(2_FIDELITY_LOGOS)FIDELITY
MID-CAP STOCK
FUND
SEMIANNUAL REPORT
OCTOBER 31, 1995
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 20 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.
NOTES 24 Notes to the financial statements.
DISTRIBUTIONS 28
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,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
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:
Although the markets have been fairly positive this year, no one can
predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was generally
very positive.
These market ups and downs are a normal part of investing, and there are
some basic principles that are helpful for investors to remember in
different types of markets.
If you can leave your money invested over the long term, you can avoid the
results of the volatility that generally accompanies the stock market in
the short term, as we witnessed last year. You also can help to manage some
of the risks of investing through diversification. 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 types of 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. 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 or guaranteed 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. 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. A fund's total
return 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 securities that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED OCTOBER 31, 1995 PAST 6 PAST 1 LIFE OF
MONTHS YEAR FUND
Mid-Cap Stock 14.91% 25.35% 40.15%
S&P MidCap 400(registered trademark) 13.97% 21.21% 21.40%
Average Mid-Cap Fund 16.35% 23.88% n/a
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, or since the fund
started on March 29, 1994. For example, if you invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment would
be $1,050. You can compare the fund's returns to the performance of the
Standard & Poor's MidCap 400 Index - a broad measure of the performance of
the mid-cap market. To measure how the fund's performance stacked up
against its peers, you can compare it to the average mid-cap fund, which
reflects the performance of 112 mid-cap funds with similar objectives
tracked by Lipper Analytical Services over the past six months. Both
benchmarks include reinvested dividends and capital gains, if any.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED OCTOBER 31, 1995 PAST 1 LIFE OF
YEAR FUND
Mid-Cap Stock 25.35% 23.57%
S&P MidCap 400(registered trademark) 21.21% 12.93%
Average Mid-Cap Fund 23.88% n/a
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 LIFE OF FUND
Fidelity Mid Cap FStandard & Poor's
03/29/94 10000.00 10000.00
03/31/94 9780.00 9631.19
04/30/94 9840.00 9702.46
05/31/94 9890.00 9610.29
06/30/94 9690.00 9279.69
07/31/94 9930.00 9594.28
08/31/94 10740.00 10097.02
09/30/94 10990.00 9908.20
10/31/94 11180.00 10016.20
11/30/94 10720.00 9564.47
12/31/94 10846.15 9652.27
01/31/95 10927.24 9752.75
02/28/95 11464.48 10263.99
03/31/95 11860.51 10442.07
04/30/95 12195.61 10651.75
05/31/95 12378.39 10908.78
06/30/95 12984.78 11352.87
07/31/95 13715.88 11945.15
08/31/95 14004.20 12166.02
09/30/95 14302.82 12460.92
10/31/95 14014.50 12140.30
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Mid-Cap Stock Fund on March 29, 1994, when the fund started. As the chart
shows, by October 31, 1995, the value of your investment would have grown
to $14,015 - a 40.15% increase on your initial investment. For comparison,
look at how the S&P MidCap 400 Index did over the same period. With
dividends reinvested, the same $10,000 investment in the S&P MidCap 400
Index would have grown to $12,140 - a 21.40% 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
An interview with Jennifer Uhrig, Portfolio Manager of Fidelity
Mid-Cap Stock Fund
Q. HOW HAS THE FUND DONE, JENNIFER?
A. For the six months ended October 31, 1995, the fund had a total return
of 14.91%, compared with a 16.35% return for the average mid-cap stock fund
tracked by Lipper Analytical Services. For the 12 months ended October 31,
1995, the fund returned 25.35%, while the average mid-cap stock fund
tracked by Lipper returned 23.88%.
Q. GRANTED, THE FUND HAS DONE VERY WELL DURING THE SIX- AND 12-MONTH
PERIODS. AT THE SAME TIME, IT SLIGHTLY TRAILED THE LIPPER AVERAGE DURING
THE PAST SIX MONTHS. WHY IS THAT?
A. It has been a very strong year for the stock market. However, that
strength has come from just a few sectors, most notably technology and
finance. Looking at the fund's relative performance over the past six
months, it appears the fund trailed its peers somewhat because it was
relatively underinvested in these two sectors.
