FIDELITY ADVISOR SERIES I, N-30D, 1995-07-20

FIDELITY ADVISOR SERIES I
N-30D, 1995-07-20

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(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

EQUITY PORTFOLIO GROWTH - CLASS A

SEMIANNUAL REPORT
MAY 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 value.

FINANCIAL STATEMENTS 23 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 28 Notes to the financial statements.

THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR
ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY ADVISOR FUND, INCLUDING CHARGES AND
EXPENSES,
CONTACT YOUR INVESTMENT PROFESSIONAL FOR A FREE PROSPECTUS. READ IT
CAREFULLY BEFORE
YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
Although there have been positive market indications so far in 1995, 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.
Remember to contact your investment professional if you need help with your
investments.
Best regards,
Edward C. Johnson 3d
EQUITY PORTFOLIO GROWTH - CLASS A
PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate 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. Total return includes
changes in 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). Initial offering of Class A shares took place on
September 10, 1992. Class A shares bear a .65% 12b-1 fee that is not
reflected in returns prior to that date. Returns prior to that date are
those of Institutional Class, the original class of the fund. Had Class A's
12b-1 fee been reflected, prior returns would have been lower.
CUMULATIVE TOTAL RETURNS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
PERIODS ENDED MAY 31, 1995 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Advisor Equity Portfolio Growth - Class 15.81% 15.57% 126.88% 465.31%
A

Advisor Equity Portfolio Growth - Class
A 10.31% 10.08% 116.11% 438.46%
(incl. max. 4.75% sales charge)

S&P 500(registered trademark) 19.23% 20.19% 71.79% 290.51%

Average Growth Fund 13.79% 13.42% 65.35% 235.80%
</TABLE>
CUMULATIVE TOTAL RETURNS show Class A's performance in percentage terms
over a set period - in this case, six months, one, five, or ten years. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, the value of your investment would be $1,050. You can compare
Class A's returns to those of the Standard & Poor's Composite Index of 500
stocks - a common proxy for the U.S. stock market. To measure how Class A's
performance stacked up against its peers, you can compare it to the average
growth fund, which reflects the performance of 569 growth funds with
similar objectives tracked by Lipper Analytical Services over the past six
months. These benchmarks include reinvested dividends and capital gains, if
any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Advisor Equity Portfolio Growth - Class A 15.57% 17.80% 18.91%

Advisor Equity Portfolio Growth - Class A
(incl. max. 4.75% sales charge) 10.08% 16.66% 18.34%

S&P 500(registered trademark) 20.19% 11.43% 14.59%

Average Growth Fund 13.42% 10.29% 12.46%

AVERAGE ANNUAL TOTAL RETURNS take Class A shares' actual (or cumulative)
return and show you what would have happened if Class A shares had
performed at a constant rate each year.
$10,000 OVER 10 YEARS
Fidelity AdvisorStandard & Poor's 5
05/31/85 9525.00 10000.00
06/30/85 9639.87 10157.00
07/31/85 9994.07 10141.76
08/31/85 10070.65 10055.56
09/30/85 9486.71 9740.82
10/31/85 9860.05 10190.85
11/30/85 10616.31 10889.94
12/31/85 11123.67 11417.01
01/31/86 11499.66 11480.95
02/28/86 12467.01 12339.72
03/31/86 13148.11 13028.28
04/30/86 13562.69 12881.06
05/31/86 14145.07 13566.33
06/30/86 14253.65 13795.60
07/31/86 13059.27 13024.43
08/31/86 13503.46 13990.84
09/30/86 12269.59 12833.80
10/31/86 13167.85 13574.31
11/30/86 13009.91 13904.16
12/31/86 12737.78 13549.61
01/31/87 14265.89 15374.74
02/28/87 15554.81 15982.04
03/31/87 15413.50 16443.92
04/30/87 14848.27 16297.57
05/31/87 14750.44 16439.36
06/30/87 15033.06 17269.55
07/31/87 15717.86 18145.11
08/31/87 16663.54 18821.93
09/30/87 16380.92 18409.73
10/31/87 12065.58 14444.27
11/30/87 10782.93 13254.06
12/31/87 12665.73 14262.70
01/31/88 12630.81 14863.16
02/29/88 13387.49 15555.78
03/31/88 13585.40 15075.11
04/30/88 13434.06 15242.44
05/31/88 13340.93 15375.05
06/30/88 14528.34 16080.76
07/31/88 14237.31 16019.66
08/31/88 13608.68 15474.99
09/30/88 14365.36 16134.22
10/31/88 14214.03 16582.76
11/30/88 13992.84 16345.62
12/31/88 14637.86 16631.67
01/31/89 15791.29 17849.11
02/28/89 15803.18 17404.67
03/31/89 16326.38 17810.19
04/30/89 17408.47 18734.54
05/31/89 18906.74 19493.29
06/30/89 18205.17 19382.18
07/31/89 19453.73 21132.39
08/31/89 20214.75 21546.59
09/30/89 20773.63 21458.25
10/31/89 20512.03 20960.41
11/30/89 20595.26 21388.01
12/31/89 21201.67 21901.32
01/31/90 19255.69 20431.74
02/28/90 20031.36 20695.31
03/31/90 21201.67 21243.74
04/30/90 20779.82 20712.64
05/31/90 23732.81 22732.13
06/30/90 23936.94 22577.55
07/31/90 23256.52 22505.30
08/31/90 20289.92 20470.82
09/30/90 18616.10 19473.89
10/31/90 18847.45 19390.15
11/30/90 21160.85 20642.76
12/31/90 22671.37 21218.69
01/31/91 25964.57 22143.82
02/28/91 28305.19 23727.11
03/31/91 31081.27 24301.30
04/30/91 30972.41 24359.63
05/31/91 32591.79 25411.96
06/30/91 29883.75 24248.10
07/31/91 32306.02 25378.06
08/31/91 34047.88 25979.52
09/30/91 34129.53 25545.66
10/31/91 34224.78 25887.97
11/30/91 33040.86 24844.69
12/31/91 37341.48 27686.92
01/31/92 38387.08 27171.94
02/29/92 38584.40 27525.18
03/31/92 36762.95 26988.43
04/30/92 36004.01 27781.89
05/31/92 35837.05 27918.03
06/30/92 34653.10 27502.05
07/31/92 35867.41 28626.88
08/31/92 35002.22 28040.03
09/30/92 35654.90 28370.90
10/31/92 37521.89 28470.20
11/30/92 39965.67 29441.03
12/31/92 41035.39 29803.16
01/31/93 42184.35 30053.51
02/28/93 41082.81 30462.23
03/31/93 42370.53 31104.99
04/30/93 41656.86 30352.25
05/31/93 44061.63 31165.69
06/30/93 44232.29 31256.07
07/31/93 43472.07 31131.04
08/31/93 45054.57 32310.91
09/30/93 46373.31 32062.11
10/31/93 46931.84 32725.80
11/30/93 45768.24 32414.91
12/31/93 47130.82 32807.13
01/31/94 48775.61 33922.57
02/28/94 48368.06 33003.27
03/31/94 46395.52 31564.32
04/30/94 46884.58 31968.35
05/31/94 46591.14 32492.63
06/30/94 44553.39 31696.56
07/31/94 45498.91 32736.21
08/31/94 47552.96 34078.39
09/30/94 46574.84 33243.47
10/31/94 48090.93 33991.45
11/30/94 46493.33 32753.48
12/31/94 46713.57 33239.21
01/31/95 46301.78 34101.11
02/28/95 48080.71 35430.03
03/31/95 49892.59 36475.57
04/30/95 52050.38 37549.77
05/31/95 53845.79 39050.64

