(2_FIDELITY_LOGOS)FIDELITY
VALUE
FUND
SEMIANNUAL REPORT
APRIL 30, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on stock market
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 9 A summary of major shifts in the
fund's investments over the last six
months.
INVESTMENTS 10 A complete list of the fund's
investments with their market value.
FINANCIAL STATEMENTS 27 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 31 Footnotes to the financial
statements.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS
CORPORATION IS A
BANK, AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED
BY THE
FDIC.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The first few months of 1994 were an unsettling time for many investors.
After three years of a nearly perfect environment for stock market
investing, stock prices fell in March and April. Investors disagree about
whether this decline represents only a short-term correction or signals the
beginning of a longer bear market. One can collect statistics to support
either opinion, but of course, nobody knows for sure what will happen to
stock prices in the months ahead.
We do know, however, that market declines are a normal part of stock market
investing. We have historically seen corrections of 10% or more every two
years. That's why I thought this might be a good time to review three basic
investment principles that have proven helpful to successful stock market
investors in every market cycle.
First, take a long-term approach when investing in stocks and stock funds.
If you can afford to leave your money invested through the market's
inevitable ups and downs, you will greatly reduce your vulnerability to any
single decline. Over time, stock prices have gone up - and have
significantly outperformed other types of investments and stayed ahead of
inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells investments that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED APRIL 30, 1994 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Value 4.09% 15.63% 84.78% 257.91%
S&P 500(Registered trademark) -2.31% 5.32% 70.64% 297.92%
Average Capital Appreciation Fund -3.09% 10.84% 74.26% 248.05%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one, five, or ten years. For
example, if you invested $1,000 in a fund that over the past year had a 5%
return, you would end up with $1,050. You can com-pare the fund's returns
to the perform- ance of the Standard & Poor's 500 Composite Stock Price
Index - a common proxy for the U.S. stock market. You can also compare them
to the average capital appreciation fund, which reflects the performance of
over 152 capital appreciation funds with similar objectives tracked by
Lipper Analytical Services Inc. Both benchmarks include reinvested
dividends and capital gains, if any, and exclude the effects of sales
charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Value 15.63% 13.07% 13.60%
S&P 500(Registered trademark) 5.32% 11.28% 14.81%
Average Capital Appreciation Fund 10.84% 11.32% 12.44%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
04/30/84 10000.00 10000.00
05/31/84 9252.81 9446.00
06/30/84 9646.07 9650.98
07/31/84 9359.55 9531.31
08/31/84 10286.52 10584.52
09/30/84 10382.03 10586.63
10/31/84 10410.12 10627.92
11/30/84 10269.67 10508.89
12/31/84 10491.74 10786.32
01/31/85 11508.00 11626.58
02/28/85 11513.77 11769.58
03/31/85 11467.58 11777.82
04/30/85 11375.19 11767.22
05/31/85 11767.84 12447.37
06/30/85 11825.58 12642.79
07/31/85 11917.97 12623.83
08/31/85 11733.19 12516.52
09/30/85 11317.45 12124.76
10/31/85 11715.87 12684.92
11/30/85 12275.97 13555.11
12/31/85 12810.13 14211.17
01/31/86 13257.55 14290.76
02/28/86 14087.61 15359.71
03/31/86 15082.52 16216.78
04/30/86 14852.93 16033.53
05/31/86 15270.90 16886.51
06/30/86 15512.27 17171.89
07/31/86 14888.25 16211.98
08/31/86 15665.33 17414.91
09/30/86 14917.68 15974.70
10/31/86 15594.69 16896.44
11/30/86 15412.19 17307.02
12/31/86 14697.80 16865.69
01/31/87 15709.86 19137.50
02/28/87 16354.67 19893.43
03/31/87 16458.88 20468.35
04/30/87 16191.84 20286.19
05/31/87 16589.15 20462.68
06/30/87 17142.77 21496.04
07/31/87 18536.60 22585.89
08/31/87 18197.91 23428.34
09/30/87 18289.09 22915.26
10/31/87 13684.25 17979.32
11/30/87 12655.17 16497.82
12/31/87 13436.75 17753.30
01/31/88 13944.78 18500.72
02/29/88 15234.40 19362.85
03/31/88 15136.70 18764.54
04/30/88 15097.62 18972.83
05/31/88 15065.05 19137.89
06/30/88 15703.35 20016.32
07/31/88 15768.48 19940.26
08/31/88 15592.62 19262.29
09/30/88 16725.92 20082.86
10/31/88 17702.90 20641.17
11/30/88 16960.40 20346.00
12/31/88 17339.73 20702.05
01/31/89 18022.97 22217.44
02/28/89 17611.70 21664.23
03/31/89 18361.28 22169.00
04/30/89 19369.56 23319.58
05/31/89 19993.10 24264.02
06/30/89 20570.20 24125.71
07/31/89 22487.26 26304.27
08/31/89 22573.49 26819.83
09/30/89 22148.96 26709.87
10/31/89 20669.71 26090.20
11/30/89 21173.84 26622.44
12/31/89 21318.35 27261.38
01/31/90 19391.68 25432.14
02/28/90 19501.99 25760.21
03/31/90 19935.85 26442.86
04/30/90 19766.72 25781.79
05/31/90 21046.26 28295.51
06/30/90 20406.49 28103.10
07/31/90 20215.29 28013.17
08/31/90 18443.05 25480.78
09/30/90 17759.16 24239.87
10/31/90 17362.06 24135.64
11/30/90 18148.91 25694.80
12/31/90 18584.93 26411.68
01/31/91 19572.02 27563.23
02/28/91 20751.89 29534.00
03/31/91 21160.60 30248.73
04/30/91 21438.22 30321.32
05/31/91 22633.52 31631.20
06/30/91 21584.74 30182.50
07/31/91 22641.23 31589.00
08/31/91 23188.75 32337.66
09/30/91 23011.38 31797.62
10/31/91 23281.29 32223.71
11/30/91 21954.90 30925.09
12/31/91 23453.39 34462.92
01/31/92 24423.32 33821.91
02/29/92 25377.36 34261.60
03/31/92 25162.70 33593.50
04/30/92 25870.28 34581.15
05/31/92 26132.64 34750.59
06/30/92 25790.77 34232.81
07/31/92 26609.65 35632.93
08/31/92 25989.53 34902.46
09/30/92 26450.65 35314.31
10/31/92 26561.95 35437.91
11/30/92 27730.65 36646.34
12/31/92 28413.87 37097.09
01/31/93 29193.54 37408.70
02/28/93 29346.26 37917.46
03/31/93 30785.04 38717.52
04/30/93 30953.84 37780.56
05/31/93 31596.87 38793.07
06/30/93 31596.87 38905.57
07/31/93 32272.05 38749.95
08/31/93 33397.35 40218.58
09/30/93 33381.27 39908.89
10/31/93 34386.01 40735.01
11/30/93 33686.71 40348.02
12/31/93 34931.19 40836.24
01/31/94 36745.91 42224.67
02/28/94 36415.96 41080.38
03/31/94 34983.28 39289.27
04/30/94 35790.79 39792.18
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Value
Fund on April 30, 1984. As the chart shows, by April 30, 1994, the value of
your investment would have grown to $35,791 - a 257.91% increase on your
initial investment. For comparison, look at how the S&P 500 did over
the same period. With dividends reinvested, the same $10,000 investment
would have grown to $39,792 - a 297.92% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
Interview with Jeffrey Ubben,
Portfolio Manager of Fidelity Value Fund
Q. JEFF, HOW HAS THE FUND PERFORMED?
A. Fairly well considering the U.S. financial markets have had a fairly
tough go of it over the past several months. The fund had a total return of
4.09% for the six months ended April 30, 1994. That beat the -3.09% total
return of the average capital appreciation fund, according to Lipper
Analytical Services Inc. For the year ended April 30, 1994, the fund
returned 15.63%, compared to the average fund's return of 10.84%, again
according to Lipper.
