FIDELITY ADVISOR SERIES I, N-30D, 1998-02-10

FIDELITY ADVISOR SERIES I
N-30D, 1998-02-10

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SUPPLEMENT TO THE FIDELITY ADVISOR EQUITY GROWTH - CLASS A, CLASS T,
CLASS B AND CLASS C NOVEMBER 30, 1997 ANNUAL REPORT
The following information replaces similar information found in
"Performance: The Bottom Line" on pages 8 and 9.
FIDELITY ADVISOR EQUITY GROWTH - CLASS B
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS B 19.09% 132.62% 762.19%

ADVISOR EQUITY GROWTH - CLASS B 14.09% 130.62% 762.19%
(INCL. CONTINGENT DEFERRED SALES
CHARGE)

AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS B 19.09% 18.39% 24.04%

ADVISOR EQUITY GROWTH - CLASS B 14.09% 18.19% 24.04%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

$10,000 OVER 10 YEARS

Fidelity Adv Equity Growth - CL B S&P 500 Index
$86,219
$55,623
$
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class B on November 30,
1987. As the chart shows, by November 30, 1997, the value of the
investment would have been $86,219 - a 762.19% 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 $55,623 - a 456.23% increase.
The following information replaces similar information found in
"Performance: The Bottom Line"
on pages 10 and 11.
FIDELITY ADVISOR EQUITY GROWTH - CLASS C
THE FOLLOWING INFORMATION REPLACES THE FIRST QUESTION
AND ANSWER FOUND IN "FUND TALK: THE MANAGER'S
OVERVIEW" ON PAGE 12.

Q. HOW DID THE FUND PERFORM, JENNIFER?
A. FOR THE 12 MONTHS THAT ENDED
NOVEMBER 30, 1997, THE FUND'S CLASS A,
CLASS T, CLASS B AND CLASS C SHARES
RETURNED 19.73%, 19.81%, 19.09% AND
19.08%, RESPECTIVELY. THE GROWTH FUNDS
AVERAGE RETURNED 22.00% DURING THIS
TIME, ACCORDING TO LIPPER ANALYTICAL
SERVICES. THE STANDARD & POOR'S 500
INDEX HAD A 12-MONTH RETURN OF 28.51%.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS C 19.08% 132.62% 762.17%

ADVISOR EQUITY GROWTH - CLASS C 18.08% 132.62% 762.17%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS C 19.08% 18.39% 24.04%

ADVISOR EQUITY GROWTH - CLASS C 18.08% 18.39% 24.04%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

$10,000 OVER 10 YEARS

Fidelity Adv Equity Growth - CL C S&P 500 Index
$86,217
$55,623
$
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class C on November 30,
1987. As the chart shows, by November 30, 1997, the value of the
investment would have been $86,217 - a 762.17% 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 $55,623 - a 456.23% increase.

(2_FIDELITY_LOGOS)FIDELITY ADVISOR

(REGISTERED TRADEMARK)
EQUITY GROWTH
FUND - CLASS A, CLASS T, CLASS B AND CLASS C
ANNUAL REPORT
NOVEMBER 30, 1997
CONTENTS

PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.

PERFORMANCE 4 HOW THE FUND HAS DONE OVER TIME.

FUND TALK 12 THE MANAGER'S REVIEW OF FUND
PERFORMANCE, STRATEGY AND OUTLOOK.

INVESTMENT CHANGES 15 A SUMMARY OF MAJOR SHIFTS IN THE FUND'S
INVESTMENTS OVER THE PAST SIX MONTHS.

INVESTMENTS 16 A COMPLETE LIST OF THE FUND'S INVESTMENTS
WITH THEIR MARKET VALUE.

FINANCIAL STATEMENTS 27 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.

NOTES 36 NOTES TO THE FINANCIAL STATEMENTS.

REPORT OF INDEPENDENT 45 THE AUDITORS' OPINION.
ACCOUNTANTS

DISTRIBUTIONS 46

PROXY VOTING RESULTS 47

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:
Although financial turmoil in Pacific Basin countries was a catalyst
for significant volatility in U.S. markets in late October and into
November, the Standard & Poor's 500 Index has risen more than 31%
year-to-date, almost three times its historical annual average.
Meanwhile, bond markets - primarily influenced by a relatively steady
flow of positive news on the inflation front - continued to post solid
returns through the first 11 months of 1997.
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 shares' 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,
which does not bear a 12b-1 fee. Had Class A shares' 12b-1 fee been
reflected, returns prior to September 10, 1992 would have been lower.
Effective August 1, 1997, the maximum 5.25% sales charge on Class A
shares was increased to 5.75%. If Fidelity had not reimbursed certain
class expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS A 19.73% 133.83% 766.65%

ADVISOR EQUITY GROWTH - CLASS A 12.84% 120.38% 716.82%
(INCL. MAX. 5.75% SALES CHARGE)

S&P 500(REGISTERED TRADEMARK) 28.51% 150.41% 456.23%

GROWTH FUNDS AVERAGE 22.00% 118.19% 390.30%

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be
$1,050. You can compare 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 one year average represents
a peer group of 791 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 NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS A 19.73% 18.52% 24.10%

ADVISOR EQUITY GROWTH - CLASS A 12.84% 17.12% 23.37%
(INCL. MAX. 5.75% SALES CHARGE)

S&P 500 28.51% 20.15% 18.69%

GROWTH FUNDS AVERAGE 22.00% 16.55% 16.76%

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 19971130 19971210 115232 S00000000000001
FA Equity Growth -CL A S&P 500
00245 SP001
1987/11/30 9425.00 10000.00
1987/12/31 11070.70 10761.00
1988/01/31 11040.17 11214.04
1988/02/29 11701.56 11736.61
1988/03/31 11874.54 11373.95
1988/04/30 11742.27 11500.20
1988/05/31 11660.86 11600.25
1988/06/30 12698.74 12132.71
1988/07/31 12444.36 12086.60
1988/08/31 11894.89 11675.66
1988/09/30 12556.29 12173.04
1988/10/31 12424.01 12511.45
1988/11/30 12230.68 12332.54
1988/12/31 12794.47 12548.36
1989/01/31 13802.64 13466.90
1989/02/28 13813.03 13131.57
1989/03/31 14270.35 13437.54
1989/04/30 15216.16 14134.94
1989/05/31 16525.75 14707.41
1989/06/30 15912.53 14623.58
1989/07/31 17003.86 15944.09
1989/08/31 17669.04 16256.59
1989/09/30 18157.54 16189.94
1989/10/31 17928.88 15814.33
1989/11/30 18001.64 16136.94
1989/12/31 18531.68 16524.23
1990/01/31 16830.76 15415.45
1990/02/28 17508.75 15614.31
1990/03/31 18531.68 16028.09
1990/04/30 18162.95 15627.39
1990/05/31 20744.06 17151.06
1990/06/30 20922.48 17034.43
1990/07/31 20327.75 16979.92
1990/08/31 17734.75 15444.94
1990/09/30 16271.72 14692.77
1990/10/31 16473.93 14629.59
1990/11/30 18496.00 15574.66
1990/12/31 19816.29 16009.20
1991/01/31 22694.77 16707.20
1991/02/28 24740.62 17901.76
1991/03/31 27167.11 18334.98
1991/04/30 27071.95 18378.99
1991/05/31 28487.40 19172.96
1991/06/30 26120.39 18294.84
1991/07/31 28237.62 19147.38
1991/08/31 29760.12 19601.17
1991/09/30 29831.48 19273.83
1991/10/31 29914.75 19532.10
1991/11/30 28879.92 18744.96
1991/12/31 32638.94 20889.38
1992/01/31 33552.87 20500.84
1992/02/29 33725.34 20767.35
1992/03/31 32133.27 20362.38
1992/04/30 31469.91 20961.04
1992/05/31 31323.97 21063.75
1992/06/30 30289.13 20749.90
1992/07/31 31350.51 21598.57
1992/08/31 30594.27 21155.80
1992/09/30 31164.77 21405.44
1992/10/31 32796.64 21480.36
1992/11/30 34932.66 22212.84
1992/12/31 35867.67 22486.05
1993/01/31 36871.94 22674.94
1993/02/28 35909.12 22983.32
1993/03/31 37034.67 23468.26
1993/04/30 36410.87 22900.33
1993/05/31 38512.80 23514.06
1993/06/30 38661.97 23582.25
1993/07/31 37997.49 23487.92
1993/08/31 39380.70 24378.11
1993/09/30 40533.37 24190.40
1993/10/31 41021.56 24691.14
1993/11/30 40004.50 24456.58
1993/12/31 41195.48 24752.50
1994/01/31 42633.14 25594.09
1994/02/28 42276.91 24900.49
1994/03/31 40552.78 23814.83
1994/04/30 40980.25 24119.66
1994/05/31 40723.77 24515.22
1994/06/30 38942.64 23914.60
1994/07/31 39769.08 24699.00
1994/08/31 41564.46 25711.65
1994/09/30 40709.52 25081.72
1994/10/31 42034.68 25646.06
1994/11/30 40638.27 24712.03
1994/12/31 40830.78 25078.51
1995/01/31 40470.84 25728.79
1995/02/28 42025.75 26731.44
1995/03/31 43609.46 27520.29
1995/04/30 45495.51 28330.76
1995/05/31 47064.81 29463.14
1995/06/30 50649.74 30147.57
1995/07/31 54421.84 31147.26
1995/08/31 54983.33 31225.44
1995/09/30 56523.85 32543.16
1995/10/31 56235.90 32426.98
1995/11/30 57344.49 33850.52
1995/12/31 56811.61 34502.48
1996/01/31 58141.34 35676.95
1996/02/29 59435.74 36007.67
1996/03/31 59846.90 36354.43
1996/04/30 61628.60 36890.29
1996/05/31 63288.47 37841.69
1996/06/30 62481.38 37985.87
1996/07/31 58689.55 36307.65
1996/08/31 60060.09 37073.38
1996/09/30 64095.57 39159.87
1996/10/31 64400.13 40239.90
1996/11/30 68222.42 43281.64
1996/12/31 66022.27 42424.23
1997/01/31 69972.53 45074.89
1997/02/28 68360.69 45428.28
1997/03/31 64552.34 43561.63
1997/04/30 67823.42 46162.26
1997/05/31 72611.51 48972.62
1997/06/30 75598.14 51166.59
1997/07/31 81302.77 55237.92
1997/08/31 78079.10 52143.49
1997/09/30 82582.75 54999.39
1997/10/31 79374.89 53162.41
1997/11/28 81682.02 55623.30
IMATRL PRASUN SHR__CHT 19971130 19971210 115237 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class A on November 30,
1987, and the current maximum 5.75% sales charge was paid. As the
chart shows, by November 30, 1997, the value of the investment would
have grown to $81,682 - a 716.82% 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 $55,623 - a 456.23% 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

ADVISOR EQUITY GROWTH - CLASS T 19.81% 134.04% 767.43%

ADVISOR EQUITY GROWTH - CLASS T 15.62% 125.84% 737.07%
(INCL. MAX. 3.50% SALES CHARGE)

S&P 500(REGISTERED TRADEMARK) 28.51% 150.41% 456.23%

GROWTH FUNDS AVERAGE 22.00% 118.19% 390.30%

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be
$1,050. You can compare 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 one year average represents
a peer group of 791 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 NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS T 19.81% 18.54% 24.11%

ADVISOR EQUITY GROWTH - CLASS T 15.62% 17.70% 23.67%
(INCL. MAX. 3.50% SALES CHARGE)

