FIDELITY ADVISOR SERIES 8, N-30B-2, 1994-06-22

FIDELITY ADVISOR SERIES 8
N-30B-2, 1994-06-22

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(2_FIDELITY_LOGOS)FIDELITY ADVISOR
(registered trademark)

STRATEGIC OPPORTUNITIES
FUND
SEMIANNUAL REPORT
MARCH 31, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on stock market
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 value.

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

NOTES 24 Footnotes 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. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS
CORPORATION IS A
BANK, AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED
BY THE
FDIC.
PRESIDENT'S MESSAGE

DEAR SHAREHOLDER:
The first few months of 1994 were an unsettling time for many investors.
After three years of a nearly perfect environment for stock market
investing, stock prices fell in March. Investors disagree about whether
this decline represents only a short-term correction or signals the
beginning of a longer bear market. One can collect statistics to support
either opinion, but of course, nobody knows for sure what will happen to
stock prices in the months ahead.
We do know, however, that market declines are a normal part of stock market
investing. We have historically seen corrections of 10% or more every two
years. That's why I thought this might be a good time to review three basic
investment principles that have proven helpful to successful stock market
investors in every market cycle.
First, take a long-term approach when investing in stocks and stock funds.
If you can afford to leave your money invested through the market's
inevitable ups and downs, you will greatly reduce your vulnerability to any
single decline. Over time, stock prices have gone up - and have
significantly outperformed other types of investments and stayed ahead of
inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a stable investment, such as a money market fund.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't protect you from a loss in a continuously declining market, but 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
PERFORMANCE: THE BOTTOM LINE

There are several ways to evaluate a fund's 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. Each
performance figure includes changes in a fund's share price, plus
reinvestment of any dividends (or income) and capital gains (the profits
the fund earns when it sells stocks that have grown in value).
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MARCH 31, 1994 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS

Advisor Strategic -4.73% 4.25% 79.27% 310.53%
Opportunities

Advisor Strategic Opportunities
(incl. 4.75% sales charge) -9.26% -0.70% 70.76% 291.03%

S&P 500(Registered trademark) -1.55% 1.47% 77.23% 296.63%

Average Capital Appreciation
Fund -1.45% 8.34% 83.12% 249.27%

CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, six months, one year, five years, or 10
years. For example, if you invested $1,000 in a fund that then had a 5%
return, you would end up with $1,050. You can compare the fund's returns to
the performance of the Standard & Poor's 500 Composite Stock Price
Index - a common proxy for the U.S. stock market. You can also compare them
to the average capital appreciation fund, which reflects the performance of
154 capital appreciation funds with similar objectives tracked by Lipper
Analytical Services. Both benchmarks include reinvested dividends and
capital gains, if any, and exclude the effects of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MARCH 31, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS

Advisor Strategic Opportunities 4.25% 12.38% 15.17%

Advisor Strategic Opportunities
(incl. 4.75% sales charge) -0.70% 11.30% 14.61%

S&P 500 1.47% 12.13% 14.77%

Average Capital Appreciation Fund 8.34% 12.41% 12.45%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
03/31/84 9525.00 10000.00
04/30/84 9440.25 10095.00
05/31/84 8957.02 9535.74
06/30/84 9170.86 9742.66
07/31/84 8968.44 9621.85
08/31/84 9941.90 10685.07
09/30/84 10128.60 10687.21
10/31/84 10432.15 10728.89
11/30/84 10152.40 10608.72
12/31/84 10204.40 10888.79
01/31/85 11302.25 11737.03
02/28/85 11289.18 11881.39
03/31/85 11118.37 11889.71
04/30/85 11067.96 11879.01
05/31/85 11730.27 12565.62
06/30/85 11985.40 12762.90
07/31/85 12193.65 12743.75
08/31/85 12327.79 12635.43
09/30/85 11842.22 12239.94
10/31/85 12494.79 12805.43
11/30/85 13295.61 13683.88
12/31/85 13937.93 14346.18
01/31/86 14549.05 14426.52
02/28/86 15766.88 15505.62
03/31/86 16891.51 16370.84
04/30/86 16597.17 16185.85
05/31/86 16919.83 17046.93
06/30/86 17817.80 17335.03
07/31/86 17245.79 16366.00
08/31/86 18400.37 17580.35
09/30/86 17191.54 16126.46
10/31/86 17852.40 17056.96
11/30/86 18122.78 17471.44
12/31/86 17732.84 17025.92
01/31/87 19187.44 19319.31
02/28/87 19384.35 20082.42
03/31/87 19953.19 20662.80
04/30/87 19362.47 20478.91
05/31/87 19548.44 20657.07
06/30/87 20161.04 21700.25
07/31/87 20970.54 22800.46
08/31/87 21386.23 23650.91
09/30/87 20850.21 23132.96
10/31/87 17021.47 18150.12
11/30/87 16244.79 16654.55
12/31/87 16609.38 17921.96
01/31/88 17910.58 18676.48
02/29/88 18497.39 19546.80
03/31/88 18203.98 18942.80
04/30/88 18318.79 19153.07
05/31/88 18637.71 19319.70
06/30/88 19913.40 20206.47
07/31/88 19798.58 20129.69
08/31/88 19186.26 19445.28
09/30/88 19811.34 20273.65
10/31/88 20155.78 20837.26
11/30/88 20283.34 20539.28
12/31/88 20304.69 20898.72
01/31/89 21454.76 22428.51
02/28/89 21362.23 21870.04
03/31/89 21811.68 22379.61
04/30/89 22644.49 23541.11
05/31/89 23688.81 24494.53
06/30/89 23873.88 24354.91
07/31/89 25513.06 26554.16
08/31/89 25843.54 27074.62
09/30/89 25843.54 26963.61
10/31/89 25420.52 26338.06
11/30/89 26107.92 26875.35
12/31/89 26923.59 27520.36
01/31/90 25143.18 25673.74
02/28/90 25279.09 26004.94
03/31/90 25279.09 26694.07
04/30/90 24246.18 26026.71
05/31/90 25034.46 28564.32
06/30/90 25279.09 28370.08
07/31/90 25347.05 28279.30
08/31/90 23566.64 25722.85
09/30/90 23389.96 24470.15
10/31/90 23376.37 24364.92
11/30/90 24409.27 25938.90
12/31/90 24993.11 26662.59
01/31/91 25800.71 27825.08
02/28/91 27345.07 29814.58
03/31/91 28209.34 30536.09
04/30/91 28591.89 30609.38
05/31/91 29612.02 31931.70
06/30/91 28676.90 30469.23
07/31/91 29541.18 31889.10
08/31/91 30178.76 32644.87
09/30/91 30292.10 32099.70
10/31/91 29682.86 32529.83
11/30/91 28960.27 31218.88
12/31/91 30761.33 34790.32
01/31/92 30811.24 34143.22
02/29/92 31410.17 34587.08
03/31/92 30611.60 33912.63
04/30/92 31193.89 34909.67
05/31/92 32208.73 35080.72
06/30/92 32208.73 34558.02
07/31/92 33206.93 35971.44
08/31/92 32624.65 35234.03
09/30/92 32491.55 35649.79
10/31/92 32757.74 35774.57
11/30/92 34155.23 36994.48
12/31/92 34721.08 37449.51
01/31/93 35377.23 37764.09
02/28/93 36379.67 38277.68
03/31/93 37509.70 39085.34
04/30/93 36762.43 38139.47
05/31/93 37619.06 39161.61
06/30/93 37928.91 39275.18
07/31/93 38730.87 39118.08
08/31/93 41154.96 40600.65
09/30/93 41045.61 40288.03
10/31/93 42339.67 41121.99
11/30/93 40553.50 40731.33
12/31/93 41816.74 41224.18
01/31/94 42178.61 42625.80
02/28/94 40670.80 41466.38
03/31/94 39122.77 39658.45
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Advisor
Strategic Opportunities Fund on March 31, 1984, and paid a 4.75% sales
charge. As the chart shows, by March 31, 1994, the value of your investment
would have grown to $39,103 - a 291.03% increase on your initial
investment. For comparison, look at how the S&P 500 did over the same
period. With dividends reinvested, the same $10,000 investment would have
grown to $39,663 - a 296.63% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

