FIDELITY ADVISOR SERIES I, N-30D, 1998-07-24

FIDELITY ADVISOR SERIES I
N-30D, 1998-07-24

Previous: COMDISCO INC, 8-K, 1998-07-24

Next: MICRON TECHNOLOGY INC, 424B2, 1998-07-24

(2_FIDELITY_LOGOS)FIDELITY ADVISOR

(REGISTERED TRADEMARK)
TECHNOQUANTGROWTH
SM
FUND - CLASS A, CLASS T, CLASS B AND CLASS C
SEMIANNUAL REPORT
MAY 31, 1998
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 VALUES.

FINANCIAL STATEMENTS 23 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.

NOTES 32 NOTES TO THE FINANCIAL STATEMENTS.

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

(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
While low interest rates and subdued inflation provided support for
stock and bond markets in the U.S. during the first five months of
1998, concerns about continuing economic and political difficulties in
Asia colored their performance. The stock market reached record
heights due to stronger-than-expected corporate earnings, but
retreated at times when concerns surfaced about how the Asian
volatility would affect business prospects. The bond market benefited
from these retreats, as investors sought alternatives offering lower
volatility.
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
FIDELITY ADVISOR TECHNOQUANT GROWTH FUND - CLASS A
PERFORMANCE: THE BOTTOM LINE

FIDELITY ADV TECHNOQUANT GROWTH - CL A 3.80% 18.13% 18.13%

FIDELITY ADV TECHNOQUANT GROWTH - CL A -2.17% 11.33% 11.33%
(INCL. MAX. 5.75% SALES CHARGE)

S&P 500 (REGISTERED TRADEMARK) 15.06% 30.69% 50.86%

CAPITAL APPRECIATION FUNDS AVERAGE 9.06% 22.75% N/A

CUMULATIVE TOTAL RETURNS show Class A's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 31, 1996. 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
capital appreciation funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Analytical
Services, Inc. The past six months average represents a peer group of
247 mutual funds. These benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY ADV TECHNOQUANT GROWTH - CL A 18.13% 12.48%

FIDELITY ADV TECHNOQUANT GROWTH - CL A 11.33% 7.87%
(INCL. MAX. 5.75% SALES CHARGE)

S&P 500 30.69% 33.67%

CAPITAL APPRECIATION FUNDS AVERAGE 22.75% N/A

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 LIFE OF FUND
FA TechnoQuant Growth - A S&P 500
00267 SP001
1996/12/31 9425.00 10000.00
1997/01/31 9698.33 10624.80
1997/02/28 9010.30 10708.10
1997/03/31 8557.90 10268.10
1997/04/30 8671.00 10881.11
1997/05/31 9425.00 11543.55
1997/06/30 9839.70 12060.70
1997/07/31 10819.90 13020.37
1997/08/31 10857.60 12290.97
1997/09/30 11526.78 12964.15
1997/10/31 10961.28 12531.14
1997/11/30 10725.65 13111.21
1997/12/31 10567.32 13336.33
1998/01/31 10411.26 13483.83
1998/02/28 11230.89 14456.28
1998/03/31 11777.32 15196.59
1998/04/30 11699.26 15349.47
1998/05/29 11133.32 15085.61
IMATRL PRASUN SHR__CHT 19980531 19980624 085851 R00000000000020
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor TechnoQuant Growth - Class A on December
31, 1996, when the fund started, and the current 5.75% sales charge
was paid. As the chart shows, by May 31, 1998, the value of the
investment would have grown to $11,133 - a 11.33% increase on the
initial investment. For comparison, look at how the Standard & Poor's
500 Index did over the same period. With dividends and capital gains,
if any, reinvested, the same $10,000 investment would have grown to
$15,086 - a 50.86% 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)
FIDELITY ADVISOR TECHNOQUANT GROWTH FUND - CLASS T
PERFORMANCE: THE BOTTOM LINE

FIDELITY ADV TECHNOQUANT GROWTH - CL T 3.71% 17.93% 17.82%

FIDELITY ADV TECHNOQUANT GROWTH - CL T 0.08% 13.81% 13.69%
(INCL. MAX. 3.50% SALES CHARGE)

S&P 500 (REGISTERED TRADEMARK) 15.06% 30.69% 50.86%

CAPITAL APPRECIATION FUNDS AVERAGE 9.06% 22.75% N/A

CUMULATIVE TOTAL RETURNS show Class T's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 31, 1996. 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
capital appreciation funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Analytical
Services, Inc. The past six months average represents a peer group of
247 mutual funds. These benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY ADV TECHNOQUANT GROWTH - CL T 17.93% 12.27%

FIDELITY ADV TECHNOQUANT GROWTH - CL T 13.81% 9.48%
(INCL. MAX. 3.50% SALES CHARGE)

S&P 500 30.69% 33.67%

CAPITAL APPRECIATION FUNDS AVERAGE 22.75% N/A

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 LIFE OF FUND
FA TechnoQuant Growth - T S&P 500
00269 SP001
1996/12/31 9650.00 10000.00
1997/01/31 9929.85 10624.80
1997/02/28 9215.75 10708.10
1997/03/31 8752.55 10268.10
1997/04/30 8868.35 10881.11
1997/05/31 9640.35 11543.55
1997/06/30 10064.95 12060.70
1997/07/31 11058.90 13020.37
1997/08/31 11097.50 12290.97
1997/09/30 11773.00 12964.15
1997/10/31 11194.00 12531.14
1997/11/30 10962.40 13111.21
1997/12/31 10790.34 13336.33
1998/01/31 10630.69 13483.83
1998/02/28 11469.16 14456.28
1998/03/31 12028.15 15196.59
1998/04/30 11948.29 15349.47
1998/05/29 11369.34 15085.61
IMATRL PRASUN SHR__CHT 19980531 19980624 095101 R00000000000020
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor TechnoQuant Growth - Class T on December
31, 1996, when the fund started, and the current 3.50% sales charge
was paid. As the chart shows, by May 31, 1998, the value of the
investment would have grown to $11,369 - a 13.69% increase on the
initial investment. For comparison, look at how the Standard & Poor's
500 Index did over the same period. With dividends and capital gains,
if any, reinvested, the same $10,000 investment would have grown to
$15,086 - a 50.86% 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)
FIDELITY ADVISOR TECHNOQUANT GROWTH FUND - CLASS B
PERFORMANCE: THE BOTTOM LINE

FIDELITY ADV TECHNOQUANT GROWTH - CL B 3.43% 17.45% 16.98%

FIDELITY ADV TECHNOQUANT GROWTH - CL B -1.57% 12.45% 12.98%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 (REGISTERED TRADEMARK) 15.06% 30.69% 50.86%

CAPITAL APPRECIATION FUNDS AVERAGE 9.06% 22.75% N/A

CUMULATIVE TOTAL RETURNS show Class B's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 31, 1996. 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
capital appreciation funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Analytical
Services, Inc. The past six months average represents a peer group of
247 mutual funds These benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY ADV TECHNOQUANT GROWTH - CL B 17.45% 11.71%