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Advisor Equity
Portfolio Growth - Class A on May 31, 1985, and paid the maximum 4.75%
sales charge. As the chart shows, by May 31, 1995, the value of your
investment would have grown to $53,846 - a 438.46% increase on your initial
investment. For comparison, look at how the S&P 500 did over the same
period. With dividends reinvested, the same $10,000 investment would have
grown to $39,051 - a 290.51% 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 Bob Stansky, Portfolio Manager of Fidelity Advisor Equity
Portfolio Growth
Q. BOB, HOW HAS THE FUND PERFORMED?
A. For the six months and year ended May 31, 1995, Fidelity Advisor Equity
Portfolio Growth - Class A returned 15.81% and 15.57%, respectively. That
beats the average growth fund tracked by Lipper Analytical Services, which
had a total return of 13.79% and 13.42% for the same time periods,
respectively.
Q. WHAT SORT OF MARKET ENVIRONMENT DID YOU FIND YOURSELF INVESTING IN?
A. There's no question that the market backdrop has been very favorable for
growth stocks. The economy grew sharply during the past six months and many
companies have posted impressive sales and profits. In addition, the
weakened dollar has been a plus for some growth companies. With the dollar
down against the two biggest currencies - the Japanese yen and the German
mark - a lot of strong growth companies have been able to benefit since
many growth stocks garner a large portion of their operating profits from
overseas.
Q. THE FUND HAS INCREASED ITS WEIGHTING IN TECHNOLOGY STOCKS FROM 31.4% SIX
MONTHS AGO TO 43.6% OF THE FUND AT THE END OF THE PERIOD. WHY?
A. I think that technology has the best unit growth of any industry in the
world. In the market sector of technology, which is actually composed of
several different industries, prices often fall every year and companies
have to work fast and furiously just to make up for the current year's
price cut. My investment philosophy hasn't changed and it's very visible in
the technology industry; it's all about unit growth and product cycle. If a
company has a good product, it tends to sell lots of units.
Q. WHICH TECHNOLOGY COMPANIES DO YOU LIKE BEST?
A. Intel, the largest holding in the fund, is a world-class manufacturer of
computer chips that I feel is selling at an attractive price. Intel's chips
are fast becoming the industry standard and the company is strong on
product cycle. IBM is another company with attractive earnings growth, and
is 2.8% of the fund's investments. The company has done a great job of
cutting costs and product demand is very good. As long as IBM can grow
revenues and earnings, I think 1995 and 1996 look pretty good.
Q. WHAT DO YOU MEAN BY PRODUCT CYCLE?
A. A company that's doing well in its product cycle is offering the right
products at the right time - products that customers want to buy.
Q. BESIDES INCREASING THE TECHNOLOGY WEIGHTING, WHAT OTHER CHANGES HAVE YOU
MADE TO THE FUND'S HOLDINGS?
A. I've cut the fund's retail and wholesale position by more than half. The
retail environment has been very sluggish despite the favorable interest
rate environment. Apparel, in particular has been suffering for some time
with more competition coming from discount stores. There has been a lot of
discounting and a lot of inventory on hand at the retail level. In
addition, retailers who have been expanding by 20% per year in recent years
have begun to cut their expansion plans to only about 5%-10% per year.
Therefore, I'm not too keen on retailing right now. I also cut the fund's
health care position by taking some profits in stocks that had rebounded
after concerns about increased regulation subsided.
Q. THERE WEREN'T TOO MANY FOREIGN STOCKS IN THE FUND'S HOLDINGS AT THE END
OF THE PERIOD. WHY?
A. While only about 3% of the fund's investments were invested in foreign
stocks on May 31, 1995, the fund is likely to own more over time. Most
growth market sectors - such as technology, finance and health care - have
been experiencing better growth rates inside the U.S. than outside during
the past six months. Although this won't always be the case, it's the
reason for the small foreign holding at the end of the period.
Q. WHY HAVE THE FUND'S SHORT-TERM INVESTMENTS INCREASED FROM ROUGHLY 7% OF
THE FUND SIX MONTHS AGO TO 12% OF THE FUND AS OF MAY 31, 1995?
A. First of all, my target is still to have cash of about 5% - 8% of the
fund. I also raised cash levels by selling some of the fund's retail and
health care positions. Since the market's been up recently, it helped
attract additional cash to the fund. Though I've deployed some of the
increased cash, I plan to invest most of the rest of it in the next couple
of months when the market is traditionally weaker and I can get better
prices.
Q. WHICH OF THE FUND'S INVESTMENTS HAVE BEEN DISAPPOINTING DURING THE PAST
SIX MONTHS?
A. Lowe's, the home building supply company, didn't perform as I'd hoped.
Despite lower interest rates, housing hasn't turned around like I expected
it to. In addition, bad weather during the past six months in many regions
of the country postponed a lot of building. For these reasons, Lowe's
growth results were disappointing. Another example was Motorola. The
company issued more stock in the fourth quarter of 1994, and since then its
stock price has been disappointing. Though the stock price is up a bit, the
stock's performance was well below the approximately 17% increase in the
market. However, I still think Motorola has a potential for strong product
cycle and attractive unit growth.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. If interest rates don't fluctuate too much in either direction,
companies with a strong product cycle should do well. The companies that
this fund owns tend to be leaders in their industries, producing what
consumers want, when they want it. I intend to stay focused on earnings. I
think valuations appear reasonable for 1995 and 1996 as long as the economy
moves along at a nice, steady crawl.

FUND FACTS
GOAL: to achieve capital
appreciation by investing
primarily in common and
preferred stock and securities
convertible into common
stock of companies with
above-average growth
characteristics
START DATE: November 22, 1983
SIZE: as of May 31, 1995,
more than $1.8 billion
MANAGER: Robert Stansky,
since 1987; joined Fidelity
in 1983
(checkmark)
BOB STANSKY ON INTEREST RATES:
"As long as interest rates
don't move too much in one
direction or another, they
shouldn't profoundly affect
what this fund owns.
Relatively small moves in
rates are not nearly as
important as how a company
is doing in terms of producing
products in a timely and
cost-effective manner.
"For instance, there could be
a bad interest rate
environment, but if there's a
company with a strong
product cycle, it should do
well. A lot of technology and
business equipment
companies sell products with
three-year life spans. After
the equipment is fully
depreciated, businesses are
willing to spend again for what
they need - as long as rates
are within reason."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF MAY 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Intel Corp. 4.8 1.0

International Business Machines 2.8 1.6
Corp.

