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 $100,000
investment. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value). You can also look at the fund's income, as
reflected in the fund's yield, to measure performance. If Fidelity had
not reimbursed certain fund expenses, the past five years and the past
10 years total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
FIDELITY INST SHT-INT GOVT 7.18% 33.49% 104.71%
LB 1-5 YEAR US GOVERNMENT BOND 8.08% 34.91% 112.56%
SHORT-INTERMEDIATE US GOVERNMENT FUNDS AVERAGE 6.92% 29.82% 105.06%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had 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
Lehman Brothers 1-5 Year U.S. Government Bond Index - a market
value-weighted index of government fixed-rate debt issues with
maturities between one and five years. To measure how the fund's
performance stacked up against its peers, you can compare it to the
short-intermediate U.S. government funds average, which reflects the
performance of mutual funds with similar objectives tracked by Lipper
Analytical Services, Inc. The past one year average represents a peer
group of 99 mutual funds. These benchmarks reflect reinvestment of
dividends and capital gains, if any, and exclude the effect of sales
charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1998 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
FIDELITY INST SHT-INT GOVT 7.18% 5.95% 7.43%
LB 1-5 YEAR US GOVERNMENT BOND 8.08% 6.17% 7.83%
SHORT-INTERMEDIATE US GOVERNMENT FUNDS AVERAGE 6.92% 5.33% 7.44%
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking an
arithmetic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)
$100,000 OVER 10 YEARS
Inst Sht-Int Govt LB 1-5 Year U.S. Govt
00662 LB069
1988/11/30 100000.00 100000.00
1988/12/31 100235.78 100131.59
1989/01/31 101095.64 100971.98
1989/02/28 101192.36 100795.53
1989/03/31 101570.47 101184.32
1989/04/30 103051.99 103062.48
1989/05/31 104529.99 104722.31
1989/06/30 106442.19 107001.23
1989/07/31 107830.36 108864.43
1989/08/31 107303.87 107820.68
1989/09/30 107931.89 108394.89
1989/10/31 109669.37 110347.82
1989/11/30 110612.76 111385.59
1989/12/31 111105.87 111783.35
1990/01/31 111011.51 111582.98
1990/02/28 111552.73 112094.39
1990/03/31 112044.97 112327.66
1990/04/30 112185.89 112360.56
1990/05/31 113880.01 114367.32
1990/06/30 115034.41 115710.14
1990/07/31 116339.66 117265.30
1990/08/31 116790.19 117390.91
1990/09/30 117579.79 118389.81
1990/10/31 118752.46 119855.25
1990/11/30 120058.28 121245.93
1990/12/31 121413.45 122798.10
1991/01/31 122519.13 123997.37
1991/02/28 123442.31 124771.96
1991/03/31 124211.06 125546.55
1991/04/30 125454.24 126823.58
1991/05/31 126378.36 127577.23
1991/06/30 126647.12 127885.28
1991/07/31 127851.71 129156.32
1991/08/31 129866.46 131276.73
1991/09/30 130956.63 133050.21
1991/10/31 132363.49 134596.41
1991/11/30 133639.98 136115.68
1991/12/31 136884.60 138693.66
1992/01/31 135580.99 138017.76
1992/02/29 136193.74 138379.64
1992/03/31 136137.24 138065.62
1992/04/30 137150.20 139408.44
1992/05/31 138899.29 141119.12
1992/06/30 140548.99 142934.47
1992/07/31 142030.39 145132.64
1992/08/31 143559.41 146571.16
1992/09/30 145317.24 148311.75
1992/10/31 143665.98 146873.22
1992/11/30 143956.57 146385.74
1992/12/31 145555.73 148003.71
1993/01/31 147288.01 150315.52
1993/02/28 148644.09 152074.05
1993/03/31 149339.02 152603.40
1993/04/30 149898.10 153748.84
1993/05/31 150218.77 153255.38
1993/06/30 151413.04 154882.32
1993/07/31 151865.99 155163.44
1993/08/31 152813.88 156999.73
1993/09/30 153179.46 157511.14
1993/10/31 153422.66 157893.95
1993/11/30 153358.42 157558.99
1993/12/31 154094.55 158184.05
1994/01/31 155503.25 159482.01
1994/02/28 154167.33 157893.95
1994/03/31 151583.47 156350.75
1994/04/30 150803.85 155447.56
1994/05/31 150958.26 155612.05
1994/06/30 151137.05 155848.31
1994/07/31 152808.27 157558.99
1994/08/31 153227.94 158049.47
1994/09/30 152539.25 157206.09
1994/10/31 152825.78 157403.48
1994/11/30 152276.43 156616.92
1994/12/31 152773.29 156960.85
1995/01/31 154940.20 159344.44
1995/02/28 157531.51 162042.05
1995/03/31 158324.71 162942.25
1995/04/30 160088.62 164617.04
1995/05/31 163361.37 168385.32
1995/06/30 164400.50 169366.27
1995/07/31 164793.93 169758.05
