FIDELITY (REGISTERED TRADEMARK) INSTITUTIONAL
SHORT-INTERMEDIATE
GOVERNMENT FUND
SEMIANNUAL REPORT
MAY 31, 2000
(2_FIDELITY_LOGOS)(registered trademark)
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over
time.
FUND TALK 7 The manager's review of fund
performance, strategy and
outlook.
INVESTMENT CHANGES 10 A summary of major shifts in
the fund's investments over
the past six months.
INVESTMENTS 11 A complete list of the fund's
investments with their
market values.
FINANCIAL STATEMENTS 16 Statements of assets and
liabilities, operations, and
changes in net assets, as
well as financial highlights.
NOTES 20 Notes to the financial
statements.
Standard & Poor's, S&P and S&P 500 are registered service marks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity
Distributors Corporation.
Other third party marks appearing herein are the property of their
respective owners.
All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.
This report is printed on recycled paper using soy-based inks.
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 RISKS, INCLUDING 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 1-800-544-6666
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND
MONEY.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)
DEAR SHAREHOLDER:
The technology sell-off that began in mid-March continued to hamper
equity markets, driving the tech-heavy NASDAQ index down more than 16%
year to date through the end of May. Broader equity indexes, including
the S&P 500(registered trademark), also were down, but not as much as
more concentrated performance measures. In bond markets, Treasuries
got a boost late in the period as economic reports showed the first
signs of a slowing economy.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
The longer your investment time frame, the less likely it is that you
will be affected by short-term market volatility. A 10-year investment
horizon appropriate for saving for a college education, for example,
enables you to weather market cycles in a long-term fund, which may
have a higher risk potential, but also has a higher potential rate of
return.
An intermediate-length fund could make sense if your investment
horizon is two to four years, while a short-term bond fund could be
the right choice if you need your money in one or two years.
If your time horizon is less than a year, you might want to consider
moving some of your bond investment into a money market fund. These
funds seek income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-6666, or visit our
web site at www.fidelity.com. We are available 24 hours a day, seven
days a week to provide you 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 $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 year and the past
10 year total returns would have been lower.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
Fidelity Inst Sht-Int Govt 1.95% 3.53% 30.78% 87.60%
LB 1-5 Year US Government Bond 1.73% 3.57% 31.50% 93.61%
Short-Intermediate US 0.28% 2.11% 26.46% 86.26%
Government Funds Average
</TABLE>
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a set period - in this case, six months, 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
Inc. The past six months average represents a peer group of 92 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 MAY 31, PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
Fidelity Inst Sht-Int Govt 3.53% 5.51% 6.49%
LB 1-5 Year US Government Bond 3.57% 5.63% 6.83%
Short-Intermediate US 2.11% 4.80% 6.41%
Government Funds Average
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
1990/05/31 100000.00 100000.00
1990/06/30 101013.70 101174.13
1990/07/31 102159.86 102533.93
1990/08/31 102555.49 102643.76
1990/09/30 103248.84 103517.17
1990/10/31 104278.59 104798.51
1990/11/30 105425.25 106014.49
1990/12/31 106615.25 107371.67
1991/01/31 107586.16 108420.28