FIDELITY ADV TECHNOQUANT GROWTH - CL B 12.45% 9.00%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 30.69% 33.67%

CAPITAL APPRECIATION FUNDS AVERAGE 22.75% N/A

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 LIFE OF FUND
FA TechnoQuant Growth - B S&P 500
00268 SP001
1996/12/31 10000.00 10000.00
1997/01/31 10290.00 10624.80
1997/02/28 9540.00 10708.10
1997/03/31 9060.00 10268.10
1997/04/30 9170.00 10881.11
1997/05/31 9960.00 11543.55
1997/06/30 10400.00 12060.70
1997/07/31 11420.00 13020.37
1997/08/31 11460.00 12290.97
1997/09/30 12160.00 12964.15
1997/10/31 11550.00 12531.14
1997/11/30 11310.00 13111.21
1997/12/31 11130.72 13336.33
1998/01/31 10955.42 13483.83
1998/02/28 11821.95 14456.28
1998/03/31 12389.32 15196.59
1998/04/30 12306.79 15349.47
1998/05/29 11298.00 15085.61
IMATRL PRASUN SHR__CHT 19980531 19980624 090031 R00000000000020
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor TechnoQuant Growth - Class B on December
31, 1996, when the fund started. As the chart shows, by May 31, 1998,
the value of the investment, including the effect of the applicable
contingent deferred sales charge, would have grown to $11,298 - a
12.98% increase on the initial investment. For comparison, look at how
the Standard & Poor's 500 Index did over the same period. With
dividends and capital gains, if any, reinvested, the same $10,000
investment would have grown to $15,086 - a 50.86% 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)
FIDELITY ADVISOR TECHNOQUANT GROWTH FUND - CLASS C
PERFORMANCE: THE BOTTOM LINE

FIDELITY ADV TECHNOQUANT GROWTH - CL C 3.35% 17.38% 16.91%

FIDELITY ADV TECHNOQUANT GROWTH - CL C 2.35% 16.38% 16.91%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 (REGISTERED TRADEMARK) 15.06% 30.69% 50.86%

CAPITAL APPRECIATION FUNDS AVERAGE 9.06% 22.75% N/A

CUMULATIVE TOTAL RETURNS show Class C's performance in percentage
terms over a set period - in this case, six months, one year or since
the fund started on December 31, 1996. 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
capital appreciation funds average, which reflects the performance of
mutual funds with similar objectives tracked by Lipper Analytical
Services, Inc. The past six months average represents a peer group of
247 mutual funds. These benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY ADV TECHNOQUANT GROWTH - CL C 17.38% 11.66%

FIDELITY ADV TECHNOQUANT GROWTH - CL C 16.38% 11.66%
(INCL. CONTINGENT DEFERRED SALES CHARGE)

S&P 500 30.69% 33.67%

CAPITAL APPRECIATION FUNDS AVERAGE 22.75% N/A

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 LIFE OF FUND
FA TechnoQuant Growth - C S&P 500
00486 SP001
1996/12/31 10000.00 10000.00
1997/01/31 10290.00 10624.80
1997/02/28 9540.00 10708.10
1997/03/31 9060.00 10268.10
1997/04/30 9170.01 10881.11
1997/05/31 9960.00 11543.55
1997/06/30 10400.01 12060.70
1997/07/31 11420.00 13020.37
1997/08/31 11460.00 12290.97
1997/09/30 12160.01 12964.15
1997/10/31 11550.00 12531.14
1997/11/30 11312.07 13111.21
1997/12/31 11134.52 13336.33
1998/01/31 10969.78 13483.83
1998/02/28 11824.70 14456.28
1998/03/31 12391.21 15196.59
1998/04/30 12298.51 15349.47
1998/05/29 11690.79 15085.61
IMATRL PRASUN SHR__CHT 19980531 19980624 090131 R00000000000020
$10,000 OVER LIFE OF FUND: Let's say hypothetically that $10,000 was
invested in Fidelity Advisor TechnoQuant Growth - Class C on December
31, 1996, when the fund started. As the chart shows, by May 31, 1998,
the value of the investment would have grown to $11,691 - a 16.91%
increase on the initial investment. For comparison, look at how the
Standard & Poor's 500 Index did over the same period. With dividends
and capital gains, if any, reinvested, the same $10,000 investment
would have grown to $15,086 - a 50.86% 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
Although renewed concerns about
economic difficulties in Asia late
in the period tempered the rapid
growth of U.S. equity markets, the
Standard & Poor's 500 Index - a
measure of the U.S. stock market
- - still managed to return 15.06%
during the six months that ended
May 31, 1998. As feared, some
U.S. corporations with business
exposure to Asia did report
disappointing earnings and their
stocks were harshly punished.
However, investors seemed to
adopt a new attitude - one that
overlooked short-term troubles
and focused on longer-term
growth - helping many of these
stocks to rebound quickly. In
addition, the continued strength of
the U.S. economy, combined with
low interest rates and low inflation,
seemed to buoy the stock market
for much of the period. The
upward climb of the stock market
stagnated in mid- and late May
when investors were inundated
with worrisome news about the
stability of Asian markets.
Specifically, the president of
Indonesia resigned amidst civil
strife and a battle over nuclear
testing erupted between Pakistan
and India. Concerns about falling
demand for U.S. exports
particularly hurt technology
companies, especially during the
intensified investigation of
Microsoft by the Justice
Department in May. As a result of
concerns about these tumultuous
events and their potential impact
on the U.S. economy, the Dow
Jones Industrial Average produced
a negative return in May for the first
time in 1998 - although the Dow
was still up 13.29% for the first five
months of 1998.
An interview with Timothy Krochuk, Portfolio Manager of Fidelity
Advisor TechnoQuant Growth Fund
Q. HOW DID THE FUND PERFORM, TIM?
A. For the six months that ended May 31, 1998, the fund's Class A,
Class T, Class B and Class C shares returned 3.80%, 3.71%, 3.43% and
3.35%, respectively. For the same period, the Standard & Poor's 500
Index returned 15.06%. For the 12 months that ended May 31, 1998, the
fund's Class A, Class T, Class B and Class C shares returned 18.13%,
17.93%, 17.45% and 17.38%, respectively. The S&P 500 returned 30.69%
during the 12-month period. The capital appreciation funds average
tracked by Lipper Analytical Services also underperformed the S&P 500,
returning 9.06% in the six-month period and 22.75% during the 12-month
period. Most of these funds were invested heavily outside of the top
25 stocks in the S&P 500 - the narrow group that really drove the
market's performance over the past year.
Q. WHY DID THE FUND UNDERPERFORM THE S&P 500 DURING THE SIX-MONTH
PERIOD?
A. Many market participants, particularly foreign investors, panicked
as the global effects of the Asian turmoil were being sorted out and
began a "flight to quality" - snatching up stocks of companies with
household names that they presumed to be safe. Because the fund has a
tilt toward lesser-known small- and mid-capitalization stocks, this
market movement dramatically reduced the fund's relative returns over
the six-month period.
Q. WHICH HOLDINGS HELPED PERFORMANCE?
A. Ames Department Stores performed well during the period as the
economy continued to chug along, consumer confidence soared and people
spent more money. In addition, Keane, a software company, received the
attention of investors with its solutions for the impending Year 2000
dilemma. Many computer systems read a two-digit number as the year, so
there's concern that some systems will read "00" as 1900, rather than
2000. In addition, the fund benefited by not holding many health care
and technology stocks at the end of 1997 when many of these securities
lost value due to the Asian crisis.
Q. WHICH HOLDINGS DETRACTED FROM PERFORMANCE?
A. The fund's holdings in the energy service sector, such as ENSCO
International, which the fund no longer holds, and EVI hurt
performance. I associate these losses with unforeseen actions by
Saddam Hussein or the perceived effects of the Southeast Asian crisis
on the demand for energy commodities, causing oil prices to fall and
sending many oil stocks plummeting during the period. Although I could
not prepare for the effects of these news events, my computer models
did direct me to maintain some holdings in the energy service sector
during the period because their valuations became very attractive. In
addition, the price of oil goes up about 20% on average during the
summer because of increased demand for gasoline caused by people
driving longer distances for vacation. This trend could help these
stocks to rebound.
Q. HOW DO YOU ASSESS THE FUND'S PERFORMANCE DURING THESE TIMES OF
VOLATILITY, SUCH AS WHAT WE'VE SEEN CAUSED BY THE RECENT TURMOIL IN
ASIA?
A. I don't think short-term events should send investors running for
cover. This is an aggressive fund, so shareholders need to be willing
to ride out periods of short-term volatility to reap the potential
long-term benefits of the fund's investing style. Although the fund
didn't generate strong returns during the six-month period, it has the
potential to outperform the market over the long term because my
models have helped me to assemble a portfolio of promising stocks. For
instance, the stocks in the portfolio as of May 31 were trading at an
average price-to-earnings ratio of 17, while the stocks in the S&P 500
were trading at about 22 times earnings. In addition, the average
revenue growth for the first quarter of 1998 for the stocks in the S&P
500 was 9%, compared to 17% for the stocks in this fund. As a result,
I think these companies are trading at cheap valuations and have the
potential to generate stronger sales growth than the stocks in the S&P
500.
Q. WHAT'S YOUR OUTLOOK?
A. My models are forecasting a year of above-average volatility and
average returns - of only about 8% to 10% - for the equity markets. I
am also anticipating that the stock market may experience a few
plunges similar to the big one-day drop we witnessed at the end of
October 1997. As a result, I expect to maintain a defensive posture by
spreading the fund's investments out among a large number of
securities and sectors.
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.