Q. AT THE SAME TIME, TECHNOLOGY STOCKS MAKE UP THE FUND'S LARGEST SECTOR,
22.6% OF INVESTMENTS AT THE END OF THE PERIOD . . .
A. That's true, but apparently other funds had larger technology stakes. In
addition, the fund's technology investments were rather conservative
relative to the sector as a whole, including larger companies with lower
price-to-earnings ratios such as Digital Equipment, Sun Microsystems and
Compaq. I didn't own many of the high-flying semi-conductor stocks that
posted very strong results this year. In retrospect, the fund would have
done better with a heavier technology weighting, but since this can be a
volatile group I thought I was taking an appropriate amount of risk.
Q. AND WHAT LED YOU AWAY FROM
INVESTING MORE IN FINANCIAL STOCKS?
A. I was primarily negative on bank stocks, which comprise the largest
subset in the overall sector. That's because in the slowing economy we've
seen over the past six months, I thought loan growth would start to slow
and loan delinquencies would start to pick up. In fact, we started to see
this, but not until very late in the period. In addition, I underestimated
the benefits of lower interest rates and the consolidation we've seen in
the banking industry. These factors far outweighed the effects of a
weakening economy, which, as I said, didn't show up until the end of the
period.
Q. WITH A SIX-MONTH RETURN OF ALMOST 15%, THERE SURELY WERE QUITE A FEW
STOCKS THAT TURNED IN SOLID RESULTS . . .
A. Absolutely. CompUSA was one. This retailer of computers and
computer-related products has been a solid turnaround story. Its new
management has done a great job improving its internal systems and running
its stores better. This has allowed it to capitalize on the strong growth
in computer sales this year, and take market share from other computer
retailers. Transportation stocks, including railroads and airlines in
particular, also have done well recently. On the railroad side, the fund's
investment in Wisconsin Central has been a positive contributor. This is a
smaller railroad with an entrepreneurial management that has been
successfully pursuing acquisitions. The airline industry has improved
profitability by restructuring routes so that they are more concentrated.
UAL - United Airlines - is a stock that has helped the fund here.
Q. WHY HAVE THE FUND'S CASH AND SHORT-TERM INVESTMENTS REMAINED RELATIVELY
HIGH, AT 13% OF THE FUND AT THE END OF THE PERIOD?
A. The fund started 1995 with assets of about $100 million. At the end of
the period, assets were over $1 billion. I've worked hard to stay fully
invested in what has been a very strong market, but the inflows have made
this challenging. As I've said before, when the fund receives inflows, I
try to invest the money opportunistically in stocks that are attractively
priced. However, the fund typically receives its strongest inflows when the
market is rising quickly, which makes attractive opportunities harder to
find. Under these circumstances I invest the new money gradually, even
though a high cash position can detract from performance during a market
rally.
Q. YOU'VE INCREASED THE FUND'S INVESTMENTS IN DEFENSE AND AEROSPACE STOCKS,
TO WHERE THEY ARE 8% OF THE FUND AT THE END OF THE PERIOD. WHAT'S THE
APPEAL THERE?
A. This group had several things going for it. First, it had been out of
favor and had underperformed for some time, due primarily to decreases in
defense spending, so expectations were low. Second, levels of profitability
have been good because programs are maturing, and the companies have not
been investing in a lot of new programs. Third, better profitability has
led to increased cash flow, and companies have been using that cash to buy
back stock and make acquisitions. Acquisitions typically provide additional
opportunities for cost cutting. Finally, public opinion has become more
positive on defense spending, which means we may see better revenue growth
in the future. With expectations low, any improvement in revenue growth
would be a positive surprise. One of the fund's largest investments, Loral,
a defense electronics and communications company, has a history of
acquisitions that have bolstered earnings growth.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. I'm reasonably optimistic. First of all, with the economy slowing, it
looks like the Federal Reserve Board won't raise - and in fact might lower
- - interest rates. In addition, while the market was strong in 1995, the
rally was rather narrow. Outside of a few sectors, many companies didn't
meet earnings expectations because the economy started to slow. For 1996,
expectations are more moderate. These tempered expectations, I believe,
should make for a good environment for the broad stock market. Within this
backdrop, my strategy will stay the same. I'll continue to look for
companies whose business is improving, and that I think can do better than
the market anticipates.