1991/02/28 108396.82 109097.57
1991/03/31 109071.88 109774.85
1991/04/30 110163.54 110891.45
1991/05/31 110975.03 111550.43
1991/06/30 111211.02 111819.77
1991/07/31 112268.79 112931.15
1991/08/31 114037.98 114785.18
1991/09/30 114995.28 116335.87
1991/10/31 116230.67 117687.82
1991/11/30 117351.58 119016.24
1991/12/31 120200.74 121270.36
1992/01/31 119056.01 120679.38
1992/02/29 119594.07 120995.79
1992/03/31 119544.46 120721.22
1992/04/30 120433.96 121895.35
1992/05/31 121969.87 123391.12
1992/06/30 123418.50 124978.43
1992/07/31 124719.34 126900.45
1992/08/31 126062.00 128158.26
1992/09/30 127605.58 129680.19
1992/10/31 126155.58 128422.37
1992/11/30 126410.75 127996.13
1992/12/31 127815.00 129410.84
1993/01/31 129336.14 131432.23
1993/02/28 130526.94 132969.85
1993/03/31 131137.18 133432.70
1993/04/30 131628.11 134434.25
1993/05/31 131909.69 134002.77
1993/06/30 132958.41 135425.33
1993/07/31 133356.15 135671.14
1993/08/31 134188.51 137276.74
1993/09/30 134509.53 137723.91
1993/10/31 134723.08 138058.63
1993/11/30 134666.67 137765.75
1993/12/31 135313.09 138312.28
1994/01/31 136550.09 139447.19
1994/02/28 135377.00 138058.63
1994/03/31 133108.07 136709.29
1994/04/30 132423.47 135919.56
1994/05/31 132559.06 136063.39
1994/06/30 132716.05 136269.97
1994/07/31 134183.58 137765.75
1994/08/31 134552.10 138194.61
1994/09/30 133947.35 137457.18
1994/10/31 134198.96 137629.77
1994/11/30 133716.56 136942.03
1994/12/31 134152.86 137242.75
1995/01/31 136055.67 139326.90
1995/02/28 138331.14 141685.63
1995/03/31 139027.66 142472.74
1995/04/30 140576.58 143937.14
1995/05/31 143450.44 147232.03
1995/06/30 144362.92 148089.75
1995/07/31 144708.40 148432.31
1995/08/31 145845.54 149457.39
1995/09/30 146661.93 150294.19
1995/10/31 148158.16 151735.05
1995/11/30 149483.38 153309.28
1995/12/31 150844.69 154619.39
1996/01/31 152223.75 156005.33
1996/02/29 151178.75 154951.49
1996/03/31 150810.76 154486.02
1996/04/30 150546.09 154360.50
1996/05/31 150603.21 154465.10
1996/06/30 152070.03 155801.37
1996/07/31 152595.14 156360.97
1996/08/31 152934.68 156755.84
1996/09/30 154577.62 158458.20
1996/10/31 156746.85 160631.26
1996/11/30 158245.36 162129.65
1996/12/31 157947.16 161732.17
1997/01/31 158486.93 162464.37
1997/02/28 158951.43 162772.94
1997/03/31 158334.72 162283.94
1997/04/30 159929.61 163845.09
1997/05/31 161030.00 165027.07
1997/06/30 162271.76 166300.57
1997/07/31 164384.45 168693.29
1997/08/31 164391.37 168499.78
1997/09/30 165783.68 170032.16
1997/10/31 167212.29 171622.08
1997/11/30 167728.31 171959.42
1997/12/31 168816.89 173238.15
1998/01/31 170608.66 175225.54
1998/02/28 170709.97 175194.16
1998/03/31 171265.98 175793.00
1998/04/30 171975.81 176637.64
1998/05/31 173076.93 177694.10
1998/06/30 173792.78 178703.49
1998/07/31 174692.03 179472.29
1998/08/31 176716.92 182225.88
1998/09/30 179670.50 185539.08
1998/10/31 180014.82 186271.28
1998/11/30 179763.08 185855.50
1998/12/31 180483.73 186493.55
1999/01/31 181405.21 187296.36
1999/02/28 180146.25 185714.29
1999/03/31 181103.63 187012.75
1999/04/30 181628.52 187545.34
1999/05/31 181208.28 186982.56
1999/06/30 181541.14 187454.47
1999/07/31 181488.67 187761.83
1999/08/31 181812.91 188221.97
1999/09/30 183522.49 189643.28
1999/10/31 183885.08 190074.34
1999/11/30 184018.50 190321.02
1999/12/31 184202.19 190149.53
2000/01/31 183773.15 189767.35
2000/02/29 185137.68 191200.39
2000/03/31 186580.65 192722.92
2000/04/30 186979.40 192967.50
2000/05/31 187603.68 193605.84
IMATRL PRASUN SHR__CHT 20000531 20000619 095614 R00000000000123
$100,000 OVER 10 YEARS: Let's say hypothetically that $100,000 was
invested in Fidelity Institutional Short-Intermediate Government Fund
on May 31, 1990. As the chart shows, by May 31, 2000, the value of the
investment would have grown to $187,604 - an 87.60% 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 $193,606 - a 93.61% increase.