Q. WHAT HELPED THE FUND BEAT THE AVERAGE?
A. For starters, avoiding some sectors - such as utilities and some
financial companies - which were hurt when interest rates started to rise.
Utilities are down about 30% in 1994 alone.
Q. BUT AVOIDING LOSSES CAN'T BE THE ENTIRE STORY BEHIND THE FUND'S POSITIVE
PERFORMANCE . . .
A. Another factor was that I had placed fairly large bets on Japanese and
German stocks, which have recently outpaced U.S. stocks. Both countries are
currently experiencing conditions that helped boost the U.S. market over
the past couple of years: low stock prices and falling interest rates.
Japan's recovery is about two years behind the U.S. recovery. Interest
rates have fallen and the economy hasn't turned positive yet, so to me it
seems that the stage is set for things to improve. But many investors don't
believe that; there's some very negative sentiment and stock prices are
relatively cheap. I've concentrated on exporters because that was where the
pain of a strong yen was the greatest, and a weakening yen could help most.
What's more, many Japanese companies such as Toyota, Canon, Casio, Hitachi,
Suzuki Motor and Honda Motor have succeeded in improving profitability
through aggressive cost-cutting. If Japan's economy improves, and the yen
drops, these stocks could do quite well. About 8.1% of the fund's total
investments are Japanese companies.
Q. WHAT ABOUT GERMANY?
A. It's a later version of what happened to U.S. companies in 1985 and
1986. At that point, many U.S. companies were the highest-cost producers in
the world and many rustbelt companies spent subsequent years trying to
bring costs in line with other world producers. Over the past five years,
the rust belt has experienced a renaissance of sorts, and I expect the same
to happen to industrial Germany. German manufacturing companies have cut
costs, and they still have room to make further cuts. If the currency does
weaken, which I believe it will, that could make those companies even more
competitive than they are today. German chemical companies such as Hoechst
make up most of the fund's 10.3% stake in European companies.
Q. YOU MENTIONED THAT YOU AVOIDED SOME FINANCIAL STOCKS, BUT THAT GROUP
REMAINS THE FUND'S LARGEST SECTOR CONCENTRATION AT 14.0% OF INVESTMENTS AT
THE END OF THE PERIOD. WHERE DID YOU FIND VALUE IN THIS SECTOR?
A. I targeted financial stocks that had fallen to attractive prices. In my
view, these companies were a cheaper way to play the improving U.S. economy
than cyclical stocks. While cyclical stocks helped the fund's performance
in 1993,
I thought they were too expensive in 1994, so I sold many of the fund's
paper, cement and steel stocks early this year. Instead, I bought financial
companies such as American Express which could do well as consumer spending
increases. Some banks, like Banc One, have begun to benefit from increasing
commercial and personal loan demand. Insurance companies, such as General
Re, also looked attractive. Many insurers have suffered losses recently,
and that could mean there will be less capital in the
industry, which may result in higher prices down the road.
Q. WHAT OTHER SHIFTS HAVE YOU MADE DURING THE PAST SIX MONTHS?
A. I've increased the fund's stake in "soft goods" companies. Apparel
spending has recovered, and many retailers are reporting that women's
apparel in particular is selling well. What's driving that buying is, in
part, higher interest rates. Last year consumers bought many big ticket
items - like cars and houses - because interest rates were so low. But
there's a limit to how many cars and houses a person needs, and financing
costs are up, so consumers are now spending their money on smaller ticket
items like clothes. For that reason and others, I like companies such as
Liz Claiborne and Unifi, which takes the raw material polyester and
texturizes it so that it can be made into garments.
Q. YOU'VE CONCENTRATED ABOUT A QUARTER OF THE FUND IN COMMODITY-RELATED
COMPANIES LIKE ENERGY, ALUMINUM AND CHEMICALS STOCKS. WHAT'S THE ATTRACTION
THERE?
A. As the world economy picks up steam, demand for commodities will
probably increase. In my view, Russia - the world's biggest commodity
producer - is essentially going bankrupt. Russia's production capacity is
being destroyed and a lot of supply has been taken out of the world market.
Increased demand and decreased supply typically bode well for commodity
companies like British Petroleum and Alcan Aluminum, two of the fund's
largest investments. I've been somewhat disappointed that the aluminum
stocks haven't yet reflected those factors, but I think their long-term
prospects look strong.
Q. THERE HAS BEEN A LOT OF TALK LATELY ABOUT DERIVATIVES. DO YOU USE THEM?
A. The Fund has the authority to use them because they add some
flexibility.
I currently am using currency forwards to hedge the Fund against currency
exchange rate volatility.
Q. WHAT'S YOUR OUTLOOK FOR STOCKS OVER THE NEXT YEAR?
A. I think the big picture is that the U.S. recovery-driven stock market
gains are at the end of the line. In my view, the European and Japanese
recoveries will produce the next big winners. I don't think we've seen the
end of the world financial market's volatility, and I would caution
investors to keep in mind that it's important to have a long-term strategy
with any type of stock investment.
FUND FACTS
GOAL: to increase the value
of the fund's shares by
investing in companies that
own valuable assets or are
undervalued in the
marketplace
START DATE: December 1, 1978
SIZE: As of April 30, 1994,
over $2 billion
MANAGER: Jeffrey Ubben,
since December 1992;
previously managed Select
Defense and Aerospace,
Select Electric Utilities,
Utilities Income, and
Qualified Dividend funds;
joined Fidelity in 1989
(checkmark)
JEFFREY UBBEN'S OUTLOOK FOR
COMMODITY-RELATED
COMPANIES:
"There are a number of supply
and demand factors that
should help
commodity-related stocks
over the next year or so. The
U.S. economy is already well
into a recovery. And in the
next year or two, Europe and
Japan should follow suit. An
improving global economy
should translate into
increased demand. But going
forward, my view is that
Russia, the biggest
commodity producer in the
world, will continue to
experience tremendous
difficulties, which will hurt its
ability to produce, and in turn,
cut the supply of many
commodities. That's why I've
built up the fund's stake in
these commodity-related
companies. I want to invest
heavily in stocks that do well
when demand increases and
supply weakens."
(bullet) The fund's investments in
foreign stocks totaled 25.1%
at the end of April. Of those,
8.1% were Japanese
companies, and 10.3% were
European companies.
Approximately 60% of the
fund's Japanese holdings
were hedged against the
possibility of a decline in the
yen using forward currency
contracts, a type of financial
derivative that international
investors use to manage
currency risks.