FUND FACTS
GOAL: long-term growth of
capital by investing mainly in
equity securities of
companies with
medium-sized market
capitalizations
START DATE: March 29,1994
SIZE: as of October 31, 1995,
more than $1 billion
MANAGER: Jennifer Uhrig,
since inception; manager,
Fidelity Select Retailing
Portfolio, 1991-1993; Fidelity
Select Developing
Communications Portfolio,
1990-1991; Fidelity Select
Telecommunications
Portfolio, 1987-1990; joined
Fidelity in 1987
(checkmark)
JENNIFER UHRIG ON INVESTING IN
THE MID-CAP UNIVERSE:
"Stocks in the mid-cap
universe generally have
market values of $100 million
to $5.5 billion. This year,
larger stocks have done better
than smaller stocks. To
illustrate, the Russell 2000,
an index of
smaller-capitalization stocks, is
up 20.00% year-to-date. The
Standard & Poor's MidCap
400 Index is up 25.78%. And
the Standard & Poor's
Composite Index of 500 Stocks
- - comprised of
large-capitalization issues - is
up 29.30%. In recognition of
this trend, the fund has invested
more in larger-capitalization
stocks than in the past. That's
one of the advantages of
managing a mid-cap fund -
the wide range of the mid-cap
universe gives me a great
deal of flexibility while keeping
the fund's average
capitalization in the mid-cap
range."
INVESTMENT CHANGES
TOP TEN STOCKS AS OF OCTOBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO
Digital Equipment Corp. 1.7 0.7
Vodafone Group PLC sponsored ADR 1.6 1.5
Wisconsin Central Transportation 1.6 1.4
Corp.
Loral Corp. 1.5 0.0
Nokia Corp. AB sponsored ADR 1.5 0.5
Symantec Corp. 1.4 1.0
Cytec Industries, Inc. 1.4 1.2
Fleet Financial Group, Inc. 1.3 2.0
Harsco Corp. 1.3 0.0
Student Loan Marketing Association 1.2 0.0
TOP FIVE MARKET SECTORS AS OF OCTOBER 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO
Technology 22.6 25.5
Finance 9.0 8.0
Aerospace & Defense 8.0 0.6
Durables 7.7 6.8
Health 6.5 4.8
ASSET ALLOCATION
AS OF OCTOBER 31, 1995* AS OF APRIL 30, 1995**
Row: 1, Col: 1, Value: 13.1
Row: 1, Col: 2, Value: 2.8
Row: 1, Col: 3, Value: 34.1
Row: 1, Col: 4, Value: 50.0
Row: 1, Col: 1, Value: 10.1
Row: 1, Col: 2, Value: 2.5
Row: 1, Col: 3, Value: 37.4
Row: 1, Col: 4, Value: 50.0
Stocks 85.1%
Bonds 1.8%
Short-term
investments 13.1%
FOREIGN
INVESTMENTS 5.8%
Stocks 88.4%
Bonds 1.5%
Short-term
investments 10.1%
FOREIGN
INVESTMENTS 6.7%
*
**
INVESTMENTS OCTOBER 31, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
COMMON STOCKS - 84.7%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 8.0%
AEROSPACE & DEFENSE - 5.8%
CAE, Inc. 300,000 $ 2,120
General Motors Corp. Class H 202,800 8,518
Flightsafety International, Inc. 99,700 4,761
Harsco Corp. 260,600 13,747
McDonnell Douglas Corp. 90,000 7,358
Northrop Grumman Corp. 86,800 4,969
Precision Castparts Corp. 119,800 4,283
Rohr Industries, Inc. (a) 235,000 3,496
Sundstrand Corp. 135,000 8,269
Thiokol Corp. 130,900 4,532
62,053
DEFENSE ELECTRONICS - 1.5%
Loral Corp. 554,000 16,412
SHIP BUILDING & REPAIR - 0.7%
General Dynamics Corp. 130,000 7,199
TOTAL AEROSPACE & DEFENSE 85,664
BASIC INDUSTRIES - 4.1%
CHEMICALS & PLASTICS - 1.9%
Albemarle Corp. 267,100 4,975
Cytec Industries, Inc. (a) 271,100 14,843
Tredegar Industries, Inc. 35,600 1,037
20,855
IRON & STEEL - 0.3%
Nucor Corp. 60,000 2,888
METALS & MINING - 1.9%
Alumax, Inc. (a) 115,700 3,413
Inco Ltd. 269,600 9,274
Kaiser Aluminum Corp. (a) 710,700 7,995
20,682
TOTAL BASIC INDUSTRIES 44,425
CONGLOMERATES - 1.0%
Mark IV Industries, Inc. 115,200 2,246
Tyco International Ltd. 136,200 8,274
10,520
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONSTRUCTION & REAL ESTATE - 2.1%
BUILDING MATERIALS - 1.2%
Masco Corp. 132,600 $ 3,729
Sherwin-Williams Co. 109,300 4,112