(checkmark)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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
TOTAL RETURN COMPONENTS
SIX MONTHS ENDED MAY 31, YEARS ENDED NOVEMBER 30,
2000 1999 1998 1997 1996 1995
Dividend returns 3.27% 6.27% 6.54% 6.83% 6.90% 7.56%
Capital returns -1.32% -3.90% 0.64% -0.84% -1.04% 4.23%
Total returns 1.95% 2.37% 7.18% 5.99% 5.86% 11.79%
</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 MAY 31, PAST 1 MONTH PAST 6 MONTHS PAST 1 YEAR
Dividends per share 5.01(cents) 29.45(cents) 57.59(cents)
Annualized dividend rate 6.58% 6.50% 6.33%
30-day annualized yield 6.90% - -
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 $8.97
over the past one month, $9.03 over the past six months and $9.10 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
bond 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 MANAGER'S OVERVIEW
MARKET RECAP
Rising interest rates made life
difficult for bonds during the
six-month period that ended May
31, 2000. The Federal Reserve Board
administered three doses of
tightening - in the form of
interest-rate hikes - to cool the
economy and help ward off
inflation. Side effects were felt
across the taxable-bond market, as
measured by the Lehman Brothers
Aggregate Bond Index, which
returned 1.38% for the period.
Treasuries wilted early on, as
investors chased hot stocks and
higher-yielding spread sector
securities - namely corporate bonds,
mortgage securities and government
agencies. However, the tide
changed abruptly in January when
the U.S. Treasury announced its
intent to buy back long-term debt
and curtail future issuance. Treasury
prices soared on the news - with their
yields plummeting - and, with the
help of markedly higher short-term
interest rates, spawned an inverted
yield curve, which occurs when
short-term bonds outyield
longer-dated issues. Spread sectors
paid the price, as yield spreads
trended steadily wider relative to
Treasuries over the remainder of the
period. Corporates slipped further
on credit disappointments, while
mortgages retreated on higher rate
volatility and stronger refinancing
activity early in the period. Agencies
stumbled on concerns that Fannie
Mae and Freddie Mac could lose
their implicit government backing. The
Lehman Brothers Treasury Index
closed out the six-month period up
2.93%, edging the Lehman Brothers
Corporate Bond, Mortgage-Backed
Securities and U.S. Agency
indexes, which returned -0.37%,
1.25% and 0.87%, respectively.
(photograph of Andrew Dudley)
An interview with Andrew Dudley, Portfolio Manager of Fidelity
Institutional Short-Intermediate Government Fund
Q. HOW DID THE FUND PERFORM, ANDY?
A. For the six months that ended May 31, 2000, the fund returned
1.95%. In comparison, the Lehman Brothers 1-5 Year Government Bond
Index returned 1.73%, while the short-intermediate U.S. government
funds average return was 0.28%, as tracked by Lipper Inc. For the 12
months that ended May 31, 2000, the fund returned 3.53%, while the
Lehman Brothers 1-5 Year Government Bond Index returned 3.57% and the
short-intermediate U.S. government funds average was 2.11%.
Q. WHAT FACTORS HELPED THE FUND OUTPERFORM ITS PEERS AND THE BENCHMARK
INDEX FOR THE SIX-MONTH PERIOD?
A. The fund's performance benefited both from its lower interest-rate
sensitivity - or shorter duration - than the broader
short-intermediate Lipper peer group and from its overweighted
position in non-Treasury securities, principally government agency
bonds. Interest rates rose during the six-month period, while spreads
- the difference between the yields of Treasuries and non-Treasuries -
widened, and non-Treasuries tended to experience greater price
volatility. Despite the negative environment for non-Treasury
securities, the fund still managed to outperform its benchmark, the
Lehman Brothers 1-5 Year Government Bond Index, even though the fund
remained substantially overweighted in non-Treasuries. This was
possible because the negative price volatility of shorter maturity
non-Treasuries was not enough to overcome the initial income advantage
that these holdings created in the portfolio. Secondly, the fund's
strong performance relative to the Lipper peer group came in part
because we tended to have a shorter duration than most funds within
the competitive universe during a period of rising interest rates.
Additionally, the fund's position in mortgage-backed securities, while
substantial relative to the benchmark, was probably less than the
typical Lipper competitor. This also helped us to outperform the peer
group.
Q. WHY DID YOU EMPHASIZE GOVERNMENT AGENCY SECURITIES AS OPPOSED TO
MORTGAGE-BACKED SECURITIES?
