SUPPLEMENT TO THE FIDELITY ADVISOR EQUITY GROWTH FUND - CLASS A, CLASS
T AND CLASS B MAY 31, 1997 SEMIANNUAL REPORT
The following information replaces similar information found in
"Performance: The Bottom Line" on pages 8 and 9.
FIDELITY ADVISOR EQUITY GROWTH FUND - CLASS B
THE FOLLOWING INFORMATION REPLACES THE FIRST QUESTION
AND ANSWER FOUND IN "FUND TALK: THE MANAGER'S
OVERVIEW" ON PAGE 10.
Q. HOW DID THE FUND PERFORM,
JENNIFER?
A. THE PERFORMANCE WAS SOMEWHAT
DISAPPOINTING. FOR THE SIX-MONTH PERIOD
THAT ENDED MAY 31, 1997, THE FUND'S CLASS
A, CLASS T AND CLASS B SHARES HAD RETURNS
OF 6.43%, 6.53% AND 6.18%, RESPECTIVELY.
FOR THE SAME PERIOD, THE GROWTH FUNDS
AVERAGE, AS TRACKED BY LIPPER ANALYTICAL
SERVICES, AND THE STANDARD & POOR'S 500
INDEX RETURNED 8.36% AND 13.15%,
RESPECTIVELY. FOR THE 12 MONTHS THAT ENDED
MAY 31, 1997, THE FUND'S CLASS A, T AND B
SHARES RETURNED 14.73%, 14.86% AND
14.49%, RESPECTIVELY. THE PEER GROUP AND
INDEX HAD 12-MONTH RETURNS OF 17.72%
AND 29.42%, RESPECTIVELY.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS B 6.18% 14.49% 131.31% 461.99%
ADVISOR EQUITY GROWTH - CLASS B 1.18% 9.49% 129.31% 461.99%
(INCL. CONTINGENT DEFERRED SALES
CHARGE)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS B 14.49% 18.26% 18.84%
ADVISOR EQUITY GROWTH - CLASS B 9.49% 18.06% 18.84%
(INCL. CONTINGENT DEFERRED SALES CHARGE)
$10,000 OVER 10 YEARS
Fidelity Adv Equity Growth - CL B Standard & Poor's 500 Index
$56,119
$39,484
$
'97
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth Fund - Class B on May 31,
1987. As the chart shows, by May 31, 1997, the value of the investment
would have been $56,119 - a 461.99% increase on the initial
investment. For comparison, look at how the S&P 500 did over the same
period. With dividends and capital gains, if any, reinvested, the same
$10,000 investment would have grown to $39,484 - a 294.84% increase.
(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(REGISTERED TRADEMARK)
EQUITY GROWTH
FUND - CLASS A, CLASS T AND CLASS B
SEMIANNUAL REPORT
MAY 31, 1997
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.
PERFORMANCE 4 HOW THE FUND HAS DONE OVER TIME.
FUND TALK 10 THE MANAGER'S REVIEW OF FUND
PERFORMANCE, STRATEGY AND OUTLOOK.
INVESTMENT CHANGES 13 A SUMMARY OF MAJOR SHIFTS IN THE FUND'S
INVESTMENTS OVER THE PAST SIX MONTHS.
INVESTMENTS 14 A COMPLETE LIST OF THE FUND'S INVESTMENTS
WITH THEIR MARKET VALUE.
FINANCIAL STATEMENTS 24 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.
NOTES 32 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
(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
Through the first five months of 1997, stock and bond markets
experienced the kind of short-term volatility that can affect them
from time to time. After climbing steadily upward for more than two
years, stock prices saw a sharp correction in late March and early
April. Returns in the bond market were essentially stagnant as the
Federal Reserve Board implemented a long-expected increase in
short-term interest rates at the end of March.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories 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, it's important to
remember that there is no assurance that a money market fund will
achieve its goal of maintaining a stable net asset value of $1.00 per
share, and that these types of funds are neither insured nor
guaranteed by any agency of the U.S. government.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases.
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.
Total return reflects the change in the value of an investment,
assuming reinvestment of the class' dividend income and capital gains
(the profits earned upon the sale of securities that have grown in
value). The initial offering of Class A shares took place on September
3, 1996. Class A shares bear a 0.25% 12b-1 fee that is reflected in
returns after September 3, 1996. Returns between September 10, 1992
(the date Class T shares were first offered) and September 3, 1996 are
those of Class T and reflect Class T's 0.50% 12b-1 fee (0.65% prior to
January 1, 1996). Returns prior to September 10, 1992 are those of the
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. If Fidelity had not reimbursed certain class
expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS A 6.43% 14.73% 131.81% 463.19%
ADVISOR EQUITY GROWTH - CLASS A 0.85% 8.71% 119.64% 433.62%
(INCL. MAX. 5.25% SALES CHARGE)
S&P 500(REGISTERED TRADEMARK) 13.15% 29.42% 132.50% 294.84%
GROWTH FUNDS AVERAGE 8.36% 17.72% 106.53% 242.10%
CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare Class A's returns to those of the
Standard & Poor's 500 Index - a widely recognized, unmanaged index of
common stocks. 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 mutual funds with similar objectives
tracked by Lipper Analytical Services, Inc. The past six months
average represents a peer group of 809 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS A 14.73% 18.31% 18.87%
ADVISOR EQUITY GROWTH - CLASS A 8.71% 17.04% 18.23%
(INCL. MAX. 5.25% SALES CHARGE)
S&P 500 29.42% 18.38% 14.70%
GROWTH FUNDS AVERAGE 17.72% 15.27% 12.67%
AVERAGE ANNUAL TOTAL RETURNS take Class A's cumulative return and show
you what would have happened if Class A had performed at a constant
rate each year.
$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19970531 19970627 155738 S00000000000001
FA Equity Growth -CL A S&P 500
00245 SP001
1987/05/31 9475.00 10000.00
1987/06/30 9656.54 10505.00
1987/07/31 10096.43 11037.60
1987/08/31 10703.89 11449.31
1987/09/30 10522.35 11198.57
1987/10/31 7750.37 8786.40
1987/11/30 6926.46 8062.40
1987/12/31 8135.88 8675.94
1988/01/31 8113.45 9041.20
1988/02/29 8599.51 9462.52
1988/03/31 8726.63 9170.13
1988/04/30 8629.42 9271.92
1988/05/31 8569.60 9352.58
1988/06/30 9332.34 9781.87
1988/07/31 9145.39 9744.70
1988/08/31 8741.59 9413.38
1988/09/30 9227.65 9814.39
1988/10/31 9130.43 10087.23
1988/11/30 8988.36 9942.98
1988/12/31 9402.68 10116.98
1989/01/31 10143.59 10857.54
1989/02/28 10151.23 10587.19
1989/03/31 10487.32 10833.87
1989/04/30 11182.40 11396.15
1989/05/31 12144.82 11857.70
1989/06/30 11694.16 11790.11
1989/07/31 12496.17 12854.75
1989/08/31 12985.02 13106.71
1989/09/30 13344.02 13052.97
1989/10/31 13175.98 12750.14
1989/11/30 13229.45 13010.24
1989/12/31 13618.98 13322.49
1990/01/31 12368.97 12428.55
1990/02/28 12867.22 12588.88
1990/03/31 13618.98 12922.48
1990/04/30 13348.00 12599.42
1990/05/31 15244.86 13827.86
1990/06/30 15375.98 13733.84
1990/07/31 14938.92 13689.89
1990/08/31 13033.31 12452.32
1990/09/30 11958.13 11845.89
1990/10/31 12106.73 11794.96
1990/11/30 13592.75 12556.91
1990/12/31 14563.04 12907.25
1991/01/31 16678.44 13470.00
1991/02/28 18181.95 14433.11
1991/03/31 19965.17 14782.39
1991/04/30 19895.24 14817.87
1991/05/31 20935.46 15458.00
1991/06/30 19195.94 14750.02
1991/07/31 20751.89 15437.37
1991/08/31 21870.78 15803.24
1991/09/30 21923.23 15539.33
1991/10/31 21984.42 15747.55
1991/11/30 21223.92 15112.93
1991/12/31 23986.44 16841.85
1992/01/31 24658.09 16528.59
1992/02/29 24784.84 16743.46
1992/03/31 23614.82 16416.96
1992/04/30 23127.31 16899.62
1992/05/31 23020.06 16982.43
1992/06/30 22259.55 16729.39
1992/07/31 23039.56 17413.62
1992/08/31 22483.81 17056.64
1992/09/30 22903.06 17257.91
1992/10/31 24102.33 17318.31
1992/11/30 25672.10 17908.87
1992/12/31 26359.24 18129.15
1993/01/31 27097.28 18281.43
1993/02/28 26389.70 18530.06
1993/03/31 27216.87 18921.04
1993/04/30 26758.44 18463.15
1993/05/31 28303.15 18957.97
1993/06/30 28412.78 19012.95
1993/07/31 27924.45 18936.89
1993/08/31 28940.97 19654.60
1993/09/30 29788.07 19503.26
1993/10/31 30146.85 19906.98
1993/11/30 29399.40 19717.86
1993/12/31 30274.66 19956.45
1994/01/31 31331.20 20634.97
1994/02/28 31069.41 20075.76
1994/03/31 29802.34 19200.46
1994/04/30 30116.49 19446.22
1994/05/31 29928.00 19765.14
1994/06/30 28619.04 19280.90
1994/07/31 29226.39 19913.31
1994/08/31 30545.82 20729.75
1994/09/30 29917.52 20221.88
1994/10/31 30891.39 20676.87
1994/11/30 29865.17 19923.82
1994/12/31 30006.64 20219.29
1995/01/31 29742.12 20743.57
1995/02/28 30884.83 21551.95
1995/03/31 32048.70 22187.95
1995/04/30 33434.76 22841.38
1995/05/31 34588.04 23754.35
1995/06/30 37222.62 24306.17
1995/07/31 39994.74 25112.16
1995/08/31 40407.39 25175.19
1995/09/30 41539.51 26237.58
1995/10/31 41327.90 26143.91
1995/11/30 42142.61 27291.63
1995/12/31 41750.99 27817.27
1996/01/31 42728.21 28764.17
1996/02/29 43679.47 29030.81
1996/03/31 43981.63 29310.38
1996/04/30 45291.01 29742.41
1996/05/31 46510.85 30509.47
1996/06/30 45917.72 30625.71
1996/07/31 43131.10 29272.67
1996/08/31 44138.31 29890.03
1996/09/30 47103.99 31572.24
1996/10/31 47327.82 32443.00
1996/11/30 50136.82 34895.37
1996/12/31 48519.93 34204.09
1997/01/31 51422.98 36341.16
1997/02/28 50238.44 36626.08
1997/03/31 47439.67 35121.11
1997/04/30 49843.59 37217.84
1997/05/30 53362.37 39483.67
IMATRL PRASUN SHR__CHT 19970531 19970627 155740 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class A on May 31, 1987,
and the current maximum 5.25% sales charge was paid. As the chart
shows, by May 31, 1997, the value of the investment would have grown
to $53,362 - a 433.62% 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
$39,484 - a 294.84% 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
long-term growth and
short-term volatility. 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 EQUITY GROWTH - CLASS T
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate historical performance. You can
look at the total percentage change in value, the average annual
percentage change or the growth of a hypothetical $10,000 investment.