York International Corp. 121,200 5,303
13,144
CONSTRUCTION - 0.9%
Kaufman & Broad Home Corp. 256,100 2,977
Lennar Corp. 113,500 2,596
Pulte Corp. 68,000 2,151
Standard Pacific Corp. 266,100 1,730
9,454
TOTAL CONSTRUCTION & REAL ESTATE 22,598
DURABLES - 7.7%
AUTOS, TIRES, & ACCESSORIES - 2.2%
Chrysler Corp. 170,100 8,781
Lear Seating Corp. (a) 270,200 7,498
Superior Industries International, Inc. 269,300 7,574
23,853
CONSUMER ELECTRONICS - 1.4%
Maytag Co. 385,900 7,332
Whirlpool Corp. 141,800 7,515
14,847
HOME FURNISHINGS - 1.6%
Ethan Allen Interiors, Inc. (a) 268,300 5,299
Haverty Furniture Companies, Inc. 62,900 873
Heilig-Meyers Co. 336,700 6,187
Leggett & Platt, Inc. 214,700 5,153
17,512
TEXTILES & APPAREL - 2.5%
Fila Holding Spa sponsored ADR 40,000 1,725
Mohawk Industries, Inc. (a) 37,600 564
NIKE, Inc. Class B 90,000 5,108
Nine West Group, Inc. (a) 157,500 7,009
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
TEXTILES & APPAREL - CONTINUED
Warnaco Group, Inc. Class A 38,400 $ 893
Westpoint Stevens, Inc. Class A 530,000 11,196
26,495
TOTAL DURABLES 82,707
ENERGY - 0.5%
ENERGY SERVICES - 0.5%
Nabors Industries, Inc. (a) 177,500 1,531
Transocean Drilling AS (a) 257,550 3,930
5,461
FINANCE - 9.0%
BANKS - 1.5%
Fifth Third Bancorp 38,100 2,562
Fleet Financial Group, Inc. 360,000 13,950
16,512
CREDIT & OTHER FINANCE - 1.6%
Beneficial Corp. 43,000 2,107
Green Tree Financial Corp. 119,100 3,171
Household International, Inc. 207,800 11,689
16,967
FEDERAL SPONSORED CREDIT - 2.9%
Federal Home Loan Mortgage Corporation 102,100 7,070
Federal National Mortgage Association 110,000 11,536
Student Loan Marketing Association 222,400 13,094
31,700
INSURANCE - 1.5%
Allmerica Financial Corp. (a) 128,600 3,231
Prudential Reinsurance Holdings, Inc. (a) 267,400 5,448
UNUM Corp. 145,000 7,631
16,310
SAVINGS & LOANS - 0.6%
Co-Operative Bank of Concord 85,300 1,429
Collective Bancorp, Inc. 62,400 1,474
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
SAVINGS & LOANS - CONTINUED
First Federal Savings & Loan Association 32,200 $ 604
FirstFed Financial Corp. (a) 194,400 3,013
6,520
SECURITIES INDUSTRY - 0.9%
Donaldson Lufkin & Jenrette, Inc. 100,800 2,999
Legg Mason, Inc. 80,100 2,303
Quick & Reilly Group, Inc. (The) 162,675 3,864
9,166
TOTAL FINANCE 97,175
HEALTH - 6.5%
DRUGS & PHARMACEUTICALS - 1.4%
Biogen, Inc. (a) 61,900 3,791
Immunex Corp. (a) 175,600 2,239
Upjohn Co. 175,000 8,881
14,911
MEDICAL EQUIPMENT & SUPPLIES - 3.7%
Baxter International, Inc. 257,500 9,946
Becton, Dickinson & Co. 70,000 4,550
Bergen Brunswig Corp. Class A 91,300 1,894
Boston Scientific Corp. (a) 130,000 5,476
Cygnus, Inc. (a) 87,300 1,430
McKesson Corp. 52,100 2,488
Millipore Corp. 185,200 6,551
Pall Corp. 335,500 8,178
40,513
MEDICAL FACILITIES MANAGEMENT - 1.4%
ARV Assisted Living, Inc. 38,000 570
Health Care & Retirement Corp. 216,900 6,371
Horizon Mental Health Management, Inc. (a) 139,000 2,155
Sterling Healthcare Group, Inc. (a) 55,000 756
Tenet Healthcare Corp. (a) 286,300 5,118
14,970
TOTAL HEALTH 70,394
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - 5.3%
ELECTRICAL EQUIPMENT - 3.1%
Adflex Solutions 9,000 $ 239
Avid Technology, Inc. (a) 150,600 6,589
California Amplifier, Inc. (a) 168,500 4,550
Cherry Corp.:
Class A (a) 100,000 1,250
Class B (a) 120,000 1,530
General Electric Co. 80,000 5,060
Glenayre Technologies, Inc. 159,900 10,274
Owosso Corp. 171,900 1,934
Pinnacle Systems (a) 81,700 2,563
33,989
INDUSTRIAL MACHINERY & EQUIPMENT - 2.2%
Dover Corp. 87,600 3,460
Fedders Corp. Class A 92,250 392
Hardinge Brothers, Inc. 100,600 2,465
Harnischfeger Industries, Inc. 142,300 4,482
Ingersoll-Rand Co. 200,000 7,075
