SUPPLEMENT TO THE FIDELITY ADVISOR
INTERNATIONAL FUNDS CLASS A, CLASS T,
CLASS B, AND CLASS C FEBRUARY 28, 1998
PROSPECTUS
The following information replaces similar information found in "Who
May Want to Invest" on page 3.
Each fund is composed of multiple classes of shares. All classes of a
fund have a common investment objective and investment portfolio.
Class A and Class T shares have a front-end sales charge and pay a
12b-1 fee. Class A and Class T shares may be subject to a contingent
deferred sales charge (CDSC). Class B and Class C shares do not have a
front-end sales charge, but do have a CDSC, and pay a 12b-1 fee.
Institutional Class shares have no sales charge and do not pay a 12b-1
fee, but are available only to certain types of investors. See "Sales
Charge Reductions and Waivers," page 32, for Institutional Class
eligibility information. You may obtain more information about
Institutional Class shares, which are not offered through this
prospectus, by calling 1-800-522-7297 if you are investing through a
broker-dealer or insurance representative, 1-800-843-3001 if you are
investing through a bank representative, or from your investment
professional.
The following information found in "Expenses" on page 4 is no longer
applicable.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
CLASS A CLASS T CLASS B CLASS C
ANNUAL ACCOUNT MAINTENANCE FEE $12.00 $12.00 $12.00 $12.00
(FOR ACCOUNTS UNDER $2,500)
</TABLE>
The followin g informat ion replaces similar information for
INTERNATIONAL CAPITAL APPRECIATION found in "Expenses" on page 5.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
OPERATING EXPENSES CLASS A CLASS T CLASS B CLASS C
INTERNATIONAL CAPITAL MANAGEMENT FEE 0.75%[A] 0.75%[A] 0.75%[A] 0.75%[A]
APPRECIATION
12B-1 FEE (INCLUDING 0.25% SHAREHOLDER
SERVICE FEE FOR CLASS B 0.25% 0.50% 1.00% 1.00%
AND CLASS C SHARES)
OTHER EXPENSES (AFTER REIMBURSEMENT) 0.70%[A] 0.70%[A] 0.70%[A] 0.70%[A]
TOTAL OPERATING EXPENSES 1.70% 1.95% 2.45% 2.45%
</TABLE>
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
The following information replaces similar information for
INTERNATIONAL CAPITAL APPRECI ATION found in "Expenses" on page 5.
EXPENSE TABLE EXAMPLE: You would pay the following amount in total
expenses 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. Total expenses shown below include your shareholder
transaction expenses, such as the maximum front-end sales charge or
CDSC, as applicable, and a class's annual operating expenses.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FULL REDEMPTION NO REDEMPTION
CLASS A CLASS T CLASS B CLASS C CLASS B CLASS C
INTERNATIONAL CAPITAL APPRECIATION 1 YEAR $74 $54 $75[A] $35[A] $25 $25
3 YEARS $108 $94 $106[A] $76 $76 $76
</TABLE>
[A] REFLECTS DEDUCTION OF APPLICABLE CDSC.
THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT MEANT TO
SUGGEST ACTUAL OR EXPECTED EXPENSES OR RETURNS, ALL OF WHICH MAY VARY.
The following information replaces similar information found in
"Expenses" on page 6.
FMR has voluntarily agreed to reimburse Class A, Class T, Class B, and
Class C of each fund to the extent that total operating expenses, as a
percentage of their respective average net assets, exceed the
following rates:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A EFFECTIVE CLASS T EFFECTIVE CLASS B EFFECTIVE CLASS C EFFECTIVE
DATE DATE DATE DATE
INTERNATIONAL
CAPITAL APPRECIATION 1.70% 12/1/98 1.95% 12/1/98 2.45% 12/1/98 2.45% 12/1/98
OVERSEAS 1.55% 1/1/99 1.80% 1/1/99 2.30% 1/1/99 2.30% 1/1/99
EMERGING MARKETS INCOME 1.40% 8/30/96 1.50% 3/10/94 2.15% 1/1/96 2.25% 11/1/97
</TABLE>
If these agreements were not in effect, other expenses and total
operating expenses, as a percentage of average net assets, would have
been the following amounts:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OTHER EXPENSES TOTAL OPERATING EXPENSES
CLASS A CLASS T CLASS B CLASS C[A] CLASS A CLASS T CLASS B CLASS C[A]
INTERNATIONAL CAPITAL
APPRECIATION[A] 5.47% 2.73% 3.22% 3.68% 6.47% 3.98% 4.97% 5.43%
OVERSEAS 1.49% (DAGGER) (DAGGER) 0.95% 2.55% (DAGGER) (DAGGER) 2.76%
EMERGING MARKETS INCOME 2.63% (DAGGER) (DAGGER) 1.74% 3.47% (DAGGER) (DAGGER) 3.43%
</TABLE>
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
(dagger) TOTAL OPERATING EXPENSES WERE LESS THAN OR EQUAL TO THE
VOLUNTARY EXPENSE CAPS SHOWN IN THE FIRST TABLE ABOVE.
