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<PAGE> PAGE 10
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<PAGE> PAGE 13
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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028 D020400 9
028 D030400 0
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029 000400 Y
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032 000400 0
033 000400 0
034 000400 Y
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036 B000400 0
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042 E000400 0
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<PAGE> PAGE 21
042 H000400 0
043 000400 0
044 000400 0
049 000400 N
050 000400 N
051 000400 N
052 000400 Y
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 2500
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 11.8
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 88.2
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 12.6
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
<PAGE> PAGE 22
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 Y
070 E020400 Y
070 F010400 N
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 Y
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070 R010400 N
070 R020400 N
071 A000400 2331
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072 D000400 0
072 E000400 0
072 F000400 2
072 G000400 0
072 H000400 0
072 I000400 1
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072 K000400 0
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<PAGE> PAGE 23
072 Q000400 11
072 R000400 8
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072 Y000400 32
072 Z000400 17
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072BB000400 1
072CC010400 0
072CC020400 76
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072DD020400 15
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074 F000400 0
074 G000400 0
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074 L000400 39
074 M000400 34
074 N000400 2670
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<PAGE> PAGE 24
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SIGNATURE JOHN H. COSTELLO
TITLE ASST. TREASURER
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<CIK> 0000803013
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18,829
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0
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47,577
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0
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0
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2,800
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16,339
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3,906
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15,466
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11.880
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<TABLE> <S> <C>
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566,931
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4
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16,339
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3,906
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0
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<TABLE> <S> <C>
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<NAME> Fidelity Advisor Series V
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- Institutional Class
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575,821
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566,931
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4
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13,240
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19,139
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0
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16,339
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483
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11.880
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.330
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75
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0
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0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 21
<NAME> Advisor Global Resources Fund
- Class A
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<S>
<C>
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442,481
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516,463
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13,552
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486
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0
<TOTAL-ASSETS>
530,501
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16,081
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0
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1,368
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17,449
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0
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412,230
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20,696
<SHARES-COMMON-PRIOR>
14,180
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(234)
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27,074
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0
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73,982
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513,052
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1,878
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821
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0
<EXPENSES-NET>
2,932
<NET-INVESTMENT-INCOME>
(233)
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27,635
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56,984
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84,386
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0
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0
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0
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8,199
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2,146
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462
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236,847
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0
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9,933
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0
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0
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0
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3,007
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345,546
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19.250
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0
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0
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23.500
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169