1995/08/31 166088.90 170930.41
1995/09/30 167018.62 171887.43
1995/10/31 168722.52 173535.31
1995/11/30 170231.68 175335.71
1995/12/31 171781.94 176834.05
1996/01/31 173352.42 178419.12
1996/02/29 172162.37 177213.86
1996/03/31 171743.30 176681.52
1996/04/30 171441.89 176537.97
1996/05/31 171506.95 176657.59
1996/06/30 173177.36 178185.84
1996/07/31 173775.36 178825.85
1996/08/31 174162.02 179277.45
1996/09/30 176033.01 181224.39
1996/10/31 178503.32 183709.66
1996/11/30 180209.82 185423.33
1996/12/31 179870.23 184968.75
1997/01/31 180484.92 185806.14
1997/02/28 181013.90 186159.05
1997/03/31 180311.59 185599.78
1997/04/30 182127.85 187385.23
1997/05/31 183380.97 188737.03
1997/06/30 184795.09 190193.50
1997/07/31 187201.02 192929.99
1997/08/31 187208.90 192708.68
1997/09/30 188794.47 194461.23
1997/10/31 190421.37 196279.57
1997/11/30 191009.01 196665.37
1997/12/31 192248.69 198127.82
1998/01/31 194289.16 200400.75
1998/02/28 194404.52 200364.87
1998/03/31 195037.70 201049.74
1998/04/30 195846.06 202015.73
1998/05/31 197100.02 203223.97
1998/06/30 197915.23 204378.38
1998/07/31 198939.29 205257.65
1998/08/31 201245.23 208406.85
1998/09/30 204608.77 212196.07
1998/10/31 205000.89 213033.47
1998/11/30 204714.21 212557.94
IMATRL PRASUN SHR__CHT 19981130 19981215 140350 R00000000000123
$100,000 OVER 10 YEARS: Let's say hypothetically that $100,000 was
invested in Fidelity Institutional Short-Intermediate Government Fund
on November 30, 1988. As the chart shows, by November 30, 1998, the
value of the investment would have grown to $204,714 - a 104.71%
increase on the initial investment. For comparison, look at how the
Lehman Brothers 1-5 Year U.S. Government Bond Index did over the same
period. With dividends and capital gains, if any, reinvested, the same
$100,000 would have grown to $212,558 - a 112.56% increase.
UNDERSTANDING
PERFORMANCE
HOW A FUND DID YESTERDAY IS
NO GUARANTEE OF HOW IT WILL DO
TOMORROW. BOND PRICES, FOR
EXAMPLE, GENERALLY MOVE IN
THE OPPOSITE DIRECTION OF
INTEREST RATES. IN TURN, THE SHARE
PRICE, RETURN AND YIELD OF A
FUND THAT INVESTS IN BONDS 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)
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TOTAL RETURN COMPONENTS
YEARS ENDED NOVEMBER 30,
1998 1997 1996 1995 1994
DIVIDEND RETURNS 6.54% 6.83% 6.90% 7.56% 6.07%
CAPITAL RETURNS 0.64% -0.84% -1.04% 4.23% -6.78%
TOTAL RETURNS 7.18% 5.99% 5.86% 11.79% -0.71%
</TABLE>
TOTAL RETURN COMPONENTS include both dividend returns and capital
returns. A dividend return reflects the actual dividends paid by the
fund. A capital return reflects both the amount paid by the fund to
shareholders as capital gain distributions and changes in the fund's
share price. Both returns assume the dividends or capital gains, if
any, paid by the fund are reinvested.
DIVIDENDS AND YIELD
PERIODS ENDED NOVEMBER 30, 1998 PAST 1 PAST 6 PAST 1
MONTH MONTHS YEAR
DIVIDENDS PER SHARE 4.67(CENTS) 28.96(CENTS) 59.62(CENTS)
ANNUALIZED DIVIDEND RATE 5.99% 6.11% 6.31%
30-DAY ANNUALIZED YIELD 5.40% - -
DIVIDENDS per share show the income paid by the fund for a set period.
If you annualize this number, based on an average share price of $9.48
over the past one month, $9.46 over the past six months and $9.45 over
the past one year, you can compare the fund's income over these three
periods. The 30-day annualized YIELD is a standard formula for all
funds based on the yields of the bonds in the fund, averaged over the
past 30 days. This figure shows you the yield characteristics of the
fund's investments at the end of the period. It also helps you compare
funds from different companies on an equal basis.
FUND TALK: THE MANAGERS' OVERVIEW
MARKET RECAP
Despite a strong equity rally late in
the 12-month period ending
November 30, 1998, the
taxable-bond market posted solid
returns. While some investors who
had flocked to bonds from equities
during the summer's market
correction returned to stocks, the
upwards momentum of bond
performance continued. For the
period, the Lehman Brothers
Aggregate Bond Index - a broad
measure of the U.S. taxable
investment-grade bond market -
returned 9.45%. Cash flows into
high-yield bonds, whose
performance often mimics those of
equities, improved dramatically.