INVESTMENT CHANGES
TOP TEN STOCKS AS OF APRIL 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO
British Petroleum PLC, ADR 2.3 2.1
Alcan Aluminum Ltd. 2.1 0.7
Schlumberger Ltd. 1.8 0.7
Unifi, Inc. 1.7 0.5
Canadian Pacific Ltd. Ord. 1.4 1.7
ConAgra Inc. 1.4 0.2
Philip Morris Companies, Inc. 1.4 0.0
Banc One Corp. 1.3 0.0
American Express Co. 1.3 0.0
Western Atlas, Inc. 1.2 0.0
TOP FIVE INDUSTRIES AS OF APRIL 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO
Finance 14.0 9.8
Basic Industries 12.7 14.5
Energy 12.6 13.2
Durables 8.9 5.5
Nondurables 6.1 3.5
ASSET ALLOCATION
AS OF APRIL 30, 1994 * AS OF OCTOBER 31, 1993**
Row: 1, Col: 1, Value: 7.2
Row: 1, Col: 2, Value: 3.8
Row: 1, Col: 3, Value: 89.0
Stocks 85.9%
Bonds 2.6%
Short-term and
other
investments 11.5%
Stocks 89.0%
Bonds 3.8%
Short-term and
other
investments 7.2%
Row: 1, Col: 1, Value: 11.5
Row: 1, Col: 2, Value: 2.6
Row: 1, Col: 3, Value: 85.90000000000001
* FOREIGN
INVESTMENTS 25.1%
** FOREIGN
INVESTMENTS 21.5%
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investments
_COMMON STOCKS - 87.0%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 1.8%
AEROSPACE & DEFENSE - 1.1%
Aviall, Inc. (a) 110,200 $ 1,653 05366B10
Flightsafety International, Inc. 575,500 21,150 33942310
22,803
DEFENSE ELECTRONICS - 0.7%
Litton Industries, Inc. (a) 508,100 15,687 53802110
TOTAL AEROSPACE & DEFENSE 38,490
BASIC INDUSTRIES - 12.7%
CHEMICALS & PLASTICS - 7.4%
Airgas, Inc. (a) 723,400 15,734 00936310
Avery Dennison Corp. 307,400 8,876 05361110
Bayer AG 18,000 4,286 07273010
DSM NV 105,000 7,828 23332H92
du Pont (E.I.) de Nemours & Co. 200,000 11,425 26353410
Eastman Chemical Co. 337,900 15,037 27743210
Ferro Corp. 153,300 4,197 31540510
Grace (W.R.) & Co. 165,500 6,744 38388310
Great Lakes Chemical Corp. 161,000 10,48 390568105
Hanna (M.A.) Co. 73,700 2,73 410522106
Hoechst AG Ord. 35,000 7,713 43439010
Imperial Chemical Industries PLC ADR 126,800 6,308 45270450
Nalco Chemical Co. 423,100 14,227 62985310
NL Industries, Inc. (a) 101,000 707 62915640
Olin Corp. 1,800 92 68066520
Potash Corp. of Saskatchewan 368,800 9,402 73755L10
Shinetsu Chemical 149,000 3,067 82499210
Union Carbide Corp. 466,400 12,301 90558110
Vigoro Corp. 7,600 223 92675410
Wellman, Inc. 279,400 6,147 94970210
Witco Corp. 390,000 11,408 97738510
Yizheng Chemical Fibre Co. Class H (a) 1,900 590 99599E22
159,533
IRON & STEEL - 0.5%
Compania Siderurgica Nacional (a) 194,000,000 5,170 24499523
Mayr Melnhof Karton AG 47,000 3,002 57847192
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
IRON & STEEL - CONTINUED
Thyssen AG Ord. 20,000 $ 3,462 88629110
J&L Specialty Steel, Inc. 24,000 336 46604610
11,970
METALS & MINING - 2.8%
Alcan Aluminum Ltd. 2,199,128 46,128 01371610
Alumax, Inc. (a) 170,550 4,072 02219710
English China Clay PLC 100,000 733 29321792
Noranda, Inc. 60,000 1,047 65542210
Reynolds Metals Co. 178,900 7,514 76176310
59,494
PAPER & FOREST PRODUCTS - 2.0%
Abitibi-Price, Inc. installment receipts (g) 161,800 863 00368070
Aracruz Celulose SA ADR (a) 254,600 3,469 03849610
Champion International Corp. 346,700 10,574 15852510
Consolidated Papers, Inc. 90,000 3,488 20975910
Metsa Serla 'B' 60,000 2,520 59299992
QUNO Corp. 54,100 929 74726H10
QUNO Corp. (b) 10,500 180 74726H92
Repola OY 334,900 5,952 75999A92
Stone Container Corp. (a) 210,300 2,839 86158910
Temple-Inland, Inc. 237,500 11,252 87986810
42,066
TOTAL BASIC INDUSTRIES 273,063
CONGLOMERATES - 0.9%
Alexander & Baldwin, Inc. 240,200 6,005 01448210
United Technologies Corp. 196,900 12,552 91301710
18,557
CONSTRUCTION & REAL ESTATE - 2.7%
BUILDING MATERIALS - 0.4%
Coflexip sponsored ADR 43,000 973 19238410
Lafarge Corp. 179,900 4,070 50586210
Tecumseh Products Co. Class A 67,100 3,288 87889520
8,331
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - CONTINUED
CONSTRUCTION - 0.4%
Standard Pacific Corp. 82,700 $ 755 85375C10
U.S. Home Corp. (a) 327,800 6,843 91192010
7,598
REAL ESTATE - 0.1%
Castle & Cooke Homes, Inc. 278,900 3,068 14842610
REAL ESTATE INVESTMENT TRUSTS - 1.8%
Avalon Properties, Inc. 198,900 4,674 05346910
Camden Property Trust (a) 95,700 2,333 13313110
Carr Realty Corp. 259,600 6,166 14441K10
Chateau Properties, Inc. 36,800 814 16173910
Crown American Realty Trust 235,400 3,384 22818610
Developers Diversified Realty 28,900 921 25159110
Equity Residential Property Trust 34,200 1,120 29476L10
Haagen Alexander Properties, Inc. 32,000 524 40443E10
Irvine Apartment Communities 129,100 2,630 46360610
Macerich Company 48,500 952 55438210
Manufactured Home Community 200,000 4,475 56468210
Simon Properties Group, Inc. (a) 70,200 1,878 82880510
Storage Equities, Inc. 609,300 8,911 86211010
38,782
TOTAL CONSTRUCTION & REAL ESTATE 57,779
DURABLES - 8.9%
AUTOS, TIRES, & ACCESSORIES - 3.1%
Bandag, Inc. 148,400 7,642 05981510
Continental Gummi-Werke AG (a) 39,000 6,833 21199010
Honda Motor Co. Ltd. 690,000 11,417 43812810
Pirelli Tyre Holdings NV Ord. (a) 365,800 3,645 72499092
Suzuki Motor Corp. 1,193,000 15,863 86958592
Toyota Motor Corporation 1,076,000 21,090 89399999
66,490
CONSUMER ELECTRONICS - 1.9%
Aktiebolaget Electrolux 140,000 7,462 01019810
Matsushita Electric Industrial Co. Ltd. 967,000 15,906 57687910
Sony Corp. 313,000 17,757 83569999
41,125