A. I continued to see attractive value in shorter-maturity agency
securities, which made up about 60% of the fund's net assets at the
end of the period. Also attractive, but slightly less so for this
fund, were mortgage securities, which made up about 19% of net assets
at the end of the period. As interest rates backed up, the duration of
the mortgage market increased to about five years, which was more
interest-rate risk than I was willing to take on for this fund. One of
the drivers of spread volatility in agency securities was the growing
discussion among government officials regarding the potential for a
change in the implied level of government support for government
agencies such as Fannie Mae and Freddie Mac. I believed that, while
the higher yield-spread volatility of longer-term securities might be
justified to account for the potential for a change in agency credit
status, the higher yield spreads of shorter-term securities were
disproportionate to their actual risk. Legislation that would address
the implied guarantee, while currently being openly discussed, is not
likely to be formally addressed until next year's congressional
session, at the earliest. In addition, a majority of the issuers of
the fund's agency securities were agencies whose credit status was not
in jeopardy.
Q. WHAT IS YOUR OUTLOOK, ANDY?
A. I think shorter-term government agency securities are likely to
continue to be a very attractive place for fixed-income investors.
Their yields - relative to the yields of Treasuries - appear to
compensate investors disproportionately for the actual risks. While
spread volatility may continue, this volatility is less likely to
affect total returns at the short end of the maturity spectrum. In
other words, the advantage of shorter-term funds is that a higher
percentage of their total return comes from their income. They don't
have much of the higher price volatility - and higher risk - of
longer-maturity funds. Given the relatively small difference between
the yields of shorter-term and longer-term securities, shorter-term
government agency securities offer extremely attractive values
relative to their risks.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: seeks a high level of
current income consistent with
preserving principal
START DATE: November 10,
1986
SIZE: as of May 31, 2000,
more than $327 million
MANAGER: Andrew Dudley,
since 1998; manager,
various Fidelity bond funds;
joined Fidelity in 1996
ANDREW DUDLEY ON CHANGES
IN THE RELATIONSHIP BETWEEN
TREASURIES AND NON-TREASURY
SECURITIES:
"During recent years, the market has
held relatively stable assumptions
about the long-term relationships
between Treasuries and
non-Treasury securities. However,
several developments have raised
questions about the validity of the
traditional assumptions. First,
federal budget surpluses have
meant there is less need for
government borrowing. This translates
into a reduced supply of Treasuries,
which has altered the perceived
supply/demand relationship and
supported the price of these
securities. At the same time, support
seems to be growing for a
re-evaluation of the implied
government guarantees behind
some agency securities, such as
Fannie Mae and Freddie Mac. This
has created doubts about pricing for
agency securities and encouraged
spread volatility. As the capital markets
have priced in the risk of the loss of
some government agency guarantees,
spreads of all non-Treasury
securities have widened. I would
argue that the spreads at the
front-end of the yield curve have
widened too much and are
disproportionate to the minimal
risks.
"The combination of less
government borrowing and the
potential loss of some government
agency guarantees has changed the
dynamics of the relationships
between the prices of Treasury and
non-Treasury securities. This has
made shorter-term government
agency securities very attractive
relative to both short-term
Treasuries and to longer-term
agencies. In the long run, I think the
market will move to a new
equilibrium, but it doesn't appear
that we have reached that place
yet."
