FIDELITY ADVISOR SERIES I, N-30D, 1996-07-19

FIDELITY ADVISOR SERIES I
N-30D, 1996-07-19

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(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

LARGE CAP
FUND - CLASS A AND CLASS B
SEMIANNUAL REPORT
MAY 31, 1996
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 SUMMARY 9 A summary of the fund's
investments.

INVESTMENTS 10 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 18 Statements of assets and
liabilities, operations, and changes
in net assets, as well as financial
highlights.

NOTES 24 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,
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 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 stocks have managed to post solid returns through the first five
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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. 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
ADVISOR LARGE CAP FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Large Cap - Class A 3.40%

Advisor Large Cap - Class A -0.22%
(incl. max. 3.50% sales
charge)

S&P 500 (registered trademark) 3.95%

Growth Funds Average 6.49%

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage terms
over a set period - in this case, since the fund started on February 20,
1996. 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 the performance of the Standard & Poor's 500
Index - a common proxy of the U.S. stock market. To measure how Class A's
performance stacked up against its peers, you can compare it to the
performance of the growth funds average, which reflects the performance of
648 growth funds with similar objectives tracked by Lipper Analytical
Services over the period. Both benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
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)
ADVISOR LARGE CAP FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Large Cap - Class B 3.30%

Advisor Large Cap - Class B -0.70%
(incl. contingent deferred
sales charge)

S&P 500 (registered trademark) 3.95%

Growth Funds Average 6.49%

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage terms
over a set period - in this case, since the fund started on February 20,
1996. 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 B's returns to the performance of the Standard & Poor's 500
Index - a common proxy of the U.S. stock market. To measure how Class B's
performance stacked up against its peers, you can compare it to the
performance of the growth funds average, which reflects the performance of
648 growth funds with similar objectives tracked by Lipper Analytical
Services over the period. Both benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
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

NOTE TO SHAREHOLDERS: On March 26, 1996, Tom Sprague became Portfolio
Manager of Fidelity Advisor Large Cap Fund
Q. HOW DID THE FUND PERFORM, TOM?
A. Fidelity generally looks at performance for six- or 12-month periods.
For this report, we will look at performance since inception on February
20, 1996. For the period ended May 31, 1996, the fund's Class A and Class B
shares returned 3.40% and 3.30%, respectively. That compares to a total
return of 3.95% for the Standard & Poor's 500 Index, and 6.49% for the
growth funds average, according to Lipper Analytical Services. While the
fund performed roughly in line with the broad market as measured by the S&P
500 during the period, it underperformed its Lipper growth peers due to its
large-cap emphasis. Small- and mid-cap stocks have meaningfully
outperformed large-cap stocks so far in 1996.
Q. LET'S DISCUSS THE WAY YOU'VE STRUCTURED THE PORTFOLIO SO FAR. WHY ARE
TECHNOLOGY STOCKS YOUR BIGGEST POSITION?
A. This is a growth-oriented fund, which means that I look for companies
that can sustain earnings growth over a multi-year period. That approach
tends to lead me to a few core industries, including technology, health
care and consumer non-durables. I think those three are the mainstays of
the growth segment of the market, as opposed to the more cyclical areas.
While technology remained a big portion of the fund's holdings at the end
of the period, I actually reduced my position in technology stocks over the
period.
Q. WHY WAS THAT?
A. Well, the fundamentals of many technology stocks deteriorated. Backing
up a bit, demand in the semiconductor, personal computer and networking
areas had outpaced available supply in 1994 and 1995. Eventually, companies
responded by adding capacity as fast as they could, but by the time that
happened, demand slackened. The result so far in 1996 has been weaker
pricing in many technology areas where supply has outstripped demand.
Although I focus on long-term earnings, I also pay attention to short-term
earnings momentum which softened considerably over the period due to this
price erosion.
Q. DID THE ABSENCE OF FURTHER DISCUSSION ON HEALTH CARE REFORM HELP STOCKS
IN THAT AREA?
A. Absolutely. For many pharmaceutical companies in particular, I saw
strong short-term momentum during the period, coupled with an even better
long-term outlook. That's because companies such as Merck and
Schering-Plough continued to develop new drugs during the debate on health
care reform. So when no dramatic changes resulted from that debate, they
were poised to bring products to the market quickly, and the FDA has been
approving them more quickly as well. Also, providers are realizing that
drugs are in many cases a cost-efficient way to manage health care. After
all, it makes sense that spending on, say, prescriptions for blood pressure
medication today is cheaper than treating a heart attack five years from
now. And finally, because the average number of prescriptions per person
increases with age, the aging Baby Boomer wave should be a powerful
demographic positive. Related areas such as drug stores and drug
distributors also have had strong results over the period.
Q. AREN'T SOME OF THE CONSUMER NON-DURABLE AREAS MORE CYCLICAL IN NATURE?
A. That's right. So my focus in that segment, which typically includes
producers of consumable items such as food, clothing and services, is on
companies that I think of as growth cyclicals. By that I mean companies
that can grow their earnings even if a cyclical economic downturn is
negatively affecting the industry's sales. Retail is an example of an area
where I can find these cyclical growth companies.
Q. LET'S GO INTO A LITTLE MORE DETAIL ON THAT.
A. For years, retailers had opened too many stores and stocked too much
inventory. Finally, after yet another
disappointing Christmas season in 1995, many retailers held down
inventories, curbed expansion plans and, in general, set expectations for
modest sales for 1996. When business was actually stronger than these
scaled-back expectations, they were well positioned to take advantage. For
example, Gymboree, the infant clothing supplier, dramatically reduced its
inventory this year compared to last year. Even though year-over-year sales
volumes this year weren't up that much, lower starting inventories meant
that the company didn't have to mark down its merchandise to clear its
shelves. The result has been higher selling margins and strong earnings
growth. Sears is a good example of a company that has no longer depended on
new store growth to grow earnings, but rather has better managed its
existing selling space and merchandise and produced strong earnings growth.
Q. DID ANY STOCKS PROVE DISAPPOINTING OVER THE PERIOD?
A. I would say several of the fund's technology stocks did not work out as
well as I had hoped. There were some large technology positions in the fund
during the period and, because they were attractively priced in relation to
earnings, I believed that there wasn't much downside risk even if they
reported weak results. Unfortunately, short-term results have been quite
weak, and their performance hurt the fund during the period.
Q. WHAT'S YOUR OUTLOOK OVER THE NEXT SEVERAL MONTHS, TOM?
A. Let me say that my overall philosophy is to remain close to fully
invested rather than trying to time the market. I am also not a sector
rotator, but rather pick stocks bottoms up, one at a time, based on
individual company fundamentals. The fund's weighting toward growth
companies instead of cyclicals means that the fund may benefit most from a
stable, low-growth economy, with steady or declining interest rates. Of
course, a rotation by investors back into large-cap stocks from the small-
and mid-cap sectors would also help the fund.
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.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: to seek long-term
growth of capital by investing
primarily in equity securities
of companies with large
market capitalizations
START DATE: February 20, 1996
SIZE: As of May 31, 1996,
more than $14.0 million
MANAGER: Tom Sprague,
since March 26, 1996; joined
Fidelity in 1989
(checkmark)
TOM SPRAGUE ON HIS
INVESTMENT DISCIPLINE:
"I base my investment
decisions primarily on three
characteristics: long-term
earnings growth, short-term
earnings momentum and
good overall stock valuation.
As for long-term earnings
growth, I look for companies
that can grow their earnings
above the 8% a year of the
fund's benchmark, the S&P
500. I'm interested in
companies with earnings
growth potential of at least
10% to 15% a year over a
three-year period. The
second step is to take those
companies and determine
which will have good earnings
surprises in the short-term
compared to what the market
expects. I think Fidelity's
analysts give me a big
advantage in uncovering
those kinds of stocks. The
third step is ensuring that the
stock price is attractive to me.
To do this I'll analyze a stock's
price per unit of earnings
growth, using a measure
called `p-e to growth.' For
example, if the market is
selling at a price-to-earnings
ratio of about 16 times
earnings, and earnings are
growing at 8% a year, then the
market's p-e to growth
measure is 16 divided by 8, or
2. I'm looking for stocks with a
p-e to growth of closer to one,
which means I can get a unit
of earnings growth priced at
half that of the market - in
other words, a bargain. With
this strategy, I can stay fully
focused on the stocks that
have true earnings growth
and are selling at reasonable
valuations because, over
time, the market tends to
reward that."
INVESTMENT SUMMARY

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

International Business Machines Corp. 3.0

General Electric Co. 2.3

Philip Morris Companies, Inc. 2.1

AT&T Corp. 1.7

Owens-Illinois, Inc. 1.4

Merck & Co., Inc. 1.4

Adaptec, Inc. 1.3

Ameritech Corp. 1.3

British Petroleum PLC ADR 1.3

Columbia/HCA Healthcare Corp. 1.3

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Technology 18.1

Health 15.0

Retail & Wholesale 9.3

Finance 9.1

Nondurables 8.1

ASSET ALLOCATION
AS OF MAY 31, 1996 *
Stocks 91.0%
Short-term
investments 9.0%
FOREIGN
INVESTMENTS 2.9%
Row: 1, Col: 1, Value: 9.0
Row: 1, Col: 2, Value: 41.0
Row: 1, Col: 3, Value: 50.0
*
INVESTMENTS MAY 31, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 91.0%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 0.7%
Lockheed Martin Corp. 1,170 $ 98,134
BASIC INDUSTRIES - 2.9%
CHEMICALS & PLASTICS - 1.5%
Monsanto Co. 470 71,381
Praxair, Inc. 2,490 101,156
Rohm & Haas Co. 860 58,265
230,802
PACKAGING & CONTAINERS - 1.4%
Owens-Illinois, Inc. 12,740 207,025
TOTAL BASIC INDUSTRIES 437,827
CONGLOMERATES - 1.1%
Allied-Signal, Inc. 1,240 67,890
Tyco International Ltd. 2,280 90,060
157,950
CONSTRUCTION & REAL ESTATE - 0.4%
Sherwin-Williams Co. 1,360 61,030
DURABLES - 4.3%
AUTOS, TIRES, & ACCESSORIES - 1.5%
Autozone, Inc. (a) 1,560 54,795
Echlin, Inc. 2,580 88,688
Snap-on Tools Corp. 1,710 82,294
225,777
CONSUMER ELECTRONICS - 0.8%
Black & Decker Corp. 2,070 85,129
Newell Co. 1,200 36,000
121,129
HOME FURNISHINGS - 0.6%
Heilig-Meyers Co. 1,800 37,125
Leggett & Platt, Inc. 1,600 45,400
82,525
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
DURABLES - CONTINUED
TEXTILES & APPAREL - 1.4%
Jones Apparel Group, Inc. (a) 1,170 $ 59,670
Nine West Group, Inc. (a) 1,800 87,525
Warnaco Group, Inc. Class A 2,070 58,736
205,931
TOTAL DURABLES 635,362
ENERGY - 4.7%
ENERGY SERVICES - 1.1%
Dresser Industries, Inc. 600 17,550
Halliburton Co. 900 50,063
Schlumberger Ltd. 1,230 102,551
170,164
OIL & GAS - 3.6%
Amerada Hess Corp. 420 23,940
Anadarko Petroleum Corp. 950 51,063
Atlantic Richfield Co. 600 71,775
British Petroleum PLC ADR 1,802 189,886
Royal Dutch Petroleum Co. ADR (NY Reg.) 1,030 154,500
Unocal Corp. 1,570 51,025
542,189
TOTAL ENERGY 712,353
FINANCE - 9.1%
BANKS - 2.0%
Bank of New York Co., Inc. 2,640 136,950
NationsBank Corp. 1,930 156,571
293,521
CREDIT & OTHER FINANCE - 1.5%
American Express Co. 3,330 152,348
Household International, Inc. 1,130 78,253
230,601
FEDERAL SPONSORED CREDIT - 2.3%
Federal Home Loan Mortgage Corp. 1,760 145,420
Federal National Mortgage Association 5,270 162,711
Student Loan Marketing Association 400 29,950
338,081
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
FINANCE - CONTINUED
INSURANCE - 3.3%
Aetna Life & Casualty Co. 1,650 $ 121,688
Allstate Corp. 4,080 172,380
American International Group, Inc. 1,000 94,250
MBIA, Inc. 880 66,990
UNUM Corp. 590 34,810
490,118
TOTAL FINANCE 1,352,321
HEALTH - 15.0%
DRUGS & PHARMACEUTICALS - 6.0%
Allergan, Inc. 2,080 80,080
American Home Products Corp. 2,520 134,820
Bristol-Myers Squibb Co. 1,500 128,063
Merck & Co., Inc. 3,170 204,861
Pfizer, Inc. 1,250 88,438
Pharmacia & Upjohn, Inc. 3,000 122,625
Schering-Plough Corp. 2,330 136,596
895,483
MEDICAL EQUIPMENT & SUPPLIES - 5.5%
Baxter International, Inc. 2,740 121,245
Becton, Dickinson & Co. 1,910 162,350
Bergen Brunswig Corp. Class A 3,740 99,578
Cardinal Health, Inc. 860 54,933
Johnson & Johnson 1,270 123,666
McKesson Corp. 1,160 54,085
Medtronic, Inc. 720 40,500
Millipore Corp. 1,770 77,659
St. Jude Medical, Inc. (a) 2,170 82,460
816,476
MEDICAL FACILITIES MANAGEMENT - 3.5%
Columbia/HCA Healthcare Corp. 3,520 189,640
Health Care & Retirement Corp. (a) 1,370 49,491
Health Management Associates, Inc. Class A (a) 1,230 42,435
Tenet Healthcare Corp. (a) 2,500 53,750
United Healthcare Corp. 1,810 99,324
Vencor, Inc. (a) 2,870 90,764
525,404
TOTAL HEALTH 2,237,363
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
INDUSTRIAL MACHINERY & EQUIPMENT - 4.7%
ELECTRICAL EQUIPMENT - 2.3%
General Electric Co. 4,100 $ 339,275
INDUSTRIAL MACHINERY & EQUIPMENT - 2.4%
Caterpillar, Inc. 2,700 177,188
Ingersoll-Rand Co. 1,840 77,510
Stanley Works 1,800 109,125
363,823
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 703,098
MEDIA & LEISURE - 3.6%
ENTERTAINMENT - 0.4%
Carnival Cruise Lines, Inc. Class A 1,040 30,940
Disney (Walt) Co. 590 35,843
66,783
LODGING & GAMING - 1.8%
HFS, Inc. (a) 1,640 102,295
Hilton Hotels Corp. 330 35,558
Marriott International, Inc. 2,750 130,625
268,478
PUBLISHING - 1.0%
American Greetings Corp. Class A 1,230 33,364
Scholastic Corp. (a) 670 41,708
Times Mirror Co. Class A 1,770 77,216
152,288
RESTAURANTS - 0.4%
Brinker International, Inc. (a) 1,790 29,983
Darden Restaurants, Inc. 1,970 23,394
53,377
TOTAL MEDIA & LEISURE 540,926
NONDURABLES - 8.1%
AGRICULTURE - 0.4%
Pioneer Hi-Bred International, Inc. 1,050 59,325
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
NONDURABLES - CONTINUED
BEVERAGES - 1.1%
Coca-Cola Company (The) 1,280 $ 58,880
PepsiCo, Inc. 3,080 102,410
161,290
FOODS - 1.7%
CPC International, Inc. 610 42,166
ConAgra, Inc. 990 42,199
General Mills, Inc. 1,050 60,244
Ralston Purina Co. 1,180 72,275
Tyson Foods, Inc. 1,760 43,120
260,004
HOUSEHOLD PRODUCTS - 1.9%
Clorox Co. 270 22,984
First Brands Corp. 2,920 72,270
Gillette Co. 700 41,388
Procter & Gamble Co. 1,610 141,479
278,121
TOBACCO - 3.0%
Philip Morris Companies, Inc. 3,120 310,050
RJR Nabisco Holdings Corp. 4,060 134,488
444,538
TOTAL NONDURABLES 1,203,278
RETAIL & WHOLESALE - 9.3%
APPAREL STORES - 1.0%
Gymboree Corp. (a) 4,460 151,640
DRUG STORES - 2.0%
Eckerd Corp. (a) 4,760 108,290
General Nutrition Companies, Inc. (a) 5,350 82,925
Rite Aid Corp. 3,510 103,106
294,321
GENERAL MERCHANDISE STORES - 2.5%
Dillard Department Stores, Inc. Class A 900 36,000
Dollar General Corp. 3,363 93,309
Sears, Roebuck & Co. 3,100 157,713
Wal-Mart Stores, Inc. 3,100 80,213
367,235
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - CONTINUED
GROCERY STORES - 0.5%
Stop & Shop Companies, Inc. (a) 2,350 $ 78,138
RETAIL & WHOLESALE, MISCELLANEOUS - 3.3%
Circuit City Stores, Inc. 3,930 128,216
Lowe's Companies, Inc. 4,670 159,948
PETsMART, Inc. (a) 2,430 108,135
Toys "R" Us, Inc. (a) 3,140 91,060
487,359
TOTAL RETAIL & WHOLESALE 1,378,693
SERVICES - 1.5%
ADVERTISING - 0.6%
Omnicom Group, Inc. 2,170 94,666
SERVICES - 0.9%
Block (H&R), Inc. 1,440 50,220
Service Corp. International 1,490 83,254
133,474
TOTAL SERVICES 228,140
TECHNOLOGY - 18.1%
COMMUNICATIONS EQUIPMENT - 2.7%
Cisco Systems, Inc. (a) 3,450 188,888
Network General Corp. (a) 5,800 137,750
3Com Corp. (a) 1,540 75,845
402,483
COMPUTER SERVICES & SOFTWARE - 5.5%
America Online, Inc. (a) 1,170 66,105
American Management Systems, Inc. 900 25,650
Ascend Communications, Inc. (a) 300 20,063
Automatic Data Processing, Inc. 3,230 123,951
Broderbund Software, Inc. (a) 1,010 42,546
CUC International, Inc. (a) 1,840 68,080
Ceridian Corp. (a) 1,400 74,025
Computer Sciences Corp. (a) 870 68,621
Equifax Inc. 1,990 49,253
General Motors Corp. Class E 1,150 64,831
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Microsoft Corp. (a) 360 $ 42,750
Sierra On-Line, Inc. (a) 2,610 117,450
Stratacom, Inc. (a) 980 53,288
816,613
COMPUTERS & OFFICE EQUIPMENT - 7.3%
Adaptec, Inc. (a) 3,250 194,594
Bay Networks, Inc. (a) 2,680 77,720
Compaq Computer Corp. (a) 2,160 105,030
Digital Equipment Corp. (a) 890 46,391
International Business Machines Corp. 4,120 439,810
Pitney Bowes, Inc. 2,660 132,003
Xerox Corp. 610 95,999
1,091,547
ELECTRONICS - 1.8%
Intel Corp. 600 45,300
Linear Technology Corp. 4,600 158,700
Maxim Integrated Products, Inc. (a) 1,980 67,320
271,320
PHOTOGRAPHIC EQUIPMENT - 0.8%
Eastman Kodak Co. 1,200 89,250
Polaroid Corp. 720 32,400
121,650
TOTAL TECHNOLOGY 2,703,613
TRANSPORTATION - 0.2%
RAILROADS - 0.2%
CSX Corp. 500 24,750
UTILITIES - 7.3%
CELLULAR - 1.2%
AirTouch Communications, Inc. (a) 1,180 37,613
360 Degrees Communications Co. (a) 2,370 54,806
Vodafone Group PLC sponsored ADR 2,130 84,401
176,820
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 6.1%
AT&T Corp. 3,970 $ 247,620
Ameritech Corp. 3,440 194,360
Frontier Corp. 4,230 135,360
NYNEX Corp. 2,780 128,225
SBC Communications, Inc. 2,840 140,225
WorldCom, Inc. (a) 1,480 72,335
918,125
TOTAL UTILITIES 1,094,945
TOTAL COMMON STOCKS
(Cost $13,230,366) 13,569,783
REPURCHASE AGREEMENTS - 9.0%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.32%, dated
5/31/96 due 6/3/96 $ 1,335,592 1,335,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $14,565,366) $ 14,904,783
LEGEND
1. Non-income producing
INCOME TAX INFORMATION
At May 31, 1996, the aggregate cost of investment securities for income tax
purposes was $14,565,366. Net unrealized appreciation aggregated $339,417,
of which $593,970 related to appreciated investment securities and $254,553
related to depreciated investment securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MAY 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 14,904,783
agreements of $1,335,000) (cost $14,565,366) -
See accompanying schedule

Cash 846

Receivable for fund shares sold 281,546

Dividends receivable 16,003

Prepaid expenses 59,303

Receivable from investment adviser for expense 12,436
reductions

TOTAL ASSETS 15,274,917

LIABILITIES

Payable for investments purchased $ 594,485

Payable for fund shares redeemed 2,429

Accrued management fee 6,574

Distribution fees payable 5,384

Other payables and accrued expenses 42,839

TOTAL LIABILITIES 651,711

NET ASSETS $ 14,623,206

Net Assets consist of:

Paid in capital $ 14,269,276

Undistributed net investment income 2,953

Accumulated undistributed net realized gain (loss) on 11,560
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 339,417
investments

NET ASSETS $ 14,623,206

CALCULATION OF MAXIMUM OFFERING PRICE $10.34
CLASS A:
NET ASSET VALUE, and redemption price per share
($10,120,575 (divided by) 978,553 shares)

Maximum offering price per share (100/96.50 of $10.34) $10.72

CLASS B: $10.33
NET ASSET VALUE, offering price and redemption price per
share ($2,597,666 (divided by) 251,565 shares) A

INSTITUTIONAL CLASS: $10.35
NET ASSET VALUE, offering price and redemption price per
share ($1,904,965 (divided by) 184,103 shares)

</TABLE>

A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 20, 1996 (COMMENCEMENT OF OPERATIONS) TO
MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 33,383
Dividends

Interest 14,664

TOTAL INCOME 48,047

EXPENSES

Management fee $ 13,629

Transfer agent fees 3,605
Class A

Class B 1,061

Institutional Class 912

Distribution fees 6,913
Class A

Class B 3,475

Accounting fees and expenses 16,207

Non-interested trustees' compensation 4

Custodian fees and expenses 14,111

Registration fees 15,049
Class A

Class B 12,581

Institutional Class 13,035

Audit 11,565

Total expenses before reductions 112,147

Expense reductions (67,053) 45,094

NET INVESTMENT INCOME 2,953

REALIZED AND UNREALIZED GAIN (LOSS) 11,560
Net realized gain (loss) on investment securities and
foreign currency transactions

Change in net unrealized appreciation (depreciation) on 339,417
investment securities

NET GAIN (LOSS) 350,977

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 353,930
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
FEBRUARY 20, 1996
(COMMENCEMENT OF
OPERATIONS) TO
MAY 31, 1996
(UNAUDITED)

<TABLE>
<CAPTION>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,953
Net investment income

Net realized gain (loss) 11,560

Change in net unrealized appreciation (depreciation) 339,417

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 353,930
FROM OPERATIONS

Share transactions - net increase (decrease) 14,269,276

TOTAL INCREASE (DECREASE) IN NET ASSETS 14,623,206

NET ASSETS

Beginning of period -

End of period (including undistributed net investment income of $2,953) $ 14,623,206

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) .00

Net realized and unrealized gain (loss) .34

Total from investment operations .34

Net asset value, end of period $ 10.34

TOTAL RETURN B, C 3.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 10,121

Ratio of expenses to average net assets 2.00% A,
E

Ratio of net investment income to average net assets .11% A

Portfolio turnover 85% A

Average commission rate F $ .0253

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED.
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 CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
F A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR
SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM
PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES
MAY DIFFER.
FINANCIAL HIGHLIGHTS - CLASS B
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.01)

Net realized and unrealized gain (loss) .34

Total from investment operations .33

Net asset value, end of period $ 10.33

TOTAL RETURN B, C 3.30%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 2,598

Ratio of expenses to average net assets 2.50% A,
E

Ratio of net investment income (loss) to average net assets (.39)%
A

Portfolio turnover 85% A

Average commission rate F $ .0253

A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
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 CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
F A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR
SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM
PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES
MAY DIFFER.
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income .02

Net realized and unrealized gain (loss) .33

Total from investment operations .35

Net asset value, end of period $ 10.35

TOTAL RETURN B, C 3.50%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 1,905

Ratio of expenses to average net assets 1.50% A,
E

Ratio of net investment income to average net assets .61% A

Portfolio turnover 85% A

Average commission rate F $ .0253

A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
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 CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
F A FUND IS REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR
SECURITY TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM
PERIOD TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED
IN VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES
MAY DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Large Cap Fund (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, Class B, 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 allocated 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 financial statements have been prepared in conformity with generally
accepted accounting principles which permit 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 for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an exchange)
are valued primarily using dealer-supplied valuations or at their fair
value as determined in good faith under consistently applied procedures
under the general supervision of the Board of Trustees. Short-term
securities maturing within sixty days of their purchase date are valued at
amortized cost or original cost plus accrued interest, both of which
approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities are included with the
net realized and unrealized gain or loss on investment securities.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INCOME TAXES. The fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code. By so qualifying, the fund
will not be 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.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
PREPAID EXPENSES. FMR bears all organizational expenses except for
registering and qualifying each class and shares of each class for
distribution under federal and state securities law. These expenses are
borne by each class and amortized over one year.
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 pro rata 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 may result in distribution reclassifications.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions may include temporary book and tax basis
differences which will reverse in a subsequent period. Any taxable income
or gain remaining at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
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
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT - CONTINUED
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.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $15,118,179 and $1,899,373, 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 .2500%
to .5200% for the period. In the event that these rates were lower than the
contractual rates in effect during the period, FMR voluntarily implemented
the above rates, as they resulted in the same or a lower management fee.
The annual individual fund fee rate is .30%. For the period, the management
fee was equivalent to an annualized rate of .61% of average net assets.
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the 1940
Act, the Trustees have adopted separate distribution plans with respect to
the fund's Class A shares (Class A Plan), Class B shares (Class B Plan),
and Institutional Class shares (collectively referred to as "the Plans").
Under the Class A Plan and Class B Plan, the fund pays Fidelity
Distributors Corporation (FDC), an affiliate of FMR, a distribution and
service fee. Under the Class A Plan, this fee is based on an annual rate of
.50% of the average net assets of the Class A shares. Under the Class B
Plan, this fee is based on an annual rate of 1.00% (of which .75%
represents a distribution fee and .25% represents a shareholder service
fee) of the average net assets of the Class B shares. For the period, the
fund paid FDC $6,913 and $3,475 under the Class A Plan and Class B Plan,
respectively, of which $6,913 and $874 were paid to securities dealers,
banks and other financial institutions for the distribution of Class A and
Class B shares, respectively, and providing shareholder support services.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
Under the Plans, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of the fund's Class A, Class B,
and Institutional Class shares. The Plans also authorize payments to third
parties that assist in the sale of the fund's shares or render shareholder
support services.
SALES LOAD. FDC, receives a front-end sales charge of up to 3.50% for
selling Class A shares of the fund. For the period, FDC received sales
charges of $107,807 on sales of Class A shares of the fund, of which
$90,992 was paid to securities dealers, banks, and other financial
institutions. FDC also receives the proceeds of a contingent deferred sales
charge levied on Class B share redemptions occurring within five years of
purchase. The charge is based on declining rates which range from 4% to 1%
of the lesser of the cost of shares at the initial date of purchase or the
net asset value of the redeemed shares, excluding any reinvested dividends
and capital gains. For the period, FDC received contingent deferred sales
charges of $0 on Class B share redemptions from the fund. When Class B
shares are sold, FDC pays commissions from its own resources to dealers
through which the sales are made.
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 affiliate of FMR (collectively, with State Street,
referred to as the Transfer Agents) acts in that capacity for the fund's
Class B and Institutional Class shares. The Transfer Agents receive account
fees and asset-based fees that vary according to the 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. For the
period, the transfer agent fees were equivalent to an annualized rate of
.26%, .30%, and .18% of average net assets for Class A, Class B, and
Institutional Class, respectively.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $5,105 for the period.
5. EXPENSE REDUCTIONS.
Effective February 20, 1996, FMR voluntarily agreed to reimburse operating
expenses (excluding interest, taxes,
5. EXPENSE REDUCTIONS - CONTINUED
brokerage commissions and extraordinary expenses) above an annual rate of
2.00%, 2.50%, and 1.50% of average net assets for Class A, Class B, and
Institutional Class, respectively. For the period, the reimbursement
reduced expenses by $30,307, $16,341, and $20,405 for Class A, Class B, and
Institutional Class, respectively.
6. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
SHARES DOLLARS
PERIOD ENDED PERIOD ENDED
MAY 31, 1996 A MAY 31, 1996 A
CLASS A
Shares sold 1,068,204 $ 10,795,967
Reinvestment of distributions - -
Shares redeemed (89,651) (903,821)
Net increase (decrease) 978,553 $ 9,892,146
CLASS B
Shares sold 259,381 $ 2,614,882
Reinvestment of distributions - -
Shares redeemed (7,816) (78,762)
Net increase (decrease) 251,565 $ 2,536,120
INSTITUTIONAL CLASS
Shares sold 184,103 $ 1,841,010
Reinvestment of distributions - -
Shares redeemed - -
Net increase (decrease) 184,103 $ 1,841,010
A SHARE TRANSACTIONS ARE FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF
OPERATIONS) TO MAY 31, 1996.
7. BENEFICIAL INTEREST.
At the end of the period, FMR was record owner of approximately 13% of the
total outstanding shares of the fund.

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
State Street Bank and Trust Company
Boston, MA - Class A
Fidelity Investments Institutional
Operations Company
Boston, MA - Class B
* INDEPENDENT TRUSTEES
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

LARGE CAP
FUND - INSTITUTIONAL CLASS
SEMIANNUAL REPORT
MAY 31, 1996
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 5 The manager's review of fund
performance, strategy and outlook.

INVESTMENT SUMMARY 8 A summary of the fund's
investments.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 17 Statements of assets and
liabilities, operations, and changes
in net assets, as well as financial
highlights.

NOTES 23 Notes to the financial statements.

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Large Cap Fund - 3.50%
Institutional Class

S&P 500 (registered trademark) 3.95%

Growth Funds Average 6.49%

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, since the fund started
on February 20, 1996. For example, if you invested $1,000 in a fund that
had a 5% return over the past year, the value of your investment would be
$1,050. You can compare the Institutional Class' returns to the performance
of the Standard & Poor's 500 Index - a common proxy of the U.S. stock
market. To measure how Institutional Class' performance stacked up against
its peers, you can compare it to the performance of the growth funds
average, which reflects the performance of 648 growth funds with similar
objectives tracked by Lipper Analytical Services over the period. Both
benchmarks include reinvested dividends and capital gains, if any.

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

NOTE TO SHAREHOLDERS: On March 26, 1996, Tom Sprague became Portfolio
Manager of Fidelity Advisor Large Cap Fund
Q. HOW DID THE FUND PERFORM, TOM?
A. Fidelity generally looks at performance for six- or 12-month periods.
For this report, we will look at performance since inception on February
20, 1996. For the period ended May 31, 1996, the fund's Institutional Class
shares returned 3.50%. That compares to a total return of 3.95% for the
Standard & Poor's 500 Index, and 6.49% for the growth funds average,
according to Lipper Analytical Services. While the fund performed roughly
in line with the broad market as measured by the S&P 500 during the period,
it underperformed its Lipper growth peers due to its large-cap emphasis.
Small- and mid-cap stocks have meaningfully outperformed large-cap stocks
so far in 1996.
Q. LET'S DISCUSS THE WAY YOU'VE STRUCTURED THE PORTFOLIO SO FAR. WHY ARE
TECHNOLOGY STOCKS YOUR BIGGEST POSITION?
A. This is a growth-oriented fund, which means that I look for companies
that can sustain earnings growth over a multi-year period. That approach
tends to lead me to a few core industries, including technology, health
care and consumer non-durables. I think those three are the mainstays of
the growth segment of the market, as opposed to the more cyclical areas.
While technology remained a big portion of the fund's holdings at the end
of the period, I actually reduced my position in technology stocks over the
period.
Q. WHY WAS THAT?
A. Well, the fundamentals of many technology stocks deteriorated. Backing
up a bit, demand in the semiconductor, personal computer and networking
areas had outpaced available supply in 1994 and 1995. Eventually, companies
responded by adding capacity as fast as they could, but by the time that
happened, demand slackened. The result so far in 1996 has been weaker
pricing in many technology areas where supply has outstripped demand.
Although I focus on long-term earnings, I also pay attention to short-term
earnings momentum which softened considerably over the period due to this
price erosion.
Q. DID THE ABSENCE OF FURTHER DISCUSSION ON HEALTH CARE REFORM HELP STOCKS
IN THAT AREA?
A. Absolutely. For many pharmaceutical companies in particular, I saw
strong short-term momentum during the period, coupled with an even better
long-term outlook. That's because companies such as Merck and
Schering-Plough continued to develop new drugs during the debate on health
care reform. So when no dramatic changes resulted from that debate, they
were poised to bring products to the market quickly, and the FDA has been
approving them more quickly as well. Also, providers are realizing that
drugs are in many cases a cost-efficient way to manage health care. After
all, it makes sense that spending on, say, prescriptions for blood pressure
medication today is cheaper than treating a heart attack five years from
now. And finally, because the average number of prescriptions per person
increases with age, the aging Baby Boomer wave should be a powerful
demographic positive. Related areas such as drug stores and drug
distributors also have had strong results over the period.
Q. AREN'T SOME OF THE CONSUMER NON-DURABLE AREAS MORE CYCLICAL IN NATURE?
A. That's right. So my focus in that segment, which typically includes
producers of consumable items such as food, clothing and services, is on
companies that I think of as growth cyclicals. By that I mean companies
that can grow their earnings even if a cyclical economic downturn is
negatively affecting the industry's sales. Retail is an example of an area
where I can find these cyclical growth companies.
Q. LET'S GO INTO A LITTLE MORE DETAIL ON THAT.
A. For years, retailers had opened too many stores and stocked too much
inventory. Finally, after yet another
disappointing Christmas season in 1995, many retailers held down
inventories, curbed expansion plans and, in general, set expectations for
modest sales for 1996. When business was actually stronger than these
scaled-back expectations, they were well positioned to take advantage. For
example, Gymboree, the infant clothing supplier, dramatically reduced its
inventory this year compared to last year. Even though year-over-year sales
volumes this year weren't up that much, lower starting inventories meant
that the company didn't have to mark down its merchandise to clear its
shelves. The result has been higher selling margins and strong earnings
growth. Sears is a good example of a company that has no longer depended on
new store growth to grow earnings, but rather has better managed its
existing selling space and merchandise and produced strong earnings growth.
Q. DID ANY STOCKS PROVE DISAPPOINTING OVER THE PERIOD?
A. I would say several of the fund's technology stocks did not work out as
well as I had hoped. There were some large technology positions in the fund
during the period and, because they were attractively priced in relation to
earnings, I believed that there wasn't much downside risk even if they
reported weak results. Unfortunately, short-term results have been quite
weak, and their performance hurt the fund during the period.
Q. WHAT'S YOUR OUTLOOK OVER THE NEXT SEVERAL MONTHS, TOM?
A. Let me say that my overall philosophy is to remain close to fully
invested rather than trying to time the market. I am also not a sector
rotator, but rather pick stocks bottoms up, one at a time, based on
individual company fundamentals. The fund's weighting toward growth
companies instead of cyclicals means that the fund may benefit most from a
stable, low-growth economy, with steady or declining interest rates. Of
course, a rotation by investors back into large-cap stocks from the small-
and mid-cap sectors would also help the fund.
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.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

International Business Machines Corp. 3.0

General Electric Co. 2.3

Philip Morris Companies, Inc. 2.1

AT&T Corp. 1.7

Owens-Illinois, Inc. 1.4

Merck & Co., Inc. 1.4

Adaptec, Inc. 1.3

Ameritech Corp. 1.3

British Petroleum PLC ADR 1.3

Columbia/HCA Healthcare Corp. 1.3

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Technology 18.1

Health 15.0

Retail & Wholesale 9.3

Finance 9.1

Nondurables 8.1

Showing Percentage of Total Value of Investment in Securities

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MAY 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 14,904,783
agreements of $1,335,000) (cost $14,565,366) -
See accompanying schedule

Cash 846

Receivable for fund shares sold 281,546

Dividends receivable 16,003

Prepaid expenses 59,303

Receivable from investment adviser for expense 12,436
reductions

TOTAL ASSETS 15,274,917

LIABILITIES

Payable for investments purchased $ 594,485

Payable for fund shares redeemed 2,429

Accrued management fee 6,574

Distribution fees payable 5,384

Other payables and accrued expenses 42,839

TOTAL LIABILITIES 651,711

NET ASSETS $ 14,623,206

Net Assets consist of:

Paid in capital $ 14,269,276

Undistributed net investment income 2,953

Accumulated undistributed net realized gain (loss) on 11,560
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 339,417
investments

NET ASSETS $ 14,623,206

CALCULATION OF MAXIMUM OFFERING PRICE $10.34
CLASS A:
NET ASSET VALUE, and redemption price per share
($10,120,575 (divided by) 978,553 shares)

Maximum offering price per share (100/96.50 of $10.34) $10.72

CLASS B: $10.33
NET ASSET VALUE, offering price and redemption price per
share ($2,597,666 (divided by) 251,565 shares) A

INSTITUTIONAL CLASS: $10.35
NET ASSET VALUE, offering price and redemption price per
share ($1,904,965 (divided by) 184,103 shares)

</TABLE>

A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 20, 1996 (COMMENCEMENT OF OPERATIONS) TO
MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 33,383
Dividends

Interest 14,664

TOTAL INCOME 48,047

EXPENSES

Management fee $ 13,629

Transfer agent fees 3,605
Class A

Class B 1,061

Institutional Class 912

Distribution fees 6,913
Class A

Class B 3,475

Accounting fees and expenses 16,207

Non-interested trustees' compensation 4

Custodian fees and expenses 14,111

Registration fees 15,049
Class A

Class B 12,581

Institutional Class 13,035

Audit 11,565

Total expenses before reductions 112,147

Expense reductions (67,053) 45,094

NET INVESTMENT INCOME 2,953

REALIZED AND UNREALIZED GAIN (LOSS) 11,560
Net realized gain (loss) on investment securities and
foreign currency transactions

Change in net unrealized appreciation (depreciation) on 339,417
investment securities

NET GAIN (LOSS) 350,977

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 353,930
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
FEBRUARY 20, 1996
(COMMENCEMENT OF
OPERATIONS) TO
MAY 31, 1996
(UNAUDITED)

<TABLE>
<CAPTION>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,953
Net investment income

Net realized gain (loss) 11,560

Change in net unrealized appreciation (depreciation) 339,417

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 353,930
FROM OPERATIONS

Share transactions - net increase (decrease) 14,269,276

TOTAL INCREASE (DECREASE) IN NET ASSETS 14,623,206

NET ASSETS

Beginning of period -

End of period (including undistributed net investment income of $2,953) $ 14,623,206

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) .00

Net realized and unrealized gain (loss) .34

Total from investment operations .34

Net asset value, end of period $ 10.34

TOTAL RETURN B, C 3.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 10,121

Ratio of expenses to average net assets 2.00% A,
E

Ratio of net investment income to average net assets .11% A

Portfolio turnover 85% A

Average commission rate F $ .0253

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.01)

Net realized and unrealized gain (loss) .34

Total from investment operations .33

Net asset value, end of period $ 10.33

TOTAL RETURN B, C 3.30%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 2,598

Ratio of expenses to average net assets 2.50% A,
E

Ratio of net investment income (loss) to average net assets (.39)%
A

Portfolio turnover 85% A

Average commission rate F $ .0253

(UNAUDITED)

SELECTED PER-SHARE DATA D

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income .02

Net realized and unrealized gain (loss) .33

Total from investment operations .35

Net asset value, end of period $ 10.35

TOTAL RETURN B, C 3.50%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 1,905

Ratio of expenses to average net assets 1.50% A,
E

Ratio of net investment income to average net assets .61% A

Portfolio turnover 85% A

Average commission rate F $ .0253

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann*
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

MID CAP
FUND - CLASS A AND CLASS B
SEMIANNUAL REPORT
MAY 31, 1996
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 SUMMARY 9 A summary of the fund's
investments.

INVESTMENTS 10 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 20 Statements of assets and
liabilities, operations, and changes
in net assets, as well as financial
highlights.

NOTES 26 Notes to the financial statements.

DEAR SHAREHOLDER:
Although stocks have managed to post solid returns through the first five
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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. 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
ADVISOR MID CAP FUND - 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. A class' 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). If Fidelity had not reimbursed
certain class expenses during the period shown, the total return would have
been lower.
AVERAGE ANNUAL TOTAL RETURNS will appear once the fund is a year old, and
the growth of a hypothetical $10,000 INVESTMENT in Class A shares will
appear in the fund's next report six months from now.

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Mid Cap - Class A 12.70%

Advisor Mid Cap - Class A 8.76%
(incl. 3.50% sales charge)

Standard & Poor's MidCap 400 5.95%

Mid Cap Funds Average 8.92%

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. A class' 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). Class B's contingent deferred sales
charge included in the life of fund total return figure is 4.00%. If
Fidelity had not reimbursed certain class expenses during the period shown,
the total return would have been lower.
AVERAGE ANNUAL TOTAL RETURNS will appear once the fund is a year old, and
the growth of a hypothetical $10,000 INVESTMENT in Class B shares will
appear in the fund's next report six months from now.