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0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 22
<NAME> Advisor Global Resources Fund
- Class B
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<S>
<C>
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Oct-31-1996
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442,481
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516,463
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13,552
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486
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0
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530,501
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16,081
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1,368
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17,449
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0
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412,230
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769
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130
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27,074
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73,982
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1,878
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821
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0
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<NET-INVESTMENT-INCOME>
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21
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6
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236,847
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0
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0
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0
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0
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3,007
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7,295
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19.230
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0
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0
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0
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000803013
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<SERIES>
<NUMBER> 23
<NAME> Advisor Global Resources Fund
- Institutional Class
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<C>
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442,481
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516,463
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13,552
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486
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0
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17,449
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0
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412,230
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368
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37
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27,074
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0
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73,982
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513,052
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1,878
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821
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0
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2,932
<NET-INVESTMENT-INCOME>
(233)
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27,635
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56,984
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84,386
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0
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0
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0
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331
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2
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1
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236,847
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0
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0
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0
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1,350
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0
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3,007
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3,375
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19.270
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0
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4.960
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0
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.690
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0
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23.540
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158
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0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 41
<NAME> Fidelity Advisor California Muncipal Income - Class A
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<S>
<C>
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OCt-31-1996
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2,543
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67
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0
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2,670
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21
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64
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2,649
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21
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<EXPENSES-NET>
4
<NET-INVESTMENT-INCOME>
17
<REALIZED-GAINS-CURRENT>
(1)
<APPREC-INCREASE-CURRENT>
(76)
<NET-CHANGE-FROM-OPS>
(60)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
2
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
64
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
2649
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
2
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
36
<AVERAGE-NET-ASSETS>
309
<PER-SHARE-NAV-BEGIN>
10.000
<PER-SHARE-NII>
.064
<PER-SHARE-GAIN-APPREC>
(.330)
<PER-SHARE-DIVIDEND>
.064
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
9.670
<EXPENSE-RATIO>
1.00
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 42
<NAME> Fidelity Advisor California Muncipal Income - Class B
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
OCt-31-1996
<PERIOD-END>
APR-30-1996
<INVESTMENTS-AT-COST>
2,618
<INVESTMENTS-AT-VALUE>
2,543
<RECEIVABLES>
60
<ASSETS-OTHER>
67
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
2,670
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
21
<TOTAL-LIABILITIES>
21
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,726
