(2_FIDELITY_LOGOS)FIDELITY
VALUE
FUND
ANNUAL REPORT
OCTOBER 31, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
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 past six
months.
INVESTMENTS 10 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 25 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.
NOTES 29 Notes to the financial statements.
REPORT OF INDEPENDENT 34 The auditor's opinion.
ACCOUNTANTS
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. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS
OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT
RISK,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. NEITHER THE FUND NOR FIDELITY
DISTRIBUTORS
CORPORATION IS A BANK. FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING
CHARGES
AND EXPENSES, CALL 1-800-544-8888 FOR A FREE PROSPECTUS. READ IT CAREFULLY
BEFORE YOU
INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The unsettling period that began for investors when the Federal Reserve
Board raised short-term interest rates in February has continued into the
fourth quarter of 1994. The Board raised the federal funds rate - the rate
banks charge each other for overnight loans - five times from February
through August, taking it from 3.00% to 4.75%. A sixth increase in November
lifted the rate to 5.50%. The Fed rate hikes were intended to forestall
inflation that could result from an improving U.S. economy, and they led to
below-average returns for many stocks and negative returns for many bond
investments.
The volatility we have witnessed this year follows a period in which there
was a nearly perfect investing environment. Although there was a
late-summer rally in stocks and, to a lesser extent in bond markets, it is
impossible to predict where interest rates might go or what might happen in
the markets in the months ahead. That's why it probably is a good time to
again review your investment portfolio and how well it matches your goals.
If you can leave your money invested over the long term, you can avoid much
of the volatility that generally accompanies the stock market in the short
term, as we have been witnessing this year. You also can help to manage
risk through diversification of investments. A stock fund is already
diversified because it invests in many issues. You can diversify even
further by placing some of your money in several different stock funds or
in other investment categories, such as bonds.
If you have a short investment time horizon, you might want to consider
moving some of your investment into a money market fund, which seeks income
and a stable share price by investing in high-quality, short-term
investments. As with any mutual fund, of course, there is no assurance that
a money market fund will achieve its goal, and it is important to remember
that money market funds are not insured by any agency of the U.S.
government.
Finally, no matter what your investment horizon or portfolio diversity, it
makes good sense to follow a regular investment plan - investing a certain
amount of money at the same time each month or quarter - and to review your
portfolio periodically, as we have discussed here. A periodic investment
plan will not, of course, assure a profit or protect against a loss.
If you have any questions, please call us at 1-800-544-8888. We stand ready
to provide the information you need to make the investments that are right
for 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 OCTOBER 31, 1994 PAST PAST 5 PAST 10
YEAR YEARS YEARS
Value 12.90% 87.82% 272.92%
S&P 500(registered trademark) 3.87% 62.17% 298.11%
Average Capital Appreciation 0.04% 62.81% 236.34%
Fund
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one, five, or ten years. For example, if
you invested $1,000 in a fund that had a 5% return over the past year, you
would end up with $1,050. You can compare the fund's returns to the
performance of the Standard & Poor's Composite Index of 500 Stocks - 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 136
capital appreciation funds with similar objectives tracked by Lipper
Analytical Services Inc. Both benchmarks include reinvested dividends and
capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED OCTOBER 31, 1994 PAST PAST 5 PAST 10
YEAR YEARS YEARS
Value 12.90% 13.43% 14.07%
S&P 500(registered trademark) 3.87% 10.15% 14.82%
Average Capital Appreciation Fund 0.04% 9.85% 12.10%
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
Value (039) Standard & Poor's
10/31/84 10000.00 10000.00
11/30/84 9865.08 9888.00
12/31/84 10078.41 10149.04
01/31/85 11054.63 10939.65
02/28/85 11060.18 11074.21
03/31/85 11015.81 11081.96
04/30/85 10927.06 11071.99
05/31/85 11304.24 11711.95
06/30/85 11359.70 11895.83
07/31/85 11448.45 11877.98
08/31/85 11270.96 11777.02
09/30/85 10871.59 11408.40
10/31/85 11254.32 11935.47
11/30/85 11792.35 12754.24
12/31/85 12305.45 13371.55
01/31/86 12735.24 13446.43
02/28/86 13532.61 14452.22
03/31/86 14488.31 15258.65
04/30/86 14267.77 15086.23
05/31/86 14669.28 15888.82
06/30/86 14901.14 16157.34
07/31/86 14301.70 15254.15
08/31/86 15048.17 16386.00
09/30/86 14329.97 15030.88
10/31/86 14980.31 15898.16
11/30/86 14805.00 16284.49
12/31/86 14118.76 15869.23
01/31/87 15090.97 18006.82
02/28/87 15710.37 18718.09
03/31/87 15810.48 19259.04
04/30/87 15553.96 19087.64
05/31/87 15935.61 19253.70
06/30/87 16467.42 20226.01
07/31/87 17806.34 21251.47
08/31/87 17481.00 22044.15
09/30/87 17568.59 21561.38
10/31/87 13145.16 16917.06
11/30/87 12156.61 15523.09
12/31/87 12907.41 16704.40
01/31/88 13395.42 17407.66
02/29/88 14634.23 18218.85
03/31/88 14540.38 17655.89
04/30/88 14502.85 17851.87
05/31/88 14471.56 18007.18
06/30/88 15084.71 18833.71
07/31/88 15147.28 18762.14
08/31/88 14978.35 18124.23
09/30/88 16067.00 18896.32
10/31/88 17005.49 19421.64
11/30/88 16292.24 19143.91
12/31/88 16656.62 19478.93
01/31/89 17312.94 20904.79
02/28/89 16917.87 20384.26
03/31/89 17637.92 20859.21
04/30/89 18606.47 21941.81
05/31/89 19205.45 22830.45
06/30/89 19759.82 22700.31
07/31/89 21601.35 24750.15
08/31/89 21684.19 25235.26
09/30/89 21276.38 25131.79
10/31/89 19855.40 24548.73
11/30/89 20339.68 25049.53
12/31/89 20478.48 25650.72
01/31/90 18627.72 23929.55
02/28/90 18733.67 24238.25
03/31/90 19150.45 24880.56
04/30/90 18987.98 24258.54
05/31/90 20217.11 26623.75
06/30/90 19602.54 26442.71
07/31/90 19418.88 26358.09
08/31/90 17716.46 23975.32
09/30/90 17059.51 22807.72
10/31/90 16678.06 22709.65
11/30/90 17433.90 24176.69
12/31/90 17852.75 24851.22
01/31/91 18800.95 25934.74
02/28/91 19934.34 27789.07
03/31/91 20326.95 28461.57
04/30/91 20593.63 28529.88
05/31/91 21741.83 29762.37
06/30/91 20734.38 28399.25
07/31/91 21749.24 29722.65
08/31/91 22275.19 30427.08
09/30/91 22104.82 29918.95
10/31/91 22364.09 30319.86
11/30/91 21089.95 29097.97
12/31/91 22529.39 32426.78
01/31/92 23461.11 31823.64
02/29/92 24377.56 32237.35
03/31/92 24171.36 31608.72
04/30/92 24851.06 32538.02
05/31/92 25103.08 32697.45
06/30/92 24774.69 32210.26
07/31/92 25561.31 33527.66
08/31/92 24965.61 32840.34
09/30/92 25408.57 33227.86
10/31/92 25515.48 33344.16
11/30/92 26638.14 34481.19
12/31/92 27294.44 34905.31
01/31/93 28043.40 35198.52
02/28/93 28190.10 35677.22
03/31/93 29572.20 36430.01
04/30/93 29734.34 35548.40
05/31/93 30352.04 36501.10
06/30/93 30352.04 36606.95
07/31/93 31000.62 36460.52
08/31/93 32081.59 37842.38
09/30/93 32066.14 37550.99
10/31/93 33031.29 38328.30
11/30/93 32359.55 37964.18
12/31/93 33555.00 38423.54
01/31/94 35298.22 39729.94
02/28/94 34981.27 38653.26
03/31/94 33605.04 36967.98
04/30/94 34380.74 37441.17
05/31/94 34881.18 38055.21
06/30/94 34847.82 37122.85
07/31/94 35932.12 38340.48
08/31/94 37208.26 39912.44
09/30/94 36666.11 38934.59
10/31/94 37291.67 39810.62
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Value
Fund on October 31, 1984. As the chart shows, by October 31, 1994, the
value of your investment would have grown to $37,292 - a 272.92% 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 $39,811 - a 298.11% 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
MARKET RECAP
Rising interest rates contributed
to below average returns in the
U.S. stock market during the 12
months ended October 31, 1994.