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Mid Cap - Class B 12.40%

Advisor Mid Cap - Class B 8.40%
(incl. contingent deferred
sales charge)

Standard & Poor's MidCap 400 5.95%

Mid Cap Funds Average 8.92%

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage terms
over a set period - in this case, since the fund started on February 20,
1996. 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 B's returns to the performance of the Standard & Poor's
MidCap 400 Index - a broad measure of the performance of 400 mid-cap
stocks. To measure how Class B's performance stacked up against its peers,
you can compare it to the performance of the mid cap funds average, which
reflects the performance of 156 funds with similar objectives tracked by
Lipper Analytical Services over the period. Both benchmarks include
reinvested dividends and capital gains, if any.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and return
of a fund that invests in stocks
will vary. That means if you
sell your shares during a
market downturn, you might
lose money.
But if you can ride out the
market's ups and downs, you
may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

An interview with Jennifer Uhrig, Portfolio Manager of Fidelity Advisor Mid
Cap Fund
Q. THE FUND WAS STARTED ON FEBRUARY 20, 1996. HOW HAS IT PERFORMED OVER THE
PAST THREE AND A HALF MONTHS?
A. The fund has gotten off to a very fast start, outpacing both its peers
and its benchmark index during the period that ended May 31, 1996. Since
its inception in February, Class A had a return of 12.70% and Class B had a
return of 12.40%, compared to a return of 5.95% for the Standard & Poor's
MidCap 400 Index and 8.92% for the mid cap funds average reported by Lipper
Analytical Services. The fund's launch has been well received by the
market, and assets have grown to more than $140 million during this time.
I've been aggressively investing the large inflows to minimize the negative
effect a large cash position could have on performance.
Q. WHAT HAVE BEEN THE KEY FACTORS IN THE FUND'S STRONG PERFORMANCE?
A. While a lot of it has had to do with good individual stock picks, the
fund has also benefited from positive sector weightings - or the relative
amount of the fund's assets invested in different industry sectors. For
instance, I've been overweighted in the retail sector compared to my index
- - at almost 10% of the fund - and these investments have been a big
positive. Tiffany's, CompUSA and Gadzooks, a small retailer of apparel for
teenagers, all did well during the period. The technology sector also has
helped. The fund has about the same weighting here as the index - over 16%.
Parametric Technology, a manufacturer of computer aided design and
manufacturing products, and Dell Computer, a mail-order personal computer
supplier, were standouts during the period. On the durables side, the top
performers were in home furnishings, including such companies as Ethan
Allen and Leggett & Platt, a supplier of furniture components such as the
crank in the Lazy Boy, for example. In the auto parts business, also
considered part of the durables sector, there were a number of strong
gainers. Lear Corp., which sells car seats and interior systems such as
safety restraints, and Borg-Warner Automotive both did very well. In the
financial sector, I've had the fund modestly underweighted compared to the
index. This helped the fund's performance as the bond market's weakness in
recent months has led to relatively poor results from financial services
companies.
Q. WHAT IS THE MID-CAP UNIVERSE THAT YOU CAN INVEST IN?
A. As we define it, the mid-cap universe includes any stock that falls
within the range of the S&P MidCap 400 Index. This range includes companies
with market capitalizations from about $100 million to about $6.5 billion.
In my opinion, they're the heart of the stock market - the broad segment
between the very biggest and very smallest companies. As such, the mid-cap
universe covers about 44% of the stock market in dollars - and includes
about 46% of the market's listings.
Q. WHAT'S THE INVESTMENT ENVIRONMENT BEEN LIKE OVER THE PAST FEW MONTHS?
A. The stock market has been very strong, with the best performance seen in
small- and mid-cap companies. While the Standard & Poor's 500 Index - a
measure of the broad market - is up 9.7% since the beginning of the year,
the S&P MidCap 400 is up 10.9% and the Russell 2000 - which measures
smaller-cap stocks - is up about 15%. Also, the NASDAQ Index, which is
weighted toward technology stocks and smaller companies, is up about 18%.
What these numbers show is that smaller-cap stocks have done better than
the larger-caps, and the stocks of smaller technology companies, in
particular, have done very well. I think there are two factors behind the
strong performance at the smaller end of the market. First, earnings growth
was strong relative to larger-cap stocks. Second, the valuations of
smaller-cap stocks were more attractive. That's because large-cap stocks
led the market up over the past couple of years, while smaller-caps
underperformed during that period, with a pick-up starting only a few
months ago. So on a relative valuation basis, small caps became
undervalued. Even with their strong performance in recent months, I still
think they look pretty good compared to larger-cap stocks, and I'll invest
accordingly within the mid-cap universe.
Q. HOW CLOSELY DOES THE FUND REFLECT THE INDUSTRY SECTOR WEIGHTINGS IN THE
S&P MIDCAP 400 INDEX?
A. I build the portfolio on a stock-by-stock basis essentially without
regard to sector weightings. I'm aware of what the weightings are, and I
know why I'm ahead of the index or why I'm behind it. But I don't run a
"slant fund" - a fund that mirrors the index, but where you own a little
more of some stocks you like or a little less of some stocks you don't.
That's not really a stockpicker's philosophy. I'm not a
swing-for-the-fences investor either, though. I'm looking for consistency.
My goal is to beat the market every year, and not be way ahead one year and
way behind the next.
Q. WHICH OF THE FUND'S LARGER HOLDINGS HELPED PERFORMANCE DURING THE
PERIOD?
A. A number of them did, across several sectors. Cytec, a specialty
chemical company and the fund's largest holding, performed well. WorldCom,
another top 10 holding, helped performance because of its success as a
wholesaler of telephone services over its low-cost network. It rose over
25% during the period. Wisconsin Central, a railroad company, continued its
excellent growth story, and the stock jumped over 30% since the fund's
inception. Mirage Resorts, a gaming and hospitality company, also did well.
Q. EVEN WITH THE FUND'S STRONG PERFORMANCE SO FAR, THERE MUST HAVE BEEN
SOME DISAPPOINTMENTS . . .
A. There always are. The financials have been awful, mainly due, I think,
to the weak bond market over the past few months. One of the fund's largest
holdings, the Student Loan Marketing Association - or Sallie Mae, was down
meaningfully during the period, and Household International, a consumer
finance company, was flat.
Q. HOW DO YOU SEE THE NEXT SIX MONTHS?
A. I'm reasonably bullish about the valuations on smaller stocks. I'm
looking at health care as a sector with good potential. I'll also consider
financials because of their valuation relative to other sectors, given
their underperformance over recent months. I'll continue to look at the
broad mid-cap universe on a company-by-company basis and will adjust the
fund's holdings as appropriate.
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.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

FUND FACTS
GOAL: long-term growth of
capital by investing mainly in
equity securities of
companies with
medium-sized market
capitalizations
START DATE: February 20, 1996
SIZE: more than $140 million
MANAGER: Jennifer Uhrig,
since inception; manager,
Fidelity Select Retailing
Portfolio, 1991-1993; Fidelity
Select Developing
Communications, 1990-1991;
Fidelity Select
Telecommunications, 1987-
1990; joined Fidelity in 1987
(checkmark)
JENNIFER UHRIG ON HER
INVESTMENT PHILOSOPHY:
"Advisor Mid Cap Fund is the
third mutual fund I've started
at Fidelity. I began this fund
with a number of investment
ideas based on my previous
experience and working with
our research analysts. I
don't follow a rigid discipline.
Rather, I have a number of
things that I look for in picking
stocks. Among other things, I
look for earnings growth at a
discount, the potential for
earnings surprises, turnaround
situations, and cyclical
companies with improving
secular stories. My approach
is really a mix of growth and
value, but with a definite bias
toward growth.
"I focus mainly on the mid-cap
market as defined by the S&P
MidCap 400 Index, but I don't
invest only in growth or only in
value stocks within that
market. I buy what looks
attractive at the time. There
are long periods of time where
value stocks outperform
growth stocks, and where
growth stocks outperform
value stocks. So I look at
stocks individually on a
bottom-up basis, and I try to
outperform the index in all
types of markets, whether
they're being led by value
stocks or by growth stocks."
INVESTMENT SUMMARY

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Cytec Industries, Inc. 2.1

WorldCom, Inc. 2.1

Household International, Inc. 2.0

Student Loan Marketing Association 1.8

Thiokol Corp. 1.6

Winsconsin Central Transportation Corp. 1.4

Hexcel Corp. 1.4

Lear Corp. 1.3

IMC Fertilizer Group, Inc. 1.3

Mirage Resorts, Inc. 1.1

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Technology 16.4

Finance 10.9

Durables 9.9

Retail & Wholesale 9.5

Basic Industries 8.5

ASSET ALLOCATION
AS OF MAY 31, 1996 *
Row: 1, Col: 1, Value: 9.699999999999999
Row: 1, Col: 2, Value: 40.3
Row: 1, Col: 3, Value: 50.0
Stocks and
equity futures 90.3%
Short-term and
other investments 9.7%
FOREIGN
INVESTMENTS 3.3%
*
INVESTMENTS MAY 31, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 87.8%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 4.4%
Flightsafety International, Inc. 19,275 $ 1,062,534
Harsco Corp. 13,700 888,788
Precision Castparts Corp. 5,950 254,363
Rohr Industries, Inc. (a) 13,600 287,300
Sturm Ruger & Co., Inc. 18,300 908,138
Thiokol Corp. 55,150 2,268,044
Wyman-Gordon Co. (a) 37,200 637,050
6,306,217
BASIC INDUSTRIES - 8.5%
CHEMICALS & PLASTICS - 4.0%
Carbide/Graphite Group, Inc. (The) 8,200 159,900
Cytec Industries, Inc. (a) 34,200 3,060,900
IMC Fertilizer Group, Inc. 49,200 1,801,950
International Specialty Products, Inc. (a) 22,600 251,425
Lydall, Inc. (a) 18,700 434,775
Spartech Corp. 3,200 32,400
5,741,350
IRON & STEEL - 2.3%
Hexcel Corp. 133,700 2,022,213
Nucor Corp. 20,050 1,102,750
SPS Technologies, Inc. (a) 2,100 128,625
3,253,588
METALS & MINING - 0.6%
IMCO Recycling, Inc. 37,900 881,175
PAPER & FOREST PRODUCTS - 1.6%
Champion International Corp. 24,540 1,082,828
Mercer International, Inc. SBI (a) 62,700 1,230,488
2,313,316
TOTAL BASIC INDUSTRIES 12,189,429
CONGLOMERATES - 0.7%
Allied-Signal, Inc. 13,500 739,125
Coltec Industries, Inc. (a) 11,200 148,400
Figgie International Holdings, Inc. Class A 9,600 140,400
Tyco International Ltd. 100 3,950
1,031,875
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
CONSTRUCTION & REAL ESTATE - 1.1%
CONSTRUCTION - 0.9%
Kaufman & Broad Home Corp. 44,350 $ 659,706
Standard Pacific Corp. 81,100 587,975
1,247,681
ENGINEERING - 0.2%
MasTec, Inc. (a) 11,400 356,250
REAL ESTATE - 0.0%
Sunrise Assisted Living, Inc. 200 4,000
TOTAL CONSTRUCTION & REAL ESTATE 1,607,931
DURABLES - 9.9%
AUTOS, TIRES, & ACCESSORIES - 4.4%
Borg-Warner Automotive, Inc. 24,400 963,800
Federal-Mogul Corp. 17,100 314,213
Intermet Corp. (a) 21,900 369,563
Lear Corp. (a) 49,800 1,923,525
PACCAR, Inc. 6,200 305,350
Standard Products Co. 10,000 272,500
Stant Corp. 2,500 27,813
TRW, Inc. 16,200 1,526,850
Tower Automotive, Inc. (a) 25,400 612,775
6,316,389
CONSUMER ELECTRONICS - 0.6%
Maytag Co. 39,900 857,850
HOME FURNISHINGS - 3.1%
Ethan Allen Interiors, Inc. (a) 39,600 1,039,500
Furniture Brands International, Inc. (a) 115,100 1,251,713
Heilig-Meyers Co. 51,100 1,053,938
Leggett & Platt, Inc. 37,950 1,076,831
4,421,982
TEXTILES & APPAREL - 1.8%
Fruit of the Loom, Inc. Class A (a) 1,800 48,600
Liz Claiborne, Inc. 27,600 1,024,650
St. John Knits 19,500 823,875
Warnaco Group, Inc. Class A 25,000 709,375
2,606,500
TOTAL DURABLES 14,202,721
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - 0.5%
OIL & GAS - 0.5%
Amerada Hess Corp. 850 $ 48,450
Belco Oil & Gas Corp. 23,500 643,313
691,763
FINANCE - 10.9%
BANKS - 0.2%
U.S. Bancorp 6,400 228,000
CREDIT & OTHER FINANCE - 2.3%
Associates First Capital Corp. 4,200 155,400
Beneficial Corp. 5,400 314,550
Household International, Inc. 41,700 2,887,725
3,357,675
FEDERAL SPONSORED CREDIT - 3.1%
Federal Home Loan Mortgage Corporation 17,450 1,441,806
Federal National Mortgage Association 13,800 426,075
Student Loan Marketing Association 35,700 2,655,188
4,523,069
INSURANCE - 3.6%
American Bankers Insurance Group, Inc. 15,700 608,375
American Financial Group, Inc. 5,000 150,000
American Reinsurance Corp. (a) 16,700 736,888
Arbatax International, Inc. 31,350 208,478
ITT Hartford Group, Inc. 700 36,225
Protective Life Corp. 15,800 590,525
Riscorp, Inc. (a) 65,200 1,467,000
UNUM Corp. 22,075 1,302,425
5,099,916
SAVINGS & LOANS - 0.1%
Bay View Capital, Inc. 300 9,938
Collective Bancorp., Inc. 4,400 107,800
117,738
SECURITIES INDUSTRY - 1.6%
Alex Brown, Inc. 24,600 1,420,650
Legg Mason, Inc. 26,900 894,425
2,315,075
TOTAL FINANCE 15,641,473
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - 4.6%
DRUGS & PHARMACEUTICALS - 1.0%
ALZA Corp. Class A (a) 8,100 $ 230,850
Biogen, Inc. (a) 16,700 1,010,350
Regeneron Pharmaceuticals, Inc. 9,100 158,113
1,399,313
MEDICAL EQUIPMENT & SUPPLIES - 2.4%
Cardinal Health, Inc. 7,600 485,450
Cygnus, Inc. (a) 15,100 280,294
Heartport, Inc. (a) 700 27,300
McKesson Corp. 25,900 1,207,588
St. Jude Medical, Inc. (a) 28,200 1,071,600
Sunrise Medical, Inc. 16,600 313,325
3,385,557
MEDICAL FACILITIES MANAGEMENT - 1.2%
Caremark International, Inc. 19,650 537,919
Health Systems International, Inc. (a) 14,375 427,656
Tenet Healthcare Corp. (a) 21,100 453,650
TheraTx, Inc. (a) 25,300 373,175
1,792,400
TOTAL HEALTH 6,577,270
INDUSTRIAL MACHINERY & EQUIPMENT - 2.8%
INDUSTRIAL MACHINERY & EQUIPMENT - 1.9%
Dover Corp. 9,300 441,750
Ingersoll-Rand Co. 12,300 518,138
PRI Automation, Inc. (a) 31,600 1,260,050
UCAR International, Inc. (a) 13,800 589,950
2,809,888
POLLUTION CONTROL - 0.9%
Allied Waste Industries, Inc. (a) 124,700 1,262,588
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 4,072,476
MEDIA & LEISURE - 7.6%
BROADCASTING - 0.9%
American Telecasting, Inc. (a) 30,100 425,163
Heartland Wireless Communications, Inc. (a) 1,000 27,000
People's Choice TV Corp. (a) 53,500 909,500
1,361,663
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
MEDIA & LEISURE - CONTINUED
ENTERTAINMENT - 1.0%
MGM Grand, Inc. (a) 32,300 $ 1,469,650
LEISURE DURABLES & TOYS - 0.2%
Leslie's Poolmart 11,500 219,938
LODGING & GAMING - 4.5%
Aztar Corp. (a) 37,600 432,400
Circus Circus Enterprises, Inc. (a) 26,250 1,092,656
Hilton Hotels Corp. 12,800 1,379,200
International Game Technology Corp. 25,000 410,648
Mirage Resorts, Inc. (a) 26,900 1,529,938
Penn National Gaming, Inc. (a) 22,500 570,938
Sun International Hotels Ltd. Ord. (a) 21,300 1,075,650
6,491,430
PUBLISHING - 0.9%
Hollinger International, Inc. Class A 107,300 1,327,838
RESTAURANTS - 0.1%
Applebee's International, Inc. 1,600 45,400
CKE Restaurants, Inc. 2,600 60,125
105,525
TOTAL MEDIA & LEISURE 10,976,044
NONDURABLES - 1.1%
HOUSEHOLD PRODUCTS - 0.1%
Safeskin Corp. 2,800 100,450
TOBACCO - 1.0%
Philip Morris Companies, Inc. 11,900 1,182,563
RJR Nabisco Holdings Corp. 10,000 331,250
1,513,813
TOTAL NONDURABLES 1,614,263
PRECIOUS METALS - 1.4%
Bre-X Minerals Ltd. 50,400 951,916
Firstmiss Gold, Inc. (a) 28,000 1,095,500
2,047,416
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - 9.5%
APPAREL STORES - 3.9%
Charming Shoppes, Inc. 94,700 $ 757,600
Gymboree Corp. (a) 35,500 1,207,000
Loehmanns, Inc. 21,100 543,325
Melville Corp. 36,400 1,478,750
Ross Stores, Inc. 22,400 879,200
Saks Holdings, Inc. 5,100 165,750
Talbots, Inc. 18,200 593,775
5,625,400
GENERAL MERCHANDISE STORES - 0.3%
Michaels Stores, Inc. 25,100 417,288
99 Cents Only Stores 100 1,538
418,826
GROCERY STORES - 0.8%
Whole Foods Market, Inc. (a) 44,300 1,090,888
RETAIL & WHOLESALE, MISCELLANEOUS - 4.5%
Friedmans, Inc. Class A (a) 33,200 937,900
Gadzooks, Inc. (a) 38,100 1,285,875
Office Depot, Inc. (a) 52,000 1,332,500
PETsMART, Inc. (a) 21,800 970,100
Sodak Gaming, Inc. 300 8,980
Tiffany & Co., Inc. 15,670 1,188,961
Zale Corp. 40,000 770,000
6,494,316
TOTAL RETAIL & WHOLESALE 13,629,430
SERVICES - 2.6%
ADVERTISING - 1.4%
ADVO, Inc. 90,300 982,013
Omnicom Group, Inc. 25,300 1,103,713
2,085,726
SERVICES - 1.2%
Block (H&R), Inc. 5,350 186,581
Coach USA, Inc. 200 4,000
Craig (Jenny), Inc. (a) 9,800 171,500
HCIA, Inc. 12,900 835,275
National Education Corp. 27,600 514,050
1,711,406
TOTAL SERVICES 3,797,132
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - 16.4%
COMMUNICATIONS EQUIPMENT - 0.9%
Dynatech Corp. (a) 9,150 $ 319,106
3Com Corp. (a) 20,000 985,000
1,304,106
COMPUTER SERVICES & SOFTWARE - 8.5%
Advent Software, Inc. 21,600 631,800
Ascend Communications, Inc. (a) 10,000 668,750
Aspect Development, Inc. 100 3,025
Baan Co. NV 19,200 691,200
Barra, Inc. (a) 22,400 602,000
Broderbund Software, Inc. (a) 26,300 1,107,888
Business Objects SA sponsored ADR (a) 12,400 576,600
Casino Data Systems (a) 19,500 287,625
CompUSA, Inc. (a) 21,100 923,125
Electronic Arts, Inc. (a) 7,400 234,025
Equifax Inc. 31,700 784,575
GT Interactive Software, Inc. 46,200 964,425
Geoworks 10,800 382,050
Health Systems Design Corp. (a) 5,500 103,125
Meridian Data, Inc. 32,500 564,688
Openvision Technologies, Inc. (a) 10,800 191,700
Ozemail Ltd. sponsored ADR 100 1,425
Parametric Technology Corp. (a) 31,100 1,422,825
Peoplesoft, Inc. (a) 5,700 403,275
Rational Software Corp. 7,300 453,513
Remedy Corp. 1,900 148,675
Softdesk, Inc. (a) 16,400 176,300
Spectrum Holobyte, Inc. (a) 73,300 540,588
Vantive Corp. 7,800 297,375
12,160,577
COMPUTERS & OFFICE EQUIPMENT - 4.8%
Dell Computer Corp. (a) 26,700 1,478,513
Digital Equipment Corp. (a) 14,600 761,025
Exabyte Corp. (a) 32,000 636,000
Kronos, Inc. (a) 16,550 533,738
Quantum Corp. 23,500 561,063
SCI Systems, Inc. (a) 6,500 292,500
Seagate Technology (a) 18,350 1,078,063
Sun Microsystems, Inc. (a) 23,900 1,496,738
Wang Laboratories, Inc. (a) 2,700 58,388
6,896,028
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - CONTINUED
ELECTRONIC INSTRUMENTS - 0.0%
Micrion Corp. 1,200 $ 42,750
ELECTRONICS - 2.2%
Actel Corp. 41,000 804,625
Cirrus Logic, Inc. (a) 24,700 524,875
Cyrix Corp. (a) 3,400 104,975
ESS Technology, Inc. 24,800 551,800
Linear Technology Corp. 24,400 841,800
Solectron Corp. (a) 8,200 355,675
Zero Corp. 1,100 23,513
3,207,263
PHOTOGRAPHIC EQUIPMENT - 0.0%
Polaroid Corp. 500 22,500
TOTAL TECHNOLOGY 23,633,224
TRANSPORTATION - 1.8%
RAILROADS - 1.4%
Wisconsin Central Transportation Corp. (a) 58,200 2,056,400
SHIPPING - 0.0%
Trico Marine Services, Inc. 100 2,225
TRUCKING & FREIGHT - 0.4%
M.S. Carriers, Inc. 15,500 298,375
Yellow Corp. 23,100 300,300
598,675
TOTAL TRANSPORTATION 2,657,300
UTILITIES - 4.0%
CELLULAR - 0.9%
Orange PLC ADR (a) 10,800 205,200
Paging Network, Inc. (a) 21,300 479,250
36O Degrees Communications Co. (a) 25,200 582,750
1,267,200
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 3.1%
LCI International, Inc. 26,100 $ 831,937
MFS Communications, Inc. 19,500 677,625
WorldCom, Inc. (a) 60,700 2,966,693
4,476,255
TOTAL UTILITIES 5,743,455
TOTAL COMMON STOCKS
(Cost $119,315,711) 126,419,419
U.S. TREASURY OBLIGATIONS - 0.3%
PRINCIPAL
AMOUNT
United States Treasury Bill, yield at date
of purchase 5.2154%, 10/31/96
(Cost $489,184) (b) $ 500,000 489,315
REPURCHASE AGREEMENTS - 11.9%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.32%, dated
5/31/96 due 6/3/96 $ 17,093,575 17,086,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $136,890,895) $ 143,994,734
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
30 Mid Cap 400 Contracts June 96 $ 3,588,750 $ 61,302
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.5%
LEGEND
(1.) Non-income producing
(2.) A portion of this security was pledged to cover margin requirements
for futures contracts. At the period end, the value of securities pledged
amounted to $195,726.
INCOME TAX INFORMATION
At May 31, 1996, the aggregate cost of investment securities for income tax
purposes was $136,890,895. Net unrealized appreciation aggregated
$7,103,839, of which $9,403,401 related to appreciated investment
securities and $2,299,562 related to depreciated investment securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MAY 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 143,994,734
agreements of $17,086,000) (cost $136,890,895) -
See accompanying schedule