Expenses eligible for reimbursement do not include interest, taxes,
brokerage commissions, and extraordinary expenses.
The following information replaces the last paragraph found under the
heading "FMR and Its Affiliates" in the "Charter" section on page 14.
FMR may allocate brokerage transactions to its broker-dealer
affiliates and in a manner that takes into account the sale of shares
of Fidelity Advisor Funds, provided that the fund receives brokerage
services and commission rates comparable to those of other
broker-dealers.
The following information replaces the eighth, ninth and tenth
paragraphs found under the heading "Other Expenses" in the "Breakdown
of Expenses" section on page 21.
In addition, pursuant to each Class B plan, Class B of each fund pays
FDC a monthly service fee at an annual rate of 0.25% of Class B's
average net assets throughout the month. Up to the full amount of the
Class B service fee may be reallowed to investment professionals for
providing personal service to and/or maintenance of Class B
shareholder accounts.
Class C shares of each fund have adopted a DISTRIBUTION AND SERVICE
PLAN. Under the plans, Class C of each fund is authorized to pay FDC a
monthly distribution fee as compensation for its services and expenses
in connection with the distribution of Class C shares. Class C of each
fund may pay FDC a distribution fee at an annual rate of 0.75% of its
average net assets, or such lesser amount as the Trustees may
determine from time to time. Class C of each fund currently pays FDC a
monthly distribution fee at an annual rate of 0.75% of its average net
assets throughout the month. Normally, after the first year of
investment, up to the full amount of the Class C distribution fee may
be reallowed to investment professionals as compensation for their
services in connection with the distribution of Class C shares.
In addition, pursuant to each Class C plan, Class C of each fund pays
FDC a monthly service fee at an annual rate of 0.25% of Class C's
average net assets throughout the month. Normally, after the first
year of investment, up to the full amount of the Class C service fee
may be reallowed to investment professionals for providing personal
service to and/or maintenance of Class C shareholder accounts.
For purchases of Class C shares made for an employee benefit plan or
through reinvested dividends or capital gain distributions, during the
first year of investment and thereafter, up to the full amount of the
Class C distribution fee and Class C service fee paid by such shares
may be reallowed to investment professionals as compensation for their
services in connection with the distribution of Class C shares and for
providing personal service to and/or maintenance of Class C
shareholder accounts.
The following information replaces similar information found in "How
to Buy Shares" on page 23.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accounts(double dagger) $500
Through regular investment plans* $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accounts(double dagger) None
(double dagger) THESE LOWER MINIMUMS APPLY TO FIDELITY TRADITIONAL
IRA, ROTH IRA, ROTH CONVERSION IRA, ROLLOVER IRA, SEP-IRA, AND KEOGH
ACCOUNTS.
* AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED. FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE
REFER TO "INVESTOR SERVICES," PAGE 26.
The following information replaces similar information found in
"Investor Services" on page 27.
REGULAR INVESTMENT PLANS
FIDELITY ADVISOR SYSTEMATIC INVESTMENT PROGRAM
TO MOVE MONEY FROM YOUR BANK ACCOUNT TO A FIDELITY ADVISOR FUND
MINIMUM
INITIAL
$100
The following information replaces the second paragraph found under
the heading "Finder's Fee" in the "Transaction Details" section on
page 30.
Except as provided below, any assets on which a finder's fee has been
paid will bear a CDSC (Class A or Class T CDSC) if they do not remain
in Class A or Class T shares of the Fidelity Advisor funds, or Daily
Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt Fund,
for a period of at least one uninterrupted year. The Class A or Class
T CDSC will be 0.25% of the lesser of the cost of the Class A or Class
T shares, as applicable, at the initial date of purchase or the value
of the Class A or Class T shares, as applicable, at redemption, not
including any reinvested dividends or capital gains. Class A and Class
T shares acquired through distributions (dividends or capital gains)
will not be subject to a Class A or Class T CDSC. In determining the
applicability and rate of any Class A or Class T CDSC at redemption,
Class A or Class T shares representing reinvested dividends and
capital gains, if any, will be redeemed first, followed by those Class
A or Class T shares that have been held for the longest period of
time.
The following information replaces the last paragraph found under the
heading "Finder's Fee" in the "Transaction Details" section on page
30.
With respect to shares held by an insurance company separate account,
the Class A or Class T CDSC does not apply.