The Merrill Lynch High Yield
Master Index - which had a
one-year return of only 1.00%
through the end of October -
leapt to 4.61% by the end of
November. The Lehman Brothers
Corporate Bond Index returned
9.40% for the past 12 months,
while the Lehman Brothers
Mortgage Backed Securities Index
posted a 12-month gain of 7.48%.
Mortgage securities followed the
trend of other spread sectors late in
the period, gaining ground against
Treasuries, which had
outperformed all other bonds for
nearly the entire period. The yield
on the benchmark 30-year
Treasury fell to 5.07% - one of its
lowest levels in 30 years - due in
part to the three interest-rate cuts
made late in the period by the
Federal Reserve Board to "sustain
economic expansion."
NOTE TO SHAREHOLDERS: Andrew Dudley (right) became Portfolio Manager
of Fidelity Institutional Short-Intermediate Government Fund on
December 7, 1998. The following is a discussion of the fund's
performance with Curt Hollingsworth, who managed the fund during the
period covered by this report, with comments from Mr. Dudley on his
outlook and investment style.
Q. HOW DID THE FUND PERFORM, CURT?
C.H. For the 12-month period that ended November 30, 1998, the fund
provided a total return of 7.18%. To get a sense of how the fund did
relative to its competitors, the short-intermediate U.S. government
funds average returned 6.92% for the same 12-month period, according
to Lipper Analytical Services. Additionally, the Lehman Brothers 1-5
Year U.S. Government Bond Index - which tracks the types of securities
in which the fund invests - returned 8.08% for the same period.
Q. WHAT FACTORS CONTRIBUTED TO THE FUND'S PERFORMANCE?
C.H. The fund's allocation to various segments of the bond market was
the primary contributor to its performance. Throughout most of the
past year, the fund had fewer Treasuries and more agency securities
than its benchmark index. The fund also held some mortgage securities,
while the index did not. Their higher yields and better price
appreciation helped agency and mortgage securities significantly
outpace Treasuries and caused the fund to beat both its peers and
index early on. More recently, however, a global flight to quality
hurt agency and mortgage securities and consequently the fund's
performance. As investors became increasingly concerned about the
world's economic health in light of protracted problems in Asia,
Russia's default on its debt and a weakened Latin America, they
shunned bonds that carried more risk in favor of the relative safety
of Treasuries. As demand for Treasuries was rising, the supply of them
diminished slightly because the U.S. government cut its borrowing in
light of the federal budget surplus. Thanks to a classic situation
where demand exceeded supply, Treasuries performed quite well from
August through the end of November.
Q. GIVEN THEIR U.S. GOVERNMENT BACKING, WHY DIDN'T AGENCY SECURITIES
ALSO ENJOY A FLIGHT TO QUALITY? WHY DID MORTGAGE SECURITIES SUFFER?
C.H. Although Treasuries are backed directly by the full faith and
credit of the U.S. government, agency securities carry only the
implicit, or indirect, backing of it. While the difference in backing
boils down to only a slight distinction, agency securities are not
perceived to be as safe as Treasuries. Mortgage securities were
affected by different issues. They suffered from a rapid rise in
prepayment activity - or the number of homeowners who refinanced their
mortgages to take advantage of falling interest rates - and many of
those securities made up of prepaid home loans were retired before
their maturity. As a result, many investors sold or avoided mortgage
securities because they felt prepayments would potentially force them
to invest proceeds from any prepaid mortgages at lower, prevailing
interest rates.
Q. HOW DID YOU MODIFY YOUR APPROACH IN RESPONSE TO CHANGING MARKET
CONDITIONS THIS PAST FALL?
C.H. In the early fall, I added more agency securities when several of
the fund's mortgage securities were prepaid. At that time I felt that
agencies offered more attractive value. That's because the spread - or
difference in yield - between Treasury and agency securities widened
to nearly 0.50%, a historically wide margin and an indication that
investors were demanding more compensation for accepting the slightly
higher risk of buying agency securities versus Treasuries. Because I
believed that the spread would narrow to a more historical norm and
that agencies would outpace Treasuries as a result, I added to the
fund's agency holdings. Later, however, I began adding back mortgage
securities, which had gotten very cheap, in my opinion. That said, the
fund continued to have a fairly large stake in agency securities
relative to the Lehman Brothers 1-5 Year U.S. Government Index at the
end of the period.
Q. WHICH AGENCY SECURITIES DID THE FUND EMPHASIZE?
C.H. I continued to favor non-callable securities - those that can't
be redeemed by their issuers before maturity. Some agency securities
can be "called" - or redeemed - by their issuers as a way to reduce
their debt costs. Because they can't be redeemed prior to maturity,
non-callable securities tend to perform better than their callable
counterparts when interest rates fall and generally keep pace with
callable bonds when interest rates rise.
Q. TURNING TO YOU ANDY, WHAT'S YOUR OUTLOOK?
A.D. At the end of the period, spreads between Treasuries and
agencies, and between Treasuries and mortgages, were fairly wide when
viewed on a historical basis. The higher yields that agencies and
mortgage securities offered essentially signified that investors
wanted more compensation - in the form of yield - for the higher risk
those securities carry. In my view, the widening spreads have pushed
agency and mortgage security prices to attractive levels we've not
seen in some time. If spreads return to their more historical norm,
agency and mortgage securities should do well relative to Treasuries.