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
HOME FURNISHINGS - 0.4%
Miller (Herman), Inc. 365,000 $ 9,125 60054410
TEXTILES & APPAREL - 3.5%
Fieldcrest Cannon, Inc. (a) 145,700 4,590 31654910
Guilford Mills, Inc. 188,200 4,235 40179410
Liz Claiborne, Inc. 593,700 14,843 53932010
Oshkosh B'Gosh, Inc. Class A 363,400 4,724 68822220
Russell Corp. 169,500 4,788 78235210
Tokyo Style Co. Ltd. 112,000 2,041 88999410
Unifi, Inc. 1,528,200 37,632 90467710
Westpoint Stevens, Inc. Class A (a) 107,600 1,735 96123810
74,588
TOTAL DURABLES 191,328
ENERGY - 12.6%
COAL - 0.0%
Ashland Coal, Inc. 31,300 849 04390610
ENERGY SERVICES - 4.6%
BJ Services Co. (a) 403,900 7,42 055482102
Chiles Offshore Corp. (a) 429,000 1,877 16888710
Dual Drilling Co. (a) 212,400 2,044 26356410
Enterra Corp. 629,300 12,665 29380510
Halliburton Co. 361,300 10,704 40621610
Helmerich & Payne, Inc. 94,500 2,469 42345210
Marine Drilling Cos., Inc. (a) 334,300 1,755 56824020
Noble Drilling Corp. (a) 55,400 381 65504210
Nowsco Well Service Ltd. 52,000 865 67012210
Offshore Logistics, Inc. (a) 152,300 2,132 67625510
Schlumberger Ltd. 697,800 38,379 80685710
Smith International, Inc. (a) 189,300 2,366 83211010
Tidewater, Inc. 520,600 10,933 88642310
Tuboscope Vetco Corp. (a) 254,500 1,463 89860010
Western Co. of North America (a) 180,000 2,295 95804340
Wheatley TXT Corp. 200,000 2,300 96271810
100,050
INDEPENDENT POWER - 0.3%
California Energy Co., Inc. 352,300 5,945 13019010
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - CONTINUED
OIL & GAS - 7.7%
Amerada Hess Corp. 285,500 $ 14,346 02355110
British Petroleum PLC ADR 715,200 50,064 11088940
British Petroleum PLC Ord. 1,788 10 11088910
Burlington Resources, Inc. 396,900 17,811 12201410
Canadian Natural Resources Ltd. 59,500 888 13638510
Getty Petroleum Corp. (a) 66,700 1,034 37429010
Hugoton Energy Corp. 172,600 2,244 44461310
Kerr-McGee Corp. 141,100 6,314 49238610
Murphy Oil Corp. 301,800 13,279 62671710
Newfield Exploration Co. (a) 53,400 1,015 65129010
Norsk Hydro AS 265,600 9,006 65653150
Norsk Hydro AS ADR 33,100 1,121 65653160
Petro-Canada 702,000 6,917 71644E10
Petroleum Heat & Power, Inc. Class A 24,300 194 71660030
Poco Petroleums Ltd. (a) 150,000 1,126 73036110
Renaissance Energy Ltd. (a) 338,500 7,589 75966610
Total Compagnie Francaise des Petroles Class B 15,700 913 20434510
Total SA sponsored ADR 557,473 16,167 89151E10
Unocal Corp. 168,000 4,641 91528910
Western Gas Resources, Inc. 436,600 11,734 95825910
166,413
TOTAL ENERGY 273,257
FINANCE - 14.0%
BANKS - 3.8%
Banc One Corp. 873,900 28,839 05943810
Bank of Boston Corp. 400,153 10,304 06071610
Bank of New York Co., Inc. 331,168 18,338 06405710
NationsBank Corp. 113,400 5,925 63858510
PNC Financial Corp. 111,500 3,108 69347510
Shawmut National Corp. 352,400 7,885 82048410
Wachovia Corp. 246,000 7,657 92977110
82,056
CREDIT & OTHER FINANCE - 2.4%
American Express Co. 911,900 27,015 02581610
Argentaria Corp. Bancaria de Esp 90,000 3,911 21991392
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
CREDIT & OTHER FINANCE - CONTINUED
Beneficial Corp. 148,200 $ 5,632 08172110
Brierley Investments Ltd. 3,921,496 2,966 10901410
Dean Witter Discover & Co. 94,400 3,552 24240V10
GFC Financial Corp. 149,400 4,856 36160910
Triarc Companies, Inc. Class A 202,400 3,947 89592710
51,879
FEDERAL SPONSORED CREDIT - 0.6%
Federal National Mortgage Association 149,600 12,454 31358610
Student Loan Marketing Association 20,000 787 86387150
13,241
INSURANCE - 4.4%
ACE Ltd. 256,200 7,302 00499G92
Berkley (W.R.) Corp. 66,900 2,442 08442310
Crawford & Co. Class A 293,900 4,702 22463320
CNA Financial Corp. (a) 117,800 7,480 12611710
Gallagher (Arthur J.) & Co. 307,900 9,776 36357610
General Re Corp. 203,300 22,668 37056310
Gryphon Holdings, Inc. (a) 210,000 2,940 40051510
Jefferson Pilot Corp. 91,000 4,448 47507010
MBIA, Inc. 79,300 4,589 55262C10
NAC Re Corp. 238,900 6,450 62890710
Penncorp. Financial Group, Inc. 154,500 2,240 70809410
St. Paul Companies, Inc. (The) 50,000 3,969 79286010
SAFECO Corp. 92,200 4,967 78642910
Travelers, Inc. (The) 270,800 9,410 89419010
Western National Corp. (a) 41,000 554 95884510
93,937
SAVINGS & LOANS - 2.2%
Ahmanson (H.F.) & Co. 490,900 8,958 00867710
Brooklyn Bancorp 165,000 5,610 11380910
Charter One Financial Corp. 478,000 10,277 16090310
FirstFed Michigan Corp. 172,350 4,241 33761R10
Golden West Financial Corp. 309,000 11,818 38131710
Standard Federal Bank 301,200 7,643 85338910
48,547
SECURITIES INDUSTRY - 0.6%
Nomura Securities Co. Ltd. 580,000 12,625 65536130
TOTAL FINANCE 302,285
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - 2.5%
DRUGS & PHARMACEUTICALS - 0.6%
American Cyanamid Co. 281,800 $ 13,245 02532110
MEDICAL EQUIPMENT & SUPPLIES - 1.7%
Becton, Dickinson & Co. 13,000 502 07588710
Kendall International, Inc. (a) 313,800 14,552 48875110
Owens & Minor, Inc. 26,300 611 69073010
Pall Corp. 558,000 9,486 69642930
Spacelabs Medical, Inc. (a) 97,800 2,237 84624710
St. Jude Medical, Inc. 340,000 8,755 79084910
36,143
MEDICAL FACILITIES MANAGEMENT - 0.2%
National Health Laboratories, Inc. 290,200 3,374 63633F10
Unilab Corp. (a) 270,000 1,519 90476310
4,893
TOTAL HEALTH 54,281
INDUSTRIAL MACHINERY & EQUIPMENT - 3.4%
ELECTRICAL EQUIPMENT - 1.1%
Alcatel Alsthom CGE 30,000 3,632 01390492