Federal National Mortgage
Association 2.3 1.4

Oracle Systems Corp. 2.1 1.9

Compaq Computer Corp. 1.9 1.8

Micron Technology, Inc. 1.9 0.9

Applied Materials, Inc. 1.8 1.3

Cisco Systems, Inc. 1.6 0.7

Microsoft Corp. 1.5 0.9

Texas Instruments, Inc. 1.5 1.2

TOP FIVE MARKET SECTORS AS OF MAY 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET SECTORS
6 MONTHS AGO

Technology 43.6 31.4

Finance 7.2 7.3

Retail & Wholesale 6.9 14.4

Health 6.5 10.1

Industrial Machinery & Equipment 4.0 4.0

ASSET ALLOCATION
AS OF MAY 31, 1995 AS OF NOVEMBER 30, 1994
Row: 1, Col: 1, Value: 12.2
Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 50.0
Row: 1, Col: 4, Value: 37.7
Row: 1, Col: 1, Value: 6.7
Row: 1, Col: 2, Value: 2.0
Row: 1, Col: 3, Value: 48.0
Row: 1, Col: 4, Value: 43.2
Stocks 87.8%
Bonds 0.0%
Short-term
Investments 12.2%
Stocks 93.2%
Bonds 0.1%
Short-term
Investments 6.7%
INVESTMENTS MAY 31, 1995 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 87.7%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 0.1%
General Motors Corp. Class H 44,100 $ 1,796
BASIC INDUSTRIES - 3.4%
CHEMICALS & PLASTICS - 0.8%
Airgas, Inc. (a) 116,600 3,032
Dow Chemical Co. 17,500 1,284
du Pont (E.I.) de Nemours & Co. 92,900 6,306
Union Carbide Corp. 120,800 3,533
14,155
METALS & MINING - 1.0%
Aluminum Co. of America 384,800 17,893
PAPER & FOREST PRODUCTS - 1.6%
Asia Pacific Resources International Class A (a) 87,700 669
Boise Cascade Corp. 24,400 805
Champion International Corp. 238,100 11,042
Georgia-Pacific Corp. 159,200 12,378
International Paper Co. 19,800 1,557
James River Corp. of Virginia 18,200 491
Union Camp Corp. 66,100 3,429
30,371
TOTAL BASIC INDUSTRIES 62,419
CONGLOMERATES - 0.0%
Tyco International Ltd. 10,000 540
CONSTRUCTION & REAL ESTATE - 0.1%
BUILDING MATERIALS - 0.1%
Armstrong World Industries, Inc. 31,800 1,642
Cemex SA, Series B 137,500 442
2,084
CONSTRUCTION - 0.0%
Schuler Homes, Inc. (a) 38,500 443
REAL ESTATE INVESTMENT TRUSTS - 0.0%
Security Capital Pacific Trust (SBI) 1
TOTAL CONSTRUCTION & REAL ESTATE 2,528
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - 3.9%
AUTOS, TIRES, & ACCESSORIES - 2.9%
Autozone, Inc. (a) 206,700 $ 4,806
Chrysler Corp. 217,400 9,484
Dana Corp. 54,100 1,528
Ford Motor Co. 134,800 3,943
General Motors Corp. 557,500 26,760
Goodyear Tire & Rubber Co. 43,500 1,838
Magna International, Inc. Class A 43,900 1,674
Pep Boys-Manny, Moe & Jack 140,500 3,916
53,949
CONSUMER ELECTRONICS - 0.1%
Whirlpool Corp. 29,100 1,662
HOME FURNISHINGS - 0.0%
Bombay Company, Inc. (The) (a) 29,400 224
Welcome Home (a) 44,000 193
417
TEXTILES & APPAREL - 0.9%
Cygne Designs, Inc. (a) 94,400 531
Kellwood Co. 34,300 583
Nautica Enterprises, Inc. (a) 13,800 414
NIKE, Inc. Class B 66,700 5,261
Nine West Group, Inc. (a) 6,900 241
Reebok International Ltd. 89,000 2,982
Tommy Hilfiger (a) 212,800 5,586
15,598
TOTAL DURABLES 71,626
ENERGY - 1.1%
ENERGY SERVICES - 0.5%
Schlumberger Ltd. 123,700 8,040
OIL & GAS - 0.6%
British Petroleum PLC ADR 73,076 6,239
Burlington Resources, Inc. 59,700 2,478
Petroleum Geo-Services AS ADR (a) 61,600 1,694
Unocal Corp. 32,891 974
11,385
TOTAL ENERGY 19,425
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 7.2%
BANKS - 0.8%
Banc One Corp. 43,500 $ 1,512
Bank of Boston Corp. 58,606 2,139
Bank of New York Co., Inc. 63,900 2,604
Chemical Banking Corp. 39,300 1,813
Crestar Financial Corp. 48 2
NationsBank Corp. 132,861 7,523
15,593
CREDIT & OTHER FINANCE - 1.6%
American Express Co. 474,304 16,897
Beneficial Corp. 63,300 2,817
First USA, Inc. 92,000 4,347
Green Tree Acceptance, Inc. 66,800 2,914
Household International, Inc. 37,239 1,839
28,814
FEDERAL SPONSORED CREDIT - 3.4%
Federal Home Loan Mortgage Corporation 303,200 20,655
Federal National Mortgage Association 446,200 41,497
62,152
INSURANCE - 0.1%
Travelers, Inc. (The) 49,800 2,104
SECURITIES INDUSTRY - 1.3%
Merrill Lynch & Co., Inc. 305,500 14,358
Morgan Stanley Group, Inc. 43,500 3,311
Schwab (Charles) Corp. 143,100 5,009
22,678
TOTAL FINANCE 131,341
HEALTH - 6.5%
DRUGS & PHARMACEUTICALS - 3.6%
Allergan, Inc. 67,900 1,808
ALZA Corp. Class A (a) 130,900 2,733
Amgen, Inc. (a) 66,700 4,836
Biogen, Inc. (a) 248,900 10,329
Bristol-Myers Squibb Co. 107,700 7,149
COR Therapeutics, Inc. (a) 30,500 473
Elan Corp. PLC ADR (a) 215,550 7,517
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Genetics Institute, Inc. depositary share (a) 13,800 $ 507
Integrated Process Equipment Corp. (a) 63,900 1,709
Molecular Biosystems, Inc. (a) 299 2
Pfizer, Inc. 97,300 8,575
Rhone Poulenc Rorer, Inc. 53,200 2,194
Schering-Plough Corp. 180,800 14,238
Warner-Lambert Co. 56,300 4,666
66,736
MEDICAL EQUIPMENT & SUPPLIES - 2.1%
Baxter International, Inc. 90,000 3,139
Becton Dickinson & Co. 112,300 6,457
Boston Scientific Corp. (a) 38,300 1,101
Johnson & Johnson 371,400 24,605
Medisense, Inc. (a) 36,100 641
Medtronic, Inc. 2,800 211
St. Jude Medical, Inc. 47,800 2,163
38,317
MEDICAL FACILITIES MANAGEMENT - 0.8%
Columbia/HCA Healthcare Corp. 232,470 9,502
HEALTHSOUTH Rehabilitation Corp. (a) 182,600 3,150
Lincare Holdings, Inc. (a) 41,600 1,102
Living Centers of America, Inc. (a) 10,100 313
14,067
TOTAL HEALTH 119,120
INDUSTRIAL MACHINERY & EQUIPMENT - 4.0%
ELECTRICAL EQUIPMENT - 1.7%
General Electric Co. 425,000 24,650
Leitch Technology (a) 95,900 1,575
Scientific-Atlanta, Inc. 94,900 1,767
Sensormatic Electronics Corp. 64,400 1,892
29,884
INDUSTRIAL MACHINERY & EQUIPMENT - 1.3%
Case Corp. 101,100 2,616
Caterpillar, Inc. 102,800 6,194
Deere & Co. 175,200 15,155
23,965
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
POLLUTION CONTROL - 1.0%
Browning-Ferris Industries, Inc. 282,700 $ 10,071
WMX Technologies, Inc. 307,900 8,390
18,461
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 72,310
MEDIA & LEISURE - 2.5%
BROADCASTING - 1.3%
British Sky Broadcasting Group ADR (a) 70,200 1,790
Capital Cities/ABC, Inc. 6,100 589
Clear Channel Communications, Inc. (a) 44,700 2,520
Comcast Corp. Class A (special) 68,600 1,200
Emmis Broadcasting Corp. Class A (a) 21,900 465
Infinity Broadcasting Corp. (a) 160,500 4,514
Tele-Communications, Inc. Class A (a) 135,000 2,852
Time Warner, Inc. 272 11
Valuevision International, Inc. (a) 4,200 20
Viacom, Inc. (a):
Class A 13,832 652
Class B (non-vtg.) 175,802 8,197
22,810
ENTERTAINMENT - 0.5%
Carnival Cruise Lines, Inc. Class A 73,800 1,716
Disney (Walt) Co. 137,000 7,621
Nelvana Ltd. (a) 14,100 149
9,486
LEISURE DURABLES & TOYS - 0.1%
Cobra Golf, Inc. (a) 73,300 1,979
Toy Biz, Inc. Class A (a) 2,300 42
2,021
LODGING & GAMING - 0.1%
International Game Technology Corp. 46,500 750
La Quinta Motor Inns, Inc. 26,800 760
Mirage Resorts, Inc. (a) 20,500 612
2,122
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
PUBLISHING - 0.0%
Dow Jones & Co., Inc. 18,300 $ 668
RESTAURANTS - 0.5%
Apple South, Inc. 98,050 1,704
Applebee's International, Inc. 51,000 1,288
Brinker International, Inc. (a) 21,800 368
Landry's Seafood Restaurants, Inc. (a) 5,500 210
Outback Steakhouse, Inc. (a) 71,200 2,127
Starbucks Corp. (a) 121,700 3,537
9,234
TOTAL MEDIA & LEISURE 46,341
NONDURABLES - 2.1%
BEVERAGES - 0.4%
Dr. Pepper/Seven-Up Companies, Inc. (a) 5,300 174
PepsiCo, Inc. 143,900 7,051
7,225
FOODS - 0.2%
Nabisco Holdings Class A (a) 79,100 2,066
RalCorp Holdings, Inc. (a) 52,000 1,144
Riviana Foods, Inc. 45,000 571
Tyson Foods, Inc. 14,800 331
4,112
HOUSEHOLD PRODUCTS - 0.1%
Tambrands, Inc. 33,500 1,436
TOBACCO - 1.4%
Philip Morris Companies, Inc. 342,200 24,938
RJR Nabisco Holdings Corp. 15,280 435
25,373
TOTAL NONDURABLES 38,146
RETAIL & WHOLESALE - 6.9%
APPAREL STORES - 0.8%
American Eagle Outfitters, Inc. (a) 80,100 1,302
Ellett Brothers, Inc. 42,000 378
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
APPAREL STORES - CONTINUED
Just For Feet, Inc. (a) 44,000 $ 1,419
Limited, Inc. (The) 302,500 6,731
TJX Companies, Inc. 99,900 1,336
Talbots, Inc. 119,900 3,807
14,973