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C>
COUPON DISTRIBUTION AS OF MAY
31, 2000
% OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS 6
MONTHS AGO
Zero coupon bonds 2.0 1.8
5 - 5.99% 12.0 30.7
6 - 6.99% 40.6 25.8
7 - 7.99% 12.5 8.3
8 - 8.99% 11.6 9.3
9 - 9.99% 6.7 7.2
10 - 10.99% 4.4 3.7
11 - 11.99% 3.8 6.1
12% and over 1.8 2.7
</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 MAY 31, 2000
6 MONTHS AGO
Years 3.7 3.8
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME REMAINING UNTIL
PRINCIPAL PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS,
WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF MAY 31, 2000
6 MONTHS AGO
Years 2.0 2.5
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
NET ASSETS)
AS OF MAY 31, 2000 AS OF NOVEMBER 30, 1999
Mortgage Securities 18.6% Mortgage Securities 19.5%
CMOs and Other Mortgage CMOs and Other Mortgage
Related Securities 3.5% Related Securities 3.1%
U.S. Treasury Obligations 12.9% U.S. Treasury Obligations 18.7%
U.S. Government Agency U.S. Government Agency
Obligations 60.4% Obligations 55.9%
Short-Term Investments and Short-Term Investments and
Net Other Assets 4.6% Net Other Assets 2.8%
Row: 1, Col: 1, Value: 18.6 Row: 1, Col: 1, Value: 19.5
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 3.5 Row: 1, Col: 3, Value: 3.1
Row: 1, Col: 4, Value: 0.0 Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 5, Value: 12.9 Row: 1, Col: 5, Value: 18.7
Row: 1, Col: 6, Value: 0.0 Row: 1, Col: 6, Value: 0.0
Row: 1, Col: 7, Value: 60.4 Row: 1, Col: 7, Value: 55.9
Row: 1, Col: 8, Value: 4.6 Row: 1, Col: 8, Value: 2.8
</TABLE>
INVESTMENTS MAY 31, 2000 (UNAUDITED)
Showing Percentage of Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AND
GOVERNMENT AGENCY
OBLIGATIONS - 73.3%
PRINCIPAL AMOUNT VALUE (NOTE 1)
U.S. GOVERNMENT AGENCY
OBLIGATIONS - 60.4%
Fannie Mae:
5.75% 6/15/05 $ 5,900,000 $ 5,490,658
6.25% 11/15/02 1,600,000 1,560,496
6.5% 8/15/04 1,600,000 1,546,752
6.5% 4/29/09 15,150,000 13,911,942
Federal Home Loan Bank:
6% 8/15/02 17,000,000 16,527,230
6.75% 2/1/02 8,200,000 8,125,708
6.75% 5/1/02 31,300,000 30,977,300
Financing Corp. - coupon 2,500,000 2,351,025
STRIPS 0% 4/6/01
Freddie Mac 7% 2/15/03 16,000,000 15,837,440
Government Loan Trusts 2,376,454 2,463,456
(assets of Trust guaranteed
by 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 13,947,361 14,209,711
Class 2-E, 9.4% 5/15/02 1,173,837 1,190,271
Class 3-T, 9.625% 5/15/02 2,166,975 2,208,278
Guaranteed Export Trust
Certificates (assets of
Trust guaranteed by U.S.
Government through Export-
Import Bank):
Series 1993-C, 5.2% 10/15/04 410,400 390,542
Series 1993-D, 5.23% 5/15/05 370,213 349,399
Series 1994-F, 8.187% 12/15/04 18,156,350 18,358,938
Series 1995-A, 6.28% 6/15/04 3,171,176 3,099,378
Guaranteed Trade Trust
Certificates (assets of
Trust guaranteed by U.S.
Government through Export-
Import Bank):
Series 1992-A, 7.02% 9/1/04 4,694,625 4,679,790
Series 1997-A, 6.104% 7/15/03 4,258,333 4,181,683
Israel Export Trust 6,667,412 6,632,408
Certificates (assets of
Trust guaranteed by U.S.
Government through
Export-Import Bank) Series
1994-1, 6.88% 1/26/03
Overseas Private Investment 2,335,163 2,280,053
Corp. U.S. Government
guaranteed participation
certificate Series 1994-195,
6.08% 8/15/04 (callable)
Private Export Funding Corp.