The Standard & Poor's 500 stock
index finished the 12-month
period with a total return of 3.87%
- - below its historical average of
more than 10%. After three
months of steady gains, stocks
stumbled from February through
June 1994. During that time, the
Federal Reserve Board raised
short-term interest rates four
times in an effort to curb possible
future inflation triggered by a
strengthening economy. Higher
rates hurt stocks because they
raise the cost of borrowing for
companies and consumers, often
dampening future corporate
profits. In addition, higher rates
often make bonds and other
fixed-income investments more
attractive relative to stocks.
Despite a fifth Fed rate hike in
August, the market rallied from
July through October, fueled by
strengthening corporate earnings
and a flurry of merger and
acquisition activity. Overseas,
results were mixed. Japanese
stocks surged in early 1994, only
to stall over the summer. After
suffering corrections early in the
year, several emerging markets
- - most notably Brazil -
bounced back strongly over the
summer. The Morgan Stanley
EAFE (Europe, Australia, Far
East) index returned 10.09% for
the 12 months ended October 31,
while the Morgan Stanley
Emerging Markets Free index
was up 29.36% during the same
period.
An interview with Jeffrey Ubben, Portfolio Manager of Fidelity
Value Fund
Q. HOW DID THE FUND PERFORM OVER THE PAST YEAR, JEFF?
A. Okay, considering that increasing inflation concerns and rising interest
rates kept the wind in our faces through much of 1994. The fund returned
12.90% during the 12 months ended October 31, 1994, compared to 0.04% for
the average capital appreciation fund tracked by Lipper Analytical
Services.
Q. WHAT LED TO THE FUND'S SUCCESS
RELATIVE TO ITS PEERS?
A. Very few of the fund's stocks were "home runs" over the past year.
Instead, the fund did well by hitting singles and doubles and largely
avoiding trouble spots such as utility and financial services stocks, which
suffered due to rising interest rates. A difficult market environment
actually lends itself to my investing style. I search out value-oriented
stocks whose prices have been beaten down over time. Within this framework,
I'm attracted to well-run companies with positive cash flows and excellent
balance sheets in out-of-favor industries that I feel will soon recover.
Often, these stocks are not widely followed and expectations are low. Yet
when these industries turn the corner, and companies gain the power to
raise the prices of their products, suddenly all of the new investors can't
fit through the door at the same time.
Q. IN WHICH INDUSTRIES DID YOU FIND OPPORTUNITIES?
A. Investing in basic industries that benefited from economic growth
worldwide - such as metals and chemicals - was a major theme for the fund
over the past year. Economies have begun to recover in Japan and Europe,
and continued to grow at rapid rates in many third world countries. That
has boosted commodity demand and given companies the "pricing power" I
described earlier. Aluminum stocks such as Alcan and Alcoa and chemical
stocks such as Eastman Chemical and Union Carbide helped the fund over the
past six months.
Q. ENERGY HAS REMAINED THE FUND'S LARGEST SECTOR, REPRESENTING 13.4% OF THE
INVESTMENTS ON OCTOBER 31. IS THIS A SIMILAR STORY?
A. It is. Most of the fund's energy investments are in service companies.
The oil industry has remained in a down cycle for the past 10 to 12 years.
But low oil prices have stimulated demand, and supply is down because the
industry hasn't been replacing reserves. Through this difficult period,
energy service companies such as Schlumberger - the fund's largest
investment at the end of October - and Western Atlas have gained market
share while controlling costs. Lately, these stocks have moved mostly
sideways. However, when oil prices recover and oil company budgets increase
- - and we've already seen some evidence that this has begun - high operating
leverage should result in positive earnings surprises.
Q. THE FUND'S STAKE IN FOREIGN STOCKS HASN'T CHANGED MUCH - 28.7% COMPARED
TO 25.1% SIX MONTHS AGO. HOW HAVE THESE STOCKS PERFORMED?
A. Pretty well. Major Japanese exporters such as Hitachi, Matsushita,
Toyota and Canon performed very well earlier this year as the Japanese
economy began to show signs of life, but have since cooled off. However,
I'm sticking with most of them. Their business prospects continue to look
good, and a weaker yen would make their products more competitive
worldwide. And despite mixed results for the fund's European stocks, I'm
maintaining most of my investments there. Recovering economies and an
accommodative interest rate environment should help stocks such as Veba - a
German utility that also has several economically sensitive businesses.
Q. DO YOU HAVE ANY REGRETS ABOUT THE PAST YEAR?
A. I wish I had taken better advantage of the recovery in health care
stocks, which bounced back after health care reform died in Congress. I did
successfully trade in and out of drug stocks such as Eli Lilly and Pfizer.
However, I missed owning other quality companies such as Johnson & Johnson
and Abbott Labs when their stocks were cheap. In addition, RJR Nabisco -
one of the fund's top 10 stocks on October 31 - has been a disappointment.
However, I remain optimistic about the stock going forward.