Cash 199,831

Receivable for investments sold 528,092

Receivable for fund shares sold 4,025,202

Dividends receivable 68,371

Prepaid expenses 60,467

TOTAL ASSETS 148,876,697

LIABILITIES

Payable for investments purchased $ 8,298,766

Payable for fund shares redeemed 34,401

Accrued management fee 56,743

Distribution fees payable 49,247

Payable for daily variation on futures contracts 26,050

Other payables and accrued expenses 115,973

TOTAL LIABILITIES 8,581,180

NET ASSETS $ 140,295,517

Net Assets consist of:

Paid in capital $ 132,454,473

Accumulated net investment (loss) (82,053)

Accumulated undistributed net realized gain (loss) on 757,956
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 7,165,141
investments

NET ASSETS $ 140,295,517

CALCULATION OF MAXIMUM OFFERING PRICE $11.27
CLASS A:
NET ASSET VALUE, and redemption price per share
($121,406,400 (divided by) 10,773,006 shares)

Maximum offering price per share (100/96.50 of $11.27) $11.68

CLASS B: $11.24
NET ASSET VALUE, offering price and redemption price per
share ($16,553,958 (divided by) 1,473,111 shares) A

INSTITUTIONAL CLASS: $11.26
NET ASSET VALUE, offering price and redemption price
per share ($2,335,159 (divided by) 207,314 shares)

</TABLE>

A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 20, 1996 (COMMENCEMENT OF OPERATIONS)
TO MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 121,645
Dividends

Interest 116,500

TOTAL INCOME 238,145

EXPENSES

Management fee $ 92,716

Transfer agent fees 32,882
Class A

Class B 4,772

Institutional Class 1,049

Distribution fees 65,172
Class A

Class B 17,517

Accounting fees and expenses 16,457

Non-interested trustees' compensation 22

Custodian fees and expenses 20,138

Registration fees 83,911
Class A

Class B 17,020

Institutional Class 12,749

Audit 9,987

Miscellaneous 117

Total expenses before reductions 374,509

Expense reductions (54,311) 320,198

NET INVESTMENT INCOME (LOSS) (82,053)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 629,034

Futures contracts 128,922 757,956

Change in net unrealized appreciation (depreciation) on:

Investment securities 7,103,839

Futures contracts 61,302 7,165,141

NET GAIN (LOSS) 7,923,097

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 7,841,044
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
FEBRUARY 20, 1996
(COMMENCEMENT OF
OPERATIONS) TO
MAY 31,1996
(UNAUDITED)

<TABLE>
<CAPTION>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ (82,053)
Net investment income (loss)

Net realized gain (loss) 757,956

Change in net unrealized appreciation (depreciation) 7,165,141

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,841,044

Share transactions - net increase (decrease) 132,454,473

TOTAL INCREASE (DECREASE) IN NET ASSETS 140,295,517

NET ASSETS

Beginning of period -

End of period (including accumulated net investment loss of $82,053) $ 140,295,517

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.01) E

Net realized and unrealized gain (loss) 1.28

Total from investment operations 1.27

Net asset value, end of period $ 11.27

TOTAL RETURN B, C 12.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 121,406

Ratio of expenses to average net assets 2.00% A,
D

Ratio of net investment income (loss) to average net assets (.48)%
A

Portfolio turnover 66% A

Average commission rate F $ .0326

A ANNUALIZED
B THE TOTAL RETURN DOES NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES
TO FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
F FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
FINANCIAL HIGHLIGHTS - CLASS B
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.03) E

Net realized and unrealized gain (loss) 1.27

Total from investment operations 1.24

Net asset value, end of period $ 11.24

TOTAL RETURN B, C 12.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 16,554

Ratio of expenses to average net assets 2.50% A,
D

Ratio of net investment income (loss) to average net assets (.98)%
A

Portfolio turnover 66% A

Average commission rate F $ .0326

A ANNUALIZED
B TOTAL RETURN DOES NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE AND
FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
F FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income - E

Net realized and unrealized gain (loss) 1.26

Total from investment operations 1.26

Net asset value, end of period $ 11.26

TOTAL RETURN B, C 12.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 2,335

Ratio of expenses to average net assets 1.50% A,
D

Ratio of net investment income to average net assets .02% A

Portfolio turnover 66% A

Average commission rate F $ .0326

A ANNUALIZED
B TOTAL RETURN FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN (SEE NOTE 5 OF NOTES
TO FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED ON AVERAGE SHARES
OUTSTANDING DURING THE PERIOD.
F FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Mid Cap Fund (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, Class B, 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 allocated 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 financial statements have been prepared in conformity with generally
accepted accounting principles which permit 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 for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not readily
available (and in certain cases debt securities which trade on an exchange)
are valued primarily using dealer-supplied valuations or at their fair
value as determined in good faith under consistently applied procedures
under the general supervision of the Board of Trustees. Short-term
securities maturing within sixty days of their purchase date are valued at
amortized cost or original cost plus accrued interest, both of which
approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities are included with the
net realized and unrealized gain or loss on investment securities.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INCOME TAXES. The fund intends to qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code. By so qualifying, the fund
will not be 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.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
PREPAID EXPENSES. FMR bears all organizational expenses except for
registering and qualifying each class and shares of each class for
distribution under federal and state securities law. These expenses are
borne by each class and amortized over one year.
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 pro rata 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 may result in distribution reclassifications.
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 (loss) and
realized and unrealized gain (loss). Accumulated net investment loss and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions may include temporary book and tax basis
differences that will reverse in a subsequent period. Any taxable income or
gain remaining at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may use foreign currency
contracts to facilitate transactions in foreign securities and to manage
the fund's currency exposure. Contracts to buy generally are used to
acquire exposure to foreign currencies, while contracts to sell are used to
hedge the fund's investments against currency fluctuations. Also, a
contract to buy or sell can offset a previous contract. Losses may arise
from changes in the value of the foreign currency or if the counterparties
do not perform under the contracts' terms.
2. OPERATING POLICIES -
CONTINUED
FORWARD FOREIGN CURRENCY
CONTRACTS - CONTINUED
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 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.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
FUTURES CONTRACTS AND OPTIONS. The fund may use futures and options
contracts to manage its exposure to the stock markets. Buying futures,
writing puts, and buying calls tend to increase the fund's exposure to the
underlying instrument. Selling futures, buying puts, and writing calls tend
to decrease the fund's exposure to the underlying instrument, or hedge
other fund investments. Futures contracts involve, to varying degrees, risk
of loss in excess of the futures variation margin reflected in the
Statement of Assets and Liabilities. The underlying face amount at value of
any open futures contracts at period end, is shown in the schedule of
investments under the caption "Futures Contracts." This amount reflects
each contract's exposure to the underlying instrument at period end. Losses
may arise from changes in the value of the underlying instruments, if there
is an illiquid secondary market for the contracts, or if the counterparties
do not perform under the contracts' terms.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Exchange-traded
options are valued using the last sale price or, in the absence of a sale,
the last offering price. Options traded over-the-counter are valued using
dealer-supplied valuations.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $129,276,498 and $10,589,713, respectively.
3. PURCHASES AND SALES OF INVESTMENTS - CONTINUED
The market value of futures contracts opened and closed during the period
amounted to $14,630,558 and $11,232,032, 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 .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .30%. For
the period, the management fee was equivalent to an annualized rate of .61%
of average net assets.
DISTRIBUTION AND SERVICE PLAN.
In accordance with Rule 12b-1 of the 1940 Act, the Trustees have adopted
separate distribution plans with respect to the fund's Class A shares
(Class A Plan), Class B shares (Class B Plan), and Institutional Class
shares (collectively referred to as "the Plans"). Under the Class A Plan
and Class B Plan, the fund pays Fidelity Distributors Corporation (FDC), an
affiliate of FMR, a distribution and service fee. Under the Class A Plan,
this fee is based on an annual rate of .50% of the average net
assets of the Class A shares. Under the Class B Plan, this fee is based on
an annual rate of 1.00% (of which .75% represents a distribution fee and
.25% represents a shareholders service fee) of the average net assets of
the Class B shares. For the period, the fund paid FDC $65,172 and $17,517
under the Class A Plan and Class B Plan, respectively, of which $65,172 and
$4,380 were paid to securities dealers, banks and other financial
institutions for the distribution of Class A and Class B shares,
respectively, and providing shareholder support services.
Under the Plans, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of the fund's Class A, Class B,
and Institutional Class shares. The Plans also authorize payments to third
parties that assist in the sale of the fund's shares or render shareholder
support services.
SALES LOAD. For the period, FDC received a front-end sales charge of up to
3.50% for selling Class A shares of the fund. For the period, FDC received
sales charges of $1,092,443 on sales of Class A shares of the fund, of
which $921,382 was paid to securities dealers, banks, and other financial
institutions. FDC also receives the proceeds of a contingent deferred sales
charge levied on Class B share redemptions occurring within five years of
purchase. The charge is based on declining rates which range from 4% to 1%
of the lesser of the cost of shares at the initial date of purchase or the
net asset value of the redeemed shares, excluding any reinvested dividends
and capital gains. For the period, FDC received contingent deferred sales
charges of $100
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
SALES LOAD - CONTINUED
on Class B share redemptions from the fund. When Class B shares are sold,
FDC pays commissions from its own resources to dealers through which the
sales are made.
TRANSFER AGENT FEES. State Street Bank and Trust Company (State Street), is
the transfer, dividend disbursing, and shareholder servicing agents for the
fund's Class A shares, while Fidelity Investments Institutional Operations
Company (FIIOC), an affiliate of FMR, (collectively with State Street,
referred to as the Transfer Agents) acts in that capacity for the fund's
Class B and Institutional Class shares. The Transfer Agents receive account
fees and asset-based fees that vary according to the 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. For the
period, the transfer agent fees were equivalent to an annualized rate of
.25%, .27% and .19% of average net assets for Class A, Class B and
Institutional Class, respectively.
ACCOUNTING FEES. Fidelity Service Co. (FSC), an affiliate of FMR, maintains
the fund's accounting records. The fee is based on the level of average net
assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $35,734 for the period.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse operating expenses (excluding interest,
taxes, brokerage commissions and extraordinary expenses) above an annual
rate of 2.00%, 2.50%, and 1.50% of average net assets for Class A, Class B,
and Institutional Class, respectively. For the period, the reimbursement
reduced expenses by $31,833, $9,598, and $12,880 for Class A, Class B, and
Institutional Class, respectively.
6. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
SHARES DOLLARS
PERIOD ENDED PERIOD ENDED
MAY 31, 1996 A MAY 31, 1996
CLASS A
Shares sold 10,878,244 $ 115,832,810
Reinvestment of distributions - -
Shares redeemed (105,238) (1,120,456)
Net increase (decrease) 10,773,006 $ 114,712,354
CLASS B
Shares sold 1,486,894 $ 15,796,456
Reinvestment of distributions - -
Shares redeemed (13,783) (147,216)
Net increase (decrease) 1,473,111 $ 15,649,240
INSTITUTIONAL CLASS
Shares sold 207,314 $ 2,092,879
Reinvestment of distributions - -
Shares redeemed - -
Net increase (decrease) 207,314 $ 2,092,879
A SHARE TRANSACTIONS ARE FOR THE PERIOD FEBRUARY 20, 1996 (COMMENCEMENT OF
OPERATIONS) TO MAY 31, 1996.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
State Street Bank and Trust Company
Boston, MA - Class A
Fidelity Investments Institutional
Operations Company
Boston, MA - Class B
* INDEPENDENT TRUSTEES
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

MID CAP
FUND - INSTITUTIONAL CLASS
SEMIANNNUAL REPORT
MAY 31, 1996
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.

PERFORMANCE 4 How the fund has done over time.

FUND TALK 5 The manager's review of fund
performance, strategy and outlook.

INVESTMENT SUMMARY 8 A summary of the fund's
investments.

INVESTMENTS 9 A complete list of the fund's
investments with their market
values.

FINANCIAL STATEMENTS 19 Statements of assets and
liabilities, operations, and changes
in net assets, as well as financial
highlights.

NOTES 25 Notes to the financial statements.

DEAR SHAREHOLDER:
Although stocks have managed to post solid returns through the first five
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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. 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
ADVISOR MID CAP FUND - INSTITUTIONAL CLASS
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. A class' 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). If Fidelity had not reimbursed
certain class expenses during the period shown, the total return would have
been lower.
AVERAGE ANNUAL TOTAL RETURNS will appear once the fund is a year old, and
the growth of a hypothetical $10,000 INVESTMENT in the Institutional Class
shares will appear in the fund's next report six months from now.

CUMULATIVE TOTAL RETURN
PERIOD ENDED MAY 31, 1996 LIFE OF
FUND

Advisor Mid Cap - 12.60%
Institutional Class

Standard & Poor's MidCap 400 5.95%

Mid Cap Funds Average 8.92%

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, since the fund started
on February 20, 1996. 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 MidCap 400 Index - a broad measure of the performance
of 400 mid-cap stocks. To measure how Institutional Class' performance
stacked up against its peers, you can compare it to the performance of the
mid cap funds average, which reflects the performance of 156 funds with
similar objectives tracked by Lipper Analytical Services over the period.
Both benchmarks include reinvested dividends and capital gains, if any.

An interview with Jennifer Uhrig, Portfolio Manager of Fidelity Advisor Mid
Cap Fund
Q. THE FUND WAS STARTED ON FEBRUARY 20, 1996. HOW HAS IT PERFORMED OVER THE
PAST THREE AND A HALF MONTHS?
A. The fund has gotten off to a very fast start, outpacing both its peers
and its benchmark index during the period that ended May 31, 1996. Since
its inception in February, Institutional Class had a return of 12.60%,
compared to a return of 5.95% for the Standard & Poor's MidCap 400 Index
and 8.92% for the mid cap funds average reported by Lipper Analytical
Services. The fund's launch has been well received by the market, and
assets have grown to more than $140 million during this time. I've been
aggressively investing the large inflows to minimize the negative effect a
large cash position could have on performance.
Q. WHAT HAVE BEEN THE KEY FACTORS IN THE FUND'S STRONG PERFORMANCE?
A. While a lot of it has had to do with good individual stock picks, the
fund has also benefited from positive sector weightings - or the relative
amount of the fund's assets invested in different industry sectors. For
instance, I've been overweighted in the retail sector compared to my index
- - at almost 10% of the fund - and these investments have been a big
positive. Tiffany's, CompUSA and Gadzooks, a small retailer of apparel for
teenagers, all did well during the period. The technology sector also has
helped. The fund has about the same weighting here as the index - over 16%.
Parametric Technology, a manufacturer of computer-aided design and
manufacturing products, and Dell Computer, a mail-order personal computer
supplier, were standouts during the period. On the durables side, the top
performers were in home furnishings, including such companies as Ethan
Allen and Leggett & Platt, a supplier of furniture components such as the
crank in the Lazy Boy, for example. In the auto parts business, also
considered part of the durables sector, there were a number of strong
gainers. Lear Corp., which sells car seats and interior systems such as
safety restraints, and Borg-Warner Automotive both did very well. In the
financial sector, I've had the fund modestly underweighted compared to the
index. This helped the fund's performance as the bond market's weakness in
recent months has led to relatively poor results from financial services
companies.
Q. WHAT IS THE MID-CAP UNIVERSE THAT YOU CAN INVEST IN?
A. As we define it, the mid-cap universe includes any stock that falls
within the range of the S&P MidCap 400 Index. This range includes companies
with market capitalizations from about $100 million to about $6.5 billion.
In my opinion, they're the heart of the stock market - the broad segment
between the very biggest and very smallest companies. As such, the mid-cap
universe covers about 44% of the stock market in dollars - and includes
about 46% of the market's listings.
Q. WHAT'S THE INVESTMENT ENVIRONMENT BEEN LIKE OVER THE PAST FEW MONTHS?
A. The stock market has been very strong, with the best performance seen in
small- and mid-cap companies. While the Standard & Poor's 500 Index - a
measure of the broad market - is up 9.7% since the beginning of the year,
the S&P MidCap 400 is up 10.9% and the Russell 2000 - which measures
smaller-cap stocks - is up about 15%. Also, the NASDAQ Index, which is
weighted toward technology stocks and smaller companies, is up about 18%.
What these numbers show is that smaller-cap stocks have done better than
the larger-caps, and the stocks of smaller technology companies, in
particular, have done very well. I think there are two factors behind the
strong performance at the smaller end of the market. First, earnings growth
was strong relative to larger-cap stocks. Second, the valuations of
smaller-cap stocks were more attractive. That's because large-cap stocks
led the market up over the past couple of years, while smaller-caps
underperformed during that period, with a pick-up starting only a few
months ago. So on a relative valuation basis, small caps became
undervalued. Even with their strong performance in recent months, I still
think they look pretty good compared to larger-cap stocks, and I'll invest
accordingly within the mid-cap universe.
Q. HOW CLOSELY DOES THE FUND REFLECT THE INDUSTRY SECTOR WEIGHTINGS IN THE
S&P MIDCAP 400 INDEX?
A. I build the portfolio on a stock-by-stock basis essentially without
regard to sector weightings. I'm aware of what the weightings are, and I
know why I'm ahead of the index or why I'm behind it. But I don't run a
"slant fund" - a fund that mirrors the index, but where you own a little
more of some stocks you like or a little less of some stocks you don't.
That's not really a stockpicker's philosophy. I'm not a
swing-for-the-fences investor either, though. I'm looking for consistency.
My goal is to beat the market every year, and not be way ahead one year and
way behind the next.
Q. WHICH OF THE FUND'S LARGER HOLDINGS HELPED PERFORMANCE DURING THE
PERIOD?
A. A number of them did, across several sectors. Cytec, a specialty
chemical company and the fund's largest holding, performed well. WorldCom,
another top 10 holding, helped performance because of its success as a
wholesaler of telephone services over its low-cost network. It rose over
25% during the period. Wisconsin Central, a railroad company, continued its
excellent growth story, and the stock jumped over 30% since the fund's
inception. Mirage Resorts, a gaming and hospitality company, also did well.
Q. EVEN WITH THE FUND'S STRONG PERFORMANCE SO FAR, THERE MUST HAVE BEEN
SOME DISAPPOINTMENTS . . .
A. There always are. The financials have been awful, mainly due, I think,
to the weak bond market over the past few months. One of the fund's largest
holdings, the Student Loan Marketing Association - or Sallie Mae, was down
meaningfully during the period, and Household International, a consumer
finance company, was flat.
Q. HOW DO YOU SEE THE NEXT SIX MONTHS?
A. I'm reasonably bullish about the valuations on smaller stocks. I'm
looking at health care as a sector with good potential. I'll also consider
financials because of their valuation relative to other sectors, given
their underperformance over recent months. I'll continue to look at the
broad mid-cap universe on a company-by-company basis and will adjust the
fund's holdings as appropriate.
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.
THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.
FUND FACTS
GOAL: long-term growth of
capital by investing mainly in
equity securities of
companies with
medium-sized market
capitalizations
START DATE: February 20, 1996
SIZE: more than $140 million
MANAGER: Jennifer Uhrig,
since inception; manager,
Fidelity Select Retailing
Portfolio, 1991-1993; Fidelity
Select Developing
Communications, 1990-1991;
Fidelity Select
Telecommunications, 1987-
1990; joined Fidelity in 1987
(checkmark)
JENNIFER UHRIG ON HER
INVESTMENT PHILOSOPHY:
"Advisor Mid Cap Fund is the
third mutual fund I've started
at Fidelity. I began this fund
with a number of investment
ideas based on my previous
experience and working with
our research analysts. I
don't follow a rigid discipline.
Rather, I have a number of
things that I look for in picking
stocks. Among other things, I
look for earnings growth at a
discount, the potential for
earnings surprises, turnaround
situations, and cyclical
companies with improving
secular stories. My approach
is really a mix of growth and
value, but with a definite bias
toward growth.
"I focus mainly on the mid-cap
market as defined by the S&P
MidCap 400 Index, but I don't
invest only in growth or only in
value stocks within that
market. I buy what looks
attractive at the time. There
are long periods of time where
value stocks outperform
growth stocks, and where
growth stocks outperform
value stocks. So I look at
stocks individually on a
bottom-up basis, and I try to
outperform the index in all
types of markets, whether
they're being led by value
stocks or by growth stocks."
INVESTMENT SUMMARY

