117
Advisor Value StrategiesB $ 0 $ 0 $ 160 $ 153 $ 158
Advisor MidCapB $ 0 $ 0 $ 168 $ 162 $ 167
Advisor Retirement GrowthB,+ $ 0 $ 0 $ 5 $ 5 $ 5
Advisor Equity GrowthB,C,G $ 0 $ 0 $ 2,508 $ 2,409 $ 2,494
Advisor Large CapB $ 0 $ 0 $ 73 $ 71 $ 73
Advisor Dividend GrowthB,+ $ 0 $ 0 $ 113 $ 110 $ 113
Advisor Growth $ 0 $ 0 $ 8,455 $ 8,103 $ 8,395
OpportunitiesB,D,G
Advisor Growth & IncomeB $ 0 $ 0 $ 376 $ 362 $ 375
Advisor Equity IncomeB,E,G $ 0 $ 0 $ 1,232 $ 1,181 $ 1,223
Advisor Asset AllocationB+ $ 0 $ 0 $ 4 $ 4 $ 4
Advisor BalancedB,F,G $ 0 $ 0 $ 930 $ 891 $ 923
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 217,500 $ 211,500 $ 217,500
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
Advisor TechnoQuant GrowthB $ 9 $ 9 $ 1 $ 0 $ 9
Advisor Small CapB $ 117 $ 118 $ 33 $ 0 $ 115
Advisor Value StrategiesB $ 158 $ 158 $ 25 $ 0 $ 156
Advisor MidCapB $ 167 $ 167 $ 30 $ 0 $ 165
Advisor Retirement GrowthB,+ $ 5 $ 5 $ 2 $ 0 $ 5
Advisor Equity GrowthB,C,G $ 2,494 $ 2,497 $ 478 $ 0 $ 2,455
Advisor Large CapB $ 73 $ 73 $ 18 $ 0 $ 72
Advisor Dividend GrowthB,+ $ 114 $ 115 $ 34 $ 0 $ 110
Advisor Growth $ 8,394 $ 8,388 $ 1,331 $ 0 $ 8,288
OpportunitiesB,D,G
Advisor Growth & IncomeB $ 375 $ 376 $ 83 $ 0 $ 368
Advisor Equity IncomeB,E,G $ 1,223 $ 1,222 $ 192 $ 0 $ 1,208
Advisor Asset AllocationB+ $ 4 $ 4 $ 1 $ 0 $ 4
Advisor BalancedB,F,G $ 923 $ 922 $ 145 $ 0 $ 911
TOTAL COMPENSATION FROM THE $ 217,500 $ 217,500 $ 54,000 $ 0 $ 214,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
COMPENSATION TABLE
AGGREGATE COMPENSATION FROM A Gerald C. McDonough Marvin L. Mann Robert C. Pozen** Thomas R. Williams
FUND
Advisor TechnoQuant GrowthB $ 12 $ 9 $ 0 $ 9
Advisor Small CapB $ 146 $ 117 $ 0 $ 115
Advisor Value StrategiesB $ 196 $ 158 $ 0 $ 155
Advisor MidCapB $ 207 $ 167 $ 0 $ 164
Advisor Retirement GrowthB,+ $ 7 $ 5 $ 0 $ 5
Advisor Equity GrowthB,C,G $ 3,087 $ 2,494 $ 0 $ 2,441
Advisor Large CapB $ 91 $ 73 $ 0 $ 72
Advisor Dividend GrowthB,+ $ 141 $ 113 $ 0 $ 111
Advisor Growth $ 10,379 $ 8,395 $ 0 $ 8,219
OpportunitiesB,D,G
Advisor Growth & IncomeB $ 465 $ 375 $ 0 $ 366
Advisor Equity IncomeB,E,G $ 1,512 $ 1,223 $ 0 $ 1,197
Advisor Asset AllocationB+ $ 5 $ 4 $ 0 $ 4
Advisor BalancedB,F,G $ 1,141 $ 923 $ 0 $ 904
TOTAL COMPENSATION FROM THE $ 269,000 $ 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.
***** Effective March 16, 2000, Mr. Cook serves as a Member of the
Advisory Board.
+ 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).