Total return reflects the change in the value of an investment,
assuming reinvestment of the class' dividend income and capital gains
(the profits earned upon the sale of securities that have grown in
value). The initial offering of Class T shares took place on September
10, 1992. Class T shares bear a 0.50% 12b-1 fee (0.65% prior to
January 1, 1996) that is reflected in returns after September 10,
1992. Returns prior to that date are those of the Institutional Class,
the original class of the fund. Had Class T's 12b-1 fee been
reflected, returns prior to September 10, 1992 would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS T 6.53% 14.86% 132.07% 463.83%
ADVISOR EQUITY GROWTH - CLASS T 2.80% 10.84% 123.95% 444.10%
(INCL. MAX. 3.50% SALES CHARGE)
S&P 500(REGISTERED TRADEMARK) 13.15% 29.42% 132.50% 294.84%
GROWTH FUNDS AVERAGE 8.36% 17.72% 106.53% 242.10%
CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare Class T's returns to those of the
Standard & Poor's 500 Index - a widely recognized, unmanaged index of
common stocks. To measure how Class T's performance stacked up against
its peers, you can compare it to the growth funds average, which
reflects the performance of mutual funds with similar objectives
tracked by Lipper Analytical Services, Inc. The past six months
average represents a peer group of 809 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS T 14.86% 18.34% 18.88%
ADVISOR EQUITY GROWTH - CLASS T 10.84% 17.50% 18.46%
(INCL. MAX. 3.50% SALES CHARGE)
S&P 500 29.42% 18.38% 14.70%
GROWTH FUNDS AVERAGE 17.72% 15.27% 12.67%
AVERAGE ANNUAL TOTAL RETURNS take Class T's cumulative return and show
you what would have happened if Class T had performed at a constant
rate each year.
$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19970531 19970623 094912 S00000000000001
FA Equity Growth -CL T S&P 500
00286 SP001
1987/05/31 9650.00 10000.00
1987/06/30 9834.89 10505.00
1987/07/31 10282.90 11037.60
1987/08/31 10901.58 11449.31
1987/09/30 10716.69 11198.57
1987/10/31 7893.52 8786.40
1987/11/30 7054.38 8062.40
1987/12/31 8286.15 8675.94
1988/01/31 8263.30 9041.20
1988/02/29 8758.34 9462.52
1988/03/31 8887.81 9170.13
1988/04/30 8788.80 9271.92
1988/05/31 8727.87 9352.58
1988/06/30 9504.70 9781.87
1988/07/31 9314.30 9744.70
1988/08/31 8903.04 9413.38
1988/09/30 9398.08 9814.39
1988/10/31 9299.07 10087.23
1988/11/30 9154.37 9942.98
1988/12/31 9576.35 10116.98
1989/01/31 10330.94 10857.54
1989/02/28 10338.72 10587.19
1989/03/31 10681.01 10833.87
1989/04/30 11388.93 11396.15
1989/05/31 12369.13 11857.70
1989/06/30 11910.15 11790.11
1989/07/31 12726.97 12854.75
1989/08/31 13224.85 13106.71
1989/09/30 13590.48 13052.97
1989/10/31 13419.33 12750.14
1989/11/30 13473.79 13010.24
1989/12/31 13870.51 13322.49
1990/01/31 12597.42 12428.55
1990/02/28 13104.88 12588.88
1990/03/31 13870.51 12922.48
1990/04/30 13594.53 12599.42
1990/05/31 15526.43 13827.86
1990/06/30 15659.97 13733.84
1990/07/31 15214.83 13689.89
1990/08/31 13274.03 12452.32
1990/09/30 12178.99 11845.89
1990/10/31 12330.34 11794.96
1990/11/30 13843.81 12556.91
1990/12/31 14832.01 12907.25
1991/01/31 16986.48 13470.00
1991/02/28 18517.76 14433.11
1991/03/31 20333.92 14782.39
1991/04/30 20262.70 14817.87
1991/05/31 21322.13 15458.00
1991/06/30 19550.48 14750.02
1991/07/31 21135.17 15437.37
1991/08/31 22274.73 15803.24
1991/09/30 22328.14 15539.33
1991/10/31 22390.46 15747.55
1991/11/30 21615.92 15112.93
1991/12/31 24429.46 16841.85
1992/01/31 25113.51 16528.59
1992/02/29 25242.60 16743.46
1992/03/31 24050.98 16416.96
1992/04/30 23554.47 16899.62
1992/05/31 23445.24 16982.43
1992/06/30 22670.68 16729.39
1992/07/31 23465.10 17413.62
1992/08/31 22899.07 17056.64
1992/09/30 23326.07 17257.91
1992/10/31 24547.49 17318.31
1992/11/30 26146.25 17908.87
1992/12/31 26846.08 18129.15
1993/01/31 27597.76 18281.43
1993/02/28 26877.11 18530.06
1993/03/31 27719.56 18921.04
1993/04/30 27252.66 18463.15
1993/05/31 28825.90 18957.97
1993/06/30 28937.55 19012.95
1993/07/31 28440.20 18936.89
1993/08/31 29475.50 19654.60
1993/09/30 30338.25 19503.26
1993/10/31 30703.65 19906.98
1993/11/30 29942.40 19717.86
1993/12/31 30833.82 19956.45
1994/01/31 31909.87 20634.97
1994/02/28 31643.25 20075.76
1994/03/31 30352.78 19200.46
1994/04/30 30672.73 19446.22
1994/05/31 30480.76 19765.14
1994/06/30 29147.62 19280.90
1994/07/31 29766.20 19913.31
1994/08/31 31109.99 20729.75
1994/09/30 30470.09 20221.88
1994/10/31 31461.94 20676.87
1994/11/30 30416.77 19923.82
1994/12/31 30560.85 20219.29
1995/01/31 30291.45 20743.57
1995/02/28 31455.26 21551.95
1995/03/31 32640.62 22187.95
1995/04/30 34052.29 22841.38
1995/05/31 35226.87 23754.35
1995/06/30 37910.11 24306.17
1995/07/31 40733.43 25112.16
1995/08/31 41153.70 25175.19
1995/09/30 42306.73 26237.58
1995/10/31 42091.21 26143.91
1995/11/30 42920.97 27291.63
1995/12/31 42522.12 27817.27
1996/01/31 43517.39 28764.17
1996/02/29 44486.21 29030.81
1996/03/31 44793.96 29310.38
1996/04/30 46127.52 29742.41
1996/05/31 47369.89 30509.47
1996/06/30 46765.80 30625.71
1996/07/31 43927.71 29272.67
1996/08/31 44953.53 29890.03
1996/09/30 47973.98 31572.24
1996/10/31 48213.34 32443.00
1996/11/30 51074.23 34895.37
1996/12/31 49429.23 34204.09
1997/01/31 52396.14 36341.16
1997/02/28 51195.15 36626.08
1997/03/31 48345.74 35121.11
1997/04/30 50806.59 37217.84
1997/05/30 54409.56 39483.67
IMATRL PRASUN SHR__CHT 19970531 19970623 094915 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class T on May 31, 1987,
and the current maximum 3.50% sales charge was paid. As the chart
shows, by May 31, 1997, the value of the investment would have grown
to $54,410 - a 444.10% 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
$39,484 - a 294.84% 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
long-term growth and
short-term volatility. 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 EQUITY GROWTH - CLASS B
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate historical performance. You can
look at the total percentage change in value, the average annual
percentage change or the growth of a hypothetical $10,000 investment.