With respect to employee benefit plans, the Class A or Class T CDSC
does not apply to the following types of redemptions: (i) plan loans
or distributions or (ii) exchanges to non-Advisor fund investment
options. With respect to Individual Retirement Accounts, the Class A
or Class T CDSC does not apply to redemptions made for disability,
payment of death benefits, or required partial distributions starting
at age 70. Your investment professional should advise Fidelity at the
time your redemption order is placed if you qualify for a waiver of
the Class A or Class T CDSC.
The following information supplements the information found under the
heading "Finder's Fee" in the "Transaction Details" section on page
30.
Investment professionals must notify FDC in advance of a purchase
eligible for a finder's fee, and may be required to enter into an
agreement with FDC in order to receive the finder's fee.
The following information replaces the third paragraph under the
heading "Contingent Deferred Sales Charge" in the "Transaction
Details" section on page 30.
Except as provided below, investment professionals with whom FDC has
agreements receive as compensation from FDC, at the time of the sale,
a concession equal to 4.00% of your purchase of Class B shares. For
purchases of Class B shares through reinvested dividends or capital
gain distributions, investment professionals do not receive a
concession at the time of sale.
The following information replaces the fifth paragraph under the
heading "Contingent Deferred Sales Charge" in the "Transactions
Details" section on page 30.
Except as provided below, investment professionals with whom FDC has
agreements receive as compensation from FDC, at the time of the sale,
a concession equal to 1.00% of your purchase of Class C shares. For
purchases of Class C shares made for an employee benefit plan or
through reinvested dividends and capital gain distributions,
investment professionals do not receive a concession at the time of
sale.
The following information found in "Transaction Details" on page 31 is
no longer applicable.
FIDELITY 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 first paragraph found in
"Exchange Restrictions" on page 32.
As a shareholder, you have the privilege of exchanging Class A, Class
T, Class B, or Class C shares of a fund for the same class of shares
of other Fidelity Advisor funds at NAV; Class A or Class T shares for
Daily Money Class shares of Treasury Fund, Prime Fund, or Tax-Exempt
Fund; Class B shares for Advisor B Class shares of Treasury Fund; and
Class C shares for Advisor C Class shares of Treasury Fund. If you
purchased your Class T shares through certain investment professionals
that have signed an agreement with FDC, you also have the privilege of
exchanging your Class T shares for shares of Fidelity Capital
Appreciation Fund. However, you should note the following:
The following information replaces the Class A waivers found in "Sales
Charge Reductions and Waivers" beginning on page 32.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS A
SHARES:
1. Purchased for an employee benefit plan with at least $25 million or
more in plan assets;
2. Purchased by an employee benefit plan investing through an
insurance company separate account used to fund annuity contracts;
3. Purchased for an employee benefit plan investing through a trust
institution, bank trust department or insurance company, or any such
institution's broker-dealer affiliate that is not part of an
organization primarily engaged in the brokerage business. Employee
benefit plans that participate in the Advisor Retirement Connection do
not qualify for this waiver;
4. Purchased for an employee benefit plan investing through an
investment professional sponsored program that requires the
participating employee benefit plan to initially invest in Class C or
Class B shares and, upon meeting certain criteria, subsequently
requires the plan to invest in Class A shares;
5. Purchased by a trust institution or bank trust department for a
managed account that is charged an asset-based fee. Employee benefit
plans and accounts managed by third parties do not qualify for this
waiver;
6. Purchased by a broker-dealer for a managed account that is charged
an asset-based fee. Employee benefit plans do not qualify for this
waiver;
7. Purchased by a registered investment advisor that is not part of an
organization primarily engaged in the brokerage business for an
account that is managed on a discretionary basis and is charged an
asset-based fee. Employee benefit plans do not qualify for this
waiver; or
8. Purchased by a bank trust officer, registered representative, or
other employee (or a member of one of their immediate families) of
investment professionals having agreements with FDC.
The following information replaces similar information found in "Sales
Charge Reductions and Waivers" on page 33.
A FRONT-END SALES CHARGE WILL NOT APPLY TO THE FOLLOWING CLASS T
SHARES:
5. Purchased for an employee benefit plan, except certain small
employer retirement plans;
SUPPLEMENT TO THE FIDELITY ADVISOR
INTERNATIONAL FUNDS INSTITUTIONAL CLASS FEBRUARY 28,1998 PROSPECTUS
The following information replaces each reference to 1-800-843-3001.
If you are investing through a broker-dealer or insurance
representative, call 1-800-522-7297. If you are investing through a
bank representative, call 1-800-843-3001.
The following information supplements similar information found in
"Who May Want to Invest" on page 3.