Furthermore, I would expect that the yield advantage they offer will
help agency and mortgage securities outpace Treasuries even if spreads
remain constant.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGERS ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER. THE MANAGERS' VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED
ON MARKET AND OTHER CONDITIONS.
ANDREW DUDLEY ON HIS
INVESTMENT STYLE:
"INVESTORS CAN EXPECT TO SEE A
CONTINUATION OF THE INVESTMENT
PROCESS THAT WAS USED BY THE FUND'S
PREVIOUS MANAGER. AS CURT DID, I
WILL MANAGE THE FUND SO THAT ITS
DURATION - A MEASURE OF ITS
INTEREST-RATE SENSITIVITY - IS IN
LINE WITH THE LEHMAN BROTHERS
1-5 YEAR U.S. GOVERNMENT BOND
INDEX. BECAUSE GETTING THE FUND'S
DURATION WRONG - MAKING IT TOO
INTEREST-RATE SENSITIVE WHEN
INTEREST RATES ARE ON THE RISE, FOR
EXAMPLE - CAN SERIOUSLY HURT
PERFORMANCE, I'D RATHER FOCUS
MY EFFORTS ON OTHER AREAS WHERE
FIDELITY'S RESEARCH EFFORTS CAN
ADD VALUE. THOSE AREAS INCLUDE
ASSET ALLOCATION - HOW THE FUND IS
DIVIDED AMONG VARIOUS SECTORS OF
THE BOND MARKET - AND INDIVIDUAL
SECURITY SELECTION."
FUND FACTS
GOAL: SEEKS A HIGH LEVEL OF CURRENT
INCOME IN A MANNER CONSISTENT
WITH PRESERVATION OF CAPITAL
START DATE: NOVEMBER 10, 1986
SIZE: AS OF NOVEMBER 30, 1998,
MORE THAN $379 MILLION
MANAGER: ANDREW DUDLEY, SINCE
DECEMBER 1998; MANAGER,
VARIOUS FIDELITY AND SPARTAN
GOVERNMENT AND MORTGAGE
FUNDS; JOINED FIDELITY IN 1996
(CHECKMARK)
INVESTMENT CHANGES
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COUPON DISTRIBUTION AS OF NOVEMBER 30, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS 6 MONTHS AGO
ZERO COUPON BONDS 0.0 5.4
4 - 4.99% 5.6 0.0
5 - 5.99% 28.1 18.7
6 - 6.99% 25.2 21.7
7 - 7.99% 4.1 13.7
8 - 8.99% 13.0 14.8
9 - 9.99% 13.0 16.1
10 - 10.99% 6.2 2.1
11% - AND OVER 4.1 5.4
</TABLE>
COUPON DISTRIBUTION SHOWS THE RANGE OF STATED INTEREST RATES ON THE
FUND'S INVESTMENTS, EXCLUDING
SHORT-TERM INVESTMENTS.
AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1998
6 MONTHS AGO
YEARS 3.7 3.6
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME UNTIL PRINCIPAL
PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS, WEIGHTED BY
DOLLAR AMOUNT.
DURATION AS OF NOVEMBER 30, 1998
6 MONTHS AGO
YEARS 2.3 2.4
DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH
A FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER
FACTORS ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE.
ACCORDINGLY, A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS
EXAMPLE.
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF NOVEMBER 30, 1998 AS OF MAY 31, 1998
ROW: 1, COL: 1, VALUE: 17.3
ROW: 1, COL: 2, VALUE: 13.2
ROW: 1, COL: 3, VALUE: 68.5
ROW: 1, COL: 4, VALUE: 1.0
MORTGAGE SECURITIES 20.4%
U.S. TREASURY
OBLIGATIONS 23.2%
U.S. GOVERNMENT
AGENCY OBLIGATIONS 54.3%
SHORT-TERM
INVESTMENTS 2.1%
MORTGAGE SECURITIES 17.3%
U.S. TREASURY
OBLIGATIONS 13.2%
U.S. GOVERNMENT
AGENCY OBLIGATIONS 68.8%
SHORT-TERM
INVESTMENTS 0.7%
ROW: 1, COL: 1, VALUE: 20.4
ROW: 1, COL: 2, VALUE: 23.2
ROW: 1, COL: 3, VALUE: 54.3
ROW: 1, COL: 4, VALUE: 2.1
INVESTMENTS NOVEMBER 30, 1998
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
<TABLE>
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U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 82.0%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS - 68.8%
Fannie Mae:
6.15% 1/13/00 $ 6,000,000 $ 6,067,500
6.74% 5/13/04 1,020,000 1,088,697
Federal Agricultural Mortgage Corp.:
6.92% 8/10/00 1,040,000 1,070,545
7.61% 10/16/00 3,000,000 3,152,610
Federal Farm Credit Bank 5.7% 1/18/05 1,540,000 1,572,725
Federal Home Loan Bank:
4.66% 10/15/01 21,300,000 20,983,908
5.195% 9/11/01 9,900,000 9,940,194
5.595% 3/27/01 3,900,000 3,947,541
5.77% 2/20/01 8,750,000 8,883,963
5.83% 12/24/99 13,000,000 13,097,500
Freddie Mac 5.035% 4/28/03 15,000,000 15,009,150
Government Loan Trusts (assets of Trust guaranteed by 2,700,630 3,033,266
U.S. Government through Agency for International
Development) 8.5% 4/1/06
Government Trust Certificates (assets of Trust guaranteed
by U.S. Government through Defense Security
Assistance Agency):
Class 1-C, 9.25% 11/15/01 26,356,620 28,167,583
Class 2-E, 9.4% 5/15/02 2,841,962 3,013,332
Class T-3, 9.625% 5/15/02 5,949,098 6,307,828
Guaranteed Export Trust Certificates (assets of Trust
guaranteed by U.S. Government through
Export-Import Bank):