Parker-Hannifin Corp. 167,450 5,651
23,525
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 57,514
MEDIA & LEISURE - 2.1%
BROADCASTING - 0.7%
American Telecasting, Inc. (a) 57,000 770
CAI Wireless Systems, Inc. (a) 297,630 2,455
Cablemaxx, Inc. (a) 56,200 422
People's Choice TV Corp. (a) 159,992 3,320
6,967
LEISURE DURABLES & TOYS - 0.2%
West Marine, Inc. (a) 62,000 1,891
LODGING & GAMING - 1.2%
Hilton Hotels Corp. 153,100 10,258
Mirage Resorts, Inc. 92,200 3,020
13,278
TOTAL MEDIA & LEISURE 22,136
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - 1.6%
HOUSEHOLD PRODUCTS - 0.2%
Tambrands, Inc. 33,500 $ 1,499
TOBACCO - 1.4%
Dimon, Inc. 122,550 1,792
RJR Nabisco Holdings Corp. 340,000 10,455
Universal Corp. 140,000 2,940
15,187
TOTAL NONDURABLES 16,686
PRECIOUS METALS - 0.7%
Newmont Mining Corp. 187,200 7,067
RETAIL & WHOLESALE - 1.5%
APPAREL STORES - 0.0%
Marisa Christina, Inc. 3,900 69
GENERAL MERCHANDISE STORES - 0.1%
Federated Department Stores, Inc. (a) 29,900 759
Lechters, Inc. (a) 79,100 732
1,491
GROCERY STORES - 0.1%
Whole Foods Market, Inc. (a) 72,300 886
RETAIL & WHOLESALE, MISCELLANEOUS - 1.3%
Creative Computers, Inc. (a) 91,400 2,651
Fabri-Centers of America, Inc.(a):
Class A 77,300 1,150
Class B (non-vtg) 77,300 899
Friedmans, Inc. Class A (a) 156,800 3,175
Tiffany & Co., Inc. 126,900 5,536
13,411
TOTAL RETAIL & WHOLESALE 15,857
SERVICES - 2.2%
ADVERTISING - 1.5%
ADVO-Systems, Inc. 137,300 3,501
Interpublic Group of Companies, Inc. 150,000 5,813
Omnicom Group, Inc. 102,200 6,528
15,842
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
PRINTING - 0.2%
Deluxe Corp. 79,500 $ 2,137
SERVICES - 0.5%
Zebra Technologies Corp. Class A (a) 92,100 5,480
TOTAL SERVICES 23,459
TECHNOLOGY - 22.2%
COMMUNICATIONS EQUIPMENT - 5.3%
Cabletron Systems, Inc. 65,000 5,111
Cisco Systems, Inc. (a) 124,500 9,649
Dynatech Corp. (a) 519,500 7,793
Lo Jack Corp. 290,300 4,501
Nokia Corp. AB sponsored ADR 281,300 15,682
Pairgain Technologies, Inc. 103,200 4,412
Tellabs, Inc. 70,000 2,380
3Com Corp. (a) 174,476 8,200
57,728
COMPUTER SERVICES & SOFTWARE - 8.4%
Business Objects SA sponsored ADR (a) 27,400 1,185
Ceridian Corp. (a) 214,700 9,339
Checkfree Corp. (a) 1,500 32
CompUSA, Inc. (a) 212,600 8,132
Computer Sciences Corp. (a) 154,000 10,299
DST Systems, Inc. 5,000 105
Landmark Graphics Corp. (a) 27,000 587
Manugistics Group, Inc. (a) 169,000 2,915
Mercury Interactive Group Corp. (a) 64,000 1,312
Microsoft Corp. (a) 120,000 12,000
Network Peripherals, Inc. 125,000 1,313
Novell, Inc. (a) 275,000 4,538
Policy Management Systems Corp. (a) 144,400 6,805
Sierra On-Line, Inc. (a) 90,000 3,353
Spectrum Holobyte, Inc. (a) 340,600 3,491
State of The Art, Inc. 45,000 484
Stratacom, Inc. (a) 36,800 2,263
SunGard Data Systems, Inc. (a) 147,900 4,067
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Symantec Corp. (a) 635,100 $ 15,441
Verity, Inc. (a) 500 18
Viewlogic Systems, Inc. 290,000 2,828
90,507
COMPUTERS & OFFICE EQUIPMENT - 5.3%
Bell & Howell Holdings Co. (a) 234,100 5,853
Compaq Computer Corp. (a) 152,500 8,502
Diebold, Inc. 95,200 5,046
Digital Equipment Corp. (a) 331,000 17,915
Filenet Corp. (a) 30,000 1,361
Kronos, Inc. (a) 84,300 3,878
SCI Systems, Inc. (a) 128,300 4,507
Sun Microsystems, Inc. (a) 53,100 4,142
Tech Data Corp. (a) 367,100 4,451
Wang Laboratories, Inc. (a) 52,200 868
56,523
ELECTRONIC INSTRUMENTS - 0.7%
Cohu, Inc. 91,300 2,807
Tektronix, Inc. 72,000 4,266
7,073
ELECTRONICS - 1.3%
CTS Corp. 47,300 1,573
Linear Technology Corp. 118,400 5,180
Maxim Integrated Products, Inc. (a) 50,300 3,760
Methode Electronics, Inc. Class A 97,050 1,488
National Semiconductor Corp. (a) 100,000 2,438
14,439