TIM KROCHUK ON FUNDAMENTAL
VALUATION VERSUS TECHNICAL
VALUATION:
"Many fund managers look at a
company's fundamentals - the
information found on income
statements and balance sheets -
when deciding whether to buy or sell a
stock. During this process, the
manager assesses a company's
management team, its balance sheet
and a number of earnings ratios.
These ratios, such as price-to-sales or
price-to earnings, often tell a manager
- - on a fundamental basis - whether
he or she is paying too much for every
dollar of a company's sales or
earnings power.
"On the other hand, I use technical
data to make my investment
decisions. This data looks at the price
and volume activity of a stock. A stock
can still become overvalued or
"expensive" relative to these criteria.
A stock may become technically
overvalued at a point where too
many people and too much money
have moved into the same stock.
Think of a stock like this as being
similar to a very crowded room. If
someone were to yell, `FIRE!' you can
be sure that a number of
shareholders would get trampled as
everyone scrambled for the exit.
"Faced with one of these stocks, I
would seek an alternative stock from
the same industry with a smaller but
expanding number of players
supported by strong money flow. If a
large amount of money is chasing a
fixed number of shares for a particular
stock, chances are good that the stock
will enjoy more upside - regardless
of its current fundamental valuation.
The important point here, from a
diversification standpoint, is that
many stocks which appear overvalued
fundamentally may still be fairly
valued technically."
FUND FACTS
GOAL: long-term capital
appreciation by investing
mainly in common stocks,
using a quantitative investment
approach that emphasizes
technical factors
START DATE: December 31, 1996
SIZE: as of May 31, 1998,
more than $36 million
MANAGER: Tim Krochuk,
since inception; joined Fidelity
in 1992
(checkmark)
INVESTMENT CHANGES

TOP TEN STOCKS AS OF MAY 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE STOCKS
6 MONTHS AGO

MICROSOFT CORP. 3.1 0.0

AT&T CORP. 2.4 0.2

EVI WEATHERFORD, INC. 2.3 0.0

BLACK & DECKER CORP. 2.0 0.0

FANNIE MAE 2.0 1.0

AMES DEPARTMENT STORES 1.9 0.0

COORS (ADOLPH) CO., CLASS B 1.9 0.7

KEANE, INC. 1.9 1.4

TIDEWATER, INC. 1.9 0.0

PG&E CORP. 1.9 0.0

TOP FIVE MARKET SECTORS AS OF MAY 31, 1998
% OF FUND'S % OF FUND'S INVESTMENTS
INVESTMENTS IN THESE MARKET SECTORS
6 MONTHS AGO

RETAIL & WHOLESALE 12.8 12.7

UTILITIES 10.6 6.0

TECHNOLOGY 10.2 12.6

FINANCE 9.6 9.7

DURABLES 8.7 5.2

ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF MAY 31, 1998 * AS OF NOVEMBER 30, 1997 **
ROW: 1, COL: 1, VALUE: 98.40000000000001
ROW: 1, COL: 2, VALUE: 1.6
STOCKS AND
EQUITY FUTURES 94.5%
SHORT-TERM
INVESTMENTS 5.5%
FOREIGN
INVESTMENTS 3.8%
STOCKS AND
EQUITY FUTURES 99.5%
SHORT-TERM
INVESTMENTS 0.5%
FOREIGN
INVESTMENTS 1.8%
ROW: 1, COL: 1, VALUE: 94.5
ROW: 1, COL: 2, VALUE: 5.5
*
**
INVESTMENTS MAY 31, 1998 (UNAUDITED)

SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES

COMMON STOCKS - 93.0%
SHARES VALUE (NOTE 1)
AEROSPACE & DEFENSE - 4.4%
Advanced Aerodynamics & Structures, Inc. Class A (a) 47,100 $ 269,353
Cordant Technologies, Inc. 12,400 618,450
United Technologies Corp. 6,400 601,600
1,489,403
BASIC INDUSTRIES - 2.9%
CHEMICALS & PLASTICS - 1.6%
Park Electrochemical Corp. 23,400 555,750
PAPER & FOREST PRODUCTS - 1.3%
Mail-Well, Inc. (a) 9,500 437,000
TOTAL BASIC INDUSTRIES 992,750
CONSTRUCTION & REAL ESTATE - 3.8%
BUILDING MATERIALS - 1.7%
Southdown, Inc. 8,600 564,375
CONSTRUCTION - 2.1%
Granite Construction, Inc. 5,700 161,025
M.D.C. Holdings, Inc. 36,100 546,013
707,038
TOTAL CONSTRUCTION & REAL ESTATE 1,271,413
DURABLES - 8.7%
AUTOS, TIRES, & ACCESSORIES - 2.2%
Chrysler Corp. 6,900 383,813
Navistar International Corp. (a) 11,900 359,231
743,044
CONSUMER ELECTRONICS - 2.0%
Black & Decker Corp. 11,600 677,150
HOME FURNISHINGS - 3.0%
Miller (Herman), Inc. 18,700 517,756
Stanley Furniture Co, Inc. (a) 25,000 506,250
1,024,006
TEXTILES & APPAREL - 1.5%
VF Corp. 9,400 499,963
TOTAL DURABLES 2,944,163
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
ENERGY - 7.3%
ENERGY SERVICES - 5.1%
BJ Services Co. (a) 17,000 $ 555,688
Global Marine, Inc. (a) 7,500 167,344
Marine Drilling Companies, Inc. (a) 19,100 359,319
Tidewater, Inc. 16,800 638,400
1,720,751
OIL & GAS - 2.2%
EVI Weatherford, Inc. (a) 15,100 763,494
TOTAL ENERGY 2,484,245
FINANCE - 9.6%
BANKS - 0.9%
Republic Bancorp 16,000 302,000
CREDIT & OTHER FINANCE - 0.9%
Doral Financial Corp. 14,000 233,625
Heller Financial, Inc. Class A 1,000 27,875
Rock Financial Corp. 1,500 17,250
United Panam Financial Corp. 3,900 41,438
320,188
FEDERAL SPONSORED CREDIT - 2.0%
Fannie Mae 11,200 670,600
INSURANCE - 4.2%
Allmerica Financial Corp. 9,200 576,725
American General Corp. 7,000 469,875
American International Group, Inc. 2,900 359,056
1,405,656
SAVINGS & LOANS - 0.0%
PBOC Holdings, Inc. 600 8,475
SECURITIES INDUSTRY - 1.6%
Edwards (A.G.), Inc. 12,600 509,513
Federated Investors, Inc. Class B 1,200 21,525
531,038
TOTAL FINANCE 3,237,957
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
HEALTH - 4.3%
DRUGS & PHARMACEUTICALS - 4.3%
Amgen, Inc. 8,600 $ 520,300
Bristol-Myers Squibb Co. 3,300 354,750
Nature's Sunshine Products, Inc. 24,700 571,188
1,446,238
INDUSTRIAL MACHINERY & EQUIPMENT - 5.5%
ASM Lithography Holding NV (a) 15,600 597,678
Applied Power, Inc. Class A 13,200 452,108
Cooper Industries, Inc. 4,800 309,000
Ingersoll-Rand Co. 11,400 513,710
1,872,496
MEDIA & LEISURE - 2.2%
LODGING & GAMING - 1.1%
Harrah's Entertainment, Inc. 14,600 365,000
ResortQuest International, Inc. 200 3,038
368,038
RESTAURANTS - 1.1%
McDonald's Corp. 5,700 374,063
TOTAL MEDIA & LEISURE 742,101
NONDURABLES - 6.7%
BEVERAGES - 3.0%
Coors (Adolph) Co. Class B 17,200 645,000
PepsiCo, Inc. 9,100 371,394
1,016,394
FOODS - 3.7%
Suiza Foods Corp. (a) 10,500 613,594
Tootsie Roll Industries, Inc. 8,200 625,763
1,239,357
TOTAL NONDURABLES 2,255,751
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
RETAIL & WHOLESALE - 12.8%
APPAREL STORES - 2.9%
Dress Barn, Inc. (a) 13,600 $ 393,976
Limited, Inc. (The) 17,100 568,575
962,551
GENERAL MERCHANDISE STORES - 6.3%
Ames Department Stores (a) 26,300 649,281
Costco Companies, Inc. (a) 7,100 410,913
Dayton Hudson Corp. 13,000 602,875
Wal-Mart Stores, Inc. 8,700 480,131
2,143,200
GROCERY STORES - 1.6%
Albertson's, Inc. 11,700 541,856
RETAIL & WHOLESALE, MISCELLANEOUS - 2.0%
Brylane, Inc. (a) 6,600 313,500
Pier 1 Imports, Inc. 15,400 370,563
684,063
TOTAL RETAIL & WHOLESALE 4,331,670
SERVICES - 1.5%
ADVERTISING - 0.0%
Young & Rubicam, Inc. 100 2,800
PRINTING - 1.5%
Donnelley (R.R.) & Sons Co. 11,300 508,500
SERVICES - 0.0%
Charles River Associates, Inc. 100 2,538
Professional Detailing, Inc. 100 2,100
Provant, Inc. 100 1,988
United Road Services, Inc. 100 1,600
8,226
TOTAL SERVICES 519,526
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
TECHNOLOGY - 10.2%
COMPUTER SERVICES & SOFTWARE - 6.8%
Aspec Technology, Inc. 100 $ 1,219
Brio Technology, Inc. 100 1,488
Com21, Inc. 100 1,463
Evolving Systems, Inc. 100 1,850
Keane, Inc. (a) 14,300 641,713
Microsoft Corp. 12,200 1,034,713
Sterling Software, Inc. (a) 23,100 628,031
Verio, Inc. 100 2,288
2,312,765
COMPUTERS & OFFICE EQUIPMENT - 3.3%
International Business Machines Corp. 4,000 469,500
Xerox Corp. 6,100 626,775
1,096,275
ELECTRONICS - 0.1%
American Xtal Technology, Inc. 100 1,113
Amkor Technology, Inc. 1,800 18,675
Broadcom Corp. Class A 100 5,113
24,901
TOTAL TECHNOLOGY 3,433,941
TRANSPORTATION - 2.5%
AIR TRANSPORTATION - 1.5%
Southwest Airlines Co. 19,200 512,400
RAILROADS - 1.0%
Trinity Industries, Inc. 7,400 353,350
TOTAL TRANSPORTATION 865,750
UTILITIES - 10.6%
ELECTRIC UTILITY - 3.7%
FPL Group, Inc. 10,200 626,663
PG&E Corp. 20,000 630,000
1,256,663
GAS - 1.1%
Williams Companies, Inc. 11,400 369,788
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)
UTILITIES - CONTINUED
TELEPHONE SERVICES - 4.6%
AT&T Corp. 13,400 $ 815,725
BellSouth Corp. 5,500 354,750
U.S. LEC Corp. Class A 100 2,288
U S WEST Communications Group 7,100 360,325
1,533,088
WATER - 1.2%
Philadelphia Suburban Corp. 21,000 413,438
TOTAL UTILITIES 3,572,977
TOTAL COMMON STOCKS
(Cost $29,996,205) 31,460,381
U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS - 0.3%
PRINCIPAL
AMOUNT
U.S. Treasury Bill, yield at date of purchase
4.97% 7/23/98 (c) (Cost $99,291) $ 100,000 99,291
CASH EQUIVALENTS - 6.7%
SHARES
Taxable Central Cash Fund (b)
(Cost $2,258,784) 2,258,784 2,258,784
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $32,354,280) $ 33,818,456
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)