Series 1993 C, 5.2% 10/15/04 547,200 547,564
Series 1993 D, 5.23% 5/15/05 481,277 481,525
Series 1994 A, 7.12% 4/15/06 1,798,615 1,901,856
Series 1994 F, 8.187% 12/15/04 24,797,714 26,564,551
Series 1995 A, 6.28% 6/15/04 4,228,235 4,344,415
Guaranteed Trade Trust Certificates (assets of Trust
guaranteed by U.S. Government through
Export-Import Bank):
Series 1992 A, 7.02% 9/1/04 6,259,500 6,570,190
Series 1997 A, 6.104% 7/15/03 6,083,333 6,201,350
Israel Export Trust Certificates (assets of Trust guaranteed 10,001,118 10,331,154
by U.S. Government through Export-Import Bank)
Series 1994 1, 6.88% 1/26/03
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
U.S. GOVERNMENT AGENCY OBLIGATIONS - CONTINUED
Overseas Private Investment Corp. U.S. Government $ 2,959,538 $ 3,057,025
guaranteed participation certificate Series 1994 195,
6.08% 8/15/04 (callable)
Private Export Funding Corp.:
secured 5.65% 3/15/03 727,071 734,255
secured 5.8% 2/1/04 6,010,000 6,115,716
secured 6.86% 4/30/04 2,145,275 2,239,530
5.82% 6/15/03 (a) 11,500,000 11,760,547
7.9% 3/31/00 1,000,000 1,035,780
8.4% 7/31/01 5,200,000 5,636,176
State of Israel (guaranteed by U.S. Government through
Agency for International Development):
5.25% 9/15/00 17,250,000 17,305,545
5.625% 9/15/03 10,271,000 10,486,896
6.625% 8/15/03 2,500,000 2,654,950
Tennessee Valley Authority 6% 11/1/00 11,649,000 11,838,296
U.S. Department of Housing and Urban Development 3,000,000 3,054,375
government guaranteed participation certificates
8.12% 8/1/99
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 258,198,038
U.S. TREASURY OBLIGATIONS - 13.2%
U.S. Treasury Bond 10.75% 8/15/05 12,600,000 16,858,422
U.S. Treasury Notes 6.5% 8/31/01 31,100,000 32,577,251
TOTAL U.S. TREASURY OBLIGATIONS 49,435,673
TOTAL U.S. GOVERNMENT AND GOVERNMENT 307,633,711
AGENCY OBLIGATIONS
(Cost $305,128,862)
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES - 16.1%
FANNIE MAE - 6.6%
5.5% 1/1/09 1,669,442 1,654,100
6% 10/1/08 8,453,540 8,490,482
6.5% 7/1/00 to 2/1/10 1,464,690 1,475,900
7% 6/1/00 to 1/1/10 1,127,060 1,146,524
8% 6/1/02 to 8/1/09 435,658 450,605
U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FANNIE MAE - CONTINUED
8.25% 12/1/01 $ 1,832,201 $ 1,945,166
8.5% 3/1/08 to 7/1/22 1,494,769 1,570,979
9% 2/1/13 to 8/1/21 2,689,326 2,844,988
9.5% 5/1/09 to 11/1/21 283,315 302,090
10% 1/1/17 to 1/1/20 654,722 703,864
10.5% 5/1/10 to 8/1/20 364,569 400,386
11% 11/1/10 to 9/1/14 1,539,413 1,697,403
11.5% 5/11/03 to 7/15/19 1,613,510 1,775,895
12% 4/1/15 124,300 140,062
12.5% 3/1/16 128,028 147,273
12.75% 10/1/13 28,284 32,977
24,778,694
FREDDIE MAC - 5.6%
6.25% 1/1/03 895,118 898,734
6.5% 7/1/03 to 5/1/08 902,552 914,537
7% 5/1/01 to 6/1/01 412,323 414,883
7.5% 11/1/12 1,583,312 1,628,642
8% 9/1/07 to 12/1/09 2,169,284 2,241,448
8.5% 5/1/06 to 11/1/25 3,957,105 4,129,426
9% 12/1/07 to 3/1/22 1,397,342 1,477,358
9.5% 1/1/17 to 12/1/22 3,002,339 3,243,223
10% 1/1/09 to 6/1/20 813,186 877,066
10.25% 12/1/09 31,858 34,268
10.5% 1/1/16 to 5/1/21 2,233,888 2,470,960
11% 12/1/11 to 1/1/19 50,651 56,291
11.5% 10/1/15 70,697 79,135
12% 9/1/11 to 11/1/19 121,873 139,493
12.25% 11/1/14 60,136 69,758
12.5% 8/1/10 to 6/1/19 2,048,582 2,361,002
21,036,224
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 3.9%
8.5% 5/15/16 to 4/15/17 270,904 289,456
9% 1/15/05 to 2/15/17 838,027 897,397
9.5% 11/15/09 to 11/15/20 2,049,493 2,211,303
10% 11/15/09 to 9/15/19 457,115 493,037
10.5% 1/15/16 to 1/15/18 1,188,135 1,293,931
11% 12/15/09 to 8/15/19 3,886,176 4,289,865
11.5% 4/15/10 to 5/15/19 3,526,896 3,938,678
12% 3/20/14 to 2/15/16 683,430 770,217
U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - CONTINUED
12.5% 11/15/14 $ 116,153 $ 133,615
13% 8/15/14 to 11/15/14 109,215 125,423
13.5% 7/15/11 49,688 57,734
14,500,656
TOTAL U.S. GOVERNMENT AGENCY - 60,315,574
MORTGAGE SECURITIES
(Cost $59,450,929)
</TABLE>
<TABLE>
<CAPTION>
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COLLATERALIZED MORTGAGE OBLIGATIONS - 1.2%
U.S. GOVERNMENT AGENCY - 1.2%
Fannie Mae REMIC planned amortization class:
Series 1993-191 Class PE, 5.8% 9/25/06 1,820,064 1,819,496
Series 1993-229 Class PD, 5.6% 7/25/06 2,916,737 2,897,596
Freddie Mac sequential pay Series 1353 Class A, 8,676 8,657
5.5% 11/15/04
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $4,679,489) 4,725,749