APPLIANCE STORES - 0.0%
Cellstar Corp. (a) 10,200 200
DRUG STORES - 0.2%
General Nutrition Companies, Inc. (a) 84,000 2,436
GENERAL MERCHANDISE STORES - 1.4%
Dayton Hudson Corp. 107,500 7,619
Hornbach Baumarket AG (Bearer) 500 316
Price/Costco, Inc. (a) 270,500 3,821
Sears, Roebuck & Co. 62,800 3,540
Wal-Mart Stores, Inc. 439,600 10,990
26,286
RETAIL & WHOLESALE, MISCELLANEOUS - 4.5%
Barnes & Noble, Inc. (a) 65,500 1,883
Bed Bath & Beyond, Inc. (a) 102,500 2,383
Boise Cascade Office Products Corp. (a) 9,300 230
Campo Electronics Appliances and Computers, Inc. (a) 50,000 313
Circuit City Stores, Inc. 67,200 1,848
Corporate Express (a) 38,100 1,100
Home Depot, Inc. (The) 239,400 9,965
Lowe's Companies, Inc. 714,000 19,457
Micro Warehouse, Inc. (a) 144,400 5,596
Officemax, Inc. (a) 327,400 8,103
Office Depot, Inc. (a) 405,500 9,732
Petco Animal Supplies, Inc. (a) 39,900 818
Staples, Inc. (a) 505,250 14,273
Sunglass Hut International, Inc. (a) 87,000 2,719
U.S. Office Products Co. (a) 4,800 53
Viking Office Products, Inc. (a) 93,000 2,557
Waban, Inc. (a) 114,800 1,679
82,709
TOTAL RETAIL & WHOLESALE 126,604
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - 1.1%
EDUCATIONAL SERVICES - 0.0%
Apollo Group, Inc. Class A (a) 11,200 $ 314
LEASING & RENTAL - 0.3%
Danka Business Systems PLC sponsored ADR 91,800 2,261
Hollywood Entertainment Corp. (a) 69,400 2,481
4,742
PRINTING - 0.2%
Alco Standard Corp. 56,300 4,032
SERVICES - 0.6%
First Financial Management Corp. 43,900 3,117
Medaphis Corp. (a) 121,800 3,669
NETCOM On-Line Communication Services, Inc. (a) 45,100 1,048
Western Atlas, Inc. (a) 84,600 3,818
11,652
TOTAL SERVICES 20,740
TECHNOLOGY - 43.5%
COMMUNICATIONS EQUIPMENT - 6.6%
Cabletron Systems, Inc. (a) 192,950 10,323
Cisco Systems, Inc. (a) 682,800 29,873
DSC Communications Corp. (a) 639,800 23,673
Dialogic Corp. (a) 32,300 799
Ericsson (L.M.) Telephone Co. Class B ADR 88,600 6,507
General Instrument Corp. (a) 95,000 2,933
Inter-Tel, Inc. (a) 19,000 259
Newbridge Networks Corp. (a) 285,800 10,110
Nokia Corp. AB sponsored ADR 343,200 15,959
Shiva Corp. (a) 6,100 236
Tellabs, Inc. (a) 28,600 944
3Com Corp. (a) 196,400 12,570
U.S. Robotics Corp. (a) 81,400 6,797
120,983
COMPUTER SERVICES & SOFTWARE - 9.7%
Adobe Systems, Inc. 148,600 7,727
Affiliated Computer Services Class A (a) 5,600 155
Alantec Corp. (a) 44,600 1,494
Alias Research, Inc. (a) 97,100 3,326
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Ascend Communications, Inc. (a) 63,400 $ 2,457
Brock Control Systems, Inc. (a) 17,600 134
Broderbund Software, Inc. (a) 109,400 4,923
CUC International, Inc. (a) 238,300 8,758
Cadence Design Systems, Inc. (a) 359,000 10,680
Ceridian Corp. (a) 80,900 2,609
Computer Associates International, Inc. 101,300 6,635
CompUSA, Inc. (a) 224,400 5,891
Computer Sciences Corp. (a) 10,300 546
Electronic Arts, Inc. (a) 157,300 4,050
Epic Design Technology (a) 25,300 689
Equifax Inc. 45,900 1,440
Firefox Communications, Inc. (a) 1,100 25
Informix Corp. (a) 184,300 7,787
Inso Corp. (a) 17,800 999
Integrated Silicon Systems, Inc. (a) 14,500 429
Marcam Corp. (a) 52,300 827
Maxis, Inc. 18,900 369
Mercury Interactive Group Corp. (a) 55,100 1,226
Microsoft Corp. (a) 327,300 27,718
MicroAge, Inc. (a) 2,850 33
Network Peripherals, Inc. 50,000 1,100
Novell, Inc. (a) 797,700 15,406
Oracle Systems Corp. (a) 1,105,950 38,432
Parametric Technology Corp. (a) 345,900 14,701
Paychex, Inc. 35,550 1,049
Peoplesoft, Inc. (a) 49,400 2,445
Platinum Technology, Inc. (a) 17,900 295
Remedy Corp. (a) 1,900 70
Sierra On-Line, Inc. (a) 10,000 181
Softkey International, Inc. (a) 23,400 611
Spectrum Holobyte, Inc. (a) 42,100 589
Synopsys, Inc. (a) 40,600 2,203
Tivoli Systems, Inc. (a) 1,200 44
UUNET Technologies, Inc. (a) 1,900 45
178,098
COMPUTERS & OFFICE EQUIPMENT - 11.4%
Adaptec, Inc. (a) 85,000 2,561
Apple Computer, Inc. 85,800 3,566
Bay Networks, Inc. (a) 421,500 15,385
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
Compaq Computer Corp. (a) 902,800 $ 35,322
Dell Computer Corp. (a) 228,000 11,485
Digital Equipment Corp. (a) 104,400 4,659
EMC Corp. (a) 51,500 1,184
General Motors Corp. Class E 199,700 8,487
Hewlett-Packard Co. 299,700 19,818
International Business Machines Corp. 550,600 51,343
Komag, Inc. (a) 43,500 1,686
MICROS Systems, Inc. (a) 54,300 1,609
Microtouch Systems, Inc. (a) 32,200 813
Radius, Inc. (a) 14,000 146
Read Rite Corp. (a) 2,800 63
Seagate Technology (a) 94,000 3,372
Silicon Graphics, Inc. (a) 363,700 14,139
Stratus Computer, Inc. (a) 109,400 3,350
Sun Microsystems, Inc. (a) 293,800 13,221
TSL Holding, Inc. (a) 23 -
Tandem Computers, Inc. (a) 107,100 1,419
Wang Laboratories, Inc. (a) 86,300 1,122
Xerox Corp. 125,800 14,263
209,013
ELECTRONIC INSTRUMENTS - 1.9%
Applied Materials, Inc. (a) 437,600 33,695
Novellus System, Inc. (a) 32,200 1,996
35,691
ELECTRONICS - 13.9%
Alliance Semiconductor Corp. (a) 175,100 7,354
Altera Corp. (a) 248,200 9,664
Analog Devices, Inc. (a) 265,400 8,261
Atmel Corp. (a) 88,200 3,881
Cascade Communications Corp. (a) 35,200 2,244
Integrated Device Technology, Inc. (a) 49,100 2,136
Integrated Silicon Solution (a) 52,100 2,117
Intel Corp. 781,000 87,667
LSI Logic Corp. (a) 93,300 6,274
Linear Technology Corp. 169,000 10,351
Maxim Integrated Products, Inc. (a) 167,600 7,689
Microchip Technology, Inc. (a) 9,900 295
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
Micron Technology, Inc. 780,000 $ 34,808
Motorola, Inc. 255,100 15,274
National Semiconductor Corp. (a) 158,000 3,950
SGS-Thomson Microelectronic NV (a) 36,100 1,272
S-3, Inc. (a) 133,100 3,610
Tencor Instruments (a) 123,200 8,285
Texas Instruments, Inc. 234,700 27,137
Uniphase Corp. (a) 123,100 2,462
Xilinx, Inc. (a) 113,200 9,537
254,268
TOTAL TECHNOLOGY 798,053
TRANSPORTATION - 1.9%
AIR TRANSPORTATION - 0.7%
AMR Corp. (a) 151,800 10,360
Northwest Airlines Corp. Class A (a) 44,700 1,268
Southwest Airlines Co. 46,800 1,035
12,663
RAILROADS - 0.8%
CSX Corp. 165,900 12,650
Conrail, Inc. 47,900 2,587
15,237
TRUCKING & FREIGHT - 0.4%
Hunt (J.B.) Transport Services, Inc. 45,200 791
Knights Transportation, Inc. (a) 2,100 26
Landstar System, Inc. (a) 129,700 3,437
MS Carriers, Inc. (a) 14,100 286
PST Vans, Inc. (a) 11,400 144
Swift Transportation Co., Inc. (a) 123,900 2,060
Werner Enterprises, Inc. 31,000 597
7,341
TOTAL TRANSPORTATION 35,241
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - 3.4%
CELLULAR - 0.7%
AirTouch Communications, Inc. (a) 375,535 $ 10,233
Vanguard Cellular Systems, Inc. Class A (a) 117,100 2,825
13,058
TELEPHONE SERVICES - 2.7%
ALC Communications Corp. (a) 121,900 5,303
AT&T Corp. 45,100 2,289
Ameritech Corp. 188,700 8,374
BellSouth Corp. 171,500 10,526
LCI International, Inc. (a) 65,500 1,736
NYNEX Corp. 130,300 5,440
SBC Communications, Inc. 290,100 13,054
Telefonos de Mexico SA sponsored ADR representing
shares Ord. Class L 14,800 416
Telephone & Data Systems, Inc. 4,412 167
WorldCom, Inc. (a) 87,800 2,283
49,588
TOTAL UTILITIES 62,646
TOTAL COMMON STOCKS
(Cost $1,354,664) 1,608,876
NONCONVERTIBLE PREFERRED STOCKS - 0.1%
TECHNOLOGY - 0.1%
COMPUTER SERVICES & SOFTWARE - 0.1%
SAP AG (Cost $715) 900 1,053
REPURCHASE AGREEMENTS - 12.2%
MATURITY VALUE (NOTE 1)
AMOUNT (000S) (000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 6.13% dated
5/31/95 due 6/1/95 $ 224,913 $ 224,875
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,580,254) $ 1,834,804
LEGEND
1. Non-income producing
INCOME TAX INFORMATION
At May 31,1995, the aggregate cost of investment securities for income tax
purposes was $1,583,329,000. Net unrealized appreciation aggregated
$251,475,000, of which $288,511,000 related to appreciated investment
securities and $37,036,000 related to depreciated investment securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) MAY 31, 1995 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 1,834,804
agreements of $224,875) (cost $1,580,254) -
See accompanying schedule