Interview with Daniel R. Frank,
Portfolio Manager of Fidelity
Advisor Strategic Opportunities Fund
Q. DAN, HOW HAS THE FUND PERFORMED?
A. For the six months ended March 31, 1994, the fund had a total return of
- - - - - -4.73%. That lagged the average capital appreciation fund, which returned
- - - - - -1.45% for the same period, according to Lipper Analytical Services.
Q. WHAT ACCOUNTED FOR THE FUND'S
PERFORMANCE?
A. Three factors. First, the recent rise in interest rates had a
particularly severe impact on the fund's investment in long-term Treasury
securities. In October, the yield on the benchmark 30-year Treasury bond
reached a historic low of 5.79%. By year-end a strengthening economy had
fueled mild inflation fears. That pushed up the yield on the 30-year bond
to 6.35% on December 31. Inflation jitters eased and bond yields dropped in
January. However, when the Federal Reserve raised short-term interest rates
in an attempt to control inflation, bonds dropped further. At the end of
the period, Treasury securities made up 15.9% of the fund's investments.
Q. GIVEN THE RECENT POOR PERFORMANCE OF TREASURY SECURITIES, WHY DO YOU
CONTINUE TO KEEP THEM IN THE FUND?
A. The fund has maintained a large position in long duration treasury
securities for the past five years, if not longer. The longer the
duration, the more sensitive a security tends to be to changes in interest
rates. The trends toward lower levels of inflation globally continue to
suggest these long duration securities could provide excellent total return
potential. Naturally, these securities perform poorly during periods when
interest rates are rising. However, over the past decade, interest rates
have risen a number of times only to retreat to new lower levels shortly
thereafter.
Q. WHAT OTHER FACTORS DROVE THE FUND'S PERFORMANCE?
A. A second factor was the fund's stake in Regional Bell Operating
Companies (RBOCs), which was hurt by the rise in interest rates. Many
investors still view these companies as interest rate-sensitive, and their
stocks dropped off when rates rose. In mid-1993 the group was driven to
high valuations on the prospects for the emerging information superhighway.
Since that time, the combination of deflated expectations and rising
interest rates has resulted in poor stock performance for the group. I
continue to invest in these companies because I believe the RBOCs should
benefit in the future from deregulation, new broadband services, wireless
communications, and overseas investments.
Q. AND THE FINAL FACTOR?
A. The fund's performance was hurt by its stake in Hong Kong companies.
Even though I had dramatically reduced the fund's investments in these
companies, the fund's remaining Hong Kong stocks were hurt by the recent
sell-off in Hong Kong. Hong Kong investments made up 4.3% of the fund's
investments at the end of March, down from 10.1% six months ago.
Q. WHY DID YOU ALSO DECREASE THE FUND'S STAKE IN OIL AND GAS REFINERS?
A. Oil and gas refining companies look attractive right now, but the stock
valuations don't look as attractive. So I've pared back the fund's stake in
these companies to 5.3% at the end of March, from 9.3% six months ago. I
may begin to build up the fund's stake in these companies if their stock
prices present a better value.
Q. IN LIGHT OF THE HIKE IN INTEREST RATES, WHY HAVE YOU INCREASED THE
FUND'S STAKE IN INTEREST RATE-SENSITIVE BANK AND SAVINGS AND LOAN
COMPANIES?
A. Banks and S&L stocks tend to be negatively affected as interest
rates rise, while in actuality the underlying business benefits from higher
rates. So right now we're experiencing a classic combination of improving
fundamentals and lower stock prices for this group. I'm concentrating on
finding institutions that are financially strong, are growing
geographically and offering additional potential as the industry
consolidates. At the end of March, finance companies, including banks and
S&Ls, were the fund's second largest industry concentration and made up
12.2% of the fund's investments, compared to 3.4% six months ago.
Q. WERE THERE ANY BRIGHT SPOTS?
A. Over the past six months, securities which performed well were varied.
From October through December, Hong Kong stocks performed quite well. As I
already mentioned, that run-up provided a good opportunity to exit the
group. Selected banks and savings and loans performed quite well for the
reasons I've already mentioned. Finally, service companies which cater to
non-economically sensitive consumer needs such as haircuts and funerals
also did well over the past six months.
Q. YOU CONTINUED TO MAINTAIN A FAIRLY LARGE STAKE IN CASH THROUGHOUT THE
PAST SIX MONTHS. WAS THAT BECAUSE YOU ANTICIPATED A FALLING STOCK MARKET?
A. The fund's cash position was not high because of market concern, but
rather because of my desire to ensure that I invested in securities that
were reasonably valued. Going forward, I'll deploy cash as securities of
individual companies become more attractively valued. At the end of the
period, the fund's cash level stood at 15.6% of the fund's investments.
Q. WHAT'S AHEAD FOR THE FUND?
A. My philosophy is not to time or predict the market. That is to say, my
guess is as good as anyone's. My strategy remains the same as it has been
for the past decade. I'll continue to try to find appropriately priced
investments that I think should provide above average long-term returns.

FUND FACTS
GOAL: to increase the value
of the fund's shares over the
long term by investing in
securities believed to be
involved in a special situation
START DATE: December 31,
1983
SIZE: as of March 31, 1994,
over $350 million in assets
MANAGER: Daniel R. Frank,
since inception; joined
Fidelity in 1983
(checkmark)
DAN FRANK'S INVESTMENT
PHILOSOPHY:
"My philosophy is not to try to
time or predict the market. It's
anyone's guess which
direction the market will go
next. My strategy is one I've
stuck to in the decade I've
been managing the fund. I'll
continue to try to find
appropriately priced
investments that I think
should provide above average
long-term returns."
(bullet) The fund's stake in foreign
investments was 9.3% on
March 31, 1994 compared to
18.1% six months ago.
(bullet) One of the fund's largest
shifts over the past six
months was a decrease in
Hong Kong stocks. They fell
to 4.3% of the fund's
investments on March 31,
1994, from 10.1% on
September 30, 1993.
(bullet) At the end of the period, the
fund's largest industry
concentrations were utilities
at 27.3% of investments,
followed by financial
companies at 12.2% of
investments.
INVESTMENT CHANGES

TOP TEN STOCKS AS OF MARCH 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE STOCKS
6 MONTHS AGO

BellSouth Corp. 5.1 2.9

U.S. West, Inc. 4.6 3.1

Southwestern Bell Corp. 4.2 3.2

Ameritech Corp. 4.1 3.4

Bell Atlantic Corp. 3.8 3.5

NYNEX Corp. 3.0 3.1

Service Corp. International 2.5 2.3

Amerada Hess Corp. 1.4 1.0

I-Stat Corporation 1.2 1.5

Regis Corporation 1.2 0.7

TOP FIVE INDUSTRIES AS OF MARCH 31, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE INDUSTRIES
6 MONTHS AGO

Utilities 27.3 31.5

Finance 12.2 3.4

Energy 7.3 10.9

Services 6.2 4.8

Media & Leisure 3.2 7.8

ASSET ALLOCATION
AS OF MARCH 31, 1994* AS OF SEPTEMBER 30, 1993**
Row: 1, Col: 1, Value: 16.2
Row: 1, Col: 2, Value: 20.4
Row: 1, Col: 3, Value: 63.4
Stocks 68.8%
Bonds 19.6%
Short-term
investments 11.6%
Stocks 63.4%
Bonds 20.4%
Short-term
investments 16.2%
Row: 1, Col: 1, Value: 11.6
Row: 1, Col: 2, Value: 19.6
Row: 1, Col: 3, Value: 68.8
* FOREIGN
INVESTMENTS 9.3%
** FOREIGN
INVESTMENTS 18.1%
INVESTMENTS MARCH 31, 1994 (UNAUDITED)

Showing Percentage of Total Value of Investments

COMMON STOCKS - 63.4%
SHARES VALUE (NOTE 1)