secured:
5.65% 3/15/03 484,714 474,181
5.8% 2/1/04 4,808,000 4,693,425
5.82% 6/15/03 (a) 11,500,000 10,935,350
6.86% 4/30/04 1,560,200 1,543,011
U.S. GOVERNMENT AND
GOVERNMENT AGENCY
OBLIGATIONS - CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
U.S. GOVERNMENT AGENCY
OBLIGATIONS - CONTINUED
State of Israel (guaranteed
by U.S. Government through
Agency for International
Development):
5.625% 9/15/03 $ 10,271,000 $ 9,786,517
6.625% 8/15/03 2,500,000 2,454,850
Tennessee Valley Authority 6% 11,649,000 11,647,136
11/1/00
TOTAL U.S. GOVERNMENT AGENCY 197,906,928
OBLIGATIONS
U.S. TREASURY OBLIGATIONS -
12.9%
U.S. Treasury Bonds:
10.75% 8/15/05 9,300,000 10,949,262
11.75% 2/15/10 (callable) 8,298,000 9,932,955
12% 8/15/13 3,000,000 3,995,160
U.S. Treasury Notes:
5.5% 5/31/03 5,200,000 5,035,056
6.5% 8/31/01 3,089,000 3,077,416
6.625% 4/30/02 3,200,000 3,191,488
7.875% 8/15/01 2,000,000 2,023,740
U.S. Treasury Notes - coupon
STRIPS:
0% 9/30/00 734,000 720,729
0% 11/30/00 107,000 103,870
0% 3/31/01 1,034,000 982,786
0% 9/30/01 399,000 366,067
0% 10/31/01 142,000 129,781
0% 3/31/02 1,034,000 922,597
0% 9/30/02 834,000 721,252
0% 10/31/02 142,000 122,388
0% 11/30/02 207,000 177,531
TOTAL U.S. TREASURY 42,452,078
OBLIGATIONS
TOTAL U.S. GOVERNMENT AND 240,359,006
GOVERNMENT AGENCY OBLIGATIONS
(Cost $247,327,551)
U.S. GOVERNMENT AGENCY -
MORTGAGE SECURITIES - 18.6%
FANNIE MAE - 11.0%
5.5% 1/1/09 1,273,220 1,187,087
6% 9/1/08 to 11/1/13 12,039,686 11,468,995
6.5% 7/1/00 to 2/1/30 887,174 858,258
7% 7/1/00 to 9/1/29 16,584,155 15,764,685
U.S. GOVERNMENT AGENCY -
MORTGAGE SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
FANNIE MAE - CONTINUED
8% 6/1/02 to 8/1/09 $ 296,781 $ 296,317
8.25% 12/1/01 1,794,333 1,797,137
9% 2/1/13 to 8/1/21 1,491,002 1,529,224
9.5% 5/1/09 to 11/1/21 172,221 178,964
10% 1/1/17 to 1/1/20 331,854 349,691
10.5% 5/1/10 to 8/1/20 232,089 249,273
11% 11/1/10 to 9/1/14 1,110,035 1,197,195
11.5% 11/1/15 to 7/15/19 1,012,274 1,084,956
12% 4/1/15 93,178 101,128
12.5% 3/1/16 85,516 95,697
12.75% 10/1/13 26,803 30,128
36,188,735
FREDDIE MAC - 3.4%
6.25% 1/1/03 385,384 375,140
6.5% 7/1/03 to 5/1/08 563,459 544,601
7.5% 11/1/12 1,281,625 1,256,249
8% 9/1/07 to 12/1/09 1,407,352 1,395,984
8.5% 5/1/06 to 6/1/14 1,254,101 1,264,122
9% 12/1/07 to 3/1/22 735,945 752,366
9.5% 1/1/17 to 12/1/22 1,951,820 2,031,222
10% 1/1/09 to 6/1/20 568,749 596,145
10.25% 12/1/09 23,760 24,747
10.5% 1/1/16 to 5/1/21 1,290,323 1,373,065
11% 12/1/11 to 1/1/19 37,797 40,351
11.5% 10/1/15 39,407 42,397
12% 9/1/11 to 11/1/19 85,508 93,023
12.25% 11/1/14 33,084 36,526
12.5% 8/1/10 to 6/1/19 1,296,549 1,433,154
11,259,092
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 4.2%
8% 11/15/09 to 12/15/23 12,254,083 12,344,522
8.5% 5/15/16 to 4/15/17 207,388 212,520
10.5% 1/15/16 to 1/15/18 757,129 814,514
11% 10/20/13 16,069 17,224
12.5% 11/15/14 112,558 127,370
13% 8/15/14 46,684 52,766
13.5% 7/15/11 37,042 42,309
13,611,225
TOTAL U.S. GOVERNMENT AGENCY 61,059,052
- MORTGAGE SECURITIES
(Cost $62,009,102)
COLLATERALIZED MORTGAGE
OBLIGATIONS - 3.5%
PRINCIPAL AMOUNT VALUE (NOTE 1)
U.S. GOVERNMENT AGENCY - 3.5%
Fannie Mae REMIC planned
amortization class:
Series 1993-191 Class PE, $ 371,639 $ 369,316
5.8% 9/25/06
Series 1993-224 Class G, 6.5% 4,000,000 3,956,240
9/25/21
Series 1993-229 Class PD, 529,331 526,519
5.6% 7/25/06
Series 1999-25 Class PA, 6% 3,125,541 3,043,984
2/25/20
Freddie Mac:
REMIC accretion directed 1,546,677 1,547,744
Series 1462 Class PT, 7.5%
1/15/03
REMIC planned amortization 1,974,107 1,933,381
class Series 1639 Class J,
6% 12/15/08
TOTAL COLLATERALIZED MORTGAGE 11,377,184
OBLIGATIONS
(Cost $11,593,515)
CASH EQUIVALENTS - 4.6%
MATURITY AMOUNT
Investments in repurchase $ 15,186,768 15,184,000
agreements (U.S. Government
Obligations), in a joint
trading account at 6.56%,
dated 5/31/00 due 6/1/00
(Cost $15,184,000)
TOTAL INVESTMENT PORTFOLIO - 327,979,242
100.0%
(Cost $336,114,168)
NET OTHER ASSETS - 0.0% (150,562)
NET ASSETS - 100% $ 327,828,680
</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 $10,935,350 or 3.3% of net assets.