Receivable for investments sold 38,038

Receivable for fund shares sold 18,955

Dividends receivable 1,563

Other receivables 72

TOTAL ASSETS 1,893,432

LIABILITIES

Payable for investments purchased $ 28,732

Payable for fund shares redeemed 2,167

Accrued management fee 926

Distribution fees payable 674

Other payables and accrued expenses 497

TOTAL LIABILITIES 32,996

NET ASSETS $ 1,860,436

Net Assets consist of:

Paid in capital $ 1,609,744

Undistributed net investment income 196

Accumulated undistributed net realized gain (loss) on (4,054)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 254,550
investments

NET ASSETS $ 1,860,436

CALCULATION OF MAXIMUM OFFERING PRICE $32.69
CLASS A:
NET ASSET VALUE, and redemption price per share
($1,278,098 (divided by) 39,097 shares)

Maximum offering price per share (100/95.25 of $32.69) $34.32

INSTITUTIONAL CLASS: $33.03
NET ASSET VALUE, offering price and redemption price per
share ($582,338 (divided by) 17,632 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)

INVESTMENT INCOME $ 7,931
Dividends

Interest 4,889

TOTAL INCOME 12,820

EXPENSES

Management fee $ 4,673

Transfer agent fees 1,229
Class A

Institutional Class 411

Distribution fees - Class A 3,364

Accounting fees and expenses 304

Non-interested trustees' compensation 6

Custodian fees and expenses 38

Registration fees 88
Class A

Institutional Class 60

Audit 15

Legal 10

Interest 2

Reports to shareholders 2

Miscellaneous 4

Total expenses before reductions 10,206

Expense reductions (69) 10,137

NET INVESTMENT INCOME 2,683

REALIZED AND UNREALIZED GAIN (LOSS) 7,437
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on 226,511
investment securities

NET GAIN (LOSS) 233,948

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 236,631
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED MAY 31, NOVEMBER 30,
1995 1994
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,683 $ 4,645
Net investment income

Net realized gain (loss) 7,437 5,877

Change in net unrealized appreciation (depreciation) 226,511 (1,948)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 236,631 8,574
FROM OPERATIONS

Distributions to shareholders from: (2,488) -
Net investment income
Class A

Institutional Class (3,809) (1,108)

Net realized gain (4,889) (19,906)
Class A

Institutional Class (2,227) (14,674)

In excess of net realized gain (1,642) -
Class A

Institutional Class (756) -

TOTAL DISTRIBUTIONS (15,811) (35,688)

Share transactions - net increase (decrease) 354,994 637,286

TOTAL INCREASE (DECREASE) IN NET ASSETS 575,814 610,172

NET ASSETS

Beginning of period 1,284,622 674,450

End of period (including undistributed net investment $ 1,860,436 $ 1,284,622
income of $196 and $4,543, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED MAY 31,
1995

(UNAUDITED) 1994 D 1993 1992 F

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 28.52 $ 29.50 $ 26.33 $ 23.78

Income from Investment Operations

Net investment income .02 .08 (.07) E .01

Net realized and unrealized gain 4.44 .39 3.82 2.54
(loss) on investments

Total from investment operations 4.46 .47 3.75 2.55

Less Distributions

From net investment income (.08) - (.08) -

From net realized gain (.16) (1.45) (.50) -

In excess of net realized gain (.05) - - -

Total distributions (.29) (1.45) (.58) -

Net asset value, end of period $ 32.69 $ 28.52 $ 29.50 $ 26.33

TOTAL RETURN B, C 15.81% 1.58% 14.52% 10.72%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 $ 1,278,098 $ 874,172 $ 377,894 $ 22,655
omitted)

Ratio of expenses to average 1.58% A 1.70% 1.84% 1.47%
net assets A

Ratio of expenses to average net 1.59% A 1.71% 1.85% 1.47%
assets before expense reductions A

Ratio of net investment income to .13% A .15% (.24)% .25%
average net assets A

Portfolio turnover 120% A 137% 160% 240%

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D EFFECTIVE DECEMBER 1, 1994, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
E NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
F FOR THE PERIOD SEPTEMBER 10, 1992 (COMMENCEMENT OF SALES OF CLASS A
SHARES) TO NOVEMBER 30, 1992.
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED MAY 31,
1995

(UNAUDITED) 1994 C 1993 1992 1991 1990

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55 $ 17.32
beginning of period

Income from
Investment
Operations

Net investment .09 .30 .19 .17 .04 .01
income D

Net realized and 4.52 .42 3.78 4.55 8.69 .34
unrealized gain
(loss) on
investments

Total from investment 4.61 .72 3.97 4.72 8.73 .35
operations

Less Distributions

From net investment (.27) (.11) (.10) (.03) - (.08)
income

From net realized (.16) (1.45) (.50) (2.60) - (2.04)
gain

In excess of net (.05) - - - - -
realized gain

Total distributions (.48) (1.56) (.60) (2.63) - (2.12)

Net asset value, end of $ 33.03 $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55
period

TOTAL RETURN B 16.25% 2.46 15.36 21.14 56.14 2.75
% % % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 582,338 $ 410,450 $ 296,466 $ 179,325 $ 68,766 $ 27,473
period (000 omitted)

Ratio of expenses to .86% .84 .94 .98 1.13 1.74
average net assets A % % % % %

Ratio of expenses to .87% .86 .95 .98 1.13 1.74
average net assets A % % % % %
before expense
reductions

Ratio of net investment .85% 1.00 .66 .73 .25 .07
income to average A % % % % %
net assets