Total return reflects the change in the value of an investment,
assuming reinvestment of the class' dividend income and capital gains
(the profits earned upon the sale of securities that have grown in
value). The initial offering of Class B shares took place on December
31, 1996. Class B shares bear a 1.00% 12b-1/
shareholder service fee that is reflected in returns after December
31, 1996. Returns between September 10, 1992 (the date Class T shares
were first offered) and December 31, 1996 are those of Class T and
reflect Class T's 0.50% 12b-1 fee (0.65% prior to January 1, 1996).
Returns prior to September 10, 1992 are those of the Institutional
Class, the original class of the fund. Class B's contingent deferred
sales charge included in the past six months, past one year, past five
years, and past 10 years total return figures are 5%, 5%, 2% and 0%,
respectively.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS B 5.68% 13.94% 130.21% 459.32%
ADVISOR EQUITY GROWTH - CLASS B 0.68% 8.94% 128.21% 459.32%
(INCL. CONTINGENT DEFERRED SALES
CHARGE)
S&P 500(REGISTERED TRADEMARK) 13.15% 29.42% 132.50% 294.84%
GROWTH FUNDS AVERAGE 8.36% 17.72% 106.53% 242.10%
CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare Class B's returns to those of the
Standard & Poor's 500 Index - a widely recognized, unmanaged index of
common stocks. To measure how Class B's performance stacked up against
its peers, you can compare it to the growth funds average, which
reflects the performance of mutual funds with similar objectives
tracked by Lipper Analytical Services, Inc. The past six months
average represents a peer group of 809 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
ADVISOR EQUITY GROWTH - CLASS B 13.94% 18.15% 18.79%
ADVISOR EQUITY GROWTH - CLASS B 8.94% 17.94% 18.79%
(INCL. CONTINGENT DEFERRED SALES CHARGE)
S&P 500 29.42% 18.38% 14.70%
GROWTH FUNDS AVERAGE 17.72% 15.27% 12.67%
AVERAGE ANNUAL TOTAL RETURNS take Class B's cumulative return and show
you what would have happened if Class B had performed at a constant
rate each year.
$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19970531 19970627 155510 S00000000000001
FA Equity Growth -CL B S&P 500
00242 SP001
1987/05/31 10000.00 10000.00
1987/06/30 10191.60 10505.00
1987/07/31 10655.86 11037.60
1987/08/31 11296.98 11449.31
1987/09/30 11105.38 11198.57
1987/10/31 8179.81 8786.40
1987/11/30 7310.24 8062.40
1987/12/31 8586.68 8675.94
1988/01/31 8563.01 9041.20
1988/02/29 9076.00 9462.52
1988/03/31 9210.16 9170.13
1988/04/30 9107.57 9271.92
1988/05/31 9044.43 9352.58
1988/06/30 9849.43 9781.87
1988/07/31 9652.13 9744.70
1988/08/31 9225.95 9413.38
1988/09/30 9738.94 9814.39
1988/10/31 9636.34 10087.23
1988/11/30 9486.39 9942.98
1988/12/31 9923.68 10116.98
1989/01/31 10705.64 10857.54
1989/02/28 10713.70 10587.19
1989/03/31 11068.41 10833.87
1989/04/30 11802.00 11396.15
1989/05/31 12817.75 11857.70
1989/06/30 12342.12 11790.11
1989/07/31 13188.57 12854.75
1989/08/31 13704.51 13106.71
1989/09/30 14083.40 13052.97
1989/10/31 13906.05 12750.14
1989/11/30 13962.48 13010.24
1989/12/31 14373.59 13322.49
1990/01/31 13054.32 12428.55
1990/02/28 13580.18 12588.88
1990/03/31 14373.59 12922.48
1990/04/30 14087.59 12599.42
1990/05/31 16089.56 13827.86
1990/06/30 16227.95 13733.84
1990/07/31 15766.67 13689.89
1990/08/31 13755.47 12452.32
1990/09/30 12620.71 11845.89
1990/10/31 12777.55 11794.96
1990/11/30 14345.91 12556.91
1990/12/31 15369.96 12907.25
1991/01/31 17602.57 13470.00
1991/02/28 19189.39 14433.11
1991/03/31 21071.42 14782.39
1991/04/30 20997.62 14817.87
1991/05/31 22095.47 15458.00
1991/06/30 20259.57 14750.02
1991/07/31 21901.73 15437.37
1991/08/31 23082.62 15803.24
1991/09/30 23137.97 15539.33
1991/10/31 23202.55 15747.55
1991/11/30 22399.92 15112.93
1991/12/31 25315.50 16841.85
1992/01/31 26024.36 16528.59
1992/02/29 26158.14 16743.46
1992/03/31 24923.29 16416.96
1992/04/30 24408.78 16899.62
1992/05/31 24295.58 16982.43
1992/06/30 23492.93 16729.39
1992/07/31 24316.16 17413.62
1992/08/31 23729.61 17056.64
1992/09/30 24172.10 17257.91
1992/10/31 25437.81 17318.31
1992/11/30 27094.56 17908.87
1992/12/31 27819.78 18129.15
1993/01/31 28598.71 18281.43
1993/02/28 27851.93 18530.06
1993/03/31 28724.93 18921.04
1993/04/30 28241.10 18463.15
1993/05/31 29871.40 18957.97
1993/06/30 29987.10 19012.95
1993/07/31 29471.71 18936.89
1993/08/31 30544.56 19654.60
1993/09/30 31438.60 19503.26
1993/10/31 31817.25 19906.98
1993/11/30 31028.39 19717.86
1993/12/31 31952.15 19956.45
1994/01/31 33067.23 20634.97
1994/02/28 32790.93 20075.76
1994/03/31 31453.65 19200.46
1994/04/30 31785.21 19446.22
1994/05/31 31586.28 19765.14
1994/06/30 30204.79 19280.90
1994/07/31 30845.80 19913.31
1994/08/31 32238.34 20729.75
1994/09/30 31575.22 20221.88
1994/10/31 32603.05 20676.87
1994/11/30 31519.96 19923.82
1994/12/31 31669.27 20219.29
1995/01/31 31390.10 20743.57
1995/02/28 32596.12 21551.95
1995/03/31 33824.48 22187.95
1995/04/30 35287.34 22841.38
1995/05/31 36504.53 23754.35
1995/06/30 39285.09 24306.17
1995/07/31 42210.81 25112.16
1995/08/31 42646.32 25175.19
1995/09/30 43841.17 26237.58
1995/10/31 43617.84 26143.91
1995/11/30 44477.69 27291.63
1995/12/31 44064.37 27817.27
1996/01/31 45095.74 28764.17
1996/02/29 46099.70 29030.81
1996/03/31 46418.61 29310.38
1996/04/30 47800.54 29742.41
1996/05/31 49087.97 30509.47
1996/06/30 48461.97 30625.71
1996/07/31 45520.94 29272.67
1996/08/31 46583.97 29890.03
1996/09/30 49713.97 31572.24
1996/10/31 49962.01 32443.00
1996/11/30 52926.66 34895.37
1996/12/31 50978.14 34204.09
1997/01/31 54003.86 36341.16
1997/02/28 52722.71 36626.08
1997/03/31 49757.74 35121.11
1997/04/30 52271.25 37217.84
1997/05/30 55931.70 39483.67
IMATRL PRASUN SHR__CHT 19970531 19970627 155513 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class B on May 31, 1987.