INCOME TAX INFORMATION
At May 31, 2000, the aggregate cost of investment securities for
income tax purposes was $336,114,168. Net unrealized depreciation
aggregated $8,134,926, of which $425,267 related to appreciated
investment securities and $8,560,193 related to depreciated investment
securities.
At November 30, 1999, the fund had a capital loss carryforward of
approximately $27,477,000 of which $14,003,000, $3,288,000,
$4,169,000, $101,000 and $5,916,000 will expire on November 30, 2002,
2003, 2004, 2005 and 2007, respectively.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 2000 (UNAUDITED)
ASSETS
Investment in securities, at $ 327,979,242
value (including repurchase
agreements of $15,184,000)
(cost $336,114,168) - See
accompanying schedule
Cash 281,084
Receivable for investments 55,911,883
sold
Receivable for fund shares 319,826
sold
Interest receivable 4,441,886
TOTAL ASSETS 388,933,921
LIABILITIES
Payable for investments $ 5,536,083
purchased
Payable for fund shares 55,320,375
redeemed
Distributions payable 103,112
Accrued management fee 143,278
Other payables and accrued 2,393
expenses
TOTAL LIABILITIES 61,105,241
NET ASSETS $ 327,828,680
Net Assets consist of:
Paid in capital $ 366,716,936
Undistributed net investment 360,660
income
Accumulated undistributed net (31,113,990)
realized gain (loss) on
investments
Net unrealized appreciation (8,134,926)
(depreciation) on investments
NET ASSETS $ 327,828,680
NET ASSET VALUE, offering $8.99
price and redemption price
per share ($327,828,680
(divided by) 36,467,972
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31,
2000 (UNAUDITED)
INVESTMENT INCOME $ 13,678,890
Interest
Security lending 25,814
TOTAL INCOME 13,704,704
EXPENSES
Management fee $ 882,183
Non-interested trustees' 643
compensation
Total expenses before 882,826
reductions
Expense reductions (30,002) 852,824
NET INVESTMENT INCOME 12,851,880
REALIZED AND UNREALIZED GAIN (3,625,301)
(LOSS)
Net realized gain (loss) on
investment securities
Change in net unrealized (1,980,923)
appreciation (depreciation)
on investment securities
NET GAIN (LOSS) (5,606,224)
NET INCREASE (DECREASE) IN $ 7,245,656
NET ASSETS RESULTING FROM
OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED MAY 31, 2000 YEAR ENDED NOVEMBER 30, 1999
(UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net investment $ 12,851,880 $ 25,505,068
income
Net realized gain (loss) (3,625,301) (6,331,174)
Change in net unrealized (1,980,923) (9,569,757)
appreciation (depreciation)
NET INCREASE (DECREASE) IN 7,245,656 9,604,137
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (12,738,579) (25,770,056)
from net investment income
Share transactions
Net proceeds from sales of 70,046,918 204,472,069
shares
Reinvestment of distributions 11,769,533 23,438,270
Cost of shares redeemed (164,216,824) (175,575,782)
NET INCREASE (DECREASE) IN (82,400,373) 52,334,557
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) (87,893,296) 36,168,638
IN NET ASSETS
NET ASSETS
Beginning of period 415,721,976 379,553,338
End of period (including $ 327,828,680 $ 415,721,976
undistributed net investment
income of $360,660 and
$247,359, respectively)
OTHER INFORMATION
Shares Sold 7,755,361 21,982,347
Issued in reinvestment of 1,304,600 2,531,302
distributions
Redeemed (18,207,224) (18,926,299)
Net increase (decrease) (9,147,263) 5,587,350
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED MAY 31, 2000 YEARS ENDED NOVEMBER 30,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 9.110 $ 9.480 $ 9.420 $ 9.500 $ 9.600
period
Income from Investment
Operations
Net investment income .296 D .579 D .611 D .637 D .641
Net realized and unrealized (.122) (.362) .045 (.090) (.102)
gain (loss)
Total from investment .174 .217 .656 .547 .539
operations
Less Distributions
From net investment income (.294) (.587) (.596) (.627) (.639)
Net asset value, end of $ 8.990 $ 9.110 $ 9.480 $ 9.420 $ 9.500
period
TOTAL RETURN B, C 1.95% 2.37% 7.18% 5.99% 5.86%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 327,829 $ 415,722 $ 379,553 $ 357,144 $ 337,131
(000 omitted)