AEROSPACE & DEFENSE - 0.1%
DEFENSE ELECTRONICS - 0.1%
Litton Industries, Inc. (a) 15,000 $ 459,375
BASIC INDUSTRIES - 0.5%
CHEMICALS & PLASTICS - 0.0%
Yizheng Chemical Fibre Co. Class H (a)(e) 324,000 96,435
PACKAGING & CONTAINERS - 0.5%
M.C. Packaging 4,049,000 1,637,416
TOTAL BASIC INDUSTRIES 1,733,851
CONSTRUCTION & REAL ESTATE - 1.2%
BUILDING MATERIALS - 0.2%
Shanghai Shangling Electric Appliances Class B (a) 1,000,000 590,000
REAL ESTATE INVESTMENT TRUSTS - 1.0%
Equity Residential Property Trust (SBI) 20,200 608,525
Gables Residential Trust (a) 45,000 1,063,125
Irvine Apartment Communities 95,000 1,888,125
3,559,775
TOTAL CONSTRUCTION & REAL ESTATE 4,149,775
DURABLES - 1.3%
HOME FURNISHINGS - 0.2%
Pricerite Group Ltd. (a) 3,000,000 524,100
TEXTILES & APPAREL - 1.1%
Fruit of the Loom, Inc. Class A (a) 35,000 1,058,750
Jones Apparel Group, Inc. (a) 25,000 790,625
Nine West Group, Inc. (a) 30,000 896,250
Russell Corp. 12,300 349,013
Springs Industries, Inc. Class A 3,800 131,100
Warnaco Group, Inc. Class A (a) 17,000 516,375
3,742,113
TOTAL DURABLES 4,266,213
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

ENERGY - 7.3%
COAL - 1.0%
MAPCO, Inc. 60,000 $ 3,577,500
ENERGY SERVICES - 1.0%
Baker Hughes, Inc. 20,000 355,000
Halliburton Co. 10,000 291,250
Schlumberger Ltd. 41,000 2,167,875
Tidewater, Inc. 30,000 585,000
3,399,125
OIL & GAS - 5.3%
Amerada Hess Corp. 102,000 4,564,476
Amoco Corp. 30,000 1,593,750
Box Energy Corp. Class B 250,000 2,718,750
Exxon Corp. 50,000 3,143,750
Imperial Oil Ltd. 60,000 1,945,940
Shell Canada Ltd. Class A 65,000 1,796,878
Texaco, Inc. 33,000 2,079,000
17,842,544
TOTAL ENERGY 24,819,169
FINANCE - 11.6%
BANKS - 6.7%
AmSouth Bancorporation 20,000 595,000
Banc One Corp. 50,000 1,650,000
BankAmerica Corp. 20,000 787,500
Boatmen's Bancshares, Inc. 20,000 592,500
City National Corp. (a) 140,000 1,172,500
Comerica, Inc. 35,000 888,125
CoreStates Financial Corp. 25,000 650,000
Crestar Financial Corp. 40,000 1,705,000
Deposit Guaranty Corp. 35,000 910,000
First Alabama Bancshares, Inc. 23,000 718,750
First Midwest Bankcorp, Inc. 5,000 130,000
First Security Corp. 35,000 980,000
First Union Corp. 35,000 1,456,875
Huntington Bancshares, Inc. 35,000 805,000
Keycorp 35,000 1,050,000
Meridian Bancorp, Inc. 10,000 291,250
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

FINANCE - CONTINUED
BANKS - CONTINUED
Michigan National Corp. 20,000 $ 1,230,000
NBD Bancorp, Inc. 45,000 1,271,250
ONBANCorp, Inc. 20,000 610,000
Old Kent Financial Corp. 20,000 602,500
Riggs National Corp. (a) 160,000 1,560,000
SouthTrust Corporation 25,000 462,500
U.S. Bancorp 10,000 252,500
U.S. Trust Corp. (a) 25,000 1,312,500
Wachovia Corp. 25,000 793,750
22,477,500
CLOSED-END INVESTMENT COMPANIES - 0.5%
Shanghai International Growth Investors (a) 200,000 1,806,536
CREDIT & OTHER FINANCE - 0.4%
Lam Soon (Hong Kong) Ltd. 1,700,000 1,341,963
INSURANCE - 0.6%
American General Corp. 40,000 1,105,000
Torchmark Corp. 25,000 1,006,250
2,111,250
SAVINGS & LOANS - 3.4%
American Federal Bank FSB Greenville, SC 60,000 690,000
American Savings of Florida FSB (a) 120,000 2,550,000
Anchor Bancorp Inc. (a) 205,000 2,639,375
Astoria Financial Corp. (a) 20,000 562,500
California Federal Bank Class A (a) 71,666 680,827
Charter One Financial Corp. 10,000 188,750
Coastal Bank Savings Association (Houston) (a) 87,000 1,174,500
Commercial Federal Corp. (a) 30,000 540,000
Coral Gables Fedcorp, Inc. 90,000 1,620,000
First Republic Bancorp, Inc. 35,700 522,113
Washington Federal Savings & Loan Association (Seattle) 10,000
216,250
11,384,315
TOTAL FINANCE 39,121,564
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

HEALTH - 1.7%
MEDICAL EQUIPMENT & SUPPLIES - 1.7%
I-Stat Corporation (a) 318,000 $ 4,134,000
Ultronics International Holdings 5,904,000 1,497,491
5,631,491
INDUSTRIAL MACHINERY & EQUIPMENT - 1.2%
ELECTRICAL EQUIPMENT - 0.3%
Mei Ah International (a) 5,000,000 970,550
INDUSTRIAL MACHINERY & EQUIPMENT - 0.9%
Joy Technologies, Inc. Class A (a) 220,000 2,640,000
Sweetwater, Inc. 56,000 441,000
3,081,000
TOTAL INDUSTRIAL MACHINERY & EQUIPMENT 4,051,550
MEDIA & LEISURE - 3.1%
BROADCASTING - 1.3%
CAI Wireless Systems, Inc. 55,000 646,250
Cablemaxx, Inc. (a) 25,000 268,750
Preferred Entertainment, Inc. (a) 15,000 363,750
Television Broadcast Limited Ord. (a) 500,000 1,766,420
Viacom, Inc. (non-vtg.) (a) 45,000 1,192,500
Wireless Cable of Atlanta, Inc. 16,000 232,000
4,469,670
ENTERTAINMENT - 0.5%
Paramount Communications, Inc. 10,000 430,000
Shaw Bros HongKong Ltd. 900,000 1,374,309
1,804,309
PUBLISHING - 0.4%
Bertelsmann 10,000 1,199,641
RESTAURANTS - 0.9%
Foodmaker, Inc. (a) 110,000 948,750
Quality Dining, Inc. 30,000 348,750
Shoney's, Inc. (a) 80,000 1,690,000
2,987,500
TOTAL MEDIA & LEISURE 10,461,120
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

NONDURABLES - 1.2%
FOODS - 0.8%
Lam Soon Food Industries Ltd. 3,500,000 $ 883,225
Lincoln Snacks Co. 150,000 562,500
Yaohan Food Process & Trading Co. 4,700,000 1,113,054
2,558,779
HOUSEHOLD PRODUCTS - 0.4%
Avon Products, Inc. 25,000 1,412,500
TOTAL NONDURABLES 3,971,279
RETAIL & WHOLESALE - 1.5%
APPAREL STORES - 0.5%
Edison Brothers Stores, Inc. 32,600 957,625
Limited, Inc. (The) 30,000 626,250
1,583,875
GENERAL MERCHANDISE STORES - 0.5%
Ames Department Stores 280,000 1,470,000
Dillard Department Stores, Inc Class A 10,000 335,000
1,805,000
GROCERY STORES - 0.5%
Four Seas Mercantile Holdings Ltd. 5,300,000 1,783,238
TOTAL RETAIL & WHOLESALE 5,172,113
SERVICES - 6.0%
ADVERTISING - 0.2%
Norwood Promotional Products, Inc. (a) 64,000 816,000
PRINTING - 0.5%
Starlite Holdings Ltd. (a) 7,000,000 1,612,450
SERVICES - 5.3%
Kinder-Care Learning Centers (a) 270,000 3,712,500
Pinkertons, Inc. (a) 45,000 905,625
Regis Corporation (a) 300,000 4,050,000
Service Corp. International 330,000 8,332,500
Western Atlas, Inc. 20,000 825,000
17,825,625
TOTAL SERVICES 20,254,075
COMMON STOCKS - CONTINUED
SHARES VALUE (NOTE 1)

