N-CSRS 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-3785

Fidelity Advisor Series I
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

November 30

Date of reporting period:

May 31, 2003

Fidelity Advisor Dividend Growth Fund and Fidelity Advisor Mid Cap Fund, funds of Advisor Series I, have been included separate N-CSR filings dated July 28, 2003.

Item 1. Reports to Stockholders

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Asset Allocation

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American International Group, Inc.

3.5

2.7

UnitedHealth Group, Inc.

3.5

1.8

First Data Corp.

3.4

2.1

Clear Channel Communications, Inc.

3.4

3.9

Kohl's Corp.

2.3

1.8

KB Home

2.2

1.2

Johnson & Johnson

2.1

2.3

Microsoft Corp.

2.1

2.5

Pfizer, Inc.

2.1

1.7

Radio One, Inc. Class D (non-vtg.)

1.9

2.7

26.5

Market Sectors as of May 31, 2003

(stocks only)

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

19.5

18.7

Financials

13.6

14.6

Health Care

11.5

12.6

Information Technology

8.8

5.4

Industrials

4.9

10.0

Telecommunication Services

3.7

2.2

Consumer Staples

3.4

3.1

Energy

2.5

2.8

Materials

1.1

1.1

Utilities

0.4

0.0

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stock class 72%

Stock class 75%

Bond class 20%

Bond class 22%

Short-term class 8%

Short-term class 3%

* Foreign investments

4%

** Foreign investments

4%



Asset allocations in the pie charts reflect the categorization of assets as defined in the fund's prospectus in effect as of the time periods indicated above. Financial Statement categorizations conform to accounting standards and will differ from the pie chart.

Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 69.4%

Shares

Value
(Note 1)

CONSUMER DISCRETIONARY - 19.5%

Hotels, Restaurants & Leisure - 0.5%

Applebee's International, Inc.

17,800

$ 546,282

Household Durables - 6.9%

Beazer Homes USA, Inc. (a)

14,500

1,229,600

Centex Corp.

16,100

1,249,843

Garmin Ltd. (a)

1,700

82,025

Harman International Industries, Inc.

2,800

207,760

KB Home

40,600

2,537,500

Lennar Corp.:

Class A

15,200

1,019,160

Class B

1,280

83,392

Mohawk Industries, Inc. (a)

23,865

1,377,249

7,786,529

Media - 7.6%

AOL Time Warner, Inc. (a)

46,700

710,774

Clear Channel Communications, Inc. (a)

93,557

3,807,770

Radio One, Inc.:

Class A (a)

49,670

832,420

Class D (non-vtg.) (a)

130,070

2,172,169

Scholastic Corp. (a)

6,600

205,656

Viacom, Inc. Class B (non-vtg.) (a)

18,200

828,464

8,557,253

Multiline Retail - 2.3%

Kohl's Corp. (a)

49,800

2,607,030

Specialty Retail - 2.2%

Best Buy Co., Inc. (a)

2,850

110,295

Blockbuster, Inc. Class A

13,100

221,390

Circuit City Stores, Inc.

31,000

222,890

Home Depot, Inc.

29,200

948,708

Weight Watchers International, Inc. (a)

9,900

421,542

Wet Seal, Inc. Class A (a)

25,400

269,240

Williams-Sonoma, Inc. (a)

12,200

346,846

2,540,911

TOTAL CONSUMER DISCRETIONARY

22,038,005

CONSUMER STAPLES - 3.4%

Beverages - 1.1%

The Coca-Cola Co.

27,700

1,262,289

Food & Staples Retailing - 0.7%

Wal-Mart Stores, Inc.

14,670

771,789

Common Stocks - continued

Shares

Value
(Note 1)

CONSUMER STAPLES - continued

Food Products - 0.3%

Dean Foods Co. (a)

7,500

$ 343,125

Personal Products - 0.3%

Avon Products, Inc.

5,970

363,812

Tobacco - 1.0%

Altria Group, Inc.

27,030

1,116,339

TOTAL CONSUMER STAPLES

3,857,354

ENERGY - 2.5%

Energy Equipment & Services - 2.5%

BJ Services Co. (a)

2,400

97,704

ENSCO International, Inc.

11,300

339,000

GlobalSantaFe Corp.

7,100

176,648

Nabors Industries Ltd. (a)

1,800

81,144

Noble Corp. (a)

4,100

146,206

Pride International, Inc. (a)

30,200

574,706

Rowan Companies, Inc.

21,500

514,710

Smith International, Inc. (a)

11,800

482,502

Weatherford International Ltd. (a)

9,970

452,140

2,864,760

FINANCIALS - 13.6%

Capital Markets - 0.4%

Merrill Lynch & Co., Inc.

4,300

186,190

Morgan Stanley

6,500

297,375

483,565

Commercial Banks - 2.5%

Bank of America Corp.

13,900

1,031,380

Bank One Corp.

27,900

1,042,344

M&T Bank Corp.

7,800

694,590

2,768,314

Consumer Finance - 0.6%

MBNA Corp.

35,200

705,760

Diversified Financial Services - 1.7%

Citigroup, Inc.

46,986

1,927,366

Insurance - 5.1%

AFLAC, Inc.

47,060

1,548,745

American International Group, Inc.

69,767

4,038,102

XL Capital Ltd. Class A

2,300

200,215

5,787,062

Common Stocks - continued

Shares

Value
(Note 1)

FINANCIALS - continued

Thrifts & Mortgage Finance - 3.3%

Fannie Mae

27,650

$ 2,046,100

Freddie Mac

28,150

1,683,652

3,729,752

TOTAL FINANCIALS

15,401,819

HEALTH CARE - 11.5%

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

10,700

271,138

Boston Scientific Corp. (a)

8,400

437,640

Medtronic, Inc.

10,500

511,665

St. Jude Medical, Inc. (a)

12,700

712,470

1,932,913

Health Care Providers & Services - 3.7%

AmerisourceBergen Corp.

2,800

175,532

HealthSouth Corp. (a)

214,020

64,206

UnitedHealth Group, Inc.

40,900

3,923,946

4,163,684

Pharmaceuticals - 6.1%

Abbott Laboratories

7,400

329,670

Forest Laboratories, Inc. (a)

5,400

272,700

Johnson & Johnson

43,800

2,380,530

Merck & Co., Inc.

26,000

1,445,080

Pfizer, Inc.

75,032

2,327,493

Wyeth

3,900

171,015

6,926,488

TOTAL HEALTH CARE

13,023,085

INDUSTRIALS - 4.9%

Aerospace & Defense - 0.8%

Lockheed Martin Corp.

20,400

946,968

Building Products - 0.4%

American Standard Companies, Inc. (a)

5,900

436,541

Commercial Services & Supplies - 0.2%

Manpower, Inc.

7,300

253,894

Common Stocks - continued

Shares

Value
(Note 1)

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Granite Construction, Inc.

8,600

$ 158,928

Industrial Conglomerates - 2.4%

General Electric Co.

66,270

1,901,949

Tyco International Ltd.

42,382

750,161

2,652,110

Road & Rail - 1.0%

Canadian National Railway Co.

21,650

1,090,887

TOTAL INDUSTRIALS

5,539,328

INFORMATION TECHNOLOGY - 8.8%

Communications Equipment - 0.5%

Motorola, Inc.

67,900

578,508

Computers & Peripherals - 1.4%

Dell Computer Corp. (a)

44,400

1,389,276

Western Digital Corp. (a)

17,800

222,856

1,612,132

IT Services - 4.4%

Affiliated Computer Services, Inc. Class A (a)

18,200

843,388

First Data Corp.

93,200

3,860,344

Paychex, Inc.

9,270

282,920

4,986,652

Semiconductors & Semiconductor Equipment - 0.3%

Intel Corp.

6,280

130,875

Intersil Corp. Class A (a)

6,900

168,636

299,511

Software - 2.2%

Intuit, Inc. (a)

3,200

147,488

Microsoft Corp.

96,560

2,376,342

2,523,830

TOTAL INFORMATION TECHNOLOGY

10,000,633

MATERIALS - 1.1%

Metals & Mining - 1.1%

Alcan, Inc.

32,800

992,486

Nucor Corp.

5,500

262,020

1,254,506

Common Stocks - continued

Shares

Value
(Note 1)

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 2.2%

NTL, Inc. (a)

10,700

$ 291,575

Qwest Communications International, Inc. (a)

103,200

463,368

SBC Communications, Inc.

14,000

356,440

Verizon Communications, Inc.

34,400

1,302,040

2,413,423

Wireless Telecommunication Services - 1.5%

Nextel Communications, Inc. Class A (a)

115,400

1,729,846

TOTAL TELECOMMUNICATION SERVICES

4,143,269

UTILITIES - 0.4%

Electric Utilities - 0.2%

PG&E Corp. (a)

12,600

214,200

Multi-Utilities & Unregulated Power - 0.2%

Reliant Resources, Inc. (a)

39,500

264,650

TOTAL UTILITIES

478,850

TOTAL COMMON STOCKS

(Cost $73,644,302)

78,601,609

Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

CSC Holdings, Inc.:

Series H, $11.75

160

16,800

Series M, $11.125

35

3,649

20,449

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $19,383)

20,449

Corporate Bonds - 14.1%

Principal Amount

Value
(Note 1)

Convertible Bonds - 0.2%

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Nextel Communications, Inc. 5.25% 1/15/10

$ 235,000

$ 210,913

Nonconvertible Bonds - 13.9%

CONSUMER DISCRETIONARY - 2.9%

Auto Components - 0.2%

ArvinMeritor, Inc. 8.75% 3/1/12

20,000

21,900

Dana Corp. 6.5% 3/1/09

30,000

28,500

Intermet Corp. 9.75% 6/15/09

85,000

80,750

Navistar International Corp. 8% 2/1/08

35,000

32,900

Stoneridge, Inc. 11.5% 5/1/12

15,000

16,425

180,475

Hotels, Restaurants & Leisure - 1.0%

Alliance Gaming Corp. 10% 8/1/07

60,000

62,550

Bally Total Fitness Holding Corp. 9.875% 10/15/07

178,000

165,540

Chumash Casino & Resort Enterprise 9% 7/15/10 (e)

70,000

75,250

Friendly Ice Cream Corp. 10.5% 12/1/07

85,000

87,125

Herbst Gaming, Inc. 10.75% 9/1/08

35,000

38,150

HMH Properties, Inc. 7.875% 8/1/05

185,000

187,775

Mohegan Tribal Gaming Authority:

8% 4/1/12

30,000

31,650

8.375% 7/1/11

30,000

31,575

MTR Gaming Group, Inc. 9.75% 4/1/10 (e)

30,000

31,200

Park Place Entertainment Corp.:

7.875% 12/15/05

135,000

141,075

7.875% 3/15/10

30,000

31,350

9.375% 2/15/07

30,000

32,550

Premier Parks, Inc. 9.75% 6/15/07

40,000

40,400

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

80,000

84,600

Town Sports International, Inc. 9.625% 4/15/11 (e)

40,000

42,000

Venetian Casino Resort LLC/Las Vegas Sands, Inc. 11% 6/15/10

50,000

54,750

1,137,540

Household Durables - 0.4%

D.R. Horton, Inc. 8% 2/1/09

65,000

70,525

Juno Lighting, Inc. 11.875% 7/1/09

60,000

64,200

K. Hovnanian Enterprises, Inc. 8.875% 4/1/12

120,000

126,000

Lyon William Homes, Inc. 10.75% 4/1/13

90,000

93,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Ryland Group, Inc.:

8.25% 4/1/08

$ 20,000

$ 20,800

9.125% 6/15/11

15,000

16,800

Standard Pacific Corp. 9.25% 4/15/12

30,000

31,800

423,275

Leisure Equipment & Products - 0.1%

The Hockey Co. 11.25% 4/15/09

70,000

77,000

Media - 0.9%

AMC Entertainment, Inc.:

9.5% 3/15/09

20,000

20,300

9.875% 2/1/12

110,000

114,950

American Media Operations, Inc. 10.25% 5/1/09

70,000

75,250

Comcast UK Cable Partners Ltd. yankee 11.2% 11/15/07

105,000

96,600

Corus Entertainment, Inc. 8.75% 3/1/12

40,000

42,400

Diamond Holdings PLC yankee 9.125% 2/1/08

40,000

34,600

EchoStar DBS Corp.:

9.125% 1/15/09

30,000

33,300

10.375% 10/1/07

55,000

60,775

Granite Broadcasting Corp. 10.375% 5/15/05

25,000

24,750

K-III Communications Corp. 8.5% 2/1/06

30,000

30,000

Lamar Media Corp. 7.25% 1/1/13 (e)(f)

40,000

41,700

LBI Media, Inc. 10.125% 7/15/12 (e)

60,000

64,800

News America, Inc. 6.55% 3/15/33 (e)

25,000

26,923

PEI Holdings, Inc. 11% 3/15/10 (e)

35,000

37,975

PRIMEDIA, Inc.:

7.625% 4/1/08

15,000

14,775

8.875% 5/15/11

35,000

36,575

Regal Cinemas Corp. 9.375% 2/1/12

70,000

75,250

Rogers Cablesystems Ltd. yankee 11% 12/1/15

10,000

11,250

Rogers Communications, Inc. yankee 8.875% 7/15/07

35,000

36,050

TV Azteca SA de CV yankee 10.5% 2/15/07

60,000

60,000

Yell Finance BV:

0% 8/1/11 (c)

60,000

48,900

10.75% 8/1/11

40,000

44,600

1,031,723

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.0%

Barneys, Inc. 9% 4/1/08 unit (e)

$ 30,000

$ 26,400

Dillard's, Inc. 6.125% 11/1/03

15,000

14,888

41,288

Specialty Retail - 0.2%

Asbury Automotive Group, Inc. 9% 6/15/12

45,000

42,300

Gap, Inc. 10.55% 12/15/08

15,000

17,850

J Crew Intermediate LLC 0% 5/15/08 (c)(e)

144,608

73,750

Toys 'R' US, Inc. 7.875% 4/15/13

60,000

62,700

United Auto Group, Inc. 9.625% 3/15/12

35,000

36,225

232,825

Textiles Apparel & Luxury Goods - 0.1%

Dan River, Inc. 12.75% 4/15/09 (e)

60,000

57,600

Russell Corp. 9.25% 5/1/10

50,000

54,250

The William Carter Co. 10.875% 8/15/11

50,000

56,000

167,850

TOTAL CONSUMER DISCRETIONARY

3,291,976

CONSUMER STAPLES - 0.8%

Beverages - 0.0%

Constellation Brands, Inc. 8.125% 1/15/12

50,000

52,000

Food & Staples Retailing - 0.3%

Rite Aid Corp.:

6% 12/15/05 (e)

65,000

60,450

6.875% 8/15/13

70,000

56,700

7.125% 1/15/07

60,000

57,900

7.625% 4/15/05

15,000

14,775

9.5% 2/15/11 (e)

55,000

58,438

The Great Atlantic & Pacific Tea Co.:

7.75% 4/15/07

100,000

88,500

9.125% 12/15/11

30,000

26,625

363,388

Food Products - 0.4%

Corn Products International, Inc. 8.25% 7/15/07

60,000

64,800

Dean Foods Co. 6.9% 10/15/17

80,000

79,200

Del Monte Corp. 9.25% 5/15/11

140,000

150,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food Products - continued

Doane Pet Care Co. 9.75% 5/15/07

$ 75,000

$ 69,188

Dole Food Co., Inc. 8.875% 3/15/11 (e)

30,000

31,950

395,288

Household Products - 0.0%

Fort James Corp. 6.875% 9/15/07

20,000

19,800

Tobacco - 0.1%

Philip Morris Companies, Inc. 7% 7/15/05

70,000

74,192

TOTAL CONSUMER STAPLES

904,668

ENERGY - 1.1%

Energy Equipment & Services - 0.3%

DI Industries, Inc. 8.875% 7/1/07

70,000

72,275

Grant Prideco, Inc. 9% 12/15/09

20,000

21,800

Key Energy Services, Inc. 8.375% 3/1/08

80,000

85,800

SESI LLC 8.875% 5/15/11

130,000

137,800

317,675

Oil & Gas - 0.8%

Chesapeake Energy Corp.:

8.375% 11/1/08

55,000

58,713

9% 8/15/12

35,000

38,150

Clark Refining & Marketing, Inc. 8.875% 11/15/07

35,000

34,300

General Maritime Corp. 10% 3/15/13 (e)

30,000

32,100

Nuevo Energy Co.:

9.375% 10/1/10

20,000

21,300

9.5% 6/1/08

125,000

130,000

Overseas Shipholding Group, Inc. 8.25% 3/15/13 (e)

100,000

103,000

Plains Exploration & Production Co. LP 8.75% 7/1/12

30,000

32,025

Pogo Producing Co. 8.25% 4/15/11

25,000

27,250

Teekay Shipping Corp. 8.875% 7/15/11

90,000

98,550

Tesoro Petroleum Corp. 8% 4/15/08 (e)

20,000

20,000

The Coastal Corp.:

6.375% 2/1/09

10,000

8,213

6.5% 5/15/06

30,000

26,700

6.5% 6/1/08

25,000

21,031

6.95% 6/1/28

40,000

30,400

7.5% 8/15/06

80,000

74,400

7.75% 6/15/10

45,000

39,488

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

ENERGY - continued

Oil & Gas - continued

The Coastal Corp.: - continued

7.75% 10/15/35

$ 30,000

$ 23,775

Western Oil Sands, Inc. 8.375% 5/1/12

55,000

59,400

878,795

TOTAL ENERGY

1,196,470

FINANCIALS - 1.6%

Capital Markets - 0.0%

Bank of New York Co., Inc. 4.25% 9/4/12 (h)

10,000

10,567

Consumer Finance - 0.1%

Capital One Financial Corp. 8.75% 2/1/07

35,000

38,500

SLM Corp. 3.625% 3/17/08

50,000

51,557

90,057

Diversified Financial Services - 1.3%

Ahold Finance USA, Inc.:

6.25% 5/1/09

15,000

13,575

6.875% 5/1/29

15,000

12,000

8.25% 7/15/10

65,000

62,725

BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08

90,000

96,300

CMS Energy X-TRAS pass thru trust I 7% 1/15/05

40,000

39,000

Continental Airlines, Inc. pass thru trust certificates 6.9% 1/2/17

28,576

19,146

Dex Media East LLC/Dex Media East Finance Co. 9.875% 11/15/09

55,000

61,050

El Paso Energy Partners LP/El Paso Energy Partners Finance Corp.:

8.5% 6/1/11

35,000

37,188

10.625% 12/1/12 (e)

30,000

34,200

FIMEP SA 10.5% 2/15/13 (e)

60,000

65,100

Frontier Escrow Corp. 8% 4/15/13 (e)

20,000

20,500

Gemstone Investor Ltd./Gemstone Investor, Inc. 7.71% 10/31/04 (e)

130,000

126,750

IOS Capital, Inc. 9.75% 6/15/04

100,000

102,500

Leucadia National Corp. 7% 8/15/13 (e)

60,000

60,150

Moore North America Finance, Inc. 7.875% 1/15/11 (e)

50,000

52,250

Northern Telecom Capital Corp. 7.875% 6/15/26

40,000

35,200

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

Qwest Capital Funding, Inc.:

5.875% 8/3/04

$ 145,000

$ 139,200

7% 8/3/09

65,000

54,600

7.25% 2/15/11

80,000

67,200

7.75% 8/15/06

130,000

117,650

TRW Automotive Acquisition Corp.:

9.375% 2/15/13 (e)

20,000

20,800

11% 2/15/13 (e)

10,000

10,400

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10 (e)

105,000

112,613

Western Financial Bank 9.625% 5/15/12

95,000

100,700

1,460,797

Insurance - 0.0%

Crum & Forster Holdings Corp. 10.375% 6/15/13 (e)

50,000

49,000

Real Estate - 0.2%

EOP Operating LP 7.75% 11/15/07

25,000

29,499

LNR Property Corp.:

9.375% 3/15/08

55,000

56,925

10.5% 1/15/09

25,000

26,500

Senior Housing Properties Trust:

7.875% 4/15/15

40,000

40,600

8.625% 1/15/12

50,000

53,000

206,524

TOTAL FINANCIALS

1,816,945

HEALTH CARE - 0.6%

Communications Equipment - 0.2%

Avaya, Inc. 11.125% 4/1/09

40,000

43,600

Nortel Networks Corp. 6.125% 2/15/06

5,000

4,850

Qwest Services Corp.:

13% 12/15/07 (e)

40,000

44,200

13.5% 12/15/10 (e)

70,000

79,450

14% 12/15/14 (e)

72,000

83,880

255,980

Health Care Equipment & Supplies - 0.0%

Millipore Corp. 7.5% 4/1/07

5,000

5,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

HEALTH CARE - continued

Health Care Providers & Services - 0.3%

Hanger Orthopedic Group, Inc. 10.375% 2/15/09

$ 40,000

$ 43,600

PacifiCare Health Systems, Inc. 10.75% 6/1/09

95,000

104,025

Tenet Healthcare Corp.:

6.375% 12/1/11

35,000

33,950

7.375% 2/1/13

35,000

35,525

Vanguard Health Systems, Inc. 9.75% 8/1/11

75,000

78,375

295,475

Pharmaceuticals - 0.1%

aaiPharma, Inc. 11% 4/1/10

115,000

124,200

TOTAL HEALTH CARE

680,805

INDUSTRIALS - 1.2%

Aerospace & Defense - 0.0%

Transdigm, Inc. 10.375% 12/1/08

30,000

32,100

Airlines - 0.1%

Continental Airlines, Inc. 8% 12/15/05

5,000

3,950

Delta Air Lines, Inc. 7.9% 12/15/09

35,000

25,113

Northwest Airlines, Inc.:

7.875% 3/15/08

10,000

7,250

9.875% 3/15/07

30,000

23,100

59,413

Building Products - 0.1%

FastenTech, Inc. 11.5% 5/1/11 (e)

50,000

49,938

Nortek, Inc.:

9.125% 9/1/07

65,000

67,113

9.25% 3/15/07

20,000

20,600

137,651

Commercial Services & Supplies - 0.2%

Allied Waste North America, Inc.:

7.625% 1/1/06

45,000

45,900

7.875% 1/1/09

15,000

15,225

7.875% 4/15/13

70,000

70,525

Browning-Ferris Industries, Inc. 6.375% 1/15/08

30,000

28,800

JohnsonDiversey, Inc. 9.625% 5/15/12

20,000

22,100

National Waterworks, Inc. 10.5% 12/1/12

30,000

33,000

215,550

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Shaw Group, Inc. 10.75% 3/15/10 (e)

$ 75,000

$ 73,500

Industrial Conglomerates - 0.1%

Tyco International Group SA yankee:

5.8% 8/1/06

90,000

90,900

6.375% 6/15/05

5,000

5,163

6.375% 2/15/06

40,000

41,200

6.75% 2/15/11

20,000

20,450

157,713

Machinery - 0.6%

AGCO Corp.:

8.5% 3/15/06

20,000

20,000

9.5% 5/1/08

50,000

54,500

Cummins, Inc.:

5.65% 3/1/98

55,000

35,200

9.5% 12/1/10 (e)

40,000

43,200

Dresser, Inc. 9.375% 4/15/11

125,000

128,125

Dunlop Standard Aerospace Holdings PLC yankee 11.875% 5/15/09

85,000

89,250

Navistar International Corp. 9.375% 6/1/06

15,000

15,600

NMHG Holding Co. 10% 5/15/09

40,000

43,000

Terex Corp. 8.875% 4/1/08

95,000

96,425

TriMas Corp.:

9.875% 6/15/12 (e)

50,000

51,000

9.875% 6/15/12

50,000

51,000

627,300

Road & Rail - 0.0%

TFM SA de CV yankee:

10.25% 6/15/07

10,000

10,050

11.75% 6/15/09

30,000

30,300

40,350

TOTAL INDUSTRIALS

1,343,577

INFORMATION TECHNOLOGY - 0.5%

Electronic Equipment & Instruments - 0.3%

Avnet, Inc. 9.75% 2/15/08

60,000

66,900

Ingram Micro, Inc. 9.875% 8/15/08

90,000

95,625

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

PerkinElmer, Inc. 8.875% 1/15/13 (e)

$ 70,000

$ 75,075

Solectron Corp. 7.375% 3/1/06

100,000

100,000

337,600

IT Services - 0.0%

Anteon Corp. 12% 5/15/09

15,000

16,500

Office Electronics - 0.1%

Xerox Corp.:

7.15% 8/1/04

65,000

65,975

7.2% 4/1/16

80,000

76,000

141,975

Semiconductors & Semiconductor Equipment - 0.1%

AMI Semiconductor, Inc. 10.75% 2/1/13 (e)

20,000

22,200

SCG Holding Corp./Semiconductor Components Industries LLC 12% 8/1/09

55,000

44,550

66,750

TOTAL INFORMATION TECHNOLOGY

562,825

MATERIALS - 1.5%

Chemicals - 0.4%

Berry Plastics Corp. 10.75% 7/15/12

95,000

102,600

Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11 (e)

15,000

15,225

Geon Co. 6.875% 12/15/05

15,000

13,800

Huntsman International LLC:

9.875% 3/1/09

25,000

25,500

9.875% 3/1/09 (e)

50,000

51,000

Methanex Corp. yankee 7.75% 8/15/05

35,000

36,400

Millennium America, Inc.:

9.25% 6/15/08

70,000

75,775

9.25% 6/15/08 (e)

30,000

32,475

OMNOVA Solutions, Inc. 11.25% 6/1/10 (e)

25,000

26,063

PolyOne Corp.:

8.875% 5/1/12

95,000

84,550

10.625% 5/15/10 (e)

30,000

28,800

Resolution Performance Products LLC 9.5% 4/15/10 (e)

20,000

20,400

512,588

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

MATERIALS - continued

Construction Materials - 0.1%

Texas Industries, Inc. 10.25% 6/15/11 (e)

$ 90,000

$ 90,000

Containers & Packaging - 0.7%

Anchor Glass Container Corp. 11% 2/15/13 (e)

60,000

63,000

BWAY Corp. 10% 10/15/10 (e)

30,000

31,125

Crown Cork & Seal, Inc. 8% 4/15/23

20,000

14,200

Graphic Packaging Corp. 8.625% 2/15/12

20,000

20,950

Jefferson Smurfit Corp. U.S. 7.5% 6/1/13 (e)

100,000

100,000

Owens-Brockway Glass Container, Inc.:

8.75% 11/15/12

35,000

37,275

8.875% 2/15/09

45,000

47,700

Owens-Illinois, Inc.:

7.15% 5/15/05

175,000

175,875

7.35% 5/15/08

45,000

43,425

7.5% 5/15/10

40,000

38,700

7.8% 5/15/18

145,000

131,950

8.1% 5/15/07

20,000

19,800

Silgan Holdings, Inc. 9% 6/1/09

35,000

36,225

760,225

Metals & Mining - 0.0%

Phelps Dodge Corp. 9.5% 6/1/31

25,000

31,156

Steel Dynamics, Inc. 9.5% 3/15/09

25,000

25,750

56,906

Paper & Forest Products - 0.3%

Georgia-Pacific Corp.:

7.375% 12/1/25

20,000

16,600

7.5% 5/15/06

55,000

54,450

8.125% 5/15/11

50,000

48,938

8.875% 5/15/31

30,000

27,600

9.625% 3/15/22

20,000

18,800

Louisiana-Pacific Corp. 10.875% 11/15/08

20,000

22,400

Stone Container Corp.:

8.375% 7/1/12

80,000

84,200

9.75% 2/1/11

55,000

60,225

333,213

TOTAL MATERIALS

1,752,932

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.4%

AT&T Broadband Corp. 8.375% 3/15/13

$ 22,000

$ 27,663

France Telecom SA 10% 3/1/31 (d)

10,000

13,738

Qwest Corp. 8.875% 3/15/12 (e)

135,000

151,200

Rogers Cantel, Inc. yankee 8.8% 10/1/07

80,000

81,200

Triton PCS, Inc.:

8.5% 6/1/13 (e)(f)

30,000

30,000

8.75% 11/15/11

85,000

79,900

9.375% 2/1/11

35,000

33,950

11% 5/1/08

20,000

21,050

U.S. West Communications 5.65% 11/1/04

25,000

24,625

463,326

Wireless Telecommunication Services - 0.6%

Crown Castle International Corp.:

9.375% 8/1/11

60,000

60,000

10.75% 8/1/11

45,000

46,350

Nextel Communications, Inc.:

9.375% 11/15/09

15,000

15,900

9.5% 2/1/11

35,000

37,975

9.75% 10/31/07

20,000

20,550

9.95% 2/15/08

20,000

20,800

Nextel Partners, Inc.:

0% 2/1/09 (c)

126,000

128,205

12.5% 11/15/09

45,000

50,175

Rogers Wireless, Inc. 9.625% 5/1/11

130,000

144,950

SpectraSite, Inc. 8.25% 5/15/10 (e)

40,000

40,200

VoiceStream Wireless Corp. 0% 11/15/09 (c)

110,000

106,700

671,805

TOTAL TELECOMMUNICATION SERVICES

1,135,131

UTILITIES - 2.7%

Electric Utilities - 0.9%

Allegheny Energy Supply Co. LLC:

Series A, 10.25% 11/15/07 (e)

68,792

71,888

Series B, 10.25% 11/15/07 (e)(h)

6,204

6,080

7.8% 3/15/11

150,000

126,000

8.75% 4/15/12 (e)

170,000

143,650

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

UTILITIES - continued

Electric Utilities - continued

CMS Energy Corp.:

6.75% 1/15/04

$ 25,000

$ 24,875

7.5% 1/15/09

20,000

18,900

7.625% 11/15/04

15,000

14,850

8.5% 4/15/11

30,000

29,100

8.9% 7/15/08

5,000

4,925

9.875% 10/15/07

25,000

25,750

Edison International 6.875% 9/15/04

30,000

30,150

Illinois Power Co. 11.5% 12/15/10 (e)

90,000

99,000

Midland Funding Corp. II 11.75% 7/23/05

30,000

32,100

Nevada Power Co. 10.875% 10/15/09

60,000

66,000

Pacific Gas & Electric Co.:

6.25% 8/1/03

65,000

65,000

6.25% 3/1/04

90,000

90,000

10% 11/1/05 (e)(h)

60,000

61,200

Southern California Edison Co.:

6.25% 6/15/03

10,000

10,000

7.25% 3/1/26

50,000

50,000

8% 2/15/07 (e)

50,000

54,500

TECO Energy, Inc. 10.5% 12/1/07

45,000

51,750

1,075,718

Gas Utilities - 0.7%

ANR Pipeline, Inc. 9.625% 11/1/21

80,000

92,200

El Paso Energy Corp.:

6.75% 5/15/09

40,000

34,150

6.95% 12/15/07

105,000

92,925

7.375% 12/15/12

5,000

4,150

7.75% 1/15/32

35,000

27,213

7.8% 8/1/31

30,000

22,500

8.05% 10/15/30

95,000

76,119

SEMCO Energy, Inc.:

7.125% 5/15/08 (e)

20,000

20,750

7.75% 5/15/13 (e)

20,000

21,200

Sonat, Inc.:

6.625% 2/1/08

65,000

55,250

6.75% 10/1/07

35,000

30,363

6.875% 6/1/05

140,000

132,825

Tennessee Gas Pipeline Co. 7.625% 4/1/37

35,000

33,425

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

UTILITIES - continued

Gas Utilities - continued

Transcontinental Gas Pipe Line Corp.:

6.125% 1/15/05

$ 35,000

$ 35,000

8.875% 7/15/12

50,000

55,188

Williams Holdings of Delaware, Inc. 6.25% 2/1/06

10,000

9,525

742,783

Multi-Utilities & Unregulated Power - 1.1%

AES Corp.:

8.375% 8/15/07

25,000

22,125

8.5% 11/1/07

30,000

26,550

8.75% 6/15/08

25,000

23,375

8.75% 5/15/13 (e)

80,000

80,800

8.875% 2/15/11

47,000

42,946

9% 5/15/15 (e)

80,000

81,200

9.375% 9/15/10

11,000

10,299

9.5% 6/1/09

9,000

8,483

10.25% 7/15/06

30,000

28,950

El Paso Corp.:

7% 5/15/11

90,000

77,400

7.875% 6/15/12 (e)

35,000

30,625

El Paso Production Holding Co. 7.75% 6/1/13 (e)

130,000

129,675

Western Resources, Inc. 9.75% 5/1/07

105,000

114,975

Williams Companies, Inc.:

6.5% 8/1/06

155,000

146,281

6.75% 1/15/06

40,000

38,400

7.125% 9/1/11

25,000

23,375

7.625% 7/15/19

35,000

30,450

7.75% 6/15/31

25,000

22,000

7.875% 9/1/21

125,000

109,531

8.125% 3/15/12 (e)

50,000

49,000

9.25% 3/15/04

110,000

112,200

1,208,640

TOTAL UTILITIES

3,027,141

TOTAL NONCONVERTIBLE BONDS

15,712,470

TOTAL CORPORATE BONDS

(Cost $14,610,141)

15,923,383

U.S. Government and Government Agency Obligations - 5.7%

Principal Amount

Value
(Note 1)

U.S. Government Agency Obligations - 1.8%

Fannie Mae:

2.5% 6/15/08

$ 745,000

$ 745,144

3.25% 11/15/07

195,000

202,786

3.25% 1/15/08

255,000

264,612

6.25% 2/1/11

120,000

140,717

6.25% 7/19/11

50,000

52,415

Freddie Mac:

2.75% 12/30/05

500,000

504,470

5.875% 3/21/11

100,000

115,098

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

2,025,242

U.S. Treasury Inflation Protected Obligations - 0.2%

U.S. Treasury Inflation-Indexed Bonds 3.625% 4/15/28

142,331

177,924

U.S. Treasury Obligations - 3.7%

U.S. Treasury Bills, yield at date of purchase 1.02% to 1.1% 7/3/03 to 8/21/03 (g)

200,000

199,731

U.S. Treasury Bonds:

7.875% 2/15/21

1,420,000

2,065,989

11.75% 2/15/10

645,000

757,296

U.S. Treasury Notes 4.375% 5/15/07

1,100,000

1,201,793

TOTAL U.S. TREASURY OBLIGATIONS

4,224,809

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $6,218,680)

6,427,975

Asset-Backed Securities - 0.2%

Amortizing Residential Collateral Trust Series 2002-BC6 Class A2, 1.67% 8/25/32 (h)

82,472

82,214

Countrywide Home Loans, Inc. Series 2002-6 Class AV1, 1.75% 5/25/33 (h)

48,810

48,874

Household Private Label Credit Card Master Note Trust I Series 2002-3 Class B, 2.56% 9/15/09 (h)

120,000

120,115

Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33

29,525

29,785

TOTAL ASSET-BACKED SECURITIES

(Cost $280,772)

280,988

Collateralized Mortgage Obligations - 0.0%

Principal Amount

Value
(Note 1)

U.S. Government Agency - 0.0%

Freddie Mac Multi-class participation certificates guaranteed sequential pay Series 2303 Class VT, 6% 2/15/12
(Cost $13,267)

$ 12,813

$ 13,199

Fixed-Income Funds - 0.1%

Shares

Fidelity Ultra-Short Central Fund (i)
(Cost $99,953)

1,008

100,135

Money Market Funds - 9.6%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $10,819,123)

10,819,123

10,819,123

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $105,705,621)

112,186,861

NET OTHER ASSETS - 0.9%

996,184

NET ASSETS - 100%

$ 113,183,045

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Gain/(Loss)

Purchased

Equity Index Contracts

12 S&P 500 Index Contracts

June 2003

$ 2,889,900

$ 186,415

The face value of futures purchased as a percentage of net assets - 2.6%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(d) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) 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 $3,386,798 or 3.0% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $199,731.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations

5.5%

AAA,AA,A

0.4%

BBB

0.3%

BB

3.5%

B

7.3%

CCC,CC,C

2.8%

Not Rated

0.1%

Equities

72.0%

Short-Term Investments and Net Other Assets

8.1%

We have used ratings from Moody's Investors Services, Inc. Where Moody's® ratings are not available, we have used S&P ratings. Percentages are adjusted for the effect of futures contracts, if applicable.