Itel Corp. (a) 443,000 11,241 46564210
Mitsubishi Electric Co. Ord. 890,000 5,312 60673220
Murata Manufacturing Co. Ord. 75,000 3,250 62699110
23,435
INDUSTRIAL MACHINERY & EQUIPMENT - 1.0%
Amtrol, Inc. 57,100 971 03234A10
Cooper Industries, Inc. 93,300 3,557 21666910
Duriron Company, Inc. 50,000 844 26684910
Enerflex SYS, Ltd. 150,400 1,985 29265B10
Gardner Denver Machinery, Inc. 3,600 31 36555810
Goulds Pumps, Inc. 50,000 1,075 38355010
Harnischfeger Industries, Inc. 392,400 8,240 41334510
Keystone International, Inc. 228,500 5,056 49350310
21,759
POLLUTION CONTROL - 1.3%
Attwoods PLC ADR 31,300 293 04987020
Browning-Ferris Industries, Inc. 400,000 11,700 11588510
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
POLLUTION CONTROL - CONTINUED
Safety Kleen Corp. 292,400 $ 4,386 78648410
Sanifill, Inc. (a) 153,700 3,746 80101810
Western Waste Industries, Inc. (a) 104,800 1,834 95988010
WMX Technologies, Inc. 200,000 5,173 92929Q10
27,132
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 72,326
MEDIA & LEISURE - 2.1%
BROADCASTING - 0.2%
Heritage Media Corp. Class A (a) 276,000 4,761 42724120
LODGING & GAMING - 0.3%
Caesars World, Inc. (a) 120,400 5,854 12769510
PUBLISHING - 1.5%
Enquirer/Star Group, Inc. Class A 17,200 299 29355410
Meredith Corp. 404,700 17,604 58943310
Scripps (E.W.) Co. Class A 362,500 9,516 81103910
Times Mirror Co., Series A 138,300 4,374 88736010
31,793
RESTAURANTS - 0.1%
Uno Restaurant Corp. (a) 7,500 72 91490010
VICORP Restaurants, Inc. (a) 120,000 1,920 92581710
1,992
TOTAL MEDIA & LEISURE 44,400
NONDURABLES - 6.1%
BEVERAGES - 0.2%
Coors (Adolph) Co. Class B 181,500 3,380 21701610
FOODS - 3.7%
ConAgra, Inc. 1,063,800 29,919 20588710
Dole Food, Inc. 284,200 7,887 25660510
Ezaki Glicko Co. 275,000 2,952 30199492
Goodman Fielder Ltd. Ord. 3,662,500 3,982 38238210
Hormel (George A.) & Co. 239,300 4,607 44045210
Ralcorp Holdings, Inc. 61,300 981 75102510
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
FOODS - CONTINUED
Ralston Purina Co. 183,900 $ 6,620 75127730
Sara Lee Corp. 680,000 14,110 80311110
Tyson Foods, Inc. 399,200 7,784 90249410
78,842
HOUSEHOLD PRODUCTS - 0.6%
NCH Corp. 70,800 4,292 62885010
Orkla AS Class A Free shares 125,900 4,129 39299193
Orkla AS Class B (non-vtg.) 44,750 1,418 39299192
Stanhome, Inc. 119,200 3,949 85442510
13,788
TOBACCO - 1.6%
Philip Morris Companies, Inc. 539,300 29,392 71815410
RJR Nabisco Holdings Corp. 559,000 3,564 74960K10
UST, Inc. 100,000 2,788 90291110
35,744
TOTAL NONDURABLES 131,754
RETAIL & WHOLESALE - 5.3%
APPAREL STORES - 0.8%
Charming Shoppes, Inc. 170,000 1,785 16113310
Filene's Basement Corp. 4,000 36 31686610
Limited, Inc. (The) 610,000 11,743 53271610
TJX Companies, Inc. 169,700 4,073 87254010
United States Shoe Corp. 28,400 511 91260510
18,148
DRUG STORES - 0.0%
Revco (D.S.), Inc. 24,300 410 76133910
GENERAL MERCHANDISE STORES - 1.5%
Dayton Hudson Corp. 130,900 10,340 23975310
Federated Department Stores, Inc. (a) 300,000 6,413 31410J10
Mac Frugals Bargains, Inc. (a) 145,900 2,462 55415210
Matsuzakaya Co., Ltd. 200,800 2,868 57699492
National Convenience Stores 157,800 2,170 63557050
Price/Costco, Inc. 470,000 7,109 74143W10
31,362
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
GROCERY STORES - 1.2%
American Stores Co. 141,400 $ 3,535 03009610
Bruno's, Inc. 446,600 3,405 11688110
Fleming Companies, Inc. 128,900 3,239 33913010
Food Lion, Inc. Class A 752,400 4,420 34477520
Giant Food, Inc. Class A 249,400 5,674 37447810
Great Atlantic & Pacific Tea Co., Inc. 109,100 2,728 39006410
Stop & Shop Companies, Inc. (a) 138,500 3,705 86209910
26,706
RETAIL & WHOLESALE, MISCELLANEOUS - 1.8%
Circuit City Stores, Inc. 304,900 5,793 17273710
Duty Free International, Inc. 567,900 7,809 26708410
Fabri-Centers of America, Inc. (a) 121,000 1,890 30284610
Tiffany & Company, Inc. 162,000 4,921 88654710
Toys "R" Us, Inc. (a) 320,000 11,080 89233510
Uny Co., Ltd. 513,000 7,377 91529010
38,870
TOTAL RETAIL & WHOLESALE 115,496
SERVICES - 3.3%
PRINTING - 0.5%
Donnelley (R.R.) & Sons Co. 269,800 7,353 25786710
Moore Corporation Ltd. 89,400 1,624 61578510
New England Business Service, Inc. 160,100 3,222 64387210
12,199
SERVICES - 2.8%
ABM Industries, Inc. 54,900 988 00095710
ADT Ltd. 389,800 3,703 00091530
CDI Corp. (a) 107,000 1,498 12507110
Chemed Corp. 87,600 2,902 16359610
CPI Corp. 231,200 3,410 12590210
Jostens, Inc. 546,300 8,673 48108810
Kelly Services, Inc. Class A 77,000 2,040 48815220
Kinder-Care Learning Ctrs. (a) 150,000 1,987 49452120
Oroamerica, Inc. (a) 71,000 888 68702710
Pittston Co. Minerals Group (f) 362,400 7,112 72570120
Western Atlas, Inc. 619,200 26,626 95767410
59,827
TOTAL SERVICES 72,026
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - 4.9%
COMPUTER SERVICES & SOFTWARE - 0.1%
Gerber Scientific, Inc. 139,700 $ 2,113 37373010
COMPUTERS & OFFICE EQUIPMENT - 2.4%
Canon, Inc. 620,000 10,076 13780199
Casio Computer Co. Ltd. Ord. 1,199,000 14,880 14761893
Fujitsu Ltd. (a) 500,000 5,023 35959010
IBM Corporation 368,800 21,114 45920010
51,093
ELECTRONIC INSTRUMENTS - 0.1%
Measurex Corp. 133,300 2,483 58343210
ELECTRONICS - 1.3%
AMP, Inc. 242,000 15,458 03189710
Hitachi, Ltd. 1,382,000 13,067 43357810
28,525
PHOTOGRAPHIC EQUIPMENT - 1.0%