8 S&P 500 Index Futures Contract June 1998 $ 2,181,600 $ (44,398)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL
INVESTMENTS IN SECURITIES - 6.5%
LEGEND
(a) Non-income producing
(b) At period end, the seven-day yield of the Taxable Central Cash
Fund was 5.56%. The yield refers to the income earned by investing in
the fund over the seven-day period, expressed as an annual percentage.
(c) Security was pledged to cover margin requirements for futures
contracts. At the period end, the value of securities pledged amounted
to $99,291.
INCOME TAX INFORMATION
At May 31,1998, the aggregate cost of investment securities for income
tax purposes was $32,355,931. Net unrealized appreciation aggregated
$1,462,525, of which $2,513,299 related to appreciated investment
securities and $1,050,774 related to depreciated investment
securities.
The fund intends to elect to defer to its fiscal year ending November
30, 1998 approximately $284,000 of losses recognized during the period
November 1, 1997 to November 30, 1997.
FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
MAY 31, 1998 (UNAUDITED)

ASSETS

INVESTMENT IN SECURITIES, AT VALUE (COST $32,354,280) - $ 33,818,456
SEE ACCOMPANYING SCHEDULE

RECEIVABLE FOR INVESTMENTS SOLD 3,728,869

RECEIVABLE FOR FUND SHARES SOLD 63,518

DIVIDENDS RECEIVABLE 26,968

INTEREST RECEIVABLE 11,579

PREPAID EXPENSES 5,781

TOTAL ASSETS 37,655,171

LIABILITIES

PAYABLE FOR INVESTMENTS PURCHASED $ 893,020

PAYABLE FOR FUND SHARES REDEEMED 432,034

ACCRUED MANAGEMENT FEE 18,497

DISTRIBUTION FEES PAYABLE 19,665

PAYABLE FOR DAILY VARIATION ON FUTURES CONTRACTS 15,168

OTHER PAYABLES AND ACCRUED EXPENSES 38,025

TOTAL LIABILITIES 1,416,409

NET ASSETS $ 36,238,762

NET ASSETS CONSIST OF:

PAID IN CAPITAL $ 33,179,736

ACCUMULATED NET INVESTMENT (LOSS) (45,874)

ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON 1,685,091
INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS

NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS 1,419,809
AND ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

NET ASSETS $ 36,238,762

</TABLE>

STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
MAY 31, 1998 (UNAUDITED)

CALCULATION OF MAXIMUM OFFERING PRICE $11.41
CLASS A:
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($3,875,845 (DIVIDED BY) 339,695 SHARES)

MAXIMUM OFFERING PRICE PER SHARE (100/94.25 OF $11.41) $12.11

CLASS T: $11.39
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
($18,473,081 (DIVIDED BY) 1,621,962 SHARES)

MAXIMUM OFFERING PRICE PER SHARE (100/96.50 OF $11.39) $11.80

CLASS B: $11.34
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($12,061,098 (DIVIDED BY) 1,063,544 SHARES) A

CLASS C: $11.35
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($329,709 (DIVIDED BY) 29,045 SHARES) A

INSTITUTIONAL CLASS: $11.42
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE
PER SHARE ($1,499,029 (DIVIDED BY) 131,296 SHARES)

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

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MAY 31, 1998 (UNAUDITED)

INVESTMENT INCOME $ 223,405
DIVIDENDS

INTEREST 92,716

TOTAL INCOME 316,121

EXPENSES

MANAGEMENT FEE $ 112,490

TRANSFER AGENT FEES 52,931

DISTRIBUTION FEES 116,262

ACCOUNTING FEES AND EXPENSES 30,592

NON-INTERESTED TRUSTEES' COMPENSATION 71

CUSTODIAN FEES AND EXPENSES 6,245

REGISTRATION FEES 39,559

AUDIT 19,285

LEGAL 113

MISCELLANEOUS 1,823

TOTAL EXPENSES BEFORE REDUCTIONS 379,371

EXPENSE REDUCTIONS (17,376) 361,995

NET INVESTMENT INCOME (LOSS) (45,874)

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

INVESTMENT SECURITIES 1,858,975

FOREIGN CURRENCY TRANSACTIONS 282

FUTURES CONTRACTS 173,062 2,032,319

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON:

INVESTMENT SECURITIES (632,998)

ASSETS AND LIABILITIES IN FOREIGN CURRENCIES 34

FUTURES CONTRACTS (44,398) (677,362)

NET GAIN (LOSS) 1,354,957

NET INCREASE (DECREASE) IN NET ASSETS RESULTING $ 1,309,083
FROM OPERATIONS

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,
(UNAUDITED) 1997

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS $ (45,874) $ (240,135)
NET INVESTMENT INCOME (LOSS)

NET REALIZED GAIN (LOSS) 2,032,319 1,156,290

CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) (677,362) 2,097,171

NET INCREASE (DECREASE) IN NET ASSETS RESULTING 1,309,083 3,013,326
FROM OPERATIONS

DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAINS (1,215,526) -

SHARE TRANSACTIONS - NET INCREASE (DECREASE) (2,390,800) 35,522,679

TOTAL INCREASE (DECREASE) IN NET ASSETS (2,297,243) 38,536,005

NET ASSETS

BEGINNING OF PERIOD 38,536,005 -

END OF PERIOD (INCLUDING ACCUMULATED NET INVESTMENT $ 36,238,762 $ 38,536,005
LOSS OF $45,874 AND $0, RESPECTIVELY)

</TABLE>

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS A
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,

(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.38 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D .00 (.07)

NET REALIZED AND UNREALIZED GAIN (LOSS) .40 1.45

TOTAL FROM INVESTMENT OPERATIONS .40 1.38

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.37) -

NET ASSET VALUE, END OF PERIOD $ 11.41 $ 11.38

TOTAL RETURN B, C 3.80% 13.80%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 3,876 $ 5,376

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.68% A 1.75% A, F

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .06% A (.73)% A

PORTFOLIO TURNOVER 390% A 213%

AVERAGE COMMISSION RATE G $ .0403 $ .0311

</TABLE>

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS A
SHARES) TO NOVEMBER 30, 1997.
F 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).
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.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS T
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,

(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.36 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D (.01) (.10)