Purchases and sales of securities, other than short-term securities, aggregated $49,479,101 and $55,433,449, respectively, of which long-term U.S. government and government agency obligations aggregated $14,806,785 and $13,927,746, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,778 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $27,179,000 of which $348,000, $394,000, $14,773,000 and $11,664,000 will expire on November 30, 2007, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $105,705,621) - See accompanying schedule

$ 112,186,861

Receivable for investments sold

1,128,543

Receivable for fund shares sold

163,791

Dividends receivable

37,526

Interest receivable

417,063

Receivable for daily variation on futures contracts

42,300

Other receivables

221

Total assets

113,976,305

Liabilities

Payable to custodian bank

$ 5,907

Payable for investments purchased
Regular delivery

509,794

Delayed delivery

72,761

Payable for fund shares redeemed

64,767

Accrued management fee

53,772

Distribution fees payable

49,947

Other payables and accrued expenses

36,312

Total liabilities

793,260

Net Assets

$ 113,183,045

Net Assets consist of:

Paid in capital

$ 136,539,141

Undistributed net investment income

346,043

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(30,369,744)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

6,667,605

Net Assets

$ 113,183,045

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($31,404,491 ÷ 3,448,687 shares)

$ 9.11

Maximum offering price per share (100/94.25 of $9.11)

$ 9.67

Class T:
Net Asset Value and redemption price per share ($45,034,293 ÷ 4,964,110 shares)

$ 9.07

Maximum offering price per share (100/96.50 of $9.07)

$ 9.40

Class B:
Net Asset Value and offering price per share ($21,029,754 ÷ 2,323,125 shares)A

$ 9.05

Class C:
Net Asset Value and offering price per share ($10,125,096 ÷ 1,119,150 shares)A

$ 9.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,589,411 ÷ 613,728 shares)

$ 9.11

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 399,384

Interest

1,121,691

Security Lending

233

Total income

1,521,308

Expenses

Management fee

$ 305,913

Transfer agent fees

174,283

Distribution fees

292,850

Accounting fees and expenses

32,421

Non-interested trustees' compensation

210

Custodian fees and expenses

10,442

Registration fees

51,580

Audit

19,908

Legal

378

Miscellaneous

288

Total expenses before reductions

888,273

Expense reductions

(27,204)

861,069

Net investment income (loss)

660,239

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(377,334)

Foreign currency transactions

(23)

Futures contracts

88,437

Total net realized gain (loss)

(288,920)

Change in net unrealized appreciation (depreciation) on:

Investment securities

4,443,849

Assets and liabilities in foreign currencies

(102)

Futures contracts

(34,493)

Total change in net unrealized appreciation (depreciation)

4,409,254

Net gain (loss)

4,120,334

Net increase (decrease) in net assets resulting from operations

$ 4,780,573

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended May 31, 2003
(Unaudited)

Year ended
November 30, 2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 660,239

$ 1,466,641

Net realized gain (loss)

(288,920)

(11,350,346)

Change in net unrealized appreciation (depreciation)

4,409,254

(1,675,232)

Net increase (decrease) in net assets resulting
from operations

4,780,573

(11,558,937)

Distributions to shareholders from net investment income

(722,776)

(1,462,340)

Share transactions - net increase (decrease)

(767,165)

3,698,360

Total increase (decrease) in net assets

3,290,632

(9,322,917)

Net Assets

Beginning of period

109,892,413

119,215,330

End of period (including undistributed net investment income of $346,043 and undistributed net investment income of $408,580, respectively)

$ 113,183,045

$ 109,892,413

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.77

$ 9.83

$ 11.02

$ 10.92

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.07

.15

.20

.19

.12

Net realized and unrealized gain (loss)

.34

(1.05)

(1.20)

.08

.80

Total from investment operations

.41

(.90)

(1.00)

.27

.92

Distributions from net investment income

(.07)

(.16)

(.19)

(.17)

-

Net asset value, end of period

$ 9.11

$ 8.77

$ 9.83

$ 11.02

$ 10.92

Total ReturnB,C,D

4.75%

(9.28)%

(9.13)%

2.40%

9.20%

Ratios to Average Net AssetsG

Expenses before expense
reductions

1.34%A

1.29%

1.26%

1.51%

2.95%A

Expenses net of voluntary waivers, if any

1.34%A

1.29%

1.26%

1.51%

1.75%A

Expenses net of all reductions

1.29%A

1.25%

1.23%

1.49%

1.74%A

Net investment income (loss)

1.61%A

1.65%

1.97%

1.64%

1.24%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 31,404

$ 29,894

$ 14,487

$ 14,567

$ 1,819

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.75

$ 9.79

$ 10.99

$ 10.89

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.05

.13

.17

.16

.10

Net realized and unrealized gain (loss)

.33

(1.05)

(1.19)

.08

.79

Total from investment operations

.38

(.92)

(1.02)

.24

.89

Distributions from net investment income

(.06)

(.12)

(.18)

(.14)

-

Net asset value, end of period

$ 9.07

$ 8.75

$ 9.79

$ 10.99

$ 10.89

Total ReturnB,C,D

4.41%

(9.50)%

(9.35)%

2.14%

8.90%

Ratios to Average Net AssetsG

Expenses before expense
reductions

1.68%A

1.56%

1.55%

1.78%

3.13%A

Expenses net of voluntary waivers, if any

1.68%A

1.56%

1.55%

1.78%

2.00%A

Expenses net of all reductions

1.62%A

1.53%

1.52%

1.76%

1.99%A

Net investment income (loss)

1.28%A

1.38%

1.69%

1.37%

.99%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 45,034

$ 45,804

$ 71,346

$ 25,527

$ 10,819

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.73

$ 9.78

$ 10.96

$ 10.85

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.03

.08

.12

.10

.05

Net realized and unrealized gain (loss)

.33

(1.05)

(1.19)

.09

.80

Total from investment operations

.36

(.97)

(1.07)

.19

.85

Distributions from net investment income

(.04)

(.08)

(.11)

(.08)

-

Net asset value, end of period

$ 9.05

$ 8.73

$ 9.78

$ 10.96

$ 10.85

Total ReturnB,C,D

4.16%

(10.00)%

(9.80)%

1.72%

8.50%

Ratios to Average Net AssetsG

Expenses before expense
reductions

2.19%A

2.10%

2.04%

2.27%

3.67%A

Expenses net of voluntary waivers, if any

2.19%A

2.10%

2.04%

2.27%

2.50%A

Expenses net of all reductions

2.13%A

2.06%

2.01%

2.26%

2.49%A

Net investment income (loss)

.77%A

.84%

1.20%

.87%

.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,030

$ 19,261

$ 21,599

$ 17,797

$ 8,603

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.72

$ 9.77

$ 10.94

$ 10.85

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.03

.08

.12

.10

.05

Net realized and unrealized gain (loss)

.34

(1.05)

(1.18)

.08

.80

Total from investment operations

.37

(.97)

(1.06)

.18

.85

Distributions from net investment income

(.04)

(.08)

(.11)

(.09)

-

Net asset value, end of period

$ 9.05

$ 8.72

$ 9.77

$ 10.94

$ 10.85

Total ReturnB,C,D

4.28%

(10.01)%

(9.73)%

1.62%

8.50%

Ratios to Average Net AssetsG

Expenses before expense
reductions

2.15%A

2.07%

2.02%

2.26%

3.68%A

Expenses net of voluntary waivers, if any

2.15%A

2.07%

2.02%

2.26%

2.50%A

Expenses net of all reductions

2.09%A

2.03%

1.99%

2.24%

2.49%A

Net investment income (loss)

.81%A

.88%

1.22%

.88%

.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,125

$ 9,574

$ 11,037

$ 9,737

$ 4,217

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999E

Selected Per-Share Data

Net asset value, beginning of period

$ 8.78

$ 9.85

$ 11.04

$ 10.95

$ 10.00

Income from Investment Operations

Net investment income (loss)D

.07

.16

.24

.22

.14

Net realized and unrealized gain (loss)

.34

(1.04)

(1.21)

.08

.81

Total from investment operations

.41

(.88)

(.97)

.30

.95

Distributions from net investment income

(.08)

(.19)

(.22)

(.21)

-

Net asset value, end of period

$ 9.11

$ 8.78

$ 9.85

$ 11.04

$ 10.95

Total ReturnB,C

4.76%

(9.07)%

(8.86)%

2.66%

9.50%

Ratios to Average Net AssetsF

Expenses before expense
reductions

1.20%A

1.11%

.95%

1.28%

2.70%A

Expenses net of voluntary waivers, if any

1.20%A

1.11%

.95%

1.28%

1.50%A

Expenses net of all reductions

1.15%A

1.07%

.92%

1.26%

1.49%A

Net investment income (loss)

1.75%A

1.84%

2.29%

1.87%

1.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,589

$ 5,359

$ 745

$ 1,193

$ 976

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 28, 1998 (commencement of operations) to November 30, 1999.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Asset Allocation 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary

book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, defaulted bonds, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 11,513,855

|

Unrealized depreciation

(6,496,596)

Net unrealized appreciation (depreciation)

$ 5,017,259

Cost for federal income tax purposes

$ 107,169,602

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

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 counter-parties 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.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 39,680

$ 64

$3,591

Class T

.27%

.25%

110,884

354

5,266

Class B

.75%

.25%

95,582

71,723

-

Class C

.75%

.25%

46,704

7,572

-

$ 292,850

$ 79,713

$8,857

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained by FDC

Class A

$ 5,199

Class T

4,416

Class B*

39,695

Class C*

458

$ 49,768

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

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 (collectively referred to as the transfer 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

$ 38,072

.26*

Class T

73,390

.35*

Class B

36,576

.38*

Class C

16,024

.34*

Institutional Class

10,221

.40*

$ 174,283

* 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.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $45,905 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution expense
reduction

Other expense
reduction

Custody expense
reduction

Fund Level

$ -

$ 18,063

$ 284

Class A

3,591

-

-

Class T

5,266

-

-

$ 8,857

$ 18,063

$ 284

7. Other Information.

At the end of the period, two unaffiliated shareholders were the owners of record of 26% of the total outstanding shares of the fund.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 237,211

$ 286,281

Class T

302,508

821,156

Class B

90,145

180,392

Class C

44,142

93,044

Institutional Class

48,770

81,467

Total

$ 722,776

$ 1,462,340

Semiannual Report

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months
ended May 31,
2003

Year ended
November 30,
2002

Six months
ended May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

285,938

2,397,802

$ 2,409,367

$ 20,719,417

Reinvestment of distributions

28,147

29,971

234,471

281,079

Shares redeemed

(273,372)

(493,090)

(2,302,308)

(4,329,528)

Net increase (decrease)

40,713

1,934,683

$ 341,530

$ 16,670,968

Class T

Shares sold

499,168

1,700,009

$ 4,230,802

$ 14,892,440

Reinvestment of distributions

35,856

84,041

297,406

810,453

Shares redeemed

(807,956)

(3,833,418)

(6,842,445)

(33,772,832)

Net increase (decrease)

(272,932)

(2,049,368)

$ (2,314,237)

$ (18,069,939)

Class B

Shares sold

389,196

609,734

$ 3,286,246

$ 5,567,194

Reinvestment of distributions

9,432

16,285

78,412

158,803

Shares redeemed

(282,949)

(627,755)

(2,363,531)

(5,501,721)

Net increase (decrease)

115,679

(1,736)

$ 1,001,127

$ 224,276

Class C

Shares sold

212,401

389,032

$ 1,780,819

$ 3,544,462

Reinvestment of distributions

4,703

8,234

39,047

80,247

Shares redeemed

(196,159)

(429,343)

(1,643,846)

(3,856,430)

Net increase (decrease)

20,945

(32,077)

$ 176,020

$ (231,721)

Institutional Class

Shares sold

67,292

681,032

$ 567,939

$ 6,434,799

Reinvestment of distributions

5,726

8,237

47,501

76,893

Shares redeemed

(69,830)

(154,427)

(587,045)

(1,406,916)

Net increase (decrease)

3,188

534,842

$ 28,395

$ 5,104,776

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income
Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate
Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage
Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Asset Allocation

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos)(Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American International Group, Inc.

3.5

2.7

UnitedHealth Group, Inc.

3.5

1.8

First Data Corp.

3.4

2.1

Clear Channel Communications, Inc.

3.4

3.9

Kohl's Corp.

2.3

1.8

KB Home

2.2

1.2

Johnson & Johnson

2.1

2.3

Microsoft Corp.

2.1

2.5

Pfizer, Inc.

2.1

1.7

Radio One, Inc. Class D (non-vtg.)

1.9

2.7

26.5

Market Sectors as of May 31, 2003

(stocks only)

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

19.5

18.7

Financials

13.6

14.6

Health Care

11.5

12.6

Information Technology

8.8

5.4

Industrials

4.9

10.0

Telecommunication Services

3.7

2.2

Consumer Staples

3.4

3.1

Energy

2.5

2.8

Materials

1.1

1.1

Utilities

0.4

0.0

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stock class 72%

Stock class 75%

Bond class 20%

Bond class 22%

Short-term class 8%

Short-term class 3%

* Foreign investments

4%

** Foreign investments

4%



Asset allocations in the pie charts reflect the categorization of assets as defined in the fund's prospectus in effect as of the time periods indicated above. Financial Statement categorizations conform to accounting standards and will differ from the pie chart.

Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 69.4%

Shares

Value
(Note 1)

CONSUMER DISCRETIONARY - 19.5%

Hotels, Restaurants & Leisure - 0.5%

Applebee's International, Inc.

17,800

$ 546,282

Household Durables - 6.9%

Beazer Homes USA, Inc. (a)

14,500

1,229,600

Centex Corp.

16,100

1,249,843

Garmin Ltd. (a)

1,700

82,025

Harman International Industries, Inc.

2,800

207,760

KB Home

40,600

2,537,500

Lennar Corp.:

Class A

15,200

1,019,160

Class B

1,280

83,392

Mohawk Industries, Inc. (a)

23,865

1,377,249

7,786,529

Media - 7.6%

AOL Time Warner, Inc. (a)

46,700

710,774

Clear Channel Communications, Inc. (a)

93,557

3,807,770

Radio One, Inc.:

Class A (a)

49,670

832,420

Class D (non-vtg.) (a)

130,070

2,172,169

Scholastic Corp. (a)

6,600

205,656

Viacom, Inc. Class B (non-vtg.) (a)

18,200

828,464

8,557,253

Multiline Retail - 2.3%

Kohl's Corp. (a)

49,800

2,607,030

Specialty Retail - 2.2%

Best Buy Co., Inc. (a)

2,850

110,295

Blockbuster, Inc. Class A

13,100

221,390

Circuit City Stores, Inc.

31,000

222,890

Home Depot, Inc.

29,200

948,708

Weight Watchers International, Inc. (a)

9,900

421,542

Wet Seal, Inc. Class A (a)

25,400

269,240

Williams-Sonoma, Inc. (a)

12,200

346,846

2,540,911

TOTAL CONSUMER DISCRETIONARY

22,038,005

CONSUMER STAPLES - 3.4%

Beverages - 1.1%

The Coca-Cola Co.

27,700

1,262,289

Food & Staples Retailing - 0.7%

Wal-Mart Stores, Inc.

14,670

771,789

Common Stocks - continued

Shares

Value
(Note 1)

CONSUMER STAPLES - continued

Food Products - 0.3%

Dean Foods Co. (a)

7,500

$ 343,125

Personal Products - 0.3%

Avon Products, Inc.

5,970

363,812

Tobacco - 1.0%

Altria Group, Inc.

27,030

1,116,339

TOTAL CONSUMER STAPLES

3,857,354

ENERGY - 2.5%

Energy Equipment & Services - 2.5%

BJ Services Co. (a)

2,400

97,704

ENSCO International, Inc.

11,300

339,000

GlobalSantaFe Corp.

7,100

176,648

Nabors Industries Ltd. (a)

1,800

81,144

Noble Corp. (a)

4,100

146,206

Pride International, Inc. (a)

30,200

574,706

Rowan Companies, Inc.

21,500

514,710

Smith International, Inc. (a)

11,800

482,502

Weatherford International Ltd. (a)

9,970

452,140

2,864,760

FINANCIALS - 13.6%

Capital Markets - 0.4%

Merrill Lynch & Co., Inc.

4,300

186,190

Morgan Stanley

6,500

297,375

483,565

Commercial Banks - 2.5%

Bank of America Corp.

13,900

1,031,380

Bank One Corp.

27,900

1,042,344

M&T Bank Corp.

7,800

694,590

2,768,314

Consumer Finance - 0.6%

MBNA Corp.

35,200

705,760

Diversified Financial Services - 1.7%

Citigroup, Inc.

46,986

1,927,366

Insurance - 5.1%

AFLAC, Inc.

47,060

1,548,745

American International Group, Inc.

69,767

4,038,102

XL Capital Ltd. Class A

2,300

200,215

5,787,062

Common Stocks - continued

Shares

Value
(Note 1)

FINANCIALS - continued

Thrifts & Mortgage Finance - 3.3%

Fannie Mae

27,650

$ 2,046,100

Freddie Mac

28,150

1,683,652

3,729,752

TOTAL FINANCIALS

15,401,819

HEALTH CARE - 11.5%

Health Care Equipment & Supplies - 1.7%

Baxter International, Inc.

10,700

271,138

Boston Scientific Corp. (a)

8,400

437,640

Medtronic, Inc.

10,500

511,665

St. Jude Medical, Inc. (a)

12,700

712,470

1,932,913

Health Care Providers & Services - 3.7%

AmerisourceBergen Corp.

2,800

175,532

HealthSouth Corp. (a)

214,020

64,206

UnitedHealth Group, Inc.

40,900

3,923,946

4,163,684

Pharmaceuticals - 6.1%

Abbott Laboratories

7,400

329,670

Forest Laboratories, Inc. (a)

5,400

272,700

Johnson & Johnson

43,800

2,380,530

Merck & Co., Inc.

26,000

1,445,080

Pfizer, Inc.

75,032

2,327,493

Wyeth

3,900

171,015

6,926,488

TOTAL HEALTH CARE

13,023,085

INDUSTRIALS - 4.9%

Aerospace & Defense - 0.8%

Lockheed Martin Corp.

20,400

946,968

Building Products - 0.4%

American Standard Companies, Inc. (a)

5,900

436,541

Commercial Services & Supplies - 0.2%

Manpower, Inc.

7,300

253,894

Common Stocks - continued

Shares

Value
(Note 1)

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Granite Construction, Inc.

8,600

$ 158,928

Industrial Conglomerates - 2.4%

General Electric Co.

66,270

1,901,949

Tyco International Ltd.

42,382

750,161

2,652,110

Road & Rail - 1.0%

Canadian National Railway Co.

21,650

1,090,887

TOTAL INDUSTRIALS

5,539,328

INFORMATION TECHNOLOGY - 8.8%

Communications Equipment - 0.5%

Motorola, Inc.

67,900

578,508

Computers & Peripherals - 1.4%

Dell Computer Corp. (a)

44,400

1,389,276

Western Digital Corp. (a)

17,800

222,856

1,612,132

IT Services - 4.4%

Affiliated Computer Services, Inc. Class A (a)

18,200

843,388

First Data Corp.

93,200

3,860,344

Paychex, Inc.

9,270

282,920

4,986,652

Semiconductors & Semiconductor Equipment - 0.3%

Intel Corp.

6,280

130,875

Intersil Corp. Class A (a)

6,900

168,636

299,511

Software - 2.2%

Intuit, Inc. (a)

3,200

147,488

Microsoft Corp.

96,560

2,376,342

2,523,830

TOTAL INFORMATION TECHNOLOGY

10,000,633

MATERIALS - 1.1%

Metals & Mining - 1.1%

Alcan, Inc.

32,800

992,486

Nucor Corp.

5,500

262,020

1,254,506

Common Stocks - continued

Shares

Value
(Note 1)

TELECOMMUNICATION SERVICES - 3.7%

Diversified Telecommunication Services - 2.2%

NTL, Inc. (a)

10,700

$ 291,575

Qwest Communications International, Inc. (a)

103,200

463,368

SBC Communications, Inc.

14,000

356,440

Verizon Communications, Inc.

34,400

1,302,040

2,413,423

Wireless Telecommunication Services - 1.5%

Nextel Communications, Inc. Class A (a)

115,400

1,729,846

TOTAL TELECOMMUNICATION SERVICES

4,143,269

UTILITIES - 0.4%

Electric Utilities - 0.2%

PG&E Corp. (a)

12,600

214,200

Multi-Utilities & Unregulated Power - 0.2%

Reliant Resources, Inc. (a)

39,500

264,650

TOTAL UTILITIES

478,850

TOTAL COMMON STOCKS

(Cost $73,644,302)

78,601,609

Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

CSC Holdings, Inc.:

Series H, $11.75

160

16,800

Series M, $11.125

35

3,649

20,449

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $19,383)

20,449

Corporate Bonds - 14.1%

Principal Amount

Value
(Note 1)

Convertible Bonds - 0.2%

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

Nextel Communications, Inc. 5.25% 1/15/10

$ 235,000

$ 210,913

Nonconvertible Bonds - 13.9%

CONSUMER DISCRETIONARY - 2.9%

Auto Components - 0.2%

ArvinMeritor, Inc. 8.75% 3/1/12

20,000

21,900

Dana Corp. 6.5% 3/1/09

30,000

28,500

Intermet Corp. 9.75% 6/15/09

85,000

80,750

Navistar International Corp. 8% 2/1/08

35,000

32,900

Stoneridge, Inc. 11.5% 5/1/12

15,000

16,425

180,475

Hotels, Restaurants & Leisure - 1.0%

Alliance Gaming Corp. 10% 8/1/07

60,000

62,550

Bally Total Fitness Holding Corp. 9.875% 10/15/07

178,000

165,540

Chumash Casino & Resort Enterprise 9% 7/15/10 (e)

70,000

75,250

Friendly Ice Cream Corp. 10.5% 12/1/07

85,000

87,125

Herbst Gaming, Inc. 10.75% 9/1/08

35,000

38,150

HMH Properties, Inc. 7.875% 8/1/05

185,000

187,775

Mohegan Tribal Gaming Authority:

8% 4/1/12

30,000

31,650

8.375% 7/1/11

30,000

31,575

MTR Gaming Group, Inc. 9.75% 4/1/10 (e)

30,000

31,200

Park Place Entertainment Corp.:

7.875% 12/15/05

135,000

141,075

7.875% 3/15/10

30,000

31,350

9.375% 2/15/07

30,000

32,550

Premier Parks, Inc. 9.75% 6/15/07

40,000

40,400

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

80,000

84,600

Town Sports International, Inc. 9.625% 4/15/11 (e)

40,000

42,000

Venetian Casino Resort LLC/Las Vegas Sands, Inc. 11% 6/15/10

50,000

54,750

1,137,540

Household Durables - 0.4%

D.R. Horton, Inc. 8% 2/1/09

65,000

70,525

Juno Lighting, Inc. 11.875% 7/1/09

60,000

64,200

K. Hovnanian Enterprises, Inc. 8.875% 4/1/12

120,000

126,000

Lyon William Homes, Inc. 10.75% 4/1/13

90,000

93,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Household Durables - continued

Ryland Group, Inc.:

8.25% 4/1/08

$ 20,000

$ 20,800

9.125% 6/15/11

15,000

16,800

Standard Pacific Corp. 9.25% 4/15/12

30,000

31,800

423,275

Leisure Equipment & Products - 0.1%

The Hockey Co. 11.25% 4/15/09

70,000

77,000

Media - 0.9%

AMC Entertainment, Inc.:

9.5% 3/15/09

20,000

20,300

9.875% 2/1/12

110,000

114,950

American Media Operations, Inc. 10.25% 5/1/09

70,000

75,250

Comcast UK Cable Partners Ltd. yankee 11.2% 11/15/07

105,000

96,600

Corus Entertainment, Inc. 8.75% 3/1/12

40,000

42,400

Diamond Holdings PLC yankee 9.125% 2/1/08

40,000

34,600

EchoStar DBS Corp.:

9.125% 1/15/09

30,000

33,300

10.375% 10/1/07

55,000

60,775

Granite Broadcasting Corp. 10.375% 5/15/05

25,000

24,750

K-III Communications Corp. 8.5% 2/1/06

30,000

30,000

Lamar Media Corp. 7.25% 1/1/13 (e)(f)

40,000

41,700

LBI Media, Inc. 10.125% 7/15/12 (e)

60,000

64,800

News America, Inc. 6.55% 3/15/33 (e)

25,000

26,923

PEI Holdings, Inc. 11% 3/15/10 (e)

35,000

37,975

PRIMEDIA, Inc.:

7.625% 4/1/08

15,000

14,775

8.875% 5/15/11

35,000

36,575

Regal Cinemas Corp. 9.375% 2/1/12

70,000

75,250

Rogers Cablesystems Ltd. yankee 11% 12/1/15

10,000

11,250

Rogers Communications, Inc. yankee 8.875% 7/15/07

35,000

36,050

TV Azteca SA de CV yankee 10.5% 2/15/07

60,000

60,000

Yell Finance BV:

0% 8/1/11 (c)

60,000

48,900

10.75% 8/1/11

40,000

44,600

1,031,723

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.0%

Barneys, Inc. 9% 4/1/08 unit (e)

$ 30,000

$ 26,400

Dillard's, Inc. 6.125% 11/1/03

15,000

14,888

41,288

Specialty Retail - 0.2%

Asbury Automotive Group, Inc. 9% 6/15/12

45,000

42,300

Gap, Inc. 10.55% 12/15/08

15,000

17,850

J Crew Intermediate LLC 0% 5/15/08 (c)(e)

144,608

73,750

Toys 'R' US, Inc. 7.875% 4/15/13

60,000

62,700

United Auto Group, Inc. 9.625% 3/15/12

35,000

36,225

232,825

Textiles Apparel & Luxury Goods - 0.1%

Dan River, Inc. 12.75% 4/15/09 (e)

60,000

57,600

Russell Corp. 9.25% 5/1/10

50,000

54,250

The William Carter Co. 10.875% 8/15/11

50,000

56,000

167,850

TOTAL CONSUMER DISCRETIONARY

3,291,976

CONSUMER STAPLES - 0.8%

Beverages - 0.0%

Constellation Brands, Inc. 8.125% 1/15/12

50,000

52,000

Food & Staples Retailing - 0.3%

Rite Aid Corp.:

6% 12/15/05 (e)

65,000

60,450

6.875% 8/15/13

70,000

56,700

7.125% 1/15/07

60,000

57,900

7.625% 4/15/05

15,000

14,775

9.5% 2/15/11 (e)

55,000

58,438

The Great Atlantic & Pacific Tea Co.:

7.75% 4/15/07

100,000

88,500

9.125% 12/15/11

30,000

26,625

363,388

Food Products - 0.4%

Corn Products International, Inc. 8.25% 7/15/07

60,000

64,800

Dean Foods Co. 6.9% 10/15/17

80,000

79,200

Del Monte Corp. 9.25% 5/15/11

140,000

150,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food Products - continued

Doane Pet Care Co. 9.75% 5/15/07

$ 75,000

$ 69,188

Dole Food Co., Inc. 8.875% 3/15/11 (e)

30,000

31,950

395,288

Household Products - 0.0%

Fort James Corp. 6.875% 9/15/07

20,000

19,800

Tobacco - 0.1%

Philip Morris Companies, Inc. 7% 7/15/05

70,000

74,192

TOTAL CONSUMER STAPLES

904,668

ENERGY - 1.1%

Energy Equipment & Services - 0.3%

DI Industries, Inc. 8.875% 7/1/07

70,000

72,275

Grant Prideco, Inc. 9% 12/15/09

20,000

21,800

Key Energy Services, Inc. 8.375% 3/1/08

80,000

85,800

SESI LLC 8.875% 5/15/11

130,000

137,800

317,675

Oil & Gas - 0.8%

Chesapeake Energy Corp.:

8.375% 11/1/08

55,000

58,713

9% 8/15/12

35,000

38,150

Clark Refining & Marketing, Inc. 8.875% 11/15/07

35,000

34,300

General Maritime Corp. 10% 3/15/13 (e)

30,000

32,100

Nuevo Energy Co.:

9.375% 10/1/10

20,000

21,300

9.5% 6/1/08

125,000

130,000

Overseas Shipholding Group, Inc. 8.25% 3/15/13 (e)

100,000

103,000

Plains Exploration & Production Co. LP 8.75% 7/1/12

30,000

32,025

Pogo Producing Co. 8.25% 4/15/11

25,000

27,250

Teekay Shipping Corp. 8.875% 7/15/11

90,000

98,550

Tesoro Petroleum Corp. 8% 4/15/08 (e)

20,000

20,000

The Coastal Corp.:

6.375% 2/1/09

10,000

8,213

6.5% 5/15/06

30,000

26,700

6.5% 6/1/08

25,000

21,031

6.95% 6/1/28

40,000

30,400

7.5% 8/15/06

80,000

74,400

7.75% 6/15/10

45,000

39,488

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

ENERGY - continued

Oil & Gas - continued

The Coastal Corp.: - continued

7.75% 10/15/35

$ 30,000

$ 23,775

Western Oil Sands, Inc. 8.375% 5/1/12

55,000

59,400

878,795

TOTAL ENERGY

1,196,470

FINANCIALS - 1.6%

Capital Markets - 0.0%

Bank of New York Co., Inc. 4.25% 9/4/12 (h)

10,000

10,567

Consumer Finance - 0.1%

Capital One Financial Corp. 8.75% 2/1/07

35,000

38,500

SLM Corp. 3.625% 3/17/08

50,000

51,557

90,057

Diversified Financial Services - 1.3%

Ahold Finance USA, Inc.:

6.25% 5/1/09

15,000

13,575

6.875% 5/1/29

15,000

12,000

8.25% 7/15/10

65,000

62,725

BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08

90,000

96,300

CMS Energy X-TRAS pass thru trust I 7% 1/15/05

40,000

39,000

Continental Airlines, Inc. pass thru trust certificates 6.9% 1/2/17

28,576

19,146

Dex Media East LLC/Dex Media East Finance Co. 9.875% 11/15/09

55,000

61,050

El Paso Energy Partners LP/El Paso Energy Partners Finance Corp.:

8.5% 6/1/11

35,000

37,188

10.625% 12/1/12 (e)

30,000

34,200

FIMEP SA 10.5% 2/15/13 (e)

60,000

65,100

Frontier Escrow Corp. 8% 4/15/13 (e)

20,000

20,500

Gemstone Investor Ltd./Gemstone Investor, Inc. 7.71% 10/31/04 (e)

130,000

126,750

IOS Capital, Inc. 9.75% 6/15/04

100,000

102,500

Leucadia National Corp. 7% 8/15/13 (e)

60,000

60,150

Moore North America Finance, Inc. 7.875% 1/15/11 (e)

50,000

52,250

Northern Telecom Capital Corp. 7.875% 6/15/26

40,000

35,200

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

Qwest Capital Funding, Inc.:

5.875% 8/3/04

$ 145,000

$ 139,200

7% 8/3/09

65,000

54,600

7.25% 2/15/11

80,000

67,200

7.75% 8/15/06

130,000

117,650

TRW Automotive Acquisition Corp.:

9.375% 2/15/13 (e)

20,000

20,800

11% 2/15/13 (e)

10,000

10,400

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10 (e)

105,000

112,613

Western Financial Bank 9.625% 5/15/12

95,000

100,700

1,460,797

Insurance - 0.0%

Crum & Forster Holdings Corp. 10.375% 6/15/13 (e)

50,000

49,000

Real Estate - 0.2%

EOP Operating LP 7.75% 11/15/07

25,000

29,499

LNR Property Corp.:

9.375% 3/15/08

55,000

56,925

10.5% 1/15/09

25,000

26,500

Senior Housing Properties Trust:

7.875% 4/15/15

40,000

40,600

8.625% 1/15/12

50,000

53,000

206,524

TOTAL FINANCIALS

1,816,945

HEALTH CARE - 0.6%

Communications Equipment - 0.2%

Avaya, Inc. 11.125% 4/1/09

40,000

43,600

Nortel Networks Corp. 6.125% 2/15/06

5,000

4,850

Qwest Services Corp.:

13% 12/15/07 (e)

40,000

44,200

13.5% 12/15/10 (e)

70,000

79,450

14% 12/15/14 (e)

72,000

83,880

255,980

Health Care Equipment & Supplies - 0.0%

Millipore Corp. 7.5% 4/1/07

5,000

5,150

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

HEALTH CARE - continued

Health Care Providers & Services - 0.3%

Hanger Orthopedic Group, Inc. 10.375% 2/15/09

$ 40,000

$ 43,600

PacifiCare Health Systems, Inc. 10.75% 6/1/09

95,000

104,025

Tenet Healthcare Corp.:

6.375% 12/1/11

35,000

33,950

7.375% 2/1/13

35,000

35,525

Vanguard Health Systems, Inc. 9.75% 8/1/11

75,000

78,375

295,475

Pharmaceuticals - 0.1%

aaiPharma, Inc. 11% 4/1/10

115,000

124,200

TOTAL HEALTH CARE

680,805

INDUSTRIALS - 1.2%

Aerospace & Defense - 0.0%

Transdigm, Inc. 10.375% 12/1/08

30,000

32,100

Airlines - 0.1%

Continental Airlines, Inc. 8% 12/15/05

5,000

3,950

Delta Air Lines, Inc. 7.9% 12/15/09

35,000

25,113

Northwest Airlines, Inc.:

7.875% 3/15/08

10,000

7,250

9.875% 3/15/07

30,000

23,100

59,413

Building Products - 0.1%

FastenTech, Inc. 11.5% 5/1/11 (e)

50,000

49,938

Nortek, Inc.:

9.125% 9/1/07

65,000

67,113

9.25% 3/15/07

20,000

20,600

137,651

Commercial Services & Supplies - 0.2%

Allied Waste North America, Inc.:

7.625% 1/1/06

45,000

45,900

7.875% 1/1/09

15,000

15,225

7.875% 4/15/13

70,000

70,525

Browning-Ferris Industries, Inc. 6.375% 1/15/08

30,000

28,800

JohnsonDiversey, Inc. 9.625% 5/15/12

20,000

22,100

National Waterworks, Inc. 10.5% 12/1/12

30,000

33,000

215,550

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Construction & Engineering - 0.1%

Shaw Group, Inc. 10.75% 3/15/10 (e)

$ 75,000

$ 73,500

Industrial Conglomerates - 0.1%

Tyco International Group SA yankee:

5.8% 8/1/06

90,000

90,900

6.375% 6/15/05

5,000

5,163

6.375% 2/15/06

40,000

41,200

6.75% 2/15/11

20,000

20,450

157,713

Machinery - 0.6%

AGCO Corp.:

8.5% 3/15/06

20,000

20,000

9.5% 5/1/08

50,000

54,500

Cummins, Inc.:

5.65% 3/1/98

55,000

35,200

9.5% 12/1/10 (e)

40,000

43,200

Dresser, Inc. 9.375% 4/15/11

125,000

128,125

Dunlop Standard Aerospace Holdings PLC yankee 11.875% 5/15/09

85,000

89,250

Navistar International Corp. 9.375% 6/1/06

15,000

15,600

NMHG Holding Co. 10% 5/15/09

40,000

43,000

Terex Corp. 8.875% 4/1/08

95,000

96,425

TriMas Corp.:

9.875% 6/15/12 (e)

50,000

51,000

9.875% 6/15/12

50,000

51,000

627,300

Road & Rail - 0.0%

TFM SA de CV yankee:

10.25% 6/15/07

10,000

10,050

11.75% 6/15/09

30,000

30,300

40,350

TOTAL INDUSTRIALS

1,343,577

INFORMATION TECHNOLOGY - 0.5%

Electronic Equipment & Instruments - 0.3%

Avnet, Inc. 9.75% 2/15/08

60,000

66,900

Ingram Micro, Inc. 9.875% 8/15/08

90,000

95,625

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

PerkinElmer, Inc. 8.875% 1/15/13 (e)

$ 70,000

$ 75,075

Solectron Corp. 7.375% 3/1/06

100,000

100,000

337,600

IT Services - 0.0%

Anteon Corp. 12% 5/15/09

15,000

16,500

Office Electronics - 0.1%

Xerox Corp.:

7.15% 8/1/04

65,000

65,975

7.2% 4/1/16

80,000

76,000

141,975

Semiconductors & Semiconductor Equipment - 0.1%

AMI Semiconductor, Inc. 10.75% 2/1/13 (e)

20,000

22,200

SCG Holding Corp./Semiconductor Components Industries LLC 12% 8/1/09

55,000

44,550

66,750

TOTAL INFORMATION TECHNOLOGY

562,825

MATERIALS - 1.5%

Chemicals - 0.4%

Berry Plastics Corp. 10.75% 7/15/12

95,000

102,600

Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11 (e)

15,000

15,225

Geon Co. 6.875% 12/15/05

15,000

13,800

Huntsman International LLC:

9.875% 3/1/09

25,000

25,500

9.875% 3/1/09 (e)

50,000

51,000

Methanex Corp. yankee 7.75% 8/15/05

35,000

36,400

Millennium America, Inc.:

9.25% 6/15/08

70,000

75,775

9.25% 6/15/08 (e)

30,000

32,475

OMNOVA Solutions, Inc. 11.25% 6/1/10 (e)

25,000

26,063

PolyOne Corp.:

8.875% 5/1/12

95,000

84,550

10.625% 5/15/10 (e)

30,000

28,800

Resolution Performance Products LLC 9.5% 4/15/10 (e)

20,000

20,400

512,588

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

MATERIALS - continued

Construction Materials - 0.1%

Texas Industries, Inc. 10.25% 6/15/11 (e)

$ 90,000

$ 90,000

Containers & Packaging - 0.7%

Anchor Glass Container Corp. 11% 2/15/13 (e)

60,000

63,000

BWAY Corp. 10% 10/15/10 (e)

30,000

31,125

Crown Cork & Seal, Inc. 8% 4/15/23

20,000

14,200

Graphic Packaging Corp. 8.625% 2/15/12

20,000

20,950

Jefferson Smurfit Corp. U.S. 7.5% 6/1/13 (e)

100,000

100,000

Owens-Brockway Glass Container, Inc.:

8.75% 11/15/12

35,000

37,275

8.875% 2/15/09

45,000

47,700

Owens-Illinois, Inc.:

7.15% 5/15/05

175,000

175,875

7.35% 5/15/08

45,000

43,425

7.5% 5/15/10

40,000

38,700

7.8% 5/15/18

145,000

131,950

8.1% 5/15/07

20,000

19,800

Silgan Holdings, Inc. 9% 6/1/09

35,000

36,225

760,225

Metals & Mining - 0.0%

Phelps Dodge Corp. 9.5% 6/1/31

25,000

31,156

Steel Dynamics, Inc. 9.5% 3/15/09

25,000

25,750

56,906

Paper & Forest Products - 0.3%

Georgia-Pacific Corp.:

7.375% 12/1/25

20,000

16,600

7.5% 5/15/06

55,000

54,450

8.125% 5/15/11

50,000

48,938

8.875% 5/15/31

30,000

27,600

9.625% 3/15/22

20,000

18,800

Louisiana-Pacific Corp. 10.875% 11/15/08

20,000

22,400

Stone Container Corp.:

8.375% 7/1/12

80,000

84,200

9.75% 2/1/11

55,000

60,225

333,213

TOTAL MATERIALS

1,752,932

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - 1.0%

Diversified Telecommunication Services - 0.4%

AT&T Broadband Corp. 8.375% 3/15/13

$ 22,000

$ 27,663

France Telecom SA 10% 3/1/31 (d)

10,000

13,738

Qwest Corp. 8.875% 3/15/12 (e)

135,000

151,200

Rogers Cantel, Inc. yankee 8.8% 10/1/07

80,000

81,200

Triton PCS, Inc.:

8.5% 6/1/13 (e)(f)

30,000

30,000

8.75% 11/15/11

85,000

79,900

9.375% 2/1/11

35,000

33,950

11% 5/1/08

20,000

21,050

U.S. West Communications 5.65% 11/1/04

25,000

24,625

463,326

Wireless Telecommunication Services - 0.6%

Crown Castle International Corp.:

9.375% 8/1/11

60,000

60,000

10.75% 8/1/11

45,000

46,350

Nextel Communications, Inc.:

9.375% 11/15/09

15,000

15,900

9.5% 2/1/11

35,000

37,975

9.75% 10/31/07

20,000

20,550

9.95% 2/15/08

20,000

20,800

Nextel Partners, Inc.:

0% 2/1/09 (c)

126,000

128,205

12.5% 11/15/09

45,000

50,175

Rogers Wireless, Inc. 9.625% 5/1/11

130,000

144,950

SpectraSite, Inc. 8.25% 5/15/10 (e)

40,000

40,200

VoiceStream Wireless Corp. 0% 11/15/09 (c)

110,000

106,700

671,805

TOTAL TELECOMMUNICATION SERVICES

1,135,131

UTILITIES - 2.7%

Electric Utilities - 0.9%

Allegheny Energy Supply Co. LLC:

Series A, 10.25% 11/15/07 (e)

68,792

71,888

Series B, 10.25% 11/15/07 (e)(h)

6,204

6,080

7.8% 3/15/11

150,000

126,000

8.75% 4/15/12 (e)

170,000

143,650

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

UTILITIES - continued

Electric Utilities - continued

CMS Energy Corp.:

6.75% 1/15/04

$ 25,000

$ 24,875

7.5% 1/15/09

20,000

18,900

7.625% 11/15/04

15,000

14,850

8.5% 4/15/11

30,000

29,100

8.9% 7/15/08

5,000

4,925

9.875% 10/15/07

25,000

25,750

Edison International 6.875% 9/15/04

30,000

30,150

Illinois Power Co. 11.5% 12/15/10 (e)

90,000

99,000

Midland Funding Corp. II 11.75% 7/23/05

30,000

32,100

Nevada Power Co. 10.875% 10/15/09

60,000

66,000

Pacific Gas & Electric Co.:

6.25% 8/1/03

65,000

65,000

6.25% 3/1/04

90,000

90,000

10% 11/1/05 (e)(h)

60,000

61,200

Southern California Edison Co.:

6.25% 6/15/03

10,000

10,000

7.25% 3/1/26

50,000

50,000

8% 2/15/07 (e)

50,000

54,500

TECO Energy, Inc. 10.5% 12/1/07

45,000

51,750

1,075,718

Gas Utilities - 0.7%

ANR Pipeline, Inc. 9.625% 11/1/21

80,000

92,200

El Paso Energy Corp.:

6.75% 5/15/09

40,000

34,150

6.95% 12/15/07

105,000

92,925

7.375% 12/15/12

5,000

4,150

7.75% 1/15/32

35,000

27,213

7.8% 8/1/31

30,000

22,500

8.05% 10/15/30

95,000

76,119

SEMCO Energy, Inc.:

7.125% 5/15/08 (e)

20,000

20,750

7.75% 5/15/13 (e)

20,000

21,200

Sonat, Inc.:

6.625% 2/1/08

65,000

55,250

6.75% 10/1/07

35,000

30,363

6.875% 6/1/05

140,000

132,825

Tennessee Gas Pipeline Co. 7.625% 4/1/37

35,000

33,425

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - continued

UTILITIES - continued

Gas Utilities - continued

Transcontinental Gas Pipe Line Corp.:

6.125% 1/15/05

$ 35,000

$ 35,000

8.875% 7/15/12

50,000

55,188

Williams Holdings of Delaware, Inc. 6.25% 2/1/06

10,000

9,525

742,783

Multi-Utilities & Unregulated Power - 1.1%

AES Corp.:

8.375% 8/15/07

25,000

22,125

8.5% 11/1/07

30,000

26,550

8.75% 6/15/08

25,000

23,375

8.75% 5/15/13 (e)

80,000

80,800

8.875% 2/15/11

47,000

42,946

9% 5/15/15 (e)

80,000

81,200

9.375% 9/15/10

11,000

10,299

9.5% 6/1/09

9,000

8,483

10.25% 7/15/06

30,000

28,950

El Paso Corp.:

7% 5/15/11

90,000

77,400

7.875% 6/15/12 (e)

35,000

30,625

El Paso Production Holding Co. 7.75% 6/1/13 (e)

130,000

129,675

Western Resources, Inc. 9.75% 5/1/07

105,000

114,975

Williams Companies, Inc.:

6.5% 8/1/06

155,000

146,281

6.75% 1/15/06

40,000

38,400

7.125% 9/1/11

25,000

23,375

7.625% 7/15/19

35,000

30,450

7.75% 6/15/31

25,000

22,000

7.875% 9/1/21

125,000

109,531

8.125% 3/15/12 (e)

50,000

49,000

9.25% 3/15/04

110,000

112,200

1,208,640

TOTAL UTILITIES

3,027,141

TOTAL NONCONVERTIBLE BONDS

15,712,470

TOTAL CORPORATE BONDS

(Cost $14,610,141)

15,923,383

U.S. Government and Government Agency Obligations - 5.7%

Principal Amount

Value
(Note 1)

U.S. Government Agency Obligations - 1.8%

Fannie Mae:

2.5% 6/15/08

$ 745,000

$ 745,144

3.25% 11/15/07

195,000

202,786

3.25% 1/15/08

255,000

264,612

6.25% 2/1/11

120,000

140,717

6.25% 7/19/11

50,000

52,415

Freddie Mac:

2.75% 12/30/05

500,000

504,470

5.875% 3/21/11

100,000

115,098

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

2,025,242

U.S. Treasury Inflation Protected Obligations - 0.2%

U.S. Treasury Inflation-Indexed Bonds 3.625% 4/15/28

142,331

177,924

U.S. Treasury Obligations - 3.7%

U.S. Treasury Bills, yield at date of purchase 1.02% to 1.1% 7/3/03 to 8/21/03 (g)

200,000

199,731

U.S. Treasury Bonds:

7.875% 2/15/21

1,420,000

2,065,989

11.75% 2/15/10

645,000

757,296

U.S. Treasury Notes 4.375% 5/15/07

1,100,000

1,201,793

TOTAL U.S. TREASURY OBLIGATIONS

4,224,809

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $6,218,680)

6,427,975

Asset-Backed Securities - 0.2%

Amortizing Residential Collateral Trust Series 2002-BC6 Class A2, 1.67% 8/25/32 (h)

82,472

82,214

Countrywide Home Loans, Inc. Series 2002-6 Class AV1, 1.75% 5/25/33 (h)

48,810

48,874

Household Private Label Credit Card Master Note Trust I Series 2002-3 Class B, 2.56% 9/15/09 (h)

120,000

120,115

Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33

29,525

29,785

TOTAL ASSET-BACKED SECURITIES

(Cost $280,772)

280,988

Collateralized Mortgage Obligations - 0.0%

Principal Amount

Value
(Note 1)

U.S. Government Agency - 0.0%

Freddie Mac Multi-class participation certificates guaranteed sequential pay Series 2303 Class VT, 6% 2/15/12
(Cost $13,267)

$ 12,813

$ 13,199

Fixed-Income Funds - 0.1%

Shares

Fidelity Ultra-Short Central Fund (i)
(Cost $99,953)

1,008

100,135

Money Market Funds - 9.6%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $10,819,123)

10,819,123

10,819,123

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $105,705,621)

112,186,861

NET OTHER ASSETS - 0.9%

996,184

NET ASSETS - 100%

$ 113,183,045

Futures Contracts

Expiration Date

Underlying Face Amount at Value

Unrealized Gain/(Loss)

Purchased

Equity Index Contracts

12 S&P 500 Index Contracts

June 2003

$ 2,889,900

$ 186,415

The face value of futures purchased as a percentage of net assets - 2.6%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(d) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(e) 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 $3,386,798 or 3.0% of net assets.