Fuji Photo Film Co. Ltd. 304,000 6,557 35958610
Polaroid Corp. 505,900 15,683 73109510
22,240
TOTAL TECHNOLOGY 106,454
TRANSPORTATION - 3.6%
AIR TRANSPORTATION - 0.1%
KLM Royal Dutch Airlines Ord. (a) 81,000 2,334 48251620
RAILROADS - 2.4%
Canadian Pacific Ltd. Ord. 1,923,600 30,954 13644030
CSX Corp. 103,300 8,044 12640810
Johnstown America Industries, Inc. (a) 103,800 2,621 47947710
Union Pacific Corp. 157,800 9,310 90781810
50,929
SHIPPING - 0.5%
Bonheur A/S 338,100 6,652 09799399
Finnlines OY (b) 70,300 2,100 31799N22
Ganger Rolf 62,400 1,210 36472010
Wah Kwong Shipping Holdings Ltd. 339,000 483 93056692
10,445
_COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TRANSPORTATION - CONTINUED
TRUCKING & FREIGHT - 0.6%
Arnold Industries, Inc. 112,800 $ 2,030 04259510
Carolina Freight Corp. 176,800 2,100 14389810
Consolidated Freightways, Inc. (a) 96,600 2,657 20923710
Roadway Services, Inc. 52,300 3,674 76974810
Trimac Ltd. 123,700 1,521 89620810
Yellow Corp. 70,000 1,466 98550910
13,448
TOTAL TRANSPORTATION 77,156
UTILITIES - 2.2%
CELLULAR - 0.3%
Airtouch Communications 216,100 5,321 00949T10
ELECTRIC UTILITY - 1.3%
Centerior Energy Corp. 486,000 5,407 15188310
Entergy Corp. (a) 375,400 11,497 29364G10
NIPSCO Industries, Inc. 27,100 857 62914010
PSI Resources, Inc. 45,500 1,018 69363210
Veba Vereinigte Elektrizetaets & Bergwerks AG Ord. 31,800 9,880
92239110
28,659
GAS - 0.2%
Coastal Corp. (The) 165,800 5,243 19044110
TELEPHONE SERVICES - 0.4%
Ameritech Corp. 120,000 4,725 03095410
Telefonica de Espana SA Ord. 209,700 2,787 87938210
7,512
TOTAL UTILITIES 46,735
TOTAL COMMON STOCKS
(Cost $1,816,778) 1,875,387
_PREFERRED STOCKS - 2.0%
SHARES VALUE (NOTE 1)
(000S)
CONVERTIBLE PREFERRED STOCKS - 1.8%
DURABLES - 0.2%
TEXTILES & APPAREL - 0.2%
Fieldcrest Cannon, Inc., Series A, $3.00 (b) 70,000 $ 4,480 31654920
ENERGY - 0.4%
OIL & GAS - 0.4%
Western Gas Resources, Inc. $2.625 205,000 9,533 95825930
FINANCE - 0.0%
SAVINGS & LOANS - 0.0%
Ahmanson (H.F.) & Co., Series D, $3.00 4,000 185 00867770
HEALTH - 0.4%
MEDICAL EQUIPMENT & SUPPLIES - 0.4%
U.S. Surgical Corp. $2.20 (b) 443,500 9,535 91270720
INDUSTRIAL MACHINERY & EQUIPMENT - 0.3%
Cooper Industries, Inc. $8.00 exchangeable 241,100 5,756 21666950
NONDURABLES - 0.5%
FOODS - 0.2%
Chiquita Brands International, Inc. $2.875 80,600 3,708 17003240
TOBACCO - 0.3%
RJR Nabisco Holdings Corp., Series A, depositary shares
representing 1/4 share 1,070,000 6,955 74960K40
TOTAL NONDURABLES 10,663
TOTAL CONVERTIBLE PREFERRED STOCKS 40,152
NONCONVERTIBLE PREFERRED STOCKS - 0.2%
DURABLES - 0.2%
AUTOS, TIRES, & ACCESSORIES - 0.2%
Porsche AG non-voting (a) 6,300 3,325 73380110
Porsche NV 1,575 814 73380193
4,139
TOTAL PREFERRED STOCKS
(Cost $46,367) 44,291
_CORPORATE BONDS - 3.8%
MOODY'S RATINGS (D) PRINCIPAL VALUE (NOTE 1)
AMOUNT (C) (000S) (000S)
CONVERTIBLE BONDS - 0.8%
BASIC INDUSTRIES - 0.2%
PAPER & FOREST PRODUCTS - 0.2%
Stone Container Corp. 8 7/8%, 7/15/00 (b) B2 $ 3,710 $ 5,157 861589AL
CONSTRUCTION & REAL ESTATE - 0.1%
REAL ESTATE INVESTMENT TRUSTS - 0.1%
Camden Property Trust 7.33%, 4/1/01 - 2,500 2,525 133131AA
DURABLES - 0.2%
AUTOS, TIRES, & ACCESSORIES - 0.2%
Bridgestone 3.7%, 12/31/98 - JPY 272,000 3,415 1084419A
FINANCE - 0.1%
CREDIT & OTHER FINANCE - 0.1%
Brierley Investments Ltd. 9%, 6/30/98 - NZD 2,709 1,924 1090149A
Industrial Credit & Investment Corp. 2.5%,
4/03/00 (b) - 410 336 456052AA
2,260
SERVICES - 0.2%
SERVICES - 0.2%
Manpower, Inc. 6 1/4%, 10/1/02 (b) BB- 3,710 4,276 56418HAA
TOTAL CONVERTIBLE BONDS 17,633
NONCONVERTIBLE BONDS - 3.0%
BASIC INDUSTRIES - 0.3%
CHEMICALS & PLASTICS - 0.2%
IMC Fertilizer Group, Inc. 9 1/4%, 10/1/00 B3 4,500 4,230 449669AH
PAPER & FOREST PRODUCTS - 0.1%
Stone Container Corp. 10 3/4%,
4/1/02 B2 3,000 2,820 861589AF
TOTAL BASIC INDUSTRIES 7,050
CONGLOMERATES - 0.2%
Sequa Corp.:
10 1/2%, 5/1/98 B3 352 368 817320AC
9 3/8%, 12/15/03 B3 3,500 3,272 817320AG
3,640
_CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (D) PRINCIPAL VALUE (NOTE 1)
AMOUNT (C) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
DURABLES - 0.7%
TEXTILES & APPAREL - 0.7%
Westpoint Stevens, Inc.:
8 3/4%, 12/15/01 B1 $ 7,250 $ 6,634 961238AA
9 3/8%, 12/15/05 B3 9,000 8,235 961238AB
14,869
ENERGY - 0.5%
ENERGY SERVICES - 0.0%
Falcon Drilling, Inc. 9.75%, 1/15/01 B2 730 686 305914AA
INDEPENDENT POWER - 0.3%
California Energy Corp., Inc. 10 1/4%,
1/15/04 BB- 9,750 7,093 130190AC
OIL & GAS - 0.2%
Mesa Capital Corp. secured 12 3/4%,
6/30/98 (e) B3 5,000 4,413 590910AF
TOTAL ENERGY 12,192
FINANCE - 0.3%
INSURANCE - 0.3%
Reliance Group 9%, 11/15/00 BB+ 8,000 7,320 759464AG
INDUSTRIAL MACHINERY & EQUIPMENT - 0.2%
Joy Technologies, Inc. 10 1/4%, 9/1/03 B1 3,525 3,384 481206AD
MEDIA & LEISURE - 0.2%
LODGING & GAMING - 0.2%
Host Marriott Corp.:
10 1/2%, 5/1/06 B1 750 735 441080AH
11%, 5/1/06 B1 2,000 1,990 441080AJ
9 1/8%, 12/1/00 B1 1,000 960 441080AD
9 7/8%, 5/1/01 B1 300 290 441080AE
3,975
NONDURABLES - 0.1%
FOODS - 0.1%
Chiquita Brands International, Inc. 11 1/2%,
6/1/01 B3 1,550 1,604 170032AG
_CORPORATE BONDS - CONTINUED
MOODY'S RATINGS (D) PRINCIPAL VALUE (NOTE 1)
AMOUNT (C) (000S) (000S)
NONCONVERTIBLE BONDS - CONTINUED
RETAIL & WHOLESALE - 0.2%
RETAIL & WHOLESALE, MISCELLANEOUS - 0.2%
International Semi-Tech Microelectronics, Inc.