NET REALIZED AND UNREALIZED GAIN (LOSS) .40 1.46

TOTAL FROM INVESTMENT OPERATIONS .39 1.36

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.36) -

NET ASSET VALUE, END OF PERIOD $ 11.39 $ 11.36

TOTAL RETURN B, C 3.71% 13.60%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 18,473 $ 20,283

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.81% A 2.00% A, F

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 1.80% A, H 2.00% A

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.11)% A (1.00)% A

PORTFOLIO TURNOVER 390% A 213%

AVERAGE COMMISSION RATE G $ .0403 $ .0311

</TABLE>

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
C TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D NET INVESTMENT INCOME (LOSS) PER SHARE HAS BEEN CALCULATED BASED ON
AVERAGE SHARES OUTSTANDING DURING THE PERIOD.
E FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF CLASS T
SHARES) TO NOVEMBER 30, 1997.
F 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).
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 OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS B
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,

(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.31 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D (.03) (.15)

NET REALIZED AND UNREALIZED GAIN (LOSS) .39 1.46

TOTAL FROM INVESTMENT OPERATIONS .36 1.31

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.33) -

NET ASSET VALUE, END OF PERIOD $ 11.34 $ 11.31

TOTAL RETURN B, C 3.43% 13.10%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 12,061 $ 11,370

RATIO OF EXPENSES TO AVERAGE NET ASSETS 2.29% A 2.50% A, F

RATIO OF EXPENSES TO AVERAGE NET ASSETS AFTER EXPENSE REDUCTIONS 2.28% A, H 2.50% A

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.62)% A (1.51)% A

PORTFOLIO TURNOVER 390% A 213%

AVERAGE COMMISSION RATE G $ .0403 $ .0311

</TABLE>

A ANNUALIZED
B THE TOTAL RETURN 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 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 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).
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 OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES
(SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - CLASS C
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,

(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.36 $ 11.85

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D (.05) .00

NET REALIZED AND UNREALIZED GAIN (LOSS) .40 (.49)

TOTAL FROM INVESTMENT OPERATIONS .35 (.49)

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.36) -

NET ASSET VALUE, END OF PERIOD $ 11.35 $ 11.36

TOTAL RETURN B, C 3.35% (4.14)%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 330 $ 48

RATIO OF EXPENSES TO AVERAGE NET ASSETS 2.50% A, F 2.50% A, F

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS (.98)% A (.60)% A

PORTFOLIO TURNOVER 390% A 213%

AVERAGE COMMISSION RATE G $ .0403 $ .0311

</TABLE>

A ANNUALIZED
B THE TOTAL RETURN 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 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 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).
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.

<TABLE>
<CAPTION>
<S> <C> <C>
FINANCIAL HIGHLIGHTS - INSTITUTIONAL CLASS
SIX MONTHS ENDED YEAR ENDED
MAY 31, 1998 NOVEMBER 30,

(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA

NET ASSET VALUE, BEGINNING OF PERIOD $ 11.40 $ 10.00

INCOME FROM INVESTMENT OPERATIONS

NET INVESTMENT INCOME (LOSS) D .01 (.04)

NET REALIZED AND UNREALIZED GAIN (LOSS) .40 1.44

TOTAL FROM INVESTMENT OPERATIONS .41 1.40

LESS DISTRIBUTIONS

FROM NET REALIZED GAIN (.39) -

NET ASSET VALUE, END OF PERIOD $ 11.42 $ 11.40

TOTAL RETURN B, C 3.90% 14.00%

RATIOS AND SUPPLEMENTAL DATA

NET ASSETS, END OF PERIOD (000 OMITTED) $ 1,499 $ 1,459

RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.50% A, F 1.50% A, F

RATIO OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS .18% A (.42)% A

PORTFOLIO TURNOVER 390% A 213%

AVERAGE COMMISSION RATE G $ .0403 $ .0311

</TABLE>

A ANNUALIZED
B THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO FINANCIAL
STATEMENTS).
C 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
INSTITUTIONAL CLASS SHARES) TO NOVEMBER 30, 1997.
F 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).
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.
NOTES TO FINANCIAL STATEMENTS
For the period ended May 31, 1998 (Unaudited)

1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Advisor TechnoQuant 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
matters that affect that class. 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, and certain
other class-specific fees, expenses, and expense reductions.
The financial statements have been prepared in conformity with
generally accepted accounting principles which require management to
make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities 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. Purchases
and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the prevailing exchange rate on the
respective dates of the transactions.
Net realized gains and losses on foreign currency transactions
represent net gains and losses from sales and maturities of foreign
currency contracts, disposition of foreign currencies, the difference
between the amount of net investment income accrued and the U.S.
dollar amount actually received, and gains and losses between trade
date and settlement on purchases and sales of securities. The effects
of changes in foreign currency exchange rates on investments in
securities are included with the net realized and unrealized gain or
loss on investment securities.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
INCOME TAXES. As a qualified regulated investment company under
Subchapter M of the Internal Revenue Code, the fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for the fiscal year. The schedule of investments
include 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
among the funds in the trust.
PREPAID EXPENSES. Fidelity Management & Research Company (FMR) bears
all organizational expenses except for registering and qualifying
Class C and shares of Class C for distribution under federal and state
securities law. These expenses are 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 may result in distribution
reclassifications.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
Accumulated net investment loss and accumulated undistributed net
realized gain (loss) on investments and foreign currency transactions
may include temporary book and tax basis differences that will reverse
in a subsequent period. Any taxable 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.
2. OPERATING POLICIES - CONTINUED
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with
other affiliated entities of FMR, may transfer uninvested cash
balances into one or more joint trading accounts. These balances are
invested in one or more repurchase agreements for U.S. Treasury or
Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
securities are transferred to an account of the fund, or to the Joint
Trading Account, at a bank custodian. The securities are
marked-to-market daily and maintained at a value at least equal to the
principal amount of the repurchase agreement (including accrued
interest). FMR, the fund's investment adviser, is responsible for
determining that the value of the underlying securities remains in
accordance with the market value requirements stated above.
TAXABLE CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the SEC, the fund may invest in the Taxable Central Cash Fund (the
Cash Fund) managed by Fidelity Investments Money Management, Inc.,
(formerly FMR Texas, Inc.) an affiliate of FMR. The Cash Fund is an
open-end money market fund available only to investment companies and
other accounts managed by FMR and its affiliates. The Cash Fund seeks
preservation of capital, liquidity, and current income by investing in
U.S. Treasury securities and repurchase agreements for these
securities. Income distributions from the Cash Fund are declared daily
and paid monthly from net interest income. Income distributions earned
by the fund are recorded as interest income in the accompanying
financial statements.
FUTURES CONTRACTS. The fund may use futures contracts to manage its
exposure to the stock market. Buying futures tends to increase the
fund's exposure to the underlying instrument, while selling futures
tends to decrease the fund's exposure to the underlying instrument or
hedge other fund investments. Futures contracts involve, to varying
degrees, risk of loss in excess of the futures variation margin
reflected in the Statement of Assets and Liabilities. The underlying
face amount at value of any open futures contracts at period end is
shown in the schedule of investments under the caption "Futures
Contracts." This amount reflects each contract's exposure to the
underlying instrument at period end. Losses may arise from changes in
the value of the underlying instruments or if the counterparties do
not perform under the contracts' terms. Gains (losses) are realized
upon the expiration or closing of the futures contracts. Futures
contracts are valued at the settlement price established each day by
the board of trade or exchange on which they are traded.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $66,646,418 and $72,768,861, respectively.
The market value of futures contracts opened and closed during the
period amounted to $11,074,497 and $9,021,561, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a
monthly basic fee that is calculated on the basis of a group fee rate
plus a fixed individual fund fee rate applied to the average net
assets of the fund. The group fee rate is the weighted average of a
series of rates and is based on the monthly average net assets of all
the mutual funds advised by FMR. The rates ranged from .2500% to
.5200% for the period. The annual individual fund fee rate is .30%. In
the event that these rates were lower than the contractual rates in
effect during the period, FMR voluntarily implemented the above rates,
as they resulted in the same or a lower management fee. For the
period, the management fee was equivalent to an annualized rate of
.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. A portion of this fee may be reallowed to securities
dealers, banks and other financial institutions for the distribution
of each class of shares and providing shareholder support services.
For the period, this fee was 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 retained by FDC:
PAID TO RETAINED BY
FDC FDC