(f) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $199,731.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S.Government and U.S.Government Agency Obligations

5.5%

AAA,AA,A

0.4%

BBB

0.3%

BB

3.5%

B

7.3%

CCC,CC,C

2.8%

Not Rated

0.1%

Equities

72.0%

Short-Term Investments and Net Other Assets

8.1%

We have used ratings from Moody's Investors Services, Inc. Where Moody's® ratings are not available, we have used S&P ratings. Percentages are adjusted for the effect of futures contracts, if applicable.

Purchases and sales of securities, other than short-term securities, aggregated $49,479,101 and $55,433,449, respectively, of which long-term U.S. government and government agency obligations aggregated $14,806,785 and $13,927,746, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,778 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $27,179,000 of which $348,000, $394,000, $14,773,000 and $11,664,000 will expire on November 30, 2007, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $105,705,621) - See accompanying schedule

$ 112,186,861

Receivable for investments sold

1,128,543

Receivable for fund shares sold

163,791

Dividends receivable

37,526

Interest receivable

417,063

Receivable for daily variation on futures contracts

42,300

Other receivables

221

Total assets

113,976,305

Liabilities

Payable to custodian bank

$ 5,907

Payable for investments purchased
Regular delivery

509,794

Delayed delivery

72,761

Payable for fund shares redeemed

64,767

Accrued management fee

53,772

Distribution fees payable

49,947

Other payables and accrued expenses

36,312

Total liabilities

793,260

Net Assets

$ 113,183,045

Net Assets consist of:

Paid in capital

$ 136,539,141

Undistributed net investment income

346,043

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(30,369,744)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

6,667,605

Net Assets

$ 113,183,045

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($31,404,491 ÷ 3,448,687 shares)

$ 9.11

Maximum offering price per share (100/94.25 of $9.11)

$ 9.67

Class T:
Net Asset Value and redemption price per share ($45,034,293 ÷ 4,964,110 shares)

$ 9.07

Maximum offering price per share (100/96.50 of $9.07)

$ 9.40

Class B:
Net Asset Value and offering price per share ($21,029,754 ÷ 2,323,125 shares)A

$ 9.05

Class C:
Net Asset Value and offering price per share ($10,125,096 ÷ 1,119,150 shares)A

$ 9.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($5,589,411 ÷ 613,728 shares)

$ 9.11

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 399,384

Interest

1,121,691

Security Lending

233

Total income

1,521,308

Expenses

Management fee

$ 305,913

Transfer agent fees

174,283

Distribution fees

292,850

Accounting fees and expenses

32,421

Non-interested trustees' compensation

210

Custodian fees and expenses

10,442

Registration fees

51,580

Audit

19,908

Legal

378

Miscellaneous

288

Total expenses before reductions

888,273

Expense reductions

(27,204)

861,069

Net investment income (loss)

660,239

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(377,334)

Foreign currency transactions

(23)

Futures contracts

88,437

Total net realized gain (loss)

(288,920)

Change in net unrealized appreciation (depreciation) on:

Investment securities

4,443,849

Assets and liabilities in foreign currencies

(102)

Futures contracts

(34,493)

Total change in net unrealized appreciation (depreciation)

4,409,254

Net gain (loss)

4,120,334

Net increase (decrease) in net assets resulting from operations

$ 4,780,573

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended May 31, 2003
(Unaudited)

Year ended
November 30, 2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 660,239

$ 1,466,641

Net realized gain (loss)

(288,920)

(11,350,346)

Change in net unrealized appreciation (depreciation)

4,409,254

(1,675,232)

Net increase (decrease) in net assets resulting
from operations

4,780,573

(11,558,937)

Distributions to shareholders from net investment income

(722,776)

(1,462,340)

Share transactions - net increase (decrease)

(767,165)

3,698,360

Total increase (decrease) in net assets

3,290,632

(9,322,917)

Net Assets

Beginning of period

109,892,413

119,215,330

End of period (including undistributed net investment income of $346,043 and undistributed net investment income of $408,580, respectively)

$ 113,183,045

$ 109,892,413

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.77

$ 9.83

$ 11.02

$ 10.92

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.07

.15

.20

.19

.12

Net realized and unrealized gain (loss)

.34

(1.05)

(1.20)

.08

.80

Total from investment operations

.41

(.90)

(1.00)

.27

.92

Distributions from net investment income

(.07)

(.16)

(.19)

(.17)

-

Net asset value, end of period

$ 9.11

$ 8.77

$ 9.83

$ 11.02

$ 10.92

Total ReturnB,C,D

4.75%

(9.28)%

(9.13)%

2.40%

9.20%

Ratios to Average Net AssetsG

Expenses before expense
reductions

1.34%A

1.29%

1.26%

1.51%

2.95%A

Expenses net of voluntary waivers, if any

1.34%A

1.29%

1.26%

1.51%

1.75%A

Expenses net of all reductions

1.29%A

1.25%

1.23%

1.49%

1.74%A

Net investment income (loss)

1.61%A

1.65%

1.97%

1.64%

1.24%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 31,404

$ 29,894

$ 14,487

$ 14,567

$ 1,819

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.75

$ 9.79

$ 10.99

$ 10.89

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.05

.13

.17

.16

.10

Net realized and unrealized gain (loss)

.33

(1.05)

(1.19)

.08

.79

Total from investment operations

.38

(.92)

(1.02)

.24

.89

Distributions from net investment income

(.06)

(.12)

(.18)

(.14)

-

Net asset value, end of period

$ 9.07

$ 8.75

$ 9.79

$ 10.99

$ 10.89

Total ReturnB,C,D

4.41%

(9.50)%

(9.35)%

2.14%

8.90%

Ratios to Average Net AssetsG

Expenses before expense
reductions

1.68%A

1.56%

1.55%

1.78%

3.13%A

Expenses net of voluntary waivers, if any

1.68%A

1.56%

1.55%

1.78%

2.00%A

Expenses net of all reductions

1.62%A

1.53%

1.52%

1.76%

1.99%A

Net investment income (loss)

1.28%A

1.38%

1.69%

1.37%

.99%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 45,034

$ 45,804

$ 71,346

$ 25,527

$ 10,819

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.73

$ 9.78

$ 10.96

$ 10.85

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.03

.08

.12

.10

.05

Net realized and unrealized gain (loss)

.33

(1.05)

(1.19)

.09

.80

Total from investment operations

.36

(.97)

(1.07)

.19

.85

Distributions from net investment income

(.04)

(.08)

(.11)

(.08)

-

Net asset value, end of period

$ 9.05

$ 8.73

$ 9.78

$ 10.96

$ 10.85

Total ReturnB,C,D

4.16%

(10.00)%

(9.80)%

1.72%

8.50%

Ratios to Average Net AssetsG

Expenses before expense
reductions

2.19%A

2.10%

2.04%

2.27%

3.67%A

Expenses net of voluntary waivers, if any

2.19%A

2.10%

2.04%

2.27%

2.50%A

Expenses net of all reductions

2.13%A

2.06%

2.01%

2.26%

2.49%A

Net investment income (loss)

.77%A

.84%

1.20%

.87%

.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,030

$ 19,261

$ 21,599

$ 17,797

$ 8,603

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.72

$ 9.77

$ 10.94

$ 10.85

$ 10.00

Income from Investment Operations

Net investment income (loss)E

.03

.08

.12

.10

.05

Net realized and unrealized gain (loss)

.34

(1.05)

(1.18)

.08

.80

Total from investment operations

.37

(.97)

(1.06)

.18

.85

Distributions from net investment income

(.04)

(.08)

(.11)

(.09)

-

Net asset value, end of period

$ 9.05

$ 8.72

$ 9.77

$ 10.94

$ 10.85

Total ReturnB,C,D

4.28%

(10.01)%

(9.73)%

1.62%

8.50%

Ratios to Average Net AssetsG

Expenses before expense
reductions

2.15%A

2.07%

2.02%

2.26%

3.68%A

Expenses net of voluntary waivers, if any

2.15%A

2.07%

2.02%

2.26%

2.50%A

Expenses net of all reductions

2.09%A

2.03%

1.99%

2.24%

2.49%A

Net investment income (loss)

.81%A

.88%

1.22%

.88%

.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,125

$ 9,574

$ 11,037

$ 9,737

$ 4,217

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999E

Selected Per-Share Data

Net asset value, beginning of period

$ 8.78

$ 9.85

$ 11.04

$ 10.95

$ 10.00

Income from Investment Operations

Net investment income (loss)D

.07

.16

.24

.22

.14

Net realized and unrealized gain (loss)

.34

(1.04)

(1.21)

.08

.81

Total from investment operations

.41

(.88)

(.97)

.30

.95

Distributions from net investment income

(.08)

(.19)

(.22)

(.21)

-

Net asset value, end of period

$ 9.11

$ 8.78

$ 9.85

$ 11.04

$ 10.95

Total ReturnB,C

4.76%

(9.07)%

(8.86)%

2.66%

9.50%

Ratios to Average Net AssetsF

Expenses before expense
reductions

1.20%A

1.11%

.95%

1.28%

2.70%A

Expenses net of voluntary waivers, if any

1.20%A

1.11%

.95%

1.28%

1.50%A

Expenses net of all reductions

1.15%A

1.07%

.92%

1.26%

1.49%A

Net investment income (loss)

1.75%A

1.84%

2.29%

1.87%

1.49%A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,589

$ 5,359

$ 745

$ 1,193

$ 976

Portfolio turnover rate

101%A

120%

165%

193%

115%A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 28, 1998 (commencement of operations) to November 30, 1999.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Asset Allocation 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Semiannual Report

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, defaulted bonds, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 11,513,855

|

Unrealized depreciation

(6,496,596)

Net unrealized appreciation (depreciation)

$ 5,017,259

Cost for federal income tax purposes

$ 107,169,602

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

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 counter-parties 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.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 39,680

$ 64

$3,591

Class T

.27%

.25%

110,884

354

5,266

Class B

.75%

.25%

95,582

71,723

-

Class C

.75%

.25%

46,704

7,572

-

$ 292,850

$ 79,713

$8,857

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained by FDC

Class A

$ 5,199

Class T

4,416

Class B*

39,695

Class C*

458

$ 49,768

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

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 (collectively referred to as the transfer 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

$ 38,072

.26*

Class T

73,390

.35*

Class B

36,576

.38*

Class C

16,024

.34*

Institutional Class

10,221

.40*

$ 174,283

* 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.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $45,905 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution expense
reduction

Other expense
reduction

Custody expense
reduction

Fund Level

$ -

$ 18,063

$ 284

Class A

3,591

-

-

Class T

5,266

-

-

$ 8,857

$ 18,063

$ 284

7. Other Information.

At the end of the period, two unaffiliated shareholders were the owners of record of 26% of the total outstanding shares of the fund.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 237,211

$ 286,281

Class T

302,508

821,156

Class B

90,145

180,392

Class C

44,142

93,044

Institutional Class

48,770

81,467

Total

$ 722,776

$ 1,462,340

Semiannual Report

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months
ended May 31,
2003

Year ended
November 30,
2002

Six months
ended May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

285,938

2,397,802

$ 2,409,367

$ 20,719,417

Reinvestment of distributions

28,147

29,971

234,471

281,079

Shares redeemed

(273,372)

(493,090)

(2,302,308)

(4,329,528)

Net increase (decrease)

40,713

1,934,683

$ 341,530

$ 16,670,968

Class T

Shares sold

499,168

1,700,009

$ 4,230,802

$ 14,892,440

Reinvestment of distributions

35,856

84,041

297,406

810,453

Shares redeemed

(807,956)

(3,833,418)

(6,842,445)

(33,772,832)

Net increase (decrease)

(272,932)

(2,049,368)

$ (2,314,237)

$ (18,069,939)

Class B

Shares sold

389,196

609,734

$ 3,286,246

$ 5,567,194

Reinvestment of distributions

9,432

16,285

78,412

158,803

Shares redeemed

(282,949)

(627,755)

(2,363,531)

(5,501,721)

Net increase (decrease)

115,679

(1,736)

$ 1,001,127

$ 224,276

Class C

Shares sold

212,401

389,032

$ 1,780,819

$ 3,544,462

Reinvestment of distributions

4,703

8,234

39,047

80,247

Shares redeemed

(196,159)

(429,343)

(1,643,846)

(3,856,430)

Net increase (decrease)

20,945

(32,077)

$ 176,020

$ (231,721)

Institutional Class

Shares sold

67,292

681,032

$ 567,939

$ 6,434,799

Reinvestment of distributions

5,726

8,237

47,501

76,893

Shares redeemed

(69,830)

(154,427)

(587,045)

(1,406,916)

Net increase (decrease)

3,188

534,842

$ 28,395

$ 5,104,776

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Investments
Money Management, Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income
Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate
Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage
Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Value

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Burlington Resources, Inc.

4.8

2.0

Charles Schwab Corp.

4.2

4.4

AOL Time Warner, Inc.

3.7

2.7

Citigroup, Inc.

3.5

1.6

Verizon Communications, Inc.

3.4

2.4

Exxon Mobil Corp.

3.3

0.0

Morgan Stanley

3.0

2.9

Union Pacific Corp.

2.7

2.3

Alcoa, Inc.

2.5

2.0

Northern Trust Corp.

2.4

1.4

33.5

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.7

30.5

Industrials

17.7

17.0

Information Technology

14.1

11.9

Consumer Discretionary

13.6

11.2

Energy

8.7

7.7

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 96.2%

Stocks 93.3%

Convertible
Securities 1.2%

Convertible
Securities 2.3%

Short-Term
Investments and
Net Other Assets 2.6%

Short-Term
Investments and
Net Other Assets 4.4%

* Foreign investments

2.8%

** Foreign investments

3.9%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 13.6%

Internet & Catalog Retail - 1.2%

Amazon.com, Inc. (a)

2,000

$ 71,880

Overstock.com, Inc.

3,000

40,350

USA Interactive (a)

12,220

469,859

582,089

Media - 6.6%

AOL Time Warner, Inc. (a)

112,930

1,718,795

Belo Corp. Series A

17,920

419,328

Comcast Corp. Class A (special) (a)

16,790

483,888

EchoStar Communications Corp. Class A (a)

200

6,716

McGraw-Hill Companies, Inc.

300

18,963

News Corp. Ltd. ADR

5,180

159,389

Omnicom Group, Inc.

200

13,962

Scholastic Corp. (a)

6,460

201,294

Washington Post Co. Class B

100

72,450

3,094,785

Multiline Retail - 1.4%

99 Cents Only Stores (a)

2,340

74,365

Federated Department Stores, Inc.

8,860

287,950

Target Corp.

8,460

309,890

672,205

Specialty Retail - 3.1%

Christopher & Banks Corp. (a)

5,600

162,120

Home Depot, Inc.

32,320

1,050,077

TJX Companies, Inc.

13,370

243,334

1,455,531

Textiles Apparel & Luxury Goods - 1.3%

Kellwood Co.

400

12,280

NIKE, Inc. Class B

10,560

591,254

603,534

TOTAL CONSUMER DISCRETIONARY

6,408,144

CONSUMER STAPLES - 1.5%

Food Products - 1.1%

Campbell Soup Co.

4,220

105,289

McCormick & Co., Inc. (non-vtg.)

14,540

391,126

Tyson Foods, Inc. Class A

100

950

497,365

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - continued

Personal Products - 0.4%

Gillette Co.

6,120

$ 205,693

TOTAL CONSUMER STAPLES

703,058

ENERGY - 8.7%

Energy Equipment & Services - 0.6%

Diamond Offshore Drilling, Inc.

5,960

135,530

Schlumberger Ltd. (NY Shares)

2,830

137,595

273,125

Oil & Gas - 8.1%

Burlington Resources, Inc.

42,290

2,253,632

Exxon Mobil Corp.

43,400

1,579,760

3,833,392

TOTAL ENERGY

4,106,517

FINANCIALS - 26.7%

Capital Markets - 17.6%

A.G. Edwards, Inc.

6,620

217,798

Bank of New York Co., Inc.

37,720

1,091,617

Charles Schwab Corp.

201,720

1,956,684

Friedman, Billings, Ramsey Group, Inc. Class A

4,900

65,170

Mellon Financial Corp.

37,800

1,027,026

Merrill Lynch & Co., Inc.

9,580

414,814

Morgan Stanley

30,440

1,392,630

Northern Trust Corp.

29,850

1,139,076

State Street Corp.

24,730

947,406

8,252,221

Commercial Banks - 1.9%

Bank of America Corp.

8,650

641,830

Synovus Financial Corp.

8,340

190,319

Wachovia Corp.

1,629

65,453

897,602

Diversified Financial Services - 3.7%

Citigroup, Inc.

40,720

1,670,334

GATX Corp.

4,250

72,208

1,742,542

Insurance - 1.4%

Allstate Corp.

3,770

135,682

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

5,800

$ 335,704

Aon Corp.

7,320

187,831

659,217

Real Estate - 1.4%

Duke Realty Corp.

7,520

213,418

ProLogis

15,740

423,249

636,667

Thrifts & Mortgage Finance - 0.7%

Golden West Financial Corp., Delaware

4,510

350,833

TOTAL FINANCIALS

12,539,082

HEALTH CARE - 1.9%

Health Care Equipment & Supplies - 0.7%

Becton, Dickinson & Co.

8,190

327,600

Health Care Providers & Services - 0.4%

WebMD Corp. (a)

17,600

174,944

Pharmaceuticals - 0.8%

Merck & Co., Inc.

5,940

330,145

Schering-Plough Corp.

2,820

52,029

382,174

TOTAL HEALTH CARE

884,718

INDUSTRIALS - 17.7%

Aerospace & Defense - 1.5%

Boeing Co.

4,680

143,536

Goodrich Corp.

4,900

89,523

Lockheed Martin Corp.

10,420

483,696

716,755

Commercial Services & Supplies - 0.1%

Equifax, Inc.

1,150

29,118

Electrical Equipment - 2.3%

Emerson Electric Co.

18,770

981,671

Regal-Beloit Corp.

4,700

94,235

1,075,906

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Industrial Conglomerates - 1.2%

General Electric Co.

17,860

$ 512,582

Teleflex, Inc.

1,510

65,126

577,708

Machinery - 6.6%

Caterpillar, Inc.

6,950

362,443

Cummins, Inc.

4,710

161,459

Dover Corp.

9,120

276,427

Eaton Corp.

5,400

453,222

Illinois Tool Works, Inc.

15,860

984,113

Navistar International Corp. (a)

7,040

216,973

PACCAR, Inc.

8,610

570,585

Pall Corp.

1,900

41,268

Pentair, Inc.

940

36,528

3,103,018

Road & Rail - 6.0%

Norfolk Southern Corp.

41,030

899,378

Union Pacific Corp.

20,870

1,272,861

Werner Enterprises, Inc.

28,976

664,130

2,836,369

TOTAL INDUSTRIALS

8,338,874

INFORMATION TECHNOLOGY - 13.4%

Communications Equipment - 4.3%

ADC Telecommunications, Inc. (a)

84,300

226,767

Alcatel SA sponsored ADR

5,700

52,668

Avanex Corp. (a)

28,200

117,030

Brocade Communications Systems, Inc. (a)

57,000

345,990

Cisco Systems, Inc. (a)

3,800

61,864

Enterasys Networks, Inc. (a)

25,200

87,444

Motorola, Inc.

71,500

609,180

Nokia Corp. sponsored ADR

12,320

222,253

Nortel Networks Corp. (a)

80,800

253,712

Tellabs, Inc. (a)

7,500

59,550

2,036,458

Computers & Peripherals - 1.5%

Apple Computer, Inc. (a)

3,100

55,707

Hewlett-Packard Co.

7,500

146,250

International Business Machines Corp.

900

79,236

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Seagate Technology

14,100

$ 213,615

Sun Microsystems, Inc. (a)

22,200

96,126

Western Digital Corp. (a)

7,800

97,656

688,590

Electronic Equipment & Instruments - 0.8%

Arrow Electronics, Inc. (a)

9,900

168,597

Avnet, Inc. (a)

3,800

51,680

Ingram Micro, Inc. Class A (a)

6,900

76,038

Molex, Inc.

500

13,680

Roper Industries, Inc.

1,900

69,711

379,706

IT Services - 0.4%

Electronic Data Systems Corp.

3,000

60,450

SunGard Data Systems, Inc. (a)

4,250

97,750

The BISYS Group, Inc. (a)

2,100

37,800

196,000

Semiconductors & Semiconductor Equipment - 3.9%

Analog Devices, Inc. (a)

4,679

180,375

Axcelis Technologies, Inc. (a)

13,700

81,652

Broadcom Corp. Class A (a)

1,900

46,512

Cree, Inc. (a)

1,900

46,683

Cypress Semiconductor Corp. (a)

1,600

17,680

Helix Technology, Inc.

6,600

89,034

Lattice Semiconductor Corp. (a)

2,800

25,480

LSI Logic Corp. (a)

10,900

69,760

Micron Technology, Inc. (a)

74,190

839,831

Novellus Systems, Inc. (a)

7,980

276,507

Texas Instruments, Inc.

9,100

186,550

1,860,064

Software - 2.5%

BEA Systems, Inc. (a)

32,800

355,552

Intuit, Inc. (a)

1,900

87,571

Microsoft Corp.

1,900

46,759

NetIQ Corp. (a)

4,700

69,748

Network Associates, Inc. (a)

17,860

216,820

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

PeopleSoft, Inc. (a)

14,170

$ 231,821

Reynolds & Reynolds Co. Class A

5,070

150,072

1,158,343

TOTAL INFORMATION TECHNOLOGY

6,319,161

MATERIALS - 2.7%

Metals & Mining - 2.5%

Alcoa, Inc.

47,420

1,167,006

Paper & Forest Products - 0.2%

International Paper Co.

2,250

82,508

TOTAL MATERIALS

1,249,514

TELECOMMUNICATION SERVICES - 5.3%

Diversified Telecommunication Services - 5.1%

BellSouth Corp.

16,240

430,522

Level 3 Communications, Inc. (a)

6,700

47,637

Time Warner Telecom, Inc. Class A (a)

57,700

334,660

Verizon Communications, Inc.

41,790

1,581,752

2,394,571

Wireless Telecommunication Services - 0.2%

Triton PCS Holdings, Inc. Class A (a)

2,500

11,625

Vodafone Group PLC sponsored ADR

2,800

61,348

72,973

TOTAL TELECOMMUNICATION SERVICES

2,467,544

UTILITIES - 4.7%

Electric Utilities - 3.5%

Allegheny Energy, Inc. (a)

7,000

60,830

American Electric Power Co., Inc.

9,030

262,231

DQE, Inc.

4,000

65,760

Entergy Corp.

10,760

556,184

Exelon Corp.

6,700

383,910

Wisconsin Energy Corp.

8,370

233,105

Xcel Energy, Inc.

5,600

86,184

1,648,204

Multi-Utilities & Unregulated Power - 1.2%

AES Corp. (a)

2,400

19,008

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - continued

Multi-Utilities & Unregulated Power - continued

Duke Energy Corp.

23,700

$ 459,306

Reliant Resources, Inc. (a)

13,400

89,780

568,094

TOTAL UTILITIES

2,216,298

TOTAL COMMON STOCKS

(Cost $41,904,979)

45,232,910

Convertible Preferred Stocks - 0.4%

FINANCIALS - 0.0%

Capital Markets - 0.0%

State Street Corp. $13.50

100

20,094

INFORMATION TECHNOLOGY - 0.4%

Communications Equipment - 0.4%

Nortel Networks Corp. $1,999.97

3

174,735

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $155,679)

194,829

Convertible Bonds - 0.8%

Principal
Amount

INFORMATION TECHNOLOGY - 0.3%

Communications Equipment - 0.3%

Avaya, Inc. 0% 10/31/21

$ 55,000

27,913

CIENA Corp. 3.75% 2/1/08

125,000

102,500

130,413

Semiconductors & Semiconductor Equipment - 0.0%

Micron Technology, Inc. 2.5% 2/1/10 (c)

28,000

33,774

TOTAL INFORMATION TECHNOLOGY

164,187

Convertible Bonds - continued

Principal
Amount

Value (Note 1)

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Level 3 Communications, Inc.:

6% 9/15/09

$ 285,000

$ 178,125

6% 3/15/10

90,000

54,900

233,025

TOTAL CONVERTIBLE BONDS

(Cost $323,305)

397,212

Money Market Funds - 4.6%

Shares

Fidelity Cash Central Fund, 1.3% (b)
(Cost $2,145,941)

2,145,941

2,145,941

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $44,529,904)

47,970,892

NET OTHER ASSETS - (2.0)%

(960,450)

NET ASSETS - 100%

$ 47,010,442

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) 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 $33,774 or 0.0% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $33,111,109 and $29,457,979, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $3,746 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $3,809,000 of which $770,000 and $3,039,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $713,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $44,529,904) - See accompanying schedule

$ 47,970,892

Receivable for investments sold

190,602

Receivable for fund shares sold

466,064

Dividends receivable

45,770

Interest receivable

7,515

Receivable from investment adviser for expense reductions

8,101

Total assets

48,688,944

Liabilities

Payable for investments purchased

$ 1,508,079

Payable for fund shares redeemed

100,609

Accrued management fee

20,991

Distribution fees payable

24,689

Other payables and accrued expenses

24,134

Total liabilities

1,678,502

Net Assets

$ 47,010,442

Net Assets consist of:

Paid in capital

$ 47,960,455

Undistributed net investment income

57,931

Accumulated undistributed net realized gain (loss) on investments

(4,448,932)

Net unrealized appreciation (depreciation) on investments

3,440,988

Net Assets

$ 47,010,442

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($4,123,925 ÷ 440,591 shares)

$ 9.36

Maximum offering price per share (100/94.25 of $9.36)

$ 9.93

Class T:
Net Asset Value and redemption price per share ($21,395,325 ÷ 2,296,857 shares)

$ 9.32

Maximum offering price per share (100/96.50 of $9.32)

$ 9.66

Class B:
Net Asset Value and offering price per share ($10,623,722 ÷ 1,151,246 shares) A

$ 9.23

Class C:
Net Asset Value and offering price per share ($10,246,075 ÷ 1,110,944 shares) A

$ 9.22

Institutional Class:
Net Asset Value, offering price and redemption
price per share ($621,395 ÷ 65,984 shares)

$ 9.42

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 382,269

Interest

39,057

Total income

421,326

Expenses

Management fee

$ 116,711

Transfer agent fees

95,040

Distribution fees

145,388

Accounting fees and expenses

32,107

Non-interested trustees' compensation

79

Custodian fees and expenses

11,804

Registration fees

47,892

Audit

17,123

Legal

139

Miscellaneous

110

Total expenses before reductions

466,393

Expense reductions

(98,977)

367,416

Net investment income (loss)

53,910

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

302,976

Change in net unrealized appreciation (depreciation) on investment securities

1,860,216

Net gain (loss)

2,163,192

Net increase (decrease) in net assets resulting from operations

$ 2,217,102

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 53,910

$ (100,091)

Net realized gain (loss)

302,976

(3,888,237)

Change in net unrealized appreciation (depreciation)

1,860,216

1,115,044

Net increase (decrease) in net assets resulting
from operations

2,217,102

(2,873,284)

Share transactions - net increase (decrease)

2,922,521

23,201,913

Total increase (decrease) in net assets

5,139,623

20,328,629

Net Assets

Beginning of period

41,870,819

21,542,190

End of period (including undistributed net investment income of $57,931 and undistributed net investment income of $4,021, respectively)

$ 47,010,442

$ 41,870,819

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.88

$ 9.50

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.03

.01

.01

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.48

(.62)

(.50)

Net asset value, end of period

$ 9.36

$ 8.88

$ 9.50

Total Return B, C, D

5.41%

(6.53)%

(5.00)%

Ratios to Average Net Assets G

Expenses before expense reductions

1.89% A

2.00%

3.83% A

Expenses net of voluntary waivers, if any

1.57% A

1.70%

1.75% A

Expenses net of all reductions

1.43% A

1.62%

1.71% A

Net investment income (loss)

.68% A

.12%

.25% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,124

$ 3,614

$ 1,428

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.85

$ 9.49

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.02

(.01)

- H

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.47

(.64)

(.51)

Net asset value, end of period

$ 9.32

$ 8.85

$ 9.49

Total Return B, C, D

5.31%

(6.74)%

(5.10)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.19% A

2.27%

4.06% A

Expenses net of voluntary waivers, if any

1.82% A

1.92%

2.00% A

Expenses net of all reductions

1.68% A

1.85%

1.97% A

Net investment income (loss)

.43% A

(.10)%

-% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,395

$ 18,985

$ 9,584

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.78

$ 9.46

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

(.05)

(.03)

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.45

(.68)

(.54)

Net asset value, end of period

$ 9.23

$ 8.78

$ 9.46

Total Return B, C, D

5.13%

(7.19)%

(5.40)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.63% A

2.78%

4.67% A

Expenses net of voluntary waivers, if any

2.25% A

2.41%

2.50% A

Expenses net of all reductions

2.11% A

2.34%

2.47% A

Net investment income (loss)

(.01)% A

(.59)%

(.50)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,624

$ 10,253

$ 5,103

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.77

$ 9.46

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

(.05)

(.03)

Net realized and unrealized gain (loss)

.45

(.64)

(.51)

Total from investment operations

.45

(.69)

(.54)

Net asset value, end of period

$ 9.22

$ 8.77

$ 9.46

Total Return B, C, D

5.13%

(7.29)%

(5.40)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.57% A

2.71%

4.55% A

Expenses net of voluntary waivers, if any

2.25% A

2.40%

2.50% A

Expenses net of all reductions

2.11% A

2.32%

2.46% A

Net investment income (loss)

-% A

(.58)%

(.50)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,246

$ 8,616

$ 5,118

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 E

Selected Per-Share Data

Net asset value, beginning of period

$ 8.91

$ 9.51

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.04

.04

.03

Net realized and unrealized gain (loss)

.47

(.64)

(.52)

Total from investment operations

.51

(.60)

(.49)

Net asset value, end of period

$ 9.42

$ 8.91

$ 9.51

Total Return B, C

5.72%

(6.31)%

(4.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.45% A

1.62%

3.44% A

Expenses net of voluntary waivers, if any

1.25% A

1.40%

1.50% A

Expenses net of all reductions

1.11% A

1.32%

1.46% A

Net investment income (loss)

1.00% A

.42%

.50% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 621

$ 402

$ 309

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period May 9, 2001 (commencement of operations) to November 30, 2001.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity® Advisor Equity Value 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income - continued

dividend income, if any, are recorded at the fair market value of the securities received. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.

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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, market discount, partnerships, non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 4,506,219

|

Unrealized depreciation

(1,247,026)

Net unrealized appreciation (depreciation)

$ 3,259,193

Cost for federal income tax purposes

$ 44,711,699

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Repurchase Agreements - continued

by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.07%

.25%

$ 5,599

$ 102

$1,197

Class T

.32%

.25%

51,419

44

6,201

Class B

.75%

.25%

47,751

35,838

-

Class C

.75%

.25%

40,619

7,931

-

$ 145,388

$ 43,915

$7,398

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 3,399

Class T

3,264

Class B*

15,209

Class C*

1,836

$ 23,708

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 7,754

.44

Class T

44,341

.49

Class B

24,026

.50

Class C

17,834

.44

Institutional Class

1,085

.32

$ 95,040

* 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.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $7,887 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.50%

$ 5,682

Class T

1.75%

33,633

Class B

2.25%

18,149

Class C

2.25%

13,069

Institutional Class

1.25%

679

$ 71,212

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions - continued

Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 20,367

Class A

1,197

-

Class T

6,201

-

$ 7,398

$ 20,367

7. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

136,753

352,607

$ 1,139,292

$ 3,173,679

Shares redeemed

(103,244)

(95,850)

(827,380)

(852,246)

Net increase (decrease)

33,509

256,757

$ 311,912

$ 2,321,433

Class T

Shares sold

667,717

1,871,248

$ 5,539,834

$ 17,145,373

Shares redeemed

(517,125)

(735,066)

(4,286,341)

(6,371,323)

Net increase (decrease)

150,592

1,136,182

$ 1,253,493

$ 10,774,050

Class B

Shares sold

282,487

912,364

$ 2,357,950

$ 8,334,319

Shares redeemed

(298,826)

(283,943)

(2,407,846)

(2,386,701)

Net increase (decrease)

(16,339)

628,421

$ (49,896)

$ 5,947,618

Class C

Shares sold

313,636

647,671

$ 2,689,159

$ 5,810,954

Shares redeemed

(184,648)

(206,785)

(1,488,598)

(1,778,366)

Net increase (decrease)

128,988

440,886

$ 1,200,561

$ 4,032,588

Institutional Class

Shares sold

161,398

28,520

$ 1,336,197

$ 271,130

Shares redeemed

(140,563)

(15,881)

(1,129,746)

(144,906)

Net increase (decrease)

20,835

12,639

$ 206,451

$ 126,224

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Value

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Burlington Resources, Inc.

4.8

2.0

Charles Schwab Corp.

4.2

4.4

AOL Time Warner, Inc.

3.7

2.7

Citigroup, Inc.

3.5

1.6

Verizon Communications, Inc.

3.4

2.4

Exxon Mobil Corp.

3.3

0.0

Morgan Stanley

3.0

2.9

Union Pacific Corp.

2.7

2.3

Alcoa, Inc.

2.5

2.0

Northern Trust Corp.

2.4

1.4

33.5

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.7

30.5

Industrials

17.7

17.0

Information Technology

14.1

11.9

Consumer Discretionary

13.6

11.2

Energy

8.7

7.7

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 96.2%

Stocks 93.3%

Convertible
Securities 1.2%

Convertible
Securities 2.3%

Short-Term
Investments and
Net Other Assets 2.6%

Short-Term
Investments and
Net Other Assets 4.4%

* Foreign investments

2.8%

** Foreign investments

3.9%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 13.6%

Internet & Catalog Retail - 1.2%

Amazon.com, Inc. (a)

2,000

$ 71,880

Overstock.com, Inc.

3,000

40,350

USA Interactive (a)

12,220

469,859

582,089

Media - 6.6%

AOL Time Warner, Inc. (a)

112,930

1,718,795

Belo Corp. Series A

17,920

419,328

Comcast Corp. Class A (special) (a)

16,790

483,888

EchoStar Communications Corp. Class A (a)

200

6,716

McGraw-Hill Companies, Inc.

300

18,963

News Corp. Ltd. ADR

5,180

159,389

Omnicom Group, Inc.

200

13,962

Scholastic Corp. (a)

6,460

201,294

Washington Post Co. Class B

100

72,450

3,094,785

Multiline Retail - 1.4%

99 Cents Only Stores (a)

2,340

74,365

Federated Department Stores, Inc.

8,860

287,950

Target Corp.

8,460

309,890

672,205

Specialty Retail - 3.1%

Christopher & Banks Corp. (a)

5,600

162,120

Home Depot, Inc.

32,320

1,050,077

TJX Companies, Inc.

13,370

243,334

1,455,531

Textiles Apparel & Luxury Goods - 1.3%

Kellwood Co.

400

12,280

NIKE, Inc. Class B

10,560

591,254

603,534

TOTAL CONSUMER DISCRETIONARY

6,408,144

CONSUMER STAPLES - 1.5%

Food Products - 1.1%

Campbell Soup Co.

4,220

105,289

McCormick & Co., Inc. (non-vtg.)

14,540

391,126

Tyson Foods, Inc. Class A

100

950

497,365

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - continued

Personal Products - 0.4%

Gillette Co.