As the chart shows, by May 31, 1997, the value of the investment would
have been $55,932 - a 459.32% 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
$39,484 - a 294.84% 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
long-term growth and
short-term volatility. 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 Equity Growth Fund
Q. HOW DID THE FUND PERFORM, JENNIFER?
A. The performance was disappointing. For the six-month period that
ended May 31, 1997, the fund's Class A, Class T and Class B shares had
returns of 6.43%, 6.53% and 5.68%, respectively. For the same period,
the growth funds average, as tracked by Lipper Analytical Services,
and the Standard & Poor's 500 Index returned 8.36% and 13.15%,
respectively. For the 12 months that ended May 31, 1997, the fund's
Class A, T and B shares returned 14.73%, 14.86% and 13.94%,
respectively. The peer group and index had 12-month returns of 17.72%
and 29.42%, respectively.
Q. WHAT FACTORS INFLUENCED THE FUND'S PERFORMANCE OVER THE PAST SIX
MONTHS?
A. A distinct lack of market breadth during the period affected the
performance of many diversified stock funds, as much of the market's
gain throughout the period was concentrated among a select group of
household-name, large-cap stocks. Many of these "big-cap" stocks
comprised the top tier of the S&P 500. The fund participated in this
rally to some extent - I increased the fund's weightings in the
market's 50 largest stocks to 35% of total investments - but I wasn't
overweighted in enough of these stocks to fully benefit. Additionally,
a technology
stock correction in early 1997 and a relatively high cash position had
a negative impact on fund performance.
Q. WHAT CHANGES HAVE YOU MADE SINCE TAKING OVER THE FUND IN JANUARY?
A. I've reduced the number of individual positions within the
portfolio. Rather than having an abundance of smaller positions, none
of which are particularly meaningful to the fund's performance, I've
concentrated on the stocks in which I'm most confident. A by-product
of this strategy is that the concentration among the fund's top stocks
has increased. At the beginning of the period, the fund's top ten
positions comprised around 19% of the fund's investments; at the end
of the period, that percentage had jumped to approximately 24%. I also
raised the fund's average market capitalization weighting. At the
beginning of the period, the average market cap weighting - or the
average company value - was around $14 billion. This figure rose to
approximately $20 billion by period's end, but still was well below
the S&P 500's average market cap weighting of $29 billion. Lastly,
while the fund's cash position detracted somewhat from performance, I
did cut the cash position by more than half - from 10% to under 5%.
Q. THE FUND'S TECHNOLOGY STOCK EXPOSURE DROPPED FROM APPROXIMATELY 27%
TO AROUND 21%. WHAT HAPPENED?
A. As I mentioned, we witnessed a significant technology correction in
early 1997. This correction resulted in the depreciation of many of
the fund's technology holdings and, when the stocks went down, the
fund's technology weighting consequently dipped. We saw a strong
rebound following the correction, followed by announcements from
several key technology companies that earnings would not be as strong
as expected. In the face of these warning signs, I felt uncomfortable
bringing my technology exposure back up. At around 21%, however,
technology is still the fund's largest single sector exposure and, in
my mind, still remains a fertile area for finding above-average,
long-term growth opportunities.
Q. WHICH STOCKS PERFORMED WELL? WERE THERE ANY DISAPPOINTMENTS?
A. Health care stocks did very well, with some of the larger
pharmaceutical companies leading the charge. The fund owned large-cap
health care names such as Bristol-Myers Squibb and Schering-Plough,
both of which performed well. Other stocks that contributed positively
included WorldCom, a telecommunications services company, CompUSA and
Philip Morris. Retail stocks, on the other hand, turned in a subpar
performance as
the fund's positions in PETsMART, Viking Office Products and Just for
Feet had negative effects on performance.
Q. PHILIP MORRIS WAS THE FUND'S LARGEST INDIVIDUAL POSITION AT THE END
OF THE PERIOD. HOW MIGHT THE ONGOING TOBACCO LITIGATION AFFECT THIS
STOCK?
A. I think a settlement to the litigation would benefit everyone
involved. Cigarette prices likely would rise in the event of a
settlement, as tobacco companies would use higher prices to fund their
liabilities. From a public health perspective, a price increase would
almost certainly reduce the number of smokers. So that's positive.
From a shareholder perspective, Philip Morris' earnings may be
affected by lower sales volumes, but any decline may be offset by the
potential for the stock's price-to-earnings ratio to rise. This is
because the current valuation of the stock is being penalized due to
the ongoing litigation risks. As a final note, I'd add that any
settlement will require an act of Congress to make it law. So while a
resolution appears to make sense for all parties, an agreement may
still get bogged down in the political arena.
Q. WHAT'S YOUR OUTLOOK?
A. Over the past year or so, stocks in general have benefited from
favorable investment conditions. Economic growth has remained strong,
and we've seen no signs of inflation and, consequently, low interest
rate levels. I don't know how long this backdrop can continue, but I'm
optimistic about the outlook for growth stocks. High interest rates,
even more so
than weak earnings, have a negative influence on growth stocks. I
think higher rates, as a result of an acceleration in the economy and
higher inflation, are unlikely given the Federal Reserve Board's
recent action to reign in the economy before it overheats.
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.
JENNIFER UHRIG BRINGS HER
INVESTMENT STYLE TO ADVISOR
EQUITY GROWTH:
"When a new manager takes over
a fund, as I did with this fund in
January, some things inevitably
change. Shareholders may notice
changes to the fund's top positions,
for example. But I want to
emphasize that I'll continue to run
the fund as it's always been run
- - as a relatively aggressive growth
fund. That being said,
shareholders may notice slight
changes from time to time. For
example, the fund has more of a
large-cap, quality growth flavor to
it now than it did five years ago.
This is due mostly to the increase in
fund assets during that time,
which has necessitated increasing
the fund's exposure to large-caps
for liquidity purposes.
"But the essence of the fund will
remain the same - that of
searching for above-average
growth stories. In doing so, the
higher growth sectors of the
economy - namely, technology,
health care and retail - will
continue to occupy substantial
weightings within the fund's
portfolio."
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, 1997,
more than $4.9 billion
MANAGER: Jennifer Uhrig,
since January 1997; manager,
Fidelity Advisor Mid Cap Fund,
1996 - January 1997; joined
Fidelity in 1987
(checkmark)
INVESTMENT CHANGES
TOP TEN STOCKS AS OF MAY 31, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO
PHILIP MORRIS COMPANIES, INC. 4.5 0.9
MICROSOFT CORP. 3.4 1.4
MERCK & CO., INC. 2.7 1.1
BOEING CO. 2.3 0.4
WAL-MART STORES, INC. 2.1 1.1
BRISTOL-MYERS SQUIBB CO. 2.1 0.8
PEPSICO, INC. 1.8 0.5
JOHNSON & JOHNSON 1.8 0.8
WORLDCOM, INC. 1.8 0.2
DISNEY (WALT) CO. 1.7 0.2
TOP FIVE MARKET SECTORS AS OF MAY 31, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO
TECHNOLOGY 20.5 26.7
HEALTH 16.5 10.4
FINANCE 9.1 8.8
NONDURABLES 8.5 3.3
RETAIL & WHOLESALE 8.5 9.6
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF MAY 31, 1997 * AS OF NOVEMBER 30, 1996 **
ROW: 1, COL: 1, VALUE: 4.4
ROW: 1, COL: 2, VALUE: 95.59999999999999
ROW: 1, COL: 1, VALUE: 10.0
ROW: 1, COL: 2, VALUE: 90.0
STOCKS 95.6%
SHORT-TERM
INVESTMENTS 4.4%
FOREIGN