Portfolio turnover 120% 137 160 240 254 262
A % % % % %

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN AND FOR PERIODS OF LESS THAN ONE YEAR ARE
NOT ANNUALIZED.
C EFFECTIVE DECEMBER 1, 1994, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1995 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Equity Portfolio Growth (the fund) is a fund of Fidelity
Advisor Series I (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 fund offers Class A and Institutional Class shares, each of which has
equal rights as to assets and voting privileges. Each class has exclusive
voting rights with respect to its distribution plan. Investment income,
realized and unrealized capital gains and losses, and the common expenses
of the fund are allo- cated on a pro rata basis to each class based on the
relative net assets of each class to the total net assets of the fund. Each
class of shares differs in its respective distribution, transfer agent,
registration, and certain other class-specific fees and expenses.
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. The effects of changes in foreign currency exchange
rates on investment 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 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
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends are declared separately for each class,
while capital gain distributions are declared at the fund level and
allocated to each class on a prorata basis based on the number of shares
held by each class 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 foreign
currency transactions, non-taxable dividends and losses deferred due to
wash sales. The fund also utilized earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
gain (loss). Undistributed net investment income (loss)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.
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 agreements that
mature in 60 days or less from the date of purchase, and are collateralized
by U.S. Treasury or Federal Agency obligations.
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to the resale price.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,005,069,000 and $799,561,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
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 from December 1, 1994 to
May 31, 1995. 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 .33%. Effective August 1, 1994, FMR voluntarily
implemented an individual fund fee rate of .30%, as it resulted in a lower
management fee. For the period, the management fee was equivalent to an
annualized rate of .62% of average net assets.
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the 1940
Act, the Trustees have adopted a distribution plan with respect to the
fund's Class A shares ("Class A Plan"), pursuant to which the fund pays
Fidelity Distributors Corporation (FDC), an affiliate of FMR, a
distribution and service fee. This fee is based on an annual rate of .65%
of the average net assets of the Class A shares. For the period, Class A
paid FDC $3,364,000, of which $2,571,000 was paid to securities dealers,
banks and other financial institutions for the distribution of Class A
shares, and providing shareholder support services.
In addition, under the Class A Plan and the Institutional Class
Distribution and Service Plan, FMR or FDC may use its resources to pay
administrative and promotional expenses related to the sale of the fund's
shares. Subject to the approval of the Board of Trustees, the Plans also
authorize payments to third parties that assist in the sale of the fund's
shares or render shareholder support services. No payments were made under
the Plans during the period.
SALES LOAD. FDC receives a front-end sales charge of up to 4.75% for
selling Class A shares of the fund. For the period, FDC received sales
charges of $4,163,000 on sales of Class A shares of the fund, of which
$3,524,000 was paid to securities dealers, banks, and other financial
institutions.
TRANSFER AGENT FEES. State Street Bank and Trust Company (State Street) is
the transfer, dividend disbursing, and shareholder servicing agent for the
fund's Class A shares, while Fidelity Investments Institutional Operations
Company (FIIOC), an
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT FEES - CONTINUED
affiliate of FMR (collectively, with State Street, referred to as the
Transfer Agents) acts in that capacity for the fund's Institutional Class
shares. During the period December 1, 1994 to December 31, 1994, the
Transfer Agents receive fees based on the type, size, number of accounts,
and the number of transactions made by shareholders of the respective
classes of the fund. Effective January 1, 1995, the Board of Trustees
approved a revised transfer agent contract pursuant to which the Transfer
Agents receive account fees and asset based fees that vary according to
account size and type of account of the shareholders of the respective
classes of the fund. With respect to the Class A shares, State Street has
delegated certain transfer, dividend paying, and shareholder services to
FIIOC for which FIIOC receives its allocable share of all such fees. FIIOC
pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements.
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the fund's accounting records. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $449,000 for the period.
5. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balance during the period for which
loans were outstanding amounted to $3,078,000. The weighted average
interest rate was 6.44%.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$69,000 under this arrangement.
7. SHARE TRANSACTIONS.
Share transactions for both classes were as follows:
SHARES DOLLARS
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED MAY 31,
NOVEMBER 30, MAY 31, NOVEMBER 30,
1995 1994 1995 1994
AMOUNTS IN THOUSANDS
CLASS A
Shares sold 13,266 24,742 $ 395,836 $ 713,195
Reinvestment of distributions 299 591 8,317 16,940
Shares redeemed (5,122) (7,490) (152,253) (214,991)
Net increase (decrease) 8,443 17,843 $ 251,900 $ 515,144
INSTITUTIONAL CLASS
Shares sold 6,287 10,161 $ 189,155 $ 296,185
Reinvestment of distributions 151 294 4,231 8,468
Shares redeemed (3,009) (6,221) (90,292) (182,511)
Net increase (decrease) 3,429 4,234 $ 103,094 $ 122,142
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Robert E. Stansky, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, 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
State Street Bank and Trust Company
Boston, MA
CUSTODIAN
Chase Manhattan Bank, N.A.
New York, NY
* INDEPENDENT TRUSTEES
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Equity Portfolio Growth
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Strategic Income Fund
Fidelity Advisor Government Investment Fund
Fidelity Advisor Limited Term Bond Fund
Fidelity Advisor Short Fixed-Income Fund
TAX-EXEMPT FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Limited Term Tax-Exempt Fund
Fidelity Advisor Short-Intermediate Tax-Exempt Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)
(registered trademark)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

EQUITY PORTFOLIO GROWTH -
INSTITUTIONAL CLASS
SEMIANNUAL REPORT
MAY 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 23 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 28 Notes to the financial statements.

Advisor Equity Portfolio Growth -
Institutional Class 16.25% 16.49% 131.72% 477.35%

S&P 500(registered trademark) 19.23% 20.19% 71.79% 290.51%

Average Growth Fund 13.79% 13.42% 65.35% 235.80%

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, six months, one, five,
or ten years. For example, if you invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be $1,050.
You can compare Institutional Class' returns to the performance of the
Standard & Poor's Composite Index of 500 stocks - a common proxy for the
U.S. stock market. To measure how Institutional Class' performance stacked
up against its peers, you can compare it to the average growth fund, which
reflects the performance of 569 growth funds with similar objectives
tracked by Lipper Analytical Services over the past six months. Both
benchmarks include reinvested dividends and capital gains, if any, and
exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Advisor Equity Portfolio Growth -
Institutional Class 16.49% 18.30% 19.16%

S&P 500(registered trademark) 20.19% 11.43% 14.59%

Average Growth Fund 13.42% 10.29% 12.46%

AVERAGE ANNUAL TOTAL RETURNS take Institutional Class' actual (or
cumulative) return and show you what would have happened if Institutional
Class had performed at a constant rate each year.