6,120

$ 205,693

TOTAL CONSUMER STAPLES

703,058

ENERGY - 8.7%

Energy Equipment & Services - 0.6%

Diamond Offshore Drilling, Inc.

5,960

135,530

Schlumberger Ltd. (NY Shares)

2,830

137,595

273,125

Oil & Gas - 8.1%

Burlington Resources, Inc.

42,290

2,253,632

Exxon Mobil Corp.

43,400

1,579,760

3,833,392

TOTAL ENERGY

4,106,517

FINANCIALS - 26.7%

Capital Markets - 17.6%

A.G. Edwards, Inc.

6,620

217,798

Bank of New York Co., Inc.

37,720

1,091,617

Charles Schwab Corp.

201,720

1,956,684

Friedman, Billings, Ramsey Group, Inc. Class A

4,900

65,170

Mellon Financial Corp.

37,800

1,027,026

Merrill Lynch & Co., Inc.

9,580

414,814

Morgan Stanley

30,440

1,392,630

Northern Trust Corp.

29,850

1,139,076

State Street Corp.

24,730

947,406

8,252,221

Commercial Banks - 1.9%

Bank of America Corp.

8,650

641,830

Synovus Financial Corp.

8,340

190,319

Wachovia Corp.

1,629

65,453

897,602

Diversified Financial Services - 3.7%

Citigroup, Inc.

40,720

1,670,334

GATX Corp.

4,250

72,208

1,742,542

Insurance - 1.4%

Allstate Corp.

3,770

135,682

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

5,800

$ 335,704

Aon Corp.

7,320

187,831

659,217

Real Estate - 1.4%

Duke Realty Corp.

7,520

213,418

ProLogis

15,740

423,249

636,667

Thrifts & Mortgage Finance - 0.7%

Golden West Financial Corp., Delaware

4,510

350,833

TOTAL FINANCIALS

12,539,082

HEALTH CARE - 1.9%

Health Care Equipment & Supplies - 0.7%

Becton, Dickinson & Co.

8,190

327,600

Health Care Providers & Services - 0.4%

WebMD Corp. (a)

17,600

174,944

Pharmaceuticals - 0.8%

Merck & Co., Inc.

5,940

330,145

Schering-Plough Corp.

2,820

52,029

382,174

TOTAL HEALTH CARE

884,718

INDUSTRIALS - 17.7%

Aerospace & Defense - 1.5%

Boeing Co.

4,680

143,536

Goodrich Corp.

4,900

89,523

Lockheed Martin Corp.

10,420

483,696

716,755

Commercial Services & Supplies - 0.1%

Equifax, Inc.

1,150

29,118

Electrical Equipment - 2.3%

Emerson Electric Co.

18,770

981,671

Regal-Beloit Corp.

4,700

94,235

1,075,906

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Industrial Conglomerates - 1.2%

General Electric Co.

17,860

$ 512,582

Teleflex, Inc.

1,510

65,126

577,708

Machinery - 6.6%

Caterpillar, Inc.

6,950

362,443

Cummins, Inc.

4,710

161,459

Dover Corp.

9,120

276,427

Eaton Corp.

5,400

453,222

Illinois Tool Works, Inc.

15,860

984,113

Navistar International Corp. (a)

7,040

216,973

PACCAR, Inc.

8,610

570,585

Pall Corp.

1,900

41,268

Pentair, Inc.

940

36,528

3,103,018

Road & Rail - 6.0%

Norfolk Southern Corp.

41,030

899,378

Union Pacific Corp.

20,870

1,272,861

Werner Enterprises, Inc.

28,976

664,130

2,836,369

TOTAL INDUSTRIALS

8,338,874

INFORMATION TECHNOLOGY - 13.4%

Communications Equipment - 4.3%

ADC Telecommunications, Inc. (a)

84,300

226,767

Alcatel SA sponsored ADR

5,700

52,668

Avanex Corp. (a)

28,200

117,030

Brocade Communications Systems, Inc. (a)

57,000

345,990

Cisco Systems, Inc. (a)

3,800

61,864

Enterasys Networks, Inc. (a)

25,200

87,444

Motorola, Inc.

71,500

609,180

Nokia Corp. sponsored ADR

12,320

222,253

Nortel Networks Corp. (a)

80,800

253,712

Tellabs, Inc. (a)

7,500

59,550

2,036,458

Computers & Peripherals - 1.5%

Apple Computer, Inc. (a)

3,100

55,707

Hewlett-Packard Co.

7,500

146,250

International Business Machines Corp.

900

79,236

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

Seagate Technology

14,100

$ 213,615

Sun Microsystems, Inc. (a)

22,200

96,126

Western Digital Corp. (a)

7,800

97,656

688,590

Electronic Equipment & Instruments - 0.8%

Arrow Electronics, Inc. (a)

9,900

168,597

Avnet, Inc. (a)

3,800

51,680

Ingram Micro, Inc. Class A (a)

6,900

76,038

Molex, Inc.

500

13,680

Roper Industries, Inc.

1,900

69,711

379,706

IT Services - 0.4%

Electronic Data Systems Corp.

3,000

60,450

SunGard Data Systems, Inc. (a)

4,250

97,750

The BISYS Group, Inc. (a)

2,100

37,800

196,000

Semiconductors & Semiconductor Equipment - 3.9%

Analog Devices, Inc. (a)

4,679

180,375

Axcelis Technologies, Inc. (a)

13,700

81,652

Broadcom Corp. Class A (a)

1,900

46,512

Cree, Inc. (a)

1,900

46,683

Cypress Semiconductor Corp. (a)

1,600

17,680

Helix Technology, Inc.

6,600

89,034

Lattice Semiconductor Corp. (a)

2,800

25,480

LSI Logic Corp. (a)

10,900

69,760

Micron Technology, Inc. (a)

74,190

839,831

Novellus Systems, Inc. (a)

7,980

276,507

Texas Instruments, Inc.

9,100

186,550

1,860,064

Software - 2.5%

BEA Systems, Inc. (a)

32,800

355,552

Intuit, Inc. (a)

1,900

87,571

Microsoft Corp.

1,900

46,759

NetIQ Corp. (a)

4,700

69,748

Network Associates, Inc. (a)

17,860

216,820

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

PeopleSoft, Inc. (a)

14,170

$ 231,821

Reynolds & Reynolds Co. Class A

5,070

150,072

1,158,343

TOTAL INFORMATION TECHNOLOGY

6,319,161

MATERIALS - 2.7%

Metals & Mining - 2.5%

Alcoa, Inc.

47,420

1,167,006

Paper & Forest Products - 0.2%

International Paper Co.

2,250

82,508

TOTAL MATERIALS

1,249,514

TELECOMMUNICATION SERVICES - 5.3%

Diversified Telecommunication Services - 5.1%

BellSouth Corp.

16,240

430,522

Level 3 Communications, Inc. (a)

6,700

47,637

Time Warner Telecom, Inc. Class A (a)

57,700

334,660

Verizon Communications, Inc.

41,790

1,581,752

2,394,571

Wireless Telecommunication Services - 0.2%

Triton PCS Holdings, Inc. Class A (a)

2,500

11,625

Vodafone Group PLC sponsored ADR

2,800

61,348

72,973

TOTAL TELECOMMUNICATION SERVICES

2,467,544

UTILITIES - 4.7%

Electric Utilities - 3.5%

Allegheny Energy, Inc. (a)

7,000

60,830

American Electric Power Co., Inc.

9,030

262,231

DQE, Inc.

4,000

65,760

Entergy Corp.

10,760

556,184

Exelon Corp.

6,700

383,910

Wisconsin Energy Corp.

8,370

233,105

Xcel Energy, Inc.

5,600

86,184

1,648,204

Multi-Utilities & Unregulated Power - 1.2%

AES Corp. (a)

2,400

19,008

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - continued

Multi-Utilities & Unregulated Power - continued

Duke Energy Corp.

23,700

$ 459,306

Reliant Resources, Inc. (a)

13,400

89,780

568,094

TOTAL UTILITIES

2,216,298

TOTAL COMMON STOCKS

(Cost $41,904,979)

45,232,910

Convertible Preferred Stocks - 0.4%

FINANCIALS - 0.0%

Capital Markets - 0.0%

State Street Corp. $13.50

100

20,094

INFORMATION TECHNOLOGY - 0.4%

Communications Equipment - 0.4%

Nortel Networks Corp. $1,999.97

3

174,735

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $155,679)

194,829

Convertible Bonds - 0.8%

Principal
Amount

INFORMATION TECHNOLOGY - 0.3%

Communications Equipment - 0.3%

Avaya, Inc. 0% 10/31/21

$ 55,000

27,913

CIENA Corp. 3.75% 2/1/08

125,000

102,500

130,413

Semiconductors & Semiconductor Equipment - 0.0%

Micron Technology, Inc. 2.5% 2/1/10 (c)

28,000

33,774

TOTAL INFORMATION TECHNOLOGY

164,187

Convertible Bonds - continued

Principal
Amount

Value (Note 1)

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Level 3 Communications, Inc.:

6% 9/15/09

$ 285,000

$ 178,125

6% 3/15/10

90,000

54,900

233,025

TOTAL CONVERTIBLE BONDS

(Cost $323,305)

397,212

Money Market Funds - 4.6%

Shares

Fidelity Cash Central Fund, 1.3% (b)
(Cost $2,145,941)

2,145,941

2,145,941

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $44,529,904)

47,970,892

NET OTHER ASSETS - (2.0)%

(960,450)

NET ASSETS - 100%

$ 47,010,442

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) 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 $33,774 or 0.0% of net assets.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $33,111,109 and $29,457,979, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $3,746 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $3,809,000 of which $770,000 and $3,039,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $713,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $44,529,904) - See accompanying schedule

$ 47,970,892

Receivable for investments sold

190,602

Receivable for fund shares sold

466,064

Dividends receivable

45,770

Interest receivable

7,515

Receivable from investment adviser for expense reductions

8,101

Total assets

48,688,944

Liabilities

Payable for investments purchased

$ 1,508,079

Payable for fund shares redeemed

100,609

Accrued management fee

20,991

Distribution fees payable

24,689

Other payables and accrued expenses

24,134

Total liabilities

1,678,502

Net Assets

$ 47,010,442

Net Assets consist of:

Paid in capital

$ 47,960,455

Undistributed net investment income

57,931

Accumulated undistributed net realized gain (loss) on investments

(4,448,932)

Net unrealized appreciation (depreciation) on investments

3,440,988

Net Assets

$ 47,010,442

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($4,123,925 ÷ 440,591 shares)

$ 9.36

Maximum offering price per share (100/94.25 of $9.36)

$ 9.93

Class T:
Net Asset Value and redemption price per share ($21,395,325 ÷ 2,296,857 shares)

$ 9.32

Maximum offering price per share (100/96.50 of $9.32)

$ 9.66

Class B:
Net Asset Value and offering price per share ($10,623,722 ÷ 1,151,246 shares) A

$ 9.23

Class C:
Net Asset Value and offering price per share ($10,246,075 ÷ 1,110,944 shares) A

$ 9.22

Institutional Class:
Net Asset Value, offering price and redemption
price per share ($621,395 ÷ 65,984 shares)

$ 9.42

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 382,269

Interest

39,057

Total income

421,326

Expenses

Management fee

$ 116,711

Transfer agent fees

95,040

Distribution fees

145,388

Accounting fees and expenses

32,107

Non-interested trustees' compensation

79

Custodian fees and expenses

11,804

Registration fees

47,892

Audit

17,123

Legal

139

Miscellaneous

110

Total expenses before reductions

466,393

Expense reductions

(98,977)

367,416

Net investment income (loss)

53,910

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on investment securities

302,976

Change in net unrealized appreciation (depreciation) on investment securities

1,860,216

Net gain (loss)

2,163,192

Net increase (decrease) in net assets resulting from operations

$ 2,217,102

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 53,910

$ (100,091)

Net realized gain (loss)

302,976

(3,888,237)

Change in net unrealized appreciation (depreciation)

1,860,216

1,115,044

Net increase (decrease) in net assets resulting
from operations

2,217,102

(2,873,284)

Share transactions - net increase (decrease)

2,922,521

23,201,913

Total increase (decrease) in net assets

5,139,623

20,328,629

Net Assets

Beginning of period

41,870,819

21,542,190

End of period (including undistributed net investment income of $57,931 and undistributed net investment income of $4,021, respectively)

$ 47,010,442

$ 41,870,819

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.88

$ 9.50

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.03

.01

.01

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.48

(.62)

(.50)

Net asset value, end of period

$ 9.36

$ 8.88

$ 9.50

Total Return B, C, D

5.41%

(6.53)%

(5.00)%

Ratios to Average Net Assets G

Expenses before expense reductions

1.89% A

2.00%

3.83% A

Expenses net of voluntary waivers, if any

1.57% A

1.70%

1.75% A

Expenses net of all reductions

1.43% A

1.62%

1.71% A

Net investment income (loss)

.68% A

.12%

.25% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,124

$ 3,614

$ 1,428

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.85

$ 9.49

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.02

(.01)

- H

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.47

(.64)

(.51)

Net asset value, end of period

$ 9.32

$ 8.85

$ 9.49

Total Return B, C, D

5.31%

(6.74)%

(5.10)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.19% A

2.27%

4.06% A

Expenses net of voluntary waivers, if any

1.82% A

1.92%

2.00% A

Expenses net of all reductions

1.68% A

1.85%

1.97% A

Net investment income (loss)

.43% A

(.10)%

-% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,395

$ 18,985

$ 9,584

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.78

$ 9.46

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

(.05)

(.03)

Net realized and unrealized gain (loss)

.45

(.63)

(.51)

Total from investment operations

.45

(.68)

(.54)

Net asset value, end of period

$ 9.23

$ 8.78

$ 9.46

Total Return B, C, D

5.13%

(7.19)%

(5.40)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.63% A

2.78%

4.67% A

Expenses net of voluntary waivers, if any

2.25% A

2.41%

2.50% A

Expenses net of all reductions

2.11% A

2.34%

2.47% A

Net investment income (loss)

(.01)% A

(.59)%

(.50)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,624

$ 10,253

$ 5,103

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 8.77

$ 9.46

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

(.05)

(.03)

Net realized and unrealized gain (loss)

.45

(.64)

(.51)

Total from investment operations

.45

(.69)

(.54)

Net asset value, end of period

$ 9.22

$ 8.77

$ 9.46

Total Return B, C, D

5.13%

(7.29)%

(5.40)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.57% A

2.71%

4.55% A

Expenses net of voluntary waivers, if any

2.25% A

2.40%

2.50% A

Expenses net of all reductions

2.11% A

2.32%

2.46% A

Net investment income (loss)

-% A

(.58)%

(.50)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,246

$ 8,616

$ 5,118

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period May 9, 2001 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended
November 30,

(Unaudited)

2002

2001 E

Selected Per-Share Data

Net asset value, beginning of period

$ 8.91

$ 9.51

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.04

.04

.03

Net realized and unrealized gain (loss)

.47

(.64)

(.52)

Total from investment operations

.51

(.60)

(.49)

Net asset value, end of period

$ 9.42

$ 8.91

$ 9.51

Total Return B, C

5.72%

(6.31)%

(4.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.45% A

1.62%

3.44% A

Expenses net of voluntary waivers, if any

1.25% A

1.40%

1.50% A

Expenses net of all reductions

1.11% A

1.32%

1.46% A

Net investment income (loss)

1.00% A

.42%

.50% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 621

$ 402

$ 309

Portfolio turnover rate

149% A

148%

107% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period May 9, 2001 (commencement of operations) to November 30, 2001.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity® Advisor Equity Value 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the fund is informed of the ex-dividend date. Non-cash dividends included in

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Investment Transactions and Income - continued

dividend income, if any, are recorded at the fair market value of the securities received. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned.

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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, market discount, partnerships, non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 4,506,219

|

Unrealized depreciation

(1,247,026)

Net unrealized appreciation (depreciation)

$ 3,259,193

Cost for federal income tax purposes

$ 44,711,699

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Repurchase Agreements - continued

by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares, except for the Institutional Class. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.07%

.25%

$ 5,599

$ 102

$1,197

Class T

.32%

.25%

51,419

44

6,201

Class B

.75%

.25%

47,751

35,838

-

Class C

.75%

.25%

40,619

7,931

-

$ 145,388

$ 43,915

$7,398

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 3,399

Class T

3,264

Class B*

15,209

Class C*

1,836

$ 23,708

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 7,754

.44

Class T

44,341

.49

Class B

24,026

.50

Class C

17,834

.44

Institutional Class

1,085

.32

$ 95,040

* 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.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $7,887 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.50%

$ 5,682

Class T

1.75%

33,633

Class B

2.25%

18,149

Class C

2.25%

13,069

Institutional Class

1.25%

679

$ 71,212

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions - continued

Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 20,367

Class A

1,197

-

Class T

6,201

-

$ 7,398

$ 20,367

7. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

136,753

352,607

$ 1,139,292

$ 3,173,679

Shares redeemed

(103,244)

(95,850)

(827,380)

(852,246)

Net increase (decrease)

33,509

256,757

$ 311,912

$ 2,321,433

Class T

Shares sold

667,717

1,871,248

$ 5,539,834

$ 17,145,373

Shares redeemed

(517,125)

(735,066)

(4,286,341)

(6,371,323)

Net increase (decrease)

150,592

1,136,182

$ 1,253,493

$ 10,774,050

Class B

Shares sold

282,487

912,364

$ 2,357,950

$ 8,334,319

Shares redeemed

(298,826)

(283,943)

(2,407,846)

(2,386,701)

Net increase (decrease)

(16,339)

628,421

$ (49,896)

$ 5,947,618

Class C

Shares sold

313,636

647,671

$ 2,689,159

$ 5,810,954

Shares redeemed

(184,648)

(206,785)

(1,488,598)

(1,778,366)

Net increase (decrease)

128,988

440,886

$ 1,200,561

$ 4,032,588

Institutional Class

Shares sold

161,398

28,520

$ 1,336,197

$ 271,130

Shares redeemed

(140,563)

(15,881)

(1,129,746)

(144,906)

Net increase (decrease)

20,835

12,639

$ 206,451

$ 126,224

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Fifty

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Nextel Communications, Inc. Class A

5.8

4.6

Xerox Corp.

4.6

4.4

AOL Time Warner, Inc.

4.4

0.0

Tyco International Ltd.

3.6

0.9

First Data Corp.

3.2

1.6

Qwest Communications International, Inc.

3.0

2.9

Dow Chemical Co.

2.8

0.0

Clear Channel Communications, Inc.

2.8

0.0

Bank of New York Co., Inc.

2.7

0.0

Biogen, Inc.

2.5

0.0

35.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net asset

% of fund's net assets
6 months ago

Information Technology

19.4

17.3

Financials

14.0

19.7

Consumer Discretionary

13.1

16.5

Telecommunication Services

12.2

7.5

Industrials

9.4

6.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 86.0%

Stocks 95.1%

Short-Term
Investments and
Net Other Assets 14.0%

Short-Term
Investments and
Net Other Assets 4.9%

* Foreign
investments

5.5%

** Foreign
investments

4.9%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.0%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 13.1%

Leisure Equipment & Products - 0.0%

Mattel, Inc.

600

$ 12,906

Media - 11.3%

AOL Time Warner, Inc. (a)

197,600

3,007,472

Clear Channel Communications, Inc. (a)

46,400

1,888,480

EMI Group PLC

193,365

392,172

Liberty Media Corp. Class A (a)

120,500

1,409,850

Scholastic Corp. (a)

29,516

919,719

7,617,693

Specialty Retail - 1.8%

Bed Bath & Beyond, Inc. (a)

14,100

589,944

Home Depot, Inc.

9,100

295,659

Office Depot, Inc. (a)

23,700

317,580

Pier 1 Imports, Inc.

1,500

30,165

1,233,348

TOTAL CONSUMER DISCRETIONARY

8,863,947

CONSUMER STAPLES - 2.0%

Beverages - 1.1%

The Coca-Cola Co.

16,300

742,791

Food & Staples Retailing - 0.8%

Sysco Corp.

17,600

544,544

Tobacco - 0.1%

RJ Reynolds Tobacco Holdings, Inc.

2,300

78,407

TOTAL CONSUMER STAPLES

1,365,742

ENERGY - 3.1%

Energy Equipment & Services - 3.1%

BJ Services Co. (a)

23,700

964,827

Grey Wolf, Inc. (a)

231,740

1,038,195

Nabors Industries Ltd. (a)

1,600

72,128

2,075,150

FINANCIALS - 14.0%

Capital Markets - 6.8%

Bank of New York Co., Inc.

62,900

1,820,326

Charles Schwab Corp.

158,000

1,532,600

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Capital Markets - continued

Janus Capital Group, Inc.

28,400

$ 441,620

Merrill Lynch & Co., Inc.

17,700

766,410

4,560,956

Commercial Banks - 1.2%

Bank One Corp.

21,700

810,712

Consumer Finance - 2.8%

American Express Co.

32,700

1,362,282

MBNA Corp.

27,400

549,370

1,911,652

Insurance - 3.2%

ACE Ltd.

28,600

1,043,900

AMBAC Financial Group, Inc.

17,200

1,147,412

2,191,312

TOTAL FINANCIALS

9,474,632

HEALTH CARE - 8.9%

Biotechnology - 2.9%

Biogen, Inc. (a)

40,000

1,697,600

Cephalon, Inc. (a)

5,900

266,621

Trimeris, Inc. (a)

500

24,665

1,988,886

Health Care Equipment & Supplies - 1.5%

C.R. Bard, Inc.

14,800

1,038,220

Health Care Providers & Services - 2.0%

Health Management Associates, Inc. Class A

33,800

630,370

Laboratory Corp. of America Holdings (a)

21,300

684,795

1,315,165

Pharmaceuticals - 2.5%

Biovail Corp. (a)

10,000

468,426

Merck & Co., Inc.

22,000

1,222,760

1,691,186

TOTAL HEALTH CARE

6,033,457

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - 9.4%

Airlines - 2.5%

Ryanair Holdings PLC sponsored ADR (a)

16,700

$ 692,549

Southwest Airlines Co.

65,000

1,044,550

1,737,099

Commercial Services & Supplies - 0.9%

Equifax, Inc.

14,000

354,480

Robert Half International, Inc. (a)

13,700

232,215

586,695

Industrial Conglomerates - 3.6%

Tyco International Ltd.

137,390

2,431,803

Road & Rail - 2.4%

Norfolk Southern Corp.

74,400

1,630,848

TOTAL INDUSTRIALS

6,386,445

INFORMATION TECHNOLOGY - 19.4%

Communications Equipment - 1.7%

Nortel Networks Corp. (a)

364,900

1,145,787

Electronic Equipment & Instruments - 0.7%

Ingram Micro, Inc. Class A (a)

41,500

457,330

Internet Software & Services - 2.1%

RealNetworks, Inc. (a)

28,300

224,985

VeriSign, Inc. (a)

49,200

737,016

Yahoo!, Inc. (a)

14,700

438,795

1,400,796

IT Services - 5.5%

Affiliated Computer Services, Inc. Class A (a)

19,100

885,094

First Data Corp.

52,400

2,170,408

Paychex, Inc.

22,000

671,440

3,726,942

Office Electronics - 4.6%

Xerox Corp. (a)

285,400

3,119,422

Semiconductors & Semiconductor Equipment - 1.7%

Analog Devices, Inc. (a)

23,000

886,650

Atmel Corp. (a)

77,800

235,734

1,122,384

Software - 3.1%

BEA Systems, Inc. (a)

39,900

432,516

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

Reynolds & Reynolds Co. Class A

23,000

$ 680,800

VERITAS Software Corp. (a)

36,700

1,018,425

2,131,741

TOTAL INFORMATION TECHNOLOGY

13,104,402

MATERIALS - 2.8%

Chemicals - 2.8%

Dow Chemical Co.

59,500

1,892,100

TELECOMMUNICATION SERVICES - 12.2%

Diversified Telecommunication Services - 4.8%

Qwest Communications International, Inc. (a)

456,000

2,047,440

SBC Communications, Inc.

47,700

1,214,442

3,261,882

Wireless Telecommunication Services - 7.4%

American Tower Corp. Class A (a)

59,600

534,016

Crown Castle International Corp. (a)

66,800

556,444

Nextel Communications, Inc. Class A (a)

261,900

3,925,880

5,016,340

TOTAL TELECOMMUNICATION SERVICES

8,278,222

UTILITIES - 1.1%

Multi-Utilities & Unregulated Power - 1.1%

AES Corp. (a)

92,000

728,640

TOTAL COMMON STOCKS

(Cost $48,717,238)

58,202,737

Money Market Funds - 14.3%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $9,675,771)

9,675,771

9,675,771

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $58,393,009)

67,878,508

NET OTHER ASSETS - (0.3)%

(206,452)

NET ASSETS - 100%

$ 67,672,056

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $61,614,218 and $59,497,927, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,500 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $7,967,000 of which $346,000, $1,347,000 and $6,274,000 will expire on November 30, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $58,393,009) - See accompanying schedule

$ 67,878,508

Cash

62,030

Receivable for investments sold

1,376,719

Receivable for fund shares sold

297,072

Dividends receivable

12,443

Interest receivable

8,711

Other receivables

680

Total assets

69,636,163

Liabilities

Payable for investments purchased

$ 1,642,163

Payable for fund shares redeemed

220,559

Accrued management fee

31,526

Distribution fees payable

35,181

Other payables and accrued expenses

34,678

Total liabilities

1,964,107

Net Assets

$ 67,672,056

Net Assets consist of:

Paid in capital

$ 68,044,845

Accumulated net investment loss

(47,788)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(9,810,564)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

9,485,563

Net Assets

$ 67,672,056

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($11,744,134 ÷ 1,217,653 shares)

$ 9.64

Maximum offering price per share (100/94.25 of $9.64)

$ 10.23

Class T:
Net Asset Value and redemption price per share ($27,109,599 ÷ 2,830,691 shares)

$ 9.58

Maximum offering price per share (100/96.50 of $9.58)

$ 9.93

Class B:
Net Asset Value and offering price per share ($17,135,431 ÷ 1,810,268 shares) A

$ 9.47

Class C:
Net Asset Value and offering price per share ($10,603,951 ÷ 1,120,984 shares) A

$ 9.46

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,078,941 ÷ 110,700 shares)

$ 9.75

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 409,396

Interest

49,942

Security lending

11,088

Total income

470,426

Expenses

Management fee

$ 168,124

Transfer agent fees

116,663

Distribution fees

208,405

Accounting and security lending fees

31,882

Non-interested trustees' compensation

112

Custodian fees and expenses

11,759

Registration fees

19,922

Audit

4,483

Legal

187

Miscellaneous

226

Total expenses before reductions

561,763

Expense reductions

(43,549)

518,214

Net investment income (loss)

(47,788)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(1,599,322)

Foreign currency transactions

(2,199)

Total net realized gain (loss)

(1,601,521)

Change in net unrealized appreciation (depreciation) on:

Investment securities

4,360,555

Assets and liabilities in foreign currencies

36

Total change in net unrealized appreciation (depreciation)

4,360,591

Net gain (loss)

2,759,070

Net increase (decrease) in net assets resulting from operations

$ 2,711,282

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (47,788)

$ (79,758)

Net realized gain (loss)

(1,601,521)

(6,421,993)

Change in net unrealized appreciation (depreciation)

4,360,591

8,528,368

Net increase (decrease) in net assets resulting
from operations

2,711,282

2,026,617

Share transactions - net increase (decrease)

8,878,760

18,475,553

Total increase (decrease) in net assets

11,590,042

20,502,170

Net Assets

Beginning of period

56,082,014

35,579,844

End of period (including accumulated net investment loss of $47,788 and accumulated net investment loss of $0, respectively.)

$ 67,672,056

$ 56,082,014

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.34

$ 8.38

$ 8.91

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.01

.02

(.01)

.01

Net realized and unrealized gain (loss)

.29

.94

(.52)

(1.10)

Total from investment operations

.30

.96

(.53)

(1.09)

Net asset value, end of period

$ 9.64

$ 9.34

$ 8.38

$ 8.91

Total Return B, C, D

3.21%

11.46%

(5.95)%

(10.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.56% A

1.64%

1.78%

3.16% A

Expenses net of voluntary waivers, if any

1.56% A

1.61%

1.75%

1.75% A

Expenses net of all reductions

1.41% A

1.46%

1.74%

1.68% A

Net investment income (loss)

.23% A

.26%

(.13)%

.40% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 11,744

$ 5,942

$ 4,453

$ 4,712

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.28

$ 8.36

$ 8.91

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

- H

(.04)

- H

Net realized and unrealized gain (loss)

.30

.92

(.51)

(1.09)

Total from investment operations

.30

.92

(.55)

(1.09)

Net asset value, end of period

$ 9.58

$ 9.28

$ 8.36

$ 8.91

Total Return B, C, D

3.23%

11.00%

(6.17)%

(10.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.84% A

1.93%

2.10%

3.41% A

Expenses net of voluntary waivers, if any

1.84% A

1.90%

2.00%

2.00% A

Expenses net of all reductions

1.69% A

1.75%

1.99%

1.93% A

Net investment income (loss)

(.06)% A

(.03)%

(.38)%

.15% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 27,110

$ 24,691

$ 13,163

$ 9,967

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000. HAmount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.20

$ 8.31

$ 8.90

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.04)

(.08)

(.01)

Net realized and unrealized gain (loss)

.29

.93

(.51)

(1.09)

Total from investment operations

.27

.89

(.59)

(1.10)

Net asset value, end of period

$ 9.47

$ 9.20

$ 8.31

$ 8.90

Total Return B, C, D

2.93%

10.71%

(6.63)%

(11.00)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.24% A

2.35%

2.56%

3.96% A

Expenses net of voluntary waivers, if any

2.24% A

2.32%

2.50%

2.50% A

Expenses net of all reductions

2.09% A

2.18%

2.49%

2.43% A

Net investment income (loss)

(.45)% A

(.45)%

(.88)%

(.35)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 17,135

$ 15,626

$ 10,664

$ 7,630

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.19

$ 8.30

$ 8.89

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.04)

(.08)

(.01)

Net realized and unrealized gain (loss)

.29

.93

(.51)

(1.10)

Total from investment operations

.27

.89

(.59)

(1.11)

Net asset value, end of period

$ 9.46

$ 9.19

$ 8.30

$ 8.89

Total Return B, C, D

2.94%

10.72%

(6.64)%

(11.10)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.20% A

2.32%

2.51%

3.89% A

Expenses net of voluntary waivers, if any

2.20% A

2.30%

2.50%

2.50% A

Expenses net of all reductions

2.05% A

2.15%

2.49%

2.43% A

Net investment income (loss)

(.42)% A

(.43)%

(.88)%

(.35)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,604

$ 8,594

$ 6,508

$ 6,005

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 F

Selected Per-Share Data

Net asset value, beginning of period

$ 9.41

$ 8.41

$ 8.92

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

.07

.01

.02

Net realized and unrealized gain (loss)

.31

.93

(.52)

(1.10)

Total from investment operations

.34

1.00

(.51)

(1.08)

Net asset value, end of period

$ 9.75

$ 9.41

$ 8.41

$ 8.92

Total Return B, C

3.61%

11.89%

(5.72)%

(10.80)%

Ratios to Average Net Assets E

Expenses before expense reductions

1.03% A

1.15%

1.54%

3.11% A

Expenses net of voluntary waivers, if any

1.03% A

1.15%

1.50%

1.50% A

Expenses net of all reductions

.88% A

1.01%

1.49%

1.43% A

Net investment income (loss)

.76% A

.72%

.12%

.65% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,079

$ 1,229

$ 791

$ 457

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. FFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Fifty 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 9,744,735

|

Unrealized depreciation

(385,798)

Net unrealized appreciation (depreciation)

$ 9,358,937

Cost for federal income tax purposes

$ 58,519,571

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.10%

.25%

$ 14,466

$ -

$ 4,147

Class T

.35%

.25%

71,671

210

11,951

Class B

.75%

.25%

76,828

57,649

-

Class C

.75%

.25%

45,440

13,150

-

$ 208,405

$ 71,009

$ 16,098

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 5,464

Class T

11,822

Class B*

28,706

Class C*

1,799

$ 47,791

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 16,044

.39*

Class T

50,227

.42*

Class B

31,968

.42*

Class C

17,448

.38*

Institutional Class

976

.21*

$ 116,663

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $49,507 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. At period end there were no security loans outstanding.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 27,442

$ 9

Class A

4,147

-

-

Class T

11,951

-

-

$ 16,098

$ 27,442

$ 9

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

772,160

410,360

$ 6,612,009

$ 3,714,054

Shares redeemed

(190,957)

(305,138)

(1,673,403)

(2,661,289)

Net increase (decrease)

581,203

105,222

$ 4,938,606

$ 1,052,765

Class T

Shares sold

956,121

2,613,769

$ 8,352,039

$ 24,703,757

Shares redeemed

(785,321)

(1,528,542)

(6,898,843)

(13,328,710)

Net increase (decrease)

170,800

1,085,227

$ 1,453,196

$ 11,375,047

Class B

Shares sold

356,820

1,039,363

$ 3,076,680

$ 9,429,444

Shares redeemed

(245,871)

(622,805)

(2,101,056)

(5,333,567)

Net increase (decrease)

110,949

416,558

$ 975,624

$ 4,095,877

Class C

Shares sold

493,010

787,695

$ 4,332,080

$ 7,200,713

Shares redeemed

(307,402)

(636,111)

(2,636,697)

(5,590,408)

Net increase (decrease)

185,608

151,584

$ 1,695,383

$ 1,610,305

Institutional Class

Shares sold

49,014

149,176

$ 440,723

$ 1,327,165

Shares redeemed

(68,887)

(112,644)

(624,772)

(985,606)

Net increase (decrease)

(19,873)

36,532

$ (184,049)

$ 341,559

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax ManagedStock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Fifty

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Nextel Communications, Inc. Class A

5.8

4.6

Xerox Corp.

4.6

4.4

AOL Time Warner, Inc.

4.4

0.0

Tyco International Ltd.

3.6

0.9

First Data Corp.

3.2

1.6

Qwest Communications International, Inc.

3.0

2.9

Dow Chemical Co.

2.8

0.0

Clear Channel Communications, Inc.

2.8

0.0

Bank of New York Co., Inc.

2.7

0.0

Biogen, Inc.

2.5

0.0

35.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net asset

% of fund's net assets
6 months ago

Information Technology

19.4

17.3

Financials

14.0

19.7

Consumer Discretionary

13.1

16.5

Telecommunication Services

12.2

7.5

Industrials

9.4

6.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 86.0%

Stocks 95.1%

Short-Term
Investments and
Net Other Assets 14.0%

Short-Term
Investments and
Net Other Assets 4.9%

* Foreign
investments

5.5%

** Foreign
investments

4.9%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.0%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 13.1%

Leisure Equipment & Products - 0.0%

Mattel, Inc.

600

$ 12,906

Media - 11.3%

AOL Time Warner, Inc. (a)

197,600

3,007,472

Clear Channel Communications, Inc. (a)

46,400

1,888,480

EMI Group PLC

193,365

392,172

Liberty Media Corp. Class A (a)

120,500

1,409,850

Scholastic Corp. (a)

29,516

919,719

7,617,693

Specialty Retail - 1.8%

Bed Bath & Beyond, Inc. (a)

14,100

589,944

Home Depot, Inc.

9,100

295,659

Office Depot, Inc. (a)

23,700

317,580

Pier 1 Imports, Inc.

1,500

30,165

1,233,348

TOTAL CONSUMER DISCRETIONARY

8,863,947

CONSUMER STAPLES - 2.0%

Beverages - 1.1%

The Coca-Cola Co.

16,300

742,791

Food & Staples Retailing - 0.8%

Sysco Corp.

17,600

544,544

Tobacco - 0.1%

RJ Reynolds Tobacco Holdings, Inc.

2,300

78,407

TOTAL CONSUMER STAPLES

1,365,742

ENERGY - 3.1%

Energy Equipment & Services - 3.1%

BJ Services Co. (a)

23,700

964,827

Grey Wolf, Inc. (a)

231,740

1,038,195

Nabors Industries Ltd. (a)

1,600

72,128

2,075,150

FINANCIALS - 14.0%

Capital Markets - 6.8%

Bank of New York Co., Inc.

62,900

1,820,326

Charles Schwab Corp.

158,000

1,532,600

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Capital Markets - continued

Janus Capital Group, Inc.

28,400

$ 441,620

Merrill Lynch & Co., Inc.

17,700

766,410

4,560,956

Commercial Banks - 1.2%

Bank One Corp.

21,700

810,712

Consumer Finance - 2.8%

American Express Co.

32,700

1,362,282

MBNA Corp.

27,400

549,370

1,911,652

Insurance - 3.2%

ACE Ltd.

28,600

1,043,900

AMBAC Financial Group, Inc.

17,200

1,147,412

2,191,312

TOTAL FINANCIALS

9,474,632

HEALTH CARE - 8.9%

Biotechnology - 2.9%

Biogen, Inc. (a)

40,000

1,697,600

Cephalon, Inc. (a)

5,900

266,621

Trimeris, Inc. (a)

500

24,665

1,988,886

Health Care Equipment & Supplies - 1.5%

C.R. Bard, Inc.

14,800

1,038,220

Health Care Providers & Services - 2.0%

Health Management Associates, Inc. Class A

33,800

630,370

Laboratory Corp. of America Holdings (a)

21,300

684,795

1,315,165

Pharmaceuticals - 2.5%

Biovail Corp. (a)

10,000

468,426

Merck & Co., Inc.

22,000

1,222,760

1,691,186

TOTAL HEALTH CARE

6,033,457

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - 9.4%

Airlines - 2.5%

Ryanair Holdings PLC sponsored ADR (a)

16,700

$ 692,549

Southwest Airlines Co.

65,000

1,044,550

1,737,099

Commercial Services & Supplies - 0.9%

Equifax, Inc.

14,000

354,480

Robert Half International, Inc. (a)

13,700

232,215

586,695

Industrial Conglomerates - 3.6%

Tyco International Ltd.

137,390

2,431,803

Road & Rail - 2.4%

Norfolk Southern Corp.

74,400

1,630,848

TOTAL INDUSTRIALS

6,386,445

INFORMATION TECHNOLOGY - 19.4%

Communications Equipment - 1.7%

Nortel Networks Corp. (a)

364,900

1,145,787

Electronic Equipment & Instruments - 0.7%

Ingram Micro, Inc. Class A (a)

41,500

457,330

Internet Software & Services - 2.1%

RealNetworks, Inc. (a)

28,300

224,985

VeriSign, Inc. (a)

49,200

737,016

Yahoo!, Inc. (a)

14,700

438,795

1,400,796

IT Services - 5.5%

Affiliated Computer Services, Inc. Class A (a)

19,100

885,094

First Data Corp.

52,400

2,170,408

Paychex, Inc.

22,000

671,440

3,726,942

Office Electronics - 4.6%

Xerox Corp. (a)

285,400

3,119,422

Semiconductors & Semiconductor Equipment - 1.7%

Analog Devices, Inc. (a)

23,000

886,650

Atmel Corp. (a)

77,800

235,734

1,122,384

Software - 3.1%

BEA Systems, Inc. (a)

39,900

432,516

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

Reynolds & Reynolds Co. Class A

23,000

$ 680,800

VERITAS Software Corp. (a)

36,700

1,018,425

2,131,741

TOTAL INFORMATION TECHNOLOGY

13,104,402

MATERIALS - 2.8%

Chemicals - 2.8%

Dow Chemical Co.

59,500

1,892,100

TELECOMMUNICATION SERVICES - 12.2%

Diversified Telecommunication Services - 4.8%

Qwest Communications International, Inc. (a)

456,000

2,047,440

SBC Communications, Inc.