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Cytec Industries, Inc. 2.1

WorldCom, Inc. 2.1

Household International, Inc. 2.0

Student Loan Marketing Association 1.8

Thiokol Corp. 1.6

Winsconsin Central Transportation Corp. 1.4

Hexcel Corp. 1.4

Lear Corp. 1.3

IMC Fertilizer Group, Inc. 1.3

Mirage Resorts, Inc. 1.1

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S
INVESTMENTS

Technology 16.4

Finance 10.9

Durables 9.9

Retail & Wholesale 9.5

Basic Industries 8.5

Showing Percentage of Total Value of Investment in Securities

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MAY 31, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 143,994,734
agreements of $17,086,000) (cost $136,890,895) -
See accompanying schedule

Cash 199,831

Receivable for investments sold 528,092

Receivable for fund shares sold 4,025,202

Dividends receivable 68,371

Prepaid expenses 60,467

TOTAL ASSETS 148,876,697

LIABILITIES

Payable for investments purchased $ 8,298,766

Payable for fund shares redeemed 34,401

Accrued management fee 56,743

Distribution fees payable 49,247

Payable for daily variation on futures contracts 26,050

Other payables and accrued expenses 115,973

TOTAL LIABILITIES 8,581,180

NET ASSETS $ 140,295,517

Net Assets consist of:

Paid in capital $ 132,454,473

Accumulated net investment (loss) (82,053)

Accumulated undistributed net realized gain (loss) on 757,956
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 7,165,141
investments

NET ASSETS $ 140,295,517

CALCULATION OF MAXIMUM OFFERING PRICE $11.27
CLASS A:
NET ASSET VALUE, and redemption price per share
($121,406,400 (divided by) 10,773,006 shares)

Maximum offering price per share (100/96.50 of $11.27) $11.68

CLASS B: $11.24
NET ASSET VALUE, offering price and redemption price per
share ($16,553,958 (divided by) 1,473,111 shares) A

INSTITUTIONAL CLASS: $11.26
NET ASSET VALUE, offering price and redemption price
per share ($2,335,159 (divided by) 207,314 shares)

</TABLE>

A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
FEBRUARY 20, 1996 (COMMENCEMENT OF OPERATIONS)
TO MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 121,645
Dividends

Interest 116,500

TOTAL INCOME 238,145

EXPENSES

Management fee $ 92,716

Transfer agent fees 32,882
Class A

Class B 4,772

Institutional Class 1,049

Distribution fees 65,172
Class A

Class B 17,517

Accounting fees and expenses 16,457

Non-interested trustees' compensation 22

Custodian fees and expenses 20,138

Registration fees 83,911
Class A

Class B 17,020

Institutional Class 12,749

Audit 9,987

Miscellaneous 117

Total expenses before reductions 374,509

Expense reductions (54,311) 320,198

NET INVESTMENT INCOME (LOSS) (82,053)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:

Investment securities 629,034

Futures contracts 128,922 757,956

Change in net unrealized appreciation (depreciation) on:

Investment securities 7,103,839

Futures contracts 61,302 7,165,141

NET GAIN (LOSS) 7,923,097

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 7,841,044
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS
FEBRUARY 20, 1996
(COMMENCEMENT OF
OPERATIONS) TO
MAY 31,1996
(UNAUDITED)

<TABLE>
<CAPTION>
<S> <C>
INCREASE (DECREASE) IN NET ASSETS

Operations $ (82,053)
Net investment income (loss)

Net realized gain (loss) 757,956

Change in net unrealized appreciation (depreciation) 7,165,141

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,841,044

Share transactions - net increase (decrease) 132,454,473

TOTAL INCREASE (DECREASE) IN NET ASSETS 140,295,517

NET ASSETS

Beginning of period -

End of period (including accumulated net investment loss of $82,053) $ 140,295,517

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
FEBRUARY 20, 1996
(COMMENCEMENT
OF
OPERATIONS) TO
MAY 31, 1996

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.01) E

Net realized and unrealized gain (loss) 1.28

Total from investment operations 1.27

Net asset value, end of period $ 11.27

TOTAL RETURN B, C 12.70%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 121,406

Ratio of expenses to average net assets 2.00% A,
D

Ratio of net investment income (loss) to average net assets (.48)%
A

Portfolio turnover 66% A

Average commission rate F $ .0326

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income (loss) (.03) E

Net realized and unrealized gain (loss) 1.27

Total from investment operations 1.24

Net asset value, end of period $ 11.24

TOTAL RETURN B, C 12.40%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 16,554

Ratio of expenses to average net assets 2.50% A,
D

Ratio of net investment income (loss) to average net assets (.98)%
A

Portfolio turnover 66% A

Average commission rate F $ .0326

(UNAUDITED)

SELECTED PER-SHARE DATA

Net asset value, beginning of period $ 10.00

Income from Investment Operations

Net investment income - E

Net realized and unrealized gain (loss) 1.26

Total from investment operations 1.26

Net asset value, end of period $ 11.26

TOTAL RETURN B, C 12.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000 omitted) $ 2,335

Ratio of expenses to average net assets 1.50% A,
D

Ratio of net investment income to average net assets .02% A

Portfolio turnover 66% A

Average commission rate F $ .0326

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann*
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional
Operations Company
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

EQUITY GROWTH
FUND - CLASS A
(FORMERLY FIDELITY ADVISOR EQUITY
PORTFOLIO GROWTH - CLASS A)
SEMIANNUAL REPORT
MAY 31, 1996
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 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 33 Notes to the financial statements.

DEAR SHAREHOLDER:
Although stocks have managed to post solid returns through the first five
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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. 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
ADVISOR EQUITY 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. A class' 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). The initial offering of Class A
shares took place on September 10, 1992. Class A shares bear a .50% 12b-1
fee (.65% prior to January 1, 1996). This fee is reflected in the returns
below for periods after September 10, 1992. 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, returns prior to September 10, 1992 would have
been lower. Effective January 1, 1996, the maximum 4.75% sales charge on
Class A shares was reduced to 3.50%.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1996 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Advisor Equity Growth - Class A 10.37% 34.47% 122.16% 411.89%

Advisor Equity Growth - Class A 6.50% 29.76% 114.39% 393.97%
(incl. max. 3.50% sales charge)

S&P 500(registered trademark) 11.79% 28.44% 97.37% 269.71%

Growth Funds Average 12.08% 29.46% 92.13% 224.65%

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage terms
over a set period - in this case, six months, one, five, or 10 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 500 Index - 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 growth funds
average, which reflects the performance of 648 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, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Advisor Equity Growth - Class A 34.47% 17.31% 17.74%

Advisor Equity Growth - Class A 29.76% 16.48% 17.32%
(incl. max. 3.50% sales charge)

S&P 500 28.44% 14.56% 13.94%

Growth Funds Average 29.46% 13.67% 12.07%

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
IMAHDR PRASUN SHR__CHT 19960531 19960617 131047 S00000000000001
FA Equity Growth -CL A SP Standard & Poor 500
00286 SP001
1986/05/31 9650.00 10000.00
1986/06/30 9724.08 10169.00
1986/07/31 8909.25 9600.55
1986/08/31 9212.28 10312.91
1986/09/30 8370.52 9460.04
1986/10/31 8983.32 10005.88
1986/11/30 8875.58 10249.02
1986/12/31 8689.92 9987.67
1987/01/31 9732.42 11333.01
1987/02/28 10611.75 11780.67
1987/03/31 10515.34 12121.13
1987/04/30 10129.73 12013.25
1987/05/31 10062.99 12117.76
1987/06/30 10255.80 12729.71
1987/07/31 10722.98 13375.11
1987/08/31 11368.14 13874.00
1987/09/30 11175.33 13570.16
1987/10/31 8231.33 10647.15
1987/11/30 7356.29 9769.82
1987/12/31 8640.77 10513.31
1988/01/31 8616.94 10955.92
1988/02/29 9133.17 11466.46
1988/03/31 9268.18 11112.15
1988/04/30 9164.93 11235.49
1988/05/31 9101.40 11333.24
1988/06/30 9911.47 11853.44
1988/07/31 9712.92 11808.39
1988/08/31 9284.06 11406.91
1988/09/30 9800.29 11892.84
1988/10/31 9697.04 12223.46
1988/11/30 9546.15 12048.67
1988/12/31 9986.19 12259.52
1989/01/31 10773.07 13156.92
1989/02/28 10781.19 12829.31
1989/03/31 11138.13 13128.23
1989/04/30 11876.34 13809.59
1989/05/31 12898.49 14368.88
1989/06/30 12419.86 14286.97
1989/07/31 13271.65 15577.09
1989/08/31 13790.83 15882.40
1989/09/30 14172.11 15817.28
1989/10/31 13993.64 15450.32
1989/11/30 14050.43 15765.51
1989/12/31 14464.13 16143.88
1990/01/31 13136.55 15060.62
1990/02/28 13665.72 15254.91
1990/03/31 14464.13 15659.16
1990/04/30 14176.33 15267.68
1990/05/31 16190.91 16756.28
1990/06/30 16330.17 16642.34
1990/07/31 15865.98 16589.08
1990/08/31 13842.12 15089.43
1990/09/30 12700.21 14354.57
1990/10/31 12858.03 14292.85
1990/11/30 14436.28 15216.17
1990/12/31 15466.78 15640.70
1991/01/31 17713.45 16322.63
1991/02/28 19310.26 17489.70
1991/03/31 21204.15 17912.95
1991/04/30 21129.88 17955.94
1991/05/31 22234.65 18731.64
1991/06/30 20387.18 17873.73
1991/07/31 22039.69 18706.65
1991/08/31 23228.02 19149.99
1991/09/30 23283.72 18830.19
1991/10/31 23348.71 19082.51
1991/11/30 22541.02 18313.49
1991/12/31 25474.96 20408.55
1992/01/31 26188.29 20028.95
1992/02/29 26322.91 20289.33
1992/03/31 25080.29 19893.69
1992/04/30 24562.53 20478.56
1992/05/31 24448.62 20578.91
1992/06/30 23640.91 20272.28
1992/07/31 24469.33 21101.42
1992/08/31 23879.08 20668.84
1992/09/30 24324.36 20912.73
1992/10/31 25598.04 20985.93
1992/11/30 27265.23 21701.55
1992/12/31 27995.01 21968.47
1993/01/31 28778.85 22153.01
1993/02/28 28027.37 22454.29
1993/03/31 28905.87 22928.08
1993/04/30 28418.99 22373.22
1993/05/31 30059.56 22972.82
1993/06/30 30175.99 23039.44
1993/07/31 29657.36 22947.28
1993/08/31 30736.96 23816.98
1993/09/30 31636.63 23633.59
1993/10/31 32017.67 24122.81
1993/11/30 31223.84 23893.64
1993/12/31 32153.41 24182.76
1994/01/31 33275.52 25004.97
1994/02/28 32997.48 24327.33
1994/03/31 31651.78 23266.66
1994/04/30 31985.42 23564.48
1994/05/31 31785.24 23950.93
1994/06/30 30395.05 23364.14
1994/07/31 31040.10 24130.48
1994/08/31 32441.40 25119.83
1994/09/30 31774.11 24504.39
1994/10/31 32808.41 25055.74
1994/11/30 31718.51 24143.21
1994/12/31 31868.76 24501.26
1995/01/31 31587.83 25136.57
1995/02/28 32801.45 26116.15
1995/03/31 34037.54 26886.83
1995/04/30 35509.62 27678.65
1995/05/31 36734.47 28784.97
1995/06/30 39532.54 29453.64
1995/07/31 42476.69 30430.32
1995/08/31 42914.94 30506.70
1995/09/30 44117.33 31794.09
1995/10/31 43892.58 31680.58
1995/11/30 44757.85 33071.36
1995/12/31 44341.93 33708.31
1996/01/31 45379.79 34855.74
1996/02/29 46390.08 35178.86
1996/03/31 46711.00 35517.63
1996/04/30 48101.63 36041.16
1996/05/31 49397.18 36970.66
IMATRL PRASUN SHR__CHT 19960531 19960617 131052 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Advisor Equity Growth - Class A on May 31, 1986, and the current maximum
3.50% sales charge was paid. As the chart shows, by May 31, 1996, the value
of the investment would have grown to $49,397 - a 393.97% increase on the
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 $36,971 - a 269.71% 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 MANAGERS' OVERVIEW

NOTE TO SHAREHOLDERS: On June 3, 1996, Larry Greenberg (right photo)
replaced Bob Stansky as manager of the fund. The following is an interview
with Bob Stansky covering the past six months, followed by Larry
Greenberg's outlook.
Q. HOW DID THE FUND PERFORM, BOB?
B.S. For the six-month period ended May 31, 1996, the fund's Class A shares
had a total return of 10.37%. For the past year, the return stood at
34.47%. For the same periods, the Lipper growth funds average was 12.08%
for six months and 29.46% for the year. Additionally, the Standard & Poor's
500 Index returned 11.79% for the six-month time frame and 28.44% for the
past year.
Q. WHY DO YOU THINK THE FUND UNDERPERFORMED IN THE PAST SIX MONTHS?
B.S. The fund's underperformance in the past six months can be attributed
to its performance in the month of December. In that month, Wall Street's
concerns during the last months of 1995 over future earnings growth of
technology-related companies came to a head. This caused the stock prices
of many technology companies to fall, thus hurting the fund. I think,
though, it's important to note that the fund continued to outperform over
the past year.
Q. THE STOCK MARKET CERTAINLY CONTINUED TO SURGE AHEAD . . .
B.S. Price as well as trading volume records continued to be set over the
past six months. The difference so far in 1996 compared to 1995 is higher
interest rates. While higher interest rates usually indicate a growing
economy, they also mean corporate borrowing costs will go up. Additionally,
higher interest rates make bonds look more attractive on a yield basis when
compared to stocks. Yet, despite rising rates, stocks continued to do
relatively well. This was due in part to strong corporate earnings in the
first quarter, a large amount of cash inflows into mutual funds and
widespread optimism about the market.
Q. MUCH HAS BEEN REPORTED IN THE FINANCIAL MEDIA ABOUT THE MARKET'S SHIFT
FROM LARGE, BLUE CHIP STOCKS TO SMALLER STOCKS. DO YOU AGREE?
B.S. Generally speaking, this shift from blue chips to smaller companies
was true, but I think it's important to go beyond this generalization and
examine the evidence. First of all, there are many large, well-established
companies - such as Microsoft, one of the fund's top holdings - that did
very well. Also, many of the companies that have underperformed recently
were adversely affected by the strong dollar. A strong dollar hurts the
competitiveness of American exports as prices for American goods would be
higher relative to those of other countries. Additionally, companies'
reported profits are hurt by a strong currency after the translation of
overseas earnings back into dollars.
Q. SIX MONTHS AGO, YOU SAID YOU WERE LOWERING THE FUND'S TECHNOLOGY
POSITION BECAUSE OF THE HIGH VALUATIONS OF MANY TECHNOLOGY STOCKS. WAS THIS
THE SAME REASON YOU CONTINUED TO LOWER THE FUND'S TECHNOLOGY WEIGHTING
DURING THE PERIOD?
B.S. I believe that stock prices follow earnings over the long run, and I
rotated out of those companies that faced earnings pressure. While growth
in some technology-related industries appears to have slowed, I believed
networking, software and Internet companies were successful because they
offer more efficient tools for business. For example, Microsoft's
much-anticipated Windows NT software is a 32-bit operating system that was
designed to get the most out of Intel's Pentium processor - which runs many
of the world's personal computers. Other examples include the explosion in
the use of the local area network in America's offices - which benefited
networking hardware and software companies such as Cisco Systems and Sun
Microsystems - and the rise of the Internet as a means of communication and
commerce.
Q. WAS THE POSITIVE IMPACT OF THE FUND'S FINANCIAL STOCKS FELT ONLY BEFORE
INTEREST RATES ROSE IN FEBRUARY?
B.S. Although some interest-rate-sensitive stocks - such as Fannie Mae -
lost ground when interest rates
rose in February, the financial sector did not move downward in lockstep.
For the most part, banks - such as Citicorp - and brokerage firms - such as
Merrill Lynch - continued to perform well during the period because of the
strength of their underlying businesses and the large amount of financial
activity.
Q. WHAT WAS BEHIND THE RUN-UP IN THE PRICES OF OIL AND OIL SERVICE
COMPANIES?
B.S. Crude oil and natural gas prices have risen steadily over the past
year. In addition, I believe positive supply and demand dynamics made
refining and other segments of the oil business attractive during the
period. These factors have not only benefited the large oil companies, but
also oil-service firms such as Schlumberger.
Q. THE FUND'S RETAIL HOLDINGS HAVE INCREASED. DO YOU SENSE THIS BEATEN-DOWN
SECTOR MAY BE TURNING AROUND?
B.S. Companies like the Gap and Home Depot grew earnings even in the
difficult retail environment we've seen over the past year. In terms of the
sector as a whole, however, while there were some improvements in sales, I
don't believe you can proclaim an industry turnaround until you see
consistent earnings improvement.
Q. WERE THERE ANY DISAPPOINTMENTS?
B.S. As stated before, the fund's performance was hurt by the falling
prices of technology stocks. Unfortunately, rising inventories in some
areas of the technology sector served to slow growth rates.
Q. TURNING TO YOU LARRY, WHAT'S YOUR OUTLOOK?
L.G. There is no question that the market has gone a long time without a
meaningful correction and many stocks are approaching fair value. If rates
continue to climb, or cash flows into mutual funds slow, a healthy
correction at some point would be likely. I use the word healthy because
corrections give me an opportunity to reposition the fund back into the
names that I like the most at more attractive valuations. Those people that
believe a correction is imminent, however, may be surprised, as the market
has been up in the May-November time frame in 21 of the last 23 election
years.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGERS
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGERS' VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

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, 1996,
more than $4.0 billion
MANAGER: Larry Greenberg,
since June 1996; joined
Fidelity 1986
(checkmark)
LARRY GREENBERG ON HIS
INVESTMENT STYLE:
"I'm a pure growth investor. I
believe that 90% of what
drives stock prices is
earnings. As a manager, my
job is to find the companies
that I believe are growing the
fastest because more often
than not their stocks will
outperform in any type of
market environment.
"I use a bottom-up,
stock-by-stock approach to
investing that involves
company management
interviews and developing an
extensive understanding of a
company's fundamentals.
Additionally, I rely on Fidelity's
extensive in-house research
staff to help me target
attractive investments for my
funds."
INVESTMENT CHANGES

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

General Electric Co. 2.1 2.5

Cisco Systems, Inc. 1.9 2.4

Philip Morris Companies, Inc. 1.7 2.1

Microsoft Corp. 1.4 1.1

Federal National Mortgage 1.4 1.7
Association

Oracle Systems Corp. 1.3 2.2

Johnson & Johnson 1.3 1.3

Citicorp 1.2 1.3

Intel Corp. 1.2 0.7

Chrysler Corp. 1.1 1.1

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO

Technology 23.0 31.1

Health 10.8 9.1

Finance 10.1 9.5

Retail & Wholesale 9.6 7.4

Utilities 4.9 6.4

ASSET ALLOCATION
AS OF MAY 31, 1996 * AS OF NOVEMBER 30, 1995 **
Row: 1, Col: 1, Value: 16.4
Row: 1, Col: 2, Value: 40.0
Row: 1, Col: 3, Value: 43.6
Row: 1, Col: 1, Value: 12.2
Row: 1, Col: 2, Value: 40.0
Row: 1, Col: 3, Value: 53.2
Stocks 81.9%
Short-term
investments 18.1%
FOREIGN
INVESTMENTS 3.1%
Stocks 83.6%
Short-term
investments 16.4%
FOREIGN
INVESTMENTS 2.6%
*
**
INVESTMENTS MAY 31, 1996 (UNAUDITED)