$100,000 OVER 10 YEARS
Fidelity AdvisorStandard & Poor's
05/31/85 100000.00 100000.00
06/30/85 101206.03 101570.00
07/31/85 104924.62 101417.65
08/31/85 105728.64 100555.60
09/30/85 99597.99 97408.20
10/31/85 103517.59 101908.46
11/30/85 111457.29 108899.38
12/31/85 116783.92 114170.11
01/31/86 120731.33 114809.47
02/28/86 130887.27 123397.22
03/31/86 138037.88 130282.78
04/30/86 142390.42 128810.58
05/31/86 148504.71 135663.31
06/30/86 149644.66 137956.02
07/31/86 137105.19 130244.28
08/31/86 141768.63 139908.40
09/30/86 128814.62 128337.98
10/31/86 138245.14 135743.08
11/30/86 136587.03 139041.63
12/31/86 133730.00 135496.07
01/31/87 149773.11 153747.39
02/28/87 163305.09 159820.42
03/31/87 161821.54 164439.23
04/30/87 155887.32 162975.72
05/31/87 154860.24 164393.61
06/30/87 157827.35 172695.48
07/31/87 165016.89 181451.14
08/31/87 174945.29 188219.27
09/30/87 171978.18 184097.27
10/31/87 126672.71 144442.72
11/30/87 113206.60 132540.64
12/31/87 132973.59 142626.98
01/31/88 132606.93 148631.58
02/29/88 140551.12 155557.81
03/31/88 142628.84 150751.07
04/30/88 141040.00 152424.41
05/31/88 140062.25 153750.50
06/30/88 152528.52 160807.65
07/31/88 149473.07 160196.58
08/31/88 142873.27 154749.90
09/30/88 150817.47 161342.24
10/31/88 149228.63 165827.56
11/30/88 146906.48 163456.22
12/31/88 153678.30 166316.71
01/31/89 165787.81 178491.09
02/28/89 165912.65 174046.66
03/31/89 171405.62 178101.95
04/30/89 182766.07 187345.44
05/31/89 198495.94 194932.93
06/30/89 191130.37 193821.81
07/31/89 204238.59 211323.92
08/31/89 212228.37 215465.87
09/30/89 218095.86 214582.46
10/31/89 215349.37 209604.15
11/30/89 216223.25 213880.07
12/31/89 222589.76 219013.19
01/31/90 202159.51 204317.41
02/28/90 210303.04 206953.10
03/31/90 222589.76 212437.36
04/30/90 218160.83 207126.43
05/31/90 249163.38 227321.25
06/30/90 251306.41 225775.47
07/31/90 244162.97 225052.99
08/31/90 213017.55 204708.20
09/30/90 195444.67 194738.91
10/31/90 197873.44 193901.53
11/30/90 222161.16 206427.57
12/31/90 238019.61 212186.90
01/31/91 272593.88 221438.25
02/28/91 297167.33 237271.08
03/31/91 326312.59 243013.04
04/30/91 325169.64 243596.27
05/31/91 342171.04 254119.63
06/30/91 313740.13 242480.95
07/31/91 339170.79 253780.56
08/31/91 357458.02 259795.16
09/30/91 358315.23 255456.58
10/31/91 359315.31 258879.70
11/30/91 346885.72 248446.85
12/31/91 392036.50 276869.17
01/31/92 403013.95 271719.40
02/29/92 405085.59 275251.76
03/31/92 385962.75 269884.35
04/30/92 377994.90 277818.95
05/31/92 376241.97 279180.26
06/30/92 363812.12 275020.47
07/31/92 376560.68 286268.81
08/31/92 367477.33 280400.30
09/30/92 374329.68 283709.02
10/31/92 394089.96 284702.01
11/30/92 420224.51 294410.34
12/31/92 431779.96 298031.59
01/31/93 443851.26 300535.06
02/28/93 432604.21 304622.33
03/31/93 446296.28 311049.86
04/30/93 439124.24 303522.46
05/31/93 464878.37 311656.86
06/30/93 466834.38 312560.66
07/31/93 459010.34 311310.42
08/31/93 476125.43 323109.09
09/30/93 490469.50 320621.15
10/31/93 496663.53 327258.00
11/30/93 484764.47 324149.05
12/31/93 499608.37 328071.26
01/31/94 517635.46 339225.68
02/28/94 513510.88 330032.66
03/31/94 492716.09 315643.24
04/30/94 498387.40 319683.47
05/31/94 495637.67 324926.28
06/30/94 474155.46 316965.59
07/31/94 484638.78 327362.06
08/31/94 506808.43 340783.90
09/30/94 496668.82 332434.70
10/31/94 513167.16 339914.48
11/30/94 496668.82 327534.79
12/31/94 499393.63 332392.14
01/31/95 495198.51 341011.06
02/28/95 514600.92 354300.26
03/31/95 534352.93 364755.67
04/30/95 557600.86 375497.72
05/31/95 577352.87 390506.36
$100,000 OVER 10 YEARS: Let's say you invested $100,000 in Advisor Equity
Portfolio Growth - Institutional Class on May 31, 1985. As the chart shows,
by May 31, 1995, the value of your investment would have grown to $577,353
- - a 477.35% increase on your initial investment. For comparison, look at
how the S&P 500 did over the same period. With dividends reinvested, the
same $100,000 investment would have grown to $390,506 - a 290.51% 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 Bob Stansky, Portfolio Manager of Fidelity Advisor Equity
Portfolio Growth
Q. BOB, HOW HAS THE FUND PERFORMED?
A. For the six months and year ended May 31, 1995, Fidelity Advisor Equity
Portfolio Growth - Institutional Class returned 16.25% and 16.49%,
respectively. That beats the average growth fund tracked by Lipper
Analytical Services, which had a total return of 13.79% and 13.42% for the
same time periods, respectively.
Q. WHAT SORT OF MARKET ENVIRONMENT DID YOU FIND YOURSELF INVESTING IN?
A. There's no question that the market backdrop has been very favorable for
growth stocks. The economy grew sharply during the past six months and many
companies have posted impressive sales and profits. In addition, the
weakened dollar has been a plus for some growth companies. With the dollar
down against the two biggest currencies - the Japanese yen and the German
mark - a lot of strong growth companies have been able to benefit since
many growth stocks garner a large portion of their operating profits from
overseas.
Q. THE FUND HAS INCREASED ITS WEIGHTING IN TECHNOLOGY STOCKS FROM 31.4% SIX
MONTHS AGO TO 43.6% OF THE FUND AT THE END OF THE PERIOD. WHY?
A. I think that technology has the best unit growth of any industry in the
world. In the market sector of technology, which is actually composed of
several different industries, prices often fall every year and companies
have to work fast and furiously just to make up for the current year's
price cut. My investment philosophy hasn't changed and it's very visible in
the technology industry; it's all about unit growth and product cycle. If a
company has a good product, it tends to sell lots of units.
Q. WHICH TECHNOLOGY COMPANIES DO YOU LIKE BEST?
A. Intel, the largest holding in the fund, is a world-class manufacturer of
computer chips that I feel is selling at an attractive price. Intel's chips
are fast becoming the industry standard and the company is strong on
product cycle. IBM is another company with attractive earnings growth, and
is 2.8% of the fund's investments. The company has done a great job of
cutting costs and product demand is very good. As long as IBM can grow
revenues and earnings, I think 1995 and 1996 look pretty good.
Q. WHAT DO YOU MEAN BY PRODUCT CYCLE?
A. A company that's doing well in its product cycle is offering the right
products at the right time - products that customers want to buy.
Q. BESIDES INCREASING THE TECHNOLOGY WEIGHTING, WHAT OTHER CHANGES HAVE YOU
MADE TO THE FUND'S HOLDINGS?
A. I've cut the fund's retail and wholesale position by more than half. The
retail environment has been very sluggish despite the favorable interest
rate environment. Apparel, in particular has been suffering for some time
with more competition coming from discount stores. There has been a lot of
discounting and a lot of inventory on hand at the retail level. In
addition, retailers who have been expanding by 20% per year in recent years
have begun to cut their expansion plans to only about 5%-10% per year.
Therefore, I'm not too keen on retailing right now. I also cut the fund's
health care position by taking some profits in stocks that had rebounded
after concerns about increased regulation subsided.
Q. THERE WEREN'T TOO MANY FOREIGN STOCKS IN THE FUND'S HOLDINGS AT THE END
OF THE PERIOD. WHY?
A. While only about 3% of the fund's investments were invested in foreign
stocks on May 31, 1995, the fund is likely to own more over time. Most
growth market sectors - such as technology, finance and health care - have
been experiencing better growth rates inside the U.S. than outside during
the past six months. Although this won't always be the case, it's the
reason for the small foreign holding at the end of the period.
Q. WHY HAVE THE FUND'S SHORT-TERM INVESTMENTS INCREASED FROM ROUGHLY 7% OF
THE FUND SIX MONTHS AGO TO 12% OF THE FUND AS OF MAY 31, 1995?
A. First of all, my target is still to have cash of about 5% - 8% of the
fund. I also raised cash levels by selling some of the fund's retail and
health care positions. Since the market's been up recently, it helped
attract additional cash to the fund. Though I've deployed some of the
increased cash, I plan to invest most of the rest of it in the next couple
of months when the market is traditionally weaker and I can get better
prices.
Q. WHICH OF THE FUND'S INVESTMENTS HAVE BEEN DISAPPOINTING DURING THE PAST
SIX MONTHS?
A. Lowe's, the home building supply company, didn't perform as I'd hoped.
Despite lower interest rates, housing hasn't turned around like I expected
it to. In addition, bad weather during the past six months in many regions
of the country postponed a lot of building. For these reasons, Lowe's
growth results were disappointing. Another example was Motorola. The
company issued more stock in the fourth quarter of 1994, and since then its
stock price has been disappointing. Though the stock price is up a bit, the
stock's performance was well below the approximately 17% increase in the
market. However, I still think Motorola has a potential for strong product
cycle and attractive unit growth.
Q. WHAT'S YOUR OUTLOOK FOR THE NEXT SIX MONTHS?
A. If interest rates don't fluctuate too much in either direction,
companies with a strong product cycle should do well. The companies that
this fund owns tend to be leaders in their industries, producing what
consumers want, when they want it. I intend to stay focused on earnings. I
think valuations appear reasonable for 1995 and 1996 as long as the economy
moves along at a nice, steady crawl.

TOP TEN STOCKS AS OF MAY 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

Intel Corp. 4.8 1.0

International Business Machines 2.8 1.6
Corp.

Federal National Mortgage
Association 2.3 1.4

Oracle Systems Corp. 2.1 1.9

Compaq Computer Corp. 1.9 1.8

Micron Technology, Inc. 1.9 0.9

Applied Materials, Inc. 1.8 1.3

Cisco Systems, Inc. 1.6 0.7

Microsoft Corp. 1.5 0.9

Texas Instruments, Inc. 1.5 1.2

TOP FIVE MARKET SECTORS AS OF MAY 31, 1995
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET SECTORS
6 MONTHS AGO

Technology 43.6 31.4

Finance 7.2 7.3

Retail & Wholesale 6.9 14.4

Health 6.5 10.1

Industrial Machinery & Equipment 4.0 4.0

Showing Percentage of Total Value of Investment in Securities

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) MAY 31, 1995 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 1,834,804
agreements of $224,875) (cost $1,580,254) -
See accompanying schedule

Receivable for investments sold 38,038

Receivable for fund shares sold 18,955

Dividends receivable 1,563

Other receivables 72

TOTAL ASSETS 1,893,432

LIABILITIES

Payable for investments purchased $ 28,732

Payable for fund shares redeemed 2,167

Accrued management fee 926

Distribution fees payable 674

Other payables and accrued expenses 497

TOTAL LIABILITIES 32,996

NET ASSETS $ 1,860,436

Net Assets consist of:

Paid in capital $ 1,609,744

Undistributed net investment income 196

Accumulated undistributed net realized gain (loss) on (4,054)
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 254,550
investments

NET ASSETS $ 1,860,436

CALCULATION OF MAXIMUM OFFERING PRICE $32.69
CLASS A:
NET ASSET VALUE, and redemption price per share
($1,278,098 (divided by) 39,097 shares)

Maximum offering price per share (100/95.25 of $32.69) $34.32

INSTITUTIONAL CLASS: $33.03
NET ASSET VALUE, offering price and redemption price per
share ($582,338 (divided by) 17,632 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)

INVESTMENT INCOME $ 7,931
Dividends

Interest 4,889

TOTAL INCOME 12,820

EXPENSES

Management fee $ 4,673

Transfer agent fees 1,229
Class A

Institutional Class 411

Distribution fees - Class A 3,364

Accounting fees and expenses 304

Non-interested trustees' compensation 6

Custodian fees and expenses 38

Registration fees 88
Class A

Institutional Class 60

Audit 15

Legal 10

Interest 2

Reports to shareholders 2

Miscellaneous 4

Total expenses before reductions 10,206

Expense reductions (69) 10,137

NET INVESTMENT INCOME 2,683

REALIZED AND UNREALIZED GAIN (LOSS) 7,437
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on 226,511
investment securities

NET GAIN (LOSS) 233,948

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 236,631
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED MAY 31, NOVEMBER 30,
1995 1994
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,683 $ 4,645
Net investment income

Net realized gain (loss) 7,437 5,877

Change in net unrealized appreciation (depreciation) 226,511 (1,948)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 236,631 8,574
FROM OPERATIONS