INVESTMENTS 5.3%
STOCKS 90.0%
SHORT-TERM
INVESTMENTS 10.0%
FOREIGN
INVESTMENTS 3.6%
*
**
INVESTMENTS MAY 31, 1997 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
COMMON STOCKS - 95.6%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 3.8%
AEROSPACE & DEFENSE - 3.4%
Boeing Co. 1,056,540 $ 111,201
Gulfstream Aerospace Corp. (a) 392,300 11,523
Lockheed Martin Corp. 241,100 22,573
United Technologies Corp. 227,400 18,277
Wyman-Gordon Co. (a) 51,100 1,163
164,737
DEFENSE ELECTRONICS - 0.4%
Raytheon Co. 464,900 22,199
TOTAL AEROSPACE & DEFENSE 186,936
BASIC INDUSTRIES - 4.2%
CHEMICALS & PLASTICS - 1.2%
Air Products & Chemicals, Inc. 122,200 9,501
Cytec Industries, Inc. (a) 347,400 13,592
Monsanto Co. 667,300 29,361
Praxair, Inc. 146,700 7,720
60,174
IRON & STEEL - 0.7%
Inland Steel Industries, Inc. 428,200 10,544
Nucor Corp. 431,200 25,441
35,985
PACKAGING & CONTAINERS - 0.9%
Corning, Inc. 370,700 18,674
Owens-Illinois, Inc. (a) 786,200 24,274
42,948
PAPER & FOREST PRODUCTS - 1.4%
Bowater, Inc. 129,900 6,414
Georgia-Pacific Corp. 188,500 16,635
Kimberly-Clark Corp. 761,500 38,170
Stone Container Corp. 455,000 6,256
67,475
TOTAL BASIC INDUSTRIES 206,582
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - 1.6%
AUTOS, TIRES, & ACCESSORIES - 0.2%
AutoZone, Inc. (a) 367,400 $ 8,588
Circuit City Stores, Inc. - CarMax Group 241,800 3,506
12,094
CONSUMER DURABLES - 0.4%
Minnesota Mining & Manufacturing Co. 195,200 17,910
TEXTILES & APPAREL - 1.0%
Liz Claiborne, Inc. 249,200 11,370
Reebok International Ltd. 308,200 12,636
Timberland Co. Class A (a) 384,500 22,541
46,547
TOTAL DURABLES 76,551
ENERGY - 6.6%
ENERGY SERVICES - 4.0%
Dresser Industries, Inc. 382,100 13,087
Falcon Drilling, Inc. (a) 319,300 14,648
Halliburton Co. 694,500 53,737
Schlumberger Ltd. 706,800 84,197
Transocean Offshore, Inc. 102,900 7,100
Varco International, Inc. (a) 134,100 3,688
Western Atlas, Inc. (a) 282,700 19,153
195,610
OIL & GAS - 2.6%
British Petroleum PLC ADR 148,379 21,496
Burlington Resources, Inc. 120,600 5,608
Chesapeake Energy Corp. (a) 921,300 13,013
EVI, Inc. (a) 118,200 4,447
Enron Oil & Gas Co. 61,500 1,315
Royal Dutch Petroleum Co. ADR 137,600 26,866
Tosco Corp. 610,600 19,921
Total SA:
Class B 239,600 21,946
sponsored ADR 135,400 6,178
Union Pacific Resources Group, Inc. 94,000 2,714
Unocal Corp. 2,797 119
Vintage Petroleum, Inc. 154,600 5,257
128,880
TOTAL ENERGY 324,490
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 9.1%
BANKS - 1.5%
Bank of New York Co., Inc. 674,200 $ 28,738
Citicorp 136,700 15,635
NationsBank Corp. 490,422 28,873
73,246
CREDIT & OTHER FINANCE - 2.0%
American Express Co. 900,004 62,551
Associates First Capital Corp. 153,700 7,262
Beneficial Corp. 202,900 13,036
Household International, Inc. 172,382 16,937
99,786
FEDERAL SPONSORED CREDIT - 2.8%
Federal Home Loan Mortgage Corporation 1,446,400 47,731
Federal National Mortgage Association 1,394,900 60,853
Student Loan Marketing Association 220,000 26,757
135,341
INSURANCE - 2.8%
Allmerica Financial Corp. 241,400 8,781
Allstate Corp. 401,579 29,566
AMBAC, Inc. 297,300 22,297
American International Group, Inc. 235,000 31,813
MBIA, Inc. 78,200 8,397
UNUM Corp. 432,300 34,206
135,060
TOTAL FINANCE 443,433
HEALTH - 16.5%
DRUGS & PHARMACEUTICALS - 8.6%
American Home Products Corp. 790,200 60,253
Barr Laboratories, Inc. 4,300 115
Bristol-Myers Squibb Co. 1,405,400 103,121
Elan Corp. PLC ADR (a) 347,200 14,148
Genentech, Inc. (a) 278,100 16,304
Merck & Co., Inc. 1,496,100 134,462
Novartis sponsored ADR 368,800 25,078
Schering-Plough Corp. 446,100 40,484
SmithKline Beecham PLC ADR 328,700 28,761
422,726
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
MEDICAL EQUIPMENT & SUPPLIES - 4.5%
Abbott Laboratories 715,830 $ 45,097
Boston Scientific Corp. (a) 497,500 26,554
Cardinal Health, Inc. 212,250 12,364
Johnson & Johnson 1,474,500 88,286
Medtronic, Inc. 216,500 16,021
St. Jude Medical, Inc. (a) 530,800 17,981
Sofamor/Danek Group, Inc. (a) 251,100 11,551
217,854
MEDICAL FACILITIES MANAGEMENT - 3.4%
Carematrix Corp. (a) 158,800 3,017
Columbia/HCA Healthcare Corp. 749,005 27,432
Health Management Associates, Inc. Class A (a) 521,100 15,242
HEALTHSOUTH Rehabilitation Corp. (a) 1,452,600 33,228
Oxford Health Plans, Inc. (a) 429,400 30,273
PacifiCare Health Systems, Inc. Class B (a) 226,800 17,974
Tenet Healthcare Corp. (a) 570,700 15,694
United HealthCare Corp. 390,400 22,058
164,918
TOTAL HEALTH 805,498
HOLDING COMPANIES - 0.4%
Norfolk Southern Corp. 192,700 18,716
INDUSTRIAL MACHINERY & EQUIPMENT - 3.3%
ELECTRICAL EQUIPMENT - 2.9%
Alcatel Alsthom Compagnie Generale d'Electricite
SA sponsored ADR 12,100 275
Alcatel Alsthom Compagnie Generale d'Electricite SA 458,900 49,755
Emerson Electric Co. 63,800 3,445
General Electric Co. 808,600 48,819
Harris Corp. 223,600 19,817
Westinghouse Electric Corp. 889,700 18,017
140,128
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
POLLUTION CONTROL - 0.4%
USA Waste Services, Inc. (a) 555,400 $ 20,133
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 160,261
MEDIA & LEISURE - 5.6%
BROADCASTING - 0.1%
Clear Channel Communications, Inc. (a) 133,300 7,048
ENTERTAINMENT - 1.7%
Disney (Walt) Co. 1,039,900 85,143
LEISURE DURABLES & TOYS - 0.2%
Harley-Davidson, Inc. 186,800 8,359
Nintendo Co. Ltd. Ord. 42,500 3,326
11,685
LODGING & GAMING - 1.9%
Circus Circus Enterprises, Inc. (a) 499,900 12,997
HFS, Inc. (a) 737,400 39,728
Mirage Resorts, Inc. (a) 1,052,100 25,119
Sun International Hotels Ltd. Ord. (a) 348,100 13,184
91,028
PUBLISHING - 0.8%
New York Times Co. (The) Class A 316,400 14,574
Times Mirror Co. Class A 398,400 22,360
36,934
RESTAURANTS - 0.9%
Landry's Seafood Restaurants, Inc. (a) 242,000 4,477
McDonald's Corp. 366,500 18,417
Starbucks Corp. (a) 597,400 18,818
41,712
TOTAL MEDIA & LEISURE 273,550
NONDURABLES - 8.5%
BEVERAGES - 2.1%
Anheuser-Busch Companies, Inc. 306,700 13,150
PepsiCo, Inc. 2,460,600 90,427
103,577
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
NONDURABLES - CONTINUED
FOODS - 0.3%
Campbell Soup Co. 74,300 $ 3,418
Hershey Foods Corp. 218,800 12,280
15,698
HOUSEHOLD PRODUCTS - 1.1%
Clorox Co. 81,400 10,277
Procter & Gamble Co. 322,400 44,451
54,728
TOBACCO - 5.0%
Philip Morris Companies, Inc. 4,970,100 218,684
RJR Nabisco Holdings Corp. 718,900 23,274
241,958
TOTAL NONDURABLES 415,961
PRECIOUS METALS - 0.2%
Barrick Gold Corp. 325,000 8,229
Getchell Gold Corp. (a) 60,200 2,400
Newmont Mining Corp. 41,600 1,628
12,257
RETAIL & WHOLESALE - 8.5%
APPAREL STORES - 1.1%
Just for Feet, Inc. (a) 677,300 13,292
Ross Stores, Inc. 508,600 14,304
TJX Companies, Inc. 401,300 19,263
Talbots, Inc. 197,900 5,195
52,054
DRUG STORES - 1.0%
CVS Corp. 657,877 31,496
Rite Aid Corp. 381,800 17,754
49,250
GENERAL MERCHANDISE STORES - 2.9%
Consolidated Stores Corp. (a) 393,100 15,036
Costco Companies, Inc. (a) 652,600 22,025
Wal-Mart Stores, Inc. 3,495,600 103,994
141,055
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - CONTINUED
GROCERY STORES - 0.1%
Safeway, Inc. (a) 156,100 $ 7,025
RETAIL & WHOLESALE, MISCELLANEOUS - 3.4%
Bed Bath & Beyond, Inc. (a) 327,500 9,293
Corporate Express, Inc. (a) 962,725 13,237
Home Depot, Inc. (The) 835,100 52,611
Lowe's Companies, Inc. 910,300 35,843
Officemax, Inc. (a) 387,775 5,380
Staples, Inc. (a) 369,087 8,120
Toys "R" Us, Inc. (a) 890,889 27,729
U.S. Office Products Co. (a) 137,400 3,402
Viking Office Products, Inc. (a) 523,400 9,879
165,494
TOTAL RETAIL & WHOLESALE 414,878
SERVICES - 1.6%
ADVERTISING - 0.1%
Omnicom Group, Inc. 63,600 3,689
EDUCATIONAL SERVICES - 0.1%
Apollo Group, Inc. Class A (a) 189,500 6,704
LEASING & RENTAL - 0.2%
Hertz Corp. Class A 246,800 8,453
Hollywood Entertainment Corp. (a) 135,800 2,733
11,186
SERVICES - 1.2%
ADT Ltd. (a) 539,900 15,725
AccuStaff, Inc. (a) 776,000 18,624
Gartner Group, Inc. Class A (a) 638,700 18,602
Sitel Corp. (a) 279,000 4,604
57,555
TOTAL SERVICES 79,134
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - 20.5%