Showing Percentage of Total Value of Investment in Securities

COMMON STOCKS - 81.9%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 0.4%
AEROSPACE & DEFENSE - 0.4%
Boeing Co. 33,700 $ 2,873
General Motors Corp. Class H 241,600 14,677
17,550
DEFENSE ELECTRONICS - 0.0%
KVH Industries, Inc. (a) 25,000 256
TOTAL AEROSPACE & DEFENSE 17,806
BASIC INDUSTRIES - 2.9%
CHEMICALS & PLASTICS - 1.5%
Airgas, Inc. (a) 214,600 4,480
Dow Chemical Co. 40,600 3,395
du Pont (E.I.) de Nemours & Co. 216,100 17,234
IMC Fertilizer Group, Inc. 84,900 3,109
Monsanto Co. 133,400 20,260
Praxair, Inc. 46,300 1,881
Rohm & Haas Co. 77,400 5,244
Union Carbide Corp. 133,100 5,740
61,343
IRON & STEEL - 0.1%
Nucor Corp. 41,600 2,288
METALS & MINING - 0.5%
Aluminum Co. of America 217,800 13,422
Inco Ltd. 176,400 5,755
19,177
PACKAGING & CONTAINERS - 0.0%
Corning, Inc. 23,000 880
PAPER & FOREST PRODUCTS - 0.8%
Boise Cascade Corp. 69,700 2,927
Champion International Corp. 220,000 9,708
Fort Howard Corp. (a) 140,700 2,920
Georgia-Pacific Corp. 126,400 9,132
International Paper Co. 152,500 6,081
Mead Corp. 33,900 1,822
Temple-Inland, Inc. 37,200 1,832
34,422
TOTAL BASIC INDUSTRIES 118,110
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
CONGLOMERATES - 0.2%
American Standard Companies, Inc. (a) 23,400 $ 693
United Technologies Corp. 77,800 8,509
9,202
CONSTRUCTION & REAL ESTATE - 0.1%
BUILDING MATERIALS - 0.1%
Armstrong World Industries, Inc. 31,800 1,872
CONSTRUCTION - 0.0%
Fortress Group, Inc. 75,000 675
ENGINEERING - 0.0%
MasTec, Inc. (a) 52,200 1,631
TOTAL CONSTRUCTION & REAL ESTATE 4,178
DURABLES - 4.7%
AUTOS, TIRES, & ACCESSORIES - 3.2%
Autozone, Inc. (a) 639,600 22,466
Chrysler Corp. 707,900 47,164
Ford Motor Co. 321,200 11,724
General Motors Corp. 577,421 31,830
Goodyear Tire & Rubber Co. 100,200 5,060
Honda Motor Co. Ltd. 31,000 745
Lear Corp. (a) 5,500 212
Magna International, Inc. Class A 43,900 2,117
Pep Boys-Manny, Moe & Jack 277,000 9,141
Scania AB:
Class A 58,200 1,649
Class B 58,200 1,649
133,757
CONSUMER ELECTRONICS - 0.3%
Harman International Industries, Inc. 57,100 2,998
Whirlpool Corp. 140,200 7,974
10,972
HOME FURNISHINGS - 0.1%
Leggett & Platt, Inc. 84,800 2,406
Welcome Home (a) 44,000 110
2,516
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - CONTINUED
TEXTILES & APPAREL - 1.1%
Adidas AG (b) 26,600 $ 2,001
Adidas AG 300 23
Designer Holdings Ltd. (a) 6,100 188
Gucci Group NV (NY Reg.) (a) 92,900 6,224
Intimate Brands, Inc. Class A 10,400 225
Kellwood Co. 34,300 592
Liz Claiborne, Inc. 35,700 1,325
NIKE, Inc. Class B 222,800 22,364
Nine West Group, Inc. (a) 6,900 336
Reebok International Ltd. 89,000 2,703
Tommy Hilfiger (a) 184,300 10,136
46,117
TOTAL DURABLES 193,362
ENERGY - 1.3%
ENERGY SERVICES - 0.8%
Diamond Offshore Drilling, Inc. (a) 55,800 2,671
Halliburton Co. 5,900 328
McDermott International, Inc. 20,100 437
Schlumberger Ltd. 292,000 24,346
Varco International, Inc. 93,900 1,561
Weatherford Enterra, Inc. (a) 31,000 977
Western Atlas, Inc. (a) 84,600 5,182
35,502
OIL & GAS - 0.5%
British Petroleum PLC ADR 75,198 7,924
Burlington Resources, Inc. 68,100 2,588
Elf Aquitaine SA sponsored ADR 23,000 842
Enron Oil & Gas Co. 90,900 2,295
Union Pacific Resources Group, Inc. 136,700 3,520
Unocal Corp. 33,821 1,099
Vintage Petroleum, Inc. 30,000 780
19,048
TOTAL ENERGY 54,550
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 10.1%
BANKS - 3.8%
Advanta Corp. 123,600 $ 6,983
Bank of Boston Corp. 13,800 688
Bank of New York Co., Inc. 312,100 16,190
BankAmerica Corp. 354,200 26,654
Chase Manhattan Corp. 243,748 17,062
Citicorp 590,100 49,568
Crestar Financial Corp. 48 3
Fleet Financial Group, Inc. 45,100 1,990
NationsBank Corp. 226,261 18,355
Norwest Corp. 40,600 1,416
Summit Bancorp 13,600 495
Synovus Financial Corp. 36,000 828
Wells Fargo & Co. 71,200 17,159
157,391
CREDIT & OTHER FINANCE - 1.8%
ACC Consumer Finance Corp. 60,000 495
American Express Co. 878,004 40,169
Beneficial Corp. 78,300 4,561
Concord EFS, Inc. (a) 8,200 283
Dean Witter, Discover & Co. 36,800 2,180
First USA, Inc. 283,491 16,442
First USA, Paymentech, Inc. 1,000 46
Green Tree Financial Corp. 156,600 5,129
Household International, Inc. 37,282 2,582
MBNA Corp. 46,500 1,424
73,311
FEDERAL SPONSORED CREDIT - 2.1%
Federal Home Loan Mortgage Corporation 318,100 26,283
Federal National Mortgage Association 1,805,200 55,736
Student Loan Marketing Association 37,600 2,797
84,816
INSURANCE - 0.9%
ACE Ltd. 23,800 1,166
Aetna Life & Casualty Co. 63,900 4,713
Allmerica Financial Corp. 5,100 135
Allstate Corp. 22,179 937
American International Group, Inc. 53,600 5,052
CIGNA Corp. 46,400 5,330
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - CONTINUED
INSURANCE - CONTINUED
Capital Re Corp. 24,700 $ 902
Chubb Corp. (The) 71,400 3,329
Enhance Financial Services Group Corp. 23,300 676
General Re Corp. 65,400 9,548
Travelers/Aetna Property Casualty Corp. Class A (a) 26,700 728
Travelers, Inc. (The) 74,700 3,100
UNUM Corp. 44,100 2,602
38,218
SAVINGS & LOANS - 0.0%
Security First Network Bank 400 16
SECURITIES INDUSTRY - 1.5%
Alex Brown, Inc. 27,500 1,588
Daiwa Securities Co. Ltd. 213,000 2,856
Lehman Brothers Holdings, Inc. 66,000 1,617
Merrill Lynch & Co., Inc. 433,800 28,089
Morgan Stanley Group, Inc. 324,900 16,083
Nomura Securities Co. Ltd. 138,000 2,604
Schwab (Charles) Corp. 271,100 6,574
Yamaichi Securities Co. Ltd. 413,000 2,979
62,390
TOTAL FINANCE 416,142
HEALTH - 10.8%
DRUGS & PHARMACEUTICALS - 5.8%
Allergan, Inc. 67,900 2,614
ALZA Corp. Class A (a) 131,700 3,753
American Home Products Corp. 495,400 26,504
Amgen, Inc. (a) 242,600 14,435
Biogen, Inc. (a) 251,700 15,228
Bristol-Myers Squibb Co. 166,100 14,181
Cytogen Corp. (a) 42 -
Cytyc Corp. (a) 1,300 41
Elan Corp. PLC ADR (a) 137,000 8,597
Genentech, Inc. special 50,000 2,631
Genetics Institute, Inc. (a) 13,800 945
IVAX Corp. 59,100 1,625
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Lilly (Eli) & Co. 717,800 $ 46,119
Merck & Co., Inc. 569,800 36,823
Pharmacia & Upjohn, Inc. 96,700 3,953
Pfizer, Inc. 491,100 34,745
Rhone Poulenc Rorer, Inc. 31,100 2,014
Schering-Plough Corp. 276,300 16,198
SmithKline Beecham PLC ADR Ord. 91,900 4,687
Warner-Lambert Co. 74,200 4,155
Watson Pharmaceuticals, Inc. (a) 13,300 599
239,847
MEDICAL EQUIPMENT & SUPPLIES - 2.5%
AmeriSource Health Corp. Class A 93,900 3,169
Arterial Vascular Engineering, Inc. (a) 11,800 498
Becton, Dickinson & Co. 112,300 9,546
Boston Scientific Corp. (a) 117,300 5,029
General Surgical Innovations, Inc. (a) 3,700 74
Guidant Corp. 208,600 12,099
Heartport, Inc. (a) 2,600 101
Johnson & Johnson 548,400 53,400
McKesson Corp. 25,300 1,180
Medtronic, Inc. 162,900 9,163
Millipore Corp. 23,300 1,022
Omnicare, Inc. 83,700 4,666
Pall Corp. 10,200 273
St. Jude Medical, Inc. (a) 85,600 3,253
103,473
MEDICAL FACILITIES MANAGEMENT - 2.5%
ARV Assisted Living, Inc. (a) 22,600 452
Columbia/HCA Healthcare Corp. 385,370 20,762
HEALTHSOUTH Rehabilitation Corp. (a) 605,600 21,196
Living Centers of America, Inc. (a) 46,000 1,736
Millennium Pharmaceuticals, Inc. (a) 2,600 53
Multicare Companies, Inc. (a) 22,200 444
National Surgery Centers, Inc. (a) 10,050 275
Neurocrine Biosciences, Inc. 2,600 29
OrNda Healthcorp (a) 50,000 1,256
Oxford Health Plans, Inc. (a) 229,400 10,839
Phymatrix Corp. (a) 14,700 364
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
MEDICAL FACILITIES MANAGEMENT - CONTINUED
Physicians Resource Group, Inc. 93,700 $ 2,788
Sierra Health Services, Inc. (a) 22,800 735
Sunrise Assisted Living, Inc. 4,500 90
United HealthCare Corp. 301,300 16,534
U.S. Healthcare, Inc. 428,000 23,219
Vencor, Inc. (a) 39,600 1,252
102,024
TOTAL HEALTH 445,344
INDUSTRIAL MACHINERY & EQUIPMENT - 4.0%
ELECTRICAL EQUIPMENT - 2.5%
Cyberoptics Corp. 10,600 167
Emerson Electric Co. 119,500 10,232
General Electric Co. 1,045,500 86,515
Honeywell, Inc. 11,200 568
Leitch Technology Corp. (a) 130,900 3,649
Scientific-Atlanta, Inc. 128,400 2,424
Sensormatic Electronics Corp. 12,700 227
Telular Corp. (a) 7,000 41
103,823
INDUSTRIAL MACHINERY & EQUIPMENT - 1.1%
Case Corp. 151,500 7,594
Caterpillar, Inc. 193,300 12,685
Deere & Co. 458,200 19,073
UCAR International, Inc. (a) 124,000 5,301
44,653
POLLUTION CONTROL - 0.4%
Republic Industries, Inc. (a) 58,000 3,016
Sanifill, Inc. (a) 36,100 1,620
Superior Services, Inc. (a) 7,200 122
WMX Technologies, Inc. 307,900 10,853
15,611
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 164,087
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - 4.5%
BROADCASTING - 1.1%
American Radio Systems Corp. Class A (a) 42,200 $ 1,614
Comcast Corp. Class A (special) 111,500 1,937
Emmis Broadcasting Corp. Class A (a) 21,900 964
Grupo Televisa SA de CV sponsored ADR (a) 114,600 3,524
Infinity Broadcasting Corp. Class A 204,150 5,563
PanAmSat Corp. (a) 31,300 884
Paxson Communications Corp. (a) 46,500 593
Sinclair Broadcast Group, Inc. Class A (a) 20,100 764
TCI Group Class A 135,000 2,548
Time Warner, Inc. 284,050 11,468
Valuevision International, Inc. (a) 4,200 30
Viacom, Inc. (a):
Class A 10,032 414
Class B (non-vtg.) 350,502 14,853
45,156
ENTERTAINMENT - 0.3%
Carnival Cruise Lines, Inc. Class A 73,800 2,196
Disney (Walt) Co. 87,900 5,340
Livent, Inc. (a) 29,000 284
MGM Grand, Inc. (a) 58,800 2,675
Premier Parks, Inc. 7,400 150
10,645
LEISURE DURABLES & TOYS - 0.1%
Callaway Golf Co. 101,300 3,052
Hasbro, Inc. 45,900 1,733
Nintendo Co. Ltd. Ord. 7,500 552
5,337
LODGING & GAMING - 1.7%
Bristol Hotel Co. (a) 3,100 89
Circus Circus Enterprises, Inc. (a) 66,200 2,756
Doubletree Corp. (a) 60,800 2,158
HFS, Inc. (a) 654,300 40,812
Hilton Hotels Corp. 107,300 11,562
Host Marriott Corp. 46,400 609
ITT Corp. 33,100 2,036
International Game Technology Corp. 46,500 738
La Quinta Motor Inns, Inc. 40,100 1,263
Mirage Resorts, Inc. (a) 120,300 6,842
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
LODGING & GAMING - CONTINUED
Penske Motorsports, Inc. (a) 7,500 $ 223
Suburban Lodges of America, Inc. 1,500 37
Sun International Hotels Ltd. Ord. (a) 6,800 343
Trump Hotels & Casino Resorts, Inc. (a) 46,400 1,462
Wyndham Hotel Corp. 2,400 53
70,983
PUBLISHING - 0.7%
Dow Jones & Co., Inc. 81,200 3,177
Gannett Co., Inc. 89,500 6,243
Hollinger International, Inc. Class A 91,900 1,137
K-III Communications Corp. (a) 89,600 1,142
Knight-Ridder, Inc. 108,500 8,110
Scholastic Corp. (a) 39,300 2,446
Times Mirror Co. Class A 106,100 4,629
Tribune Co. 4,100 304
27,188
RESTAURANTS - 0.6%
Apple South, Inc. 81,300 2,033
Applebee's International, Inc. 23,000 653
Brinker International, Inc. (a) 22,200 372
Cracker Barrel Old Country Store, Inc. 6,500 172
Landry's Seafood Restaurants, Inc. 225,700 5,417
Lone Star Steakhouse Saloon 177,000 7,146
Outback Steakhouse, Inc. (a) 122,800 4,651
Starbucks Corp. (a) 241,300 6,545
26,989
TOTAL MEDIA & LEISURE 186,298
NONDURABLES - 2.9%
BEVERAGES - 0.7%
Coca-Cola Company (The) 184,000 8,464
Panamerican Beverages, Inc. Class A 43,100 1,810
PepsiCo, Inc. 545,200 18,128
Seagram Co. Ltd. 68,100 2,356
30,758
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
FOODS - 0.1%
Nabisco Holdings Corp. Class A 137,500 $ 4,658
HOUSEHOLD PRODUCTS - 0.3%
Gillette Co. 137,300 8,118
Revlon, Inc. Class A (a) 3,800 119
Safeskin Corp. (a) 66,500 2,386
10,623
TOBACCO - 1.8%
Philip Morris Companies, Inc. 722,900 71,838
RJR Nabisco Holdings Corp. 37,180 1,232
73,070
TOTAL NONDURABLES 119,109
PRECIOUS METALS - 0.0%
Bre-X Minerals Ltd. 22,000 416
RETAIL & WHOLESALE - 9.6%
APPAREL STORES - 1.8%
American Eagle Outfitters, Inc. (a) 42,800 738
Charming Shoppes, Inc. 131,500 1,052
Ellett Brothers, Inc. 34,700 247
Gap, Inc. 1,002,800 33,719
Gymboree Corp. (a) 107,000 3,638
Just For Feet, Inc. (a) 161,700 8,671
Limited, Inc. (The) 361,213 7,495
Loehmanns, Inc. (a) 2,900 75
Melville Corp. 219,900 8,933
Payless Shoesource, Inc. (a) 20,816 585
Ross Stores, Inc. 6,000 236
Saks Holdings, Inc. 4,800 156
TJX Companies, Inc. 190,000 6,698
Talbots, Inc. 145,100 4,734
76,977
DRUG STORES - 0.2%
General Nutrition Companies, Inc. (a) 449,800 6,972
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
GENERAL MERCHANDISE STORES - 2.6%
Consolidated Stores Corp. (a) 70,000 $ 2,651
Cost Plus, Inc. (a) 3,500 95
Dayton Hudson Corp. 270,700 27,611
Dillard Department Stores, Inc. Class A 89,400 3,576
Federated Department Stores, Inc. (a) 340,900 11,804
May Department Stores Co. (The) 130,100 6,163
99 Cents Only Stores 2,100 32
Nordstrom, Inc. 2,900 148
Price/Costco, Inc. (a) 270,500 5,410
Sears, Roebuck & Co. 299,300 15,227
Wal-Mart Stores, Inc. 1,236,200 31,987
Woolworth Corp. (a) 88,400 1,812
106,516
GROCERY STORES - 0.0%
Richfood Holdings, Inc. Class A 23,300 781
RETAIL & WHOLESALE, MISCELLANEOUS - 5.0%
Bed Bath & Beyond, Inc. (a) 231,400 6,508
Borders Group, Inc. (a) 24,700 809
Campo Electronics Appliances and Computers, Inc. (a) 50,000 124
Circuit City Stores, Inc. 278,300 9,080
Corporate Express (a) 131,550 5,525
Garden Botanika, Inc. 1,000 27
Grupo Casa Autrey SA sponsored ADR 47,500 986
Home Depot, Inc. (The) 719,000 36,759
Lowe's Companies, Inc. 1,234,100 42,268
Marks Brothers Jewelers, Inc. (a) 4,100 96
Micro Warehouse, Inc. (a) 182,600 7,121
Officemax, Inc. (a) 664,550 17,361
Office Depot, Inc. (a) 620,700 15,905
Petco Animal Supplies, Inc. (a) 29,700 846
PETsMART, Inc. (a) 227,500 10,124
Sports Authority, Inc. 32,300 961
Staples, Inc. (a) 1,228,687 24,574
Sunglass Hut International, Inc. (a) 275,700 7,582
Toys "R" Us, Inc. (a) 267,800 7,766
U.S. Office Products Co. (a) 50,700 1,927
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
RETAIL & WHOLESALE, MISCELLANEOUS - CONTINUED
Viking Office Products, Inc. (a) 190,600 $ 5,456
Waban, Inc. (a) 114,800 3,071
Williams-Sonoma, Inc. (a) 1,500 42
204,918
TOTAL RETAIL & WHOLESALE 396,164
SERVICES - 0.3%
EDUCATIONAL SERVICES - 0.0%
Apollo Group, Inc. Class A (a) 37,800 1,197
PRINTING - 0.2%
Alco Standard Corp. 112,600 7,038
SERVICES - 0.1%
AccuStaff, Inc. (a) 46,700 1,471
Block (H & R), Inc. 23,000 802
Career Horizons, Inc. (a) 46,000 1,823
Coach USA, Inc. (a) 6,400 128
Craig (Jenny), Inc. (a) 40,600 710
FYI, Inc. (a) 3,200 69
Forensic Technologies International Corp. (a) 12,900 119
5,122
TOTAL SERVICES 13,357
TECHNOLOGY - 23.0%
COMMUNICATIONS EQUIPMENT - 3.7%
ADC Telecommunications, Inc. (a) 84,500 3,887
Cabletron Systems, Inc. (a) 85,400 6,213
Cisco Systems, Inc. (a) 1,409,600 77,176
DSC Communications Corp. (a) 228,900 6,896
Network General Corp. (a) 105,000 2,494
Newbridge Networks Corp. (a) 242,200 17,226
P-COM, Inc. 17,300 517
Pairgain Technologies, Inc. (a) 15,300 1,557
PictureTel Corp. (a) 89,200 3,501
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMMUNICATIONS EQUIPMENT - CONTINUED
3Com Corp. (a) 49,876 $ 2,456
U.S. Robotics Corp. (a) 313,600 28,773
Xircom, Inc. (a) 12,800 208
150,904
COMPUTER SERVICES & SOFTWARE - 11.8%
Adobe Systems, Inc. 46,900 1,741
America Online, Inc. (a) 484,300 27,363
Arbor Software Corp. (a) 900 55
Ascend Communications, Inc. (a) 687,900 46,003
Aspect Development, Inc. 2,100 64
Automatic Data Processing, Inc. 354,800 13,615
BBN Corp. 23,500 617
BMC Software, Inc. (a) 96,500 6,079
Broderbund Software, Inc. (a) 87,800 3,699
Business Objects SA sponsored ADR (a) 14,200 660
CSG Systems International, Inc. (a) 5,200 165
CUC International, Inc. (a) 918,450 33,983
Cadence Design Systems, Inc. (a) 871,950 32,989
Ceridian Corp. (a) 164,000 8,671
Citrix Systems, Inc. (a) 13,700 1,038
Compuserve Corp. (a) 12,000 297
Computer Associates International, Inc. 73,200 5,325
CompUSA, Inc. (a) 683,600 29,907
Computer Sciences Corp. (a) 132,700 10,467
Cooper & Chyan Technology, Inc. (a) 3,500 87
Cybercash, Inc. (a) 4,000 238
DST Systems, Inc. (a) 30,100 1,050
DecisionOne Corp. (a) 24,700 716
Diamond Multimedia Systems, Inc. (a) 15,200 245
Edify Corp. (a) 1,000 42
Electronic Arts, Inc. (a) 306,200 9,684
Excite, Inc. (a) 900 15
First Data Corp. 112,821 8,997
General Motors Corp. Class E 452,000 25,481
HBO & Co. 71,700 8,954
Harbinger Corp. (a) 1,500 36
Health Systems Design Corp. (a) 7,600 142
Intuit (a) 81,000 4,212
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Lycos, Inc. (a) 2,900 $ 45
Mechanical Dynamics, Inc. 7,300 130
Mercury Interactive Group Corp. (a) 55,100 799
Microsoft Corp. (a) 478,000 56,762
National Data Corp. 24,100 910
Netscape Communications Corp. (a) 330,000 22,461
Nova Corp. 3,200 122
Open Market, Inc. 1,800 57
Open Text Corp. (a) 1,400 15
Openvision Technologies, Inc. (a) 4,700 83
Oracle Systems Corp. (a) 1,674,025 55,452
Orcad, Inc. (a) 9,100 135
Ozemail Ltd. sponsored ADR 2,400 34
Parametric Technology Corp. (a) 682,600 31,229
Peoplesoft, Inc. (a) 98,800 6,990
Polycom, Inc. (a) 6,500 58
Powercerv Corp. (a) 5,200 86
Rational Software Corp. (a) 6,800 422
SCB Computer Technology, Inc. (a) 9,500 199
Sapient Corp. 1,000 50
Sierra On-Line, Inc. (a) 10,000 450
Softkey International, Inc. (a) 24,300 604
Spectrum Holobyte, Inc. (a) 27,100 200
Sterling Software, Inc. (a) 47,500 3,824
Stratacom, Inc. (a) 262,500 14,273
Structural Dynamics Research Corp. (a) 70,000 1,995
Sybase, Inc. (a) 78,500 1,815
Sykes Enterprises, Inc. (a) 1,500 72
Symantec Corp. (a) 50,600 797
Transition Systems, Inc. (a) 19,500 595
Verity, Inc. (a) 37,100 1,456
Vocaltec Ltd. (a) 1,400 15
Whittman-Hart, Inc. (a) 1,800 67
Worldtalk Communications Corp. (a) 25,800 284
485,123
COMPUTERS & OFFICE EQUIPMENT - 4.1%
Adaptec, Inc. (a) 245,800 14,717
Bay Networks, Inc. (a) 707,800 20,526
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
Canon, Inc. 292,000 $ 5,725
Compaq Computer Corp. (a) 131,200 6,380
Dell Computer Corp. (a) 277,200 15,350
Digital Equipment Corp. (a) 23,500 1,225
EMC Corp. (a) 47,000 1,040
Hewlett-Packard Co. 178,000 19,001
International Business Machines Corp. 81,500 8,700
Komag, Inc. (a) 179,600 6,219
Lexmark International Group, Inc. (a) 68,900 1,516
MICROS Systems, Inc. (a) 98,800 2,939
Seagate Technology (a) 265,500 15,598
Silicon Graphics, Inc. (a) 255,990 7,040
Stormedia, Inc. Class A (a) 127,950 3,279
Sun Microsystems, Inc. (a) 499,400 31,275
Tech Data Corp. (a) 57,400 1,335
Wang Laboratories, Inc. (a) 86,300 1,866
Xerox Corp. 27,300 4,296
168,027
ELECTRONIC INSTRUMENTS - 0.0%
Berg Electronics Corp. (a) 3,200 83
Novellus System, Inc. (a) 23,400 1,147
Photran Corp. 900 12
Sawtek, Inc. (a) 1,900 53
Thermoquest Corp. (a) 1,300 21
1,316
ELECTRONICS - 3.2%
Altera Corp. (a) 163,100 7,890
Analog Devices, Inc. (a) 644,700 17,810
Atmel Corp. (a) 450,800 16,003
Aura Systems, Inc. (a) 479 2
Cascade Communications Corp. (a) 55,400 3,123
Cirrus Logic, Inc. (a) 70,400 1,496
Hitachi Ltd. 4,000 37
Intel Corp. 631,800 47,701
LSI Logic Corp. (a) 114,000 3,548
Linear Technology Corp. 262,500 9,056
Maxim Integrated Products, Inc. (a) 450,700 15,324
S-3, Inc. (a) 38,800 548
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
Samsung Electronics Co. Ltd. GDS (vtg.) (bonus issue 3/96)(b) 37 $ 2
Samsung Electronics Co. Ltd. GDS (vtg.) (a)(b) 124 7
Sierra Semiconductor Corp. (a) 17,400 257
Tencor Instruments (a) 37,800 850
Uniphase Corp. (a) 123,100 8,032
Xilinx, Inc. (a) 73,700 2,561
134,247
PHOTOGRAPHIC EQUIPMENT - 0.2%
Eastman Kodak Co. 127,100 9,453
TOTAL TECHNOLOGY 949,070
TRANSPORTATION - 2.2%
AIR TRANSPORTATION - 1.4%
AMR Corp. (a) 148,700 14,034
America West Airlines, Inc. Class B (a) 262,000 5,338
Comair Holdings, Inc. 125,250 3,288
Delta Air Lines, Inc. 169,700 14,064
Midwest Express Holdings, Inc. (a) 2,400 77
Northwest Airlines Corp. Class A (a) 44,700 1,776
Southwest Airlines Co. 260,700 7,137
Trans World Airlines, Inc. (a) 44,900 898
UAL Corp. (a) 196,000 11,196
57,808
RAILROADS - 0.6%
CSX Corp. 332,400 16,454
Conrail, Inc. 88,600 6,224
Wisconsin Central Transportation Corp. (a) 900 32
22,710
SHIPPING - 0.0%
Trico Marine Services, Inc. 3,500 78
TRUCKING & FREIGHT - 0.2%
Airborne Freight Corp. 46,900 1,184
Fritz Companies, Inc. (a) 30,900 1,066
Hunt (J.B.) Transport Services, Inc. 145,200 2,759
Landstar System, Inc. (a) 129,700 3,826
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TRANSPORTATION - CONTINUED
TRUCKING & FREIGHT - CONTINUED
M.S. Carriers, Inc. (a) 21,100 $ 406
PST Vans, Inc. (a) 8,300 35
9,276
TOTAL TRANSPORTATION 89,872
UTILITIES - 4.9%
CELLULAR - 1.2%
AirTouch Communications, Inc. (a) 915,835 29,192
Mobile Telecommunications Technologies, Inc. (a) 24,100 349
Orange PLC ADR (a) 23,200 441
Paging Network, Inc. (a) 47,000 1,058
Telephone & Data Systems, Inc. 11 -
36O Degrees Communications Co. (a) 482,900 11,167
Vanguard Cellular Systems, Inc. Class A (a) 187,000 4,511
Western Wireless Corp. Class A 7,300 179
46,897
TELEPHONE SERVICES - 3.7%
AT&T Corp. 674,800 42,091
American Portable Telecom, Inc. (a) 12,300 163
Ameritech Corp. 244,100 13,792
Bell Atlantic Corp. 191,800 11,963
BellSouth Corp. 599,000 24,334
Brooks Fiber Properties, Inc. (a) 5,300 179
Frontier Corp. 230,400 7,373
LCI International, Inc. (a) 131,000 4,176
Lucent Technologies, Inc. (a) 207,700 7,893
NYNEX Corp. 230,500 10,632
SBC Communications, Inc. 271,800 13,420
Telebras sponsored ADR 128,300 8,259
Telefonos de Mexico SA sponsored ADR
representing shares Ord. Class L 130,600 4,310
U.S. West, Inc. 23,100 754
WorldCom, Inc. (a) 87,800 4,291
153,630
TOTAL UTILITIES 200,527
TOTAL COMMON STOCKS
(Cost $2,622,495) 3,377,594
U.S. TREASURY OBLIGATIONS - 4.8%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
U.S. Treasury Bill, yield at date
of purchase 4.93%, 7/18/96
(Cost $198,701) Aaa $ 200,000 $ 198,812
REPURCHASE AGREEMENTS - 13.3%
MATURITY
AMOUNT (000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.32%, dated
5/31/96 due 6/3/96 $ 547,363 547,120
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,368,316) $ 4,123,526
LEGEND
1. Non-income producing
2. 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 $2,010,000 or 0.1% of net
assets.
INCOME TAX INFORMATION
At May 31, 1996, the aggregate cost of investment securities for income tax
purposes was $3,372,882,000. Net unrealized appreciation aggregated
$750,644,000, of which $779,389,000 related to appreciated investment
securities and $28,745,000 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, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 4,123,526
agreements of $547,120) (cost $3,368,316) -
See accompanying schedule