PHOTOGRAPHIC EQUIPMENT - 1.2%
Polaroid Corp. 305,000 13,026
TOTAL TECHNOLOGY 239,296
TRANSPORTATION - 5.2%
AIR TRANSPORTATION - 1.9%
America West Airlines, Inc. Class B (a) 190,000 2,589
Delta Air Lines, Inc. 113,700 7,462
UAL Corp. (a) 59,700 10,500
20,551
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TRANSPORTATION - CONTINUED
RAILROADS - 3.1%
Bombardier, Inc. Class B 503,200 $ 6,129
Burlington Northern Santa Fe Corp. 100,000 8,388
Railtex, Inc. (a) 82,800 1,718
Wisconsin Central Transportation Corp. (a) 283,100 17,057
33,292
TRUCKING & FREIGHT - 0.2%
Air Express International Corp. 49,700 1,031
Expeditors International of Washington, Inc. 37,200 977
2,008
TOTAL TRANSPORTATION 55,851
UTILITIES - 5.0%
CELLULAR - 1.6%
Vodafone Group PLC sponsored ADR 434,000 17,740
GAS - 0.1%
Aquila Gas Pipeline Corp. 137,700 1,515
TELEPHONE SERVICES - 3.3%
AT&T Corp. 156,000 9,984
Ameritech Corp. 100,000 5,400
SBC Communications, Inc. 180,000 10,057
WorldCom, Inc. (a) 299,000 9,755
35,196
TOTAL UTILITIES 54,451
TOTAL COMMON STOCKS
(Cost $851,621) 911,261
NONCONVERTIBLE PREFERRED STOCKS - 0.4%
TECHNOLOGY - 0.4%
COMPUTER SERVICES & SOFTWARE - 0.4%
SAP AG (Cost $2,389) 30,000 4,600
U.S. TREASURY OBLIGATIONS - 1.8%
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
U.S. Treasury Bonds:
stripped principal 0%, 8/15/19 44,050 $ 9,367
8 1/8%, 8/15/19 8,200 9,871
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $17,165) 19,238
REPURCHASE AGREEMENTS - 13.1%
MATURITY
AMOUNT
(000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.88%, dated
10/31/95 due 11/1/95 $ 141,325 141,302
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,012,477) $ 1,076,401
LEGEND
1. Non-income producing
INCOME TAX INFORMATION
At October 31, 1995, the aggregate cost of investment securities for income
tax purposes was $1,012,558,000. Net unrealized appreciation aggregated
$63,843,000, of which $87,983,000 related to appreciated investment
securities and $24,140,000 related to depreciated investment securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER SHARE AMOUNTS) OCTOBER 31, 1995 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase $ 1,076,401
agreements of $141,302) (cost $1,012,477) -
See accompanying schedule
Receivable for investments sold 27,165
Receivable for fund shares sold 8,840
Dividends receivable 570
Interest receivable 139
TOTAL ASSETS 1,113,115
LIABILITIES
Payable for investments purchased $ 45,736
Payable for fund shares redeemed 4,278
Accrued management fee 592
Other payables and accrued expenses 451
TOTAL LIABILITIES 51,057
NET ASSETS $ 1,062,058
Net Assets consist of:
Paid in capital $ 940,030
Undistributed net investment income 2,497
Accumulated undistributed net realized gain (loss) on 55,607
investments and foreign currency transactions
Net unrealized appreciation (depreciation) on 63,924
investments and assets and liabilities in foreign
currencies
NET ASSETS, for 78,023 shares outstanding $ 1,062,058
NET ASSET VALUE, offering price and redemption price per $13.61
share ($1,062,058 (divided by) 78,023 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED OCTOBER 31, 1995 (UNAUDITED)
INVESTMENT INCOME $ 3,627
Dividends
Interest 3,051
TOTAL INCOME 6,678
EXPENSES
Management fee $ 2,573
Basic fee
Performance adjustment 248
Transfer agent fees 1,041
Accounting fees and expenses 201
Non-interested trustees' compensation 1
Custodian fees and expenses 31
Registration fees 264
Audit 13
Miscellaneous 1
Total expenses before reductions 4,373
Expense reductions (95) 4,278
NET INVESTMENT INCOME 2,400
REALIZED AND UNREALIZED GAIN (LOSS) 56,669
Net realized gain (loss) on investment securities