6. Insurance company employee benefit plan programs that (i) charge an
asset-based fee and (ii) will have at least $1 million invested in the
Institutional Class of the Advisor funds. Insurance company employee
benefit plan programs include such programs offered by a broker-dealer
affiliate of an insurance company, provided that the affiliate is not
part of an organization primarily engaged in the brokerage business.
The following information replaces similar information found in "Who
May Want to Invest" on page 3.
For purchases made by managed account programs, insurance company
separate accounts or insurance company employee benefit plan programs,
FDC reserves the right to waive the requirement that $1 million be
invested in the Institutional Class of the Advisor funds. Employee
benefit plan investors must meet additional requirements specified in
the funds' SAI.
The following information found in "Expenses" on page 3 is no longer
applicable.
ANNUAL ACCOUNT MAINTENANCE FEE (FOR ACCOUNTS UNDER $2,500) $12.00
The following information replaces similar information for
INTERNATIONAL CAPITAL APPRECIATIO N f ound in "Expenses" on page
4.
EXPENSE TABLE EXAMPLE: You would pay the following amount in total
expenses on a $1,000 investment in Institutional Class shares of a
fund, assuming a 5% annual return and full redemption at the end of
each time period. Total expenses shown below include any shareholder
transaction expenses and Institutional Class's annual operating
expenses.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
INTERNATIONAL CAPITAL APPRECIATION MANAGEMENT FEE 0.75%[A] 1 YEAR $ 15
12B-1 FEE NONE 3 YEARS $ 46
OTHER EXPENSES (AFTER REIMBURSEMENT) 0.70%[A]
TOTAL OPERATING EXPENSES 1.45%
</TABLE>
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
THESE EXAMPLES ILLUSTRATE THE EFFECT OF EXPENSES, BUT ARE NOT MEANT TO
SUGGEST ACTUAL OR EXPECTED EXPENSES OR RETURNS, ALL OF WHICH MAY VARY.
The following information replaces similar information found in
"Expenses" on page 4.
FMR has voluntarily agreed to reimburse the Institutional Class of
each fund to the extent that total operating expenses, as a percentage
of their respective average net assets, exceed the following rates:
EFFECTIVE
DATE
INTERNATIONAL CAPITAL APPRECIATION 1.45% 12/1/98
OVERSEAS 1.30% 1/1/99
EMERGING MARKETS INCOME 1.25% 7/1/95
If these agreements were not in effect, other expenses and total
operating expenses of the Institutional Class of each fund, as a
percentage of average net assets, would have been the following
amounts (estimated for International Capital Appreciation):
OTHER TOTAL
EXPENSES OPERATING
EXPENSES
INTERNATIONAL CAPITAL APPRECIATION[A] 2.70% 3.45%
EMERGING MARKETS INCOME 0.89% 1.58%
[A] BASED ON ESTIMATED EXPENSES FOR THE FIRST YEAR.
Expenses eligible for reimbursement do not include interest, taxes,
brokerage commissions, and extraordinary expenses.
The following information replaces the last paragraph found under the
heading "FMR and Its Affiliates" in the "Charter" section on page 8.
FMR may allocate brokerage transactions to its broker-dealer
affiliates and in a manner that takes into account the sale of shares
of Fidelity Advisor Funds, provided that the fund receives brokerage
services and commission rates comparable to those of other
broker-dealers.
The following information replaces similar information found in "How
to Buy Shares" on page 16.
MINIMUM INVESTMENTS
TO OPEN AN ACCOUNT $2,500
For certain Fidelity Advisor retirement accounts(double dagger) $500
Through regular investment plans* $100
TO ADD TO AN ACCOUNT $100
MINIMUM BALANCE $1,000
For certain Fidelity Advisor retirement accounts(double dagger) None
(double dagger) THESE LOWER MINIMUMS APPLY TO FIDELITY TRADITIONAL
IRA, ROTH IRA, ROTH CONVERSION IRA, ROLLOVER IRA, SEP-IRA, AND KEOGH
ACCOUNTS.
* AN ACCOUNT MAY BE OPENED WITH A MINIMUM OF $100, PROVIDED THAT A
REGULAR INVESTMENT PLAN IS ESTABLISHED AT THE TIME THE ACCOUNT IS
OPENED. FOR MORE INFORMATION ABOUT REGULAR INVESTMENT PLANS, PLEASE
REFER TO "INVESTOR SERVICES," PAGE 19.
The following information replaces similar information found in
"Investor Services" on page 20.
REGULAR INVESTMENT PLANS
FIDELITY ADVISOR SYSTEMATIC INVESTMENT PROGRAM
TO MOVE MONEY FROM YOUR BANK ACCOUNT TO A FIDELITY ADVISOR FUND
MINIMUM
INITIAL
$100
The following information found in "Transaction Details" on page 23 is
no longer applicable.
FIDELITY 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.