S&P 500 28.51% 20.15% 18.69%

GROWTH FUNDS AVERAGE 22.00% 16.55% 16.76%

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 19971130 19971210 115346 S00000000000001
FA Equity Growth -CL T S&P 500
00286 SP001
1987/11/30 9650.00 10000.00
1987/12/31 11334.98 10761.00
1988/01/31 11303.73 11214.04
1988/02/29 11980.91 11736.61
1988/03/31 12158.02 11373.95
1988/04/30 12022.58 11500.20
1988/05/31 11939.24 11600.25
1988/06/30 13001.89 12132.71
1988/07/31 12741.44 12086.60
1988/08/31 12178.86 11675.66
1988/09/30 12856.04 12173.04
1988/10/31 12720.60 12511.45
1988/11/30 12522.66 12332.54
1988/12/31 13099.90 12548.36
1989/01/31 14132.15 13466.90
1989/02/28 14142.79 13131.57
1989/03/31 14611.02 13437.54
1989/04/30 15579.41 14134.94
1989/05/31 16920.27 14707.41
1989/06/30 16292.41 14623.58
1989/07/31 17409.78 15944.09
1989/08/31 18090.85 16256.59
1989/09/30 18591.01 16189.94
1989/10/31 18356.89 15814.33
1989/11/30 18431.38 16136.94
1989/12/31 18974.08 16524.23
1990/01/31 17232.56 15415.45
1990/02/28 17926.73 15614.31
1990/03/31 18974.08 16028.09
1990/04/30 18596.55 15627.39
1990/05/31 21239.28 17151.06
1990/06/30 21421.96 17034.43
1990/07/31 20813.03 16979.92
1990/08/31 18158.12 15444.94
1990/09/30 16660.17 14692.77
1990/10/31 16867.20 14629.59
1990/11/30 18937.54 15574.66
1990/12/31 20289.36 16009.20
1991/01/31 23236.55 16707.20
1991/02/28 25331.25 17901.76
1991/03/31 27815.66 18334.98
1991/04/30 27718.23 18378.99
1991/05/31 29167.47 19172.96
1991/06/30 26743.95 18294.84
1991/07/31 28911.72 19147.38
1991/08/31 30470.57 19601.17
1991/09/30 30543.64 19273.83
1991/10/31 30628.89 19532.10
1991/11/30 29569.36 18744.96
1991/12/31 33418.12 20889.38
1992/01/31 34353.87 20500.84
1992/02/29 34530.46 20767.35
1992/03/31 32900.38 20362.38
1992/04/30 32221.18 20961.04
1992/05/31 32071.76 21063.75
1992/06/30 31012.21 20749.90
1992/07/31 32098.93 21598.57
1992/08/31 31324.64 21155.80
1992/09/30 31908.75 21405.44
1992/10/31 33579.58 21480.36
1992/11/30 35766.60 22212.84
1992/12/31 36723.93 22486.05
1993/01/31 37752.17 22674.94
1993/02/28 36766.37 22983.32
1993/03/31 37918.79 23468.26
1993/04/30 37280.10 22900.33
1993/05/31 39432.21 23514.06
1993/06/30 39584.94 23582.25
1993/07/31 38904.59 23487.92
1993/08/31 40320.82 24378.11
1993/09/30 41501.01 24190.40
1993/10/31 42000.86 24691.14
1993/11/30 40959.51 24456.58
1993/12/31 42178.93 24752.50
1994/01/31 43650.91 25594.09
1994/02/28 43286.18 24900.49
1994/03/31 41520.88 23814.83
1994/04/30 41958.56 24119.66
1994/05/31 41695.95 24515.22
1994/06/30 39872.30 23914.60
1994/07/31 40718.48 24699.00
1994/08/31 42556.72 25711.65
1994/09/30 41681.36 25081.72
1994/10/31 43038.16 25646.06
1994/11/30 41608.42 24712.03
1994/12/31 41805.52 25078.51
1995/01/31 41436.99 25728.79
1995/02/28 43029.02 26731.44
1995/03/31 44650.53 27520.29
1995/04/30 46581.60 28330.76
1995/05/31 48188.38 29463.14
1995/06/30 51858.89 30147.57
1995/07/31 55721.03 31147.26
1995/08/31 56295.93 31225.44
1995/09/30 57873.22 32543.16
1995/10/31 57578.40 32426.98
1995/11/30 58713.46 33850.52
1995/12/31 58167.86 34502.48
1996/01/31 59529.33 35676.95
1996/02/29 60854.63 36007.67
1996/03/31 61275.60 36354.43
1996/04/30 63099.84 36890.29
1996/05/31 64799.34 37841.69
1996/06/30 63972.98 37985.87
1996/07/31 60090.63 36307.65
1996/08/31 61493.89 37073.38
1996/09/30 65625.70 39159.87
1996/10/31 65953.13 40239.90
1996/11/30 69866.66 43281.64
1996/12/31 67616.39 42424.23
1997/01/31 71674.96 45074.89
1997/02/28 70032.07 45428.28
1997/03/31 66134.24 43561.63
1997/04/30 69500.55 46162.26
1997/05/31 74429.21 48972.62
1997/06/30 77489.49 51166.59
1997/07/31 83368.45 55237.92
1997/08/31 80066.57 52143.49
1997/09/30 84656.99 54999.39
1997/10/31 81339.00 53162.41
1997/11/28 83706.69 55623.30
IMATRL PRASUN SHR__CHT 19971130 19971210 115350 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class T on November 30,
1987, and the current maximum 3.50% sales charge was paid. As the
chart shows, by November 30, 1997, the value of the investment would
have grown to $83,707 - a 737.07% 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 $55,623 - a 456.23% 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 shares'
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, which does not bear a 12b-1 fee. Had Class B
shares' 12b-1 fee been reflected, returns prior to December 31, 1996
would have been lower. Class B's contingent deferred sales charge
included in the past one year, past five years, and past 10 years
total return figures are 5%, 2% and 0%, respectively. If Fidelity had
not reimbursed certain class expenses, the total returns would have
been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS B 18.52% 131.51% 758.08%

ADVISOR EQUITY GROWTH - CLASS B 13.52% 129.51% 758.08%
(INCL. CONTINGENT DEFERRED SALES
CHARGE)

S&P 500(REGISTERED TRADEMARK) 28.51% 150.41% 456.23%

GROWTH FUNDS AVERAGE 22.00% 118.19% 390.30%

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be
$1,050. You can compare 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 one year average represents
a peer group of 791 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 NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS B 18.52% 18.28% 23.98%

ADVISOR EQUITY GROWTH - CLASS B 13.52% 18.08% 23.98%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 28.51% 20.15% 18.69%

GROWTH FUNDS AVERAGE 22.00% 16.55% 16.76%

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 19971130 19971215 175253 S00000000000001
FA Equity Growth -CL B S&P 500
00242 SP001
1987/11/30 10000.00 10000.00
1987/12/31 11746.10 10761.00
1988/01/31 11713.71 11214.04
1988/02/29 12415.45 11736.61
1988/03/31 12598.99 11373.95
1988/04/30 12458.64 11500.20
1988/05/31 12372.27 11600.25
1988/06/30 13473.47 12132.71
1988/07/31 13203.56 12086.60
1988/08/31 12620.58 11675.66
1988/09/30 13322.32 12173.04
1988/10/31 13181.97 12511.45
1988/11/30 12976.85 12332.54
1988/12/31 13575.03 12548.36
1989/01/31 14644.71 13466.90
1989/02/28 14655.74 13131.57
1989/03/31 15140.96 13437.54
1989/04/30 16144.47 14134.94
1989/05/31 17533.95 14707.41
1989/06/30 16883.32 14623.58
1989/07/31 18041.23 15944.09
1989/08/31 18747.00 16256.59
1989/09/30 19265.29 16189.94
1989/10/31 19022.69 15814.33
1989/11/30 19099.88 16136.94
1989/12/31 19662.26 16524.23
1990/01/31 17857.57 15415.45
1990/02/28 18576.92 15614.31
1990/03/31 19662.26 16028.09
1990/04/30 19271.03 15627.39
1990/05/31 22009.62 17151.06
1990/06/30 22198.92 17034.43
1990/07/31 21567.91 16979.92
1990/08/31 18816.71 15444.94
1990/09/30 17264.42 14692.77
1990/10/31 17478.97 14629.59
1990/11/30 19624.40 15574.66
1990/12/31 21025.24 16009.20
1991/01/31 24079.33 16707.20
1991/02/28 26250.00 17901.76
1991/03/31 28824.52 18334.98
1991/04/30 28723.56 18378.99
1991/05/31 30225.36 19172.96
1991/06/30 27713.94 18294.84
1991/07/31 29960.34 19147.38
1991/08/31 31575.72 19601.17
1991/09/30 31651.44 19273.83
1991/10/31 31739.78 19532.10
1991/11/30 30641.83 18744.96
1991/12/31 34630.18 20889.38
1992/01/31 35599.86 20500.84
1992/02/29 35782.86 20767.35
1992/03/31 34093.66 20362.38
1992/04/30 33389.83 20961.04
1992/05/31 33234.98 21063.75
1992/06/30 32137.00 20749.90
1992/07/31 33263.14 21598.57
1992/08/31 32460.77 21155.80
1992/09/30 33066.06 21405.44
1992/10/31 34797.49 21480.36
1992/11/30 37063.83 22212.84
1992/12/31 38055.88 22486.05
1993/01/31 39121.42 22674.94
1993/02/28 38099.86 22983.32
1993/03/31 39294.08 23468.26
1993/04/30 38632.23 22900.33
1993/05/31 40862.39 23514.06
1993/06/30 41020.66 23582.25
1993/07/31 40315.64 23487.92
1993/08/31 41783.23 24378.11
1993/09/30 43006.23 24190.40
1993/10/31 43524.20 24691.14
1993/11/30 42445.09 24456.58
1993/12/31 43708.74 24752.50
1994/01/31 45234.10 25594.09
1994/02/28 44856.14 24900.49
1994/03/31 43026.82 23814.83
1994/04/30 43480.37 24119.66
1994/05/31 43208.24 24515.22
1994/06/30 41318.45 23914.60
1994/07/31 42195.31 24699.00
1994/08/31 44100.22 25711.65
1994/09/30 43193.12 25081.72
1994/10/31 44599.13 25646.06
1994/11/30 43117.53 24712.03
1994/12/31 43321.78 25078.51
1995/01/31 42939.89 25728.79
1995/02/28 44589.66 26731.44
1995/03/31 46269.98 27520.29
1995/04/30 48271.09 28330.76
1995/05/31 49936.14 29463.14
1995/06/30 53739.78 30147.57
1995/07/31 57742.00 31147.26
1995/08/31 58337.75 31225.44
1995/09/30 59972.25 32543.16
1995/10/31 59666.74 32426.98
1995/11/30 60842.96 33850.52
1995/12/31 60277.58 34502.48
1996/01/31 61688.42 35676.95
1996/02/29 63061.79 36007.67
1996/03/31 63498.03 36354.43
1996/04/30 65388.43 36890.29
1996/05/31 67149.58 37841.69
1996/06/30 66293.24 37985.87
1996/07/31 62270.08 36307.65
1996/08/31 63724.24 37073.38
1996/09/30 68005.91 39159.87
1996/10/31 68345.21 40239.90
1996/11/30 72400.68 43281.64
1996/12/31 69735.22 42424.23
1997/01/31 73874.24 45074.89
1997/02/28 72121.68 45428.28
1997/03/31 68065.78 43561.63
1997/04/30 71504.12 46162.26
1997/05/31 76511.41 48972.62
1997/06/30 79632.62 51166.59
1997/07/31 85624.68 55237.92
1997/08/31 82169.65 52143.49
1997/09/30 86843.12 54999.39
1997/10/31 83421.47 53162.41
1997/11/28 85808.28 55623.30
IMATRL PRASUN SHR__CHT 19971130 19971215 175256 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class B on November 30,
1987. As the chart shows, by November 30, 1997, the value of the
investment would have been $85,808 - a 758.08% 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 $55,623 - a 456.23% 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 C
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 C shares took place on November
3, 1997. Class C shares bear a 1.00% 12b-1/shareholder service fee
that is reflected in returns after November 3, 1997. Returns between
December 31, 1996 (the date Class B shares were first offered) and
November 3, 1997 are those of Class B shares and reflect Class B
shares' 1.00% 12b-1/shareholder service fee. Returns between September
10, 1992 (the date Class T shares were first offered) and December 31,
1996 are those of Class T shares, and reflect Class T shares' 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 which does not bear a 12b-1 fee. Had Class C shares'
12b-1/shareholder service fee been reflected, returns prior to
September 10, 1992 would have been lower. Class C shares' contingent
deferred sales charge included in the past one year total return
figure is 1.00%. If Fidelity had not reimbursed certain class
expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS C 18.52% 131.51% 758.06%