47,700

1,214,442

3,261,882

Wireless Telecommunication Services - 7.4%

American Tower Corp. Class A (a)

59,600

534,016

Crown Castle International Corp. (a)

66,800

556,444

Nextel Communications, Inc. Class A (a)

261,900

3,925,880

5,016,340

TOTAL TELECOMMUNICATION SERVICES

8,278,222

UTILITIES - 1.1%

Multi-Utilities & Unregulated Power - 1.1%

AES Corp. (a)

92,000

728,640

TOTAL COMMON STOCKS

(Cost $48,717,238)

58,202,737

Money Market Funds - 14.3%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $9,675,771)

9,675,771

9,675,771

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $58,393,009)

67,878,508

NET OTHER ASSETS - (0.3)%

(206,452)

NET ASSETS - 100%

$ 67,672,056

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $61,614,218 and $59,497,927, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,500 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $7,967,000 of which $346,000, $1,347,000 and $6,274,000 will expire on November 30, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $58,393,009) - See accompanying schedule

$ 67,878,508

Cash

62,030

Receivable for investments sold

1,376,719

Receivable for fund shares sold

297,072

Dividends receivable

12,443

Interest receivable

8,711

Other receivables

680

Total assets

69,636,163

Liabilities

Payable for investments purchased

$ 1,642,163

Payable for fund shares redeemed

220,559

Accrued management fee

31,526

Distribution fees payable

35,181

Other payables and accrued expenses

34,678

Total liabilities

1,964,107

Net Assets

$ 67,672,056

Net Assets consist of:

Paid in capital

$ 68,044,845

Accumulated net investment loss

(47,788)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(9,810,564)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

9,485,563

Net Assets

$ 67,672,056

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($11,744,134 ÷ 1,217,653 shares)

$ 9.64

Maximum offering price per share (100/94.25 of $9.64)

$ 10.23

Class T:
Net Asset Value and redemption price per share ($27,109,599 ÷ 2,830,691 shares)

$ 9.58

Maximum offering price per share (100/96.50 of $9.58)

$ 9.93

Class B:
Net Asset Value and offering price per share ($17,135,431 ÷ 1,810,268 shares) A

$ 9.47

Class C:
Net Asset Value and offering price per share ($10,603,951 ÷ 1,120,984 shares) A

$ 9.46

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,078,941 ÷ 110,700 shares)

$ 9.75

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 409,396

Interest

49,942

Security lending

11,088

Total income

470,426

Expenses

Management fee

$ 168,124

Transfer agent fees

116,663

Distribution fees

208,405

Accounting and security lending fees

31,882

Non-interested trustees' compensation

112

Custodian fees and expenses

11,759

Registration fees

19,922

Audit

4,483

Legal

187

Miscellaneous

226

Total expenses before reductions

561,763

Expense reductions

(43,549)

518,214

Net investment income (loss)

(47,788)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(1,599,322)

Foreign currency transactions

(2,199)

Total net realized gain (loss)

(1,601,521)

Change in net unrealized appreciation (depreciation) on:

Investment securities

4,360,555

Assets and liabilities in foreign currencies

36

Total change in net unrealized appreciation (depreciation)

4,360,591

Net gain (loss)

2,759,070

Net increase (decrease) in net assets resulting from operations

$ 2,711,282

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (47,788)

$ (79,758)

Net realized gain (loss)

(1,601,521)

(6,421,993)

Change in net unrealized appreciation (depreciation)

4,360,591

8,528,368

Net increase (decrease) in net assets resulting
from operations

2,711,282

2,026,617

Share transactions - net increase (decrease)

8,878,760

18,475,553

Total increase (decrease) in net assets

11,590,042

20,502,170

Net Assets

Beginning of period

56,082,014

35,579,844

End of period (including accumulated net investment loss of $47,788 and accumulated net investment loss of $0, respectively.)

$ 67,672,056

$ 56,082,014

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.34

$ 8.38

$ 8.91

$ 10.00

Income from Investment Operations

Net investment income (loss) E

.01

.02

(.01)

.01

Net realized and unrealized gain (loss)

.29

.94

(.52)

(1.10)

Total from investment operations

.30

.96

(.53)

(1.09)

Net asset value, end of period

$ 9.64

$ 9.34

$ 8.38

$ 8.91

Total Return B, C, D

3.21%

11.46%

(5.95)%

(10.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.56% A

1.64%

1.78%

3.16% A

Expenses net of voluntary waivers, if any

1.56% A

1.61%

1.75%

1.75% A

Expenses net of all reductions

1.41% A

1.46%

1.74%

1.68% A

Net investment income (loss)

.23% A

.26%

(.13)%

.40% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 11,744

$ 5,942

$ 4,453

$ 4,712

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.28

$ 8.36

$ 8.91

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

- H

(.04)

- H

Net realized and unrealized gain (loss)

.30

.92

(.51)

(1.09)

Total from investment operations

.30

.92

(.55)

(1.09)

Net asset value, end of period

$ 9.58

$ 9.28

$ 8.36

$ 8.91

Total Return B, C, D

3.23%

11.00%

(6.17)%

(10.90)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.84% A

1.93%

2.10%

3.41% A

Expenses net of voluntary waivers, if any

1.84% A

1.90%

2.00%

2.00% A

Expenses net of all reductions

1.69% A

1.75%

1.99%

1.93% A

Net investment income (loss)

(.06)% A

(.03)%

(.38)%

.15% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 27,110

$ 24,691

$ 13,163

$ 9,967

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000. HAmount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.20

$ 8.31

$ 8.90

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.04)

(.08)

(.01)

Net realized and unrealized gain (loss)

.29

.93

(.51)

(1.09)

Total from investment operations

.27

.89

(.59)

(1.10)

Net asset value, end of period

$ 9.47

$ 9.20

$ 8.31

$ 8.90

Total Return B, C, D

2.93%

10.71%

(6.63)%

(11.00)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.24% A

2.35%

2.56%

3.96% A

Expenses net of voluntary waivers, if any

2.24% A

2.32%

2.50%

2.50% A

Expenses net of all reductions

2.09% A

2.18%

2.49%

2.43% A

Net investment income (loss)

(.45)% A

(.45)%

(.88)%

(.35)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 17,135

$ 15,626

$ 10,664

$ 7,630

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 G

Selected Per-Share Data

Net asset value, beginning of period

$ 9.19

$ 8.30

$ 8.89

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

(.04)

(.08)

(.01)

Net realized and unrealized gain (loss)

.29

.93

(.51)

(1.10)

Total from investment operations

.27

.89

(.59)

(1.11)

Net asset value, end of period

$ 9.46

$ 9.19

$ 8.30

$ 8.89

Total Return B, C, D

2.94%

10.72%

(6.64)%

(11.10)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.20% A

2.32%

2.51%

3.89% A

Expenses net of voluntary waivers, if any

2.20% A

2.30%

2.50%

2.50% A

Expenses net of all reductions

2.05% A

2.15%

2.49%

2.43% A

Net investment income (loss)

(.42)% A

(.43)%

(.88)%

(.35)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 10,604

$ 8,594

$ 6,508

$ 6,005

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charge. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000 F

Selected Per-Share Data

Net asset value, beginning of period

$ 9.41

$ 8.41

$ 8.92

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.03

.07

.01

.02

Net realized and unrealized gain (loss)

.31

.93

(.52)

(1.10)

Total from investment operations

.34

1.00

(.51)

(1.08)

Net asset value, end of period

$ 9.75

$ 9.41

$ 8.41

$ 8.92

Total Return B, C

3.61%

11.89%

(5.72)%

(10.80)%

Ratios to Average Net Assets E

Expenses before expense reductions

1.03% A

1.15%

1.54%

3.11% A

Expenses net of voluntary waivers, if any

1.03% A

1.15%

1.50%

1.50% A

Expenses net of all reductions

.88% A

1.01%

1.49%

1.43% A

Net investment income (loss)

.76% A

.72%

.12%

.65% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,079

$ 1,229

$ 791

$ 457

Portfolio turnover rate

230% A

180%

38%

125% A

AAnnualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. FFor the period August 16, 2000 (commencement of operations) to November 30, 2000.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Fifty 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 9,744,735

|

Unrealized depreciation

(385,798)

Net unrealized appreciation (depreciation)

$ 9,358,937

Cost for federal income tax purposes

$ 58,519,571

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.10%

.25%

$ 14,466

$ -

$ 4,147

Class T

.35%

.25%

71,671

210

11,951

Class B

.75%

.25%

76,828

57,649

-

Class C

.75%

.25%

45,440

13,150

-

$ 208,405

$ 71,009

$ 16,098

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 5,464

Class T

11,822

Class B*

28,706

Class C*

1,799

$ 47,791

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 16,044

.39*

Class T

50,227

.42*

Class B

31,968

.42*

Class C

17,448

.38*

Institutional Class

976

.21*

$ 116,663

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $49,507 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. At period end there were no security loans outstanding.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 27,442

$ 9

Class A

4,147

-

-

Class T

11,951

-

-

$ 16,098

$ 27,442

$ 9

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

772,160

410,360

$ 6,612,009

$ 3,714,054

Shares redeemed

(190,957)

(305,138)

(1,673,403)

(2,661,289)

Net increase (decrease)

581,203

105,222

$ 4,938,606

$ 1,052,765

Class T

Shares sold

956,121

2,613,769

$ 8,352,039

$ 24,703,757

Shares redeemed

(785,321)

(1,528,542)

(6,898,843)

(13,328,710)

Net increase (decrease)

170,800

1,085,227

$ 1,453,196

$ 11,375,047

Class B

Shares sold

356,820

1,039,363

$ 3,076,680

$ 9,429,444

Shares redeemed

(245,871)

(622,805)

(2,101,056)

(5,333,567)

Net increase (decrease)

110,949

416,558

$ 975,624

$ 4,095,877

Class C

Shares sold

493,010

787,695

$ 4,332,080

$ 7,200,713

Shares redeemed

(307,402)

(636,111)

(2,636,697)

(5,590,408)

Net increase (decrease)

185,608

151,584

$ 1,695,383

$ 1,610,305

Institutional Class

Shares sold

49,014

149,176

$ 440,723

$ 1,327,165

Shares redeemed

(68,887)

(112,644)

(624,772)

(985,606)

Net increase (decrease)

(19,873)

36,532

$ (184,049)

$ 341,559

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax ManagedStock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Growth & Income

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Omnicom Group, Inc.

6.2

5.1

Gillette Co.

5.6

5.1

Morgan Stanley

4.9

5.4

BellSouth Corp.

4.9

4.4

EchoStar Communications Corp. Class A

4.2

2.3

Merrill Lynch & Co., Inc.

4.2

4.9

Wells Fargo & Co.

4.1

3.9

Wal-Mart Stores, Inc.

3.5

3.7

General Electric Co.

3.4

3.2

Microsoft Corp.

3.1

4.1

44.1

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

21.1

23.8

Consumer Discretionary

18.5

19.7

Consumer Staples

16.5

11.4

Telecommunication Services

8.3

9.4

Industrials

7.1

7.2

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 87.7%

Stocks 83.9%

Bonds 0.0%

Bonds 1.3%

Short-Term
Investments and
Net Other Assets 12.3%

Short-Term
Investments and
Net Other Assets 14.8%

* Foreign investments

1.5%

** Foreign investments

0.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 18.5%

Hotels, Restaurants & Leisure - 0.3%

Starwood Hotels & Resorts Worldwide, Inc. unit

141,200

$ 4,092

Household Durables - 0.0%

Garmin Ltd. (a)

15,900

767

Media - 13.6%

AOL Time Warner, Inc. (a)

6

0

Comcast Corp. Class A (special) (a)

389,600

11,228

E.W. Scripps Co. Class A

445,000

39,191

EchoStar Communications Corp. Class A (a)

2,056,255

69,049

Omnicom Group, Inc.

1,434,200

100,121

Pegasus Communications Corp. Class A (a)

81,140

2,016

Washington Post Co. Class B

100

72

221,677

Multiline Retail - 2.8%

Dollar Tree Stores, Inc. (a)

392,300

11,377

Kohl's Corp. (a)

663,300

34,724

46,101

Specialty Retail - 1.0%

Hollywood Entertainment Corp. (a)

998,200

16,750

Textiles Apparel & Luxury Goods - 0.8%

Liz Claiborne, Inc.

382,100

12,949

TOTAL CONSUMER DISCRETIONARY

302,336

CONSUMER STAPLES - 16.5%

Beverages - 1.0%

The Coca-Cola Co.

356,500

16,246

Food & Staples Retailing - 4.9%

Sysco Corp.

241,900

7,484

Wal-Mart Stores, Inc.

1,085,200

57,092

Walgreen Co.

487,700

15,016

79,592

Food Products - 1.2%

McCormick & Co., Inc. (non-vtg.)

561,700

15,110

Unilever PLC sponsored ADR

116,100

4,196

19,306

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Household Products - 2.8%

Colgate-Palmolive Co.

371,300

$ 22,137

Kimberly-Clark Corp.

466,300

24,215

46,352

Personal Products - 5.6%

Gillette Co.

2,699,900

90,744

Tobacco - 1.0%

Altria Group, Inc.

393,600

16,256

TOTAL CONSUMER STAPLES

268,496

ENERGY - 2.8%

Oil & Gas - 2.8%

Exxon Mobil Corp.

1,253,206

45,617

FINANCIALS - 21.1%

Capital Markets - 11.2%

Goldman Sachs Group, Inc.

423,800

34,540

Merrill Lynch & Co., Inc.

1,568,900

67,933

Morgan Stanley

1,764,500

80,726

183,199

Commercial Banks - 4.7%

Bank One Corp.

274,100

10,240

Wells Fargo & Co.

1,373,800

66,355

76,595

Consumer Finance - 0.8%

American Express Co.

302,900

12,619

Insurance - 3.5%

Allstate Corp.

371,400

13,367

American International Group, Inc.

540,130

31,263

PartnerRe Ltd.

166,600

8,850

Travelers Property Casualty Corp. Class B

207,600

3,357

56,837

Real Estate - 0.4%

Equity Office Properties Trust

243,600

6,555

Thrifts & Mortgage Finance - 0.5%

Fannie Mae

116,800

8,643

TOTAL FINANCIALS

344,448

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - 6.5%

Biotechnology - 2.8%

Amgen, Inc. (a)

701,400

$ 45,388

Health Care Equipment & Supplies - 1.3%

Alcon, Inc.

182,600

7,761

Medtronic, Inc.

290,600

14,161

21,922

Pharmaceuticals - 2.4%

Allergan, Inc.

144,700

10,434

Pfizer, Inc.

927,150

28,760

39,194

TOTAL HEALTH CARE

106,504

INDUSTRIALS - 7.1%

Aerospace & Defense - 1.6%

Lockheed Martin Corp.

175,300

8,137

Northrop Grumman Corp.

124,700

10,967

United Technologies Corp.

91,800

6,265

25,369

Airlines - 1.1%

Continental Airlines, Inc. Class B (a)

893,700

9,849

Northwest Airlines Corp. (a)

446,500

3,987

Southwest Airlines Co.

270,900

4,353

18,189

Building Products - 0.6%

American Standard Companies, Inc. (a)

123,200

9,116

Commercial Services & Supplies - 0.4%

Avery Dennison Corp.

133,300

7,395

Industrial Conglomerates - 3.4%

General Electric Co.

1,924,600

55,236

TOTAL INDUSTRIALS

115,305

INFORMATION TECHNOLOGY - 6.0%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

1,404,900

22,872

Nokia Corp. sponsored ADR

41,000

740

23,612

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 0.1%

Lexmark International, Inc. Class A (a)

20,600

$ 1,533

IT Services - 1.3%

First Data Corp.

257,300

10,657

Paychex, Inc.

344,200

10,505

21,162

Software - 3.1%

Microsoft Corp.

2,101,500

51,718

TOTAL INFORMATION TECHNOLOGY

98,025

MATERIALS - 0.0%

Chemicals - 0.0%

Praxair, Inc.

3,600

216

TELECOMMUNICATION SERVICES - 8.3%

Diversified Telecommunication Services - 8.3%

BellSouth Corp.

2,991,800

79,313

SBC Communications, Inc.

944,300

24,042

Verizon Communications, Inc.

829,900

31,412

134,767

UTILITIES - 0.9%

Electric Utilities - 0.9%

Entergy Corp.

286,600

14,814

FPL Group, Inc.

4,000

266

15,080

TOTAL COMMON STOCKS

(Cost $1,408,904)

1,430,794

Nonconvertible Bonds - 0.0%

Principal Amount (000s)

INDUSTRIALS - 0.0%

Aerospace & Defense - 0.0%

BAE Systems PLC 7.45% 11/29/03

GBP

36

12

TOTAL NONCONVERTIBLE BONDS

(Cost $17)

12

Money Market Funds - 12.5%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

199,293,570

$ 199,294

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

4,472,400

4,472

TOTAL MONEY MARKET FUNDS

(Cost $203,766)

203,766

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $1,612,687)

1,634,572

NET OTHER ASSETS - (0.2)%

(3,912)

NET ASSETS - 100%

$ 1,630,660

Currency Abbreviations

GBP

-

British pound

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $218,673,000 and $199,803,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35,000 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $334,401,000 of which $13,634,000, $11,476,000, $18,763,000, $216,912,000 and $73,616,000 will expire on November 30, 2006, 2007, 2008, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $21,604,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,089) (cost $1,612,687) - See accompanying schedule

$ 1,634,572

Receivable for fund shares sold

2,510

Dividends receivable

1,874

Interest receivable

204

Total assets

1,639,160

Liabilities

Payable for fund shares redeemed

$ 2,204

Accrued management fee

645

Distribution fees payable

803

Other payables and accrued expenses

376

Collateral on securities loaned, at value

4,472

Total liabilities

8,500

Net Assets

$ 1,630,660

Net Assets consist of:

Paid in capital

$ 1,953,886

Undistributed net investment income

2,014

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(347,124)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

21,884

Net Assets

$ 1,630,660

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($127,715 ÷ 8,838 shares)

$ 14.45

Maximum offering price per share (100/94.25 of $14.45)

$ 15.33

Class T:
Net Asset Value and redemption price per share ($812,207 ÷ 56,613 shares)

$ 14.35

Maximum offering price per share (100/96.50 of $14.35)

$ 14.87

Class B:
Net Asset Value and offering price per share ($355,904 ÷ 25,415 shares) A

$ 14.00

Class C:
Net Asset Value and offering price per share ($188,199 ÷ 13,425 shares) A

$ 14.02

Institutional Class:
Net Asset Value, offering price and redemption price per share ($146,635 ÷ 10,077 shares)

$ 14.55

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 11,206

Interest

1,806

Security lending

14

Total income

13,026

Expenses

Management fee

$ 3,640

Transfer agent fees

2,322

Distribution fees

4,663

Accounting and security lending fees

174

Non-interested trustees' compensation

3

Custodian fees and expenses

10

Registration fees

45

Audit

26

Legal

6

Miscellaneous

13

Total expenses before reductions

10,902

Expense reductions

(56)

10,846

Net investment income (loss)

2,180

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

12,436

Total net realized gain (loss)

12,436

Change in net unrealized appreciation (depreciation) on:

Investment securities

59,943

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

59,942

Net gain (loss)

72,378

Net increase (decrease) in net assets resulting from operations

$ 74,558

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,180

$ 4,590

Net realized gain (loss)

12,436

(60,796)

Change in net unrealized appreciation (depreciation)

59,942

(230,474)

Net increase (decrease) in net assets resulting
from operations

74,558

(286,680)

Distributions to shareholders from net investment income

(4,752)

(287)

Share transactions - net increase (decrease)

(11,214)

(279,356)

Total increase (decrease) in net assets

58,592

(566,323)

Net Assets

Beginning of period

1,572,068

2,138,391

End of period (including undistributed net investment income of $2,014 and undistributed net investment income of $4,586, respectively)

$ 1,630,660

$ 1,572,068

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.83

$ 15.94

$ 17.57

$ 18.40

$ 15.09

$ 12.47

Income from Investment Operations

Net investment income (loss) E

.04

.09 G

.06

.02

.04

.06

Net realized and unrealized gain (loss)

.67

(2.20) G

(1.69)

(.85)

3.32

2.79

Total from investment operations

.71

(2.11)

(1.63)

(.83)

3.36

2.85

Distributions from net investment income

(.09)

-

-

-

(.01)

(.05)

Distributions in excess of net investment income

-

-

-

-

(.01)

-

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.03)

-

Total distributions

(.09)

-

-

-

(.05)

(.23)

Net asset value, end of period

$ 14.45

$ 13.83

$ 15.94

$ 17.57

$ 18.40

$ 15.09

Total Return B,C,D

5.19%

(13.24)%

(9.28)%

(4.51)%

22.31%

23.24%

Ratios to Average Net Assets F

Expenses before expense reductions

1.11% A

1.10%

1.03%

.99%

1.04%

1.12%

Expenses net of voluntary waivers, if any

1.11% A

1.10%

1.03%

.99%

1.04%

1.12%

Expenses net of all reductions

1.11% A

1.06%

1.00%

.98%

1.03%

1.11%

Net investment income (loss)

.63% A

.62% G

.39%

.09%

.22%

.46%

Supplemental Data

Net assets, end of period (in millions)

$ 128

$ 121

$ 166

$ 180

$ 120

$ 35

Portfolio turnover rate

30% A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.71

$ 15.84

$ 17.50

$ 18.37

$ 15.07

$ 12.46

Income from Investment Operations

Net investment income (loss) E

.03

.06 G

.03

(.03)

-H

.04

Net realized and unrealized gain (loss)

.66

(2.19) G

(1.69)

(.84)

3.32

2.78

Total from investment operations

.69

(2.13)

(1.66)

(.87)

3.32

2.82

Distributions from net investment income

(.05)

-

-

-

(.01)

(.03)

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.01)

-

Total distributions

(.05)

-

-

-

(.02)

(.21)

Net asset value, end of period

$ 14.35

$ 13.71

$ 15.84

$ 17.50

$ 18.37

$ 15.07

Total Return B,C, D

5.06%

(13.45)%

(9.49)%

(4.74)%

22.05%

23.00%

Ratios to Average Net Assets F

Expenses before expense reductions

1.34% A

1.33%

1.26%

1.23%

1.27%

1.31%

Expenses net of voluntary waivers, if any

1.34% A

1.33%

1.26%

1.23%

1.27%

1.31%

Expenses net of all reductions

1.33% A

1.29%

1.24%

1.21%

1.25%

1.30%

Net investment income (loss)

.40% A

.39% G

.16%

(.14)%

-%

.27%

Supplemental Data

Net assets, end of period (in millions)

$ 812

$ 788

$ 1,070

$ 1,278

$ 999

$ 400

Portfolio turnover rate

30% A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.36

$ 15.52

$ 17.24

$ 18.19

$ 14.98

$ 12.41

Income from Investment Operations

Net investment income (loss)E

(.01)

(.02)G

(.06)

(.13)

(.09)

(.03)

Net realized and unrealized gain (loss)

.65

(2.14)G

(1.66)

(.82)

3.30

2.77

Total from investment operations

.64

(2.16)

(1.72)

(.95)

3.21

2.74

Distributions from net realized gain

-

-

-

-

-

(.17)

Net asset value, end of period

$ 14.00

$ 13.36

$ 15.52

$ 17.24

$ 18.19

$ 14.98

Total ReturnB,C,D

4.79%

(13.92)%

(9.98)%

(5.22)%

21.43%

22.39%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.86%A

1.85%

1.78%

1.75%

1.78%

1.83%

Expenses net of voluntary waivers, if any

1.86%A

1.85%

1.78%

1.75%

1.78%

1.83%

Expenses net of all reductions

1.85%A

1.81%

1.76%

1.73%

1.76%

1.82%

Net investment income (loss)

(.12)%A

(.13)%G

(.37)%

(.66)%

(.51)%

(.25)%

Supplemental Data

Net assets, end of
period (in millions)

$ 356

$ 365

$ 523

$ 641

$ 508

$ 158

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.38

$ 15.53

$ 17.24

$ 18.19

$ 14.98

$ 12.45

Income from Investment Operations

Net investment income (loss)E

(.01)

(.01)G

(.05)

(.12)

(.08)

(.04)

Net realized and unrealized gain (loss)

.65

(2.14)G

(1.66)

(.83)

3.29

2.76

Total from investment operations

.64

(2.15)

(1.71)

(.95)

3.21

2.72

Distributions from net investment income

-

-

-

-

-

(.01)

Distributions from net realized gain

-

-

-

-

-

(.18)

Total distributions

-

-

-

-

-

(.19)

Net asset value, end of period

$ 14.02

$ 13.38

$ 15.53

$ 17.24

$ 18.19

$ 14.98

Total ReturnB,C,D

4.78%

(13.84)%

(9.92)%

(5.22) %

21.43%

22.20%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.83%A

1.82%

1.75%

1.72%

1.76%

1.87%

Expenses net of voluntary waivers, if any

1.83%A

1.82%

1.75%

1.72%

1.76%

1.87%

Expenses net of all reductions

1.82%A

1.78%

1.73%

1.71%

1.75%

1.85%

Net investment income (loss)

(.09)%A

(.10)%G

(.33)%

(.64)%

(.50)%

(.27)%

Supplemental Data

Net assets, end of
period (in millions)

$ 188

$ 194

$ 281

$ 365

$ 253

$ 60

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.96

$ 16.08

$ 17.66

$ 18.44

$ 15.10

$ 12.47

Income from Investment Operations

Net investment income (loss)D

.07

.14F

.12

.08

.09

.11

Net realized and unrealized gain (loss)

.67

(2.21)F

(1.70)

(.86)

3.33

2.79

Total from investment operations

.74

(2.07)

(1.58)

(.78)

3.42

2.90

Distributions from net investment income

(.15)

(.05)

-

-

(.01)

(.09)

Distributions in excess of net investment income

-

-

-

-

(.02)

-

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.05)

-

Total distributions

(.15)

(.05)

-

-

(.08)

(.27)

Net asset value, end of period

$ 14.55

$ 13.96

$ 16.08

$ 17.66

$ 18.44

$ 15.10

Total ReturnB,C

5.39%

(12.95)%

(8.95)%

(4.23)%

22.71%

23.69%

Ratios to Average Net AssetsE

Expenses before
expense reductions

.72%A

.73%

.69%

.69%

.74%

.76%

Expenses net of voluntary waivers, if any

.72%A

.73%

.69%

.69%

.74%

.76%

Expenses net of all
reductions

.72%A

.69%

.67%

.68%

.72%

.75%

Net investment income (loss)

1.01%A

.98%F

.72%

.39%

.53%

.82%

Supplemental Data

Net assets, end of
period (in millions)

$ 147

$ 104

$ 98

$ 118

$ 131

$ 97

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Growth & Income 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 131,356

|

Unrealized depreciation

(111,405)

Net unrealized appreciation (depreciation)

$ 19,951

Cost for federal income tax purposes

$ 1,614,621

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .48% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.01%

.25%

$ 152

$ -

$ 7

Class T

.26%

.25%

1,918

21

43

Class B

.75%

.25%

1,695

1,273

-

Class C

.75%

.25%

898

2

-

$ 4,663

$ 1,296

$ 50

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 31

Class T

31

Class B*

599

Class C*

8

$ 669

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 (collectively referred to as the transfer 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

$ 192

.33*

Class T

1,149

.31*

Class B

581

.34*

Class C

279

.31*

Institutional Class

121

.20*

$ 2,322

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,223 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Fund Level

$ -

$ 6

Class A

7

-

Class T

43

-

$ 50

$ 6

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 783

$ -

Class T

2,857

-

Institutional Class

1,112

287

Total

$ 4,752

$ 287

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended May 31,
2003

Year ended
November 30, 2002

Six months ended May 31,
2003

Year ended
November 30, 2002

Class A

Shares sold

1,086

2,093

$ 14,423

$ 31,021

Reinvestment of distributions

54

-

722

-

Shares redeemed

(1,013)

(3,765)

(13,362)

(54,705)

Net increase (decrease)

127

(1,672)

$ 1,783

$ (23,684)

Class T

Shares sold

7,248

12,943

$ 96,507

$ 189,408

Reinvestment of distributions

204

-

2,700

-

Shares redeemed

(8,307)

(23,065)

(109,337)

(330,455)

Net increase (decrease)

(855)

(10,122)

$ (10,130)

$ (141,047)

Class B

Shares sold

1,367

2,678

$ 17,806

$ 38,436

Shares redeemed

(3,292)

(9,067)

(42,080)

(125,194)

Net increase (decrease)

(1,925)

(6,389)

$ (24,274)

$ (86,758)

Class C

Shares sold

1,060

2,471

$ 13,841

$ 35,760

Shares redeemed

(2,150)

(6,067)

(27,525)

(84,646)

Net increase (decrease)

(1,090)

(3,596)

$ (13,684)

$ (48,886)

Institutional Class

Shares sold

4,367

3,545

$ 58,304

$ 52,211

Reinvestment of distributions

64

14

853

233

Shares redeemed

(1,820)

(2,180)

(24,066)

(31,425)

Net increase (decrease)

2,611

1,379

$ 35,091

$ 21,019

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Growth & Income

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Omnicom Group, Inc.

6.2

5.1

Gillette Co.

5.6

5.1

Morgan Stanley

4.9

5.4

BellSouth Corp.

4.9

4.4

EchoStar Communications Corp. Class A

4.2

2.3

Merrill Lynch & Co., Inc.

4.2

4.9

Wells Fargo & Co.

4.1

3.9

Wal-Mart Stores, Inc.

3.5

3.7

General Electric Co.

3.4

3.2

Microsoft Corp.

3.1

4.1

44.1

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

21.1

23.8

Consumer Discretionary

18.5

19.7

Consumer Staples

16.5

11.4

Telecommunication Services

8.3

9.4

Industrials

7.1

7.2

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 87.7%

Stocks 83.9%

Bonds 0.0%

Bonds 1.3%

Short-Term
Investments and
Net Other Assets 12.3%

Short-Term
Investments and
Net Other Assets 14.8%

* Foreign investments

1.5%

** Foreign investments

0.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.7%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 18.5%

Hotels, Restaurants & Leisure - 0.3%

Starwood Hotels & Resorts Worldwide, Inc. unit

141,200

$ 4,092

Household Durables - 0.0%

Garmin Ltd. (a)

15,900

767

Media - 13.6%

AOL Time Warner, Inc. (a)

6

0

Comcast Corp. Class A (special) (a)

389,600

11,228

E.W. Scripps Co. Class A

445,000

39,191

EchoStar Communications Corp. Class A (a)

2,056,255

69,049

Omnicom Group, Inc.

1,434,200

100,121

Pegasus Communications Corp. Class A (a)

81,140

2,016

Washington Post Co. Class B

100

72

221,677

Multiline Retail - 2.8%

Dollar Tree Stores, Inc. (a)

392,300

11,377

Kohl's Corp. (a)

663,300

34,724

46,101

Specialty Retail - 1.0%

Hollywood Entertainment Corp. (a)

998,200

16,750

Textiles Apparel & Luxury Goods - 0.8%

Liz Claiborne, Inc.

382,100

12,949

TOTAL CONSUMER DISCRETIONARY

302,336

CONSUMER STAPLES - 16.5%

Beverages - 1.0%

The Coca-Cola Co.

356,500

16,246

Food & Staples Retailing - 4.9%

Sysco Corp.

241,900

7,484

Wal-Mart Stores, Inc.

1,085,200

57,092

Walgreen Co.

487,700

15,016

79,592

Food Products - 1.2%

McCormick & Co., Inc. (non-vtg.)

561,700

15,110

Unilever PLC sponsored ADR

116,100

4,196

19,306

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Household Products - 2.8%

Colgate-Palmolive Co.

371,300

$ 22,137

Kimberly-Clark Corp.

466,300

24,215

46,352

Personal Products - 5.6%

Gillette Co.

2,699,900

90,744

Tobacco - 1.0%

Altria Group, Inc.

393,600

16,256

TOTAL CONSUMER STAPLES

268,496

ENERGY - 2.8%

Oil & Gas - 2.8%

Exxon Mobil Corp.

1,253,206

45,617

FINANCIALS - 21.1%

Capital Markets - 11.2%

Goldman Sachs Group, Inc.

423,800

34,540

Merrill Lynch & Co., Inc.

1,568,900

67,933

Morgan Stanley

1,764,500

80,726

183,199

Commercial Banks - 4.7%

Bank One Corp.

274,100

10,240

Wells Fargo & Co.

1,373,800

66,355

76,595

Consumer Finance - 0.8%

American Express Co.

302,900

12,619

Insurance - 3.5%

Allstate Corp.

371,400

13,367

American International Group, Inc.

540,130

31,263

PartnerRe Ltd.

166,600

8,850

Travelers Property Casualty Corp. Class B

207,600

3,357

56,837

Real Estate - 0.4%

Equity Office Properties Trust

243,600

6,555

Thrifts & Mortgage Finance - 0.5%

Fannie Mae

116,800

8,643

TOTAL FINANCIALS

344,448

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - 6.5%

Biotechnology - 2.8%

Amgen, Inc. (a)

701,400

$ 45,388

Health Care Equipment & Supplies - 1.3%

Alcon, Inc.

182,600

7,761

Medtronic, Inc.

290,600

14,161

21,922

Pharmaceuticals - 2.4%

Allergan, Inc.

144,700

10,434

Pfizer, Inc.

927,150

28,760

39,194

TOTAL HEALTH CARE

106,504

INDUSTRIALS - 7.1%

Aerospace & Defense - 1.6%

Lockheed Martin Corp.

175,300

8,137

Northrop Grumman Corp.

124,700

10,967

United Technologies Corp.

91,800

6,265

25,369

Airlines - 1.1%

Continental Airlines, Inc. Class B (a)

893,700

9,849

Northwest Airlines Corp. (a)

446,500

3,987

Southwest Airlines Co.

270,900

4,353

18,189

Building Products - 0.6%

American Standard Companies, Inc. (a)

123,200

9,116

Commercial Services & Supplies - 0.4%

Avery Dennison Corp.

133,300

7,395

Industrial Conglomerates - 3.4%

General Electric Co.

1,924,600

55,236

TOTAL INDUSTRIALS

115,305

INFORMATION TECHNOLOGY - 6.0%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

1,404,900

22,872

Nokia Corp. sponsored ADR

41,000

740

23,612

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 0.1%

Lexmark International, Inc. Class A (a)

20,600

$ 1,533

IT Services - 1.3%

First Data Corp.

257,300

10,657

Paychex, Inc.

344,200

10,505

21,162

Software - 3.1%

Microsoft Corp.

2,101,500

51,718

TOTAL INFORMATION TECHNOLOGY

98,025

MATERIALS - 0.0%

Chemicals - 0.0%

Praxair, Inc.

3,600

216

TELECOMMUNICATION SERVICES - 8.3%

Diversified Telecommunication Services - 8.3%

BellSouth Corp.

2,991,800

79,313

SBC Communications, Inc.

944,300

24,042

Verizon Communications, Inc.

829,900

31,412

134,767

UTILITIES - 0.9%

Electric Utilities - 0.9%

Entergy Corp.

286,600

14,814

FPL Group, Inc.