Distributions to shareholders from: (2,488) -
Net investment income
Class A

Institutional Class (3,809) (1,108)

Net realized gain (4,889) (19,906)
Class A

Institutional Class (2,227) (14,674)

In excess of net realized gain (1,642) -
Class A

Institutional Class (756) -

TOTAL DISTRIBUTIONS (15,811) (35,688)

Share transactions - net increase (decrease) 354,994 637,286

TOTAL INCREASE (DECREASE) IN NET ASSETS 575,814 610,172

NET ASSETS

Beginning of period 1,284,622 674,450

End of period (including undistributed net investment $ 1,860,436 $ 1,284,622
income of $196 and $4,543, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED MAY 31,
1995

(UNAUDITED) 1994 D 1993 1992 F

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 28.52 $ 29.50 $ 26.33 $ 23.78

Income from Investment Operations

Net investment income .02 .08 (.07) E .01

Net realized and unrealized gain 4.44 .39 3.82 2.54
(loss) on investments

Total from investment operations 4.46 .47 3.75 2.55

Less Distributions

From net investment income (.08) - (.08) -

From net realized gain (.16) (1.45) (.50) -

In excess of net realized gain (.05) - - -

Total distributions (.29) (1.45) (.58) -

Net asset value, end of period $ 32.69 $ 28.52 $ 29.50 $ 26.33

TOTAL RETURN B, C 15.81% 1.58% 14.52% 10.72%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 $ 1,278,098 $ 874,172 $ 377,894 $ 22,655
omitted)

Ratio of expenses to average 1.58% A 1.70% 1.84% 1.47%
net assets A

Ratio of expenses to average net 1.59% A 1.71% 1.85% 1.47%
assets before expense reductions A

Ratio of net investment income to .13% A .15% (.24)% .25%
average net assets A

Portfolio turnover 120% A 137% 160% 240%

</TABLE>

(UNAUDITED) 1994 C 1993 1992 1991 1990

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA

Net asset value, $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55 $ 17.32
beginning of period

Income from
Investment
Operations

Net investment .09 .30 .19 .17 .04 .01
income D

Net realized and 4.52 .42 3.78 4.55 8.69 .34
unrealized gain
(loss) on
investments

Total from investment 4.61 .72 3.97 4.72 8.73 .35
operations

Less Distributions

From net investment (.27) (.11) (.10) (.03) - (.08)
income

From net realized (.16) (1.45) (.50) (2.60) - (2.04)
gain

In excess of net (.05) - - - - -
realized gain

Total distributions (.48) (1.56) (.60) (2.63) - (2.12)

Net asset value, end of $ 33.03 $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55
period

TOTAL RETURN B 16.25% 2.46 15.36 21.14 56.14 2.75
% % % % %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 582,338 $ 410,450 $ 296,466 $ 179,325 $ 68,766 $ 27,473
period (000 omitted)

Ratio of expenses to .86% .84 .94 .98 1.13 1.74
average net assets A % % % % %

Ratio of expenses to .87% .86 .95 .98 1.13 1.74
average net assets A % % % % %
before expense
reductions

Ratio of net investment .85% 1.00 .66 .73 .25 .07
income to average A % % % % %
net assets

Portfolio turnover 120% 137 160 240 254 262
A % % % % %

</TABLE>

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Equity Portfolio Growth (the fund) is a fund of Fidelity
Advisor Series I (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 fund offers Class A and Institutional Class shares, each of which has
equal rights as to assets and voting privileges. Each class has exclusive
voting rights with respect to its distribution plan. Investment income,
realized and unrealized capital gains and losses, and the common expenses
of the fund are allo- cated on a pro rata basis to each class based on the
relative net assets of each class to the total net assets of the fund. Each
class of shares differs in its respective distribution, transfer agent,
registration, and certain other class-specific fees and expenses.
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. The effects of changes in foreign currency exchange
rates on investment 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 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
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends are declared separately for each class,
while capital gain distributions are declared at the fund level and
allocated to each class on a prorata basis based on the number of shares
held by each class 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 foreign
currency transactions, non-taxable dividends and losses deferred due to
wash sales. The fund also utilized earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
gain (loss). Undistributed net investment income (loss)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.
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 agreements that
mature in 60 days or less from the date of purchase, and are collateralized
by U.S. Treasury or Federal Agency obligations.
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to the resale price.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,005,069,000 and $799,561,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
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 from December 1, 1994 to
May 31, 1995. 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 .33%. Effective August 1, 1994, FMR voluntarily
implemented an individual fund fee rate of .30%, as it resulted in a lower
management fee. For the period, the management fee was equivalent to an
annualized rate of .62% of average net assets.
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the 1940
Act, the Trustees have adopted a distribution plan with respect to the
fund's Class A shares ("Class A Plan"), pursuant to which the fund pays
Fidelity Distributors Corporation (FDC), an affiliate of FMR, a
distribution and service fee. This fee is based on an annual rate of .65%
of the average net assets of the Class A shares. For the period, Class A
paid FDC $3,364,000, of which $2,571,000 was paid to securities dealers,
banks and other financial institutions for the distribution of Class A
shares, and providing shareholder support services.
In addition, under the Class A Plan and the Institutional Class
Distribution and Service Plan, FMR or FDC may use its resources to pay
administrative and promotional expenses related to the sale of the fund's
shares. Subject to the approval of the Board of Trustees, the Plans also
authorize payments to third parties that assist in the sale of the fund's
shares or render shareholder support services. No payments were made under
the Plans during the period.
SALES LOAD. FDC receives a front-end sales charge of up to 4.75% for
selling Class A shares of the fund. For the period, FDC received sales
charges of $4,163,000 on sales of Class A shares of the fund, of which
$3,524,000 was paid to securities dealers, banks, and other financial
institutions.
TRANSFER AGENT FEES. State Street Bank and Trust Company (State Street) is
the transfer, dividend disbursing, and shareholder servicing agent for the
fund's Class A shares, while Fidelity Investments Institutional Operations
Company (FIIOC), an
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT FEES - CONTINUED
affiliate of FMR (collectively, with State Street, referred to as the
Transfer Agents) acts in that capacity for the fund's Institutional Class
shares. During the period December 1, 1994 to December 31, 1994, the
Transfer Agents receive fees based on the type, size, number of accounts,
and the number of transactions made by shareholders of the respective
classes of the fund. Effective January 1, 1995, the Board of Trustees
approved a revised transfer agent contract pursuant to which the Transfer
Agents receive account fees and asset based fees that vary according to
account size and type of account of the shareholders of the respective
classes of the fund. With respect to the Class A shares, State Street has
delegated certain transfer, dividend paying, and shareholder services to
FIIOC for which FIIOC receives its allocable share of all such fees. FIIOC
pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements.
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the fund's accounting records. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $449,000 for the period.
5. BANK BORROWINGS.
The fund is permitted to have bank borrowings for temporary or emergency
purposes to fund shareholder redemptions. The fund has established
borrowing arrangements with certain banks. Under the most restrictive
arrangement, the fund must pledge to the bank securities having a market
value in excess of 220% of the total bank borrowings. The interest rate on
the borrowings is the bank's base rate, as revised from time to time. The
maximum loan and the average daily loan balance during the period for which
loans were outstanding amounted to $3,078,000. The weighted average
interest rate was 6.44%.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$69,000 under this arrangement.
7. SHARE TRANSACTIONS.
Share transactions for both classes were as follows:
SHARES DOLLARS
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED MAY 31,
NOVEMBER 30, MAY 31, NOVEMBER 30,
1995 1994 1995 1994
AMOUNTS IN THOUSANDS
CLASS A
Shares sold 13,266 24,742 $ 395,836 $ 713,195
Reinvestment of distributions 299 591 8,317 16,940
Shares redeemed (5,122) (7,490) (152,253) (214,991)
Net increase (decrease) 8,443 17,843 $ 251,900 $ 515,144
INSTITUTIONAL CLASS
Shares sold 6,287 10,161 $ 189,155 $ 296,185
Reinvestment of distributions 151 294 4,231 8,468
Shares redeemed (3,009) (6,221) (90,292) (182,511)
Net increase (decrease) 3,429 4,234 $ 103,094 $ 122,142
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Robert E. Stansky, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, 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 Investments Institutional Operations Company
Boston, MA
CUSTODIAN
Chase Manhattan Bank, N.A.
New York, NY
* INDEPENDENT TRUSTEES
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Equity Portfolio Growth
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Strategic Income Fund
Fidelity Advisor Government Investment Fund
Fidelity Advisor Limited Term Bond Fund
Fidelity Advisor Short Fixed-Income Fund
TAX-EXEMPT FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Limited Term Tax-Exempt Fund
Fidelity Advisor Short-Intermediate Tax-Exempt Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)
(registered trademark)