Change in net unrealized appreciation (depreciation) on 40,969
investment securities
NET GAIN (LOSS) 97,638
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 100,038
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS THREE MONTH
ENDED PERIOD ENDED
OCTOBER 31, APRIL 30,
1995 1995
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 2,400 $ 691
Net investment income
Net realized gain (loss) 56,669 8,787
Change in net unrealized appreciation (depreciation) 40,969 21,621
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 100,038 31,099
FROM OPERATIONS
Distributions to shareholders (519) -
From net investment income
From net realized gain (8,306) (372)
TOTAL DISTRIBUTIONS (8,825) (372)
Share transactions 868,777 414,653
Net proceeds from sales of shares
Reinvestment of distributions 8,531 367
Cost of shares redeemed (365,482) (124,895)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 511,826 290,125
FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 603,039 320,852
NET ASSETS
Beginning of period 459,019 138,167
End of period (including undistributed net investment $ 1,062,058 $ 459,019
income of $2,497 and $694, respectively)
OTHER INFORMATION
Shares
Sold 66,977 36,247
Issued in reinvestment of distributions 705 33
Redeemed (27,872) (10,887)
Net increase (decrease) 39,810 25,393
</TABLE>
FINANCIAL HIGHLIGHTS
SIX MONTHS THREE MONTH MARCH 29, 1994
ENDED PERIOD ENDED (COMMENCEM
OCTOBER 31, APRIL 30, ENT OF
1995 OPERATIONS) TO
JANUARY 31,
(UNAUDITED) 1995 1995
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 12.01 $ 10.78 $ 10.00
Income from Investment Operations
Net investment income .02 .02 -
Net realized and unrealized 1.75 1.23 .92
gain (loss)
Total from investment operations 1.77 1.25 .92
Less Distributions (.01) - -
From net investment income
From net realized gain (.16) (.02) (.14)
Total distributions (.17) (.02) (.14)
Net asset value, end of period $ 13.61 $ 12.01 $ 10.78
TOTAL RETURN B, C 14.91% 11.61% 9.27%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,062,058 $ 459,019 $ 138,167
(000 omitted)
Ratio of expenses to average net assets 1.03% 1.27% 1.63% A
A A
Ratio of expenses to average net assets after 1.01% 1.22% 1.61% A
expense reductions A A
Ratio of net investment income to average .56% .95% (.03)%
net assets A A A
Portfolio turnover rate 182% 163% 190% A
A A
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended October 31, 1995 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Mid-Cap Stock Fund (the fund) is a fund of Fidelity Devonshire
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.
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. The effects of changes in foreign
currency exchange rates on investments in securities are included with the
net realized and unrealized gain or loss on investment 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 substantially 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 withheld where recovery of such taxes is uncertain.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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, which may result in distribution
reclassifications, are primarily due to differing treatments for market
discount, futures and options transactions 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 the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions 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.
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 use foreign currency
contracts to facilitate transactions in foreign securities and to manage
the fund's currency exposure. Contracts to buy generally are used to
acquire exposure to foreign currencies, while contracts to sell are used to