Q. WHAT'S YOUR VIEW AS YOU LOOK OUT SIX MONTHS?
A. I think short-term interest rates could continue to rise here in the
U.S., which would put further pressure on stocks. I'm concerned that the
higher yields offered by bonds and CDs might entice more investors to leave
the stock market. That's why I'll continue to search for attractive
investments in Japan and Europe, where economies are at earlier stages of
recovery and interest rates are more likely to remain stable or fall.
Again, the bright side of a choppy U.S. market is that it creates
opportunities. When prices fall, stocks in industries that may be on the
verge of a turnaround become that much more compelling.
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 October 31, 1994,
more than $3 billion
MANAGER: Jeffrey Ubben,
since December 1992;
previously managed Fidelity
Select Defense and
Aerospace, and Electric
Utilities Portfolios, and Fidelity
Utilities Income and Qualified
Dividend funds; joined Fidelity
in 1989
(checkmark)
JEFFREY UBBEN ON THE
WORLD ECONOMY:
"I believe that basic industries
stocks - especially those of
commodities companies -
will remain one of my core
investing themes for a while.
The economies of emerging
market nations such as Brazil,
China and India are
undergoing a period of rapid
industrialization. In India, for
example, the size of the
middle class is simply
exploding. These people will
be buying jewelry, cars and
houses in the years to come.
What does this mean for
companies that mine gold to
make the jewelry, sell
aluminum to make auto
exhaust systems, or sell oil to
heat homes and businesses?
Sure, there will be up and
down cycles, but the
long-term potential of these
stocks is very compelling."
(solid bullet) Over the past year, the
fund
has used derivative
instruments known as forward
foreign currency contracts to
hedge some of its overseas
investments. These
instruments effectively tie the
value of foreign investments
to the U.S. dollar, which
reduces the risk that
movements in the currency of
a nation in which the fund is
invested will decrease the
value of those investments.
However, if the dollar falls
relative to the foreign
currency - as happened over
the past year - the use of
these contracts negatively
affects the fund's total return.
INVESTMENT CHANGES
TOP TEN STOCKS AS OF OCTOBER 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO
Schlumberger Ltd. 2.6 1.8
American Express Co. 2.1 1.3
Alcan Aluminium Ltd. 2.1 2.1
British Petroleum PLC ADR 1.9 2.3
Seagram Co. Ltd 1.6 -
United Technologies Corp. 1.6 -
International Business Machine 1.6 1.0
Corp.
RJR Nabisco Holdings Corp. 1.6 0.2
Philip Morris Companies, Inc. 1.4 1.4
Veba Vereinigte Elektrizetaets & 1.4 0.5
Bergwerks AG Ord.
TOP FIVE INDUSTRIES AS OF OCTOBER 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO
Energy 13.4 12.6
Durables 11.0 8.9
Basic Industries 10.8 12.7
Nondurables 8.2 6.1
Finance 7.1 14.0
ASSET ALLOCATION
AS OF OCTOBER 31, 1994* AS OF APRIL 30, 1994**
Row: 1, Col: 1, Value: 6.8
Row: 1, Col: 2, Value: 1.7
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 4, Value: 41.5
Row: 1, Col: 1, Value: 7.2
Row: 1, Col: 2, Value: 3.8
Row: 1, Col: 3, Value: 40.0
Row: 1, Col: 4, Value: 49.0
Stocks 91.5%
Bonds 1.7%
Short-term
Investments 6.8%
FOREIGN
INVESTMENTS 28.7%
Stocks 89.0%
Bonds 3.8%
Short-term
Investments 7.2%
FOREIGN
INVESTMENTS 25.1%
*
**
INVESTMENTS OCTOBER 31, 1994
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 90.6%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 2.6%
Aviall, Inc. 354,200 $ 3,542 05366B10
Boeing Co. 270,500 11,868 09702310
Flightsafety International, Inc. 668,700 26,999 33942310
Lockheed Corp. 132,400 9,533 53982110
Martin Marietta Corp. 678,300 31,117 57290010
Sundstrand Corp. 282,400 12,849 86732310
95,908
BASIC INDUSTRIES - 10.8%
CHEMICALS & PLASTICS - 4.6%
ARCO Chemical Co. 125,700 6,144 00192010
Albemarle Corp. 163,200 2,489 01265310
BASF AG 25,000 5,292 05526230
Betz Laboratories, Inc. 217,000 10,823 08777910
Ferro Corp. 589,600 15,109 31540510
Fuller (H.B.) Co. 68,000 2,261 35969410
Goodrich (B.F.) Co. 93,200 4,182 38238810
Great Lakes Chemical Corp. 458,700 26,948 39056810
Hoechst AG Ord. 94,600 20,716 43439010
Lawter International, Inc. 347,500 4,387 52078610
Minnesota Mining & Manufacturing Co. 161,500 8,943 60405910
NL Industries, Inc. (a) 349,100 4,451 62915640
Nalco Chemical Co. 748,900 24,152 62985310
Potash Corp. of Saskatchewan 368,800 13,046 73755L10
Shinetsu Chemical 292,000 6,207 82499210
Union Carbide Corp. 569,200 18,855 90558110
174,005
IRON & STEEL - 0.3%
Armco, Inc. (a) 1,162,100 8,280 04217010
Hoogovens en Staalfabrieken (a) 50,000 2,332 43888410
10,612
METALS & MINING - 4.1%
Alcan Aluminium Ltd. 2,905,728 77,830 01371610
Alumax, Inc. (a) 294,050 8,748 02219710
Aluminum Co. of America 486,000 41,432 02224910
English China Clay PLC 3,833,100 22,766 29321792
Eramet SA (a)(b) 9,500 694 29499H23