TECHNOLOGY - 0.5%
COMMUNICATIONS EQUIPMENT - 0.5%
S Megga International 6,162,000 $ 1,853,961
UTILITIES - 26.2%
TELEPHONE SERVICES - 26.2%
Ameritech Corp. 360,000 13,725,000
BellAtlantic Corp. 250,000 12,937,500
BellSouth Corp. 300,000 17,325,000
NYNEX Corp. 295,000 10,177,500
Pacific Telesis Group 50,000 2,631,250
Southern New England Telecommunications Corp. 67,000 1,943,000
Southwestern Bell Corp. 350,000 14,131,250
U.S. West, Inc. 380,000 15,485,000
88,355,500
TOTAL COMMON STOCKS
(Cost $219,613,211) 214,301,036
CORPORATE BONDS - 2.4%
MOODY'S RATINGS PRINCIPAL
(UNAUDITED) AMOUNT (C)
CONVERTIBLE BONDS - 0.6%
FINANCE - 0.6%
CREDIT & OTHER FINANCE - 0.6%
Kinnevik Investments 10 1/2%, 7/21/97 - SEK 9,500,000 1,905,084
NONCONVERTIBLE BONDS - 1.8%
DURABLES - 0.4%
HOME FURNISHINGS - 0.4%
Interco, Inc. 10%, 6/1/01 Ba3 1,368,000 1,357,330
MEDIA & LEISURE - 0.1%
ENTERTAINMENT - 0.1%
Westwood Group, Inc. 14 1/4%, 8/15/97 (b) Caa 2,000,000 800,000
CORPORATE BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE
(UNAUDITED) AMOUNT (C) (NOTE 1)
NONCONVERTIBLE BONDS - CONTINUED
SERVICES - 0.2%
Kindercare Learning Centers, Inc. secured
12%, 12/31/02 Caa $ 488,000 $ 517,280
UTILITIES - 1.1%
GAS - 1.1%
Columbia Gas Systems, Inc. (b):
9.30%, 9/1/01 - 100,000 121,500
10 1/4%, 8/1/11 Caa 1,000,000 1,260,000
9.24%, 12/30/14 - 1,000,000 1,217,500
9.30%, 12/18/19 Caa 1,000,000 1,215,000
3,814,000
TOTAL NONCONVERTIBLE BONDS 6,488,610
TOTAL CORPORATE BONDS
(Cost $8,628,420) 8,393,694
U.S. TREASURY OBLIGATIONS - 15.9%
9 1/8%, 5/15/18 (d) Aaa 18,000 21,757,500
Stripped Interest Payment, 2/15/12 (d) Aaa 120,000 31,923,600
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $50,870,085) 53,681,100
FOREIGN GOVERNMENT OBLIGATIONS - 1.3%

French Government (d):
Oat Strip, 4/25/23 Aaa FRF 100,000 2,222,610
Principal Strip, 4/25/23 Aaa FRF 90,000 2,033,397
TOTAL FOREIGN GOVERNMENT OBLIGATIONS
(Cost $4,261,203) 4,256,007
OTHER SECURITIES - 0.8%
PRINCIPAL VALUE
AMOUNT (C) (NOTE 1)
PURCHASED BANK DEBT - 0.8%
Macy 10 Special Real Estate Cap
0%, 9/30/95 (a) $ 85,981 $ 85,552
Macy (R.H.) & Co., Inc. (a):
letter of credit 5/27/94 574,660 554,547
mortgage loan participation 5/27/94 1,000,000 965,000
variable rate revolving loan 5/27/94 183,323 176,907
variable rate term loan:
5/27/94 242,016 233,546
4/28/96 37,237 37,051
5/27/96 377,863 375,975
5/28/96 162,000 161,190
5/27/97 11,186 11,131
TOTAL OTHER SECURITIES
(Cost $1,732,006) 2,600,899
COMMERCIAL PAPER - 0.6%

Columbia Gas 6 1/2%, 7/19/91
(Cost $2,050,000) (b) 2,000,000 2,050,000
REPURCHASE AGREEMENTS - 15.6%
MATURITY
AMOUNT
Investments in repurchase agreements
(U.S. Treasury obligations), in a joint
trading account at 3.58% dated
3/31/94 due 4/1/94 $ 52,602,916 52,582,000
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $339,736,925) $ 337,864,736
CURRENCY ABBREVIATIONS
FRF - French franc
SEK - Swedish krona
LEGEND
1. Non-income producing
2. Non-income producing - issuer filed for protection under the Federal
Bankruptcy Code or is in default of interest payment.
3. Principal amount is stated in United States dollars unless otherwise
noted.
4. Principal amount in thousands.
5. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $96,435 or 0.0% of net
assets.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 17.2% AAA, AA, A 17.2%
Baa 0.0% BBB 0.0%
Ba 0.4% BB 0.0%
B 0.0% B 0.4%
Caa 1.1% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.7%
The percentage not rated by either S&P or Moody's amounted to 1.7%.
INCOME TAX INFORMATION
At March 31, 1994, the aggregate cost of investment securities for income
tax purposes was $339,830,954. Net unrealized depreciation aggregated
$1,966,218, of which $14,894,419 related to appreciated investment
securities and $16,860,637 related to depreciated investment securities.
FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1994 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 337,864,736
agreements of $52,582,000) (cost $339,736,925)
(Notes 1 and 2) - See accompanying schedule

Cash 932

Receivable for investments sold 28,652,187

Receivable for fund shares sold 2,220,731

Dividends receivable 562,009

Interest receivable 840,487

Other receivables 555,347

TOTAL ASSETS 370,696,429

LIABILITIES

Payable for investments purchased $ 18,179,697

Payable for fund shares redeemed 1,592,497

Accrued management fee 218,480

Other payables and accrued expenses 360,907

TOTAL LIABILITIES 20,351,581

NET ASSETS $ 350,344,848

Net Assets consist of (Note 1):

Paid in capital $ 342,348,881

Undistributed net investment income 306,884

Accumulated undistributed net realized gain (loss) on 9,561,272
investments

Net unrealized appreciation (depreciation) on investment (1,872,189)
securities

NET ASSETS $ 350,344,848

CALCULATION OF MAXIMUM OFFERING PRICE $19.45
ADVISOR STRATEGIC OPPORTUNITIES
NET ASSET VALUE, and redemption price per share
($331,650,467 (divided by) 17,052,837 shares)

Maximum offering price per share (100/95.25 of $19.45) $20.42

STRATEGIC OPPORTUNITIES $19.65
NET ASSET VALUE, and redemption price per share
($18,694,381 (divided by) 951,590 shares)

Maximum offering price per share $20.63
(100/95.25 of $19.65)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED MARCH 31, 1994 (UNAUDITED)

INVESTMENT INCOME $ 2,912,835
Dividends

Interest 2,603,422

TOTAL INCOME 5,516,257

EXPENSES

Management fee (Note 4) $ 1,020,308
Basic fee

Performance adjustment 215,782

Transfer agent fees (Note 4) 478,698
Advisor Strategic Opportunities

Strategic Opportunities 19,626

Distribution fees - Advisor Strategic Opportunities (Note 980,605
4)

Accounting fees and expenses (Note 4) 98,932

Non-interested trustees' compensation 990

Custodian fees and expenses 42,374

Registration fees 74,420

Audit 19,912

Legal 37,342

Miscellaneous 7,403

Total expenses before reductions 2,996,392

Expense reductions (Note 6) (8,028) 2,988,364

NET INVESTMENT INCOME 2,527,893

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 10,617,981
(NOTES 1 AND 3)
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on (30,843,394)
investment securities

NET GAIN (LOSS) (20,225,413)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ (17,697,520)
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED MARCH 31, SEPTEMBER 30,
1994 1993
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,527,893 $ 5,033,318
Net investment income

Net realized gain (loss) on investments 10,617,981 25,283,326

Change in net unrealized appreciation (depreciation) (30,843,394) 25,715,063
on
investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (17,697,520) 56,031,707
FROM OPERATIONS