secured 11 1/2%, 8/15/03 (e) B+ $ 8,000 $ 3,920 46031KAA
SERVICES - 0.3%
ADT Operations, Inc. guaranteed notes 9 1/4%,
8/1/03 B2 6,000 5,640 000945AB
TOTAL NONCONVERTIBLE BONDS 63,594
TOTAL CORPORATE BONDS
(Cost $ 84,581) 81,227
_REPURCHASE AGREEMENTS - 7.2%
MATURITY
AMOUNT
(000S)
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 3.56%
dated 4/29/94 due 5/2/94 $ 156,035 155,989
TOTAL INVESTMENT IN SECURITIES - 100.0%
(Cost $2,103,715) $ 2,156,894
_FORWARD FOREIGN CURRENCY CONTRACTS
AMOUNTS IN THOUSANDS SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO SELL
10,721,387 JPY 6/24/94 to 7/20/94 $ 106,067 $ (2,498)
(Receivable amount $103,569)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 4.9%
CURRENCY ABBREVIATIONS
CAD - Canadian dollar
JPY - Japanese yen
NZD - New Zealand dollar
SEK - Swedish krona
LEGEND
(a) Non-income producing
(b) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $26,064,000 or 1.2% of net
assets.
(c) Principal amount is stated in United States dollars unless otherwise
noted.
(d) Standard & Poor's Corporation credit ratings are used in the
absence of a rating by Moody's Investors Service, Inc.
(e) Debt obligation initially issued in zero coupon form which converts to
coupon form at a specified rate and date.
(f) Affiliated company (see Note 7 of Notes to Financial Statements).
(g) Market Value reflects the payment of the first installment. Additional
payments of $809,000 CAD are payable in January and October of 1995.
Distribution of investments by country, as a percentage of total value of
investment in securities, is as follows:
United States 74.9%
Japan 8.1
Canada 5.4
United Kingdom 2.8
Netherland 2.4
Germany 1.7
Norway 1.1
France 1.0
Others (individually less than 1%) 2.6
TOTAL 100.0%
INCOME TAX INFORMATION
At April 30, 1994, the aggregate cost of investment securities for income
tax purposes was $2,103,771,000. Net unrealized appreciation aggregated
$53,123,000, of which $125,035,000 related to appreciated investment
securities and $71,912,000 related to depreciated investment securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) APRIL 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase $ 2,156,894
agreements of $155,989) (cost $2,103,715) (Notes 1
and 2) - See accompanying schedule
Short foreign currency contracts (Note 2) $ (106,067)
Contracts held, at value
Receivable for contracts held 103,569 (2,498)
Cash 1
Receivable for investments sold 74,867
Receivable for fund shares sold 19,086
Dividends receivable 2,988
Interest receivable 1,742
Other receivables 35
TOTAL ASSETS 2,253,115
LIABILITIES
Payable for investments purchased 89,861
Payable for fund shares redeemed 5,629
Accrued management fee 1,275
Other payables and accrued expenses 858
TOTAL LIABILITIES 97,623
NET ASSETS $ 2,155,492
Net Assets consist of (Note 1):
Paid in capital $ 1,960,164
Undistributed net investment income 10,633
Accumulated undistributed net realized gain (loss) on 134,014
investments
Net unrealized appreciation (depreciation) on:
Investment securities 53,179
Foreign currency contracts (2,498)
NET ASSETS, for 52,302 shares outstanding $ 2,155,492
NET ASSET VALUE, offering price and redemption price per $41.21
share ($2,155,492 (divided by) 52,302 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME $ 15,936
Dividends (including $72 received from affiliated issuers)
(Note 7)
Interest 6,311
TOTAL INCOME 22,247
EXPENSES
Management fee (Note 4) $ 6,328
Basic fee
Performance adjustment 647
Transfer agent fees (Note 4) 2,622
Accounting fees and expenses (Note 4) 356
Non-interested trustees' compensation 6
Custodian fees and expenses 180
Registration fees 287
Audit 29
Legal 12
Interest (Note 5) 3
Miscellaneous 8
Total expenses before reductions 10,478
Expense reductions (Note 6) (165) 10,313
NET INVESTMENT INCOME 11,934
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1 AND 3)
Net realized gain (loss) on:
Investment securities (including realized gain of $1,200 142,028
on sales of investments in affiliated issuers) (Note 7)
Foreign currency contracts (3,982) 138,046
Change in net unrealized appreciation (depreciation) on:
Investment securities (83,731)
Foreign currency contracts (2,360) (86,091)
NET GAIN (LOSS) 51,955
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ 63,889
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1994 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 11,934 $ 15,724
Net investment income
Net realized gain (loss) on investments 138,046 124,672
Change in net unrealized appreciation (depreciation) (86,091) 121,437
on
investments
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 63,889 261,833
FROM OPERATIONS
Distributions to shareholders (13,186) (3,015)
From net investment income
From net realized gain (108,589) (1,966)
TOTAL DISTRIBUTIONS (121,775) (4,981)
Share transactions 1,210,064 1,662,252
Net proceeds from sales of shares
Reinvestment of distributions 119,387 4,784
Cost of shares redeemed (738,786) (631,993)
Net increase (decrease) in net assets resulting from 590,665 1,035,043
share transactions
TOTAL INCREASE (DECREASE) IN NET ASSETS 532,779 1,291,895
NET ASSETS
Beginning of period 1,622,713 330,818
End of period (including undistributed net investment $ 2,155,492 $ 1,622,713
income of $10,633 and $32,362, respectively)
OTHER INFORMATION
Shares
Sold 29,279 44,284
Issued in reinvestment of distributions 3,051 139
Redeemed (17,962) (16,391)
Net increase (decrease) 14,368 28,032
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1994
(UNAUDITED) 1993 1992(diamond) 1991 1990 1989
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE
DATA
Net asset value, $ 42.78 $ 33.41 $ 30.19 $ 23.61 $ 31.16 $ 27.18
beginning of period
Income from
Investment
Operations
Net investment .26 .55**# .64** .81 1.25(double dagger) .39(dagger)(dagger)
income
Net realized and 1.31 9.20 3.43 6.94 (5.65) 4.07
unrealized gain
(loss) on
investments
Total from investment 1.57 9.75 4.07 7.75 (4.40) 4.46
operations
Less Distributions
From net investment (.34) (.23) (.85) (1.17) (.30) (.48)
income
From net realized gain (2.80) (.15) - - (2.85) -
Total distributions (3.14) (.38) (.85) (1.17) (3.15) (.48)
Net asset value, end of $ 41.21 $ 42.78 $ 33.41 $ 30.19 $ 23.61 $ 31.16
period
TOTAL RETURN(dagger) 4.09% 29.46% 14.09% 34.09% (16.00)% 16.76%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of $ 2,155 $ 1,623 $ 331 $ 124 $ 92 $ 139
period (in millions)
Ratio of expenses to 1.11%* 1.11% 1.00% .98% 1.06% 1.13%(dagger)(dagger)
average net
assets***
Ratio of expenses to 1.13%* 1.12% 1.00% .98% 1.06% 1.19%
average net assets
before expense
reductions***
Ratio of net investment 1.29%* 1.43% 2.01% 2.93% 4.55%(double dagger) 1.45%
income to average
net assets
Portfolio turnover rate 475%* 117% 81% 137% 165% 386%
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURN FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
** NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
(dagger)(dagger) INCLUDES $.03 PER SHARE OF INTEREST EXPENSE FOR THE YEAR
ENDED OCTOBER 31, 1989. ALSO INCLUDES REDUCTION OF $.02 PER SHARE FROM
FIDELITY SERVICE CO. FOR ADJUSTMENTS TO PRIOR PERIODS' FEES.
