SUPPLEMENT TO THE
FIDELITY ADVISOR FUNDS CLASS A AND CLASS B
PROSPECTUS
DATED FEBRUARY 24, 1995
SHAREHOLDER MEETING. On June 14, 1995 a meeting of the shareholders of
Fidelity Advisor Limited Term Tax-Exempt Fund will be held to approve an
amendment to the fund's current investment objective and policies and other
matters relating to the fund's management. If shareholders approve the
amended investment objective and policies, the fund will adopt a revised
investment objective and policies effective June 30, 1995, or if later,
upon shareholder approval. The proposed amendments to the fund's
investment objective and policies include: (1) adopting a non-fundamental
policy limiting investments in debt securities to those of Baa quality and
above, and would limit investments in debt securities rated Baa to 25% of
its assets, (2) eliminating the fundamental credit quality policy from the
investment objective, and (3) eliminating the current fundamental policy
which limits the fund's investments in rated and unrated municipal
obligations. Obligations rated Baa may possess speculative characteristics
and may be more sensitive to economic changes and changes in the financial
conditions of the issuers. If you would like to receive a copy of the
proxy statement which details the proposed changes to the investment
objective and policies, please call your Investment Professional.
Effective March 27, 1995, the following information updates the discussion
of portfolio managers found in the "FMR AND ITS AFFILIATES" section on
page 21.
David Murphy is manager of Advisor Limited Term Tax-Exempt Fund and Advisor
Short-Intermediate Tax-Exempt Fund. Mr. Murphy also manages Limited Term
Municipal, Spartan Intermediate Municipal, Spartan New Jersey Municipal
High Yield, Spartan New York Intermediate Municipal, and Spartan
Short-Intermediate Municipal. Previously, he managed Spartan California
Intermediate Municipal. Mr. Murphy joined Fidelity in 1989.
The following should replace the current disclosure on page 25 under the
heading, "Short Fixed-Income Fund:"
SHORT FIXED-INCOME FUND seeks to obtain a high level of current income,
consistent with the preservation of capital, by investing primarily in a
broad range of investment-grade fixed-income securities. Where
appropriate, the fund will take advantage of opportunities to realize
capital appreciation. The fund, under normal conditions, will invest
primarily in investment-grade fixed-income securities of all types.
Fixed-income securities in which the fund may invest include, in any
proportion, bonds, notes, mortgage-related and asset-backed securities,
U.S. government and U.S. government agency obligations, zero coupon
securities and convertible securities, and short-term obligations such as
certificates of deposit, repurchase agreements, bankers' acceptances and
commercial paper. Under normal conditions, at least 65% of the fund's
total assets will be invested in bonds. The fund may invest a portion of
its assets in securities issued by foreign companies and foreign
governments. Under normal conditions, the fund maintains a dollar-weighted
average maturity of three years or less, but individual securities may be
of any maturity. In determining a security's maturity for purposes of
calculating the funds' average maturity, estimates of the expected time for
its principal to be repaid may be used. This can be substantially shorter
than its stated final maturity.
ACOM-STK-495-2 April 27, 1995