Distributions to shareholders from:
Net investment income

Advisor Strategic Opportunities (5,752,632) (5,678,505)

Strategic Opportunities (458,027) (627,961)

Net realized gain

Advisor Strategic Opportunities (22,876,692) (12,054,370)

Strategic Opportunities (1,535,740) (1,085,476)

Share transactions - net increase (decrease) (Note 7) 108,075,285 41,361,732

TOTAL INCREASE (DECREASE) IN NET ASSETS 59,754,674 77,947,127

NET ASSETS

Beginning of period 290,590,174 212,643,047

End of period (including undistributed net investment $ 350,344,848 $ 290,590,174
income of $306,884 and $8,916,803, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
ADVISOR STRATEGIC OPPORTUNITIES

SIX MONTHS
ENDED
MARCH 31,
1994
(UNAUDITED)

YEARS ENDED SEPTEMBER 30,

1993 1992(dagger)(dagger) 1991 1990 1989

SELECTED PER-SHARE DATA

Net asset value, $ 22.52 $ 19.53 $ 21.38 $ 17.21 $ 19.55 $ 15.53
beginning of period

Income from
Investment
Operations

Net investment (.24) .33 .61 .66 .70 .50
income

Net realized and (.69) 4.44 .58 4.26 (2.49) 4.08
unrealized gain
(loss) on
investments

Total from investment (.93) 4.77 1.19 4.92 (1.79) 4.58
operations

Less Distributions

From net investment (.43) (.57) (.62) (.75) (.55) (.56)
income

From net realized (1.71) (1.21) (2.42) - - -
gain

Total distributions (2.14) (1.78) (3.04) (.75) (.55) (.56)

Net asset value, end of $ 19.45 $ 22.52 $ 19.53 $ 21.38 $ 17.21 $ 19.55
period

TOTAL RETURN (dagger) (4.73) 26.33% 7.26% 29.51% (9.49) 30.45%
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ $ 269,883 $ 194,710 $ 199,604 $ 172,086 $ 198,174
period (000 omitted) 331,650

Ratio of expenses to 1.88%* 1.57% 1.46% 1.56% 1.59% 1.51%
average net assets (diamond)

Ratio of net investment 1.49%* 2.06% 3.22% 3.61% 3.70% 3.23%
income to average
net assets

Portfolio turnover rate 241%* 183% 211% 223% 114% 89%

</TABLE>

* ANNUALIZED
(dagger) TOTAL RETURNS DO NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(dagger)(dagger) AS OF OCTOBER 1, 1991, THE FUND DISCONTINUED THE USE OF
EQUALIZATION ACCOUNTING.
(diamond) INCLUDES REIMBURSEMENT OF $.03 PER SHARE FROM FIDELITY MANAGEMENT
& RESEARCH COMPANY FOR ADJUSTMENTS TO PRIOR PERIODS' FEES. IF THIS
REIMBURSEMENT HAD NOT EXISTED THE RATIO OF EXPENSES TO AVERAGE NET ASSETS
WOULD HAVE BEEN 1.73%.
FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
STRATEGIC OPPORTUNITIES

SIX
MONTHS
ENDED
MARCH 31,
1994
(UNAUDITED
)

YEARS ENDED SEPTEMBER 30,

1993 1992(dagger)(dagger) 1991 1990 1989

SELECTED PER-SHARE DATA

Net asset value, $ 22.72 $ 19.72 $ 21.55 $ 17.37 $ 19.77 $ 15.65
beginning of period

Income from
Investment
Operations

Net investment (.17) .45 .73 .77 .80 .64
income

Net realized and (.68) 4.46 .58 4.26 (2.49) 4.08
unrealized gain
(loss) on
investments

Total from (.85) 4.91 1.31 5.03 (1.79) 4.72
investment
operations

Less Distributions

From net investment (.51) (.70) (.72) (.85) (.71) (.60)
income

From net realized (1.71) (1.21) (2.42) - - -
gain on
investments

Total distributions (2.22) (1.91) (3.14) (.85) (.71) (.60)

Net asset value, end $ 19.65 $ 22.72 $ 19.72 $ 21.55 $ 17.37 $ 19.77
of period

TOTAL RETURN (dagger) (4.33) 26.98% 7.89% 30.01% (8.96) 31.19%
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 18,964 $ 20,707 $ 17,933 $ 19,193 $ 15,988 $ 19,780
period (000 omitted)

Ratio of expenses to 1.13%* .89% .87% 1.00% 1.03% .64%
average net assets (diamond) #

Ratio of net 2.25%* 2.74% 3.78% 4.12% 4.21% 4.08%
investment income
to average net
assets

Portfolio turnover rate 241%* 183% 211% 223% 114% 89%

</TABLE>

* ANNUALIZED
(dagger) TOTAL RETURN DOES NOT INCLUDE THE ONE TIME SALES CHARGE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
(dagger)(dagger) AS OF OCTOBER 1, 1991, THE FUND DISCONTINUED THE USE OF
EQUALIZATION ACCOUNTING.
# INCLUDES REIMBURSEMENT OF $.08 PER SHARE FROM FIDELITY MANAGEMENT &
RESEARCH COMPANY FOR ADJUSTMENTS TO PRIOR PERIODS' FEES. IF THIS
REIMBURSEMENT HAD NOT EXISTED THE RATIO OF EXPENSES TO AVERAGE NET ASSETS
WOULD HAVE BEEN 1.04%.
(diamond) INCLUDES REIMBURSEMENT OF $.03 PER SHARE FROM FIDELITY MANAGEMENT
& RESEARCH COMPANY FOR ADJUSTMENTS TO PRIOR PERIODS' FEES. IF THIS
REIMBURSEMENT HAD NOT EXISTED THE RATIO OF EXPENSES TO AVERAGE NET ASSETS
WOULD HAVE BEEN 1.05%.
NOTES TO FINANCIAL STATEMENTS
For the period ended March 31, 1994 (Unaudited)