ADVISOR EQUITY GROWTH - CLASS C 17.52% 131.51% 758.06%
(INCL. CONTINGENT DEFERRED SALES
CHARGE)

S&P 500(REGISTERED TRADEMARK) 28.51% 150.41% 456.23%

GROWTH FUNDS AVERAGE 22.00% 118.19% 390.30%

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, one year, five years or 10
years. For example, if you had invested $1,000 in a fund that had a 5%
return over the past year, the value of your investment would be
$1,050. You can compare Class C's returns to those of the Standard &
Poor's 500 Index - a widely recognized, unmanaged index of common
stocks. To measure how Class C'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 one year average represents
a peer group of 791 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 NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - CLASS C 18.52% 18.28% 23.98%

ADVISOR EQUITY GROWTH - CLASS C 17.52% 18.28% 23.98%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 28.51% 20.15% 18.69%

GROWTH FUNDS AVERAGE 22.00% 16.55% 16.76%

AVERAGE ANNUAL TOTAL RETURNS take Class C's cumulative return and show
you what would have happened if Class C had performed at a constant
rate each year.
$10,000 OVER 10 YEARS
IMAHDR PRASUN SHR__CHT 19971130 19980120 075627 S00000000000001
FA Equity Growth -CL C S&P 500
00479 SP001
1987/11/30 10000.00 10000.00
1987/12/31 11746.09 10761.00
1988/01/31 11713.72 11214.04
1988/02/29 12415.44 11736.61
1988/03/31 12598.98 11373.95
1988/04/30 12458.64 11500.20
1988/05/31 12372.27 11600.25
1988/06/30 13473.46 12132.71
1988/07/31 13203.56 12086.60
1988/08/31 12620.57 11675.66
1988/09/30 13322.32 12173.04
1988/10/31 13181.97 12511.45
1988/11/30 12976.84 12332.54
1988/12/31 13575.03 12548.36
1989/01/31 14644.71 13466.90
1989/02/28 14655.74 13131.57
1989/03/31 15140.95 13437.54
1989/04/30 16144.46 14134.94
1989/05/31 17533.95 14707.41
1989/06/30 16883.32 14623.58
1989/07/31 18041.22 15944.09
1989/08/31 18747.00 16256.59
1989/09/30 19265.29 16189.94
1989/10/31 19022.68 15814.33
1989/11/30 19099.88 16136.94
1989/12/31 19662.26 16524.23
1990/01/31 17857.57 15415.45
1990/02/28 18576.92 15614.31
1990/03/31 19662.26 16028.09
1990/04/30 19271.03 15627.39
1990/05/31 22009.62 17151.06
1990/06/30 22198.92 17034.43
1990/07/31 21567.90 16979.92
1990/08/31 18816.70 15444.94
1990/09/30 17264.42 14692.77
1990/10/31 17478.96 14629.59
1990/11/30 19624.40 15574.66
1990/12/31 21025.23 16009.20
1991/01/31 24079.33 16707.20
1991/02/28 26249.99 17901.76
1991/03/31 28824.51 18334.98
1991/04/30 28723.56 18378.99
1991/05/31 30225.36 19172.96
1991/06/30 27713.93 18294.84
1991/07/31 29960.33 19147.38
1991/08/31 31575.72 19601.17
1991/09/30 31651.43 19273.83
1991/10/31 31739.78 19532.10
1991/11/30 30641.82 18744.96
1991/12/31 34630.17 20889.38
1992/01/31 35599.86 20500.84
1992/02/29 35782.85 20767.35
1992/03/31 34093.65 20362.38
1992/04/30 33389.82 20961.04
1992/05/31 33234.97 21063.75
1992/06/30 32137.00 20749.90
1992/07/31 33263.14 21598.57
1992/08/31 32460.77 21155.80
1992/09/30 33066.05 21405.44
1992/10/31 34797.49 21480.36
1992/11/30 37063.84 22212.84
1992/12/31 38055.87 22486.05
1993/01/31 39121.42 22674.94
1993/02/28 38099.86 22983.32
1993/03/31 39294.08 23468.26
1993/04/30 38632.22 22900.33
1993/05/31 40862.39 23514.06
1993/06/30 41020.66 23582.25
1993/07/31 40315.64 23487.92
1993/08/31 41783.24 24378.11
1993/09/30 43006.23 24190.40
1993/10/31 43524.20 24691.14
1993/11/30 42445.09 24456.58
1993/12/31 43708.73 24752.50
1994/01/31 45234.09 25594.09
1994/02/28 44856.13 24900.49
1994/03/31 43026.81 23814.83
1994/04/30 43480.37 24119.66
1994/05/31 43208.23 24515.22
1994/06/30 41318.44 23914.60
1994/07/31 42195.30 24699.00
1994/08/31 44100.22 25711.65
1994/09/30 43193.12 25081.72
1994/10/31 44599.12 25646.06
1994/11/30 43117.52 24712.03
1994/12/31 43321.77 25078.51
1995/01/31 42939.88 25728.79
1995/02/28 44589.66 26731.44
1995/03/31 46269.98 27520.29
1995/04/30 48271.09 28330.76
1995/05/31 49936.13 29463.14
1995/06/30 53739.77 30147.57
1995/07/31 57742.00 31147.26
1995/08/31 58337.75 31225.44
1995/09/30 59972.23 32543.16
1995/10/31 59666.73 32426.98
1995/11/30 60842.95 33850.52
1995/12/31 60277.57 34502.48
1996/01/31 61688.41 35676.95
1996/02/29 63061.78 36007.67
1996/03/31 63498.03 36354.43
1996/04/30 65388.42 36890.29
1996/05/31 67149.56 37841.69
1996/06/30 66293.23 37985.87
1996/07/31 62270.08 36307.65
1996/08/31 63724.23 37073.38
1996/09/30 68005.91 39159.87
1996/10/31 68345.20 40239.90
1996/11/30 72400.68 43281.64
1996/12/31 69735.21 42424.23
1997/01/31 73874.22 45074.89
1997/02/28 72121.67 45428.28
1997/03/31 68065.76 43561.63
1997/04/30 71504.11 46162.26
1997/05/31 76511.41 48972.62
1997/06/30 79632.61 51166.59
1997/07/31 85624.67 55237.92
1997/08/31 82169.64 52143.49
1997/09/30 86843.10 54999.39
1997/10/31 83421.47 53162.41
1997/11/28 85806.36 55623.30
IMATRL PRASUN SHR__CHT 19971130 19980120 075629 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Class C on November 30,
1987. As the chart shows, by November 30, 1997, the value of the
investment would have been $85,806 - a 758.06% 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 $55,623 - a 456.23% 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

MARKET RECAP
The 12 months that ended
November 30, 1997, was a period
that truly tested the U.S. stock
market's resolve. But despite
frequent shifts in sentiment, an
interest-rate hike and global
volatility concerns, U.S. stocks still
managed to perform well. The
Standard & Poor's 500 Index - a
broad gauge of the U.S. stock
market - returned 28.51% during
the period, well above the market's
long-term annual average of
around 11%. In the first half of the
period, large-cap stocks were
responsible for much of the
market's gain, as investors were
drawn to stocks with recognizable
names and consistent
earnings-growth track records.
Consequently, stock prices soared
and enthusiasm was high. The
Federal Reserve Board - in an
attempt to halt inflation before it
appeared - raised a key
short-term interest rate by 0.25% in
March. The market paused briefly,
but then kept rolling as the Dow
Jones Industrial Average reached
the 8,000-point mark for the first
time ever in August. With several
multinational companies
announcing earnings shortfalls in
mid-August, small-cap stocks came
into favor among investors.
During August and September, the
Russell 2000 Index - which
measures small-cap stock
performance - was up 9.78%
while the S&P was down 0.43%.
Volatility in Asian markets in late
October sent skittish investors
running for cover. The Dow slid
554 points in one day, then
snapped back the next, reclaiming
330-plus points. Sensing continued
fallout from this volatility, investors
again became quality-conscious
and large-caps regained their
perch through November.
An interview with Jennifer Uhrig, Portfolio Manager of Fidelity
Advisor Equity Growth Fund
Q. HOW DID THE FUND PERFORM, JENNIFER?
A. For the 12 months that ended November 30, 1997, the fund's Class A,
Class T, Class B and Class C shares returned 19.73%, 19.81%, 18.52%
and 18.52%, respectively. The growth funds average returned 22.00%
during this time, according to Lipper Analytical Services. The
Standard & Poor's 500 Index had a 12-month return of 28.51%.
Q. WHY DID THE FUND UNDERPERFORM BOTH ITS PEER GROUP AND THE S&P 500
DURING THE PERIOD?
A. The fund was hurt by poor stock selection within the technology
sector. While the fund was overweighted in technology stocks relative
to the S&P 500 - and the group outperformed the market slightly for
the total period - this outperformance was concentrated among a few
large names. The average mid-cap and small-cap tech stock
underperformed the market significantly. In particular, the fund was
hurt by its exposure to networking stocks, which lagged the market in
the first quarter. Additionally, not owning enough financial
services-related stocks also detracted from performance. I decided not
to overweight this sector since financial services is not a growth
area, and is not typically a focus for an aggressive growth fund. I
also believed that it was late in the business cycle to be overly
exposed to this highly cyclical group. In retrospect, this was a
mistake because these stocks performed well.
Q. SINCE YOU TOOK OVER THE FUND IN JANUARY 1997, WHAT MAJOR CHANGES
HAVE YOU MADE AND WHY?
A. The main changes I made were to reduce the number of positions in
the fund and make the top holdings more concentrated. By doing so, I
was able to invest more heavily in my best ideas. I've also decreased
the fund's cash position by adding to existing holdings. At the end of
the period, the fund's top 10 positions accounted for about one-fourth
of the fund's investments versus around 19% at the beginning of the
period. In addition, I increased the fund's health-care holdings,
particularly in pharmaceutical stocks. While we're looking at 12-month
performance in this report, I would point out that the fund's
second-half performance was more in line with its peer group. It took
a while to see the effects of these changes, but recent performance
indicates that these strategies may be working.
Q. CAN YOU HIGHLIGHT A FEW STOCKS THAT PERFORMED WELL? ANY
DISAPPOINTMENTS?
A. Microsoft - the fund's second-largest position as of November 30 -
was a very strong contributor to performance. Microsoft had a terrific
first half of the year, with earnings exceeding expectations due to
better-than-expected sales of its applications products. While the
stock has treaded water in the second half of the year, the company
looks well-positioned to benefit from new platform products in 1998.
Some of the fund's retail and energy service stocks also contributed
positively. Wal-Mart, for example, improved its balance sheet, shrunk
inventories and bought back stock, while Schlumberger - one of the
leaders in the oil services field - turned in a strong performance. On
the negative end of the spectrum, Boeing was disappointing because the
company was unable to ramp up production profitably. The fund no
longer owned this position at the end of the period.
Q. WHAT'S YOUR OUTLOOK?
A. In the months ahead, I expect to continue to concentrate on those
sectors of the economy that typically offer the most growth
opportunities - technology, retail and health care. I plan to
concentrate on those subsectors of these larger groups that offer the
best earnings outlook relative to the price of a company's stock. In
addition, I will supplement this basic focus with holdings outside of
these areas in stocks with special situations or superior earnings
potential. I continue to look for new growth areas in the economy and
emerging trends.
Finally, I will look to invest in growth stocks within cyclical
industries when the business cycle is 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.