4,000

266

15,080

TOTAL COMMON STOCKS

(Cost $1,408,904)

1,430,794

Nonconvertible Bonds - 0.0%

Principal Amount (000s)

INDUSTRIALS - 0.0%

Aerospace & Defense - 0.0%

BAE Systems PLC 7.45% 11/29/03

GBP

36

12

TOTAL NONCONVERTIBLE BONDS

(Cost $17)

12

Money Market Funds - 12.5%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

199,293,570

$ 199,294

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

4,472,400

4,472

TOTAL MONEY MARKET FUNDS

(Cost $203,766)

203,766

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $1,612,687)

1,634,572

NET OTHER ASSETS - (0.2)%

(3,912)

NET ASSETS - 100%

$ 1,630,660

Currency Abbreviations

GBP

-

British pound

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $218,673,000 and $199,803,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $35,000 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $334,401,000 of which $13,634,000, $11,476,000, $18,763,000, $216,912,000 and $73,616,000 will expire on November 30, 2006, 2007, 2008, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $21,604,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,089) (cost $1,612,687) - See accompanying schedule

$ 1,634,572

Receivable for fund shares sold

2,510

Dividends receivable

1,874

Interest receivable

204

Total assets

1,639,160

Liabilities

Payable for fund shares redeemed

$ 2,204

Accrued management fee

645

Distribution fees payable

803

Other payables and accrued expenses

376

Collateral on securities loaned, at value

4,472

Total liabilities

8,500

Net Assets

$ 1,630,660

Net Assets consist of:

Paid in capital

$ 1,953,886

Undistributed net investment income

2,014

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(347,124)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

21,884

Net Assets

$ 1,630,660

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($127,715 ÷ 8,838 shares)

$ 14.45

Maximum offering price per share (100/94.25 of $14.45)

$ 15.33

Class T:
Net Asset Value and redemption price per share ($812,207 ÷ 56,613 shares)

$ 14.35

Maximum offering price per share (100/96.50 of $14.35)

$ 14.87

Class B:
Net Asset Value and offering price per share ($355,904 ÷ 25,415 shares) A

$ 14.00

Class C:
Net Asset Value and offering price per share ($188,199 ÷ 13,425 shares) A

$ 14.02

Institutional Class:
Net Asset Value, offering price and redemption price per share ($146,635 ÷ 10,077 shares)

$ 14.55

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 11,206

Interest

1,806

Security lending

14

Total income

13,026

Expenses

Management fee

$ 3,640

Transfer agent fees

2,322

Distribution fees

4,663

Accounting and security lending fees

174

Non-interested trustees' compensation

3

Custodian fees and expenses

10

Registration fees

45

Audit

26

Legal

6

Miscellaneous

13

Total expenses before reductions

10,902

Expense reductions

(56)

10,846

Net investment income (loss)

2,180

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

12,436

Total net realized gain (loss)

12,436

Change in net unrealized appreciation (depreciation) on:

Investment securities

59,943

Assets and liabilities in foreign currencies

(1)

Total change in net unrealized appreciation (depreciation)

59,942

Net gain (loss)

72,378

Net increase (decrease) in net assets resulting from operations

$ 74,558

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 2,180

$ 4,590

Net realized gain (loss)

12,436

(60,796)

Change in net unrealized appreciation (depreciation)

59,942

(230,474)

Net increase (decrease) in net assets resulting
from operations

74,558

(286,680)

Distributions to shareholders from net investment income

(4,752)

(287)

Share transactions - net increase (decrease)

(11,214)

(279,356)

Total increase (decrease) in net assets

58,592

(566,323)

Net Assets

Beginning of period

1,572,068

2,138,391

End of period (including undistributed net investment income of $2,014 and undistributed net investment income of $4,586, respectively)

$ 1,630,660

$ 1,572,068

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.83

$ 15.94

$ 17.57

$ 18.40

$ 15.09

$ 12.47

Income from Investment Operations

Net investment income (loss) E

.04

.09 G

.06

.02

.04

.06

Net realized and unrealized gain (loss)

.67

(2.20) G

(1.69)

(.85)

3.32

2.79

Total from investment operations

.71

(2.11)

(1.63)

(.83)

3.36

2.85

Distributions from net investment income

(.09)

-

-

-

(.01)

(.05)

Distributions in excess of net investment income

-

-

-

-

(.01)

-

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.03)

-

Total distributions

(.09)

-

-

-

(.05)

(.23)

Net asset value, end of period

$ 14.45

$ 13.83

$ 15.94

$ 17.57

$ 18.40

$ 15.09

Total Return B,C,D

5.19%

(13.24)%

(9.28)%

(4.51)%

22.31%

23.24%

Ratios to Average Net Assets F

Expenses before expense reductions

1.11% A

1.10%

1.03%

.99%

1.04%

1.12%

Expenses net of voluntary waivers, if any

1.11% A

1.10%

1.03%

.99%

1.04%

1.12%

Expenses net of all reductions

1.11% A

1.06%

1.00%

.98%

1.03%

1.11%

Net investment income (loss)

.63% A

.62% G

.39%

.09%

.22%

.46%

Supplemental Data

Net assets, end of period (in millions)

$ 128

$ 121

$ 166

$ 180

$ 120

$ 35

Portfolio turnover rate

30% A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.71

$ 15.84

$ 17.50

$ 18.37

$ 15.07

$ 12.46

Income from Investment Operations

Net investment income (loss) E

.03

.06 G

.03

(.03)

-H

.04

Net realized and unrealized gain (loss)

.66

(2.19) G

(1.69)

(.84)

3.32

2.78

Total from investment operations

.69

(2.13)

(1.66)

(.87)

3.32

2.82

Distributions from net investment income

(.05)

-

-

-

(.01)

(.03)

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.01)

-

Total distributions

(.05)

-

-

-

(.02)

(.21)

Net asset value, end of period

$ 14.35

$ 13.71

$ 15.84

$ 17.50

$ 18.37

$ 15.07

Total Return B,C, D

5.06%

(13.45)%

(9.49)%

(4.74)%

22.05%

23.00%

Ratios to Average Net Assets F

Expenses before expense reductions

1.34% A

1.33%

1.26%

1.23%

1.27%

1.31%

Expenses net of voluntary waivers, if any

1.34% A

1.33%

1.26%

1.23%

1.27%

1.31%

Expenses net of all reductions

1.33% A

1.29%

1.24%

1.21%

1.25%

1.30%

Net investment income (loss)

.40% A

.39% G

.16%

(.14)%

-%

.27%

Supplemental Data

Net assets, end of period (in millions)

$ 812

$ 788

$ 1,070

$ 1,278

$ 999

$ 400

Portfolio turnover rate

30% A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.36

$ 15.52

$ 17.24

$ 18.19

$ 14.98

$ 12.41

Income from Investment Operations

Net investment income (loss)E

(.01)

(.02)G

(.06)

(.13)

(.09)

(.03)

Net realized and unrealized gain (loss)

.65

(2.14)G

(1.66)

(.82)

3.30

2.77

Total from investment operations

.64

(2.16)

(1.72)

(.95)

3.21

2.74

Distributions from net realized gain

-

-

-

-

-

(.17)

Net asset value, end of period

$ 14.00

$ 13.36

$ 15.52

$ 17.24

$ 18.19

$ 14.98

Total ReturnB,C,D

4.79%

(13.92)%

(9.98)%

(5.22)%

21.43%

22.39%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.86%A

1.85%

1.78%

1.75%

1.78%

1.83%

Expenses net of voluntary waivers, if any

1.86%A

1.85%

1.78%

1.75%

1.78%

1.83%

Expenses net of all reductions

1.85%A

1.81%

1.76%

1.73%

1.76%

1.82%

Net investment income (loss)

(.12)%A

(.13)%G

(.37)%

(.66)%

(.51)%

(.25)%

Supplemental Data

Net assets, end of
period (in millions)

$ 356

$ 365

$ 523

$ 641

$ 508

$ 158

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.38

$ 15.53

$ 17.24

$ 18.19

$ 14.98

$ 12.45

Income from Investment Operations

Net investment income (loss)E

(.01)

(.01)G

(.05)

(.12)

(.08)

(.04)

Net realized and unrealized gain (loss)

.65

(2.14)G

(1.66)

(.83)

3.29

2.76

Total from investment operations

.64

(2.15)

(1.71)

(.95)

3.21

2.72

Distributions from net investment income

-

-

-

-

-

(.01)

Distributions from net realized gain

-

-

-

-

-

(.18)

Total distributions

-

-

-

-

-

(.19)

Net asset value, end of period

$ 14.02

$ 13.38

$ 15.53

$ 17.24

$ 18.19

$ 14.98

Total ReturnB,C,D

4.78%

(13.84)%

(9.92)%

(5.22) %

21.43%

22.20%

Ratios to Average Net AssetsF

Expenses before expense reductions

1.83%A

1.82%

1.75%

1.72%

1.76%

1.87%

Expenses net of voluntary waivers, if any

1.83%A

1.82%

1.75%

1.72%

1.76%

1.87%

Expenses net of all reductions

1.82%A

1.78%

1.73%

1.71%

1.75%

1.85%

Net investment income (loss)

(.09)%A

(.10)%G

(.33)%

(.64)%

(.50)%

(.27)%

Supplemental Data

Net assets, end of
period (in millions)

$ 188

$ 194

$ 281

$ 365

$ 253

$ 60

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 13.96

$ 16.08

$ 17.66

$ 18.44

$ 15.10

$ 12.47

Income from Investment Operations

Net investment income (loss)D

.07

.14F

.12

.08

.09

.11

Net realized and unrealized gain (loss)

.67

(2.21)F

(1.70)

(.86)

3.33

2.79

Total from investment operations

.74

(2.07)

(1.58)

(.78)

3.42

2.90

Distributions from net investment income

(.15)

(.05)

-

-

(.01)

(.09)

Distributions in excess of net investment income

-

-

-

-

(.02)

-

Distributions from net realized gain

-

-

-

-

-

(.18)

Distributions from capital

-

-

-

-

(.05)

-

Total distributions

(.15)

(.05)

-

-

(.08)

(.27)

Net asset value, end of period

$ 14.55

$ 13.96

$ 16.08

$ 17.66

$ 18.44

$ 15.10

Total ReturnB,C

5.39%

(12.95)%

(8.95)%

(4.23)%

22.71%

23.69%

Ratios to Average Net AssetsE

Expenses before
expense reductions

.72%A

.73%

.69%

.69%

.74%

.76%

Expenses net of voluntary waivers, if any

.72%A

.73%

.69%

.69%

.74%

.76%

Expenses net of all
reductions

.72%A

.69%

.67%

.68%

.72%

.75%

Net investment income (loss)

1.01%A

.98%F

.72%

.39%

.53%

.82%

Supplemental Data

Net assets, end of
period (in millions)

$ 147

$ 104

$ 98

$ 118

$ 131

$ 97

Portfolio turnover rate

30%A

93%

67%

97%

55%

54%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Growth & Income 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 131,356

|

Unrealized depreciation

(111,405)

Net unrealized appreciation (depreciation)

$ 19,951

Cost for federal income tax purposes

$ 1,614,621

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .48% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.01%

.25%

$ 152

$ -

$ 7

Class T

.26%

.25%

1,918

21

43

Class B

.75%

.25%

1,695

1,273

-

Class C

.75%

.25%

898

2

-

$ 4,663

$ 1,296

$ 50

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 31

Class T

31

Class B*

599

Class C*

8

$ 669

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 (collectively referred to as the transfer 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

$ 192

.33*

Class T

1,149

.31*

Class B

581

.34*

Class C

279

.31*

Institutional Class

121

.20*

$ 2,322

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,223 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Fund Level

$ -

$ 6

Class A

7

-

Class T

43

-

$ 50

$ 6

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 783

$ -

Class T

2,857

-

Institutional Class

1,112

287

Total

$ 4,752

$ 287

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended May 31,
2003

Year ended
November 30, 2002

Six months ended May 31,
2003

Year ended
November 30, 2002

Class A

Shares sold

1,086

2,093

$ 14,423

$ 31,021

Reinvestment of distributions

54

-

722

-

Shares redeemed

(1,013)

(3,765)

(13,362)

(54,705)

Net increase (decrease)

127

(1,672)

$ 1,783

$ (23,684)

Class T

Shares sold

7,248

12,943

$ 96,507

$ 189,408

Reinvestment of distributions

204

-

2,700

-

Shares redeemed

(8,307)

(23,065)

(109,337)

(330,455)

Net increase (decrease)

(855)

(10,122)

$ (10,130)

$ (141,047)

Class B

Shares sold

1,367

2,678

$ 17,806

$ 38,436

Shares redeemed

(3,292)

(9,067)

(42,080)

(125,194)

Net increase (decrease)

(1,925)

(6,389)

$ (24,274)

$ (86,758)

Class C

Shares sold

1,060

2,471

$ 13,841

$ 35,760

Shares redeemed

(2,150)

(6,067)

(27,525)

(84,646)

Net increase (decrease)

(1,090)

(3,596)

$ (13,684)

$ (48,886)

Institutional Class

Shares sold

4,367

3,545

$ 58,304

$ 52,211

Reinvestment of distributions

64

14

853

233

Shares redeemed

(1,820)

(2,180)

(24,066)

(31,425)

Net increase (decrease)

2,611

1,379

$ 35,091

$ 21,019

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Balanced Fund -

Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Independent Auditors' Report

<Click Here>

The auditors' opinion.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Five Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Omnicom Group, Inc.

3.9

3.1

Gillette Co.

3.6

3.2

Morgan Stanley

3.1

3.4

BellSouth Corp.

3.0

2.7

Wells Fargo & Co.

2.6

2.5

16.2

Top Five Bond Issuers as of May 31, 2003

(with maturities greater than one year)

% of fund's
net assets

% of fund's net assets
6 months ago

Fannie Mae

11.2

12.0

U.S. Treasury Obligations

3.0

2.6

Government National Mortgage Association

2.4

3.3

Freddie Mac

0.9

0.9

Philip Morris Companies, Inc.

0.3

0.3

17.8

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

18.1

21.0

Consumer Discretionary

14.9

15.4

Consumer Staples

11.2

8.0

Telecommunication Services

6.8

7.2

Industrials

5.8

5.7

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 55.4%

Stocks 53.1%

Bonds 37.2%

Bonds 39.4%

Convertible
Securities 0.2%

Convertible
Securities 0.4%

Other Investments 0.1%

Other Investments 0.0%

Short-Term
Investments and
Net Other Assets 7.1%

Short-Term
Investments and
Net Other Assets 7.1%

* Foreign investments

3.4%

** Foreign investments

3.8%



Semiannual Report

Investments May 31, 2003

Showing Percentage of Net Assets

Common Stocks - 55.1%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 11.6%

Auto Components - 0.0%

Exide Technologies warrants 3/18/06 (a)

682

$ 0

Hotels, Restaurants & Leisure - 0.1%

Starwood Hotels & Resorts Worldwide, Inc. unit

90,700

2,628

Household Durables - 0.0%

Garmin Ltd. (a)

9,916

478

Media - 8.5%

AOL Time Warner, Inc. (a)

51

1

Comcast Corp. Class A (special) (a)

244,000

7,032

E.W. Scripps Co. Class A

285,000

25,100

EchoStar Communications Corp. Class A (a)

1,297,920

43,584

Omnicom Group, Inc.

960,350

67,025

Pegasus Communications Corp. Class A (a)

53,360

1,326

144,068

Multiline Retail - 1.8%

Dollar Tree Stores, Inc. (a)

246,100

7,137

Kohl's Corp. (a)

444,200

23,254

30,391

Specialty Retail - 0.7%

Hollywood Entertainment Corp. (a)

666,500

11,184

Stage Stores, Inc. (a)

770

19

11,203

Textiles Apparel & Luxury Goods - 0.5%

Liz Claiborne, Inc.

241,700

8,191

TOTAL CONSUMER DISCRETIONARY

196,959

CONSUMER STAPLES - 10.4%

Beverages - 0.6%

The Coca-Cola Co.

238,100

10,850

Food & Staples Retailing - 3.1%

Sysco Corp.

156,400

4,839

Wal-Mart Stores, Inc.

714,600

37,595

Walgreen Co.

325,600

10,025

52,459

Food Products - 0.7%

McCormick & Co., Inc. (non-vtg.)

367,200

9,878

Unilever PLC sponsored ADR

64,800

2,342

12,220

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Household Products - 1.8%

Colgate-Palmolive Co.

242,300

$ 14,446

Kimberly-Clark Corp.

290,300

15,075

29,521

Personal Products - 3.6%

Gillette Co.

1,807,600

60,753

Tobacco - 0.6%

Altria Group, Inc.

261,920

10,817

TOTAL CONSUMER STAPLES

176,620

ENERGY - 1.8%

Oil & Gas - 1.8%

Exxon Mobil Corp.

839,068

30,542

FINANCIALS - 13.2%

Capital Markets - 6.9%

Goldman Sachs Group, Inc.

269,700

21,981

Merrill Lynch & Co., Inc.

984,300

42,620

Morgan Stanley

1,117,500

51,126

115,727

Commercial Banks - 3.0%

Bank One Corp.

179,400

6,702

Wells Fargo & Co.

919,800

44,426

51,128

Consumer Finance - 0.5%

American Express Co.

195,400

8,140

Insurance - 2.2%

Allstate Corp.

251,600

9,055

American International Group, Inc.

352,825

20,422

PartnerRe Ltd.

109,100

5,795

Travelers Property Casualty Corp. Class B

138,100

2,233

37,505

Real Estate - 0.3%

Equity Office Properties Trust

165,000

4,440

Thrifts & Mortgage Finance - 0.3%

Fannie Mae

73,900

5,469

TOTAL FINANCIALS

222,409

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - 4.2%

Biotechnology - 1.8%

Amgen, Inc. (a)

469,700

$ 30,394

Health Care Equipment & Supplies - 0.9%

Alcon, Inc.

123,700

5,257

Medtronic, Inc.

195,800

9,541

14,798

Health Care Providers & Services - 0.0%

Mariner Health Care, Inc. (a)

758

3

Mariner Health Care, Inc. warrants 5/1/04 (a)

715

4

7

Pharmaceuticals - 1.5%

Allergan, Inc.

97,200

7,009

Pfizer, Inc.

583,150

18,089

25,098

TOTAL HEALTH CARE

70,297

INDUSTRIALS - 4.4%

Aerospace & Defense - 0.9%

Lockheed Martin Corp.

110,900

5,148

Northrop Grumman Corp.

79,200

6,966

United Technologies Corp.

54,900

3,747

15,861

Airlines - 0.7%

Continental Airlines, Inc. Class B (a)

575,800

6,345

Northwest Airlines Corp. (a)

279,700

2,498

Southwest Airlines Co.

168,300

2,705

11,548

Building Products - 0.3%

American Standard Companies, Inc. (a)

78,000

5,771

Commercial Services & Supplies - 0.3%

Avery Dennison Corp.

89,300

4,954

Industrial Conglomerates - 2.2%

General Electric Co.

1,288,600

36,983

TOTAL INDUSTRIALS

75,117

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - 3.8%

Communications Equipment - 0.9%

Cisco Systems, Inc. (a)

918,700

$ 14,956

Nokia Corp. sponsored ADR

25,700

464

15,420

Computers & Peripherals - 0.1%

Lexmark International, Inc. Class A (a)

12,800

952

IT Services - 0.8%

First Data Corp.

163,800

6,785

Paychex, Inc.

229,081

6,992

13,777

Software - 2.0%

Microsoft Corp.

1,407,000

34,626

TOTAL INFORMATION TECHNOLOGY

64,775

MATERIALS - 0.0%

Chemicals - 0.0%

Praxair, Inc.

2,300

138

TELECOMMUNICATION SERVICES - 5.1%

Diversified Telecommunication Services - 5.1%

BellSouth Corp.

1,885,000

49,971

NTL, Inc. (a)

21,700

591

SBC Communications, Inc.

591,484

15,059

Verizon Communications, Inc.

555,600

21,029

86,650

UTILITIES - 0.6%

Electric Utilities - 0.6%

Entergy Corp.

184,600

9,542

FPL Group, Inc.

2,500

166

9,708

TOTAL COMMON STOCKS

(Cost $861,954)

933,215

Preferred Stocks - 0.3%

Shares

Value (Note 1)
(000s)

Convertible Preferred Stocks - 0.0%

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

Cincinnati Bell, Inc. Series B, $3.375

8,700

$ 304

Wireless Telecommunication Services - 0.0%

Digitalglobe, Inc. Series C, $0.2975 pay-in-kind

1,615

1

TOTAL TELECOMMUNICATION SERVICES

305

Nonconvertible Preferred Stocks - 0.3%

FINANCIALS - 0.1%

Commercial Banks - 0.0%

Royal Bank of Scotland Group PLC 8.817%

810

904

Diversified Financial Services - 0.0%

Fresenius Medical Care Capital Trust II $78.75

531

564

Insurance - 0.1%

American Annuity Group Capital Trust II $88.75

1,000

1,077

TOTAL FINANCIALS

2,545

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.1%

Broadwing Communications, Inc. Series B, $125.00 pay-in-kind

2,375

404

NTL Europe, Inc. Series A, $5.00

23

0

404

Wireless Telecommunication Services - 0.1%

Nextel Communications, Inc.:

Series D, $130.00 pay-in-kind

121

127

Series E, $111.25 pay-in-kind

1,560

1,622

1,749

TOTAL TELECOMMUNICATION SERVICES

2,153

TOTAL NONCONVERTIBLE PREFERRED STOCKS

4,698

TOTAL PREFERRED STOCKS

(Cost $6,493)

5,003

Corporate Bonds - 16.3%

Principal
Amount (000s)

Value (Note 1)
(000s)

Convertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

EchoStar Communications Corp. 4.875% 1/1/07

$ 820

$ 831

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

Total Renal Care Holdings 7% 5/15/09

1,260

1,315

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Atmel Corp. 0% 5/23/21

1,615

598

TELECOMMUNICATION SERVICES - 0.0%

Wireless Telecommunication Services - 0.0%

Millicom International Cellular SA 2% 6/1/06 pay-in-kind

30

44

Nextel Communications, Inc. 6% 6/1/11

472

493

537

TOTAL CONVERTIBLE BONDS

3,281

Nonconvertible Bonds - 16.1%

CONSUMER DISCRETIONARY - 3.2%

Auto Components - 0.2%

Arvin Industries, Inc. 6.75% 3/15/08

190

192

ArvinMeritor, Inc. 8.75% 3/1/12

340

372

DaimlerChrysler NA Holding Corp.:

3.75% 6/4/08

750

750

7.2% 9/1/09

750

870

Dana Corp.:

9% 8/15/11

240

250

10.125% 3/15/10

600

651

Lear Corp.:

7.96% 5/15/05

555

592

8.11% 5/15/09

100

112

Stoneridge, Inc. 11.5% 5/1/12

20

22

3,811

Hotels, Restaurants & Leisure - 0.7%

Bally Total Fitness Holding Corp. 9.875% 10/15/07

550

512

Coast Hotels & Casinos, Inc. 9.5% 4/1/09

100

106

Florida Panthers Holdings, Inc. 9.875% 4/15/09

1,205

1,283

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

Herbst Gaming, Inc. 10.75% 9/1/08 (f)

$ 140

$ 153

Hilton Hotels Corp.:

7.625% 12/1/12

350

375

8.25% 2/15/11

455

501

Horseshoe Gaming LLC 8.625% 5/15/09

814

855

International Game Technology 8.375% 5/15/09

50

60

MGM MIRAGE 8.5% 9/15/10

385

442

Penn National Gaming, Inc. 8.875% 3/15/10

720

763

Speedway Motorsports, Inc. 6.75% 6/1/13 (f)

260

266

Starwood Hotels & Resorts Worldwide, Inc.:

7.375% 5/1/07

630

650

7.875% 5/1/12

390

419

Station Casinos, Inc. 8.375% 2/15/08

1,255

1,343

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

1,310

1,385

Town Sports International, Inc. 9.625% 4/15/11 (f)

240

252

Tricon Global Restaurants, Inc. 8.875% 4/15/11

1,455

1,659

Wheeling Island Gaming, Inc. 10.125% 12/15/09

585

594

Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 12% 11/1/10

690

738

12,356

Household Durables - 0.2%

Beazer Homes USA, Inc.:

8.625% 5/15/11

340

371

8.875% 4/1/08

90

94

D.R. Horton, Inc. 7.875% 8/15/11

750

810

Pulte Homes, Inc. 7.875% 8/1/11

840

1,025

Ryland Group, Inc. 9.125% 6/15/11

380

426

Standard Pacific Corp. 9.25% 4/15/12

240

254

2,980

Leisure Equipment & Products - 0.1%

The Hockey Co. 11.25% 4/15/09

765

842

Media - 2.0%

AMC Entertainment, Inc.:

9.5% 2/1/11

305

314

9.875% 2/1/12

420

439

American Media Operations, Inc. 10.25% 5/1/09

770

828

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

AOL Time Warner, Inc.:

7.625% 4/15/31

$ 1,000

$ 1,156

7.7% 5/1/32

655

768

British Sky Broadcasting Group PLC (BSkyB) yankee 8.2% 7/15/09

1,500

1,751

Chancellor Media Corp. 8% 11/1/08

595

683

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

0% 5/15/11 (d)

800

368

8.625% 4/1/09

1,670

1,186

9.625% 11/15/09

270

192

10% 4/1/09

320

227

10% 5/15/11

1,245

872

10.25% 1/15/10

700

501

10.75% 10/1/09

265

192

Cinemark USA, Inc. 9.625% 8/1/08

465

471

Clear Channel Communications, Inc. 7.65% 9/15/10

1,250

1,513

Comcast Corp. 7.05% 3/15/33

845

953

Corus Entertainment, Inc. 8.75% 3/1/12

780

827

Cox Communications, Inc. 7.125% 10/1/12

980

1,171

CSC Holdings, Inc.:

7.625% 4/1/11

443

453

7.625% 7/15/18

195

195

7.875% 2/15/18

75

76

EchoStar DBS Corp.:

9.125% 1/15/09

845

938

9.375% 2/1/09

715

769

10.375% 10/1/07

1,520

1,680

Entravision Communications Corp. 8.125% 3/15/09

635

654

Houghton Mifflin Co.:

8.25% 2/1/11 (f)

740

770

9.875% 2/1/13 (f)

285

304

Lamar Media Corp. 7.25% 1/1/13

180

188

LBI Media, Inc. 10.125% 7/15/12 (f)

535

578

News America Holdings, Inc.:

7.375% 10/17/08

3,350

3,986

7.75% 12/1/45

1,000

1,217

Nextmedia Operating, Inc. 10.75% 7/1/11

370

409

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

Pegasus Satellite Communications, Inc. 11.25% 1/15/10 (f)

$ 555

$ 483

PEI Holdings, Inc. 11% 3/15/10 (f)

435

472

Penton Media, Inc. 11.875% 10/1/07

340

306

Radio One, Inc. 8.875% 7/1/11

1,625

1,763

Regal Cinemas Corp. 9.375% 2/1/12

795

855

Satelites Mexicanos SA de CV 5.82% 6/30/04 (f)(h)

187

168

Telewest PLC:

11% 10/1/07 (c)

1,431

401

yankee 9.625% 10/1/06 (c)

1,172

334

Vertis, Inc. 9.75% 4/1/09 (f)(g)

430

439

Vivendi Universal SA 9.25% 4/15/10 (f)

980

1,107

Yell Finance BV 10.75% 8/1/11

835

931

33,888

Multiline Retail - 0.0%

Barneys, Inc. 9% 4/1/08 unit (f)

460

405

Specialty Retail - 0.0%

Hollywood Entertainment Corp. 9.625% 3/15/11

180

193

Textiles Apparel & Luxury Goods - 0.0%

Dan River, Inc. 12.75% 4/15/09 (f)

460

442

Levi Strauss & Co. 12.25% 12/15/12 (f)

330

276

718

TOTAL CONSUMER DISCRETIONARY

55,193

CONSUMER STAPLES - 0.8%

Food & Staples Retailing - 0.1%

Kroger Co. 6.8% 4/1/11

1,445

1,664

The Great Atlantic & Pacific Tea Co.:

7.75% 4/15/07

225

199

9.125% 12/15/11

585

519

2,382

Food Products - 0.2%

Central Garden & Pet Co. 9.125% 2/1/13

120

127

Chiquita Brands International, Inc. 10.56% 3/15/09

375

401

Corn Products International, Inc.:

8.25% 7/15/07

755

815

8.45% 8/15/09

110

122

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food Products - continued

Dean Foods Co.:

6.625% 5/15/09

$ 70

$ 72

6.9% 10/15/17

545

540

8.15% 8/1/07

705

761

Del Monte Corp. 8.625% 12/15/12 (f)

270

285

Doane Pet Care Co.:

9.75% 5/15/07

485

447

10.75% 3/1/10 (f)

340

360

Michael Foods, Inc. 11.75% 4/1/11

40

45

3,975

Personal Products - 0.1%

Revlon Consumer Products Corp. 12% 12/1/05

840

798

Tobacco - 0.4%

Philip Morris Companies, Inc. 6.95% 6/1/06

5,000

5,257

RJ Reynolds Tobacco Holdings, Inc. 6.5% 6/1/07

575

579

5,836

TOTAL CONSUMER STAPLES

12,991

ENERGY - 0.7%

Energy Equipment & Services - 0.1%

DI Industries, Inc. 8.875% 7/1/07

435

449

Grant Prideco, Inc.:

9% 12/15/09

100

109

9.625% 12/1/07

370

405

Key Energy Services, Inc. 8.375% 3/1/08

190

204

Kinder Morgan, Inc. 6.5% 9/1/12

640

736

SESI LLC 8.875% 5/15/11

40

42

1,945

Oil & Gas - 0.6%

Chesapeake Energy Corp.:

8.125% 4/1/11

495

525

8.5% 3/15/12

210

221

Encore Acquisition Co. 8.375% 6/15/12

510

541

Forest Oil Corp. 8% 12/15/11

370

390

General Maritime Corp. 10% 3/15/13 (f)

590

631

Pemex Project Funding Master Trust 6.125% 8/15/08 (f)

2,000

2,140

Plains Exploration & Production Co. LP 8.75% 7/1/12

840

897

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

ENERGY - continued

Oil & Gas - continued

Teekay Shipping Corp. 8.875% 7/15/11

$ 1,365

$ 1,495

The Coastal Corp.:

6.2% 5/15/04

175

171

6.375% 2/1/09

185

152

6.5% 5/15/06

355

316

6.5% 6/1/08

170

143

6.95% 6/1/28

30

23

7.5% 8/15/06

870

809

7.75% 6/15/10

635

557

7.75% 10/15/35

130

103

Vintage Petroleum, Inc. 8.25% 5/1/12

405

437

9,551

TOTAL ENERGY

11,496

FINANCIALS - 4.8%

Capital Markets - 0.8%

Amvescap PLC yankee 6.6% 5/15/05

725

784

BankAmerica Corp. 5.875% 2/15/09

2,500

2,855

Credit Suisse First Boston (USA), Inc.:

5.875% 8/1/06

1,300

1,436

6.5% 1/15/12

305

349

Goldman Sachs Group, Inc. 6.6% 1/15/12

2,345

2,735

J.P. Morgan Chase & Co. 5.35% 3/1/07

1,500

1,647

Merrill Lynch & Co., Inc. 6.15% 1/26/06

1,680

1,854

Morgan Stanley:

5.3% 3/1/13

500

533

6.6% 4/1/12

900

1,056

13,249

Commercial Banks - 0.4%

Bank of America Corp. 4.875% 1/15/13

1,000

1,059

Bank One NA, Chicago 3.7% 1/15/08

1,335

1,393

First Tennessee National Corp. 6.75% 11/15/05

720

778

Korea Development Bank 7.375% 9/17/04

650

694

PNC Funding Corp. 5.75% 8/1/06

1,150

1,271

Popular North America, Inc. 6.125% 10/15/06

1,535

1,712

6,907

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Consumer Finance - 1.0%

American General Finance Corp. 5.875% 7/14/06

$ 3,600

$ 3,964

Capital One Bank 4.875% 5/15/08

1,730

1,749

Ford Motor Credit Co.:

7.375% 10/28/09

1,490

1,552

7.875% 6/15/10

1,500

1,611

General Motors Acceptance Corp.:

6.875% 8/28/12

1,100

1,139

7.5% 7/15/05

1,000

1,078

7.75% 1/19/10

1,100

1,204

Household Finance Corp.:

6.375% 10/15/11

1,080

1,231

6.375% 11/27/12

500

571

7% 5/15/12

170

201

MBNA Corp.:

6.25% 1/17/07

770

850

6.34% 6/2/03

850

850

7.5% 3/15/12

1,125

1,327

17,327

Diversified Financial Services - 1.7%

Ahold Finance USA, Inc.:

6.25% 5/1/09

520

471

8.25% 7/15/10

935

902

Alliance Capital Management LP 5.625% 8/15/06

1,020

1,119

American Airlines, Inc. pass thru trust certificates 7.8% 4/1/08

130

61

BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08

380

407

Chukchansi Economic Development Authority 14.5% 6/15/09 (f)

280

295

CIT Group, Inc. 7.75% 4/2/12

500

593

Citigroup, Inc. 7.25% 10/1/10

900

1,100

Continental Airlines, Inc. pass thru trust certificates:

6.795% 8/2/18

282

192

6.9% 1/2/17

252

169

8.312% 10/2/12

211

143

Delta Air Lines, Inc. pass thru trust certificates:

7.299% 9/18/06

65

49

7.57% 11/18/10

380

377

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

Delta Air Lines, Inc. pass thru trust certificates: - continued

7.57% 11/18/10

$ 75

$ 74

7.711% 9/18/11

75

58

7.779% 11/18/05

360

277

7.92% 5/18/12

1,065

846

10.06% 1/2/16

130

96

Deutsche Telekom International Finance BV 8.75% 6/15/30

2,000

2,587

El Paso Energy Partners LP/El Paso Energy Partners Finance Corp.:

8.5% 6/1/11

580

616

10.625% 12/1/12 (f)

140

160

Entercom Radio LLC/Entercom Capital, Inc. 7.625% 3/1/14

370

399

FIMEP SA 10.5% 2/15/13 (f)

960

1,042

Gemstone Investor Ltd./Gemstone Investor, Inc. 7.71% 10/31/04 (f)

140

137

NiSource Finance Corp. 7.625% 11/15/05

2,000

2,202

Northwest Airlines, Inc. pass thru trust certificates:

6.81% 2/1/20

159

131

7.248% 7/2/14

229

114

7.575% 3/1/19

126

123

7.691% 4/1/17

29

22

7.95% 9/1/16

28

21

8.304% 9/1/10

198

144

Pemex Project Funding Master Trust 7.875% 2/1/09 (h)

1,200

1,377

Petronas Capital Ltd. 7% 5/22/12 (f)

3,295

3,850

PTC International Finance BV yankee 10.75% 7/1/07

117

122

PTC International Finance II SA yankee 11.25% 12/1/09

850

944

Qwest Capital Funding, Inc.:

5.875% 8/3/04

240

230

7.75% 8/15/06

310

281

R. H. Donnelley Finance Corp. I 8.875% 12/15/10 (f)

190

207

Sprint Capital Corp. 6.875% 11/15/28

1,850

1,831

TRW Automotive Acquisition Corp.:

9.375% 2/15/13 (f)

640

666

11% 2/15/13 (f)

725

754

TXU Eastern Funding yankee 6.75% 5/15/09 (c)

1,390

122

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

U.S. Airways pass thru trust certificates 6.85% 7/30/19

$ 120

$ 107

U.S. West Capital Funding, Inc. 6.25% 7/15/05

420

389

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10 (f)

1,530

1,641

Verizon Wireless Capital LLC 5.375% 12/15/06

830

909

28,357

Insurance - 0.1%

Principal Life Global Funding I:

5.125% 6/28/07 (f)

400

433

6.25% 2/15/12 (f)

490

561

Travelers Property Casualty Corp. 6.375% 3/15/33

410

460

1,454

Real Estate - 0.6%

Boston Properties, Inc. 6.25% 1/15/13 (f)

750

842

BRE Properties, Inc. 5.95% 3/15/07

1,500

1,649

CenterPoint Properties Trust 6.75% 4/1/05

1,190

1,274

Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09

640

678

Duke Realty LP 7.3% 6/30/03

1,000

1,004

EOP Operating LP 6.625% 2/15/05

1,250

1,341

ERP Operating LP 7.1% 6/23/04

1,500

1,580

ProLogis 6.7% 4/15/04

510

535

Senior Housing Properties Trust 8.625% 1/15/12

770

816

9,719

Thrifts & Mortgage Finance - 0.2%

Countrywide Home Loans, Inc. 5.5% 8/1/06

1,300

1,422

Washington Mutual, Inc. 5.625% 1/15/07

1,635

1,810

3,232

TOTAL FINANCIALS

80,245

HEALTH CARE - 0.3%

Health Care Equipment & Supplies - 0.1%

ALARIS Medical Systems, Inc. 11.625% 12/1/06

760

912

Fisher Scientific International, Inc. 8.125% 5/1/12

455

483

1,395

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

HEALTH CARE - continued

Health Care Providers & Services - 0.2%

AmeriPath, Inc. 10.5% 4/1/13 (f)

$ 1,200

$ 1,242

AmerisourceBergen Corp. 8.125% 9/1/08

130

143

PacifiCare Health Systems, Inc. 10.75% 6/1/09

535

586

Tenet Healthcare Corp.:

5.375% 11/15/06

70

69

6.375% 12/1/11

150

146

6.5% 6/1/12

190

185

7.375% 2/1/13

330

335

Triad Hospitals, Inc. 8.75% 5/1/09

500

543

3,249

Pharmaceuticals - 0.0%

aaiPharma, Inc. 11% 4/1/10

270

292

Biovail Corp. yankee 7.875% 4/1/10

940

992

1,284

TOTAL HEALTH CARE

5,928

INDUSTRIALS - 1.4%

Aerospace & Defense - 0.3%

Alliant Techsystems, Inc. 8.5% 5/15/11

1,525

1,662

BE Aerospace, Inc.:

8% 3/1/08

70

50

8.875% 5/1/11

615

443

9.5% 11/1/08

320

240

Raytheon Co. 8.3% 3/1/10

2,000

2,480

Remington Arms Co., Inc. 10.5% 2/1/11 (f)

50

50

Transdigm, Inc. 10.375% 12/1/08

450

482

5,407

Airlines - 0.4%

Continental Airlines, Inc. 8% 12/15/05

4,320

3,413

Delta Air Lines, Inc.:

equipment trust certificates 8.54% 1/2/07

78

57

7.9% 12/15/09

30

22

8.3% 12/15/29

745

477

Northwest Airlines, Inc.:

7.875% 3/15/08

1,375

997

8.875% 6/1/06

390

285

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Airlines - continued

Northwest Airlines, Inc.: - continued

9.875% 3/15/07

$ 500

$ 385

NWA Trust 10.23% 6/21/14

142

108

5,744

Commercial Services & Supplies - 0.3%

Allied Waste North America, Inc.:

7.375% 1/1/04

795

803

7.625% 1/1/06

990

1,010

7.875% 1/1/09

455

462

8.5% 12/1/08

250

263

8.875% 4/1/08

70

74

American Color Graphics, Inc. 12.75% 8/1/05

1,810

1,815

AP Holdings, Inc. 11.25% 3/15/08 (e)

130

20

Iron Mountain, Inc. 8.25% 7/1/11

90

96

Pierce Leahy Command Co. yankee 8.125% 5/15/08

90

94

World Color Press, Inc.:

7.75% 2/15/09

570

587

8.375% 11/15/08

40

42

5,266

Industrial Conglomerates - 0.2%

Tyco International Group SA yankee:

6.125% 11/1/08

25

25

6.375% 10/15/11

860

862

6.75% 2/15/11

2,500

2,556

3,443

Machinery - 0.0%

AGCO Corp. 9.5% 5/1/08

110

120

Cummins, Inc. 9.5% 12/1/10 (f)

170

184

Dunlop Standard Aerospace Holdings PLC yankee 11.875% 5/15/09

110

116

420

Marine - 0.0%

Transport Maritima Mexicana SA de CV yankee:

9.5% 8/15/03 (c)

270

209

10.25% 11/15/06 (c)

570

428

637

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Road & Rail - 0.2%

Kansas City Southern Railway Co.:

7.5% 6/15/09

$ 1,085

$ 1,096

9.5% 10/1/08

70

76

TFM SA de CV yankee:

10.25% 6/15/07

730

734

11.75% 6/15/09

1,005

1,015

2,921

TOTAL INDUSTRIALS

23,838

INFORMATION TECHNOLOGY - 0.5%

Communications Equipment - 0.3%

Motorola, Inc. 6.5% 11/15/28

750

748

Nortel Networks Corp. 6.125% 2/15/06

680

660

Qwest Services Corp.:

13.5% 12/15/10 (f)

2,325

2,639

14% 12/15/14 (f)

1,170

1,363

5,410

Computers & Peripherals - 0.0%

Seagate Technology HDD Holdings 8% 5/15/09

390

414

Electronic Equipment & Instruments - 0.1%

Flextronics International Ltd. yankee 9.875% 7/1/10

470

516

IT Services - 0.0%

Iron Mountain, Inc. 8.625% 4/1/13

20

22

Semiconductors & Semiconductor Equipment - 0.1%

AMI Semiconductor, Inc. 10.75% 2/1/13 (f)

490

544

Fairchild Semiconductor Corp. 10.5% 2/1/09

120

134

Micron Technology, Inc. 6.5% 9/30/05 (i)

1,000

945

ON Semiconductor Corp./Semiconductor Components Industries LLC 12% 3/15/10 (f)

320

346

1,969

TOTAL INFORMATION TECHNOLOGY

8,331

MATERIALS - 0.8%

Chemicals - 0.2%

Avecia Group PLC 11% 7/1/09

779

693

Compass Minerals Group, Inc. 10% 8/15/11

550

611

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

MATERIALS - continued

Chemicals - continued

Geon Co. 6.875% 12/15/05

$ 60

$ 55

Huntsman International LLC 9.875% 3/1/09

370

377

Lyondell Chemical Co.:

9.5% 12/15/08

250

238

9.5% 12/15/08 (f)

280

266

9.875% 5/1/07

180

176

11.125% 7/15/12

235

240

OMNOVA Solutions, Inc. 11.25% 6/1/10 (f)

480

500

PolyOne Corp.:

8.875% 5/1/12

265

236

10.625% 5/15/10 (f)

130

125

3,517

Containers & Packaging - 0.3%

BWAY Corp. 10% 10/15/10 (f)

120

125

Crown Cork & Seal, Inc.:

7.375% 12/15/26

200

133

8% 4/15/23

155

110

Crown European Holdings SA 9.5% 3/1/11 (f)

330

345

Jefferson Smurfit Corp. U.S. 8.25% 10/1/12

370

398

Owens-Brockway Glass Container, Inc.:

7.75% 5/15/11 (f)

240

245

8.25% 5/15/13 (f)

410

419

8.75% 11/15/12

340

362

8.875% 2/15/09

975

1,034

Owens-Illinois, Inc.:

7.15% 5/15/05

310

312

7.35% 5/15/08

130

125

7.5% 5/15/10

110

106

7.8% 5/15/18

50

46

8.1% 5/15/07

250

248

Sealed Air Corp. 6.95% 5/15/09 (f)

575

639

4,647

Metals & Mining - 0.2%

Falconbridge Ltd. yankee 7.35% 6/5/12

1,300

1,499

Freeport-McMoRan Copper & Gold, Inc. 10.125% 2/1/10

1,105

1,227

Luscar Coal Ltd. 9.75% 10/15/11

420

466

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

MATERIALS - continued

Metals & Mining - continued

Phelps Dodge Corp.:

8.75% 6/1/11

$ 40

$ 47

9.5% 6/1/31

565

704

Salt Holdings Corp., Inc. 0% 12/15/12 (d)(f)

580

394

Steel Dynamics, Inc. 9.5% 3/15/09

75

77

4,414

Paper & Forest Products - 0.1%

Norske Skog Canada Ltd. 8.625% 6/15/11

70

71

Stone Container Corp.:

8.375% 7/1/12

360

379

9.75% 2/1/11

420

460

Weyerhaeuser Co. 6.75% 3/15/12

625

721

1,631

TOTAL MATERIALS

14,209

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.9%

AT&T Corp. 7.8% 11/15/11

885

1,018

Citizens Communications Co. 8.5% 5/15/06

750

870

France Telecom SA:

9.25% 3/1/11 (e)

900

1,126

10% 3/1/31 (e)

1,200

1,649

NTL, Inc. 19% 1/1/10 (f)

800

772

Qwest Corp. 8.875% 3/15/12 (f)

815

913

Rogers Cantel, Inc. yankee 9.375% 6/1/08

315

328

Telecomunicaciones de Puerto Rico, Inc. 6.65% 5/15/06

1,100

1,210

Telefonos de Mexico SA de CV 8.25% 1/26/06

2,125

2,375

Telewest Communications PLC yankee:

0% 4/15/09 (c)(d)

525

126

0% 2/1/10 (c)(d)

750

165

9.875% 2/1/10 (c)

420

116

11.25% 11/1/08 (c)

510

145

TELUS Corp. yankee 7.5% 6/1/07

1,720

1,905

U.S. West Communications:

7.2% 11/10/26

115

102

7.25% 9/15/25

120

107

Verizon New York, Inc. 6.875% 4/1/12

1,200

1,422

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

WorldCom, Inc.:

6.4% 8/15/05 (c)

$ 600

$ 177

7.5% 5/15/11 (c)

1,430

422

14,948

Wireless Telecommunication Services - 0.6%

AT&T Wireless Services, Inc. 8.75% 3/1/31

1,740

2,245

Crown Castle International Corp.:

9.375% 8/1/11

1,020

1,020

9.5% 8/1/11

75

74

10.75% 8/1/11

320

330

DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13 (f)

1,340

1,501

Millicom International Cellular SA 11% 6/1/06 (f)

270

251

Nextel Communications, Inc.:

9.375% 11/15/09

1,895

2,009

9.5% 2/1/11

1,530

1,660

12% 11/1/08

165

178

Rogers Wireless, Inc. 9.625% 5/1/11

550

613

9,881

TOTAL TELECOMMUNICATION SERVICES

24,829

UTILITIES - 2.1%

Electric Utilities - 0.9%

AES Drax Holdings Ltd. 10.41% 12/31/20 (c)

910

546

CMS Energy Corp.:

7.5% 1/15/09

430

406

7.625% 11/15/04

340

337

8.5% 4/15/11

500

485

8.9% 7/15/08

530

522

9.875% 10/15/07

930

958

Detroit Edison Co. 6.125% 10/1/10

1,155

1,321

Dominion Resources, Inc. 6.25% 6/30/12

1,005

1,144

Duke Capital Corp. 6.75% 2/15/32

500

478

Edison International 6.875% 9/15/04

434

436

FirstEnergy Corp. 6.45% 11/15/11

975

1,075

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Electric Utilities - continued

Illinois Power Co.:

7.5% 6/15/09

$ 1,260

$ 1,238

11.5% 12/15/10 (f)

715

787

Nevada Power Co. 10.875% 10/15/09

110

121

Niagara Mohawk Power Corp. 8.875% 5/15/07

650

786

Pacific Gas & Electric Co.:

7.05% 3/1/24

100

101

10% 11/1/05 (f)(h)

855

872

Public Service Co. of Colorado 7.875% 10/1/12

715

907

Reliant Energy Resources Corp.:

7.75% 2/15/11

175

199

8.125% 7/15/05

485

525

Sierra Pacific Power Co. 8% 6/1/08

550

550

Southern California Edison Co.:

7.125% 7/15/25

35

35

7.25% 3/1/26

105

105

7.625% 1/15/10

480

502

8% 2/15/07 (f)

755

823

TECO Energy, Inc. 7% 5/1/12

735

720

15,979

Gas Utilities - 0.6%

ANR Pipeline, Inc. 8.875% 3/15/10 (f)

180

194

CMS Panhandle Holding Co. 6.5% 7/15/09

385

400

Consolidated Natural Gas Co. 6.85% 4/15/11

585

697

El Paso Energy Corp.:

6.75% 5/15/09

735

628

6.95% 12/15/07

440

389

7.375% 12/15/12

50

42

7.8% 8/1/31

150

113

8.05% 10/15/30

90

72

Kinder Morgan Energy Partners LP 7.3% 8/15/33

1,500

1,841

Noram Energy Corp. 6.5% 2/1/08

170

183

Northwest Pipeline Corp.:

6.625% 12/1/07

180

183

8.125% 3/1/10 (f)

170

184

Panhandle Eastern Pipe Line Co.:

7.2% 8/15/24

55

54

8.25% 4/1/10

155

175

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Gas Utilities - continued

Southern Natural Gas Co.:

7.35% 2/15/31

$ 865

$ 847

8% 3/1/32

20

20

8.875% 3/15/10 (f)

220

238

Tennessee Gas Pipeline Co.:

7% 10/15/28

80

72

7.5% 4/1/17

40

40

8.375% 6/15/32

120

122

Texas Eastern Transmission Corp. 7.3% 12/1/10

1,495

1,795

Transcontinental Gas Pipe Line Corp.:

6.125% 1/15/05

240

240

6.25% 1/15/08

485

475

8.875% 7/15/12

165

182

Williams Holdings of Delaware, Inc. 6.25% 2/1/06

100

95

9,281

Multi-Utilities & Unregulated Power - 0.6%

AES Corp.:

8.75% 6/15/08

19

18

8.75% 5/15/13 (f)

670

677

8.875% 2/15/11

187

171

9% 5/15/15 (f)

510

518

9.375% 9/15/10

113

106

9.5% 6/1/09

37

35

El Paso Corp.:

7% 5/15/11

960

826

7.875% 6/15/12 (f)

825

722

Western Resources, Inc.:

7.125% 8/1/09

120

122

7.875% 5/1/07

740

818

9.75% 5/1/07

405

443

Williams Companies, Inc.:

6.5% 8/1/06

335

316

6.625% 11/15/04

520

510

6.75% 1/15/06

425

408

7.125% 9/1/11

1,405

1,314

7.125% 9/1/11

1,460

1,365

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Multi-Utilities & Unregulated Power - continued

Williams Companies, Inc.: - continued

7.5% 1/15/31

$ 245

$ 207

7.625% 7/15/19

385

335

8.125% 3/15/12 (f)

475

466

9.25% 3/15/04

285

291

9,668

TOTAL UTILITIES

34,928

TOTAL NONCONVERTIBLE BONDS

271,988

TOTAL CORPORATE BONDS

(Cost $251,230)

275,269

U.S. Government and Government Agency Obligations - 5.7%

U.S. Government Agency Obligations - 2.7%

Fannie Mae:

2.5% 6/15/08

2,595

2,596

3.25% 1/15/08

1,810

1,878

6.25% 2/1/11

8,935

10,478

7.125% 6/15/10

2,940

3,676

Farm Credit Systems Financial Assistance Corp. 9.375% 7/21/03

5,070

5,123

Federal Home Loan Bank 2.25% 5/15/06

2,500

2,536

Freddie Mac:

1.75% 5/15/05

1,750

1,761

5.75% 1/15/12

2,360

2,754

5.875% 3/21/11

6,570

7,562

6.625% 9/15/09

2,160

2,616

Guaranteed Export Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):

Series 1993-C, 5.2% 10/15/04

85

88

Series 1993-D, 5.23% 5/15/05

184

189

Series 1994-A, 7.12% 4/15/06

277

297

U.S. Government and Government Agency Obligations - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

U.S. Government Agency Obligations - continued

Guaranteed Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank)
Series 1994-B, 7.5% 1/26/06

$ 219

$ 237

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates Series 1996-A1, 6.726% 9/15/10

3,261

3,709

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

45,500

U.S. Treasury Obligations - 3.0%

U.S. Treasury Bonds:

6.125% 8/15/29

15,110

18,988

6.25% 5/15/30

10,635

13,634

6.625% 2/15/27

350

462

8% 11/15/21

700

1,033

U.S. Treasury Notes:

1.625% 3/31/05

9,615

9,677

4.375% 5/15/07

2,500

2,731

6.5% 2/15/10

4,040

4,953

TOTAL U.S. TREASURY OBLIGATIONS

51,478

TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $89,345)

96,978

U.S. Government Agency - Mortgage Securities - 12.5%

Fannie Mae - 10.1%

4.5% 6/17/18 (g)

12,500

12,801

5% 6/1/18 (g)

24,237

25,085

5.5% 2/1/11 to 5/1/18

16,144

16,804

5.5% 6/1/18 (g)

42,502

44,090

6% 7/1/12 to 1/1/29

9,674

10,083

6.5% 9/1/16 to 10/1/32

46,021

48,045

6.5% 6/1/18 (g)

5,925

6,218

7% 12/1/23 to 4/1/29

785

829

7.5% 6/1/25 to 4/1/29

6,680

7,126

TOTAL FANNIE MAE

171,081

U.S. Government Agency - Mortgage Securities - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Government National Mortgage Association - 2.4%

6% 6/1/33 (g)

$ 15,000

$ 15,694

6.5% 10/15/27 to 11/15/32

6,162

6,478

7% 12/15/25 to 12/15/32

6,329

6,671

7.5% 2/15/23 to 12/15/28

8,109

8,644

8% 11/15/21 to 12/15/26

1,828

1,996

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

39,483

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $205,498)

210,564

Asset-Backed Securities - 1.3%

American Express Credit Account Master Trust Series 1999-2 Class B, 6.1% 12/15/06

1,600

1,671

Capital One Master Trust Series 2001-4 Class B, 1.68% 4/16/07 (h)

1,300

1,293

Chase Manhattan Auto Owner Trust Series 2001-A:

Class A4, 5.07% 2/15/08

3,200

3,372

Class CTFS, 5.06% 2/15/08

347

358

Discover Card Master Trust I Series 2001-6 Class A, 5.75% 12/15/08

4,000

4,420

Ford Credit Auto Owner Trust:

Series 2001-B Class B, 5.71% 9/15/05

720

750

Series 2001-C Class B, 5.54% 12/15/05

1,000

1,037

Honda Auto Receivables Owner Trust Series 2001-2:

Class A3, 4.67% 3/18/05

1,103

1,119

Class A4, 5.09% 10/18/06

1,060

1,094

MBNA Credit Card Master Note Trust Series 2001-A1
Class A1, 5.75% 10/15/08

1,000

1,106

Sears Credit Account Master Trust II:

Series 2000-2 Class A, 6.75% 9/16/09

2,940

3,254

Series 2001-2 Class B, 1.6% 6/16/08 (h)

1,700

1,696

TOTAL ASSET-BACKED SECURITIES

(Cost $19,939)

21,170

Commercial Mortgage Securities - 1.1%

Principal
Amount (000s)

Value (Note 1)
(000s)

Berkeley Federal Bank & Trust FSB Series 1994-1
Class B, 2.381% 8/1/24 (f)(h)

$ 1,201

$ 973

CS First Boston Mortgage Securities Corp.:

sequential pay Series 2000-C1 Class A2, 7.545% 4/14/62

1,000

1,226

Series 1997-C2 Class D, 7.27% 1/17/35

2,050

2,326

DLJ Commercial Mortgage Corp. sequential pay
Series 2000-CF1 Class A1B, 7.62% 6/10/33

3,500

4,311

First Chicago/Lennar Trust I Series 1997-CHL1 Class E, 7.9976% 4/29/39 (f)(h)

650

578

GS Mortgage Securities Corp. II:

Series 1998-GLII Class E, 6.9701% 4/13/31 (h)

635

623

Series 2003-C1 Class A2A, 3.59% 1/10/40

525

541

J.P. Morgan Commercial Mortgage Finance Corp. sequential pay Series 2000-C9 Class A2, 7.77% 10/15/32

1,440

1,758

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A:

Class B, 4.13% 11/20/37 (f)

700

688

Class C, 4.13% 11/20/37 (f)

700

659

Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (f)

4,500

5,127

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $16,523)

18,810

Foreign Government and Government Agency Obligations - 0.3%

Chilean Republic:

5.5% 1/15/13

500

532

6.875% 4/28/09

1,000

1,162

7.125% 1/11/12

1,095

1,289

Polish Government 6.25% 7/3/12

1,405

1,637

United Mexican States 4.625% 10/8/08

885

911

TOTAL FOREIGN GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $4,862)

5,531

Floating Rate Loans - 0.1%

Principal
Amount (000s)

Value (Note 1)
(000s)

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Olympus Cable Holdings LLC Tranche B term loan 6.25% 9/30/10 (h)

$ 845

$ 752

UTILITIES - 0.1%

Electric Utilities - 0.1%

Centerpoint Energy House Electric LLC term loan 12.75% 11/11/05 (h)

320

355

CMS Energy Corp.:

Tranche B term loan 7.5% 4/30/04 (h)

105

105

Tranche C term loan 9% 9/30/04 (h)

165

166

CMS Enterprises Co. Tranche A term loan 7.5% 4/30/04 (h)

340

340

966

Multi-Utilities & Unregulated Power - 0.0%

El Paso Corp. Tranche B term loan 9.75% 3/13/05 (h)

10

10

TOTAL UTILITIES

976

TOTAL FLOATING RATE LOANS

(Cost $1,618)

1,728

Money Market Funds - 13.3%

Shares

Fidelity Cash Central Fund, 1.3% (b)
(Cost $225,594)

225,593,632

225,594

TOTAL INVESTMENT PORTFOLIO - 106.0%

(Cost $1,683,056)

1,793,862

NET OTHER ASSETS - (6.0)%

(101,225)

NET ASSETS - 100%

$ 1,692,637

Swap Agreements

Expiration
Date

Notional
Amount (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Interest Rate Swap

Receive quarterly a fixed rate equal to 3.0732% and pay quarterly a floating rate based on 3-month LIBOR with Morgan Stanley, Inc.

April 2007

$ 3,990

$ 130

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) 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 $46,488,000 or 2.7% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Micron Technology, Inc. 6.5% 9/30/05

3/3/99

$ 774

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S. Government and U.S. Government Agency Obligations

18.2%

AAA,AA,A

5.5%

BBB

5.1%

BB

2.1%

B

4.5%

CCC,CC,C

1.8%

D

0.0%

Not Rated

0.1%

Equities

55.4%

Short-Term Investments and Net Other Assets

7.3%

We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used
S&P ratings.

Purchases and sales of securities, other than short-term securities, aggregated $835,842,000 and $900,047,000, respectively, of which long-term U.S. government and government agency obligations aggregated $554,996,000 and $578,951,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $26,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $945,000 or 0.1% of net assets.

The fund invested in loans and loan participations, trade claims or other receivables. At period end the value of these investments amounted to $1,728,000 or 0.1% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $100,822,000 of which $90,844,000 and $9,978,000 will expire on November 30, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003

Assets

Investment in securities, at value (cost $1,683,056) - See accompanying schedule

$ 1,793,862

Cash

862

Receivable for investments sold

4,711

Receivable for fund shares sold

1,190

Dividends receivable

1,247

Interest receivable

7,826

Unrealized gain on swap agreements

130

Other receivables

10

Total assets

1,809,838

Liabilities

Payable for investments purchased
Regular delivery

$ 8,889

Delayed delivery

103,834

Payable for fund shares redeemed

2,734

Accrued management fee

604

Distribution fees payable

721

Other payables and accrued expenses

419

Total liabilities

117,201

Net Assets

$ 1,692,637

Net Assets consist of:

Paid in capital

$ 1,671,592

Undistributed net investment income

8,808

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(98,700)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

110,937

Net Assets

$ 1,692,637

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($127,169 ÷ 8,540 shares)

$ 14.89

Maximum offering price per share (100/94.25 of $14.89)

$ 15.80

Class T:
Net Asset Value and redemption price per share ($1,334,020 ÷ 89,217 shares)

$ 14.95

Maximum offering price per share (100/96.50 of $14.95)

$ 15.49

Class B:
Net Asset Value and offering price per share
($114,541 ÷ 7,718 shares) A

$ 14.84

Class C:
Net Asset Value and offering price per share
($64,507 ÷ 4,349 shares) A

$ 14.83

Institutional Class:
Net Asset Value, offering price and redemption price per share ($52,400 ÷ 3,486 shares)

$ 15.03

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003

Investment Income

Dividends

$ 7,539

Interest

20,221

Total income

27,760

Expenses

Management fee

$ 3,497

Transfer agent fees

2,066

Distribution fees

4,224

Accounting fees and expenses

192

Non-interested trustees' compensation

4

Depreciation in trustee deferred compensation account

(3)

Custodian fees and expenses

32

Registration fees

51

Audit

25

Legal

8

Miscellaneous

8

Total expenses before reductions

10,104

Expense reductions

(157)

9,947

Net investment income (loss)

17,813

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

16,861

Foreign currency transactions

7

Swap agreements

55

Total net realized gain (loss)

16,923

Change in net unrealized appreciation (depreciation) on:

Investment securities

71,304

Swap agreements

130

Total change in net unrealized appreciation (depreciation)

71,434

Net gain (loss)

88,357

Net increase (decrease) in net assets resulting from operations

$ 106,170

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31,
2003

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 17,813

$ 43,027

Net realized gain (loss)

16,923

(6,535)

Change in net unrealized appreciation (depreciation)

71,434

(163,209)

Net increase (decrease) in net assets resulting
from operations

106,170

(126,717)

Distributions to shareholders from net investment income

(18,422)

(42,614)

Share transactions - net increase (decrease)

(57,108)

(189,877)

Total increase (decrease) in net assets

30,640

(359,208)

Net Assets

Beginning of period

1,661,997

2,021,205

End of period (including undistributed net investment income of $8,808 and undistributed net investment income of $9,417, respectively)

$ 1,692,637

$ 1,661,997

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.11

$ 15.41

$ 16.55

$ 18.64

$ 19.91

$ 19.25

$ 18.75

Income from Investment Operations

Net investment income (loss) E

.17

.38

.43

.49

.50

.05

.53

Net realized and unrealized gain (loss)

.79

(1.30)

(.62)

(1.29)

.53

.61

1.80

Total from investment operations

.96

(.92)

(.19)

(.80)

1.03

.66

2.33

Distributions from net investment income

(.18)

(.38)

(.49)

(.48)

(.52)

-

(.57)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.18)

(.38)

(.95)

(1.29)

(2.30)

-

(1.83)

Net asset value, end of period

$ 14.89

$ 14.11

$ 15.41

$ 16.55

$ 18.64

$ 19.91

$ 19.25

Total Return B, C, D

6.92%

(6.04)%

(1.18)%

(4.67)%

5.65%

3.43%

13.04%

Ratios to Average Net Assets F

Expenses before expense reductions

.97% A

.96%

.94%

.93%

.93%

1.02% A

1.05%

Expenses net of voluntary waivers, if any

.97% A

.96%

.94%

.93%

.93%

1.02% A

1.05%

Expenses net of all reductions

.95% A

.94%

.93%

.91%

.91%

1.02% A

1.02%

Net investment income (loss)

2.50% A

2.65%

2.77%

2.81%

2.68%

3.13% A

2.76%

Supplemental Data

Net assets,
end of period
(in millions)

$ 127

$ 120

$ 105

$ 66

$ 59

$ 17

$ 16

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.17

$ 15.47

$ 16.58

$ 18.67

$ 19.96

$ 19.30

$ 18.79

Income from Investment Operations

Net investment income (loss) E

.16

.35

.39

.45

.46

.05

.51

Net realized and unrealized gain (loss)

.78

(1.31)

(.61)

(1.30)

.51

.61

1.80

Total from investment operations

.94

(.96)

(.22)

(.85)

.97

.66

2.31

Distributions from net investment income

(.16)

(.34)

(.43)

(.43)

(.48)

-

(.54)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.16)

(.34)

(.89)

(1.24)

(2.26)

-

(1.80)

Net asset value, end of period

$ 14.95

$ 14.17

$ 15.47

$ 16.58

$ 18.67

$ 19.96

$ 19.30

Total Return B, C, D

6.74%

(6.27)%

(1.37)%

(4.94)%

5.30%

3.42%

12.90%

Ratios to Average Net Assets F

Expenses before expense reductions

1.23% A

1.23%

1.20%

1.16%

1.16%

1.22% A

1.16%

Expenses net of voluntary waivers, if any

1.23% A

1.23%

1.20%

1.16%

1.16%

1.22% A

1.16%

Expenses net of all reductions

1.21% A

1.20%

1.19%

1.15%

1.14%

1.22% A

1.15%

Net investment income (loss)

2.23% A

2.38%

2.51%

2.57%

2.45%

2.92% A

2.68%

Supplemental Data

Net assets, end of period (in millions)

$ 1,334

$ 1,319

$ 1,681

$ 2,021

$ 2,802

$ 2,993

$ 2,903

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.06

$ 15.36

$ 16.47

$ 18.54

$ 19.86

$ 19.21

$ 18.71

Income from Investment Operations

Net investment income (loss) E

.12

.26

.30

.35

.36

.04

.38

Net realized and unrealized gain (loss)

.78

(1.30)

(.60)

(1.29)

.50

.61

1.81

Total from investment operations

.90

(1.04)

(.30)

(.94)

.86

.65

2.19

Distributions from net investment income

(.12)

(.26)

(.35)

(.32)

(.40)

-

(.43)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.12)

(.26)

(.81)

(1.13)

(2.18)

-

(1.69)

Net asset value, end of period

$ 14.84

$ 14.06

$ 15.36

$ 16.47

$ 18.54

$ 19.86

$ 19.21

Total Return B, C, D

6.48%

(6.83)%

(1.89)%

(5.45)%

4.71%

3.38%

12.25%

Ratios to Average Net Assets F

Expenses before expense reductions

1.80% A

1.79%

1.75%

1.72%

1.69%

1.80% A

1.74%

Expenses net of voluntary waivers, if any

1.80% A

1.79%

1.75%

1.72%

1.69%

1.80% A

1.74%

Expenses net of all reductions

1.78% A

1.77%

1.74%

1.70%

1.68%

1.80% A

1.73%

Net investment income (loss)

1.66% A

1.82%

1.96%

2.01%

1.91%

2.35% A

2.02%

Supplemental Data

Net assets, end of period (in millions)

$ 115

$ 107

$ 121

$ 111

$ 124

$ 57

$ 51

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 F

Selected Per-Share Data

Net asset value, beginning of period

$ 14.05

$ 15.35

$ 16.47

$ 18.55

$ 19.88

$ 19.22

$ 19.05

Income from Investment Operations

Net investment income (loss) E

.12

.26

.31

.35

.36

.04

.36

Net realized and unrealized gain (loss)

.78

(1.30)

(.61)

(1.29)

.48

.62

1.56

Total from investment operations

.90

(1.04)

(.30)

(.94)

.84

.66

1.92

Distributions from net investment income

(.12)

(.26)

(.36)

(.33)

(.39)

-

(.49)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.12)

(.26)

(.82)

(1.14)

(2.17)

-

(1.75)

Net asset value, end of period

$ 14.83

$ 14.05

$ 15.35

$ 16.47

$ 18.55

$ 19.88

$ 19.22

Total Return B, C, D

6.48%

(6.83)%

(1.89)%

(5.45)%

4.60%

3.43%

10.62%

Ratios to Average Net Assets G

Expenses before expense reductions

1.79% A

1.78%

1.72%

1.69%

1.66%

1.77% A

1.80% A

Expenses net of voluntary waivers, if any

1.79% A

1.78%

1.72%

1.69%

1.66%

1.77% A

1.80% A

Expenses net of all reductions

1.77% A

1.76%

1.71%

1.68%

1.65%

1.76% A

1.79% A

Net investment income (loss)

1.67% A

1.83%

1.98%

2.03%

1.95%

2.37% A

1.89% A

Supplemental Data

Net assets, end of period (in millions)

$ 65

$ 61

$ 61

$ 54

$ 53

$ 21

$ 20

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period November 3, 1997 (commencement of sale of shares) to October 31, 1998.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 G

1998 F

Selected Per-Share Data

Net asset value, beginning of period

$ 14.25

$ 15.55

$ 16.69

$ 18.77

$ 20.03

$ 19.35

$ 18.85

Income from Investment Operations

Net investment income (loss) D

.20

.43

.48

.57

.56

.05

.60

Net realized and unrealized gain (loss)

.78

(1.31)

(.63)

(1.32)

.53

.63

1.81

Total from investment operations

.98

(.88)

(.15)

(.75)

1.09

.68

2.41

Distributions from net investment income

(.20)

(.42)

(.53)

(.52)

(.57)

-

(.65)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.20)

(.42)

(.99)

(1.33)

(2.35)

-

(1.91)

Net asset value, end of period

$ 15.03

$ 14.25

$ 15.55

$ 16.69

$ 18.77

$ 20.03

$ 19.35

Total Return B, C

7.01%

(5.73)%

(.92)%

(4.37)%

5.95%

3.51%

13.45%

Ratios to Average Net Assets E

Expenses before expense reductions

.69% A

.69%

.67%

.63%

.64%

.66% A

.65%

Expenses net of voluntary waivers, if any

.69% A

.69%

.67%

.63%

.64%

.66% A

.65%

Expenses net of all reductions

.67% A

.67%

.65%

.61%

.63%

.66% A

.63%

Net investment income (loss)

2.78% A

2.92%

3.04%

3.10%

2.96%

3.48% A

3.15%

Supplemental Data

Net assets, end of period (in millions)

$ 52

$ 55

$ 53

$ 46

$ 67

$ 63

$ 61

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F For the period ended October 31.

G One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Balanced 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 165,162

|

Unrealized depreciation

(56,680)

Net unrealized appreciation (depreciation)

$ 108,482

Cost for federal income tax purposes

$ 1,685,380

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable

2. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments that obligate the fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. Information regarding loans and other direct debt instruments is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.

Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The net receivable or payable is accrued daily and is included in interest income in the accompanying Statement of Operations. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.

Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements.

Semiannual Report

2. Operating Policies - continued

Swap Agreements - continued

Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."

Financing Transactions. To earn additional income, the fund may employ trading strategies which involve the sale and simultaneous agreement to repurchase similar securities ("mortgage dollar rolls") or the purchase and simultaneous agreement to sell similar securities ("reverse mortgage dollar rolls"). The securities traded are mortgage securities and bear the same interest rate but will be collateralized by different pools of mortgages. During the period between the sale and repurchase in a mortgage dollar roll transaction, a fund will not be entitled to receive interest and principal payments on the securities sold but will invest the proceeds of the sale in other securities which may enhance the yield and total return. In addition, the difference between the sales price and the future purchase price is recorded as an adjustment to investment income. During the period between the purchase and subsequent sale in a reverse mortgage dollar roll transaction a fund is entitled to interest and principal payments on the securities purchased. The price differential between the purchase and sale is recorded as an adjustment to investment income. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the fund's right to repurchase or sell securities may be limited.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .43% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.01%

.25%

$ 152

$ 1

$ 5

Class T

.26%

.25%

3,240

26

51

Class B

.75%

.25%

531

399

-

Class C

.75%

.25%

301

34

-

$ 4,224

$ 460

$ 56

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 20

Class T

36

Class B*

158

Class C*

3

$ 217

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 140

.24*

Class T

1,602

.25*

Class B

175

.33*

Class C

95

.32*

Institutional Class

54

.21*

$ 2,066

* 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.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,236 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

1.80%

$ 2

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 98

$ 1

Class A

5

-

-

Class T

51

-

-

$ 56

$ 98

$ 1

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 1,521

$ 2,954

Class T

14,728

34,845

Class B

910

2,061

Class C

517

1,097

Institutional Class

746

1,657

Total

$ 18,422

$ 42,614

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

936

3,432

$ 13,044

$ 50,200

Reinvestment of distributions

109

197

1,487

2,881

Shares redeemed

(1,040)

(1,937)

(14,478)

(27,835)

Net increase (decrease)

5

1,692

$ 53

$ 25,246

Class T

Shares sold

8,479

17,764

$ 118,327

$ 260,115

Reinvestment of distributions

1,012

2,225

13,911

32,902

Shares redeemed

(13,364)

(35,581)

(186,358)

(518,713)

Net increase (decrease)

(3,873)

(15,592)

$ (54,120)

$ (225,696)

Class B

Shares sold

1,037

1,996

$ 14,358

$ 28,774

Reinvestment of distributions

59

125

807

1,828

Shares redeemed

(977)

(2,406)

(13,429)

(34,002)

Net increase (decrease)

119

(285)

$ 1,736

$ (3,400)

Class C

Shares sold

833

2,091

$ 11,621

$ 30,235

Reinvestment of distributions

33

63

445

924

Shares redeemed

(854)

(1,779)

(11,796)

(25,169)

Net increase (decrease)

12

375

$ 270

$ 5,990

Institutional Class

Shares sold

276

1,610

$ 3,866

$ 24,078

Reinvestment of distributions

54

111

738

1,638

Shares redeemed

(684)

(1,259)

(9,651)

(17,733)

Net increase (decrease)

(354)

462

$ (5,047)

$ 7,983

Semiannual Report

Independent Auditors' Report

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Balanced Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Balanced Fund (the Fund), a fund of Fidelity Advisor Series I, including the portfolio of investments, as of May 31, 2003, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months then ended and the year ended November 30, 2002, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2003, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Balanced Fund as of May 31, 2003, and the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended November 30, 2002, and its financial highlights for periods presented in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2003


Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributions Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

(Fidelity Investment logo)(registered trademark)

Fidelity® Advisor

Balanced Fund -

Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Independent Auditors' Report

<Click Here>

The auditors' opinion.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Five Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Omnicom Group, Inc.

3.9

3.1

Gillette Co.

3.6

3.2

Morgan Stanley

3.1

3.4

BellSouth Corp.

3.0

2.7

Wells Fargo & Co.

2.6

2.5

16.2

Top Five Bond Issuers as of May 31, 2003

(with maturities greater than one year)

% of fund's
net assets

% of fund's net assets
6 months ago

Fannie Mae

11.2

12.0

U.S. Treasury Obligations

3.0

2.6

Government National Mortgage Association

2.4

3.3

Freddie Mac

0.9

0.9

Philip Morris Companies, Inc.

0.3

0.3

17.8

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

18.1

21.0

Consumer Discretionary

14.9

15.4

Consumer Staples

11.2

8.0

Telecommunication Services

6.8

7.2

Industrials

5.8

5.7

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 55.4%

Stocks 53.1%

Bonds 37.2%

Bonds 39.4%

Convertible
Securities 0.2%

Convertible
Securities 0.4%

Other Investments 0.1%

Other Investments 0.0%

Short-Term
Investments and
Net Other Assets 7.1%

Short-Term
Investments and
Net Other Assets 7.1%

* Foreign investments

3.4%

** Foreign investments

3.8%



Semiannual Report

Investments May 31, 2003

Showing Percentage of Net Assets

Common Stocks - 55.1%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 11.6%

Auto Components - 0.0%

Exide Technologies warrants 3/18/06 (a)

682

$ 0

Hotels, Restaurants & Leisure - 0.1%

Starwood Hotels & Resorts Worldwide, Inc. unit

90,700

2,628

Household Durables - 0.0%

Garmin Ltd. (a)

9,916

478

Media - 8.5%

AOL Time Warner, Inc. (a)

51

1

Comcast Corp. Class A (special) (a)

244,000

7,032

E.W. Scripps Co. Class A

285,000

25,100

EchoStar Communications Corp. Class A (a)

1,297,920

43,584

Omnicom Group, Inc.

960,350

67,025

Pegasus Communications Corp. Class A (a)

53,360

1,326

144,068

Multiline Retail - 1.8%

Dollar Tree Stores, Inc. (a)

246,100

7,137

Kohl's Corp. (a)

444,200

23,254

30,391

Specialty Retail - 0.7%

Hollywood Entertainment Corp. (a)

666,500

11,184

Stage Stores, Inc. (a)

770

19

11,203

Textiles Apparel & Luxury Goods - 0.5%

Liz Claiborne, Inc.

241,700

8,191

TOTAL CONSUMER DISCRETIONARY

196,959

CONSUMER STAPLES - 10.4%

Beverages - 0.6%

The Coca-Cola Co.

238,100

10,850

Food & Staples Retailing - 3.1%

Sysco Corp.

156,400

4,839

Wal-Mart Stores, Inc.

714,600

37,595

Walgreen Co.

325,600

10,025

52,459

Food Products - 0.7%

McCormick & Co., Inc. (non-vtg.)

367,200

9,878

Unilever PLC sponsored ADR

64,800

2,342

12,220

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Household Products - 1.8%

Colgate-Palmolive Co.

242,300

$ 14,446

Kimberly-Clark Corp.

290,300

15,075

29,521

Personal Products - 3.6%

Gillette Co.

1,807,600

60,753

Tobacco - 0.6%

Altria Group, Inc.

261,920

10,817

TOTAL CONSUMER STAPLES

176,620

ENERGY - 1.8%

Oil & Gas - 1.8%

Exxon Mobil Corp.

839,068

30,542

FINANCIALS - 13.2%

Capital Markets - 6.9%

Goldman Sachs Group, Inc.

269,700

21,981

Merrill Lynch & Co., Inc.

984,300

42,620

Morgan Stanley

1,117,500

51,126

115,727

Commercial Banks - 3.0%

Bank One Corp.

179,400

6,702

Wells Fargo & Co.

919,800

44,426

51,128

Consumer Finance - 0.5%

American Express Co.

195,400

8,140

Insurance - 2.2%

Allstate Corp.

251,600

9,055

American International Group, Inc.

352,825

20,422

PartnerRe Ltd.

109,100

5,795

Travelers Property Casualty Corp. Class B

138,100

2,233

37,505

Real Estate - 0.3%

Equity Office Properties Trust

165,000

4,440

Thrifts & Mortgage Finance - 0.3%

Fannie Mae

73,900

5,469

TOTAL FINANCIALS

222,409

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - 4.2%

Biotechnology - 1.8%

Amgen, Inc. (a)

469,700

$ 30,394

Health Care Equipment & Supplies - 0.9%

Alcon, Inc.

123,700

5,257

Medtronic, Inc.

195,800

9,541

14,798

Health Care Providers & Services - 0.0%

Mariner Health Care, Inc. (a)

758

3

Mariner Health Care, Inc. warrants 5/1/04 (a)

715

4

7

Pharmaceuticals - 1.5%

Allergan, Inc.

97,200

7,009

Pfizer, Inc.

583,150

18,089

25,098

TOTAL HEALTH CARE

70,297

INDUSTRIALS - 4.4%

Aerospace & Defense - 0.9%

Lockheed Martin Corp.

110,900

5,148

Northrop Grumman Corp.

79,200

6,966

United Technologies Corp.

54,900

3,747

15,861

Airlines - 0.7%

Continental Airlines, Inc. Class B (a)

575,800

6,345

Northwest Airlines Corp. (a)

279,700

2,498

Southwest Airlines Co.

168,300

2,705

11,548

Building Products - 0.3%

American Standard Companies, Inc. (a)

78,000

5,771

Commercial Services & Supplies - 0.3%

Avery Dennison Corp.

89,300

4,954

Industrial Conglomerates - 2.2%

General Electric Co.

1,288,600

36,983

TOTAL INDUSTRIALS

75,117

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - 3.8%

Communications Equipment - 0.9%

Cisco Systems, Inc. (a)

918,700

$ 14,956

Nokia Corp. sponsored ADR

25,700

464

15,420

Computers & Peripherals - 0.1%

Lexmark International, Inc. Class A (a)

12,800

952

IT Services - 0.8%

First Data Corp.

163,800

6,785

Paychex, Inc.

229,081

6,992

13,777

Software - 2.0%

Microsoft Corp.

1,407,000

34,626

TOTAL INFORMATION TECHNOLOGY

64,775

MATERIALS - 0.0%

Chemicals - 0.0%

Praxair, Inc.

2,300

138

TELECOMMUNICATION SERVICES - 5.1%

Diversified Telecommunication Services - 5.1%

BellSouth Corp.

1,885,000

49,971

NTL, Inc. (a)

21,700

591

SBC Communications, Inc.

591,484

15,059

Verizon Communications, Inc.

555,600

21,029

86,650

UTILITIES - 0.6%

Electric Utilities - 0.6%

Entergy Corp.

184,600

9,542

FPL Group, Inc.