Noranda, Inc. 60,000 1,175 65542210
152,645
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
BASIC INDUSTRIES - CONTINUED
PACKAGING & CONTAINERS - 0.6%
Mayr Melnhof Karton AG (a) 152,200 $ 8,249 57847192
Sonoco Products Co. 713,900 15,706 83549510
23,955
PAPER & FOREST PRODUCTS - 1.2%
Champion International Corp. 341,400 12,631 15852510
Consolidated Papers, Inc. 291,400 13,077 20975910
Mead Corp. 150,000 7,444 58283410
Temple-Inland, Inc. 272,300 12,866 87986810
46,018
TOTAL BASIC INDUSTRIES 407,235
CONGLOMERATES - 2.9%
Alexander & Baldwin, Inc. 154,500 3,592 01448210
Tomkins PLC Ord. 1,500,000 5,163 89003010
Tyco Laboratories, Inc. 847,942 40,913 90212010
United Technologies Corp. 937,400 59,057 91301710
108,725
CONSTRUCTION & REAL ESTATE - 0.6%
BUILDING MATERIALS - 0.1%
Tecumseh Products Co. Class A 47,100 2,285 87889520
Vulcan Materials Co. 23,500 1,210 92916010
3,495
CONSTRUCTION - 0.1%
Standard Pacific Corp. 378,900 2,605 85375C10
REAL ESTATE - 0.2%
Mitsubishi Estate Ltd. 248,000 2,917 60678310
Nichimo Corp. (a) 896,000 3,699 68599492
6,616
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Storage Equities, Inc. 635,800 8,980 86211010
TOTAL CONSTRUCTION & REAL ESTATE 21,696
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - 10.9%
AUTOS, TIRES, & ACCESSORIES - 4.7%
Bandag, Inc. 490,200 $ 28,799 05981510
BMW AG 51,500 26,542 05528310
Cooper Tire & Rubber Co. 241,300 5,942 21683110
General Motors Corp. 615,200 24,300 37044210
Genuine Parts Co. 475,000 17,159 37246010
Johnson Controls, Inc. 234,600 11,671 47836610
Michelin Class B (Reg.) (a) 35,300 1,478 59410020
Pacific Dunlop 3,398,000 10,323 69418510
Pirelli Tyre Holdings NV Ord. 297,833 2,068 72499092
Pirelli Tyre Holdings NV (warrants) (a) 121,933 97 72499096
Snap-On Tools Corp. 445,000 14,129 83303410
Tokai Rika Denki Co. Ltd. 513,000 5,929 88199192
Toyota Motor Corp. 1,083,000 23,916 89399999
Volvo Aktiebolaget Class B 150,000 2,976 92885630
175,329
CONSUMER ELECTRONICS - 1.5%
Matsushita Electric Industrial Co. Ltd. 2,070,000 34,392 57687910
Sony Corp. 363,000 22,138 83569999
56,530
HOME FURNISHINGS - 0.7%
Miller (Herman), Inc. 952,000 25,229 60054410
TEXTILES & APPAREL - 4.0%
Fieldcrest Cannon, Inc. (a) 233,200 5,947 31654910
Guilford Mills, Inc. 173,200 3,572 40179410
Jones Apparel Group, Inc. (a) 205,400 5,623 48007410
Kellwood Co. 533,300 10,732 48804410
Liz Claiborne, Inc. 207,600 4,801 53932010
Nisshinbo Industries 726,000 8,466 65411310
Oshkosh B'Gosh, Inc. Class A 413,400 6,201 68822220
Russell Corp. 828,000 24,839 78235210
Tokyo Style Co. Ltd. 289,000 5,010 88999410
Unifi, Inc. 1,814,400 46,948 90467710
Westpoint Stevens, Inc. Class A (a)(e) 1,955,400 29,087 96123810
151,226
TOTAL DURABLES 408,314
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
ENERGY - 13.3%
ENERGY SERVICES - 6.3%
BJ Services Co. (a) 447,900 $ 9,126 05548210
Baker Hughes, Inc. 129,600 2,657 05722410
Dual Drilling Co. (a) 162,400 2,152 26356410
Enterra Corp. (a) 807,200 18,465 29380510
Halliburton Co. 1,189,100 43,997 40621610
Helmerich & Payne, Inc. 94,500 2,953 42345210
Hornbeck Offshore Services, Inc. (a) 90,200 1,353 44054210
McDermott International, Inc. 306,300 7,849 58003710
Nabors Industries, Inc. (a) 478,000 3,525 62956810
Noble Drilling Corp. (a) 610,500 4,502 65504210
Nowsco Well Service Ltd. 593,700 8,335 67012210
Offshore Logistics, Inc. (a) 152,300 1,999 67625510
Production Operators Corp. 161,000 4,146 74308010
Schlumberger Ltd. 1,682,300 98,835 80685710
Tidewater, Inc. 769,400 17,600 88642310
Tuboscope Vetco Corp. (a) 254,500 1,622 89860010
Weatherford International, Inc. 259,600 2,953 94707610
Western Co. of North America (a) 270,000 4,793 95804340
236,862
INDEPENDENT POWER - 0.3%
California Energy Co., Inc. 772,300 13,129 13019010
OIL & GAS - 6.7%
Amerada Hess Corp. 683,700 34,014 02355110
British Petroleum PLC ADR 827,285 70,319 11088940
Canada Occidental Petroleum Ltd. 394,700 9,588 13642010
Coastal Corp. (The) 100,000 2,850 19044110
Exxon Corp. 600,000 37,725 30229010
Murphy Oil Corp. 576,800 27,470 62671710
Norsk Hydro AS 205,000 8,261 65653150
OEMV AG (a) 50,000 4,562 67399592
Pennzoil Co. 90,000 4,635 70990310
Petro-Canada 702,000 6,484 71644E10
Poco Petroleums Ltd. (a) 12,100 76 73036110
Renaissance Energy Ltd. (a) 308,500 7,152 75966610
Total Compagnie Francaise des Petroles Class B 51,096 3,315 20434510
Total SA sponsored ADR 884,064 29,174 89151E10
Union Texas Petroleum Holdings, Inc. 300,000 6,263 90864010
251,888
TOTAL ENERGY 501,879
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 7.1%
BANKS - 0.7%
CCB Financial Corp. 63,600 $ 2,560 12487510
Deutsche Bank AG 30,500 15,029 25152592
First Commercial Corp. 44 1 31982510
Mercantile Bankshares Corp. 1,454 31 58740510
North Fork Bancorporation, Inc. 229,860 3,505 65942410
Republic New York Corp. 28,300 1,295 76071910
T R Financial Corp. 35,000 508 87263010
Trans Financial Bancorp, Inc. 88,500 1,305 89323C10