COMMUNICATIONS EQUIPMENT - 3.3%
ADC Telecommunications, Inc. (a) 620,500 $ 21,252
Ascend Communications, Inc. (a) 215,000 11,986
Aspect Telecommunications Corp. (a) 644,100 14,492
Cisco Systems, Inc. (a) 262,500 17,784
Lucent Technologies, Inc. 620,600 39,487
Nokia Corp. AB sponsored ADR 348,100 22,974
Tellabs, Inc. (a) 450,900 22,658
3Com Corp. (a) 266,800 12,940
163,573
COMPUTER SERVICES & SOFTWARE - 9.0%
Broderbund Software, Inc. (a) 564,400 14,181
CUC International, Inc. (a) 1,148,275 26,410
Cadence Design Systems, Inc. (a) 488,450 16,241
CompUSA, Inc. (a) 1,626,000 37,804
Electronics for Imaging, Inc. (a) 271,800 10,838
Equifax, Inc. 322,500 10,078
Henry (Jack) & Associates, Inc. 66,000 1,477
Keane, Inc. (a) 310,800 17,521
McAfee Associates, Inc. (a) 435,000 28,628
Microsoft Corp. (a) 1,340,300 166,198
Oracle Systems Corp. (a) 829,825 38,691
Parametric Technology Corp. (a) 355,200 15,940
PeopleSoft, Inc. (a) 622,600 32,220
Policy Management Systems Corp. (a) 43,500 2,066
Sabre Group Holdings, Inc. Class A (a) 284,500 7,930
SunGard Data Systems, Inc. (a) 192,100 8,164
Yahoo, Inc. (a) 157,800 5,089
439,476
COMPUTERS & OFFICE EQUIPMENT - 3.3%
Adaptec, Inc. (a) 831,300 30,550
Compaq Computer Corp. (a) 508,500 55,045
Fore Systems, Inc. (a) 1,139,500 18,873
Ingram Micro, Inc. Class A (a) 126,600 3,023
International Business Machines Corp. 74,800 6,470
Pitney Bowes, Inc. 284,100 19,958
Quantum Corp. (a) 216,200 8,405
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTERS & OFFICE EQUIPMENT - CONTINUED
SCI Systems, Inc. (a) 76,100 $ 4,946
Tech Data Corp. (a) 437,900 12,973
160,243
ELECTRONIC INSTRUMENTS - 0.3%
Applied Materials, Inc. 96,600 6,303
Novellus Systems, Inc. (a) 25,700 2,104
Waters Corp. (a) 163,600 5,276
13,683
ELECTRONICS - 4.6%
Altera Corp. (a) 297,500 15,768
Intel Corp. 277,400 42,026
Linear Technology Corp. 291,600 14,616
Maxim Integrated Products, Inc. (a) 213,600 11,481
Micron Technology, Inc. 604,200 25,679
Motorola, Inc. 41,500 2,755
Sanmina Corp. (a) 382,400 22,155
Solectron Corp. (a) 106,500 6,656
Texas Instruments, Inc. 590,800 53,099
Uniphase Corp. (a) 257,400 13,513
Xilinx, Inc. (a) 326,400 17,503
225,251
TOTAL TECHNOLOGY 1,002,226
TRANSPORTATION - 0.5%
RAILROADS - 0.5%
Wisconsin Central Transportation Corp. (a) 656,900 23,731
TRUCKING & FREIGHT - 0.0%
Hunt (J.B.) Transport Services, Inc. 50,400 768
TOTAL TRANSPORTATION 24,499
UTILITIES - 4.7%
CELLULAR - 0.9%
AirTouch Communications, Inc. (a) 1,340,035 37,353
Vanguard Cellular Systems, Inc. Class A (a) 424,500 5,572
42,925
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 3.8%
Cincinnati Bell, Inc. 251,700 $ 15,480
LCI International, Inc. (a) 459,100 11,133
MCI Communications Corp. 638,700 24,510
SBC Communications, Inc. 271,600 15,888
Sprint Corp. 691,700 33,807
WorldCom, Inc. (a) 2,938,580 87,055
187,873
TOTAL UTILITIES 230,798
TOTAL COMMON STOCKS
(Cost $3,723,388) 4,675,770
CASH EQUIVALENTS - 4.4%
MATURITY
AMOUNT (000S)
Investments in repurchase agreements
(U.S. Treasury obligations) in a joint
trading account at 5.54%, dated
5/30/97 due 6/2/97 $ 215,815 215,749
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $3,939,137) $ 4,891,519
LEGEND
1. Non-income producing
INCOME TAX INFORMATION
At May 31, 1997, the aggregate cost of investment securities for
income tax purposes was $3,941,707,000. Net unrealized appreciation
aggregated $949,812,000, of which $1,030,198,000 related to
appreciated investment securities and $80,386,000 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, 1997 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 4,891,519
AGREEMENTS OF $215,749) (COST $3,939,137) -
SEE ACCOMPANYING SCHEDULE
CASH 1
RECEIVABLE FOR INVESTMENTS SOLD 125,479
RECEIVABLE FOR FUND SHARES SOLD 7,655
DIVIDENDS RECEIVABLE 3,480
OTHER RECEIVABLES 171
PREPAID EXPENSES 15
TOTAL ASSETS 5,028,320
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 66,881
PAYABLE FOR FUND SHARES REDEEMED 9,474
ACCRUED MANAGEMENT FEE 2,408
DISTRIBUTION FEES PAYABLE 1,562
OTHER PAYABLES AND ACCRUED EXPENSES 785
TOTAL LIABILITIES 81,110
NET ASSETS $ 4,947,210
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 3,602,580
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME (247)
ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON 392,494
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 952,383
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
NET ASSETS $ 4,947,210
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) MAY 31, 1997 (UNAUDITED)
CALCULATION OF MAXIMUM OFFERING PRICE $45.95
CLASS A:
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($13,170 (DIVIDED BY) 286.6 SHARES)
MAXIMUM OFFERING PRICE PER SHARE (100/94.75 OF $45.95) $48.50
CLASS T: $46.21
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($3,801,250 (DIVIDED BY) 82,256 SHARES)
MAXIMUM OFFERING PRICE PER SHARE (100/96.50 OF $46.21) $47.89
CLASS B: $45.84
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($26,147 (DIVIDED BY) 570.4 SHARES) A
INSTITUTIONAL CLASS: $46.87
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE ($1,106,643 (DIVIDED BY) 23,610 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>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1997 (UNAUDITED)
INVESTMENT INCOME $ 21,710
DIVIDENDS
INTEREST 6,386
TOTAL INCOME 28,096
EXPENSES
MANAGEMENT FEE $ 14,349
TRANSFER AGENT FEES 4,186
DISTRIBUTION FEES 8,994
ACCOUNTING FEES AND EXPENSES 405
NON-INTERESTED TRUSTEES' COMPENSATION 20
CUSTODIAN FEES AND EXPENSES 63
REGISTRATION FEES 134
AUDIT 33
LEGAL 20
MISCELLANEOUS 118
TOTAL EXPENSES BEFORE REDUCTIONS 28,322
EXPENSE REDUCTIONS (653) 27,669
NET INVESTMENT INCOME 427
REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:
INVESTMENT SECURITIES 404,520
FOREIGN CURRENCY TRANSACTIONS (1) 404,519
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:
INVESTMENT SECURITIES (105,317)
ASSETS AND LIABILITIES IN FOREIGN CURRENCIES 2 (105,315)
NET GAIN (LOSS) 299,204
NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 299,631
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED YEAR ENDED
MAY 31, 1997 NOVEMBER 30,
(UNAUDITED) 1996
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 427 $ 26,314
NET INVESTMENT INCOME
NET REALIZED GAIN (LOSS) 404,519 155,834
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (105,315) 529,932
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 299,631 712,080
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS (24,273) (5,736)
FROM NET INVESTMENT INCOME
FROM NET REALIZED GAIN (133,428) (154,511)
TOTAL DISTRIBUTIONS (157,701) (160,247)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) (59,642) 1,470,586
TOTAL INCREASE (DECREASE) IN NET ASSETS 82,288 2,022,419
NET ASSETS
BEGINNING OF PERIOD 4,864,922 2,842,503
END OF PERIOD (INCLUDING UNDER (OVER) DISTRIBUTION OF $ 4,947,210 $ 4,864,922
NET INVESTMENT INCOME OF $(247) AND $26,034,
RESPECTIVELY)
</TABLE>
FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1997 NOVEMBER 30,
(UNAUDITED) 1996 F
<TABLE>
<CAPTION>
<S> <C> <C>
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 44.80 $ 39.47
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) E (.01) .04
NET REALIZED AND UNREALIZED GAIN (LOSS) 2.75 5.29
TOTAL FROM INVESTMENT OPERATIONS 2.74 5.33
LESS DISTRIBUTIONS
FROM NET INVESTMENT INCOME (.36) -
FROM NET REALIZED GAIN (1.23) -
TOTAL DISTRIBUTIONS (1.59) -
NET ASSET VALUE, END OF PERIOD $ 45.95 $ 44.80
TOTAL RETURN B, C 6.43% 13.50%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 13 $ 4
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.52% A, G 1.52% A, D,
G
RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.49% A, H 1.50% A, H
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.32)% A .38% A
PORTFOLIO TURNOVER 139% A 76%
AVERAGE COMMISSION RATE I $ .0425 $ .0414
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS 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 LIMITED IN ACCORDANCE WITH A STATE EXPENSE LIMITATION.
E NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
F FOR THE PERIOD SEPTEMBER 3, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1996.
G 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).
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
I 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 T
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED YEARS ENDED NOVEMBER 30,
MAY 31, 1997
(UNAUDITED) 1996 1995 1994 F 1993 1992 E
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 44.81 $ 39.83 $ 28.52 $ 29.50 $ 26.33 $ 23.78
BEGINNING OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INVESTMENT (.01) D .22 D .06 .08 (.07) D .01
INCOME (LOSS)
NET REALIZED AND 2.81 6.90 11.54 .39 3.82 2.54
UNREALIZED GAIN (LOSS)
TOTAL FROM INVESTMENT 2.80 7.12 11.60 .47 3.75 2.55
OPERATIONS
LESS DISTRIBUTIONS (.17) (.03) G (.08) - (.08) -
FROM NET INVESTMENT
INCOME
FROM NET REALIZED GAIN (1.23) (2.11) G (.16) (1.45) (.50) -
IN EXCESS OF NET - - (.05) - - -
REALIZED GAIN
TOTAL DISTRIBUTIONS (1.40) (2.14) (.29) (1.45) (.58) -
NET ASSET VALUE, END $ 46.21 $ 44.81 $ 39.83 $ 28.52 $ 29.50 $ 26.33
OF PERIOD
TOTAL RETURN B, C 6.53% 19.00% 41.11% 1.58% 14.52% 10.72%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 3,801 $ 3,537 $ 2,051 $ 874 $ 378 $ 23
(IN MILLIONS)
RATIO OF EXPENSES TO 1.33% A 1.36% 1.55% 1.71% 1.85% 1.47%
AVERAGE NET ASSETS A
RATIO OF EXPENSES TO 1.30% A, 1.34% 1.54% 1.70% 1.84% 1.47%
AVERAGE NET ASSETS AFTER H H H H H A
EXPENSE REDUCTIONS
RATIO OF NET INVESTMENT (.12)% A .54% .21% .15% (.24)% .25%
INCOME (LOSS) TO A
AVERAGE NET ASSETS
PORTFOLIO TURNOVER 139% A 76% 97% 137% 160% 240%
AVERAGE COMMISSION RATE I $ .0425 $ .0414
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS 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 (LOSS) 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 T
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 THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
H FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
I 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
SIX MONTHS ENDED
MAY 31, 1997 E
(UNAUDITED)
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 41.81
INCOME FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME (LOSS) D (.02)
NET REALIZED AND UNREALIZED GAIN (LOSS) 4.08
TOTAL FROM INVESTMENT OPERATIONS 4.06
LESS DISTRIBUTIONS
FROM NET REALIZED GAIN (.03)
NET ASSET VALUE, END OF PERIOD $ 45.84
TOTAL RETURN B, C 9.72%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (IN MILLIONS) $ 26
RATIO OF EXPENSES TO AVERAGE NET ASSETS 2.17% A
RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 2.13% A,
F
RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.99)% A
PORTFOLIO TURNOVER 139% A
AVERAGE COMMISSION RATE G $ .0425
A ANNUALIZED
B THE TOTAL RETURNS 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 CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS B
SHARES) TO MAY 31, 1997.
F FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
G 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 ENDED YEARS ENDED NOVEMBER 30,
MAY 31, 1997
(UNAUDITED) 1996 1995 1994 E 1993 1992
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 45.52 $ 40.39 $ 28.90 $ 29.74 $ 26.37 $ 24.28
BEGINNING OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INVESTMENT INCOME .03 D .45 D .28 .30 .19 D .17
NET REALIZED AND 2.92 7.00 11.69 .42 3.78 4.55
UNREALIZED GAIN (LOSS)
TOTAL FROM INVESTMENT 2.95 7.45 11.97 .72 3.97 4.72
OPERATIONS
LESS DISTRIBUTIONS (.37) (.21) F (.27) (.11) (.10) (.03)
FROM NET INVESTMENT
INCOME
FROM NET REALIZED GAIN (1.23) (2.11) F (.16) (1.45) (.50) (2.60)
IN EXCESS OF NET - - (.05) - - -
REALIZED GAINS
TOTAL DISTRIBUTIONS (1.60) (2.32) (.48) (1.56) (.60) (2.63)
NET ASSET VALUE, END $ 46.87 $ 45.52 $ 40.39 $ 28.90 $ 29.74 $ 26.37
OF PERIOD
TOTAL RETURN B, C 6.81% 19.68% 42.15% 2.46% 15.36% 21.14%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 1,107 $ 1,324 $ 791 $ 410 $ 296 $ 179
(IN MILLIONS)
RATIO OF EXPENSES TO .78% A .79% .83% .86% .95% .98%
AVERAGE NET ASSETS
RATIO OF EXPENSES TO .75% A, .77% G .83% .84% .94% .98%
AVERAGE NET ASSETS AFTER G G G
EXPENSE REDUCTIONS
RATIO OF NET INVESTMENT .44% A 1.11% .92% 1.00% .66% .73%
INCOME TO AVERAGE
NET ASSETS
PORTFOLIO TURNOVER 139% A 76% 97% 137% 160% 240%
AVERAGE COMMISSION $ .0425 $ .0414
RATE H
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (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 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.
F THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
G FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE CLASS' EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
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.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1997 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor Equity Growth 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 T, 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. The fund commenced sale of a new Class B of shares
on December 31, 1996. Investment income, realized and unrealized
capital gains and losses, the common expenses of the fund, and certain
fund-level expense reductions 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, expenses, and expense reductions.
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 with remaining maturities of sixty days or less
for which quotations are not readily available are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
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. Income
receipts and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions.
Purchases and sales of securities are translated into U.S. dollars at
the contractual currency exchange rates established at the time of
each trade.
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, 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. Non-cash dividends included in
dividend income, if any, are recorded at the fair market value of the
securities received. 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. Fidelity Management & Research Company (FMR) bears
all organizational expenses except for registering and qualifying
Class A and Class B, and shares of Class A and Class B for
distribution under federal and state securities law. These expenses
are borne by Class A and Class B and amortized over one year.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date. Income dividends and capital gain distributions are
declared separately for each class.
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.
Distributions in excess of 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.
FOREIGN CURRENCY CONTRACTS. The fund generally uses foreign currency
contracts to facilitate transactions in foreign-denominated
securities. Losses may arise from changes in the value of the foreign
currency or if the counterparties do not perform under the contracts'
terms. The U.S. dollar value of foreign currency contracts is
determined using contractual currency exchange rates established at
the time of each trade. The cost of the foreign currency contracts is
included in the cost basis of the associated investment.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
At the end of the period, the fund had no investments in restricted
securities (excluding 144A issues).