JENNIFER UHRIG ON ASIAN STOCK
MARKET TURBULENCE AND U.S.
TECHNOLOGY COMPANIES:
"The turbulence we saw in the
financial markets in Southeast
Asia during the second half of 1997
- - and its immediate impact on
the earnings of some U.S.
corporations - demonstrate the
link between economies around
the world. In particular, the Asian
crisis has created a lot of
uncertainty for U.S. technology
companies. Southeast Asia has
been a very high growth area for
personal computers and related
electronic products. Slower
economic growth in this corner of
the world may hurt demand in the
future. On the other hand, many
U.S. technology companies buy
components and even finished
goods in the Far East. Weaker
currencies make products
manufactured in these countries
cheaper to build and lower the cost
of goods for U.S. companies. This
may enable U.S. companies to
lower prices and stimulate
demand for their products outside
of the Far East. Another positive is
that Asian competitors may have
less access to capital in the future
and may not be able to find funding
to increase capacity. Supply
increases in the Far East have been
a perennial problem for U.S. tech
companies - especially
semiconductor manufacturers -
because additional supply puts
pressure on prices. To the extent
that less Asian capacity is added
in the future, this could be a
positive for U.S. companies in the
longer-term."
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
November 30, 1997, more
than $5.3 billion
MANAGER: Jennifer Uhrig,
since January 1997; joined
Fidelity in 1987
(checkmark)
INVESTMENT CHANGES

<TABLE>
<CAPTION>
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TOP TEN STOCKS AS OF NOVEMBER 30, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

PHILIP MORRIS COMPANIES, INC. 4.6 4.5

MICROSOFT CORP. 3.0 3.4

AMERICAN HOME PRODUCTS CORP. 2.9 1.2

WAL-MART STORES, INC. 2.8 2.1

TEXAS INSTRUMENTS, INC. 2.5 1.1

FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.0 1.2

BRISTOL-MYERS SQUIBB CO. 1.9 2.1

DISNEY (WALT) CO. 1.9 1.7

FEDERAL HOME LOAN MORTGAGE CORPORATION 1.8 1.0

WORLDCOM, INC. 1.8 1.8

TOP FIVE MARKET SECTORS AS OF NOVEMBER 30, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

TECHNOLOGY 24.3 20.5

HEALTH 18.6 16.5

RETAIL & WHOLESALE 9.9 8.5

FINANCE 9.4 9.1

NONDURABLES 8.5 8.5
</TABLE>

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF NOVEMBER 30, 1997 * AS OF MAY 31, 1997 **
ROW: 1, COL: 1, VALUE: 2.4
ROW: 1, COL: 2, VALUE: 97.59999999999999
STOCKS 95.6%
SHORT-TERM
INVESTMENTS 4.4%
FOREIGN
INVESTMENTS 5.3%
STOCKS 97.6%
SHORT-TERM
INVESTMENTS 2.4%
FOREIGN
INVESTMENTS 6.0%
ROW: 1, COL: 1, VALUE: 4.4
ROW: 1, COL: 2, VALUE: 95.59999999999999
*
**
INVESTMENTS NOVEMBER 30, 1997

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

COMMON STOCKS - 97.6%
SHARES VALUE (NOTE 1)
(000S)
AEROSPACE & DEFENSE - 1.4%
AEROSPACE & DEFENSE - 0.7%
Gulfstream Aerospace Corp. (a) 547,500 $ 16,083
Lockheed Martin Corp. 217,700 21,239
37,322
DEFENSE ELECTRONICS - 0.7%
Northrop Grumman Corp. 163,900 18,480
Raytheon Co. 331,200 18,526
37,006
TOTAL AEROSPACE & DEFENSE 74,328
BASIC INDUSTRIES - 2.2%
CHEMICALS & PLASTICS - 0.7%
Air Products & Chemicals, Inc. 122,200 9,371
Cytec Industries, Inc. (a) 347,400 15,894
Monsanto Co. 234,600 10,249
35,514
IRON & STEEL - 0.3%
Nucor Corp. 296,100 14,805
PACKAGING & CONTAINERS - 0.8%
Corning, Inc. 438,600 18,613
Owens-Illinois, Inc. (a) 786,200 26,633
45,246
PAPER & FOREST PRODUCTS - 0.4%
Kimberly-Clark Corp. 433,500 22,569
TOTAL BASIC INDUSTRIES 118,134
CONSTRUCTION & REAL ESTATE - 0.2%
BUILDING MATERIALS - 0.1%
Coflexip sponsored ADR 153,600 7,642
ENGINEERING - 0.1%
Fluor Corp. 76,000 2,731
TOTAL CONSTRUCTION & REAL ESTATE 10,373
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
DURABLES - 1.4%
AUTOS, TIRES, & ACCESSORIES - 0.2%
AutoZone, Inc. (a) 294,600 $ 8,838
Circuit City Stores, Inc. - CarMax Group 241,800 2,886
11,724
CONSUMER ELECTRONICS - 0.4%
General Motors Corp. Class H 307,600 20,609
TEXTILES & APPAREL - 0.8%
Liz Claiborne, Inc. 284,100 14,276
Reebok International Ltd. (a) 419,800 16,503
Timberland Co. Class A (a) 169,100 13,169
43,948
TOTAL DURABLES 76,281
ENERGY - 5.2%
ENERGY SERVICES - 3.2%
Dresser Industries, Inc. 604,200 22,582
Falcon Drilling, Inc. (a) 638,600 20,595
Halliburton Co. 975,700 52,627
Schlumberger Ltd. 458,900 37,773
Transocean Offshore, Inc. 148,800 7,059
Varco International, Inc. (a) 184,100 9,424
Western Atlas, Inc. (a) 282,700 19,665
169,725
OIL & GAS - 2.0%
British Petroleum PLC ADR 309,563 25,694
Burlington Resources, Inc. 120,600 5,367
Cooper Cameron Corp. (a) 203,700 12,413
EVI, Inc. (a) 118,200 6,080
Tosco Corp. 710,600 23,139
Total SA:
Class B 239,600 25,148
sponsored ADR 135,400 7,117
Unocal Corp. 14 1
104,959
TOTAL ENERGY 274,684
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
FINANCE - 9.4%
BANKS - 0.4%
Bank of New York Co., Inc. 416,400 $ 22,382
CREDIT & OTHER FINANCE - 2.2%
American Express Co. 1,102,104 86,928
Associates First Capital Corp. 222,400 14,289
Beneficial Corp. 209,400 16,255
117,472
FEDERAL SPONSORED CREDIT - 4.0%
Federal Home Loan Mortgage Corporation 2,339,500 96,504
Federal National Mortgage Association 2,002,200 105,741
SLM Holding Corp. 89,800 11,595
213,840
INSURANCE - 2.8%
Allmerica Financial Corp. 241,400 11,708
Allstate Corp. 374,079 32,124
AMBAC, Inc. 679,000 27,245
American International Group, Inc. 152,800 15,404
MBIA, Inc. 181,800 11,431
Progressive Corp. 88,600 9,037
UNUM Corp. 894,000 42,409
149,358
TOTAL FINANCE 503,052
HEALTH - 18.6%
DRUGS & PHARMACEUTICALS - 12.2%
American Home Products Corp. 2,209,700 154,403
Amgen, Inc. 402,400 20,573
Barr Laboratories, Inc. (a) 81,500 2,934
Bristol-Myers Squibb Co. 1,091,800 102,220
Elan Corp. PLC ADR (a) 413,500 21,812
Genentech, Inc. special (a) 278,100 16,234
Gilead Sciences, Inc. (a) 168,300 5,806
Glaxo PLC sponsored ADR 413,000 18,869
Lilly (Eli) & Co. 667,000 42,063
Medimmune, Inc. (a) 131,900 5,045
Merck & Co., Inc. 737,200 69,711
Pfizer, Inc. 321,300 23,375
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
HEALTH - CONTINUED
DRUGS & PHARMACEUTICALS - CONTINUED
Schering-Plough Corp. 998,700 $ 62,606
Sepracor, Inc. (a) 165,400 6,099
SmithKline Beecham PLC ADR 1,376,000 68,284
Warner-Lambert Co. 227,700 31,850
651,884
MEDICAL EQUIPMENT & SUPPLIES - 4.1%
Abbott Laboratories 790,830 51,404
Boston Scientific Corp. (a) 446,100 20,158
Cardinal Health, Inc. 276,050 20,911
Johnson & Johnson 1,054,000 66,336
McKesson Corp. 140,200 15,685
Medtronic, Inc. 506,500 24,185
Sofamor/Danek Group, Inc. (a) 272,900 19,205
Sybron International Corp. (a) 52,700 2,319
220,203
MEDICAL FACILITIES MANAGEMENT - 2.3%
Carematrix Corp. (a) 158,800 4,228
Columbia/HCA Healthcare Corp. 1,906,405 56,239
Coram Healthcare Corp. warrants 7/11/99 (a) 3,393 -
HEALTHSOUTH Corp. (a) 1,452,600 38,131
Health Management Associates, Inc. Class A (a) 907,450 22,233
120,831
TOTAL HEALTH 992,918
HOLDING COMPANIES - 0.4%
Norfolk Southern Corp. 643,800 20,481
INDUSTRIAL MACHINERY & EQUIPMENT - 3.1%
ELECTRICAL EQUIPMENT - 2.5%
Alcatel Alsthom Compagnie Generale d'Electricite SA 458,900 57,489
General Electric Co. 596,000 43,955
Westinghouse Electric Corp. 993,600 29,808
131,252
INDUSTRIAL MACHINERY & EQUIPMENT - 0.1%
Tyco International Ltd. 44,840 1,760
UNOVA, Inc. 282,700 4,771
6,531
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
INDUSTRIAL MACHINERY & EQUIPMENT - CONTINUED
POLLUTION CONTROL - 0.5%
Thermo Instrument Systems, Inc. (a) 95,750 $ 2,974
USA Waste Services, Inc. (a) 707,800 23,402
Zurn Industries, Inc. 11,800 404
26,780
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 164,563
MEDIA & LEISURE - 6.6%
BROADCASTING - 0.4%
Chancellor Media Corp. (a) 58,100 3,490
Comcast Corp. Class A special 614,900 17,217
20,707
ENTERTAINMENT - 1.9%
Disney (Walt) Co. 1,039,900 98,726
LEISURE DURABLES & TOYS - 0.3%
Harley-Davidson, Inc. 373,600 9,877
Nintendo Co. Ltd. Ord. 42,500 4,389
14,266
LODGING & GAMING - 1.2%
Circus Circus Enterprises, Inc. (a) 432,400 8,918
HFS, Inc. (a) 211,200 14,494
Mirage Resorts, Inc. (a) 1,144,300 27,177
Sun International Hotels Ltd. Ord. (a) 348,100 13,206
63,795
PUBLISHING - 1.0%
Times Mirror Co. Class A 335,500 19,920
Tribune Co. 339,100 19,117
US WEST Media Group (a) 604,900 16,068
55,105
RESTAURANTS - 1.8%
Applebee's International, Inc. 41,500 877
Brinker International, Inc. (a) 568,500 8,385
Landry's Seafood Restaurants, Inc. (a) 532,100 14,965
McDonald's Corp. 402,200 19,507
Papa John's International, Inc. (a) 38,000 1,263
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
MEDIA & LEISURE - CONTINUED
RESTAURANTS - CONTINUED
Starbucks Corp. (a) 423,900 $ 14,784
Tricon Global Restaurants, Inc. (a) 789,680 26,701
Wendy's International, Inc. 486,100 10,208
96,690
TOTAL MEDIA & LEISURE 349,289
NONDURABLES - 8.5%
BEVERAGES - 1.0%
PepsiCo, Inc. 1,362,100 50,227
FOODS - 1.3%
American Italian Pasta Co., Series A 198,700 4,694
Campbell Soup Co. 370,900 20,770
General Mills, Inc. 312,100 23,095
Sara Lee Corp. 413,100 21,843
70,402
HOUSEHOLD PRODUCTS - 1.2%
Avon Products, Inc. 79,900 4,619
Colgate-Palmolive Co. 177,000 11,826
Procter & Gamble Co. 644,800 49,206
65,651
TOBACCO - 5.0%
Philip Morris Companies, Inc. 5,664,800 246,419
RJR Nabisco Holdings Corp. 606,700 22,107
268,526
TOTAL NONDURABLES 454,806
PRECIOUS METALS - 0.1%
Barrick Gold Corp. 325,000 5,340
Getchell Gold Corp. (a) 60,200 1,580
6,920
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
RETAIL & WHOLESALE - 9.9%
APPAREL STORES - 1.0%
Just for Feet, Inc. (a) 529,900 $ 8,975
Ross Stores, Inc. 406,300 15,846
TJX Companies, Inc. 871,900 30,080
54,901
DRUG STORES - 1.4%
CVS Corp. 647,777 42,996
Rite Aid Corp. 430,200 28,286
71,282
GENERAL MERCHANDISE STORES - 4.1%
Consolidated Stores Corp. (a) 491,375 23,893
Costco Companies, Inc. (a) 421,100 18,660
Dayton Hudson Corp. 383,100 25,452
Wal-Mart Stores, Inc. 3,750,300 149,778
217,783
GROCERY STORES - 0.4%
Safeway, Inc. (a) 362,200 22,004
RETAIL & WHOLESALE, MISCELLANEOUS - 3.0%
Bed Bath & Beyond, Inc. (a) 352,800 11,775
Corporate Express, Inc. 962,725 15,042
Home Depot, Inc. 928,250 51,924
Lowe's Companies, Inc. 662,700 30,443
Staples, Inc. (a) 733,087 20,664
Toys "R" Us, Inc. (a) 562,189 19,185
U.S. Office Products Co. (a) 206,100 4,096
Viking Office Products, Inc. (a) 180,300 4,181
Williams-Sonoma, Inc. (a) 91,200 3,477
160,787
TOTAL RETAIL & WHOLESALE 526,757
SERVICES - 1.5%
ADVERTISING - 0.1%
Omnicom Group, Inc. 75,100 5,567
EDUCATIONAL SERVICES - 0.2%
Apollo Group, Inc. Class A (a) 248,500 10,592
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
SERVICES - CONTINUED
LEASING & RENTAL - 0.2%
Hertz Corp. Class A 246,800 $ 9,733
SERVICES - 1.0%
AccuStaff, Inc. (a) 672,400 19,878
Corrections Corp. of America (a) 463,400 16,045
Gartner Group, Inc. Class A (a) 682,000 19,863
55,786
TOTAL SERVICES 81,678
TECHNOLOGY - 24.3%
COMMUNICATIONS EQUIPMENT - 2.2%
ADC Telecommunications, Inc. (a) 644,500 23,967
Aspect Telecommunications Corp. (a) 614,100 13,779
DSC Communications Corp. (a) 571,700 12,899
Lucent Technologies, Inc. 620,600 49,726
Tellabs, Inc. (a) 342,600 17,815
118,186
COMPUTER SERVICES & SOFTWARE - 10.1%
America Online, Inc. (a) 194,100 14,655
BMC Software, Inc. (a) 288,700 18,729
Broderbund Software, Inc. (a) 498,700 14,493
CUC International, Inc. (a) 965,475 27,757
Cadence Design Systems, Inc. (a) 1,220,500 30,818
Citrix Systems, Inc. (a) 247,700 17,742
CompUSA, Inc. (a) 1,626,000 59,451
Compuware Corp. (a) 215,400 7,526
Electronic Data Systems Corp. 759,000 28,842
Electronics for Imaging, Inc. (a) 364,400 17,582
Equifax, Inc. 322,500 11,005
Henry (Jack) & Associates, Inc. 66,000 1,666
ICG Communications, Inc. (a) 109,000 2,534
Keane, Inc. (a) 502,900 15,936
Manugistics Group, Inc. (a) 19,900 694
Microsoft Corp. (a) 1,144,100 161,890
Oracle Corp. (a) 1,204,087 40,111
Parametric Technology Corp. (a) 282,700 14,294
PeopleSoft, Inc. (a) 199,300 13,042
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
COMPUTER SERVICES & SOFTWARE - CONTINUED
Policy Management Systems Corp. (a) 43,500 $ 2,811
Sabre Group Holdings, Inc. Class A (a) 405,200 10,434
Siebel Systems, Inc. (a) 185,300 7,713
Structural Dynamics Research Corp. (a) 429 7
SunGard Data Systems, Inc. (a) 484,200 12,529
Sybase, Inc. (a) 337,100 4,719
536,980
COMPUTERS & OFFICE EQUIPMENT - 4.7%
Adaptec, Inc. (a) 573,900 28,408
Compaq Computer Corp. 834,550 52,107
Dell Computer Corp. (a) 342,400 28,826
EMC Corp. (a) 844,400 25,596
Fore Systems, Inc. (a) 1,221,000 21,139
Ingram Micro, Inc. Class A (a) 172,600 5,232
Iomega Corp. (a) 522,500 17,177
Pitney Bowes, Inc. 284,100 23,882
Quantum Corp. (a) 873,900 23,268
SCI Systems, Inc. (a) 152,200 6,973
Tech Data Corp. (a) 371,500 14,999
Western Digital Corp. (a) 122,900 2,481
250,088
ELECTRONIC INSTRUMENTS - 0.4%
Applied Materials, Inc. (a) 250,900 8,280
KLA-Tencor Corp. (a) 26,000 1,007
Novellus Systems, Inc. (a) 91,300 3,435
Waters Corp. (a) 257,000 11,003
23,725
ELECTRONICS - 6.9%
Altera Corp. (a) 530,600 24,839
Intel Corp. 590,600 45,845
Linear Technology Corp. 174,600 11,240
Maxim Integrated Products, Inc. (a) 243,700 16,846
Micron Technology, Inc. (a) 803,000 19,975
Motorola, Inc. 537,900 33,820
Sanmina Corp. (a) 327,400 22,263
Solectron Corp. (a) 213,000 7,761
Taiwan Semiconductor Manufacturing Co. sponsored ADR 1,261,800
27,760
Texas Instruments, Inc. 2,656,400 130,828
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
(000S)
TECHNOLOGY - CONTINUED
ELECTRONICS - CONTINUED
Uniphase Corp. (a) 320,400 $ 12,856
Xilinx, Inc. (a) 409,400 14,150
368,183
TOTAL TECHNOLOGY 1,297,162
TRANSPORTATION - 0.4%
RAILROADS - 0.4%
Wisconsin Central Transportation Corp. (a) 699,500 21,072
UTILITIES - 4.4%
CELLULAR - 0.1%
Vanguard Cellular Systems, Inc. Class A (a) 424,500 5,916
TELEPHONE SERVICES - 4.3%
AT&T Corp. 614,400 34,330
Cincinnati Bell, Inc. 438,500 12,936
MCI Communications Corp. 1,059,100 46,534
McLeodUSA, Inc. Class A (a) 74,900 2,771
NEXTLINK Communications, Inc. Class A 19,600 397
Sprint Corp. 636,600 37,281
WorldCom, Inc. (a) 2,927,480 93,679
227,928
TOTAL UTILITIES 233,844
TOTAL COMMON STOCKS
(Cost $3,973,343) 5,206,342
CASH EQUIVALENTS - 2.4%
MATURITY
AMOUNT (000S)
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 5.70%, dated
11/28/97 due 12/1/97 $ 129,732 129,670
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $4,103,013) $ 5,336,012
LEGEND
1. Non-income producing
INCOME TAX INFORMATION
At November 30, 1997, the aggregate cost of investment securities for
income tax purposes was $4,113,797,000. Net unrealized appreciation
aggregated $1,222,215,000, of which $1,339,417,000 related to
appreciated investment securities and $117,202,000 related to
depreciated investment securities.
The fund hereby designates approximately $116,982,000 as a capital
gain dividend for the purpose of the dividend paid deduction.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) NOVEMBER 30, 1997