Cash 15

Receivable for investments sold 511

Receivable for fund shares sold 17,946

Dividends receivable 3,243

Other receivables 243

TOTAL ASSETS 4,145,484

LIABILITIES

Payable for investments purchased $ 66,595

Payable for fund shares redeemed 6,409

Accrued management fee 1,983

Distribution fees payable 1,193

Other payables and accrued expenses 1,066

TOTAL LIABILITIES 77,246

NET ASSETS $ 4,068,238

Net Assets consist of:

Paid in capital $ 3,199,093

Undistributed net investment income 13,031

Accumulated undistributed net realized gain (loss) on 100,905
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 755,209
investments and assets and liabilities in foreign
currencies

NET ASSETS $ 4,068,238

CALCULATION OF MAXIMUM OFFERING PRICE $41.56
CLASS A:
NET ASSET VALUE and redemption price per share
($2,959,597 (divided by) 71,211 shares)

Maximum offering price per share (100/96.50 of $41.56) $43.07

INSTITUTIONAL CLASS: $42.10
NET ASSET VALUE, offering price and redemption price
per share ($1,108,641 (divided by) 26,336 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 17,249
Dividends

Interest 18,481

TOTAL INCOME 35,730

EXPENSES

Management fee $ 10,140

Transfer agent fees 2,343
Class A

Institutional Class 595

Distribution fees - Class A 6,344

Accounting fees and expenses 395

Non-interested trustees' compensation 6

Custodian fees and expenses 54

Registration fees - 365
Class A

Institutional Class 121

Audit 37

Legal 20

Miscellaneous 70

Total expenses before reductions 20,490

Expense reductions (234) 20,256

NET INVESTMENT INCOME 15,474

REALIZED AND UNREALIZED GAIN (LOSS) 111,614
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on:

Investment securities 227,444

Assets and liabilities in foreign currencies (1) 227,443

NET GAIN (LOSS) 339,057

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 354,531
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED MAY NOVEMBER 30,
31,1996 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 15,474 $ 8,342
Net investment income

Net realized gain (loss) 111,614 163,818

Change in net unrealized appreciation (depreciation) 227,443 499,727

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 354,531 671,887
FROM OPERATIONS

Distributions to shareholders (3,187) (2,488)
From net investment income
Class A

Institutional Class (4,703) (3,809)

From net realized gain (111,344) (4,889)
Class A

Institutional Class (41,025) (2,227)

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

Institutional Class - (756)

TOTAL DISTRIBUTIONS (160,259) (15,811)

Share transactions - net increase (decrease) 1,031,463 901,805

TOTAL INCREASE (DECREASE) IN NET ASSETS 1,225,735 1,557,881

NET ASSETS

Beginning of period 2,842,503 1,284,622

End of period (including undistributed net investment $ 4,068,238 $ 2,842,503
income of $13,031 and $5,825, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED MAY 31,
1996

(UNAUDITED) 1995 1994 F 1993 1992 E

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

Net asset value, beginning $ 39.83 $ 28.52 $ 29.50 $ 26.33 $ 23.78
of period

Income from Investment
Operations

Net investment income .15 D .06 .08 (.07) D .01

Net realized and unrealized 3.72 11.54 .39 3.82 2.54
gain (loss)

Total from investment 3.87 11.60 .47 3.75 2.55
operations

Less Distributions

From net investment income (.06) (.08) - (.08) -

From net realized gain (2.08) (.16) (1.45) (.50) -

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

Total distributions (2.14) (.29) (1.45) (.58) -

Net asset value, end of period $ 41.56 $ 39.83 $ 28.52 $ 29.50 $ 26.33

TOTAL RETURN B, C 10.37% 41.11% 1.58% 14.52% 10.72%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 2,960 $ 2,051 $ 874 $ 378 $ 23
(in millions)

Ratio of expenses to average 1.37% 1.55% 1.71% 1.85% 1.47%
net assets A A

Ratio of expenses to average 1.37% 1.54% 1.70% 1.84% 1.47%
net assets after expense A G G G A
reductions

Ratio of net investment income .77% .21% .15% (.24) .25%
to average net assets A % A

Portfolio turnover 78% 97% 137% 160% 240%
A

Average commision rate $ .0406 H

</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 NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD SEPTEMBER 10, 1992 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1992.
F EFFECTIVE DECEMBER 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
H FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED
MAY 31, 1996

(UNAUDITED) 1995 1994 E 1993 1992 1991

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

Net asset value, $ 40.39 $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55
beginning of period

Income from Investment
Operations

Net investment income .27 D .28 .30 .19 D .17 .04

Net realized and 3.76 11.69 .42 3.78 4.55 8.69
unrealized gain
(loss)

Total from investment 4.03 11.97 .72 3.97 4.72 8.73
operations

Less Distributions

From net investment (.24) (.27) (.11) (.10) (.03) -
income

From net realized gain (2.08) (.16) (1.45) (.50) (2.60) -

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

Total distributions (2.32) (.48) (1.56) (.60) (2.63) -

Net asset value, end $ 42.10 $ 40.39 $ 28.90 $ 29.74 $ 26.37 $ 24.28
of period

TOTAL RETURN B, C 10.69% 42.15% 2.46% 15.36% 21.14% 56.14%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,109 $ 791 $ 410 $ 296 $ 179 $ 69
(in millions)

Ratio of expenses to .79% .83% .86% .95% .98% 1.13%
average net assets A

Ratio of expenses to .79% .83% .84% .94% .98% 1.13%
average net assets A F F
after expense
reductions

Ratio of net investment 1.36% .92% 1.00% .66% .73% .25%
income to average A
net assets

Portfolio turnover 78% 97% 137% 160% 240% 254%
A

Average commission $ .0406 G
rate

</TABLE>

A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
E EFFECTIVE DECE.MBER 1, 1993, THE FUND ADOPTED STATEMENT OF POSITION 93-2,
"DETERMINATION, DISCLOSURE, AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN, AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES."
AS A RESULT, NET INVESTMENT INCOME PER SHARE MAY REFLECT CERTAIN
RECLASSIFICATIONS RELATED TO BOOK TO TAX DIFFERENCES.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD PARTIES
WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES.
G FOR FISCAL YEARS BEGINNING ON OR AFTER SEPTEMBER 1, 1995, A FUND IS
REQUIRED TO DISCLOSE ITS AVERAGE COMMISSION RATE PER SHARE FOR SECURITY
TRADES ON WHICH COMMISSIONS ARE CHARGED. THIS AMOUNT MAY VARY FROM PERIOD
TO PERIOD AND FUND TO FUND DEPENDING ON THE MIX OF TRADES EXECUTED IN
VARIOUS MARKETS WHERE TRADING PRACTICES AND COMMISSION RATE STRUCTURES MAY
DIFFER.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1996 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Equity Growth Fund (the fund) (formerly Fidelity Advisor
Equity Portfolio Growth) 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 allocated 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 financial statements have been prepared in conformity with generally
accepted accounting principles which permit 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 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 (including restricted securities) for which
exchange quotations are not readily available (and in certain cases debt
securities which trade on an exchange) are valued primarily using
dealer-supplied valuations or at their fair value as determined in good
faith under consistently applied procedures under the general supervision
of the Board of Trustees. Short-term securities maturing within sixty days
of their purchase date are valued at amortized cost or original cost plus
accrued interest, both of which approximate current value.
FOREIGN CURRENCY TRANSLATION. The accounting records of the fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S.
dollars at the prevailing rates of exchange at period end. Purchases and
sales of securities, income receipts, and expense payments are translated
into U.S. dollars at the prevailing exchange rate on the respective dates
of the transactions.
Net realized gains and losses on foreign currency transactions represent
net gains and losses from sales and maturities of forward currency
contracts, disposition of foreign currencies, currency gains and losses
realized between the trade and settlement dates on securities transactions,
and the difference between the amount of net investment income accrued and
the U.S. dollar amount actually received. The effects of changes in foreign
currency exchange rates on investments in securities are included with the
net realized and unrealized gain or loss on investment securities.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends are declared separately for each class,
while capital gain distributions are declared at the fund level and
allocated to each class on a pro rata 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 losses
deferred due to wash sales. The fund also utilized earnings and profits
distributed to shareholders on redemption of shares as a part of the
dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital and may
affect the per-share allocation between net investment income and realized
and unrealized gain (loss). Undistributed net investment income and
accumulated undistributed net realized gain (loss) on investments and
foreign currency transactions may include temporary book and tax basis
differences which will reverse in a subsequent period. Any taxable income
or gain remaining at fiscal year end is distributed in the following year.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may use foreign currency
contracts to facilitate transactions in foreign securities and to manage
the fund's currency exposure. Contracts to buy generally are used to
acquire exposure to foreign currencies, while contracts to sell are used to
hedge the fund's investments against currency fluctuations. Also, a
contract to buy or sell can offset a previous contract. Losses may arise
2. OPERATING POLICIES - CONTINUED
FORWARD FOREIGN CURRENCY
CONTRACTS - CONTINUED
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 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.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are marked-to-market
daily and maintained at a value at least equal to the principal amount of
the repurchase agreement (including accrued interest). FMR, the fund's
investment adviser, is responsible for determining that the value of the
underlying securities remains in accordance with the market value
requirements stated above.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,627,617,000 and $1,066,494,000, 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 .2500% to .5200% for the period. In the event that these
rates were lower than the contractual rates in effect during the period,
FMR voluntarily implemented the above rates, as they resulted in the same
or a lower management fee. The annual individual fund fee rate is .30%. For
the period, the management fee was equivalent to an annualized rate of .61%
of average net assets.
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the 1940
Act, the Trustees have adopted separate distribution plans with respect to
the fund's Class A shares (Class A Plan) and Institutional Class shares
(collectively referred to as "the Plans"). Under the Class A Plan, the fund
pays Fidelity
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
Distributors Corporation (FDC), an affiliate of FMR, a distribution and
service fee. For the period December 1, 1995 to December 31, 1995, this fee
was based on an annual rate of .65% of the average net assets of the Class
A shares. Effective January 1, 1996, the Board of Trustees approved a
revised Class A distribution plan, under which the fee is based on an
annual rate of .50% of the average net assets of the Class A shares. For
the period, the fund paid FDC $6,344,000 under the Class A Plan, of which
$6,086,000 was paid to securities dealers, banks and other financial
institutions for the distribution of Class A shares, and providing
shareholder support services.
Under the Plans, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of the fund's Class A and
Institutional Class shares. The Plans also authorize payments to third
parties that assist in the sale of the fund's shares or render shareholder
support services.
SALES LOAD. For the period December 1, 1995 through December 31, 1995, FDC
received a front-end sales charge of up to 4.75% for selling Class A shares
of the fund. Effective January 1, 1996, the Board of Trustees approved a
revised Class A sales charge. Under the revised arrangement, FDC receives a
front-end sales charge of up to 3.50% for selling Class A shares of the
fund. For the period, FDC received sales charges of $8,237,000 on sales of
Class A shares of the fund, of which $6,863,000 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 affiliate of FMR (collectively, with State Street,
referred to as the Transfer Agents) acts in that capacity for the fund's
Institutional Class shares. The Transfer Agents receive account fees and
asset-based fees that vary according to the 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. For the
period, the transfer agent fees were equivalent to an annualized rate of
.19% and .13% of average net assets for Class A and Institutional Class,
respectively.
ACCOUNTING FEES. Fidelity Service Co. maintains the fund's accounting
records. The fee is based on the level of average net assets for the month
plus out-of-pocket expenses.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
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 $385,000 for the period.
5. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$148,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian and
transfer agent whereby interest earned on uninvested cash balances was used
to offset a portion of the class' expenses. During the period, the fund's
custodian fees were reduced by $7,000 under the custodian arrangement, and
Class A and Institutional Class expenses were reduced by $46,000 and
$33,000, respectively, under the transfer agent arrangement.
6. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
SHARES DOLLARS
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED MAY 31, NOVEMBER
30, MAY 31, NOVEMBER 30,
1996 1995 1996 1995
AMOUNTS IN THOUSANDS
CLASS A
Shares sold 24,576 31,684 $ 958,570 $ 1,094,983
Reinvestment of distributions 2,864 299 106,716 8,317
Shares redeemed (7,730) (11,136) (299,121) (378,584)
Net increase (decrease) 19,710 20,847 $ 766,165 $ 724,716
INSTITUTIONAL CLASS
Shares sold 9,193 11,766 $ 361,696 $ 398,403
Reinvestment of distributions 847 151 31,892 4,231
Shares redeemed (3,291) (6,533) (128,290) (225,545)
Net increase (decrease) 6,749 5,384 $ 265,298 $ 177,089

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Lawrence Greenberg, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
State Street Bank and Trust Company
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
Chase Manhattan Bank, N.A.
New York, NY
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income 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 GROWTH
FUND - INSTITUTIONAL CLASS
(FORMERLY FIDELITY ADVISOR EQUITY
PORTFOLIO GROWTH - INSTITUTIONAL CLASS)
SEMIANNUAL REPORT
MAY 31, 1996
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 28 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.