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $3,126,639,000 and $3,142,861,000, 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. The annual individual fund fee rate is .30%. 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. For the period, the management
fee was equivalent to an annualized rate of .61% of average net
assets.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN. In accordance with Rule 12b-1 of the
1940 Act, the Trustees have adopted separate distribution plans with
respect to each class of shares(collectively referred to as "the
Plans"). Under certain of the Plans, the class pays Fidelity
Distributors Corporation (FDC), an affiliate of FMR, a distribution
and service fee. This fee is based on the following annual rates of
the average net assets of each applicable class:
CLASS A .25%
CLASS T .50%
CLASS B 1.00%*
* .75% REPRESENTS A DISTRIBUTION FEE AND .25% REPRESENTS A SHAREHOLDER
SERVICE FEE.
For the period, each class paid FDC the following amounts, a portion
of which was paid to securities dealers, banks and other financial
institutions for the distribution of each class' applicable shares,
and providing shareholder support services:
PAID TO DEALERS'
FDC PORTION
CLASS A $ 10,000 $ 10,000
CLASS T
8,934,000 8,934,000
CLASS B
50,000 13,000
$ 8,994,000 $ 8,957,000
Under the Plans, FMR or FDC may use its resources to pay
administrative and promotional expenses related to the sale of each
class' shares. The Plans also authorize payments to third parties that
assist in the sale of each class' shares or render shareholder support
services.
SALES LOAD. FDC receives a front-end sales charge of up to 5.25% for
selling Class A shares and 3.50% for selling Class T shares of the
fund, respectively, and the proceeds of a contingent deferred sales
charge levied on Class B share redemptions occurring within six years
of purchase. The Class B charge is based on declining rates which
range from 5% 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 the following sales charge amounts
related to each class, a portion of which is paid to securities
dealers, banks, and other financial institutions:
PAID TO DEALERS'
FDC PORTION
CLASS A $ 245,000 $ 188,000
CLASS T
1,577,000 1,141,000
CLASS B 16,000
0*
$ 1,838,000 $ 1,329,000
* WHEN CLASS B SHARES ARE INITIALLY SOLD, FDC PAYS COMMISSIONS FROM
ITS OWN RESOURCES TO DEALERS THROUGH WHICH THE SALES ARE MADE.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT FEES. Each class of the fund has entered into a
separate transfer, dividend disbursing, and shareholder servicing
agent (collectively referred to as the Transfer Agents) contract with
respect to its 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. For
the period, the following amounts were paid to each transfer agent:
TRANSFER AMOUNT % OF
AGENT AVERAGE
NET ASSETS
CLASS A FIIOC * $ 13,000 .31% ***
CLASS T ** FIIOC * .19% ***
3,324,000
CLASS B FIIOC * .27% ***
14,000
INSTITUTIONAL CLASS FIIOC * .14% ***
835,000
$ 4,186,000
* FIDELITY INVESTMENTS INSTITUTIONAL OPERATIONS COMPANY, INC.
(FIIOC),AN AFFILIATE OF FMR.
** PRIOR TO JANUARY 1, 1997 STATE STREET BANK AND TRUST COMPANY WAS
THE TRANSFER AGENT FOR THE FUND'S CLASS T SHARES. STATE STREET,
HOWEVER, HAD DELEGATED CERTAIN TRANSFER, DIVIDEND DISBURSING, AND
SHAREHOLDER SERVICES TO FIIOC FOR WHICH FIIOC RECEIVED ITS ALLOCABLE
SHARE OF ALL SUCH FEES.
*** ANNUALIZED
ACCOUNTING FEES. Fidelity Service Company, Inc. (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 $992,000 for the
period.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse certain transfer agent,
registration and other class specific expenses for Class A. For the
period, the reimbursement reduced these expenses by $4,000.
FMR has also 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 $605,000 under this arrangement.
In addition, the fund has entered into arrangements with its custodian
and each class' transfer agent whereby credits realized as a result of
uninvested cash balances were used to reduce a portion of expenses.
During the period, the fund's custodian fees were
5. EXPENSE REDUCTIONS - CONTINUED
reduced by $5,000 under the custodian arrangement, and each applicable
class' expenses were reduced as follows under the transfer agent
arrangements:
TRANSFER
AGENT
INTEREST CREDITS
CLASS T $ 16,000
INSTITUTIONAL CLASS 23,000
$ 39,000
6. DISTRIBUTIONS TO SHAREHOLDERS.
Distributions to shareholders of each class were as follows:
SIX MONTHS ENDED YEAR ENDED
MAY 31, NOVEMBER 30,
1997 B 1996 A
CLASS A
FROM NET INVESTMENT INCOME $ 44,000 $ -
FROM NET REALIZED GAIN
155,000 -
TOTAL $ 199,000 $ -
CLASS T
FROM NET INVESTMENT INCOME $ 13,447,000 $ 2,317,000
FROM NET REALIZED GAIN
97,418,000 112,907,000
TOTAL $ 110,865,000 $ 115,224,000
CLASS B
FROM NET REALIZED GAIN $ 242 $ -
INSTITUTIONAL CLASS
FROM NET INVESTMENT INCOME $ 10,782,000 $ 3,419,000
FROM NET REALIZED GAIN
35,855,000 41,604,000
TOTAL $ 46,637,000 $ 45,023,000
$ 157,701,242 $ 160,247,000
A DISTRIBUTIONS FOR CLASS A ARE FOR THE PERIOD SEPTEMBER 3, 1996
(COMMENCEMENT OF SALE OF SHARES) TO NOVEMBER 30, 1996.
B DISTRIBUTIONS FOR CLASS B ARE FOR THE PERIOD DECEMBER 31, 1996
(COMMENCEMENT OF SALE OF SHARES) TO MAY 31, 1997.
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SHARES DOLLARS
AMOUNTS IN THOUSANDS SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MAY 31, NOVEMBER 30, MAY 31, NOVEMBER 30,
1997 B 1996 A 1997 B 1996 A
CLASS A $ 9,403 $ 4,269
SHARES SOLD 217 100
REINVESTMENT OF DISTRIBUTIONS
5 - 193 -
SHARES REDEEMED (34) (1) (1,456) (67)
NET INCREASE (DECREASE) 188 99 $ 8,140 $ 4,202
CLASS T $ 661,979 $ 1,801,024
SHARES SOLD 15,228 45,074
REINVESTMENT OF DISTRIBUTIONS
2,444 2,864 103,687 106,705
SHARES REDEEMED (14,342) (20,513) (619,488) (824,097)
NET INCREASE (DECREASE) 3,330 27,425 $ 146,178 $ 1,083,632
CLASS B $ 26,530 $ -
SHARES SOLD 612 -
SHARES REDEEMED (42) - (1,800) -
NET INCREASE (DECREASE) 570 - $ 24,730 $ -
INSTITUTIONAL CLASS $ 224,901 $ 763,651
SHARES SOLD 5,093 18,894
REINVESTMENT OF DISTRIBUTIONS
748 847 32,099 31,892
SHARES REDEEMED (11,309) (10,250) (495,690) (412,791)
NET INCREASE (DECREASE) (5,468) 9,491 $ (238,690) $ 382,752
</TABLE>
A SHARE TRANSACTIONS FOR CLASS A ARE FOR THE PERIOD SEPTEMBER 3, 1996
(COMMENCEMENT OF SALE OF SHARES) TO NOVEMBER 30, 1996.
B SHARE TRANSACTIONS FOR CLASS B ARE FOR THE PERIOD DECEMBER 31, 1996
(COMMENCEMENT OF SALE OF SHARES) TO MAY 31, 1997.
8. REGISTRATION FEES.
For the period, each class paid the following amounts to register its
shares for sale:
REGISTRATION
FEES
CLASS A $ 17,000
CLASS T
77,000
CLASS B
13,000
INSTITUTIONAL CLASS
27,000
$ 134,000
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
Richard A. Silver, 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 *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Thomas R. Williams *
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
CUSTODIAN
The Chase Manhattan Bank
New York, NY
FOCUS FUNDS
Fidelity Advisor Consumer
Industries Fund
Fidelity Advisor Cyclical
Industries Fund
Fidelity Advisor Financial
Services Fund
Fidelity Advisor Health Care Fund
Fidelity Advisor Natural
Resources Fund
Fidelity Advisor Technology Fund
Fidelity Advisor Utilities Growth Fund
GROWTH FUNDS
Fidelity Advisor TechnoQuant(trademark)
Growth Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor Mid Cap Fund
Fidelity Advisor Equity Growth Fund
Fidelity Advisor Growth
Opportunities Fund
Fidelity Advisor Strategic
Opportunities Fund
Fidelity Advisor Large Cap Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Growth & Income Fund
Fidelity Advisor Equity Income Fund
Fidelity Advisor Balanced Fund
TAXABLE INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Strategic Income Fund
Fidelity Advisor Mortgage
Securities 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 Municipal Bond 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
Prime Fund
Treasury Fund
Tax-Exempt Fund
(REGISTERED TRADEMARK)