Trustmark Corp. 98,300 1,757 89840210
Wilmington Trust Corp. 84,300 2,108 97180710
28,099
CREDIT & OTHER FINANCE - 2.1%
American Express Co. 2,570,343 79,038 02581610
INSURANCE - 2.3%
Alexander & Alexander Services, Inc. 365,500 7,401 01447610
Berkley (W.R.) Corp. 232,800 8,439 08442310
CNA Financial Corp. (a) 46,800 2,913 12611710
Gallagher (Arthur J.) & Co. 143,600 4,703 36357610
Gryphon Holdings, Inc. (a) 210,000 2,966 40051510
Loews Corp. 251,400 22,186 54042410
NAC Re Corp. 238,900 6,182 62890710
SAFECO Corp. 107,700 5,398 78642910
Travelers, Inc. (The) 740,300 25,726 89419010
85,914
SAVINGS & LOANS - 1.3%
Ahmanson (H.F.) & Co. 490,900 9,388 00867710
Brooklyn Bancorp, Inc. (a) 151,900 5,051 11380910
Charter One Financial Corp. 207,300 4,198 16090310
FirstFed Michigan Corp. 152,350 3,161 33761R10
Golden West Financial Corp. 485,900 18,950 38131710
Standard Federal Bank 251,200 6,657 85338910
47,405
SECURITIES INDUSTRY - 0.7%
Lehman Brothers Holdings, Inc. 50,000 775 52490810
Nomura Securities Ltd. 1,257,000 26,332 65536110
27,107
TOTAL FINANCE 267,563
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - 4.0%
DRUGS & PHARMACEUTICALS - 2.5%
Allergan, Inc. 263,900 $ 6,960 01849010
American Home Products Corp. 471,700 29,953 02660910
Rhone Poulenc SA Class A 240,000 5,927 76242695
Sankyo 377,000 9,804 80029710
Schering 26,000 17,368 80658510
Sigma Aldrich Corp. 305,200 10,606 82655210
Takeda Chemical Industries Ltd. 653,000 8,086 87405810
Yamanouchi Pharmaceutical 308,000 6,071 98414010
94,775
MEDICAL EQUIPMENT & SUPPLIES - 1.3%
Acuson Corp. 7,400 136 00511310
Bard (C.R.), Inc. 123,000 3,014 06738310
Boston Scientific Corp. (a) 668,500 11,782 10113710
Datascope Corp. (a) 120,000 2,100 23811310
Nellcor, Inc. (a) 76,700 2,378 64027510
Pall Corp. 1,459,800 26,459 69642930
Sybron Corp. (a) 82,200 2,846 87114F10
48,715
MEDICAL FACILITIES MANAGEMENT - 0.2%
Unilab Corp. (a) 1,600,600 8,002 90476310
TOTAL HEALTH 151,492
HOLDING COMPANIES - 0.1%
Christies International PLC 1,952,100 4,967 17099892
INDUSTRIAL MACHINERY & EQUIPMENT - 4.6%
ELECTRICAL EQUIPMENT - 1.0%
Mitsubishi Electric Co. Ord. 2,229,000 16,676 60673220
Murata Manufacturing Co. Ord. 308,500 12,607 62699110
Omron Corp. 554,000 10,005 68215110
39,288
INDUSTRIAL MACHINERY & EQUIPMENT - 2.0%
Cooper Industries, Inc. 452,500 16,911 21666910
Duriron Company, Inc. 70,000 1,260 26684910
Enerflex Systems Ltd. 181,100 2,375 29265B10
Goulds Pumps, Inc. 151,200 3,308 38355010
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
Harnischfeger Industries, Inc. 676,200 $ 16,905 41334510
Keystone International, Inc. 760,300 15,016 49350310
Lawson Products, Inc. 330,000 8,663 52077610
Parker-Hannifin Corp. 170,100 7,952 70109410
Svedala 140,400 3,276 91199A92
75,666
POLLUTION CONTROL - 1.6%
Browning-Ferris Industries, Inc. 390,000 12,383 11588510
Rollins Environmental Services, Inc. (a) 387,000 2,274 77570910
Safety Kleen Corp. 664,600 9,221 78648410
WMX Technologies, Inc. 1,182,700 34,741 92929Q10
58,619
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 173,573
MEDIA & LEISURE - 2.3%
LEISURE DURABLES & TOYS - 0.1%
Hasbro, Inc. 71,900 2,372 41805610
LODGING & GAMING - 1.2%
Caesars World, Inc. (a) 342,900 15,045 12769510
Circus Circus Enterprises, Inc. (a) 482,500 10,736 17290910
Marriott International, Inc. 264,900 7,748 57190010
Promus Companies, Inc. 360,000 10,665 74342A10
44,194
PUBLISHING - 1.0%
Dow Jones & Co Inc. 383,500 11,457 26056110
Dun & Bradstreet Corp. 110,000 6,449 26483010
Enquirer/Star Group, Inc. Class A 197,500 3,308 29355410
Scripps (E.W.) Co. Class A 549,100 16,336 81103910
37,550
RESTAURANTS - 0.0%
Uno Restaurant Corp. (a) 39,400 532 91490010
TOTAL MEDIA & LEISURE 84,648
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - 7.7%
AGRICULTURE - 0.2%
Pioneer Hi-Bred International, Inc. 174,800 $ 5,856 72368610
BEVERAGES - 1.6%
Seagram Co. Ltd. 1,983,400 61,003 81185010
FOODS - 1.3%
Borden, Inc. 300,000 4,050 09959910
Ezaki Glicko Co. 697,000 7,336 30199492
Goodman Fielder Ltd. Ord. 2,794,244 2,636 38238210
Hormel (George A) & Co. 498,000 12,263 44045210
SYSCO Corp. 271,900 6,764 87182910
Tyson Foods, Inc. 574,700 13,362 90249410
Viscofan Envolturas Celulo SA 200,000 3,537 92899999
49,948
HOUSEHOLD PRODUCTS - 1.5%
Church & Dwight Co., Inc. 279,200 6,282 17134010
Orkla AS Class A Free shares 69,200 2,032 39299193
Orkla AS Class B (non-vtg.) 17,950 515 39299192
NCH Corp. 239,200 15,937 62885010
Rubbermaid, Inc. 330,000 9,075 78108810
Stanhome, Inc. 113,100 3,803 85442510
Tambrands, Inc. 478,600 19,622 87508010
57,266
TOBACCO - 3.1%
Philip Morris Companies, Inc. 883,500 54,114 71815410
RJR Nabisco Holdings Corp. (a) 8,503,500 58,462 74960K10
UST, Inc. 171,200 4,537 90291110
117,113
TOTAL NONDURABLES 291,186
PRECIOUS METALS - 1.0%
American Barrick Resources Corp. 1,000,000 23,829 02451E10
Santa Fe Pacific Gold 975,900 14,029 80217610
37,858
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - 6.3%