hedge the fund's investments against currency fluctuations. Also, a
contract to buy or sell can offset a previous contract. Losses may arise
from changes in the value of the foreign currency or if the counterparties
do not perform under the contracts' terms.
The U.S. dollar value of forward foreign currency contracts is determined
using forward currency exchange rates supplied by a quotation service.
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.
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 Fidelity Management & Research Company (FMR), may
transfer uninvested cash balances into one or more joint trading accounts.
These balances are invested in one or more repurchase
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
agreements that mature in 60 days or less from the date of purchase, and
are collateralized by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying U.S. Treasury or Federal Agency Securities, the market
value of which is required to be at least equal to the repurchase price.
For term repurchase agreement transactions, the underlying securities are
marked-to-market daily and maintained at a value at least equal to the
repurchase price. FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,100,183,000 and $682,364,000, respectively, of which U.S.
government and government agency obligations aggregated $9,861,000 and $0,
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 .2700% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .30%. 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. The fund's
performance adjustment took effect in March 1995. For the period, the
management fee was equivalent to an annualized rate of .66% 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 account fees and asset-based fees that vary according to
account size and type of account. FSC pays for typesetting, printing and
mailing of all shareholder reports, except proxy statements.
ACCOUNTING FEES. FSC 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 bokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $702,000 for the period.
5. 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
$95,000 under this arrangement.
DISTRIBUTIONS
The Board of Trustees of Fidelity Mid-Cap Stock Fund voted to pay on
December 11, 1995, to shareholders of record at the opening of business on
December 8, 1995, a distribution of $.56 derived from capital gains
realized from sales of portfolio securities and a dividend of $.05 from net
investment income.
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.
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
6300 Canoga Avenue
Woodland Hills, 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
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
29155 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
56 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
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, 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
2701 Drexel Drive
Houston, TX
1010 Lamar Street
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
511 Pine Street
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
595 North Barker Road
Brookfield, WI
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
Fidelity Management & Research
(U.K.) Inc., London, England
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
Chase Manhattan Bank, N.A.
New York, NY
FIDELITY'S GROWTH FUNDS
Blue Chip Growth Fund
Capital Appreciation Fund
Contrafund
Disciplined Equity Fund
Dividend Growth Fund
Emerging Growth Fund
Export Fund
Fidelity Fifty Fund
Growth Company Fund
Large Cap Stock 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