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CASH EQUIVALENTS - 0.7%
MATURITY
AMOUNT
Investments in repurchase agreements (U.S. Treasury $ 2,636,404 2,636,000
obligations), in a joint trading account at 5.52%, dated
11/30/98 due 12/1/98
TOTAL INVESTMENT IN SECURITIES - 100% $ 375,311,034
(Cost $371,895,280)
</TABLE>
LEGEND
(a) 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 $11,760,547 or 3.1% of net assets.
INCOME TAX INFORMATION
At November 30, 1998, the aggregate cost of investment securities for
income tax purposes was $371,899,569. Net unrealized appreciation
aggregated $3,411,465, of which $4,440,529 related to appreciated
investment securities and $1,029,064 related to depreciated investment
securities.
At November 30, 1998, the fund had a capital loss carryforward of
approximately $21,597,000 of which $14,039,000, $3,288,000, $4,169,000
and $101,000 will expire on November 30, 2002, 2003, 2004 and 2005,
respectively.
A total of 24.90% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax. (unaudited)
The fund will notify shareholders in January 1999 of the applicable
percentage for use in preparing 1998 income tax returns.
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1998
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 375,311,034
AGREEMENTS OF $2,636,000) (COST $371,895,280) -
SEE ACCOMPANYING SCHEDULE
CASH 461
RECEIVABLE FOR INVESTMENTS SOLD 283,778
RECEIVABLE FOR FUND SHARES SOLD 1,349,859
INTEREST RECEIVABLE 5,254,726
TOTAL ASSETS 382,199,858
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED $ 2,326,813
DISTRIBUTIONS PAYABLE 174,737
ACCRUED MANAGEMENT FEE 142,198
OTHER PAYABLES AND ACCRUED EXPENSES 2,772
TOTAL LIABILITIES 2,646,520
NET ASSETS $ 379,553,338
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 396,782,752
UNDISTRIBUTED NET INVESTMENT INCOME 956,253
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) (21,601,421)
ON INVESTMENTS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 3,415,754
NET ASSETS $ 379,553,338
</TABLE>
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER $9.48
SHARE ($379,553,338 (DIVIDED BY) 40,027,885 SHARES)
<TABLE>
<CAPTION>
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STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1998
INVESTMENT INCOME $ 24,623,047
INTEREST (INCLUDING INCOME ON SECURITIES LOANED OF $1,225)
EXPENSES
MANAGEMENT FEE $ 1,599,339
NON-INTERESTED TRUSTEES' COMPENSATION 1,005
TOTAL EXPENSES BEFORE REDUCTIONS 1,600,344
EXPENSE REDUCTIONS (44,389) 1,555,955
NET INVESTMENT INCOME 23,067,092
REALIZED AND UNREALIZED GAIN (LOSS) 566,385
NET REALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON 1,261,224
INVESTMENT SECURITIES
NET GAIN (LOSS) 1,827,609
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 24,894,701
FROM OPERATIONS
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1998 1997
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 23,067,092 $ 23,268,975
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 566,385 (382,772)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 1,261,224 (2,903,614)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 24,894,701 19,982,589
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (22,513,973) (22,908,123)
SHARE TRANSACTIONS 175,113,300 148,797,833
NET PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS 20,197,390 20,933,933
COST OF SHARES REDEEMED (175,282,427) (146,792,800)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM 20,028,263 22,938,966
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) IN NET ASSETS 22,408,991 20,013,432
NET ASSETS
BEGINNING OF PERIOD 357,144,347 337,130,915
END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 379,553,338 $ 357,144,347
INCOME OF $956,253 AND $609,722, RESPECTIVELY)
OTHER INFORMATION
SHARES 18,516,963 15,860,798
SOLD
ISSUED IN REINVESTMENT OF DISTRIBUTIONS 2,139,251 2,231,179
REDEMED (18,559,541) (15,646,982)
NET INCREASE (DECREASE) 2,096,673 2,444,995
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30,
1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING $ 9.420 $ 9.500 $ 9.600 $ 9.210 $ 9.890
OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INVESTMENT INCOME .611 B .637 B .641 .669 .597
NET REALIZED AND UNREALIZED .045 (.090) (.102) .383 (.665)
GAIN (LOSS)
TOTAL FROM INVESTMENT .656 .547 .539 1.052 (.068)
OPERATIONS
LESS DISTRIBUTIONS