APPAREL STORES - 0.9%
Limited, Inc. (The) 859,000 $ 15,784 53271610
One Price Clothing Stores, Inc. (a) 200,000 2,075 68241110
TJX Companies, Inc. 913,800 14,392 87254010
United States Shoe Corp. 100,000 1,788 91260510
34,039
DRUG STORES - 0.5%
Walgreen Co. 482,700 20,032 93142210
GENERAL MERCHANDISE STORES - 2.5%
Dillard Department Stores, Inc. Class A 1,067,800 28,297 25406310
Federated Department Stores, Inc. (a) 1,003,600 20,825 31410J10
Ito Yokado Co. Ltd. 356,000 19,434 46571410
Matsuzakaya Co. Ltd. 417,000 5,938 57699492
Price/Costco, Inc. 570,000 8,978 74143W10
Sears, Roebuck & Co. 176,700 8,747 81238710
92,219
GROCERY STORES - 0.7%
Food Lion, Inc. Class A 50,100 286 34477520
Giant Food, Inc. Class A 199,400 4,586 37447810
Izumi Co. Ord. 320,000 8,256 46399292
Supervalu, Inc. 535,400 12,983 86853610
26,111
RETAIL & WHOLESALE, MISCELLANEOUS - 1.7%
Boots Co. (The) PLC 1,850,000 16,042 09999410
Duty Free International, Inc. 693,900 9,281 26708410
Fabri-Centers of America, Inc. (a) 143,500 2,493 30284610
Sotheby's Holdings, Inc. Class A 201,300 2,441 83589810
Toys "R" Us, Inc. (a) 613,200 23,608 89233510
Uny Co. Ltd. 639,000 10,155 91529010
64,020
TOTAL RETAIL & WHOLESALE 236,421
SERVICES - 4.2%
ADVERTISING - 0.5%
WPP Group PLC 7,129,600 12,832 92930910
WPP Group PLC (b) 4,150,000 7,469 92930997
20,301
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
PRINTING - 1.3%
Deluxe Corp. 559,000 $ 15,792 24801910
Donnelley (R.R.) & Sons Co. 567,500 17,805 25786710
New England Business Service, Inc. (e) 782,900 14,679 64387210
48,276
SERVICES - 2.4%
ADT Ltd. 1,301,600 14,643 00091530
BET Public Ltd. Co. Ord. 1,269,000 2,284 05538H10
CPI Corp. 553,500 12,039 12590210
Jostens, Inc. 598,400 10,322 48108810
Kinder-Care Learning Ctrs. (a) 185,000 2,451 49452120
National Service Industries, Inc. 161,400 4,317 63765710
Western Atlas, Inc. 984,800 45,301 95767410
91,357
TOTAL SERVICES 159,934
TECHNOLOGY - 5.3%
COMPUTER SERVICES & SOFTWARE - 0.1%
Lotus Development Corp. 57,300 2,192 54570010
SunGard Data Systems, Inc. 6,700 260 86736310
2,452
COMPUTERS & OFFICE EQUIPMENT - 2.8%
Canon, Inc. 1,419,000 26,358 13780199
Fujitsu Ltd. 1,266,000 14,501 35959010
International Business Machines Corp. 789,800 58,840 45920010
Pitney Bowes, Inc. 190,000 6,413 72447910
106,112
ELECTRONIC INSTRUMENTS - 0.2%
Measurex Corp. 324,600 7,060 58343210
ELECTRONICS - 1.6%
Aiwa Co. Ltd. 318,000 8,663 00959999
AMP, Inc. 182,000 13,764 03189710
Hitachi Ltd. 2,815,000 29,340 43357810
Nitto Denko Corp. 174,000 2,999 65480230
Premier Industrial 7,200 185 74051230
Thomas & Betts Corp. 62,700 4,467 88431510
59,418
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
PHOTOGRAPHIC EQUIPMENT - 0.6%
Polaroid Corp. 708,600 $ 23,827 73109510
TOTAL TECHNOLOGY 198,869
TRANSPORTATION - 3.7%
AIR TRANSPORTATION - 0.6%
AMR Corp. (a) 153,200 8,445 00176510
Delta Air Lines, Inc. 170,000 8,861 24736110
Helikopter Services 389,800 4,889 42499192
22,195
RAILROADS - 1.7%
CSX Corp. 163,300 11,839 12640810
Canadian Pacific Ltd. Ord. 2,113,600 33,773 13644030
Illinois Central Corp., Series A 563,800 18,112 45184110
63,724
SHIPPING - 0.2%
Kirby Corp. (a) 462,100 7,740 49726610
TRUCKING & FREIGHT - 1.2%
Airborne Freight Corp. 100,000 1,913 00926610
Consolidated Freightways, Inc. (a) 343,600 7,688 20923710
Roadway Services, Inc. 608,400 34,831 76974810
Trimac Ltd. 123,700 1,348 89620810
45,780
TOTAL TRANSPORTATION 139,439
UTILITIES - 3.2%
ELECTRIC UTILITY - 2.2%
Fuji Electric Co. Ltd. 3,871,000 22,170 36599492
Union Electrica Fenosa 1,225,000 5,634 90659510
Veba Vereinigte Elektrizitaets & Bergwerks AG Ord. 160,000 53,626
92239110
81,430
GAS - 0.4%
Williams Companies, Inc. 530,000 15,370 96945710
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 0.6%
Koninklijke PPT Nederland 500,000 $ 15,932 72699422
Telefonica de Espana SA Ord. 475,000 6,428 87938210
22,360
TOTAL UTILITIES 119,160
TOTAL COMMON STOCKS
(Cost $3,219,562) 3,408,867
PREFERRED STOCKS - 0.9%
CONVERTIBLE PREFERRED STOCKS - 0.9%
DURABLES - 0.1%
TEXTILES & APPAREL - 0.1%
Fieldcrest Cannon, Inc., Series A, $3.00 60,000 3,143 31654940
INDUSTRIAL MACHINERY & EQUIPMENT - 0.3%
Cooper Industries, Inc. $8.00 exchangeable 482,800 10,984 21666950
NONDURABLES - 0.5%
TOBACCO - 0.5%
RJR Nabisco Holdings Corp., Series A, depositary shares
representing 1/4 share 2,749,500 19,246 74960K40
TOTAL CONVERTIBLE PREFERRED STOCKS 33,373
NONCONVERTIBLE PREFERRED STOCKS - 0.0%
DURABLES - 0.0%
AUTOS, TIRES, & ACCESSORIES - 0.0%
Porsche AG (non-voting) (a) 1,375 560 73380193
TOTAL PREFERRED STOCKS
(Cost $34,935) 33,933
CORPORATE BONDS - 0.7%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (C) (000S) (000S)
CONVERTIBLE BONDS - 0.2%
MEDIA & LEISURE - 0.2%
PUBLISHING - 0.2%
Nelson Thomas, Inc. 5 3/4%, 11/30/99 (b) B1 $ 6,000 $ 6,150 640376AA
NONCONVERTIBLE BONDS - 0.5%
ENERGY - 0.1%
INDEPENDENT POWER - 0.1%
California Energy Corp., Inc.