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 5,336,012
AGREEMENTS OF $129,670) (COST $4,103,013) -
SEE ACCOMPANYING SCHEDULE

RECEIVABLE FOR INVESTMENTS SOLD 42,876

RECEIVABLE FOR FUND SHARES SOLD 4,143

DIVIDENDS RECEIVABLE 3,975

OTHER RECEIVABLES 319

PREPAID EXPENSES 13

TOTAL ASSETS 5,387,338

LIABILITIES

PAYABLE FOR INVESTMENTS PURCHASED $ 34,534

PAYABLE FOR FUND SHARES REDEEMED 8,494

ACCRUED MANAGEMENT FEE 2,477

DISTRIBUTION FEES PAYABLE 1,799

OTHER PAYABLES AND ACCRUED EXPENSES 826

TOTAL LIABILITIES 48,130

NET ASSETS $ 5,339,208

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 3,380,104

UNDISTRIBUTED NET INVESTMENT INCOME 1,198

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON 724,749
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 1,233,157
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

NET ASSETS $ 5,339,208

</TABLE>

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) NOVEMBER 30, 1997

CALCULATION OF MAXIMUM OFFERING PRICE $51.69
CLASS A:
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($28,522 (DIVIDED BY) 551.80 SHARES)

MAXIMUM OFFERING PRICE PER SHARE (100/94.25 OF $51.69) $54.84

CLASS T: $51.97
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($4,205,772 (DIVIDED BY) 80,923 SHARES)

MAXIMUM OFFERING PRICE PER SHARE (100/96.50 OF $51.97) $53.85

CLASS B: $51.41
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($71,496 (DIVIDED BY) 1,390.70 SHARES) A

CLASS C: $51.95
NET ASSET VALUE AND OFFERING PRICE
PER SHARE ($965 (DIVIDED BY) 18.575 SHARES) A

INSTITUTIONAL CLASS: $52.86
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE ($1,032,453 (DIVIDED BY) 19,533 SHARES)

</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS YEAR ENDED NOVEMBER 30, 1997

INVESTMENT INCOME $ 46,294
DIVIDENDS

INTEREST 14,829

TOTAL INCOME 61,123

EXPENSES

MANAGEMENT FEE $ 30,254

TRANSFER AGENT FEES 8,706

DISTRIBUTION FEES 19,624

ACCOUNTING FEES AND EXPENSES 813

NON-INTERESTED TRUSTEES' COMPENSATION 30

CUSTODIAN FEES AND EXPENSES 120

REGISTRATION FEES 187

AUDIT 58

LEGAL 106

REPORTS TO SHAREHOLDERS 570

MISCELLANEOUS 22

TOTAL EXPENSES BEFORE REDUCTIONS 60,490

EXPENSE REDUCTIONS (1,198) 59,292

NET INVESTMENT INCOME 1,831

REALIZED AND UNREALIZED GAIN (LOSS)
NET REALIZED GAIN (LOSS) ON:

INVESTMENT SECURITIES 736,822

FOREIGN CURRENCY TRANSACTIONS (4) 736,818

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:

INVESTMENT SECURITIES 175,300

ASSETS AND LIABILITIES IN FOREIGN CURRENCIES 159 175,459

NET GAIN (LOSS) 912,277

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 914,108
FROM OPERATIONS

STATEMENT OF CHANGES IN NET ASSETS
</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30,
1997 1996

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ 1,831 $ 26,314
NET INVESTMENT INCOME

NET REALIZED GAIN (LOSS) 736,818 155,834

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) 175,459 529,932

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 914,108 712,080
FROM OPERATIONS

DISTRIBUTIONS TO SHAREHOLDERS (24,274) (5,736)
FROM NET INVESTMENT INCOME

FROM NET REALIZED GAIN (133,430) (154,511)

TOTAL DISTRIBUTIONS (157,704) (160,247)

SHARE TRANSACTIONS - NET INCREASE (DECREASE) (282,118) 1,470,586

TOTAL INCREASE (DECREASE) IN NET ASSETS 474,286 2,022,419

NET ASSETS

BEGINNING OF PERIOD 4,864,922 2,842,503

END OF PERIOD (INCLUDING UNDISTRIBUTED NET INVESTMENT $ 5,339,208 $ 4,864,922
INCOME OF $1,198 AND $26,034, RESPECTIVELY)

</TABLE>

FINANCIAL HIGHLIGHTS - CLASS A
YEARS ENDED NOVEMBER 30,

1997 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 (.06) .04

NET REALIZED AND UNREALIZED GAIN (LOSS) 8.54 5.29

TOTAL FROM INVESTMENT OPERATIONS 8.48 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 $ 51.69 $ 44.80

TOTAL RETURN B, C 19.73% 13.50%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 28,522 $ 4,423