NOTES 33 Notes to the financial statements.

DEAR SHAREHOLDER:
Although stocks have managed to post solid returns through the first five
months of 1996, signs of strength in the economy have led to inflation
fears, causing some uncertainty in bond markets so far this year. In 1995,
both stock and bond markets posted strong results, while the year before,
stocks posted below-average returns and bonds had one of the worst years in
history.
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. 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
ADVISOR EQUITY GROWTH - INSTITUTIONAL CLASS
PERFORMANCE: THE BOTTOM LINE

Advisor Equity Growth - Institutional 10.69% 35.35% 128.38% 426.22%
Class

S&P 500(registered trademark) 11.79% 28.44% 97.37% 269.71%

Growth Funds Average 12.08% 29.46% 92.13% 224.65%

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, six months, one, five,
or 10 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 500 Index - 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 growth funds average, which reflects the
performance of 648 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, 1996 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Advisor Equity Growth - Institutional Class 35.35% 17.96% 18.06%

S&P 500 28.44% 14.56% 13.94%

Growth Funds Average 29.46% 13.67% 12.07%

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.

$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19960531 19960621 164634 S00000000000001
FA Equity Growth -CL I SP Standard & Poor 500
00086 SP001
1986/05/31 10000.00 10000.00
1986/06/30 10076.76 10169.00
1986/07/31 9232.38 9600.55
1986/08/31 9546.41 10312.91
1986/09/30 8674.11 9460.04
1986/10/31 9309.14 10005.88
1986/11/30 9197.49 10249.02
1986/12/31 9005.10 9987.67
1987/01/31 10085.41 11333.01
1987/02/28 10996.63 11780.67
1987/03/31 10896.73 12121.13
1987/04/30 10497.13 12013.25
1987/05/31 10427.97 12117.76
1987/06/30 10627.77 12729.71
1987/07/31 11111.90 13375.11
1987/08/31 11780.45 13874.00
1987/09/30 11580.65 13570.16
1987/10/31 8529.88 10647.15
1987/11/30 7623.10 9769.82
1987/12/31 8954.17 10513.31
1988/01/31 8929.48 10955.92
1988/02/29 9464.42 11466.46
1988/03/31 9604.33 11112.15
1988/04/30 9497.34 11235.49
1988/05/31 9431.50 11333.24
1988/06/30 10270.96 11853.44
1988/07/31 10065.21 11808.39
1988/08/31 9620.79 11406.91
1988/09/30 10155.74 11892.84
1988/10/31 10048.75 12223.46
1988/11/30 9892.38 12048.67
1988/12/31 10348.38 12259.52
1989/01/31 11163.81 13156.92
1989/02/28 11172.21 12829.31
1989/03/31 11542.10 13128.23
1989/04/30 12307.09 13809.59
1989/05/31 13366.31 14368.88
1989/06/30 12870.32 14286.97
1989/07/31 13753.00 15577.09
1989/08/31 14291.02 15882.40
1989/09/30 14686.12 15817.28
1989/10/31 14501.18 15450.32
1989/11/30 14560.03 15765.51
1989/12/31 14988.73 16143.88
1990/01/31 13613.00 15060.62
1990/02/28 14161.37 15254.91
1990/03/31 14988.73 15659.16
1990/04/30 14690.50 15267.68
1990/05/31 16778.15 16756.28
1990/06/30 16922.45 16642.34
1990/07/31 16441.43 16589.08
1990/08/31 14344.16 15089.43
1990/09/30 13160.84 14354.57
1990/10/31 13324.39 14292.85
1990/11/30 14959.87 15216.17
1990/12/31 16027.75 15640.70
1991/01/31 18355.91 16322.63
1991/02/28 20010.63 17489.70
1991/03/31 21973.21 17912.95
1991/04/30 21896.25 17955.94
1991/05/31 23041.09 18731.64
1991/06/30 21126.61 17873.73
1991/07/31 22839.06 18706.65
1991/08/31 24070.48 19149.99
1991/09/30 24128.21 18830.19
1991/10/31 24195.55 19082.51
1991/11/30 23358.57 18313.49
1991/12/31 26398.93 20408.55
1992/01/31 27138.13 20028.95
1992/02/29 27277.63 20289.33
1992/03/31 25989.93 19893.69
1992/04/30 25453.39 20478.56
1992/05/31 25335.36 20578.91
1992/06/30 24498.36 20272.28
1992/07/31 25356.82 21101.42
1992/08/31 24745.16 20668.84
1992/09/30 25206.59 20912.73
1992/10/31 26537.20 20985.93
1992/11/30 28297.05 21701.55
1992/12/31 29075.17 21968.47
1993/01/31 29888.03 22153.01
1993/02/28 29130.67 22454.29
1993/03/31 30052.67 22928.08
1993/04/30 29569.72 22373.22
1993/05/31 31303.95 22972.82
1993/06/30 31435.66 23039.44
1993/07/31 30908.81 22947.28
1993/08/31 32061.30 23816.98
1993/09/30 33027.20 23633.59
1993/10/31 33444.29 24122.81
1993/11/30 32643.04 23893.64
1993/12/31 33642.59 24182.76
1994/01/31 34856.50 25004.97
1994/02/28 34578.76 24327.33
1994/03/31 33178.48 23266.66
1994/04/30 33560.38 23564.48
1994/05/31 33375.22 23950.93
1994/06/30 31928.65 23364.14
1994/07/31 32634.57 24130.48
1994/08/31 34127.43 25119.83
1994/09/30 33444.65 24504.39
1994/10/31 34555.61 25055.74
1994/11/30 33444.65 24143.21
1994/12/31 33628.13 24501.26
1995/01/31 33345.64 25136.57
1995/02/28 34652.16 26116.15
1995/03/31 35982.22 26886.83
1995/04/30 37547.69 27678.65
1995/05/31 38877.75 28784.97
1995/06/30 41855.67 29453.64
1995/07/31 44998.37 30430.32
1995/08/31 45480.96 30506.70
1995/09/30 46787.48 31794.09
1995/10/31 46575.61 31680.58
1995/11/30 47540.79 33071.36
1995/12/31 47118.52 33708.31
1996/01/31 48247.48 34855.74
1996/02/29 49347.42 35178.86
1996/03/31 49709.91 35517.63
1996/04/30 51222.33 36041.16
1996/05/31 52622.25 36970.66
IMATRL PRASUN SHR__CHT 19960531 19960621 164639 R00000000000123

$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was invested
in Advisor Equity Growth - Institutional Class on May 31, 1986. As the
chart shows, by May 31, 1996, the value of the investment would have grown
to $52,622 - a 426.22% increase on the 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 $36,971 - a
269.71% 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 MANAGERS' OVERVIEW

NOTE TO SHAREHOLDERS: On June 3, 1996, Larry Greenberg (right photo)
replaced Bob Stansky as manager of the fund. The following is an interview
with Bob Stansky covering the past six months, followed by Larry
Greenberg's outlook.
Q. HOW DID THE FUND PERFORM, BOB?
B.S. For the six-month period ended May 31, 1996, the fund's Institutional
Class shares returned 10.69%. For the past year, the Institutional Class
return was 35.35%. For the same periods, the Lipper growth funds average
was 12.08% for six months and 29.46% for the year. Additionally, the
Standard & Poor's 500 Index returned 11.79% for the six-month time frame
and 28.44% for the past year.
Q. WHY DO YOU THINK THE FUND UNDERPERFORMED IN THE PAST SIX MONTHS?
B.S. The fund's underperformance in the past six months can be attributed
to its performance in the month of December. In that month, Wall Street's
concerns during the last months of 1995 over future earnings growth of
technology-related companies came to a head. This caused the stock prices
of many technology companies to fall, thus hurting the fund. I think,
though, it's important to note that the fund continued to outperform over
the past year.
Q. THE STOCK MARKET CERTAINLY CONTINUED TO SURGE AHEAD . . .
B.S. Price as well as trading volume records continued to be set over the
past six months. The difference so far in 1996 compared to 1995 is higher
interest rates. While higher interest rates usually indicate a growing
economy, they also mean corporate borrowing costs will go up. Additionally,
higher interest rates make bonds look more attractive on a yield basis when
compared to stocks. Yet, despite rising rates, stocks continued to do
relatively well. This was due in part to strong corporate earnings in the
first quarter, a large amount of cash inflows into mutual funds and
widespread optimism about the market.
Q. MUCH HAS BEEN REPORTED IN THE FINANCIAL MEDIA ABOUT THE MARKET'S SHIFT
FROM LARGE, BLUE CHIP STOCKS TO SMALLER STOCKS. DO YOU AGREE?
B.S. Generally speaking, this shift from blue chips to smaller companies
was true, but I think it's important to go beyond this generalization and
examine the evidence. First of all, there are many large, well-established
companies - such as Microsoft, one of the fund's top holdings - that did
very well. Also, many of the companies that have underperformed recently
were adversely affected by the strong dollar. A strong dollar hurts the
competitiveness of American exports as prices for American goods would be
higher relative to those of other countries. Additionally, companies'
reported profits are hurt by a strong currency after the translation of
overseas earnings back into dollars.
Q. SIX MONTHS AGO, YOU SAID YOU WERE LOWERING THE FUND'S TECHNOLOGY
POSITION BECAUSE OF THE HIGH VALUATIONS OF MANY TECHNOLOGY STOCKS. WAS THIS
THE SAME REASON YOU CONTINUED TO LOWER THE FUND'S TECHNOLOGY WEIGHTING
DURING THE PERIOD?
B.S. I believe that stock prices follow earnings over the long run, and I
rotated out of those companies that faced earnings pressure. While growth
in some technology-related industries appears to have slowed, I believed
networking, software and Internet companies were successful because they
offer more efficient tools for business. For example, Microsoft's
much-anticipated Windows NT software is a 32-bit operating system that was
designed to get the most out of Intel's Pentium processor - which runs many
of the world's personal computers. Other examples include the explosion in
the use of the local area network in America's offices - which benefited
networking hardware and software companies such as Cisco Systems and Sun
Microsystems - and the rise of the Internet as a means of communication and
commerce.
Q. WAS THE POSITIVE IMPACT OF THE FUND'S FINANCIAL STOCKS FELT ONLY BEFORE
INTEREST RATES ROSE IN FEBRUARY?
B.S. Although some interest-rate-sensitive stocks - such as Fannie Mae -
lost ground when interest rates rose in February, the financial sector did
not move downward in lockstep. For the most part, banks - such as Citicorp
- - and brokerage firms - such as Merrill Lynch - continued to perform well
during the period because of the strength of their underlying businesses
and the large amount of financial activity.
Q. WHAT WAS BEHIND THE RUN-UP IN THE PRICES OF OIL AND OIL SERVICE
COMPANIES?
B.S. Crude oil and natural gas prices have risen steadily over the past
year. In addition, I believe positive supply and demand dynamics made
refining and other segments of the oil business attractive during the
period. These factors have not only benefited the large oil companies, but
also oil-service firms such as Schlumberger.
Q. THE FUND'S RETAIL HOLDINGS HAVE INCREASED. DO YOU SENSE THIS BEATEN-DOWN
SECTOR MAY BE TURNING AROUND?
B.S. Companies like the Gap and Home Depot grew earnings even in the
difficult retail environment we've seen over the past year. In terms of the
sector as a whole, however, while there were some improvements in sales, I
don't believe you can proclaim an industry turnaround until you see
consistent earnings improvement.
Q. WERE THERE ANY DISAPPOINTMENTS?
B.S. As stated before, the fund's performance was hurt by the falling
prices of technology stocks. Unfortunately, rising inventories in some
areas of the technology sector served to slow growth rates.
Q. TURNING TO YOU LARRY, WHAT'S YOUR OUTLOOK?
L.G. There is no question that the market has gone a long time without a
meaningful correction and many stocks are approaching fair value. If rates
continue to climb, or cash flows into mutual funds slow, a healthy
correction at some point would be likely. I use the word healthy because
corrections give me an opportunity to reposition the fund back into the
names that I like the most at more attractive valuations. Those people that
believe a correction is imminent, however, may be surprised, as the market
has been up in the May-November time frame in 21 of the last 23 election
years.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO MANAGERS
ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON THE COVER.
THE MANAGERS' VIEWS ARE SUBJECT TO CHANGE AT ANY TIME BASED ON MARKET AND
OTHER CONDITIONS.

TOP TEN STOCKS AS OF MAY 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

General Electric Co. 2.1 2.5

Cisco Systems, Inc. 1.9 2.4

Philip Morris Companies, Inc. 1.7 2.1

Microsoft Corp. 1.4 1.1

Federal National Mortgage 1.4 1.7
Association

Oracle Systems Corp. 1.3 2.2

Johnson & Johnson 1.3 1.3

Citicorp 1.2 1.3

Intel Corp. 1.2 0.7

Chrysler Corp. 1.1 1.1

TOP FIVE MARKET SECTORS AS OF MAY 31, 1996
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE MARKET
SECTORS
6 MONTHS AGO

Technology 23.0 31.1

Health 10.8 9.1

Finance 10.1 9.5

Retail & Wholesale 9.6 7.4

Utilities 4.9 6.4

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, 1996 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 4,123,526
agreements of $547,120) (cost $3,368,316) -
See accompanying schedule

Cash 15

Receivable for investments sold 511

Receivable for fund shares sold 17,946

Dividends receivable 3,243

Other receivables 243

TOTAL ASSETS 4,145,484

LIABILITIES

Payable for investments purchased $ 66,595

Payable for fund shares redeemed 6,409

Accrued management fee 1,983

Distribution fees payable 1,193

Other payables and accrued expenses 1,066

TOTAL LIABILITIES 77,246

NET ASSETS $ 4,068,238

Net Assets consist of:

Paid in capital $ 3,199,093

Undistributed net investment income 13,031

Accumulated undistributed net realized gain (loss) on 100,905
investments and foreign currency transactions

Net unrealized appreciation (depreciation) on 755,209
investments and assets and liabilities in foreign
currencies

NET ASSETS $ 4,068,238

CALCULATION OF MAXIMUM OFFERING PRICE $41.56
CLASS A:
NET ASSET VALUE and redemption price per share
($2,959,597 (divided by) 71,211 shares)

Maximum offering price per share (100/96.50 of $41.56) $43.07

INSTITUTIONAL CLASS: $42.10
NET ASSET VALUE, offering price and redemption price
per share ($1,108,641 (divided by) 26,336 shares)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)

INVESTMENT INCOME $ 17,249
Dividends

Interest 18,481

TOTAL INCOME 35,730

EXPENSES

Management fee $ 10,140

Transfer agent fees 2,343
Class A

Institutional Class 595

Distribution fees - Class A 6,344

Accounting fees and expenses 395

Non-interested trustees' compensation 6

Custodian fees and expenses 54

Registration fees - 365
Class A

Institutional Class 121

Audit 37

Legal 20

Miscellaneous 70

Total expenses before reductions 20,490

Expense reductions (234) 20,256

NET INVESTMENT INCOME 15,474

REALIZED AND UNREALIZED GAIN (LOSS) 111,614
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on:

Investment securities 227,444

Assets and liabilities in foreign currencies (1) 227,443

NET GAIN (LOSS) 339,057

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 354,531
FROM OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR ENDED
ENDED MAY NOVEMBER 30,
31,1996 1995
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 15,474 $ 8,342
Net investment income

Net realized gain (loss) 111,614 163,818

Change in net unrealized appreciation (depreciation) 227,443 499,727

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 354,531 671,887
FROM OPERATIONS

Distributions to shareholders (3,187) (2,488)
From net investment income
Class A

Institutional Class (4,703) (3,809)

From net realized gain (111,344) (4,889)
Class A

Institutional Class (41,025) (2,227)

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

Institutional Class - (756)

TOTAL DISTRIBUTIONS (160,259) (15,811)

Share transactions - net increase (decrease) 1,031,463 901,805

TOTAL INCREASE (DECREASE) IN NET ASSETS 1,225,735 1,557,881

NET ASSETS

Beginning of period 2,842,503 1,284,622

End of period (including undistributed net investment $ 4,068,238 $ 2,842,503
income of $13,031 and $5,825, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED MAY 31,
1996

(UNAUDITED) 1995 1994 F 1993 1992 E

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

Net asset value, beginning $ 39.83 $ 28.52 $ 29.50 $ 26.33 $ 23.78
of period

Income from Investment
Operations

Net investment income .15 D .06 .08 (.07) D .01

Net realized and unrealized 3.72 11.54 .39 3.82 2.54
gain (loss)

Total from investment 3.87 11.60 .47 3.75 2.55
operations

Less Distributions

From net investment income (.06) (.08) - (.08) -

From net realized gain (2.08) (.16) (1.45) (.50) -

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

Total distributions (2.14) (.29) (1.45) (.58) -

Net asset value, end of period $ 41.56 $ 39.83 $ 28.52 $ 29.50 $ 26.33

TOTAL RETURN B, C 10.37% 41.11% 1.58% 14.52% 10.72%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 2,960 $ 2,051 $ 874 $ 378 $ 23
(in millions)

Ratio of expenses to average 1.37% 1.55% 1.71% 1.85% 1.47%
net assets A A

Ratio of expenses to average 1.37% 1.54% 1.70% 1.84% 1.47%
net assets after expense A G G G A
reductions

Ratio of net investment income .77% .21% .15% (.24) .25%
to average net assets A % A

Portfolio turnover 78% 97% 137% 160% 240%
A

Average commision rate $ .0406 H

</TABLE>

(UNAUDITED) 1995 1994 E 1993 1992 1991

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

Net asset value, $ 40.39 $ 28.90 $ 29.74 $ 26.37 $ 24.28 $ 15.55
beginning of period

Income from Investment
Operations

Net investment income .27 D .28 .30 .19 D .17 .04

Net realized and 3.76 11.69 .42 3.78 4.55 8.69
unrealized gain
(loss)

Total from investment 4.03 11.97 .72 3.97 4.72 8.73
operations

Less Distributions

From net investment (.24) (.27) (.11) (.10) (.03) -
income

From net realized gain (2.08) (.16) (1.45) (.50) (2.60) -

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

Total distributions (2.32) (.48) (1.56) (.60) (2.63) -

Net asset value, end $ 42.10 $ 40.39 $ 28.90 $ 29.74 $ 26.37 $ 24.28
of period

TOTAL RETURN B, C 10.69% 42.15% 2.46% 15.36% 21.14% 56.14%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period $ 1,109 $ 791 $ 410 $ 296 $ 179 $ 69
(in millions)

Ratio of expenses to .79% .83% .86% .95% .98% 1.13%
average net assets A

Ratio of expenses to .79% .83% .84% .94% .98% 1.13%
average net assets A F F
after expense
reductions

Ratio of net investment 1.36% .92% 1.00% .66% .73% .25%
income to average A
net assets

Portfolio turnover 78% 97% 137% 160% 240% 254%
A

Average commission $ .0406 G
rate

</TABLE>

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.) Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
William J. Hayes, Vice President
Lawrence Greenberg, Vice President
Arthur S. Loring, Secretary
Kenneth A. Rathgeber, Treasurer
Robert H. Morrison, Manager,
Security Transactions
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L. Mann *
Gerald C. McDonough *
Thomas R. Williams *
ADVISORY BOARD
William O. McCoy
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
Chase Manhattan Bank, N.A.
New York, NY
GROWTH FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Global Resources Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Income Fund
Fidelity Advisor Income & Growth Fund
TAXABLE 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 Intermediate Bond Fund
Fidelity Advisor Short Fixed-Income Fund
MUNICIPAL FUNDS
Fidelity Advisor High Income
Municipal Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
STATE MUNICIPAL FUNDS
Fidelity Advisor California Municipal Income Fund
Fidelity Advisor New York Municipal Income 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)