1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Strategic Opportunities Fund (the fund) (formerly Fidelity Special
Situations Fund) is a fund of Fidelity Advisor Series Vlll (the trust)
(formerly Fidelity Special Situations Fund) 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 two classes of shares each of which has equal rights as to
earnings, assets and voting privileges except that each class bears
different distribution and transfer agent expenses and certain registration
fees. Each class has exclusive voting rights with respect to its
distribution plans.
ALLOCATED EARNINGS AND EXPENSES. Investment income, expenses (other than
expenses incurred under Advisor class' Distribution and Service Plan, and
each class' Transfer Agent Agreements and certain registration fees) and
realized and unrealized gains or losses on investments are allocated to
each class of shares based upon their relative net assets.
SECURITY VALUATION. Securities for which exchange quotations are readily
available are valued at the last sale price, or if no sale price, at the
closing bid price. Securities for which exchange quotations are not
readily available (and in certain cases debt securities which trade on an
exchange), are valued primarily using dealer-supplied valuations or at
their fair value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities maturing within sixty days 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 current exchange rate. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at
the exchange rate on the dates of the transactions.
It is not practical to identify the portion of each amount shown in the
fund's Statement of Operations under the caption "Realized and Unrealized
Gain (Loss) on Investments" that arises from changes in foreign currency
exchange rates. Investment income includes net realized and unrealized
currency gains and losses recognized between accrual and payment dates.
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 all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
INVESTMENT INCOME. Dividend income is recorded on the ex-dividend date,
except certain dividends from foreign securities where the ex-dividend date
may have passed, are recorded as soon as the fund is informed of the
ex-dividend date. Interest income is accrued as earned. Dividend and
interest income is recorded net of foreign taxes where recovery of such
taxes is not assured.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions are recorded on the
ex-dividend date.
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.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective October
1, 1993, the fund adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the fund changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of September 30, 1993 have been reclassified to
reflect an increase in paid in capital of $7,207,379, a decrease in
undistributed net investment income of $4,663,810 and a decrease in
accumulated net realized gain on investments of $2,543,569.
2. OPERATING POLICIES.
FORWARD FOREIGN CURRENCY CONTRACTS. The fund may enter into forward foreign
currency contracts. These contracts involve market risk in excess of the
amount reflected in the fund's Statement of Assets and Liabilities. The
face or contract amount in U.S. dollars reflects the total exposure the
fund has in that particular currency contract. The U.S. dollar value of
forward foreign currency contracts is determined using forward currency
exchange rates supplied by a quotation service. Losses may arise due to
changes in the value of the foreign currency or if the counterparty does
not perform under the contract.
Purchases and sales of forward foreign currency contracts having the same
settlement date and broker are offset and presented net on the Statement of
Assets and Liabilities. Gain (loss) on the purchase or sale of forward
foreign currency contracts having the same settlement date and broker is
recognized on the date of offset, otherwise gain (loss) is recognized on
settlement date.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. The fund's investment
adviser, Fidelity Management & Research Company (FMR), is responsible
for
2. OPERATING POLICIES -
CONTINUED
REPURCHASE AGREEMENTS -
CONTINUED
determining that the value of these underlying securities remains at least
equal to the resale price.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the fund, along with other registered
investment companies having management contracts with FMR, may transfer
uninvested cash balances into a joint trading account. These balances are
invested in one or more repurchase agreements that are collateralized by
U.S. Treasury or Federal Agency obligations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $359,200,596 and $333,029,387, respectively, of which U.S.
government and government agency obligations aggregated $13,343,369 and $0,
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 ranging from
.31% to.52% and is based on the monthly average net assets of all the
mutual funds advised by FMR. The annual individual fund fee rate is .30%.
The basic fee is subject to a performance adjustment (up to a maximum of +
or - .20%) based on the fund's investment performance as compared to the
appropriate index over a specified period of time. The investment
perform-ance will be measured separately for each class of shares, and the
lesser of the two results obtained will be used in calculating the
performance adjustment. For the period, the management fee was equivalent
to an annual rate of .76% of average net assets after the performance
adjustment.
The Board of Trustees approved a new group fee rate schedule with rates
ranging from .30% to .52%. Effective January 1, 1992, FMR has voluntarily
agreed to implement this new group fee rate schedule as it results in the
same or a lower management fee.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, Advisor
Strategic Opportunities pays Fidelity Distributors Corporation (FDC), an
affiliate of FMR, a distribution and service fee that is based on an annual
rate of .65% of its average net assets. For the period, Advisor Strategic
Opportunities paid FDC $949,145 of which $754,511 was paid to securities
dealers, banks and other financial institutions for selling shares of
Advisor Strategic Opportunities and providing shareholder support
services.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
DISTRIBUTION AND SERVICE PLAN -
CONTINUED
In addition, FMR or FDC may use its resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $19,481 for the
period.
SALES LOAD. Fidelity Distributors Corporation (FDC) received sales charges
for selling shares of the Advisor Class. The sales charge rates ranged from
2.00% to 4.75% based on purchase amounts of less than $1,000,000. Purchase
amounts of $1,000,000 or more are not charged a sales load. For the period,
FDC received $1,885,587 of which $1,604,787 was paid to securities dealers,
banks and other financial institutions.
TRANSFER AGENT FEE. Fidelity Service Co. (FSC), an affiliate of FMR, is the
transfer, dividend disbursing and shareholder servicing agent for the
Fidelity Strategic Opportunities Fund Class. FSC receives fees based on the
type, size, number of accounts and the number of transactions made by
shareholders. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements.
State Street Bank and Trust Company (SSB) is the transfer, dividend
disbursing and shareholder servicing agent for the Fidelity Advisor
Strategic Opportunities fund. SSB is reimbursed for its out-of-pocket
expenses.
ACCOUNTING FEE. FSC maintains the funds' 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 $97,492 for the period.
5. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of approximately
22% of the total outstanding shares of the fund.
6. EXPENSE REDUCTIONS.
FMR has directed certain portfolio trades to brokers who paid a portion of
the fund's expenses. For the period, the fund's expenses were reduced by
$8,028 under this arrangement.
7. SHARE TRANSACTIONS.
Share transactions for both classes were as follows:

SHARES DOLLARS
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
MAY 31, SEPTEMBER 30, MAY 31, SEPTEMBER 30,
1994 1993 1994 1993
ADVISOR STRATEGIC OPPORTUNITIES
Shares sold 5,573,675 3,301,716 $ 117,966,896 $ 68,310,190
Reinvestment of distributions 946,630 578,982 19,661,509 10,786,432
Shares redeemed (1,450,587) (1,866,302) (30,383,443) (37,662,274)
Net increase (decrease) 5,069,718 2,014,396 $ 107,244,962 $ 41,434,348
STRATEGIC OPPORTUNITIES
Shares sold 5,643 13,084 $ 123,086 $ 304,306
Reinvestment of distributions 86,923 82,900 1,818,425 1,550,218
Shares redeemed (52,325) (94,063) (1,111,188) (1,927,140)
Net increase (decrease) 40,241 1,921 $ 830,323 $ (72,616)
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Daniel R. Frank, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
Robert H. Morrison, Manager,
Security Transactions
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Phyllis Burke Davis
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Marvin L. Mann
Gerald C. McDonough
Thomas R. Williams
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
State Street Bank and Trust Company
Boston, MA
CUSTODIAN
Brown Brothers Harriman & Co.
Boston, MA
EQUITY FUNDS
Fidelity Advisor Overseas Fund
Fidelity Advisor Equity Portfolio Growth
Fidelity Advisor Growth Opportunities Fund
Fidelity Advisor Strategic Opportunities Fund
Fidelity Advisor Global Resources Fund
GROWTH AND INCOME FUNDS
Fidelity Advisor Equity Portfolio Income
Fidleity Advisor Income & Growth Fund
FIXED-INCOME FUNDS
Fidelity Advisor Emerging Markets Income Fund
Fidelity Advisor High Yield Fund
Fidelity Advisor Government Investment Fund
Fidelity Advisor Limited Term Bond Fund
Fidelity Advisor Short Fixed-Income Fund
TAX-EXEMPT FUNDS
Fidelity Advisor High Income Municipal Fund
Fidelity Advisor Limited Term Tax-Exempt Fund
Fidelity Advisor Short-Intermediate Tax-Exempt Fund
MONEY MARKET FUNDS
Daily Money Fund: Money Market Portfolio
Daily Money Fund: U.S. Treasury Portfolio
Daily Tax-Exempt Money Fund
(REGISTERED TRADEMARK)

(2_FIDELITY_LOGOS)FIDELITY

STRATEGIC OPPORTUNITIES
FUND
SEMIANNUAL REPORT
MARCH 31, 1994
CONTENTS

PRESIDENT'S MESSAGE 3 Ned Johnson on stock market
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 value.

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

NOTES 24 Footnotes to the financial
statements.

DEAR SHAREHOLDER:
The first few months of 1994 were an unsettling time for many investors.
After three years of a nearly perfect environment for stock market
investing, stock prices fell in March. Investors disagree about whether
this decline represents only a short-term correction or signals the
beginning of a longer bear market. One can collect statistics to support
either opinion, but of course, nobody knows for sure what will happen to
stock prices in the months ahead.
We do know, however, that market declines are a normal part of stock market
investing. We have historically seen corrections of 10% or more every two
years. That's why I thought this might be a good time to review three basic
investment principles that have proven helpful to successful stock market
investors in every market cycle.
First, take a long-term approach when investing in stocks and stock funds.
If you can afford to leave your money invested through the market's
inevitable ups and downs, you will greatly reduce your vulnerability to any
single decline. Over time, stock prices have gone up - and have
significantly outperformed other types of investments and stayed ahead of
inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a stable investment, such as a money market fund.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't protect you from a loss in a continuously declining market, but it
should help you lower the average cost of your purchases.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE

Strategic Opportunities -4.33% 5.00% 83.74% 333.62%

Strategic Opportunities
(incl. 4.75% sales charge) -8.88% 0.01% 75.02% 313.02%

S&P 500(Registered trademark) -1.55% 1.47% 77.23% 296.63%

Average Capital Appreciation
Fund -1.45% 8.34% 83.12% 249.27%

Strategic Opportunities 5.00% 12.94% 15.80%

Strategic Opportunities
(incl. 4.75% sales charge) 0.01% 11.84% 15.24%

S&P 500 1.47% 12.13% 14.77%

Average Capital Appreciation Fund 8.34% 12.41% 12.45%

AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
03/31/84 9525.00 10000.00
04/30/84 9442.26 10095.00
05/31/84 8954.98 9535.74
06/30/84 9175.63 9742.66
07/31/84 8973.36 9621.85
08/31/84 9966.32 10685.07
09/30/84 10159.39 10687.21
10/31/84 10471.99 10728.89
11/30/84 10191.63 10608.72
12/31/84 10248.09 10888.79
01/31/85 11367.94 11737.03
02/28/85 11358.53 11881.39
03/31/85 11189.14 11889.71
04/30/85 11142.09 11879.01
05/31/85 11819.65 12565.62
06/30/85 12083.15 12762.90
07/31/85 12299.59 12743.75
08/31/85 12440.75 12635.43
09/30/85 11951.40 12239.94
10/31/85 12619.55 12805.43
11/30/85 13438.15 13683.88
12/31/85 14096.47 14346.18
01/31/86 14723.44 14426.52
02/28/86 15966.94 15505.62
03/31/86 17116.40 16370.84
04/30/86 16823.81 16185.85
05/31/86 17158.19 17046.93
06/30/86 18077.76 17335.03
07/31/86 17503.03 16366.00
08/31/86 18683.83 17580.35
09/30/86 17461.23 16126.46
10/31/86 18140.45 17056.96
11/30/86 18421.59 17471.44
12/31/86 18032.25 17025.92
01/31/87 19522.88 19319.31
02/28/87 19723.12 20082.42
03/31/87 20323.82 20662.80
04/30/87 19734.24 20478.91
05/31/87 19934.48 20657.07
06/30/87 20568.55 21700.25
07/31/87 21413.99 22800.46
08/31/87 21836.71 23650.91
09/30/87 21280.50 23132.96
10/31/87 17409.29 18150.12
11/30/87 16619.48 16654.55
12/31/87 17001.32 17921.96
01/31/88 18350.02 18676.48
02/29/88 18959.52 19546.80
03/31/88 18622.35 18942.80
04/30/88 18739.06 19153.07
05/31/88 19063.27 19319.70
06/30/88 20373.06 20206.47
07/31/88 20256.34 20129.69
08/31/88 19646.84 19445.28
09/30/88 20295.25 20273.65
10/31/88 20658.36 20837.26
11/30/88 20775.07 20539.28
12/31/88 20861.85 20898.72
01/31/89 22114.37 22428.51
02/28/89 22020.10 21870.04
03/31/89 22478.01 22379.61
04/30/89 23326.49 23541.11
05/31/89 24390.46 24494.53
06/30/89 24592.48 24354.91
07/31/89 26275.97 26554.16
08/31/89 26599.20 27074.62
09/30/89 26626.14 26963.61
10/31/89 26195.16 26338.06
11/30/89 26922.43 26875.35
12/31/89 27742.20 27520.36
01/31/90 25942.03 25673.74
02/28/90 26095.53 26004.94
03/31/90 26123.44 26694.07
04/30/90 25062.87 26026.71
05/31/90 25886.21 28564.32
06/30/90 26137.40 28370.08
07/31/90 26235.08 28279.30
08/31/90 24420.95 25722.85
09/30/90 24239.54 24470.15
10/31/90 24239.54 24364.92
11/30/90 25314.06 25938.90
12/31/90 25912.79 26662.59
01/31/91 26775.57 27825.08
02/28/91 28369.53 29814.58
03/31/91 29276.19 30536.09
04/30/91 29685.64 30609.38
05/31/91 30753.16 31931.70
06/30/91 29802.63 30469.23
07/31/91 30709.29 31889.10
08/31/91 31381.97 32644.87
09/30/91 31513.58 32099.70
10/31/91 30899.39 32529.83
11/30/91 30168.22 31218.88
12/31/91 32051.67 34790.32
01/31/92 32120.64 34143.22
02/29/92 32758.57 34587.08
03/31/92 31948.22 33912.63
04/30/92 32568.91 34909.67
05/31/92 33637.87 35080.72
06/30/92 33655.12 34558.02
07/31/92 34689.60 35971.44
08/31/92 34120.63 35234.03
09/30/92 33999.94 35649.79
10/31/92 34275.80 35774.57
11/30/92 35741.32 36994.48
12/31/92 36370.52 37449.51
01/31/93 37054.60 37764.09
02/28/93 38118.73 38277.68
03/31/93 39334.89 39085.34
04/30/93 38574.79 38139.47
05/31/93 39505.91 39161.61
06/30/93 39866.95 39275.18
07/31/93 40741.06 39118.08
08/31/93 43306.38 40600.65
09/30/93 43173.36 40288.03
10/31/93 44560.53 41121.99
11/30/93 42698.30 40731.33
12/31/93 44034.51 41224.18
01/31/94 44454.89 42625.80
02/28/94 42920.51 41466.38
03/31/94 41302.06 39658.45

$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity
Strategic Opportunities Fund on March 31, 1984, and paid a 4.75% sales
charge. As the chart shows, by March 31, 1994, the value of your investment
would have grown to $41,302 - a 313.02% increase on your initial
investment. For comparison, look at how the S&P 500 did over the same
period. With dividends reinvested, the same $10,000 investment would have
grown to $39,663 - a 296.63% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. The stock market,
for example, has a history of
growth in the long run and
volatility in the short run. In
turn, the share price and
return of a fund that invests in
stocks will vary. That means if
you sell your shares during a
market downturn, you might
lose money. But if you can
ride out the market's ups and
downs, you may have a gain.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW

Interview with Daniel R. Frank,
Portfolio Manager of Fidelity
Strategic Opportunities Fund
Q. DAN, HOW HAS THE FUND PERFORMED?
A. For the six months ended March 31, 1994, the fund had a total return of
- - - - - -4.33%. That lagged the average capital appreciation fund, which returned
- - - - - -1.45% for the same period, according to Lipper Analytical Services.
Q. WHAT ACCOUNTED FOR THE FUND'S
PERFORMANCE?
A. Three factors. First, the recent rise in interest rates had a
particularly severe impact on the fund's investment in long-term Treasury
securities. In October, the yield on the benchmark 30-year Treasury bond
reached a historic low of 5.79%. By year-end a strengthening economy had
fueled mild inflation fears. That pushed up the yield on the 30-year bond
to 6.35% on December 31. Inflation jitters eased and bond yields dropped in
January. However, when the Federal Reserve raised short-term interest rates
in an attempt to control inflation, bonds dropped further. At the end of
the period, Treasury securities made up 15.9% of the fund's investments.
Q. GIVEN THE RECENT POOR PERFORMANCE OF TREASURY SECURITIES, WHY DO YOU
CONTINUE TO KEEP THEM IN THE FUND?
A. The fund has maintained a large position in long duration treasury
securities for the past five years, if not longer. The longer the duration,
the more sensitive a security tends to be to changes in interest rates. The
trends toward lower levels of inflation globally continue to suggest these
long duration securities could provide excellent total return potential.
Naturally, these securities perform poorly during periods when interest
rates are rising. However, over the past decade, interest rates have risen
a number of times only to retreat to new lower levels shortly thereafter.
Q. WHAT OTHER FACTORS DROVE THE FUND'S PERFORMANCE?
A. A second factor was the fund's stake in Regional Bell Operating
Companies (RBOCs), which was hurt by the rise in interest rates. Many
investors still view these companies as interest rate-sensitive, and their
stocks dropped off when rates rose. In mid-1993 the group was driven to
high valuations on the prospects for the emerging information superhighway.
Since that time, the combination of deflated expectations and rising
interest rates has resulted in poor stock performance for the group. I
continue to invest in these companies because I believe the RBOCs should
benefit in the future from deregulation, new broadband services, wireless
communications, and overseas investments.
Q. AND THE FINAL FACTOR?
A. The fund's performance was hurt by its stake in Hong Kong companies.
Even though I had dramatically reduced the fund's investments in these
companies, the fund's remaining Hong Kong stocks were hurt by the recent
sell-off in Hong Kong. Hong Kong investments made up 4.3% of the fund's
investments at the end of March, down from 10.1% six months ago.
Q. WHY DID YOU ALSO DECREASE THE FUND'S STAKE IN OIL AND GAS REFINERS?
A. Oil and gas refining companies look attractive right now, but the stock
valuations don't look as attractive. So I've pared back the fund's stake in
these companies to 5.3% at the end of March, from 9.3% six months ago. I
may begin to build up the fund's stake in these companies if their stock
prices present a better value.
Q. IN LIGHT OF THE HIKE IN INTEREST RATES, WHY HAVE YOU INCREASED THE
FUND'S STAKE IN INTEREST RATE-SENSITIVE BANK AND SAVINGS AND LOAN
COMPANIES?
A. Banks and S&L stocks tend to be negatively affected as interest
rates rise, while in actuality the underlying business benefits from higher
rates. So right now we're experiencing a classic combination of improving
fundamentals and lower stock prices for this group. I'm concentrating on
finding institutions that are financially strong, are growing
geographically and offering additional potential as the industry
consolidates. At the end of March, finance companies, including banks and
S&Ls, were the fund's second largest industry concentration and made up
12.2% of the fund's investments, compared to 3.4% six months ago.
Q. WERE THERE ANY BRIGHT SPOTS?
A. Over the past six months, securities which performed well were varied.
From October through December, Hong Kong stocks performed quite well. As I
already mentioned, that run-up provided a good opportunity to exit the
group. Selected banks and savings and loans performed quite well for the
reasons I've already mentioned. Finally, service companies which cater to
non-economically sensitive consumer needs such as haircuts and funerals
also did well over the past six months.
Q. YOU CONTINUED TO MAINTAIN A FAIRLY LARGE STAKE IN CASH THROUGHOUT THE
PAST SIX MONTHS. WAS THAT BECAUSE YOU ANTICIPATED A FALLING STOCK MARKET?
A. The fund's cash position was not high because of market concern, but
rather because of my desire to ensure that I invested in securities that
were reasonably valued. Going forward, I'll deploy cash as securities of
individual companies become more attractively valued. At the end of the
period, the fund's cash level stood at 15.6% of the fund's investments.
Q. WHAT'S AHEAD FOR THE FUND?
A. My philosophy is not to time or predict the market. That is to say, my
guess is as good as anyone's. My strategy remains the same as it has been
for the past decade. I'll continue to try to find appropriately priced
investments that I think should provide above average long-term returns.