<SHARES-COMMON-STOCK>
29
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(1)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(76)
<NET-ASSETS>
2,649
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
21
<OTHER-INCOME>
0
<EXPENSES-NET>
4
<NET-INVESTMENT-INCOME>
17
<REALIZED-GAINS-CURRENT>
(1)
<APPREC-INCREASE-CURRENT>
(76)
<NET-CHANGE-FROM-OPS>
(60)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
1
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
29
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
0
<NET-CHANGE-IN-ASSETS>
2649
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
2
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
36
<AVERAGE-NET-ASSETS>
29
<PER-SHARE-NAV-BEGIN>
10.000
<PER-SHARE-NII>
.056
<PER-SHARE-GAIN-APPREC>
(.340)
<PER-SHARE-DIVIDEND>
.056
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
9.660
<EXPENSE-RATIO>
1.65
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 43
<NAME> Fidelity Advisor California Muncipal Income -Instiituitonal Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
OCt-31-1996
<PERIOD-END>
APR-30-1996
<INVESTMENTS-AT-COST>
2,618
<INVESTMENTS-AT-VALUE>
2,543
<RECEIVABLES>
60
<ASSETS-OTHER>
67
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
2,670
<PAYABLE-FOR-SECURITIES>
0
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
21
<TOTAL-LIABILITIES>
21
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
2,726
<SHARES-COMMON-STOCK>
182
<SHARES-COMMON-PRIOR>
0
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
(1)
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(76)
<NET-ASSETS>
2,649
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
21
<OTHER-INCOME>
0
<EXPENSES-NET>
4
<NET-INVESTMENT-INCOME>
17
<REALIZED-GAINS-CURRENT>
(1)
<APPREC-INCREASE-CURRENT>
(76)
<NET-CHANGE-FROM-OPS>
(60)
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
14
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
180
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
2
<NET-CHANGE-IN-ASSETS>
2649
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
2
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
36
<AVERAGE-NET-ASSETS>
182
<PER-SHARE-NAV-BEGIN>
10.000
<PER-SHARE-NII>
.087
<PER-SHARE-GAIN-APPREC>
(.370)
<PER-SHARE-DIVIDEND>
.087
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
9.630
<EXPENSE-RATIO>
0.75
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 31
<NAME> Fidelity Advisor New York Muncipal Income - Class A
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
OCt-31-1996
<PERIOD-END>
APR-30-1996
<INVESTMENTS-AT-COST>
6,611
<INVESTMENTS-AT-VALUE>
6,579
<RECEIVABLES>
150
<ASSETS-OTHER>
33
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
6,762
<PAYABLE-FOR-SECURITIES>
324
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
38
<TOTAL-LIABILITIES>
362
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
6,405
<SHARES-COMMON-STOCK>
358
<SHARES-COMMON-PRIOR>
195
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
26
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(31)
<NET-ASSETS>
6,400
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
142
<OTHER-INCOME>
0
<EXPENSES-NET>
30
<NET-INVESTMENT-INCOME>
112
<REALIZED-GAINS-CURRENT>
26
<APPREC-INCREASE-CURRENT>
(132)
<NET-CHANGE-FROM-OPS>
6
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
66
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
171
<NUMBER-OF-SHARES-REDEEMED>
13
<SHARES-REINVESTED>
5
<NET-CHANGE-IN-ASSETS>
2524
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
11
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
82
<AVERAGE-NET-ASSETS>
3,079
<PER-SHARE-NAV-BEGIN>
10.400
<PER-SHARE-NII>
.219
<PER-SHARE-GAIN-APPREC>
(.140)
<PER-SHARE-DIVIDEND>
.219
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
10.260
<EXPENSE-RATIO>
.95
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 32
<NAME> Fidelity Advisor New York Muncipal Income - Class B
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
OCt-31-1996
<PERIOD-END>
APR-30-1996
<INVESTMENTS-AT-COST>
6,611
<INVESTMENTS-AT-VALUE>
6,579
<RECEIVABLES>
150
<ASSETS-OTHER>
33
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
6,762
<PAYABLE-FOR-SECURITIES>
324
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
38
<TOTAL-LIABILITIES>
362
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
6,405
<SHARES-COMMON-STOCK>
199
<SHARES-COMMON-PRIOR>
112
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
26
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(31)
<NET-ASSETS>
6,400
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
142
<OTHER-INCOME>
0
<EXPENSES-NET>
30
<NET-INVESTMENT-INCOME>
112
<REALIZED-GAINS-CURRENT>
26
<APPREC-INCREASE-CURRENT>
(132)
<NET-CHANGE-FROM-OPS>
6
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
31
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
88
<NUMBER-OF-SHARES-REDEEMED>
3
<SHARES-REINVESTED>
2
<NET-CHANGE-IN-ASSETS>
2,524
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
11
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
82
<AVERAGE-NET-ASSETS>
1,767
<PER-SHARE-NAV-BEGIN>
10.390
<PER-SHARE-NII>
.184
<PER-SHARE-GAIN-APPREC>
(.140)
<PER-SHARE-DIVIDEND>
.184
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
10.250
<EXPENSE-RATIO>
1.61
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803013
<NAME> Fidelity Advisor Series V
<SERIES>
<NUMBER> 33
<NAME> Fidelity Advisor New York Muncipal Income - Institutional Class
<MULTIPLIER> 1,000
<S>
<C>
<PERIOD-TYPE>
6-mos
<FISCAL-YEAR-END>
OCt-31-1996
<PERIOD-END>
APR-30-1996
<INVESTMENTS-AT-COST>
6,611
<INVESTMENTS-AT-VALUE>
6,579
<RECEIVABLES>
150
<ASSETS-OTHER>
33
<OTHER-ITEMS-ASSETS>
0
<TOTAL-ASSETS>
6,762
<PAYABLE-FOR-SECURITIES>
324
<SENIOR-LONG-TERM-DEBT>
0
<OTHER-ITEMS-LIABILITIES>
38
<TOTAL-LIABILITIES>
362
<SENIOR-EQUITY>
0
<PAID-IN-CAPITAL-COMMON>
6,405
<SHARES-COMMON-STOCK>
67
<SHARES-COMMON-PRIOR>
66
<ACCUMULATED-NII-CURRENT>
0
<OVERDISTRIBUTION-NII>
0
<ACCUMULATED-NET-GAINS>
26
<OVERDISTRIBUTION-GAINS>
0
<ACCUM-APPREC-OR-DEPREC>
(31)
<NET-ASSETS>
6,400
<DIVIDEND-INCOME>
0
<INTEREST-INCOME>
142
<OTHER-INCOME>
0
<EXPENSES-NET>
30
<NET-INVESTMENT-INCOME>
112
<REALIZED-GAINS-CURRENT>
26
<APPREC-INCREASE-CURRENT>
(132)
<NET-CHANGE-FROM-OPS>
6
<EQUALIZATION>
0
<DISTRIBUTIONS-OF-INCOME>
15
<DISTRIBUTIONS-OF-GAINS>
0
<DISTRIBUTIONS-OTHER>
0
<NUMBER-OF-SHARES-SOLD>
0
<NUMBER-OF-SHARES-REDEEMED>
0
<SHARES-REINVESTED>
1
<NET-CHANGE-IN-ASSETS>
2,524
<ACCUMULATED-NII-PRIOR>
0
<ACCUMULATED-GAINS-PRIOR>
0
<OVERDISTRIB-NII-PRIOR>
0
<OVERDIST-NET-GAINS-PRIOR>
0
<GROSS-ADVISORY-FEES>
11
<INTEREST-EXPENSE>
0
<GROSS-EXPENSE>
82
<AVERAGE-NET-ASSETS>
695
<PER-SHARE-NAV-BEGIN>
10.400
<PER-SHARE-NII>
.231
<PER-SHARE-GAIN-APPREC>
(.130)
<PER-SHARE-DIVIDEND>
.231
<PER-SHARE-DISTRIBUTIONS>
0
<RETURNS-OF-CAPITAL>
0
<PER-SHARE-NAV-END>
10.270
<EXPENSE-RATIO>
.64
<AVG-DEBT-OUTSTANDING>
0
<AVG-DEBT-PER-SHARE>
0
</TABLE>