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.32% G 1.52% A, D,
G

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.30% H 1.50% A, H

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.12)% .38% A

PORTFOLIO TURNOVER 108% 76%

AVERAGE COMMISSION RATE I $ .0427 $ .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
YEARS ENDED NOVEMBER 30,

1997 1996 1995 1994 1993

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

NET ASSET VALUE, BEGINNING $ 44.81 $ 39.83 $ 28.52 $ 29.50 $ 26.33
OF PERIOD

INCOME FROM INVESTMENT
OPERATIONS

NET INVESTMENT INCOME (LOSS) (.04) C .22 C .06 .08 (.07) C

NET REALIZED AND UNREALIZED 8.60 6.90 11.54 .39 3.82
GAIN (LOSS)

TOTAL FROM INVESTMENT 8.56 7.12 11.60 .47 3.75
OPERATIONS

LESS DISTRIBUTIONS

FROM NET INVESTMENT INCOME (.17) (.03) D (.08) - (.08)

FROM NET REALIZED GAIN (1.23) (2.11) D (.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 OF PERIOD $ 51.97 $ 44.81 $ 39.83 $ 28.52 $ 29.50

TOTAL RETURN A, B 19.81% 19.00% 41.11% 1.58% 14.52%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD $ 4,205,772 $ 3,536,973 $ 2,051,429 $ 874,172 $ 377,894
(000 OMITTED)

RATIO OF EXPENSES TO AVERAGE 1.31% G 1.36% 1.55% 1.71% 1.85%
NET ASSETS

RATIO OF EXPENSES TO 1.29% E 1.34% E 1.54% E 1.70% E 1.84% E
AVERAGE NET ASSETS AFTER
EXPENSE REDUCTIONS

RATIO OF NET INVESTMENT INCOME (.08)% .54% .21% .15% (.24)%
(LOSS) TO AVERAGE NET ASSETS

PORTFOLIO TURNOVER 108% 76% 97% 137% 160%

AVERAGE COMMISSION RATE F $ .0427 $ .0414

</TABLE>

A 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).
B TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE.
C NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
D THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
E 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).
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.
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).
FINANCIAL HIGHLIGHTS CLASS - B
YEAR ENDED
NOVEMBER 30,

1997 E
<TABLE>
<CAPTION>
<S> <C>
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 41.81

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D (.32)

NET REALIZED AND UNREALIZED GAIN (LOSS) 9.95

TOTAL FROM INVESTMENT OPERATIONS 9.63

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.03)

NET ASSET VALUE, END OF PERIOD $ 51.41

TOTAL RETURN B, C 23.05%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 71,496

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.93% A,
H

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.90% A,
F

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.73)% A

PORTFOLIO TURNOVER 108%

AVERAGE COMMISSION RATE G $ .0427

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 NOVEMBER 30, 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.
H 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).
FINANCIAL HIGHLIGHTS - CLASS C
YEAR ENDED
NOVEMBER 30,

1997 E

SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 51.84

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D (.02)

NET REALIZED AND UNREALIZED GAIN (LOSS) .13

TOTAL FROM INVESTMENT OPERATIONS .11

NET ASSET VALUE, END OF PERIOD $ 51.95

TOTAL RETURN B, C 0.21%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 965

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.95% A,
H

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.89% A,
F

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.82)% A

PORTFOLIO TURNOVER 108%

AVERAGE COMMISSION RATE G $ .0427

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 NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF CLASS C
SHARES) TO NOVEMBER 30, 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.
H 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).
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
YEARS ENDED NOVEMBER 30,

1997 1996 1995 1994 1993

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

NET ASSET VALUE, BEGINNING $ 45.52 $ 40.39 $ 28.90 $ 29.74 $ 26.37
OF PERIOD

INCOME FROM INVESTMENT
OPERATIONS

NET INVESTMENT INCOME .22 B .45 B .28 .30 .19 B

NET REALIZED AND UNREALIZED 8.72 7.00 11.69 .42 3.78
GAIN (LOSS)

TOTAL FROM INVESTMENT 8.94 7.45 11.97 .72 3.97
OPERATIONS

LESS DISTRIBUTIONS

FROM NET INVESTMENT INCOME (.37) (.21) C (.27) (.11) (.10)

FROM NET REALIZED GAIN (1.23) (2.11) C (.16) (1.45) (.50)

IN EXCESS OF NET REALIZED GAIN - - (.05) - -

TOTAL DISTRIBUTIONS (1.60) (2.32) (.48) (1.56) (.60)

NET ASSET VALUE, END OF PERIOD $ 52.86 $ 45.52 $ 40.39 $ 28.90 $ 29.74

TOTAL RETURN A 20.46% 19.68% 42.15% 2.46% 15.36%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD $ 1,032,453 $ 1,323,526 $ 791,074 $ 410,450 $ 296,466
(000 OMITTED)

RATIO OF EXPENSES TO AVERAGE .77% .79% .83% .86% .95%
NET ASSETS

RATIO OF EXPENSES TO .75% D .77% D .83% .84% D .94% D
AVERAGE NET ASSETS AFTER
EXPENSE REDUCTIONS

RATIO OF NET INVESTMENT INCOME .46% 1.11% .92% 1.00% .66%
TO AVERAGE NET ASSETS

PORTFOLIO TURNOVER 108% 76% 97% 137% 160%

AVERAGE COMMISSION RATE E $ .0427 $ .0414

</TABLE>

A 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).
B NET INVESTMENT INCOME PER SHARE HAS BEEN CALCULATED BASED ON AVERAGE
SHARES OUTSTANDING DURING THE PERIOD.
C THE AMOUNTS SHOWN REFLECT CERTAIN RECLASSIFICATIONS RELATED TO BOOK
TO TAX DIFFERENCES (SEE NOTE 1 OF NOTES TO FINANCIAL STATEMENTS).
D 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).
E 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 November 30, 1997

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, Class C, 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 Class C shares on
November 3, 1997. Investment income, realized and unrealized capital
gains and losses, the common expenses of the fund, and certain
fund-level expense reductions, if any, 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 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 foreign
currency contracts , disposition of foreign currencies, and the
difference between the amount of net investment income accrued
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
FOREIGN CURRENCY TRANSLATION - CONTINUED
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.
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
U.S. federal income taxes to the extent that it distributes
substantially all of its taxable income for its fiscal year. The fund
may be subject to foreign taxes on income and gains on investments
which are accrued based upon the fund's understanding of the tax rules
and regulations that exist in the markets in which it invests. The
fund accrues such taxes as applicable. 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 B and Class C and shares of Class B and Class C for distribution
under federal and state securities law. These expenses are borne by
Class B and Class C 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 litigation proceeds, foreign currency transactions,
passive foreign investment companies (PFIC) and losses deferred due to
wash sales. The fund also utilized earnings and profits distributed to
shareholders on redemption of shares as a part of the dividends paid
deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
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 that will reverse
in a subsequent
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
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 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.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $5,118,910,000 and $5,217,478,000, 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
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
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 annual rate of .60% 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 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% *

CLASS C 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 $ 36,000 $ 36,000

CLASS T 19,298,000 19,298,000

CLASS B 290,000 73,000

CLASS C 375 -

$ 19,624,375 $ 19,407,000

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 5.75% for
selling Class A shares (5.25% prior to August 1, 1997), and 3.50% for
selling Class T shares of the fund, respectively. FDC receives the
proceeds of contingent deferred sales charges levied on Class B share
redemptions occurring within six years of purchase and Class C share
redemptions occurring within one year of purchase. Contingent deferred
sales charges are based on declining rates ranging from 5% to 1% for
Class B and 1% for Class C, of the lesser of the
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SALES LOAD - CONTINUED
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 $ 516,000 $ 353,000

CLASS T 2,561,000 1,784,000

CLASS B 53,000 0 *

$ 3,130,000 $ 2,137,000

* WHEN CLASS B SHARES ARE INITIALLY SOLD, FDC PAYS COMMISSIONS FROM
ITS OWN RESOURCES TO DEALERS THROUGH WHICH
THE SALES ARE MADE.
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.
FIIOC pays for typesetting, printing and mailing of all shareholder
reports. For the period, the following amounts were paid to each
transfer agent:
TRANSFER AMOUNT % OF
AGENT AVERAGE
NET ASSETS

CLASS A FIIOC * $ 40,000 .27

CLASS T ** FIIOC * 6,978,000 .18

CLASS B FIIOC * 75,000 .26 ***

CLASS C FIIOC * 78 .23 ***

INSTITUTIONAL CLASS FIIOC * 1,613,000 .14

$ 8,706,078

* 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. 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 $1,570,000 for the
period.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse operating expenses (excluding
interest, taxes, brokerage commissions and extraordinary expenses)
above the following annual rates or range of annual rates of average
net assets for each of the following classes:
FMR REIMBURSEMENT
EXPENSE
LIMITATIONS

CLASS A 1.20 $ 2,000

CLASS T 1.45 120,000

CLASS B 1.95 25,000

CLASS C 1.95 6,000

$ 153,000

Effective November 1, 1997, Class A, Class T, Class B, and the
Institutional Class expense limitations were changed from 1.75% to
1.20%, 2.00% to 1.45%, 2.50% to 1.95%, and from 1.50% to .95% of each
Class' average net assets, respectively.
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 $1,012,000 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 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 $ 8,000

INSTITUTIONAL CLASS $ 20,000

$ 28,000

6. DISTRIBUTIONS TO SHAREHOLDERS.
Distributions to shareholders of each class were as follows:
YEARS ENDED 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 $ 13,448,000 $ 2,317,000

FROM NET REALIZED GAIN 97,420,000 112,907,000

TOTAL $ 110,868,000 $ 115,224,000

CLASS B

FROM NET REALIZED GAIN $ 341 $ -

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

$ 157,704,341 $ 160,247,000

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 NOVEMBER 30, 1997.
7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
SHARES DOLLARS

AMOUNT IN THOUSANDS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, NOVEMBER 30,

1997 B, C 1996 A 1997 B, C 1996 A

CLASS A 527 100 $ 25,137 $ 4,269
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 5 - 193 -

SHARES REDEEMED (79) (1) (3,746) (67)

NET INCREASE (DECREASE) 453 99 $ 21,584 $ 4,202

CLASS T 24,794 45,074 $ 1,148,466 $ 1,801,024
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 2,444 2,864 103,689 106,705

SHARES REDEEMED (25,241) (20,513) (1,172,658) (824,097)

NET INCREASE (DECREASE) 1,997 27,425 $ 79,497 $ 1,083,632

CLASS B 1,494 - $ 71,102 $ -
SHARES SOLD

SHARES REDEEMED (103) - (4,871) -

NET INCREASE (DECREASE) 1,391 - $ 66,231 $ -

CLASS C 19 - $ 959 $ -
SHARES SOLD

INSTITUTIONAL CLASS 8,066 18,894 $ 377,761 $ 763,651
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 748 847 32,100 31,892

SHARES REDEEMED (18,359) (10,250) (860,250) (412,791)

NET INCREASE (DECREASE) (9,545) 9,491 $ (450,389) $ 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 NOVEMBER 30, 1997.
C SHARE TRANSACTIONS FOR CLASS C ARE FOR THE PERIOD NOVEMBER 3, 1997
(COMMENCEMENT OF SALE OF SHARES) TO NOVEMBER 30, 1997.
8. REGISTRATION FEES.
For the period, each class paid the following amounts to register its
shares for sale:
REGISTRATION
FEES

CLASS A $ 27,000

CLASS T 87,000

CLASS B 33,000

CLASS C 6,000

INSTITUTIONAL CLASS 34,000

$ 187,000

REPORT OF INDEPENDENT ACCOUNTANTS

To the Trustees of Fidelity Advisor Series I and the Shareholders of
Fidelity Advisor Equity Growth Fund:
We have audited the accompanying statement of assets and liabilities
of Fidelity Advisor Series I: Fidelity Advisor Equity Growth Fund,
including the schedule of portfolio investments, as of November 30,
1997, and the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in
the period then ended and the financial highlights of Class A, Class
T, Class B, Class C, and Institutional Class for each of the periods
indicated therein. These financial statements and financial highlights
are the responsibility of the fund's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of November 30, 1997 by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Fidelity Advisor Series I: Fidelity Advisor
Equity Growth Fund as of November 30, 1997, the results of its
operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, and the financial
highlights of Class A, Class T, Class B, Class C, and Institutional
Class for each of the periods indicated therein, in conformity with
generally accepted accounting principles.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
January 13, 1998
DISTRIBUTIONS