0% 1/15/04 (d) Ba3 7,410 5,187 130190AC
INDUSTRIAL MACHINERY & EQUIPMENT - 0.1%
POLLUTION CONTROL - 0.1%
Laidlaw, Inc. 6%, 1/31/99 Baa2 4,600 4,865 50730KAF
MEDIA & LEISURE - 0.1%
LODGING & GAMING - 0.1%
Host Marriott Corp.:
9 1/8%, 12/1/00 B1 845 830 441080AD
9 7/8%, 5/1/01 B1 227 227 441080AE
10 1/2%, 5/1/06 B1 615 615 441080AH
11%, 5/1/06 B1 1,556 1,564 441080AJ
TOTAL MEDIA & LEISURE 3,236
SERVICES - 0.2%
ADT Operations, Inc. guaranteed notes 9 1/4%,
8/1/03 B2 6,000 5,609 000945AB
TOTAL NONCONVERTIBLE BONDS 18,897
TOTAL CORPORATE BONDS
(Cost $26,199) 25,047
FOREIGN GOVERNMENT OBLIGATIONS - 1.3%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) AMOUNT (C) (000S) (000S)
Canadian Government:
Treasury Bill 0%, 11/24/94 - CAD 14,200 $ 10,486 136992WP
9%, 12/01/04 Aaa CAD 22,000 16,131 135087VG
French Government 8 1/2%, 12/26/12 Aaa FRF 120,000 23,072 3517779J
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $50,593) 49,689
REPURCHASE AGREEMENTS - 6.5%
MATURITY
AMOUNT
(000)
Investments in repurchase agreements
(U.S. Treasury obligations), in a
joint trading account at 4.78%
dated 10/31/94 due 11/1/94 $ 245,181 245,148 99799N9L
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,576,437) $ 3,762,684
FORWARD FOREIGN CURRENCY CONTRACTS
AMOUNTS IN THOUSANDS SETTLEMENT UNREALIZED
DATE(S) VALUE GAIN/(LOSS)
CONTRACTS TO BUY
135,824 FRF 11/2/94 $ 26,392 $ 120
(Payable amount $26,272)
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 0.7%
CONTRACTS TO SELL
28,065,112 JPY 11/14/94 to 1/20/95 $ 290,813 $ (4,751)
271,648 FRF 11/2/94 to 2/2/95 52,662 (1,399)
126,996 DEM 1/30/95 84,550 (2,881)
428,025 (9,031)
(Receivable amount $418,994)
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 11.4%
$ (8,911)
CURRENCY ABBREVIATIONS
CAD - Canadian dollar
JPY - Japanese yen
DEM - German deutsche mark
FRF - French franc
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 $14,313,000 or 0.4% of net
assets
(c) Principal amount is stated in United States dollars unless otherwise
noted.
(d) Debt obligation initially issued in zero coupon form which converts to
coupon form at a specified rate and date.
(e) Affiliated company (see Note 7 of Notes to Financial Statements).
OTHER INFORMATION
Distribution of investments by country of issue, as a percentage of total
value of investment in securities, is as follows:
United States 71.3%
Japan 9.5
Canada 7.4
United Kingdom 4.2
Germany 3.7
France 1.7
Others (individually less than 1%) 2.2
TOTAL 100.0%
INCOME TAX INFORMATION
At October 31, 1994, the aggregate cost of investment securities for income
tax purposes was $3,576,515,000. Net unrealized appreciation aggregated
$186,169,000, of which $255,901,000 related to appreciated investment
securities and $69,732,000 related to depreciated investment securities.
The fund hereby designates $50,830,000 as a capital gain dividend for the
purpose of the dividend paid deduction.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) OCTOBER 31, 1994
ASSETS
Investment in securities, at value (including repurchase $ 3,762,684
agreements of $245,148) (cost $3,576,437) -
See accompanying schedule
Cash 1
Receivable for investments sold 90,669
Unrealized appreciation on foreign currency contracts 120
Receivable for fund shares sold 45,422
Dividends receivable 4,862
Interest receivable 2,633
Other receivables 11
TOTAL ASSETS 3,906,402
LIABILITIES
Payable for investments purchased $ 163,668
Unrealized depreciation on foreign currency contracts 9,031
Payable for fund shares redeemed 15,071
Accrued management fee 2,019
Other payables and accrued expenses 1,649
TOTAL LIABILITIES 191,438
NET ASSETS $ 3,714,964
Net Assets consist of:
Paid in capital $ 3,290,628
Undistributed net investment income 19,453
Accumulated undistributed net realized gain (loss) on 227,439
investments and foreign currency transactions
Net unrealized appreciation (depreciation) on 177,444
investments and assets and liabilities in foreign
currencies
NET ASSETS, for 83,086 shares outstanding $ 3,714,964
NET ASSET VALUE, offering price and redemption price per $44.71
share ($3,714,964 (divided by) 83,086 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED OCTOBER 31, 1994
INVESTMENT INCOME $ 40,911
Dividends (including $72 received from affiliated issuers)
Interest 15,213
TOTAL INCOME 56,124
EXPENSES
Management fee 15,519
Basic fee
Performance adjustment 1,671
Transfer agent fees 6,533
Accounting fees and expenses 734
Non-interested trustees' compensation 11
Custodian fees and expenses 385
Registration fees 994
Audit 63
Legal 16
Interest 3
Reports to shareholders 212
Miscellaneous 24
Total expenses before reductions 26,165
Expense reductions (594) 25,571
NET INVESTMENT INCOME 30,553
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investment securities (including realized gain of 232,540
$1,200 on sales of investment in affiliated issuers).
Foreign currency transactions (10,868) 221,672
Change in net unrealized appreciation (depreciation) on:
Investment securities 49,337
Assets and liabilities in foreign currencies (8,665) 40,672
NET GAIN (LOSS) 262,344
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 292,897
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31,
1994 1993
INCREASE (DECREASE) IN NET ASSETS
Operations $ 30,553 $ 15,724
Net investment income
Net realized gain (loss) 221,672 124,672
Change in net unrealized appreciation (depreciation) 40,672 121,437
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 292,897 261,833
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 3,387,952 1,662,252
Net proceeds from sales of shares
Reinvestment of distributions 119,386 4,784
Cost of shares redeemed (1,586,209) (631,993)
Net increase (decrease) in net assets resulting from 1,921,129 1,035,043
share transactions
TOTAL INCREASE (DECREASE) IN NET ASSETS 2,092,251 1,291,895
NET ASSETS
Beginning of period 1,622,713 330,818
End of period (including undistributed net investment $ 3,714,964 $ 1,622,713
income of $19,453 and $32,362, respectively)
OTHER INFORMATION
Shares
Sold 79,687 44,284
Issued in reinvestment of distributions 3,051 139
Redeemed (37,585) (16,391)
Net increase (decrease) 45,153 28,032
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
YEARS ENDED OCTOBER 31,
1994 1993 1992C 1991 1990
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 42.78 $ 33.41 $ 30.19 $ 23.61 $ 31.16
Income from Investment Operations
Net investment income .54A .55 A, .64 A .81 1.25B
D
Net realized and unrealized 4.53 9.20 3.43 6.94 (5.65)
gain (loss)
Total from investment operations 5.07 9.75 4.07 7.75 (4.40)
Less Distributions (.34) (.23) (.85) (1.17) (.30)
From net investment income
From net realized gain (2.80) (.15) - - (2.85)
Total distributions (3.14) (.38) (.85) (1.17) (3.15)
Net asset value, end of period $ 44.71 $ 42.78 $ 33.41 $ 30.19 $ 23.61
TOTAL RETURNE 12.90% 29.46% 14.09% 34.09% (16.00)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in $ 3,715 $ 1,623 $ 331 $ 124 $ 92
millions)
Ratio of expenses to average 1.08% 1.11% 1.00% .98% 1.06%
net assets F
Ratio of expenses to average net 1.10% 1.12% 1.00% .98% 1.06%
assets before expense reductions F
Ratio of net investment income to 1.29% 1.43% 2.01% 2.93% 4.55%
average net assets F B
Portfolio turnover rate 112% 117% 81% 137% 165%
</TABLE>
1. NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
2. INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND WHICH AMOUNTED
TO $.74 PER SHARE.
