SUPPLEMENT TO THE
FIDELITY ADVISOR LATIN AMERICA FUND, FIDELITY ADVISOR JAPAN FUND,
FIDELITY ADVISOR INTERNATIONAL CAPITAL APPRECIATION FUND, FIDELITY
ADVISOR EUROPE CAPITAL APPRECIATION FUND, FIDELITY ADVISOR OVERSEAS
FUND, FIDELITY ADVISOR DIVERSIFIED INTERNATIONAL FUND, FIDELITY
ADVISOR GLOBAL EQUITY FUND, FIDELITY ADVISOR EMERGING ASIA FUND,
FIDELITY ADVISOR HIGH YIELD FUND, FIDELITY ADVISOR HIGH INCOME FUND,
FIDELITY ADVISOR GOVERNMENT INVESTMENT FUND, FIDELITY ADVISOR MORTGAGE
SECURITIES FUND, FIDELITY ADVISOR INTERMEDIATE BOND FUND, FIDELITY
ADVISOR SHORT-FIXED INCOME FUND, AND FIDELITY ADVISOR MUNICIPAL INCOME
FUND
FUNDS OF FIDELITY ADVISOR SERIES II AND FIDELITY ADVISOR SERIES VIII
CLASS A, CLASS T, CLASS B, CLASS C, INSTITUTIONAL CLASS, AND INITIAL
CLASS
DECEMBER 29, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE 92.
E. BRADLEY JONES (71), Trustee. Prior to his retirement in 1984, Mr.
Jones was Chairman and Chief Executive Officer of LTV Steel Company.
He is a Director of TRW Inc. (automotive, space, defense, and
information technology), CSX Corporation (freight transportation),
Birmingham Steel Corporation (producer of steel and steel products),
and RPM, Inc. (manufacturer of chemical products), and he previously
served as a Director of NACCO Industries, Inc. (mining and
manufacturing, 1985-1995), Hyster-Yale Materials Handling, Inc.
(1985-1995), and Cleveland-Cliffs Inc (mining, 1985-1997), and as a
Trustee of First Union Real Estate Investments (1986-1997). In
addition, he serves as a Trustee of the Cleveland Clinic Foundation,
where he has also been a member of the Executive Committee as well as
Chairman of the Board and President, a Trustee of University School
(Cleveland), and a Trustee of Cleveland Clinic Florida.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 92.
ANDREW J. DUDLEY (34), is Vice President of Fidelity Advisor Short
Fixed-Income Fund (1998), Fidelity Advisor Intermediate Bond Fund
(1999), and other funds advised by FMR. Prior to joining Fidelity as a
portfolio manager in 1996, Mr. Dudley worked as a quantitative analyst
and portfolio manager at Putnam Investments for five years.
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 92.
NED C. LAUTENBACH (55), Trustee (2000), has been a partner of Clayton,
Dubilier & Rice, Inc. (private equity investment firm) since September
1998. Mr. Lautenbach was Senior Vice President of IBM Corporation from
1992 until his retirement in July 1998. From 1993 to 1995 he was
Chairman of IBM World Trade Corporation. He also was a member of IBM's
Corporate Executive Committee from 1994 to July 1998. He is a Director
of PPG Industries Inc. (glass, coating and chemical manufacturer),
Dynatech Corporation (global communications equipment), Eaton
Corporation (global manufacturer of highly engineered products) and
ChoicePoint Inc. (data identification, retrieval, storage, and
analysis).
MARIA F. DWYER (41), Deputy Treasurer (2000), is Deputy Treasurer of
the Fidelity funds and is a Vice President (1999) and an employee
(1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director
of Compliance for MFS Investment Management.
THE FOLLOWING INFORMATION REPLACES THE COMPENSATION TABLE FOUND IN THE
"TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE 92.
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 in 1998, or calendar year
ended December 31, 1998, as applicable.
COMPENSATION TABLE
<TABLE>
<CAPTION>
AGGREGATE COMPENSATION FROM A Edward C. Johnson 3d** Abigail P. Johnson ** J. Gary Burkhead** Ralph F. Cox
FUND
<S> <C> <C> <C> <C>
Advisor Latin AmericaB,+ $ 0 $ 0 $ 0 $ 1
Advisor Emerging Asia B,+ $ 0 $ 0 $ 0 $ 20
Advisor JapanB,+ $ 0 $ 0 $ 0 $ 5
Advisor International Capital $ 0 $ 0 $ 0 $ 10
AppreciationB
Advisor Europe Capital $ 0 $ 0 $ 0 $ 4
AppreciationB,+
Advisor OverseasB $ 0 $ 0 $ 0 $ 403
Advisor Diversified $ 0 $ 0 $ 0 $ 5
InternationalB,+
Advisor Global EquityB,+ $ 0 $ 0 $ 0 $ 2
Advisor High YieldB,C,D $ 0 $ 0 $ 0 $ 1,218