The Board of Trustees of Fidelity Advisor Equity Growth Fund voted to
pay to shareholders of record at the opening of business on record
date, the following distributions derived from capital gains realized
from sales of portfolio securities, and dividends derived from net
investment income:
PAY DATE RECORD DATE DIVIDENDS CAPITAL GAINS
Class A 12/22/97 12/19/97 $0.11 $5.65
1/5/98 1/2/98 - $.42
Class T 12/22/97 12/19/97 - $5.62
1/5/98 1/2/98 - $.42
Class B 12/22/97 12/19/97 - $5.65
1/5/98 1/2/98 - $.42
Class C 12/22/97 12/19/97 - $5.62
1/5/98 1/2/98 - $.42
A total of 75.52%, and 99.19% of the dividends distributed by Class A,
and Class T, respectively, during the fiscal year qualifies for the
dividends-received deduction for corporate shareholders
A total of 7.01% of the dividends distributed during the fiscal year
was derived from interest on U.S. Government securities which is
generally exempt from state income tax.
The fund will notify shareholders in January 1998 of the applicable
percentage for use in preparing 1997 income tax returns.
PROXY VOTING RESULTS

A special meeting of the fund's shareholders was held on August 4,
1997. The meeting was adjourned with respect to Proposal 6 and
reconvened on August 29, 1997. The results of votes taken among
shareholders on proposals are listed below.
PROPOSAL 1
To elect as Trustees the following twelve nominees.
# OF
SHARES VOTED % OF SHARES
J. GARY BURKHEAD
AFFIRMATIVE 99,942,373.853 96.930

WITHHELD 3,165,774.477 3.070

TOTAL 103,108,148.330 100.000

RALPH F. COX
AFFIRMATIVE 99,940,727.914 96.928

WITHHELD 3,167,420.416 3.072

TOTAL 103,108,148.330 100.000

PHYLLIS BURKE DAVIS
AFFIRMATIVE 99,935,824.166 96.923

WITHHELD 3,172,324.164 3.077

TOTAL 103,108,148.330 100.000

ROBERT M. GATES
AFFIRMATIVE 99,925,237.623 96.913

WITHHELD 3,182,910.707 3.087

TOTAL 103,108,148.330 100.000

EDWARD C. JOHNSON 3D
AFFIRMATIVE 99,922,609.594 96.910

WITHHELD 3,185,538.736 3.090

TOTAL 103,108,148.330 100.000

E. BRADLEY JONES
AFFIRMATIVE 99,931,612.575 96.919

WITHHELD 3,176,535.755 3.081

TOTAL 103,108,148.330 100.000

# OF
SHARES VOTED % OF SHARES
DONALD J. KIRK
AFFIRMATIVE 99,942,405.459 96.930

WITHHELD 3,165,742.871 3.070

TOTAL 103,108,148.330 100.000

PETER S. LYNCH
AFFIRMATIVE 99,940,180.306 96.928

WITHHELD 3,167,968.024 3.072

TOTAL 103,108,148.330 100.000

WILLIAM O. MCCOY
AFFIRMATIVE 99,940,645.240 96.928

WITHHELD 3,167,503.090 3.072

TOTAL 103,108,148.330 100.000

GERALD C. MCDONOUGH
AFFIRMATIVE 99,935,519.038 96.923

WITHHELD 3,172,629.292 3.077

TOTAL 103,108,148.330 100.000

MARVIN L. MANN
AFFIRMATIVE 99,943,401.771 96.931

WITHHELD 3,164,746.559 3.069

TOTAL 103,108,148.330 100.000

THOMAS R. WILLIAMS
AFFIRMATIVE 99,935,084.226 96.923

WITHHELD 3,173,064.104 3.077

TOTAL 103,108,148.330 100.000

PROPOSAL 2
To ratify the selection of Coopers & Lybrand L.L.P. and Price
Waterhouse LLP as independent accountants of the trust.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 98,424,902.228 95.458

AGAINST 632,620.968 0.613

ABSTAIN 4,050,625.134 3.929

TOTAL 103,108,148.330 100.000

PROPOSAL 3
To amend the Declaration of Trust to provide voting rights based on a
shareholder's total dollar investment in the fund, rather than on the
number of shares owned.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 78,858,093.888 90.779

AGAINST 3,179,227.157 3.660

ABSTAIN 4,831,023.285 5.561

TOTAL 86,868,344.330 100.000

BROKER 16,239,804.000
NON-VOTES

PROPOSAL 4
To amend the Declaration of Trust to eliminate the requirement that
shareholders be notified in the event of an appointment of a Trustee
within three months of the appointment.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 78,360,400.800 89.967

AGAINST 3,332,195.415 3.826

ABSTAIN 5,405,984.115 6.207

TOTAL 87,098,580.330 100.000

BROKER 16,009,568.000
NON-VOTES

PROPOSAL 5
To amend the Declaration of Trust to clarify that the Trustees may
authorize the investment of all of the fund's assets in another
open-end investment company with substantially the same investment
objective and policies.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 75,914,861.730 87.378

AGAINST 5,839,366.801 6.721

ABSTAIN 5,127,172.799 5.901

TOTAL 86,881,401.330 100.000

BROKER 16,226,747.000
NON-VOTES

PROPOSAL 6
To amend the trust's Bylaws to require only Trustee approval of
changes to the Bylaws.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 74,173,150.698 84.026

AGAINST 9,080,301.878 10.286

ABSTAIN 5,021,046.692 5.688

TOTAL 88,274,499.268 100.000

BROKER 15,836,797.000
NON-VOTES

PROPOSAL 7
To adopt a new fundamental investment policy for the fund that would
permit it to invest all of its assets in another open-end investment
company managed by FMR or an affiliate with substantially the same
investment objective and policies.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 53,007,210.180 87.818

AGAINST 4,291,145.133 7.110

ABSTAIN 3,061,738.444 5.072

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 8
To approve an amended Management Contract for the fund that would
reduce the management fee payable to FMR by the fund.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 66,710,627.011 93.035

AGAINST 1,609,901.646 2.245

ABSTAIN 3,384,602.100 4.720

TOTAL 71,705,130.757 100.000

PROPOSAL 9
To approve an amended Sub-Advisory Agreement with FMR Far East to
provide investment advice and research services or investment
management services.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 67,131,548.652 93.622

AGAINST 1,423,904.500 1.985

ABSTAIN 3,149,677.605 4.393

TOTAL 71,705,130.757 100.000

PROPOSAL 10
To approve an amended Sub-Advisory Agreement with FMR U.K. to provide
investment advice and research services or investment management
services.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 67,227,838.970 93.756

AGAINST 1,373,214.429 1.915

ABSTAIN 3,104,077.358 4.329

TOTAL 71,705,130.757 100.000

PROPOSAL 11
To approve an amended Distribution and Service Plan for Class T shares
of the fund that would remove from the 12b-1 fee calculation the
exclusion of shares purchased 144 months prior.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 49,078,166.383 90.981

AGAINST 1,510,462.414 2.800

ABSTAIN 3,354,946.995 6.219

TOTAL 53,943,575.792 100.000

PROPOSAL 12
To amend the fundamental investment limitation concerning
diversification to permit increased investment in the securities of
any single issuer.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 62,897,311.316 88.716

AGAINST 4,791,830.604 6.759

ABSTAIN 3,208,131.837 4.525

TOTAL 70,897,273.757 100.000

BROKER 807,857.000
NON-VOTES

PROPOSAL 13
To amend the diversification limitation to exclude "securities of
other investment companies" from issuer diversification limits.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,995,164.933 87.798

AGAINST 3,927,668.633 6.507

ABSTAIN 3,437,260.191 5.695

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 14
To replace the fundamental name test policy with a non-fundamental
policy based on total assets.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 51,999,480.653 86.149

AGAINST 4,392,073.449 7.276

ABSTAIN 3,968,539.655 6.575

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 15
To eliminate the fundamental investment policy relating to permissible
repurchase agreement counterparties.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 53,893,136.823 89.286

AGAINST 2,650,341.695 4.391

ABSTAIN 3,816,615.239 6.323

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 16
To make explicit the ability of the fund to purchase any security or
instrument backed by real estate or real estate interests and any
security of companies engaged in the real estate business. Also to
eliminate the restriction that securities backed by real estate must
be marketable.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,368,713.012 86.760

AGAINST 4,743,640.032 7.859

ABSTAIN 3,247,740.713 5.381

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 17
To add the ability to issue senior securities to the extent permitted
under the Investment Company Act of 1940.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 53,467,941.126 88.582

AGAINST 3,564,923.154 5.906

ABSTAIN 3,327,229.477 5.512

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 18
To replace the fundamental investment limitation on short sales with a
non-fundamental limitation which explicitly allows investment in
options.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 51,746,788.062 85.730

AGAINST 5,285,339.696 8.756

ABSTAIN 3,327,965.999 5.514

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 19
To replace the fundamental investment limitation on margin purchases
with a similar non-fundamental investment limitation.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 51,525,098.806 85.363

AGAINST 5,531,277.632 9.164

ABSTAIN 3,303,717.319 5.473

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 20
To amend the borrowing limitation to require a reduction in borrowing
if borrowing exceeds the 33 1/3% limit for any reason rather than
solely because of a decline in net assets.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,284,061.257 86.620

AGAINST 4,685,637.104 7.763

ABSTAIN 3,390,395.396 5.617

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 21
To clarify that the fund can purchase an entire issue of debt
securities and to eliminate the reference to "portfolio securities" in
the exception for repurchase agreements.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,573,978.831 87.101

AGAINST 4,475,964.819 7.415

ABSTAIN 3,310,150.107 5.484

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 22
To eliminate the fundamental investment limitation restricting
ownership of other investment companies.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,115,475.095 86.341

AGAINST 5,052,197.551 8.370

ABSTAIN 3,192,421.111 5.289

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 23
To eliminate the fundamental investment limitation concerning
investments in securities of newly-formed issuers.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 52,968,667.724 87.754

AGAINST 4,211,135.379 6.977

ABSTAIN 3,180,290.654 5.269

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

PROPOSAL 24
To eliminate the fundamental limitation restricting investments in
oil, gas, and mineral exploration programs.
# OF
SHARES VOTED % OF SHARES
AFFIRMATIVE 51,710,302.052 85.670

AGAINST 5,467,664.983 9.058

ABSTAIN 3,182,126.722 5.272

TOTAL 60,360,093.757 100.000

BROKER 11,345,037.000
NON-VOTES

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
Robert C. Pozen, Senior Vice President
Abigail P. Johnson, Vice President
Jennifer Uhrig, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
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 International Capital
Appreciation Fund
Fidelity Advisor Overseas Fund
Fidelity Advisor TechnoQuant
Growth Fund
SM
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 Municipal Income Fund
Fidelity Advisor Intermediate Municipal Income Fund
Fidelity Advisor Short-Intermediate Municipal Income Fund
MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR

(REGISTERED TRADEMARK)
EQUITY GROWTH
FUND - INSTITUTIONAL CLASS
ANNUAL REPORT
NOVEMBER 30, 1997
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 21 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.

NOTES 30 NOTES TO THE FINANCIAL STATEMENTS.