3. AS OF NOVEMBER 1, 1991, THE FUND DISCONTINUED THE USE OF EQUALIZATION
ACCOUNTING.
4. INVESTMENT INCOME PER SHARE REFLECTS A SPECIAL DIVIDEND RECEIVED FROM
IMPERIAL CHEMICAL INDUSTRIES PLC ADR WHICH AMOUNTED TO $.11 PER SHARE.
5. TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN. (SEE NOTE 6 OF NOTES TO FINANCIAL
STATEMENTS.)
6. THE RATIOS OF EXPENSES TO AVERAGE NET ASSETS, EXPENSES TO AVERAGE NET
ASSETS BEFORE EXPENSE REDUCTIONS, AND NET INVESTMENT INCOME TO AVERAGE NET
ASSETS HAVE BEEN CHANGED FROM AMOUNTS PREVIOUSLY REPORTED WHICH WERE .77%,
.79% AND .92%, RESPECTIVELY. IN NOTE 4 OF NOTES TO FINANCIAL STATEMENTS,
THE MANAGEMENT FEE EQUIVALENT RATE WAS CHANGED TO .72%, FROM THE .52%
PREVIOUSLY REPORTED.
NOTES TO FINANCIAL STATEMENTS
For the period ended October 31, 1994
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 of their purchase date 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 prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Effective November 1, 1993, the fund adopted Statement of Position (SOP)
93-4: Foreign Currency Accounting and Financial Statement Presentation for
Investment Companies. In accordance with this SOP, reported net realized
gains and losses on foreign currency transactions represent net gains and
losses from sales and maturities of forward currency contracts, disposition
of foreign currencies, currency gains and losses realized between the trade
and settlement dates on securities transactions, and the difference between
the amount of net investment income accrued and the U.S. dollar amount
actually received. Further, as permitted under the SOP, the effects of
changes in foreign currency exchange rates on investments in securities are
not segregated in the Statement of Operations from the effects of changes
in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investment in securities.
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."
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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, which are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Investment income
is recorded net of foreign taxes withheld where recovery of such taxes is
uncertain.
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.
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 and may
affect net investment income per share. Undistributed net investment
income may include temporary book and tax basis differences which will
reverse in a subsequent period. Distributions in excess of 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 the beginning of the fiscal year 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 contracts involve market risk in excess of the amount reflected in
the fund's Statement of Assets and Liabilities.
2. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
FORWARD FOREIGN CURRENCY
CONTRACTS - CONTINUED
The face or contract amount in U.S. dollars, as reflected in the schedule
of investments under the caption "Forward Foreign Currency Contracts,"
reflects the total exposure the fund has in that particular currency
contract.
The U.S. dollar value of forward foreign currency 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 any realized gain (loss) is
recognized 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
affiliated entities of FMR, may transfer uninvested cash balances into one
or more joint trading accounts. These balances are invested in one or more
repurchase agreements that mature in 60 days or less from the date of
purchase, and 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 $4,806,881,000 and $2,488,245,000, 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 and is based on
the monthly average net assets of all the mutual funds advised by FMR. The
rates ranged from .2850% to .5200% for the period November 1, 1993 to July
31, 1994; and .2700% to .5200% for the period August 1, 1994 to October 31,
1994. In the event that these rates were lower than the contractual rates
in effect during those periods, FMR voluntarily implemented the above
rates, as they resulted in the same or a lower management fee. The annual
individual fund fee rate was .35% for the period November 1, 1993 to July
31, 1994 and .30% for the period August 1, 1994 to October 31, 1994.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
The basic fee is subject to a performance adjustment (up to a maximum of
(plus/minus) .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 annual rate of .72% of average net
assets after the performance adjustment.
TRANSFER AGENT FEES. 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.
ACCOUNTING FEE. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the fund's accounting records. The accounting 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
$2,503,000 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
$594,000 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
AMOUNTS IN THOUSANDS PURCHASE SALES DIVIDEND MARKET
COST COST INCOME VALUE
AFFILIATE
LSI Lighting Systems, Inc. $ - $ 44 $ - $ -
Pittston Co. Minerals Group - 2,150 72 -
New England Business Services,Inc. 134 - - 14,679
Westpoint Stevens, Inc. Class A (a) 1,410 - - 29,087
TOTALS $ 1,544 $ 2,194 $ 72 $ 43,766
(a) non-income
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Capital Trust and the Shareholders of
Fidelity Value Fund:
We have audited the accompanying statement of assets and liabilities of
Fidelity Capital Trust: Fidelity Value Fund, including the schedule of
portfolio investments, as of October 31, 1994, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of the
fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1994 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Capital Trust: Fidelity Value Fund as of October 31, 1994, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period then ended ,
in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
December 6,1994
DISTRIBUTIONS
The Board of Trustees of Fidelity Value Fund voted to pay on December 5,
1994, to shareholders of record at the opening of business on December 2,
1994, a distribution of $2.28 derived from capital gains realized from
sales of portfolio securities and a dividend of $.17 from net investment
income.
18% of the dividends distributed during the fiscal year qualifies for the
dividends-received deductions for corporate shareholders.
The fund will notify shareholders in January 1995 of the applicable
percentage for use in preparing 1994 income tax returns.
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East 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
90 Alhambra Plaza
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
8885 Ladue Road
Ladue, 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
4611 Sharon Road
Charlotte, 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
215 South State 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
If more than one address is listed, 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.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
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 02210-0193
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
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.
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Jeffrey Ubben, Vice President
Arthur S. Loring, Secretary
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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*
Marvin L. Mann*
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
Growth Company Fund
Low-Priced Stock Fund
Magellan(Registered trademark) Fund
Mid-Cap Stock Fund
New Millennium(Trademark) Fund
OTC Portfolio
Retirement Growth Fund
Small Cap Stock 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)
(registered trademark)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