Showing Percentage of Total Value of Investments

COMMON STOCKS - 63.4%
SHARES VALUE (NOTE 1)

STATEMENT OF ASSETS AND LIABILITIES

<TABLE>
<CAPTION>
<S> <C> <C>
MARCH 31, 1994 (UNAUDITED)

ASSETS

Investment in securities, at value (including repurchase $ 337,864,736
agreements of $52,582,000) (cost $339,736,925)
(Notes 1 and 2) - See accompanying schedule

Cash 932

Receivable for investments sold 28,652,187

Receivable for fund shares sold 2,220,731

Dividends receivable 562,009

Interest receivable 840,487

Other receivables 555,347

TOTAL ASSETS 370,696,429

LIABILITIES

Payable for investments purchased $ 18,179,697

Payable for fund shares redeemed 1,592,497

Accrued management fee 218,480

Other payables and accrued expenses 360,907

TOTAL LIABILITIES 20,351,581

NET ASSETS $ 350,344,848

Net Assets consist of (Note 1):

Paid in capital $ 342,348,881

Undistributed net investment income 306,884

Accumulated undistributed net realized gain (loss) on 9,561,272
investments

Net unrealized appreciation (depreciation) on investment (1,872,189)
securities

NET ASSETS $ 350,344,848

CALCULATION OF MAXIMUM OFFERING PRICE $19.45
ADVISOR STRATEGIC OPPORTUNITIES
NET ASSET VALUE, and redemption price per share
($331,650,467 (divided by) 17,052,837 shares)

Maximum offering price per share (100/95.25 of $19.45) $20.42

STRATEGIC OPPORTUNITIES $19.65
NET ASSET VALUE, and redemption price per share
($18,694,381 (divided by) 951,590 shares)

Maximum offering price per share $20.63
(100/95.25 of $19.65)

</TABLE>

STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED MARCH 31, 1994 (UNAUDITED)

INVESTMENT INCOME $ 2,912,835
Dividends

Interest 2,603,422

TOTAL INCOME 5,516,257

EXPENSES

Management fee (Note 4) $ 1,020,308
Basic fee

Performance adjustment 215,782

Transfer agent fees (Note 4) 478,698
Advisor Strategic Opportunities

Strategic Opportunities 19,626

Distribution fees - Advisor Strategic Opportunities (Note 980,605
4)

Accounting fees and expenses (Note 4) 98,932

Non-interested trustees' compensation 990

Custodian fees and expenses 42,374

Registration fees 74,420

Audit 19,912

Legal 37,342

Miscellaneous 7,403

Total expenses before reductions 2,996,392

Expense reductions (Note 6) (8,028) 2,988,364

NET INVESTMENT INCOME 2,527,893

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 10,617,981
(NOTES 1 AND 3)
Net realized gain (loss) on investment securities

Change in net unrealized appreciation (depreciation) on (30,843,394)
investment securities

NET GAIN (LOSS) (20,225,413)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ (17,697,520)
OPERATIONS

</TABLE>

STATEMENT OF CHANGES IN NET ASSETS

<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED MARCH 31, SEPTEMBER 30,
1994 1993
(UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS

Operations $ 2,527,893 $ 5,033,318
Net investment income

Net realized gain (loss) on investments 10,617,981 25,283,326

Change in net unrealized appreciation (depreciation) (30,843,394) 25,715,063
on
investments

NET INCREASE (DECREASE) IN NET ASSETS RESULTING (17,697,520) 56,031,707
FROM OPERATIONS

Distributions to shareholders from:
Net investment income

Advisor Strategic Opportunities (5,752,632) (5,678,505)

Strategic Opportunities (458,027) (627,961)

Net realized gain

Advisor Strategic Opportunities (22,876,692) (12,054,370)

Strategic Opportunities (1,535,740) (1,085,476)

Share transactions - net increase (decrease) (Note 7) 108,075,285 41,361,732

TOTAL INCREASE (DECREASE) IN NET ASSETS 59,754,674 77,947,127

NET ASSETS

Beginning of period 290,590,174 212,643,047

End of period (including undistributed net investment $ 350,344,848 $ 290,590,174
income of $306,884 and $8,916,803, respectively)

</TABLE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
STRATEGIC OPPORTUNITIES

SIX
MONTHS
ENDED
MARCH 31,
1994
(UNAUDITED
)

YEARS ENDED SEPTEMBER 30,

1993 1992(dagger)(dagger) 1991 1990 1989

SELECTED PER-SHARE DATA

Net asset value, $ 22.72 $ 19.72 $ 21.55 $ 17.37 $ 19.77 $ 15.65
beginning of period

Income from
Investment
Operations

Net investment (.17) .45 .73 .77 .80 .64
income

Net realized and (.68) 4.46 .58 4.26 (2.49) 4.08
unrealized gain
(loss) on
investments

Total from (.85) 4.91 1.31 5.03 (1.79) 4.72
investment
operations

Less Distributions

From net investment (.51) (.70) (.72) (.85) (.71) (.60)
income

From net realized (1.71) (1.21) (2.42) - - -
gain on
investments

Total distributions (2.22) (1.91) (3.14) (.85) (.71) (.60)

Net asset value, end $ 19.65 $ 22.72 $ 19.72 $ 21.55 $ 17.37 $ 19.77
of period

TOTAL RETURN (dagger) (4.33) 26.98% 7.89% 30.01% (8.96) 31.19%
% %

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of $ 18,964 $ 20,707 $ 17,933 $ 19,193 $ 15,988 $ 19,780
period (000 omitted)

Ratio of expenses to 1.13%* .89% .87% 1.00% 1.03% .64%
average net assets (diamond) #

Ratio of net 2.25%* 2.74% 3.78% 4.12% 4.21% 4.08%
investment income
to average net
assets

Portfolio turnover rate 241%* 183% 211% 223% 114% 89%

</TABLE>

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