Advisor High IncomeB,+ $ 0 $ 0 $ 0 $ 1
Advisor Government InvestmentB $ 0 $ 0 $ 0 $ 106
Advisor Mortgage SecuritiesB $ 0 $ 0 $ 0 $ 147
Advisor Intermediate BondB $ 0 $ 0 $ 0 $ 161
Advisor Short Fixed- IncomeB $ 0 $ 0 $ 0 $ 101
Advisor Municipal IncomeB $ 0 $ 0 $ 0 $ 134
TOTAL COMPENSATION FROM THE $ 0 $ 0 $ 0 $ 223,500
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE COMPENSATION
FROM A Phyllis Burke Davis Robert M. Gates E. Bradley Jones **** Donald J. Kirk Ned C. Lautenbach***
FUND
<S> <C> <C> <C> <C> <C>
Advisor Latin AmericaB,+ $ 1 $ 1 $ 1 $ 1 $ 0
Advisor Emerging Asia B,+ $ 20 $ 20 $ 20 $ 20 $ 2
Advisor JapanB,+ $ 5 $ 5 $ 5 $ 5 $ 1
Advisor International
Capital $ 10 $ 10 $ 10 $ 10 $ 2
AppreciationB
Advisor Europe Capital $ 4 $ 4 $ 4 $ 4 $ 1
AppreciationB,+
Advisor OverseasB $ 387 $ 400 $ 400 $ 397 $ 38
Advisor Diversified $ 5 $ 5 $ 5 $ 5 $ 1
InternationalB,+
Advisor Global
EquityB,+ $ 2 $ 2 $ 2 $ 2 $ 0
Advisor High YieldB,C,D $ 1,167 $ 1,210 $ 1,209 $ 1,201 $ 97
Advisor High IncomeB,+ $ 1 $ 1 $ 1 $ 1 $ 0
Advisor Government
InvestmentB $ 102 $ 105 $ 105 $ 105 $ 9
Advisor Mortgage
SecuritiesB $ 141 $ 146 $ 146 $ 145 $ 11
Advisor Intermediate
BondB $ 155 $ 160 $ 160 $ 159 $ 13
Advisor Short
Fixed- IncomeB $ 97 $ 100 $ 100 $ 99 $ 8
Advisor Municipal
IncomeB $ 128 $ 133 $ 133 $ 132 $ 10
TOTAL COMPENSATION
FROM THE $ 220,500 $ 223,500 $ 222,000 $ 226,500 $ 0
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE COMPENSATION
FROM A Peter S. Lynch** William O. McCoy Gerald C. Mc-Donough Marvin L. Mann Robert C. Pozen**
FUND
<S> <C> <C> <C> <C> <C>
Advisor Latin AmericaB,+ $ 0 $ 1 $ 1 $ 1 $ 0
Advisor Emerging Asia B,+ $ 0 $ 20 $ 25 $ 20 $ 0
Advisor JapanB,+ $ 0 $ 5 $ 6 $ 5 $ 0
Advisor International
Capital $ 0 $ 10 $ 12 $ 10 $ 0
AppreciationB
Advisor Europe Capital $ 0 $ 4 $ 5 $ 4 $ 0
AppreciationB,+
Advisor OverseasB $ 0 $ 400 $ 495 $ 400 $ 0
Advisor Diversified $ 0 $ 5 $ 6 $ 5 $ 0
InternationalB,+
Advisor Global EquityB,+ $ 0 $ 2 $ 3 $ 2 $ 0
Advisor High YieldB,C,D $ 0 $ 1,210 $ 1,495 $ 1,210 $ 0
Advisor High IncomeB,+ $ 0 $ 1 $ 1 $ 1 $ 0
Advisor Government
InvestmentB $ 0 $ 105 $ 130 $ 105 $ 0
Advisor Mortgage SecuritiesB $ 0 $ 146 $ 181 $ 146 $ 0
Advisor Intermediate BondB $ 0 $ 160 $ 198 $ 160 $ 0
Advisor Short Fixed- IncomeB $ 0 $ 100 $ 124 $ 100 $ 0
Advisor Municipal IncomeB $ 0 $ 133 $ 164 $ 133 $ 0
TOTAL COMPENSATION FROM THE $ 0 $223,500 $ 273,500 $220,500 $ 0
FUND COMPLEX*,A
</TABLE>
<TABLE>
<CAPTION>
AGGREGATE COMPENSATION FROM A Thomas R. Williams
FUND
<S> <C>
Advisor Latin AmericaB,+ $ 1
Advisor Emerging Asia B,+ $ 20
Advisor JapanB,+ $ 5
Advisor International Capital $ 10
AppreciationB
Advisor Europe Capital $ 4
AppreciationB,+
Advisor OverseasB $ 392
Advisor Diversified $ 5
InternationalB,+
Advisor Global EquityB,+ $ 2
Advisor High YieldB,C,D $ 1,184
Advisor High IncomeB,+ $ 1
Advisor Government InvestmentB $ 103
Advisor Mortgage SecuritiesB $ 143
Advisor Intermediate BondB $ 157
Advisor Short Fixed- IncomeB $ 98
Advisor Municipal IncomeB $ 130
TOTAL COMPENSATION FROM THE $ 223,500
FUND COMPLEX*,A
</TABLE>
* Information is for the calendar year ended December 31, 1998 for 237
funds in the complex.
** Interested trustees of the funds, Ms. Johnson and Mr. Burkhead 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, 1998, 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, $55,039; Marvin L. Mann, $55,039; Thomas R.
Williams, $63,433; and William O. McCoy, $55,039.
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, $564; Phyllis Burke Davis, $564;
Robert M. Gates, $564; E. Bradley Jones, $564; Donald J. Kirk, $564;
William O. McCoy, $564; Gerald C. McDonough, $658; Marvin L. Mann,
$564; and Thomas R. Williams, $564.
D Certain of the non-interested trustees' aggregate compensation from
certain funds includes accrued voluntary deferred compensation as
follows: Ralph F. Cox, $471; Marvin L. Mann, $80; William O. McCoy,
$471, and Thomas R. Williams, $471.