CLASS A $ 5,753 $ -

CLASS T 49,391 1,288

CLASS B 60,097 45,073

CLASS C 1,021 1,021

$ 116,262 $ 47,382

4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
Under the Plans, FMR 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. For the
period, the following amounts were paid to third parties under the
Plans:

CLASS A $ 2,196

CLASS T 4,470

CLASS B 3,415

CLASS C 735

SALES LOAD. FDC receives a front-end sales charge of up to 5.75% for
selling Class A shares, and 3.50% for selling Class T shares of the
fund. 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 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. In addition, purchases of Class A and
Class T shares that were subject to a finder's fee bear a contingent
deferred sales charge on assets that do not remain in the fund for at
least one year. The Class A and Class T contingent deferred sales
charge is based on 0.25% of the lesser of the cost of shares at the
initial date of purchase or the net asset value of the redeemed
shares, excluding any reinvested dividends and capital gains. A
portion of the sales charges paid to FDC are paid to securities
dealers, banks, and other financial institutions.
For the period, sales charge amounts paid to and retained by FDC were
as follows:
PAID TO RETAINED BY
FDC FDC

CLASS A $ 10,778 $ 3,412

CLASS T 30,274 8,015

CLASS B 18,073 18,073 *

CLASS C 244 244 *

$ 59,369 $ 29,744

* WHEN CLASS B AND CLASS C SHARES ARE INITIALLY SOLD, FDC PAYS
COMMISSIONS FROM ITS OWN RESOURCES TO SECURITIES DEALERS, BANKS, AND
OTHER FINANCIAL INSTITUTIONS THROUGH WHICH THE SALES ARE MADE.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc., (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for each class of the fund.
FIIOC receives 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, except proxy statements. For
the period, the following amounts were paid to FIIOC :
AMOUNT % OF
AVERAGE
NET ASSETS

CLASS A $ 5,721 .25% *

CLASS T 30,339 .31% *

CLASS B 15,128 .26% *

CLASS C 598 .60% *

INSTITUTIONAL CLASS 1,145 .16% *

$ 52,931

* ANNUALIZED
ACCOUNTING FEES. Fidelity Service Company, Inc. (FSC), an affiliate of
FMR, maintains the fund's accounting records. The fee is based on the
level of average net assets for the month plus out-of-pocket expenses.
BROKERAGE COMMISSIONS. The fund placed a portion of its portfolio
transactions with brokerage firms which are affiliates of FMR. The
commissions paid to these affiliated firms were $16,960 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 C 2.50% $ 13,261

INSTITUTIONAL CLASS 1.50% 3,516

$ 16,777

In addition, the fund has entered into an arrangement with its
custodian 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 $599 under the custodian
arrangement.
6. DISTRIBUTIONS TO SHAREHOLDERS.
Distributions to shareholders of each class were as follows:
SIX MONTHS ENDED YEAR ENDED
MAY 31, NOVEMBER 30,

1998 1997

FROM NET REALIZED GAIN

CLASS A $ 177,673 $ -

CLASS T 648,697 -

CLASS B 336,789 -

CLASS C 1,894 -

INSTITUTIONAL CLASS 50,473 -

TOTAL $ 1,215,526 $ -

7. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:

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

SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MAY 31, NOVEMBER 30, MAY 31, NOVEMBER 30,

1998 1997 A, B 1998 1997 A, B

CLASS A 64,820 571,771 $ 709,411 $ 5,930,301
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 9,071 - 95,223 -

SHARES REDEEMED (206,469) (99,498) (2,254,349) (1,090,791)

NET INCREASE (DECREASE) (132,578) 472,273 $ (1,449,715) $ 4,839,510

CLASS T 232,742 2,073,347 $ 2,615,410 $ 21,705,071
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 55,233 - 578,723 -

SHARES REDEEMED (451,488) (287,872) (5,062,054) (3,025,861)

NET INCREASE (DECREASE) (163,513) 1,785,475 $ (1,867,921) $ 18,679,210

CLASS B 128,398 1,069,604 $ 1,439,199 $ 11,365,164
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 19,253 - 201,351 -

SHARES REDEEMED (89,588) (64,123) (1,030,728) (703,523)

NET INCREASE (DECREASE) 58,063 1,005,481 $ 609,822 $ 10,661,641

CLASS C 27,355 4,268 $ 308,760 $ 49,053
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 105 - 1,104 -

SHARES REDEEMED (2,683) - (31,414) -

NET INCREASE (DECREASE) 24,777 4,268 $ 278,450 $ 49,053

INSTITUTIONAL CLASS 13,498 139,871 $ 151,407 $ 1,425,408
SHARES SOLD

REINVESTMENT OF DISTRIBUTIONS 4,196 - 44,046 -

SHARES REDEEMED (14,327) (11,942) (156,889) (132,143)

NET INCREASE (DECREASE) 3,367 127,929 $ 38,564 $ 1,293,265

</TABLE>

A SHARE TRANSACTIONS FOR CLASS A,CLASS T, CLASS B AND INSTITUTIONAL
CLASS ARE FOR THE PERIOD DECEMBER 31, 1996 (COMMENCEMENT OF SALE OF
SHARES) TO NOVEMBER 30, 1997.
B 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 $ 6,217

CLASS T 7,931

CLASS B 6,619

CLASS C 12,085

INSTITUTIONAL CLASS 6,707

$ 39,559

9. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of
approximately 19% of the total outstanding shares of the fund.

INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
INVESTMENT SUB-ADVISERS
Fidelity Management & Research (U.K.)
Inc., London, England
Fidelity Management & Research
(Far East) Inc., Tokyo, Japan
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Robert A. Lawrence, 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 AGENTS
Fidelity Investments Institutional
Operations Company
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
MONEY MARKET FUNDS
Prime Fund
Treasury Fund
Tax-Exempt Fund

(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY ADVISOR

(REGISTERED TRADEMARK)
TECHNOQUANTGROWTH
SM
FUND - INSTITUTIONAL CLASS
SEMIANNUAL REPORT
MAY 31, 1998
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 LAST SIX MONTHS.

INVESTMENTS 10 A COMPLETE LIST OF THE FUND'S INVESTMENTS
WITH THEIR MARKET VALUES.

FINANCIAL STATEMENTS 17 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.

NOTES 26 NOTES TO THE FINANCIAL STATEMENTS.

FIDELITY ADV TECHNOQUANT GROWTH - INST CL 3.90% 18.45% 18.45%

S&P 500 (REGISTERED TRADEMARK) 15.06% 30.69% 50.86%

CAPITAL APPRECIATION FUNDS AVERAGE 9.06% 22.75% N/A

CUMULATIVE TOTAL RETURNS show Institutional Class' performance in
percentage terms over a set period - in this case, six months, one
year or since the fund started on December 31, 1996. 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 those 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 capital appreciation funds average,
which reflects the performance of mutual funds with similar objectives
tracked by Lipper Analytical Services, Inc. The past six months
average represents a peer group of 247 mutual funds. These benchmarks
include reinvested dividends and capital gains, if any, and exclude
the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1998 PAST 1 LIFE OF
YEAR FUND

FIDELITY ADV TECHNOQUANT GROWTH - INST CL 18.45% 12.69%

S&P 500 30.69% 33.67%

CAPITAL APPRECIATION FUNDS AVERAGE 22.75% N/A

MARKET RECAP
Although renewed concerns about
economic difficulties in Asia late
in the period tempered the rapid
growth of U.S. equity markets, the
Standard & Poor's 500 Index - a
measure of the U.S. stock market
- - still managed to return 15.06%
during the six months that ended
May 31, 1998. As feared, some
U.S. corporations with business
exposure to Asia did report
disappointing earnings and their
stocks were harshly punished.
However, investors seemed to
adopt a new attitude - one that
overlooked short-term troubles
and focused on longer-term
growth - helping many of these
stocks to rebound quickly. In
addition, the continued strength of
the U.S. economy, combined with
low interest rates and low inflation,
seemed to buoy the stock market
for much of the period. The
upward climb of the stock market
stagnated in mid- and late May
when investors were inundated
with worrisome news about the
stability of Asian markets.
Specifically, the president of
Indonesia resigned amidst civil
strife and a battle over nuclear
testing erupted between Pakistan
and India. Concerns about falling
demand for U.S. exports
particularly hurt technology
companies, especially during the
intensified investigation of
Microsoft by the Justice
Department in May. As a result of
concerns about these tumultuous
events and their potential impact
on the U.S. economy, the Dow
Jones Industrial Average produced
a negative return in May for the first
time in 1998 - although the Dow
was still up 13.29% for the first five
months of 1998.
An interview with Timothy Krochuk, Portfolio Manager of Fidelity
Advisor TechnoQuant Growth Fund
Q. HOW DID THE FUND PERFORM, TIM?
A. For the six months that ended May 31, 1998, the fund's
Institutional Class shares returned 3.90%. For the same period, the
Standard & Poor's 500 Index returned 15.06%. For the 12 months that
ended May 31, 1998, the fund's Institutional Class shares returned
18.45%, while the S&P 500 returned 30.69%. The capital appreciation
funds average tracked by Lipper Analytical Services also
underperformed the S&P 500, returning 9.06% in the six-month period
and 22.75% during the 12-month period. Most of these funds were
invested heavily outside of the top 25 stocks in the S&P 500 - the
narrow group that really drove the market's performance over the past
year.
Q. WHY DID THE FUND UNDERPERFORM THE S&P 500 DURING THE SIX-MONTH
PERIOD?
A. Many market participants, particularly foreign investors, panicked
as the global effects of the Asian turmoil were being sorted out and
began a "flight to quality" - snatching up stocks of companies with
household names that they presumed to be safe. Because the fund has a
tilt toward lesser-known small- and mid-capitalization stocks, this
market movement dramatically reduced the fund's relative returns over
the six-month period.
Q. WHICH HOLDINGS HELPED PERFORMANCE?
A. Ames Department Stores performed well during the period as the
economy continued to chug along, consumer confidence soared and people
spent more money. In addition, Keane, a software company, received the
attention of investors with its solutions for the impending Year 2000
dilemma. Many computer systems read a two-digit number as the year, so
there's concern that some systems will read "00" as 1900, rather than
2000. In addition, the fund benefited by not holding many health care
and technology stocks at the end of 1997 when many of these securities
lost value due to the Asian crisis.
Q. WHICH HOLDINGS DETRACTED FROM PERFORMANCE?
A. The fund's holdings in the energy service sector, such as ENSCO
International, which the fund no longer holds, and EVI hurt
performance. I associate these losses with unforeseen actions by
Saddam Hussein or the perceived effects of the Southeast Asian crisis
on the demand for energy commodities, causing oil prices to fall and
sending many oil stocks plummeting during the period. Although I could
not prepare for the effects of these news events, my computer models
did direct me to maintain some holdings in the energy service sector
during the period because their valuations became very attractive. In
addition, the price of oil goes up about 20% on average during the
summer because of increased demand for gasoline caused by people
driving longer distances for vacation. This trend could help these
stocks to rebound.
Q. HOW DO YOU ASSESS THE FUND'S PERFORMANCE DURING THESE TIMES OF
VOLATILITY, SUCH AS WHAT WE'VE SEEN CAUSED BY THE RECENT TURMOIL IN
ASIA?
A. I don't think short-term events should send investors running for
cover. This is an aggressive fund, so shareholders need to be willing
to ride out periods of short-term volatility to reap the potential
long-term benefits of the fund's investing style. Although the fund
didn't generate strong returns during the six-month period, it has the
potential to outperform the market over the long term because my
models have helped me to assemble a portfolio of promising stocks. For
instance, the stocks in the portfolio as of May 31 were trading at an
average price-to-earnings ratio of 17, while the stocks in the S&P 500
were trading at about 22 times earnings. In addition, the average
revenue growth for the first quarter of 1998 for the stocks in the S&P
500 was 9%, compared to 17% for the stocks in this fund. As a result,
I think these companies are trading at cheap valuations and have the
potential to generate stronger sales growth than the stocks in the S&P
500.
Q. WHAT'S YOUR OUTLOOK?
A. My models are forecasting a year of above-average volatility and
average returns - of only about 8% to 10% - for the equity markets. I
am also anticipating that the stock market may experience a few
plunges similar to the big one-day drop we witnessed at the end of
October 1997. As a result, I expect to maintain a defensive posture by
spreading the fund's investments out among a large number of
securities and sectors.
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.