Ratio of expenses to average .45% A .45% .45% .45% .42% E
net assets
Ratio of expenses to average .43% A, F .44% F .44% F .44% F .41% F
net assets after expense
reductions
Ratio of net invest- ment 6.55% A 6.26% 6.47% 6.79% 6.95%
income to average net assets
Portfolio turnover rate 96% A 85% 210% 147% 141%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED NOVEMBER 30,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 9.210
period
Income from Investment
Operations
Net investment income .669
Net realized and unrealized .383
gain (loss)
Total from investment 1.052
operations
Less Distributions
From net investment income (.662)
Net asset value, end of $ 9.600
period
TOTAL RETURN B, C 11.79%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 348,570
(000 omitted)
Ratio of expenses to average .45%
net assets
Ratio of expenses to average .45%
net assets after expense
reductions
Ratio of net invest- ment 7.14%
income to average net assets
Portfolio turnover rate 214%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E 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.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 2000 (Unaudited)
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, 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. Distributions are declared daily and
paid monthly from net investment income. Distributions from realized
gains, 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, Federal Agency,
or other obligations found to be satisfactory by FMR 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 long-term U.S. government and government agency
obligations aggregated $178,947,208 and $264,913,918, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a fee
that is computed daily at an annual rate of .45% of the fund's average
net assets. FMR pays all other expenses, except the compensation of
the non-interested Trustees and certain exceptions such as interest,
taxes, brokerage commissions and extraordinary expenses. The
management fee paid to FMR by the fund is reduced by an amount equal
to the fees and expenses paid by the fund to the non-interested
Trustees.
SUB-ADVISER FEE. FMR, on behalf of the fund, has entered into a
sub-advisory agreement with Fidelity Investments Money Management,
Inc. (FIMM), a wholly owned subsidiary of FMR. For its services, FIMM
receives a fee from FMR of 50% of the management fee payable to FMR.
The fee is paid prior to any voluntary expense reimbursements which
may be in effect.
5. SECURITY LENDING.
The fund lends portfolio securities from time to time in order to earn
additional income. The fund receives collateral in the form of U.S.
Treasury obligations, letters of credit, and/or cash against the
loaned securities, and maintains collateral in an amount not less than
100% of the market value of the loaned securities during the period of
the loan. The market value of the loaned securities is determined at
the close of business of the fund and any additional required
collateral is delivered to the fund on the next business day. If the
borrower defaults on its obligation to return the securities loaned
because of insolvency or other reasons, the fund could experience
delays and costs in recovering the securities loaned or in gaining
access to the collateral. At period end there were no security loans
outstanding.
6. EXPENSE REDUCTIONS.
Through arrangements with the fund's custodian and transfer agent,
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 $30,002 under these arrangements.
7. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of
approximately 21% of the total outstanding shares of the fund.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISER
Fidelity Investments Money
Management, Inc.
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Andrew J. Dudley, Vice President
David L. Murphy, Vice President
Stanley N. Griffith, Assistant Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Michael Cook
Abigail P. Johnson
* INDEPENDENT TRUSTEES
SIG-SANN-0700 106585
1.704564.102
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