REPORT OF INDEPENDENT 39 THE AUDITORS' OPINION.
ACCOUNTANTS

DISTRIBUTIONS 40

PROXY VOTING RESULTS 41

ADVISOR EQUITY GROWTH - INSTITUTIONAL CLASS 20.46% 142.20% 799.06%

S&P 500(REGISTERED TRADEMARK) 28.51% 150.41% 456.23%

GROWTH FUNDS AVERAGE 22.00% 118.19% 390.30%
</TABLE>

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, one year, five
years or 10 years. For example, if you had invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment
would be $1,050. You can compare Institutional Class' returns to the
performance of the Standard & Poor's 500 Index - a widely recognized,
unmanaged index of common stocks. 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 mutual funds
with similar objectives tracked by Lipper Analytical Services, Inc.
The past one year average represents a peer group of 791 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 NOVEMBER 30, 1997 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

ADVISOR EQUITY GROWTH - INSTITUTIONAL CLASS 20.46% 19.35% 24.56%

S&P 500 28.51% 20.15% 18.69%

GROWTH FUNDS AVERAGE 22.00% 16.55% 16.76%

AVERAGE ANNUAL TOTAL RETURNS take Institutional Class' 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 19971130 19971215 175259 S00000000000001
FA Equity Growth -CL I S&P 500
00086 SP001
1987/11/30 10000.00 10000.00
1987/12/31 11746.10 10761.00
1988/01/31 11713.71 11214.04
1988/02/29 12415.45 11736.61
1988/03/31 12598.99 11373.95
1988/04/30 12458.64 11500.20
1988/05/31 12372.27 11600.25
1988/06/30 13473.47 12132.71
1988/07/31 13203.56 12086.60
1988/08/31 12620.58 11675.66
1988/09/30 13322.32 12173.04
1988/10/31 13181.97 12511.45
1988/11/30 12976.85 12332.54
1988/12/31 13575.03 12548.36
1989/01/31 14644.71 13466.90
1989/02/28 14655.74 13131.57
1989/03/31 15140.96 13437.54
1989/04/30 16144.47 14134.94
1989/05/31 17533.95 14707.41
1989/06/30 16883.32 14623.58
1989/07/31 18041.23 15944.09
1989/08/31 18747.00 16256.59
1989/09/30 19265.29 16189.94
1989/10/31 19022.69 15814.33
1989/11/30 19099.88 16136.94
1989/12/31 19662.26 16524.23
1990/01/31 17857.57 15415.45
1990/02/28 18576.92 15614.31
1990/03/31 19662.26 16028.09
1990/04/30 19271.03 15627.39
1990/05/31 22009.62 17151.06
1990/06/30 22198.92 17034.43
1990/07/31 21567.91 16979.92
1990/08/31 18816.71 15444.94
1990/09/30 17264.42 14692.77
1990/10/31 17478.97 14629.59
1990/11/30 19624.40 15574.66
1990/12/31 21025.24 16009.20
1991/01/31 24079.33 16707.20
1991/02/28 26250.00 17901.76
1991/03/31 28824.52 18334.98
1991/04/30 28723.56 18378.99
1991/05/31 30225.36 19172.96
1991/06/30 27713.94 18294.84
1991/07/31 29960.34 19147.38
1991/08/31 31575.72 19601.17
1991/09/30 31651.44 19273.83
1991/10/31 31739.78 19532.10
1991/11/30 30641.83 18744.96
1991/12/31 34630.18 20889.38
1992/01/31 35599.86 20500.84
1992/02/29 35782.86 20767.35
1992/03/31 34093.66 20362.38
1992/04/30 33389.83 20961.04
1992/05/31 33234.98 21063.75
1992/06/30 32137.00 20749.90
1992/07/31 33263.14 21598.57
1992/08/31 32460.77 21155.80
1992/09/30 33066.06 21405.44
1992/10/31 34811.57 21480.36
1992/11/30 37120.14 22212.84
1992/12/31 38140.88 22486.05
1993/01/31 39207.19 22674.94
1993/02/28 38213.69 22983.32
1993/03/31 39423.17 23468.26
1993/04/30 38789.63 22900.33
1993/05/31 41064.60 23514.06
1993/06/30 41237.38 23582.25
1993/07/31 40546.25 23487.92
1993/08/31 42058.10 24378.11
1993/09/30 43325.17 24190.40
1993/10/31 43872.31 24691.14
1993/11/30 42821.22 24456.58
1993/12/31 44132.44 24752.50
1994/01/31 45724.85 25594.09
1994/02/28 45360.51 24900.49
1994/03/31 43523.62 23814.83
1994/04/30 44024.59 24119.66
1994/05/31 43781.69 24515.22
1994/06/30 41884.08 23914.60
1994/07/31 42810.12 24699.00
1994/08/31 44768.45 25711.65
1994/09/30 43872.78 25081.72
1994/10/31 45330.14 25646.06
1994/11/30 43872.78 24712.03
1994/12/31 44113.47 25078.51
1995/01/31 43742.90 25728.79
1995/02/28 45456.79 26731.44
1995/03/31 47201.57 27520.29
1995/04/30 49255.15 28330.76
1995/05/31 50999.93 29463.14
1995/06/30 54906.37 30147.57
1995/07/31 59028.98 31147.26
1995/08/31 59662.04 31225.44
1995/09/30 61375.94 32543.16
1995/10/31 61098.01 32426.98
1995/11/30 62364.13 33850.52
1995/12/31 61810.19 34502.48
1996/01/31 63291.17 35676.95
1996/02/29 64734.08 36007.67
1996/03/31 65209.58 36354.43
1996/04/30 67193.58 36890.29
1996/05/31 69030.01 37841.69
1996/06/30 68177.38 37985.87
1996/07/31 64061.81 36307.65
1996/08/31 65586.70 37073.38
1996/09/30 70030.20 39159.87
1996/10/31 70407.33 40239.90
1996/11/30 74637.67 43281.64
1996/12/31 72251.96 42424.23
1997/01/31 76622.77 45074.89
1997/02/28 74904.92 45428.28
1997/03/31 70771.88 43561.63
1997/04/30 74411.68 46162.26
1997/05/31 79718.29 48972.62
1997/06/30 83017.92 51166.59
1997/07/31 89362.04 55237.92
1997/08/31 85875.33 52143.49
1997/09/30 90824.77 54999.39
1997/10/31 87321.04 53162.41
1997/11/28 89906.31 55623.30
IMATRL PRASUN SHR__CHT 19971130 19971215 175302 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor Equity Growth - Institutional Class on
November 30, 1987. As the chart shows, by November 30, 1997, the value
of the investment would have grown to $89,906 - a 799.06% 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 $55,623 -
a 456.23% 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

MARKET RECAP
The 12 months that ended
November 30, 1997, was a period
that truly tested the U.S. stock
market's resolve. But despite
frequent shifts in sentiment, an
interest-rate hike and global
volatility concerns, U.S. stocks still
managed to perform well. The
Standard & Poor's 500 Index - a
broad gauge of the U.S. stock
market - returned 28.51% during
the period, well above the
market's long-term annual
average of around 11%. In the first
half of the period, large-cap stocks
were responsible for much of the
market's gain, as investors were
drawn to stocks with recognizable
names and consistent
earnings-growth track records.
Consequently, stock prices soared
and enthusiasm was high. The
Federal Reserve Board - in an
attempt to halt inflation before it
appeared - raised a key
short-term interest rate by 0.25%
in March. The market paused
briefly, but then kept rolling as the
Dow Jones Industrial Average
reached the 8,000-point mark for
the first time ever in August. With
several multinational companies
announcing earnings shortfalls in
mid-August, small-cap stocks
came into favor among investors.
During August and September,
the Russell 2000 Index - which
measures small-cap stock
performance - was up 9.78%
while the S&P was down 0.43%.
Volatility in Asian markets in late
October sent skittish investors
running for cover. The Dow slid
554 points in one day, then
snapped back the next, reclaiming
330-plus points. Sensing
continued fallout from this
volatility, investors again became
quality-conscious and large-caps
regained their perch through
November.
An interview with Jennifer Uhrig, Portfolio Manager of Fidelity
Advisor Equity Growth Fund
Q. HOW DID THE FUND PERFORM, JENNIFER?
A. For the 12 months that ended November 30, 1997, the fund's
Institutional Class shares returned 20.46%.The growth funds average
returned 22.00% during this time, according to Lipper Analytical
Services. The Standard & Poor's 500 Index had a 12-month return of
28.51%.
Q. WHY DID THE FUND UNDERPERFORM BOTH ITS PEER GROUP AND THE S&P 500
DURING THE PERIOD?
A. The fund was hurt by poor stock selection within the technology
sector. While the fund was overweighted in technology stocks relative
to the S&P 500 - and the group outperformed the market slightly for
the total period - this outperformance was concentrated among a few
large names. The average mid-cap and small-cap tech stock
underperformed the market significantly. In particular, the fund was
hurt by its exposure to networking stocks, which lagged the market in
the first quarter. Additionally, not owning enough financial
services-related stocks also detracted from performance. I decided not
to overweight this sector since financial services is not a growth
area, and is not typically a focus for an aggressive growth fund. I
also believed that it was late in the business cycle to be overly
exposed to this highly cyclical group. In retrospect, this was a
mistake because these stocks performed well.
Q. SINCE YOU TOOK OVER THE FUND IN JANUARY 1997, WHAT MAJOR CHANGES
HAVE YOU MADE AND WHY?
A. The main changes I made were to reduce the number of positions in
the fund and make the top holdings more concentrated. By doing so, I
was able to invest more heavily in my best ideas. I've also decreased
the fund's cash position by adding to existing holdings. At the end of
the period, the fund's top 10 positions accounted for about one-fourth
of the fund's investments versus around 19% at the beginning of the
period. In addition, I increased the fund's health-care holdings,
particularly in pharmaceutical stocks. While we're looking at 12-month
performance in this report, I would point out that three of the fund's
four share classes beat their peer group returns over the second half
of the period. It took a while to see the effects of these changes,
but recent performance indicates that these strategies may be working.
Q. CAN YOU HIGHLIGHT A FEW STOCKS THAT PERFORMED WELL? ANY
DISAPPOINTMENTS?
A. Microsoft - the fund's second-largest position as of November 30 -
was a very strong contributor to performance. Microsoft had a terrific
first half of the year, with earnings exceeding expectations due to
better-than-expected sales of its applications products. While the
stock has treaded water in the second half of the year, the company
looks well-positioned to benefit from new platform products in 1998.
Some of the fund's retail and energy service stocks also contributed
positively. Wal-Mart, for example, improved its balance sheet, shrunk
inventories and bought back stock, while Schlumberger - one of the
leaders in the oil services field - turned in a strong performance. On
the negative end of the spectrum, Boeing was disappointing because the
company was unable to ramp up production profitably. The fund no
longer owned this position at the end of the period.
Q. WHAT'S YOUR OUTLOOK?
A. In the months ahead, I expect to continue to concentrate on those
sectors of the economy that typically offer the most growth
opportunities - technology, retail and health care. I plan to
concentrate on those subsectors of these larger groups that offer the
best earnings outlook relative to the price of a company's stock. In
addition, I will supplement this basic focus with holdings outside of
these areas in stocks with special situations or superior earnings
potential. I continue to look for new growth areas in the economy and
emerging trends. Finally, I will look to invest in growth stocks
within cyclical industries when the business cycle is 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.

TOP TEN STOCKS AS OF NOVEMBER 30, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

PHILIP MORRIS COMPANIES, INC. 4.6 4.5

MICROSOFT CORP. 3.0 3.4

AMERICAN HOME PRODUCTS CORP. 2.9 1.2

WAL-MART STORES, INC. 2.8 2.1

TEXAS INSTRUMENTS, INC. 2.5 1.1

FEDERAL NATIONAL MORTGAGE ASSOCIATION 2.0 1.2

BRISTOL-MYERS SQUIBB CO. 1.9 2.1

DISNEY (WALT) CO. 1.9 1.7

FEDERAL HOME LOAN MORTGAGE CORPORATION 1.8 1.0

WORLDCOM, INC. 1.8 1.8

TOP FIVE MARKET SECTORS AS OF NOVEMBER 30, 1997
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

TECHNOLOGY 24.3 20.5

HEALTH 18.6 16.5

RETAIL & WHOLESALE 9.9 8.5

FINANCE 9.4 9.1

NONDURABLES 8.5 8.5

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

STATEMENT OF ASSETS AND LIABILITIES

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AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) NOVEMBER 30, 1997