FROM NET INVESTMENT INCOME (.596) (.627) (.639) (.662) (.602)
FROM NET REALIZED GAIN - - - - (.010)
TOTAL DISTRIBUTIONS (.596) (.627) (.639) (.662) (.612)
NET ASSET VALUE, END OF PERIOD $ 9.480 $ 9.420 $ 9.500 $ 9.600 $ 9.210
TOTAL RETURN A 7.18% 5.99% 5.86% 11.79% (.71)%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 379,553 $ 357,144 $ 337,131 $ 348,570 $ 339,788
(000 OMITTED)
RATIO OF EXPENSES TO AVERAGE .45% .45% .42%C .45% .45%
NET ASSETS
RATIO OF EXPENSES TO AVERAGE .44% D .44% D .41% D .45% .45%
NET ASSETS AFTER
EXPENSE REDUCTIONS
RATIO OF NET INVESTMENT INCOME 6.47% 6.79% 6.95% 7.14% 7.06%
TO AVERAGE NET ASSETS
PORTFOLIO TURNOVER RATE 210% 147% 141% 214% 303%
</TABLE>
A THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 6 OF NOTES TO
FINANCIAL STATEMENTS).
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD
HAVE BEEN HIGHER.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 6 OF NOTES TO FINANCIAL STATEMENTS).
NOTES TO FINANCIAL STATEMENTS
For the period ended November 30, 1998
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Institutional Short-Intermediate Government Fund (the fund)
is a fund of Fidelity Advisor Series IV (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 financial statements have been prepared in
conformity with generally accepted accounting principles which require
management to make certain estimates and assumptions at the date of
the financial statements. The following summarizes the significant
accounting policies of the fund:
SECURITY VALUATION. Securities are valued based upon a computerized
matrix system and/or appraisals by a pricing service, both of which
consider market transactions and dealer-supplied valuations.
Securities (including restricted securities) for which market
quotations are not readily available are valued 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 with remaining maturities of sixty days or less for which
quotations are not readily available are valued at amortized cost or
original cost plus accrued interest, both of which approximate current
value.
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. Interest income, which includes accretion of
original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a
fund. Expenses which cannot be directly attributed are apportioned
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income. Distributions to shareholders from
realized capital gains on investments, if any, 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 paydown gains/losses on certain securities, market
discount, capital loss carryforwards and losses deferred due to wash
sales.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Undistributed net investment income and accumulated undistributed net
realized gain (loss) on investments 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, 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
agreements for U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). 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.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are
registered. Disposal of these securities may involve time-consuming
negotiations and expense, and prompt sale at an acceptable price may
be difficult. At the end of the period, the fund had no investments in
restricted securities (excluding 144A issues).
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities of long-term U.S. government and
government agency obligations aggregated $762,293,224 and
$732,656,644, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR pays all
expenses, except the compensation of the non-interested Trustees and
certain exceptions such as interest, taxes, brokerage commissions and
extraordinary expenses. FMR receives a fee that is computed daily at
an annual rate of .45% of the fund's average net assets.
5. SECURITY LENDING.
The fund loaned securities to certain brokers who paid the fund
negotiated lenders' fees. These fees are included in interest income.
The fund receives U.S. Treasury obligations and/or cash as collateral
against the loaned securities, in an amount at least equal to 102% of
the market value of the loaned securities at the inception of each
loan. This collateral must be maintained at not less than 100% of the
market value of the loaned securities during the period of the loan.
At period end, there were no loans outstanding.