(double dagger) INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND
WHICH AMOUNTED TO $.74 PER SHARE.
(diamond) AS OF NOVEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF
EQUALIZATION ACCOUNTING.
# INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND RECEIVED FROM
IMPERIAL CHEMICAL INDUSTRIES PLC ADR WHICH AMOUNTED TO $.11 PER SHARE.
*** SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1994 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Value Fund (the fund) is a fund of Fidelity Capital Trust (the
trust) and is authorized to issue an unlimited number of shares. The trust
is registered under the Investment Company Act of 1940, as amended (the
1940 Act), as an open-end management investment company organized as a
Massachusetts business trust. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at
the exchange rate on the dates of the transactions.
It is not practicable to identify the portion of each amount shown in the
fund's Statement of Operations under the caption "Realized and Unrealized
Gain (Loss) on Investments" that arises from changes in foreign currency
exchange rates. Investment income includes net realized and unrealized
currency gains and losses recognized between accrual and payment dates.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income, which includes accretion of original
issue discount, is accrued as earned. Investment income is recorded net of
foreign taxes where recovery of such taxes is not assured.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
foreign currency transactions, non- taxable dividends and losses deferred
due to wash sales. The fund also utilized earnings and profits distributed
to shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income may include temporary book and tax
basis differences which will reverse in a subsequent period. Any taxable
income or gain remaining at fiscal year end is distributed in the following
year.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective November
1, 1993, the fund adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the fund changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of October 31, 1993 have been reclassified to
reflect an increase in paid in capital of $52,313,000, a decrease in
undistributed net investment income of $18,168,000 and a decrease in
accumulated net realized gain on investments of $34,145,000.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may enter into forward foreign
currency contracts. These con- tracts involve market risk in excess of the
amount reflected in the fund's Statement of Assets and Liabilities. The
face or contract amount in U.S. dollars reflects the total exposure the
fund has in that particular currency contract. The U.S. dollar value of
forward foreign cur- rency contracts is determined using forward currency
exchange rates supplied by a quotation service. Losses may arise due to
changes in the value of the foreign currency or if the counterparty does
not perform under the contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and presented net on the Statement of
Assets and Liabilities. Gain (loss) on the purchase or sale of forward
foreign currency contracts having the same settlement date and broker is
recognized
2. OPERATING POLICIES -
CONTINUED
FORWARD FOREIGN CURRENCY
CONTRACTS - CONTINUED
on the date of offset, otherwise gain (loss) is recognized on settlement
date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for determining that the value of these underlying securities remains at
least equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with other
registered investment companies having management contracts with FMR, may
transfer uninvested cash balances into a joint trading account. These
balances are invested in one or more repurchase agreements that are
collateralized by U.S. Treasury or Federal Agency obligations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,855,418,000 and $1,337,197,000, respectively.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
basic fee that is calculated on the basis of a group fee rate plus a fixed
individual fund fee rate applied to the average net assets of the fund. The
group fee rate is the weighted average of a series of rates ranging from
.31% to .52% and is based on the monthly average net assets of all the
mutual funds advised by FMR. The annual individual fund fee rate is .35%.
The basic fee is subject to a performance adjustment (up to a maximum of +
or - .20%) based on the fund's investment performance as compared to the
appropriate index over a specified period of time. For the period, the
management fee was equivalent to an annualized rate of .75% of average net
assets after the performance adjustment.
The Board of Trustees approved a new group fee rate schedule with rates
ranging from .2850% to .5200%. Effective November 1, 1993, FMR has
voluntarily agreed to implement this new group fee rate schedule as it
results in the same or a lower management fee.
TRANSFER AGENT FEE. Fidelity Service Co. (FSC), an affiliate of FMR, is the
fund's transfer, dividend disbursing and shareholder servicing agent. FSC
receives fees based on the type, size, number of accounts and the number of
transactions made by shareholders. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES - CONTINUED
ACCOUNTING FEE. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the fund's accounting records. The fee is based on the level of average net
assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $1,026,000 for the period.
5. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balances during the periods for
which loans were outstanding amounted to $11,414,000 and $4,524,000,
respectively. The weighted average interest rate was 4.11%.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$165,000 under this arrangement.
7. TRANSACTIONS WITH
AFFILIATED COMPANIES.
An affiliated company is a company in which the fund has ownership of at
least 5% of the voting securities. Transactions with companies which are or
were affiliates are as follows:
SUMMARY OF TRANSACTIONS WITH AFFILIATED COMPANIES
PURCHASE SALES DIVIDEND MARKET
AFFILIATE COST COST INCOME VALUE
LSI Lighting Systems, Inc. $ - $ 44,000 $ - $ -
Pittston Co. Minerals Group - 2,150,000 72,000 -
TOTALS $ - $ 2,194,000 $ 72,000 $ -
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. FOR MORE
INFORMATION ON ANY
FIDELITY FUND INCLUDING MANAGEMENT FEES AND CHARGES, CALL 1-800-544-8888
FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
2249 Galiano Street
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
TO WRITE FIDELITY
Please locate the address that is closest to you. We'll give your
correspondence immediate attention and send you written confirmation upon
completion of your request. Please send ALL correspondence about retirement
accounts to Dallas.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 2269
Boston, MA 02107-2269
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30280
Salt Lake City, UT 84130-0280
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
Additional Payments
P.O. Box 2656
Boston, MA 02293-0656
Fidelity Investments
Additional Payments
P.O. Box 620024
Dallas, TX 75262-0024
Fidelity Investments
Additional Payments
P.O. Box 31455
Salt Lake City, UT 84131-0455
OVERNIGHT EXPRESS
Fidelity Investments
Additional Payments
World Trade Center
164 Northern Avenue
Boston, MA 02210
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02103-0878
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02101-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 620024
Dallas, TX 75262-0024
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Jeffrey Ubben, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
FIDELITY GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Fidelity Fifty Fund
Growth Company Fund
Low-Priced Stock Fund
Magellan Trademark Fund
Mid-Cap Stock Fund
New Millennium(double dagger) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Growth Fund
Stock Selector
Trend Fund
Value Fund
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
box
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