6. EXPENSE REDUCTIONS.
FMR has entered into arrangements on behalf of the fund with the
fund's custodian and transfer agent whereby credits realized as a
result of uninvested cash balances were used to reduce a portion of
the fund's expenses. During the period, the fund's expenses were
reduced by $44,389 under these arrangements.
7. BENEFICIAL INTEREST.
At the end of the period, two shareholders were each record owners of
more than 10% of the total outstanding shares of the fund, totaling
35.4%.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Advisor Series IV and the Shareholders of
Fidelity Institutional Short-Intermediate Government Fund:
In our opinion, the accompanying statement of assets and liabilities,
including the schedule of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Fidelity Institutional Short-Intermediate Government Fund (a fund of
Fidelity Advisor Series IV) at November 30, 1998 and the results of
its operations, the changes in its net assets and the financial
highlights for the periods indicated, in conformity with generally
accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements")
are the responsibility of the Fidelity Institutional
Short-Intermediate Government Fund's management; our responsibility is
to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation
of securities at November 30, 1998 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion
expressed above.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 13, 1999
PROXY VOTING RESULTS
A special meeting of the fund's shareholders was held on October 7,
1998. The results of votes taken among shareholders on proposals
before them are reported below. Each vote reported represents one
dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.
# OF % OF
VOTES CAST VOTES CAST
RALPH F. COX
AFFIRMATIVE 539,625,345.29 98.805
WITHHELD 6,524,581.07 1.195
TOTAL 546,149,926.36 100.000
PHYLLIS BURKE DAVIS
AFFIRMATIVE 539,570,849.71 98.795
WITHHELD 6,579,076.65 1.205
TOTAL 546,149,926.36 100.000
ROBERT M. GATES
AFFIRMATIVE 539,510,050.47 98.784
WITHHELD 6,639,875.89 1.216
TOTAL 546,149,926.36 100.000
EDWARD C. JOHNSON 3D
AFFIRMATIVE 538,985,893.01 98.688
WITHHELD 7,164,033.35 1.312
TOTAL 546,149,926.36 100.000
E. BRADLEY JONES
AFFIRMATIVE 538,927,817.43 98.678
WITHHELD 7,222,108.93 1.322
TOTAL 546,149,926.36 100.000
DONALD J. KIRK
AFFIRMATIVE 539,628,066.94 98.806
WITHHELD 6,521,859.42 1.194
TOTAL 546,149,926.36 100.000
# OF % OF
VOTES CAST VOTES CAST
PETER S. LYNCH
AFFIRMATIVE 539,693,497.37 98.818
WITHHELD 6,456,428.99 1.182
TOTAL 546,149,926.36 100.000
WILLIAM O. MCCOY
AFFIRMATIVE 539,146,457.11 98.718
WITHHELD 7,003,469.25 1.282
TOTAL 546,149,926.36 100.000
GERALD C. MCDONOUGH
AFFIRMATIVE 539,461,031.30 98.775
WITHHELD 6,688,895.06 1.225
TOTAL 546,149,926.36 100.000
MARVIN L. MANN
AFFIRMATIVE 539,523,857.95 98.787
WITHHELD 6,626,068.41 1.213
TOTAL 546,149,926.36 100.000
ROBERT C. POZEN
AFFIRMATIVE 539,551,908.09 98.792
WITHHELD 6,598,018.27 1.208
TOTAL 546,149,926.36 100.000
THOMAS R. WILLIAMS
AFFIRMATIVE 539,441,485.70 98.772
WITHHELD 6,708,440.66 1.228
TOTAL 546,149,926.36 100.000
PROPOSAL 2
To ratify the selection of PricewaterhouseCoopers LLP as independent
accountants of the fund.
# OF % OF
VOTES CAST VOTES CAST
AFFIRMATIVE 176,457,715.15 96.188
AGAINST 2,819,126.82 1.537
ABSTAIN 4,173,675.32 2.275
TOTAL 183,450,517.29 100.000
PROPOSAL 3
To authorize the Trustees to adopt an Amended and Restated Declaration
of Trust.
# OF % OF
VOTES CAST VOTES CAST
AFFIRMATIVE 479,594,533.67 95.156
AGAINST 10,033,506.32 1.991
ABSTAIN 14,379,781.75 2.853
TOTAL 504,007,821.74 100.000
BROKER 42,142,104.62
NON-VOTES
PROPOSAL 4
To amend the fundamental diversification limitation to exclude
"securities of other investment companies" from issuer diversification
limits.
# OF % OF
VOTES CAST VOTES CAST
AFFIRMATIVE 165,883,559.06 90.650
AGAINST 8,539,951.88 4.667
ABSTAIN 8,570,004.47 4.683
TOTAL 182,993,515.41 100.000
BROKER 457,001.88
NON-VOTES
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Fred L. Henning, Jr., Vice President
Dwight D. Churchill, Vice President
Stanley N. Griffith, Assistant Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
* INDEPENDENT TRUSTEES
(REGISTERED TRADEMARK)
TRANSFER AND SHAREHOLDER SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