2,500

166

9,708

TOTAL COMMON STOCKS

(Cost $861,954)

933,215

Preferred Stocks - 0.3%

Shares

Value (Note 1)
(000s)

Convertible Preferred Stocks - 0.0%

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

Cincinnati Bell, Inc. Series B, $3.375

8,700

$ 304

Wireless Telecommunication Services - 0.0%

Digitalglobe, Inc. Series C, $0.2975 pay-in-kind

1,615

1

TOTAL TELECOMMUNICATION SERVICES

305

Nonconvertible Preferred Stocks - 0.3%

FINANCIALS - 0.1%

Commercial Banks - 0.0%

Royal Bank of Scotland Group PLC 8.817%

810

904

Diversified Financial Services - 0.0%

Fresenius Medical Care Capital Trust II $78.75

531

564

Insurance - 0.1%

American Annuity Group Capital Trust II $88.75

1,000

1,077

TOTAL FINANCIALS

2,545

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.1%

Broadwing Communications, Inc. Series B, $125.00 pay-in-kind

2,375

404

NTL Europe, Inc. Series A, $5.00

23

0

404

Wireless Telecommunication Services - 0.1%

Nextel Communications, Inc.:

Series D, $130.00 pay-in-kind

121

127

Series E, $111.25 pay-in-kind

1,560

1,622

1,749

TOTAL TELECOMMUNICATION SERVICES

2,153

TOTAL NONCONVERTIBLE PREFERRED STOCKS

4,698

TOTAL PREFERRED STOCKS

(Cost $6,493)

5,003

Corporate Bonds - 16.3%

Principal
Amount (000s)

Value (Note 1)
(000s)

Convertible Bonds - 0.2%

CONSUMER DISCRETIONARY - 0.1%

Media - 0.1%

EchoStar Communications Corp. 4.875% 1/1/07

$ 820

$ 831

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

Total Renal Care Holdings 7% 5/15/09

1,260

1,315

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Atmel Corp. 0% 5/23/21

1,615

598

TELECOMMUNICATION SERVICES - 0.0%

Wireless Telecommunication Services - 0.0%

Millicom International Cellular SA 2% 6/1/06 pay-in-kind

30

44

Nextel Communications, Inc. 6% 6/1/11

472

493

537

TOTAL CONVERTIBLE BONDS

3,281

Nonconvertible Bonds - 16.1%

CONSUMER DISCRETIONARY - 3.2%

Auto Components - 0.2%

Arvin Industries, Inc. 6.75% 3/15/08

190

192

ArvinMeritor, Inc. 8.75% 3/1/12

340

372

DaimlerChrysler NA Holding Corp.:

3.75% 6/4/08

750

750

7.2% 9/1/09

750

870

Dana Corp.:

9% 8/15/11

240

250

10.125% 3/15/10

600

651

Lear Corp.:

7.96% 5/15/05

555

592

8.11% 5/15/09

100

112

Stoneridge, Inc. 11.5% 5/1/12

20

22

3,811

Hotels, Restaurants & Leisure - 0.7%

Bally Total Fitness Holding Corp. 9.875% 10/15/07

550

512

Coast Hotels & Casinos, Inc. 9.5% 4/1/09

100

106

Florida Panthers Holdings, Inc. 9.875% 4/15/09

1,205

1,283

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

Herbst Gaming, Inc. 10.75% 9/1/08 (f)

$ 140

$ 153

Hilton Hotels Corp.:

7.625% 12/1/12

350

375

8.25% 2/15/11

455

501

Horseshoe Gaming LLC 8.625% 5/15/09

814

855

International Game Technology 8.375% 5/15/09

50

60

MGM MIRAGE 8.5% 9/15/10

385

442

Penn National Gaming, Inc. 8.875% 3/15/10

720

763

Speedway Motorsports, Inc. 6.75% 6/1/13 (f)

260

266

Starwood Hotels & Resorts Worldwide, Inc.:

7.375% 5/1/07

630

650

7.875% 5/1/12

390

419

Station Casinos, Inc. 8.375% 2/15/08

1,255

1,343

Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11

1,310

1,385

Town Sports International, Inc. 9.625% 4/15/11 (f)

240

252

Tricon Global Restaurants, Inc. 8.875% 4/15/11

1,455

1,659

Wheeling Island Gaming, Inc. 10.125% 12/15/09

585

594

Wynn Las Vegas LLC/ Wynn Las Vegas Capital Corp. 12% 11/1/10

690

738

12,356

Household Durables - 0.2%

Beazer Homes USA, Inc.:

8.625% 5/15/11

340

371

8.875% 4/1/08

90

94

D.R. Horton, Inc. 7.875% 8/15/11

750

810

Pulte Homes, Inc. 7.875% 8/1/11

840

1,025

Ryland Group, Inc. 9.125% 6/15/11

380

426

Standard Pacific Corp. 9.25% 4/15/12

240

254

2,980

Leisure Equipment & Products - 0.1%

The Hockey Co. 11.25% 4/15/09

765

842

Media - 2.0%

AMC Entertainment, Inc.:

9.5% 2/1/11

305

314

9.875% 2/1/12

420

439

American Media Operations, Inc. 10.25% 5/1/09

770

828

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

AOL Time Warner, Inc.:

7.625% 4/15/31

$ 1,000

$ 1,156

7.7% 5/1/32

655

768

British Sky Broadcasting Group PLC (BSkyB) yankee 8.2% 7/15/09

1,500

1,751

Chancellor Media Corp. 8% 11/1/08

595

683

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

0% 5/15/11 (d)

800

368

8.625% 4/1/09

1,670

1,186

9.625% 11/15/09

270

192

10% 4/1/09

320

227

10% 5/15/11

1,245

872

10.25% 1/15/10

700

501

10.75% 10/1/09

265

192

Cinemark USA, Inc. 9.625% 8/1/08

465

471

Clear Channel Communications, Inc. 7.65% 9/15/10

1,250

1,513

Comcast Corp. 7.05% 3/15/33

845

953

Corus Entertainment, Inc. 8.75% 3/1/12

780

827

Cox Communications, Inc. 7.125% 10/1/12

980

1,171

CSC Holdings, Inc.:

7.625% 4/1/11

443

453

7.625% 7/15/18

195

195

7.875% 2/15/18

75

76

EchoStar DBS Corp.:

9.125% 1/15/09

845

938

9.375% 2/1/09

715

769

10.375% 10/1/07

1,520

1,680

Entravision Communications Corp. 8.125% 3/15/09

635

654

Houghton Mifflin Co.:

8.25% 2/1/11 (f)

740

770

9.875% 2/1/13 (f)

285

304

Lamar Media Corp. 7.25% 1/1/13

180

188

LBI Media, Inc. 10.125% 7/15/12 (f)

535

578

News America Holdings, Inc.:

7.375% 10/17/08

3,350

3,986

7.75% 12/1/45

1,000

1,217

Nextmedia Operating, Inc. 10.75% 7/1/11

370

409

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

Pegasus Satellite Communications, Inc. 11.25% 1/15/10 (f)

$ 555

$ 483

PEI Holdings, Inc. 11% 3/15/10 (f)

435

472

Penton Media, Inc. 11.875% 10/1/07

340

306

Radio One, Inc. 8.875% 7/1/11

1,625

1,763

Regal Cinemas Corp. 9.375% 2/1/12

795

855

Satelites Mexicanos SA de CV 5.82% 6/30/04 (f)(h)

187

168

Telewest PLC:

11% 10/1/07 (c)

1,431

401

yankee 9.625% 10/1/06 (c)

1,172

334

Vertis, Inc. 9.75% 4/1/09 (f)(g)

430

439

Vivendi Universal SA 9.25% 4/15/10 (f)

980

1,107

Yell Finance BV 10.75% 8/1/11

835

931

33,888

Multiline Retail - 0.0%

Barneys, Inc. 9% 4/1/08 unit (f)

460

405

Specialty Retail - 0.0%

Hollywood Entertainment Corp. 9.625% 3/15/11

180

193

Textiles Apparel & Luxury Goods - 0.0%

Dan River, Inc. 12.75% 4/15/09 (f)

460

442

Levi Strauss & Co. 12.25% 12/15/12 (f)

330

276

718

TOTAL CONSUMER DISCRETIONARY

55,193

CONSUMER STAPLES - 0.8%

Food & Staples Retailing - 0.1%

Kroger Co. 6.8% 4/1/11

1,445

1,664

The Great Atlantic & Pacific Tea Co.:

7.75% 4/15/07

225

199

9.125% 12/15/11

585

519

2,382

Food Products - 0.2%

Central Garden & Pet Co. 9.125% 2/1/13

120

127

Chiquita Brands International, Inc. 10.56% 3/15/09

375

401

Corn Products International, Inc.:

8.25% 7/15/07

755

815

8.45% 8/15/09

110

122

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

CONSUMER STAPLES - continued

Food Products - continued

Dean Foods Co.:

6.625% 5/15/09

$ 70

$ 72

6.9% 10/15/17

545

540

8.15% 8/1/07

705

761

Del Monte Corp. 8.625% 12/15/12 (f)

270

285

Doane Pet Care Co.:

9.75% 5/15/07

485

447

10.75% 3/1/10 (f)

340

360

Michael Foods, Inc. 11.75% 4/1/11

40

45

3,975

Personal Products - 0.1%

Revlon Consumer Products Corp. 12% 12/1/05

840

798

Tobacco - 0.4%

Philip Morris Companies, Inc. 6.95% 6/1/06

5,000

5,257

RJ Reynolds Tobacco Holdings, Inc. 6.5% 6/1/07

575

579

5,836

TOTAL CONSUMER STAPLES

12,991

ENERGY - 0.7%

Energy Equipment & Services - 0.1%

DI Industries, Inc. 8.875% 7/1/07

435

449

Grant Prideco, Inc.:

9% 12/15/09

100

109

9.625% 12/1/07

370

405

Key Energy Services, Inc. 8.375% 3/1/08

190

204

Kinder Morgan, Inc. 6.5% 9/1/12

640

736

SESI LLC 8.875% 5/15/11

40

42

1,945

Oil & Gas - 0.6%

Chesapeake Energy Corp.:

8.125% 4/1/11

495

525

8.5% 3/15/12

210

221

Encore Acquisition Co. 8.375% 6/15/12

510

541

Forest Oil Corp. 8% 12/15/11

370

390

General Maritime Corp. 10% 3/15/13 (f)

590

631

Pemex Project Funding Master Trust 6.125% 8/15/08 (f)

2,000

2,140

Plains Exploration & Production Co. LP 8.75% 7/1/12

840

897

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

ENERGY - continued

Oil & Gas - continued

Teekay Shipping Corp. 8.875% 7/15/11

$ 1,365

$ 1,495

The Coastal Corp.:

6.2% 5/15/04

175

171

6.375% 2/1/09

185

152

6.5% 5/15/06

355

316

6.5% 6/1/08

170

143

6.95% 6/1/28

30

23

7.5% 8/15/06

870

809

7.75% 6/15/10

635

557

7.75% 10/15/35

130

103

Vintage Petroleum, Inc. 8.25% 5/1/12

405

437

9,551

TOTAL ENERGY

11,496

FINANCIALS - 4.8%

Capital Markets - 0.8%

Amvescap PLC yankee 6.6% 5/15/05

725

784

BankAmerica Corp. 5.875% 2/15/09

2,500

2,855

Credit Suisse First Boston (USA), Inc.:

5.875% 8/1/06

1,300

1,436

6.5% 1/15/12

305

349

Goldman Sachs Group, Inc. 6.6% 1/15/12

2,345

2,735

J.P. Morgan Chase & Co. 5.35% 3/1/07

1,500

1,647

Merrill Lynch & Co., Inc. 6.15% 1/26/06

1,680

1,854

Morgan Stanley:

5.3% 3/1/13

500

533

6.6% 4/1/12

900

1,056

13,249

Commercial Banks - 0.4%

Bank of America Corp. 4.875% 1/15/13

1,000

1,059

Bank One NA, Chicago 3.7% 1/15/08

1,335

1,393

First Tennessee National Corp. 6.75% 11/15/05

720

778

Korea Development Bank 7.375% 9/17/04

650

694

PNC Funding Corp. 5.75% 8/1/06

1,150

1,271

Popular North America, Inc. 6.125% 10/15/06

1,535

1,712

6,907

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Consumer Finance - 1.0%

American General Finance Corp. 5.875% 7/14/06

$ 3,600

$ 3,964

Capital One Bank 4.875% 5/15/08

1,730

1,749

Ford Motor Credit Co.:

7.375% 10/28/09

1,490

1,552

7.875% 6/15/10

1,500

1,611

General Motors Acceptance Corp.:

6.875% 8/28/12

1,100

1,139

7.5% 7/15/05

1,000

1,078

7.75% 1/19/10

1,100

1,204

Household Finance Corp.:

6.375% 10/15/11

1,080

1,231

6.375% 11/27/12

500

571

7% 5/15/12

170

201

MBNA Corp.:

6.25% 1/17/07

770

850

6.34% 6/2/03

850

850

7.5% 3/15/12

1,125

1,327

17,327

Diversified Financial Services - 1.7%

Ahold Finance USA, Inc.:

6.25% 5/1/09

520

471

8.25% 7/15/10

935

902

Alliance Capital Management LP 5.625% 8/15/06

1,020

1,119

American Airlines, Inc. pass thru trust certificates 7.8% 4/1/08

130

61

BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08

380

407

Chukchansi Economic Development Authority 14.5% 6/15/09 (f)

280

295

CIT Group, Inc. 7.75% 4/2/12

500

593

Citigroup, Inc. 7.25% 10/1/10

900

1,100

Continental Airlines, Inc. pass thru trust certificates:

6.795% 8/2/18

282

192

6.9% 1/2/17

252

169

8.312% 10/2/12

211

143

Delta Air Lines, Inc. pass thru trust certificates:

7.299% 9/18/06

65

49

7.57% 11/18/10

380

377

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

Delta Air Lines, Inc. pass thru trust certificates: - continued

7.57% 11/18/10

$ 75

$ 74

7.711% 9/18/11

75

58

7.779% 11/18/05

360

277

7.92% 5/18/12

1,065

846

10.06% 1/2/16

130

96

Deutsche Telekom International Finance BV 8.75% 6/15/30

2,000

2,587

El Paso Energy Partners LP/El Paso Energy Partners Finance Corp.:

8.5% 6/1/11

580

616

10.625% 12/1/12 (f)

140

160

Entercom Radio LLC/Entercom Capital, Inc. 7.625% 3/1/14

370

399

FIMEP SA 10.5% 2/15/13 (f)

960

1,042

Gemstone Investor Ltd./Gemstone Investor, Inc. 7.71% 10/31/04 (f)

140

137

NiSource Finance Corp. 7.625% 11/15/05

2,000

2,202

Northwest Airlines, Inc. pass thru trust certificates:

6.81% 2/1/20

159

131

7.248% 7/2/14

229

114

7.575% 3/1/19

126

123

7.691% 4/1/17

29

22

7.95% 9/1/16

28

21

8.304% 9/1/10

198

144

Pemex Project Funding Master Trust 7.875% 2/1/09 (h)

1,200

1,377

Petronas Capital Ltd. 7% 5/22/12 (f)

3,295

3,850

PTC International Finance BV yankee 10.75% 7/1/07

117

122

PTC International Finance II SA yankee 11.25% 12/1/09

850

944

Qwest Capital Funding, Inc.:

5.875% 8/3/04

240

230

7.75% 8/15/06

310

281

R. H. Donnelley Finance Corp. I 8.875% 12/15/10 (f)

190

207

Sprint Capital Corp. 6.875% 11/15/28

1,850

1,831

TRW Automotive Acquisition Corp.:

9.375% 2/15/13 (f)

640

666

11% 2/15/13 (f)

725

754

TXU Eastern Funding yankee 6.75% 5/15/09 (c)

1,390

122

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

FINANCIALS - continued

Diversified Financial Services - continued

U.S. Airways pass thru trust certificates 6.85% 7/30/19

$ 120

$ 107

U.S. West Capital Funding, Inc. 6.25% 7/15/05

420

389

Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10 (f)

1,530

1,641

Verizon Wireless Capital LLC 5.375% 12/15/06

830

909

28,357

Insurance - 0.1%

Principal Life Global Funding I:

5.125% 6/28/07 (f)

400

433

6.25% 2/15/12 (f)

490

561

Travelers Property Casualty Corp. 6.375% 3/15/33

410

460

1,454

Real Estate - 0.6%

Boston Properties, Inc. 6.25% 1/15/13 (f)

750

842

BRE Properties, Inc. 5.95% 3/15/07

1,500

1,649

CenterPoint Properties Trust 6.75% 4/1/05

1,190

1,274

Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09

640

678

Duke Realty LP 7.3% 6/30/03

1,000

1,004

EOP Operating LP 6.625% 2/15/05

1,250

1,341

ERP Operating LP 7.1% 6/23/04

1,500

1,580

ProLogis 6.7% 4/15/04

510

535

Senior Housing Properties Trust 8.625% 1/15/12

770

816

9,719

Thrifts & Mortgage Finance - 0.2%

Countrywide Home Loans, Inc. 5.5% 8/1/06

1,300

1,422

Washington Mutual, Inc. 5.625% 1/15/07

1,635

1,810

3,232

TOTAL FINANCIALS

80,245

HEALTH CARE - 0.3%

Health Care Equipment & Supplies - 0.1%

ALARIS Medical Systems, Inc. 11.625% 12/1/06

760

912

Fisher Scientific International, Inc. 8.125% 5/1/12

455

483

1,395

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

HEALTH CARE - continued

Health Care Providers & Services - 0.2%

AmeriPath, Inc. 10.5% 4/1/13 (f)

$ 1,200

$ 1,242

AmerisourceBergen Corp. 8.125% 9/1/08

130

143

PacifiCare Health Systems, Inc. 10.75% 6/1/09

535

586

Tenet Healthcare Corp.:

5.375% 11/15/06

70

69

6.375% 12/1/11

150

146

6.5% 6/1/12

190

185

7.375% 2/1/13

330

335

Triad Hospitals, Inc. 8.75% 5/1/09

500

543

3,249

Pharmaceuticals - 0.0%

aaiPharma, Inc. 11% 4/1/10

270

292

Biovail Corp. yankee 7.875% 4/1/10

940

992

1,284

TOTAL HEALTH CARE

5,928

INDUSTRIALS - 1.4%

Aerospace & Defense - 0.3%

Alliant Techsystems, Inc. 8.5% 5/15/11

1,525

1,662

BE Aerospace, Inc.:

8% 3/1/08

70

50

8.875% 5/1/11

615

443

9.5% 11/1/08

320

240

Raytheon Co. 8.3% 3/1/10

2,000

2,480

Remington Arms Co., Inc. 10.5% 2/1/11 (f)

50

50

Transdigm, Inc. 10.375% 12/1/08

450

482

5,407

Airlines - 0.4%

Continental Airlines, Inc. 8% 12/15/05

4,320

3,413

Delta Air Lines, Inc.:

equipment trust certificates 8.54% 1/2/07

78

57

7.9% 12/15/09

30

22

8.3% 12/15/29

745

477

Northwest Airlines, Inc.:

7.875% 3/15/08

1,375

997

8.875% 6/1/06

390

285

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Airlines - continued

Northwest Airlines, Inc.: - continued

9.875% 3/15/07

$ 500

$ 385

NWA Trust 10.23% 6/21/14

142

108

5,744

Commercial Services & Supplies - 0.3%

Allied Waste North America, Inc.:

7.375% 1/1/04

795

803

7.625% 1/1/06

990

1,010

7.875% 1/1/09

455

462

8.5% 12/1/08

250

263

8.875% 4/1/08

70

74

American Color Graphics, Inc. 12.75% 8/1/05

1,810

1,815

AP Holdings, Inc. 11.25% 3/15/08 (e)

130

20

Iron Mountain, Inc. 8.25% 7/1/11

90

96

Pierce Leahy Command Co. yankee 8.125% 5/15/08

90

94

World Color Press, Inc.:

7.75% 2/15/09

570

587

8.375% 11/15/08

40

42

5,266

Industrial Conglomerates - 0.2%

Tyco International Group SA yankee:

6.125% 11/1/08

25

25

6.375% 10/15/11

860

862

6.75% 2/15/11

2,500

2,556

3,443

Machinery - 0.0%

AGCO Corp. 9.5% 5/1/08

110

120

Cummins, Inc. 9.5% 12/1/10 (f)

170

184

Dunlop Standard Aerospace Holdings PLC yankee 11.875% 5/15/09

110

116

420

Marine - 0.0%

Transport Maritima Mexicana SA de CV yankee:

9.5% 8/15/03 (c)

270

209

10.25% 11/15/06 (c)

570

428

637

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

INDUSTRIALS - continued

Road & Rail - 0.2%

Kansas City Southern Railway Co.:

7.5% 6/15/09

$ 1,085

$ 1,096

9.5% 10/1/08

70

76

TFM SA de CV yankee:

10.25% 6/15/07

730

734

11.75% 6/15/09

1,005

1,015

2,921

TOTAL INDUSTRIALS

23,838

INFORMATION TECHNOLOGY - 0.5%

Communications Equipment - 0.3%

Motorola, Inc. 6.5% 11/15/28

750

748

Nortel Networks Corp. 6.125% 2/15/06

680

660

Qwest Services Corp.:

13.5% 12/15/10 (f)

2,325

2,639

14% 12/15/14 (f)

1,170

1,363

5,410

Computers & Peripherals - 0.0%

Seagate Technology HDD Holdings 8% 5/15/09

390

414

Electronic Equipment & Instruments - 0.1%

Flextronics International Ltd. yankee 9.875% 7/1/10

470

516

IT Services - 0.0%

Iron Mountain, Inc. 8.625% 4/1/13

20

22

Semiconductors & Semiconductor Equipment - 0.1%

AMI Semiconductor, Inc. 10.75% 2/1/13 (f)

490

544

Fairchild Semiconductor Corp. 10.5% 2/1/09

120

134

Micron Technology, Inc. 6.5% 9/30/05 (i)

1,000

945

ON Semiconductor Corp./Semiconductor Components Industries LLC 12% 3/15/10 (f)

320

346

1,969

TOTAL INFORMATION TECHNOLOGY

8,331

MATERIALS - 0.8%

Chemicals - 0.2%

Avecia Group PLC 11% 7/1/09

779

693

Compass Minerals Group, Inc. 10% 8/15/11

550

611

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

MATERIALS - continued

Chemicals - continued

Geon Co. 6.875% 12/15/05

$ 60

$ 55

Huntsman International LLC 9.875% 3/1/09

370

377

Lyondell Chemical Co.:

9.5% 12/15/08

250

238

9.5% 12/15/08 (f)

280

266

9.875% 5/1/07

180

176

11.125% 7/15/12

235

240

OMNOVA Solutions, Inc. 11.25% 6/1/10 (f)

480

500

PolyOne Corp.:

8.875% 5/1/12

265

236

10.625% 5/15/10 (f)

130

125

3,517

Containers & Packaging - 0.3%

BWAY Corp. 10% 10/15/10 (f)

120

125

Crown Cork & Seal, Inc.:

7.375% 12/15/26

200

133

8% 4/15/23

155

110

Crown European Holdings SA 9.5% 3/1/11 (f)

330

345

Jefferson Smurfit Corp. U.S. 8.25% 10/1/12

370

398

Owens-Brockway Glass Container, Inc.:

7.75% 5/15/11 (f)

240

245

8.25% 5/15/13 (f)

410

419

8.75% 11/15/12

340

362

8.875% 2/15/09

975

1,034

Owens-Illinois, Inc.:

7.15% 5/15/05

310

312

7.35% 5/15/08

130

125

7.5% 5/15/10

110

106

7.8% 5/15/18

50

46

8.1% 5/15/07

250

248

Sealed Air Corp. 6.95% 5/15/09 (f)

575

639

4,647

Metals & Mining - 0.2%

Falconbridge Ltd. yankee 7.35% 6/5/12

1,300

1,499

Freeport-McMoRan Copper & Gold, Inc. 10.125% 2/1/10

1,105

1,227

Luscar Coal Ltd. 9.75% 10/15/11

420

466

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

MATERIALS - continued

Metals & Mining - continued

Phelps Dodge Corp.:

8.75% 6/1/11

$ 40

$ 47

9.5% 6/1/31

565

704

Salt Holdings Corp., Inc. 0% 12/15/12 (d)(f)

580

394

Steel Dynamics, Inc. 9.5% 3/15/09

75

77

4,414

Paper & Forest Products - 0.1%

Norske Skog Canada Ltd. 8.625% 6/15/11

70

71

Stone Container Corp.:

8.375% 7/1/12

360

379

9.75% 2/1/11

420

460

Weyerhaeuser Co. 6.75% 3/15/12

625

721

1,631

TOTAL MATERIALS

14,209

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.9%

AT&T Corp. 7.8% 11/15/11

885

1,018

Citizens Communications Co. 8.5% 5/15/06

750

870

France Telecom SA:

9.25% 3/1/11 (e)

900

1,126

10% 3/1/31 (e)

1,200

1,649

NTL, Inc. 19% 1/1/10 (f)

800

772

Qwest Corp. 8.875% 3/15/12 (f)

815

913

Rogers Cantel, Inc. yankee 9.375% 6/1/08

315

328

Telecomunicaciones de Puerto Rico, Inc. 6.65% 5/15/06

1,100

1,210

Telefonos de Mexico SA de CV 8.25% 1/26/06

2,125

2,375

Telewest Communications PLC yankee:

0% 4/15/09 (c)(d)

525

126

0% 2/1/10 (c)(d)

750

165

9.875% 2/1/10 (c)

420

116

11.25% 11/1/08 (c)

510

145

TELUS Corp. yankee 7.5% 6/1/07

1,720

1,905

U.S. West Communications:

7.2% 11/10/26

115

102

7.25% 9/15/25

120

107

Verizon New York, Inc. 6.875% 4/1/12

1,200

1,422

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

WorldCom, Inc.:

6.4% 8/15/05 (c)

$ 600

$ 177

7.5% 5/15/11 (c)

1,430

422

14,948

Wireless Telecommunication Services - 0.6%

AT&T Wireless Services, Inc. 8.75% 3/1/31

1,740

2,245

Crown Castle International Corp.:

9.375% 8/1/11

1,020

1,020

9.5% 8/1/11

75

74

10.75% 8/1/11

320

330

DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13 (f)

1,340

1,501

Millicom International Cellular SA 11% 6/1/06 (f)

270

251

Nextel Communications, Inc.:

9.375% 11/15/09

1,895

2,009

9.5% 2/1/11

1,530

1,660

12% 11/1/08

165

178

Rogers Wireless, Inc. 9.625% 5/1/11

550

613

9,881

TOTAL TELECOMMUNICATION SERVICES

24,829

UTILITIES - 2.1%

Electric Utilities - 0.9%

AES Drax Holdings Ltd. 10.41% 12/31/20 (c)

910

546

CMS Energy Corp.:

7.5% 1/15/09

430

406

7.625% 11/15/04

340

337

8.5% 4/15/11

500

485

8.9% 7/15/08

530

522

9.875% 10/15/07

930

958

Detroit Edison Co. 6.125% 10/1/10

1,155

1,321

Dominion Resources, Inc. 6.25% 6/30/12

1,005

1,144

Duke Capital Corp. 6.75% 2/15/32

500

478

Edison International 6.875% 9/15/04

434

436

FirstEnergy Corp. 6.45% 11/15/11

975

1,075

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Electric Utilities - continued

Illinois Power Co.:

7.5% 6/15/09

$ 1,260

$ 1,238

11.5% 12/15/10 (f)

715

787

Nevada Power Co. 10.875% 10/15/09

110

121

Niagara Mohawk Power Corp. 8.875% 5/15/07

650

786

Pacific Gas & Electric Co.:

7.05% 3/1/24

100

101

10% 11/1/05 (f)(h)

855

872

Public Service Co. of Colorado 7.875% 10/1/12

715

907

Reliant Energy Resources Corp.:

7.75% 2/15/11

175

199

8.125% 7/15/05

485

525

Sierra Pacific Power Co. 8% 6/1/08

550

550

Southern California Edison Co.:

7.125% 7/15/25

35

35

7.25% 3/1/26

105

105

7.625% 1/15/10

480

502

8% 2/15/07 (f)

755

823

TECO Energy, Inc. 7% 5/1/12

735

720

15,979

Gas Utilities - 0.6%

ANR Pipeline, Inc. 8.875% 3/15/10 (f)

180

194

CMS Panhandle Holding Co. 6.5% 7/15/09

385

400

Consolidated Natural Gas Co. 6.85% 4/15/11

585

697

El Paso Energy Corp.:

6.75% 5/15/09

735

628

6.95% 12/15/07

440

389

7.375% 12/15/12

50

42

7.8% 8/1/31

150

113

8.05% 10/15/30

90

72

Kinder Morgan Energy Partners LP 7.3% 8/15/33

1,500

1,841

Noram Energy Corp. 6.5% 2/1/08

170

183

Northwest Pipeline Corp.:

6.625% 12/1/07

180

183

8.125% 3/1/10 (f)

170

184

Panhandle Eastern Pipe Line Co.:

7.2% 8/15/24

55

54

8.25% 4/1/10

155

175

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Gas Utilities - continued

Southern Natural Gas Co.:

7.35% 2/15/31

$ 865

$ 847

8% 3/1/32

20

20

8.875% 3/15/10 (f)

220

238

Tennessee Gas Pipeline Co.:

7% 10/15/28

80

72

7.5% 4/1/17

40

40

8.375% 6/15/32

120

122

Texas Eastern Transmission Corp. 7.3% 12/1/10

1,495

1,795

Transcontinental Gas Pipe Line Corp.:

6.125% 1/15/05

240

240

6.25% 1/15/08

485

475

8.875% 7/15/12

165

182

Williams Holdings of Delaware, Inc. 6.25% 2/1/06

100

95

9,281

Multi-Utilities & Unregulated Power - 0.6%

AES Corp.:

8.75% 6/15/08

19

18

8.75% 5/15/13 (f)

670

677

8.875% 2/15/11

187

171

9% 5/15/15 (f)

510

518

9.375% 9/15/10

113

106

9.5% 6/1/09

37

35

El Paso Corp.:

7% 5/15/11

960

826

7.875% 6/15/12 (f)

825

722

Western Resources, Inc.:

7.125% 8/1/09

120

122

7.875% 5/1/07

740

818

9.75% 5/1/07

405

443

Williams Companies, Inc.:

6.5% 8/1/06

335

316

6.625% 11/15/04

520

510

6.75% 1/15/06

425

408

7.125% 9/1/11

1,405

1,314

7.125% 9/1/11

1,460

1,365

Corporate Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Nonconvertible Bonds - continued

UTILITIES - continued

Multi-Utilities & Unregulated Power - continued

Williams Companies, Inc.: - continued

7.5% 1/15/31

$ 245

$ 207

7.625% 7/15/19

385

335

8.125% 3/15/12 (f)

475

466

9.25% 3/15/04

285

291

9,668

TOTAL UTILITIES

34,928

TOTAL NONCONVERTIBLE BONDS

271,988

TOTAL CORPORATE BONDS

(Cost $251,230)

275,269

U.S. Government and Government Agency Obligations - 5.7%

U.S. Government Agency Obligations - 2.7%

Fannie Mae:

2.5% 6/15/08

2,595

2,596

3.25% 1/15/08

1,810

1,878

6.25% 2/1/11

8,935

10,478

7.125% 6/15/10

2,940

3,676

Farm Credit Systems Financial Assistance Corp. 9.375% 7/21/03

5,070

5,123

Federal Home Loan Bank 2.25% 5/15/06

2,500

2,536

Freddie Mac:

1.75% 5/15/05

1,750

1,761

5.75% 1/15/12

2,360

2,754

5.875% 3/21/11

6,570

7,562

6.625% 9/15/09

2,160

2,616

Guaranteed Export Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):

Series 1993-C, 5.2% 10/15/04

85

88

Series 1993-D, 5.23% 5/15/05

184

189

Series 1994-A, 7.12% 4/15/06

277

297

U.S. Government and Government Agency Obligations - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

U.S. Government Agency Obligations - continued

Guaranteed Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank)
Series 1994-B, 7.5% 1/26/06

$ 219

$ 237

Overseas Private Investment Corp. U.S. Government guaranteed participation certificates Series 1996-A1, 6.726% 9/15/10

3,261

3,709

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

45,500

U.S. Treasury Obligations - 3.0%

U.S. Treasury Bonds:

6.125% 8/15/29

15,110

18,988

6.25% 5/15/30

10,635

13,634

6.625% 2/15/27

350

462

8% 11/15/21

700

1,033

U.S. Treasury Notes:

1.625% 3/31/05

9,615

9,677

4.375% 5/15/07

2,500

2,731

6.5% 2/15/10

4,040

4,953

TOTAL U.S. TREASURY OBLIGATIONS

51,478

TOTAL U.S. GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $89,345)

96,978

U.S. Government Agency - Mortgage Securities - 12.5%

Fannie Mae - 10.1%

4.5% 6/17/18 (g)

12,500

12,801

5% 6/1/18 (g)

24,237

25,085

5.5% 2/1/11 to 5/1/18

16,144

16,804

5.5% 6/1/18 (g)

42,502

44,090

6% 7/1/12 to 1/1/29

9,674

10,083

6.5% 9/1/16 to 10/1/32

46,021

48,045

6.5% 6/1/18 (g)

5,925

6,218

7% 12/1/23 to 4/1/29

785

829

7.5% 6/1/25 to 4/1/29

6,680

7,126

TOTAL FANNIE MAE

171,081

U.S. Government Agency - Mortgage Securities - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

Government National Mortgage Association - 2.4%

6% 6/1/33 (g)

$ 15,000

$ 15,694

6.5% 10/15/27 to 11/15/32

6,162

6,478

7% 12/15/25 to 12/15/32

6,329

6,671

7.5% 2/15/23 to 12/15/28

8,109

8,644

8% 11/15/21 to 12/15/26

1,828

1,996

TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION

39,483

TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES

(Cost $205,498)

210,564

Asset-Backed Securities - 1.3%

American Express Credit Account Master Trust Series 1999-2 Class B, 6.1% 12/15/06

1,600

1,671

Capital One Master Trust Series 2001-4 Class B, 1.68% 4/16/07 (h)

1,300

1,293

Chase Manhattan Auto Owner Trust Series 2001-A:

Class A4, 5.07% 2/15/08

3,200

3,372

Class CTFS, 5.06% 2/15/08

347

358

Discover Card Master Trust I Series 2001-6 Class A, 5.75% 12/15/08

4,000

4,420

Ford Credit Auto Owner Trust:

Series 2001-B Class B, 5.71% 9/15/05

720

750

Series 2001-C Class B, 5.54% 12/15/05

1,000

1,037

Honda Auto Receivables Owner Trust Series 2001-2:

Class A3, 4.67% 3/18/05

1,103

1,119

Class A4, 5.09% 10/18/06

1,060

1,094

MBNA Credit Card Master Note Trust Series 2001-A1
Class A1, 5.75% 10/15/08

1,000

1,106

Sears Credit Account Master Trust II:

Series 2000-2 Class A, 6.75% 9/16/09

2,940

3,254

Series 2001-2 Class B, 1.6% 6/16/08 (h)

1,700

1,696

TOTAL ASSET-BACKED SECURITIES

(Cost $19,939)

21,170

Commercial Mortgage Securities - 1.1%

Principal
Amount (000s)

Value (Note 1)
(000s)

Berkeley Federal Bank & Trust FSB Series 1994-1
Class B, 2.381% 8/1/24 (f)(h)

$ 1,201

$ 973

CS First Boston Mortgage Securities Corp.:

sequential pay Series 2000-C1 Class A2, 7.545% 4/14/62

1,000

1,226

Series 1997-C2 Class D, 7.27% 1/17/35

2,050

2,326

DLJ Commercial Mortgage Corp. sequential pay
Series 2000-CF1 Class A1B, 7.62% 6/10/33

3,500

4,311

First Chicago/Lennar Trust I Series 1997-CHL1 Class E, 7.9976% 4/29/39 (f)(h)

650

578

GS Mortgage Securities Corp. II:

Series 1998-GLII Class E, 6.9701% 4/13/31 (h)

635

623

Series 2003-C1 Class A2A, 3.59% 1/10/40

525

541

J.P. Morgan Commercial Mortgage Finance Corp. sequential pay Series 2000-C9 Class A2, 7.77% 10/15/32

1,440

1,758

Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A:

Class B, 4.13% 11/20/37 (f)

700

688

Class C, 4.13% 11/20/37 (f)

700

659

Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (f)

4,500

5,127

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $16,523)

18,810

Foreign Government and Government Agency Obligations - 0.3%

Chilean Republic:

5.5% 1/15/13

500

532

6.875% 4/28/09

1,000

1,162

7.125% 1/11/12

1,095

1,289

Polish Government 6.25% 7/3/12

1,405

1,637

United Mexican States 4.625% 10/8/08

885

911

TOTAL FOREIGN GOVERNMENT AND
GOVERNMENT AGENCY OBLIGATIONS

(Cost $4,862)

5,531

Floating Rate Loans - 0.1%

Principal
Amount (000s)

Value (Note 1)
(000s)

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

Olympus Cable Holdings LLC Tranche B term loan 6.25% 9/30/10 (h)

$ 845

$ 752

UTILITIES - 0.1%

Electric Utilities - 0.1%

Centerpoint Energy House Electric LLC term loan 12.75% 11/11/05 (h)

320

355

CMS Energy Corp.:

Tranche B term loan 7.5% 4/30/04 (h)

105

105

Tranche C term loan 9% 9/30/04 (h)

165

166

CMS Enterprises Co. Tranche A term loan 7.5% 4/30/04 (h)

340

340

966

Multi-Utilities & Unregulated Power - 0.0%

El Paso Corp. Tranche B term loan 9.75% 3/13/05 (h)

10

10

TOTAL UTILITIES

976

TOTAL FLOATING RATE LOANS

(Cost $1,618)

1,728

Money Market Funds - 13.3%

Shares

Fidelity Cash Central Fund, 1.3% (b)
(Cost $225,594)

225,593,632

225,594

TOTAL INVESTMENT PORTFOLIO - 106.0%

(Cost $1,683,056)

1,793,862

NET OTHER ASSETS - (6.0)%

(101,225)

NET ASSETS - 100%

$ 1,692,637

Swap Agreements

Expiration
Date

Notional
Amount (000s)

Unrealized
Appreciation/
(Depreciation)
(000s)

Interest Rate Swap

Receive quarterly a fixed rate equal to 3.0732% and pay quarterly a floating rate based on 3-month LIBOR with Morgan Stanley, Inc.

April 2007

$ 3,990

$ 130

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Debt obligation initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) 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 $46,488,000 or 2.7% of net assets.

(g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(h) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(i) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition
Date

Acquisition
Cost (000s)

Micron Technology, Inc. 6.5% 9/30/05

3/3/99

$ 774

Other Information

The composition of credit quality ratings as a percentage of net assets is as follows (ratings are unaudited):

U.S. Government and U.S. Government Agency Obligations

18.2%

AAA,AA,A

5.5%

BBB

5.1%

BB

2.1%

B

4.5%

CCC,CC,C

1.8%

D

0.0%

Not Rated

0.1%

Equities

55.4%

Short-Term Investments and Net Other Assets

7.3%

We have used ratings from Moody's Investors Services, Inc. Where Moody's ratings are not available, we have used
S&P ratings.

Purchases and sales of securities, other than short-term securities, aggregated $835,842,000 and $900,047,000, respectively, of which long-term U.S. government and government agency obligations aggregated $554,996,000 and $578,951,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $26,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $945,000 or 0.1% of net assets.

The fund invested in loans and loan participations, trade claims or other receivables. At period end the value of these investments amounted to $1,728,000 or 0.1% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $100,822,000 of which $90,844,000 and $9,978,000 will expire on November 30, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003

Assets

Investment in securities, at value (cost $1,683,056) - See accompanying schedule

$ 1,793,862

Cash

862

Receivable for investments sold

4,711

Receivable for fund shares sold

1,190

Dividends receivable

1,247

Interest receivable

7,826

Unrealized gain on swap agreements

130

Other receivables

10

Total assets

1,809,838

Liabilities

Payable for investments purchased
Regular delivery

$ 8,889

Delayed delivery

103,834

Payable for fund shares redeemed

2,734

Accrued management fee

604

Distribution fees payable

721

Other payables and accrued expenses

419

Total liabilities

117,201

Net Assets

$ 1,692,637

Net Assets consist of:

Paid in capital

$ 1,671,592

Undistributed net investment income

8,808

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(98,700)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

110,937

Net Assets

$ 1,692,637

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($127,169 ÷ 8,540 shares)

$ 14.89

Maximum offering price per share (100/94.25 of $14.89)

$ 15.80

Class T:
Net Asset Value and redemption price per share ($1,334,020 ÷ 89,217 shares)

$ 14.95

Maximum offering price per share (100/96.50 of $14.95)

$ 15.49

Class B:
Net Asset Value and offering price per share
($114,541 ÷ 7,718 shares) A

$ 14.84

Class C:
Net Asset Value and offering price per share
($64,507 ÷ 4,349 shares) A

$ 14.83

Institutional Class:
Net Asset Value, offering price and redemption price per share ($52,400 ÷ 3,486 shares)

$ 15.03

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003

Investment Income

Dividends

$ 7,539

Interest

20,221

Total income

27,760

Expenses

Management fee

$ 3,497

Transfer agent fees

2,066

Distribution fees

4,224

Accounting fees and expenses

192

Non-interested trustees' compensation

4

Depreciation in trustee deferred compensation account

(3)

Custodian fees and expenses

32

Registration fees

51

Audit

25

Legal

8

Miscellaneous

8

Total expenses before reductions

10,104

Expense reductions

(157)

9,947

Net investment income (loss)

17,813

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

16,861

Foreign currency transactions

7

Swap agreements

55

Total net realized gain (loss)

16,923

Change in net unrealized appreciation (depreciation) on:

Investment securities

71,304

Swap agreements

130

Total change in net unrealized appreciation (depreciation)

71,434

Net gain (loss)

88,357

Net increase (decrease) in net assets resulting from operations

$ 106,170

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31,
2003

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 17,813

$ 43,027

Net realized gain (loss)

16,923

(6,535)

Change in net unrealized appreciation (depreciation)

71,434

(163,209)

Net increase (decrease) in net assets resulting
from operations

106,170

(126,717)

Distributions to shareholders from net investment income

(18,422)

(42,614)

Share transactions - net increase (decrease)

(57,108)

(189,877)

Total increase (decrease) in net assets

30,640

(359,208)

Net Assets

Beginning of period

1,661,997

2,021,205

End of period (including undistributed net investment income of $8,808 and undistributed net investment income of $9,417, respectively)

$ 1,692,637

$ 1,661,997

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.11

$ 15.41

$ 16.55

$ 18.64

$ 19.91

$ 19.25

$ 18.75

Income from Investment Operations

Net investment income (loss) E

.17

.38

.43

.49

.50

.05

.53

Net realized and unrealized gain (loss)

.79

(1.30)

(.62)

(1.29)

.53

.61

1.80

Total from investment operations

.96

(.92)

(.19)

(.80)

1.03

.66

2.33

Distributions from net investment income

(.18)

(.38)

(.49)

(.48)

(.52)

-

(.57)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.18)

(.38)

(.95)

(1.29)

(2.30)

-

(1.83)

Net asset value, end of period

$ 14.89

$ 14.11

$ 15.41

$ 16.55

$ 18.64

$ 19.91

$ 19.25

Total Return B, C, D

6.92%

(6.04)%

(1.18)%

(4.67)%

5.65%

3.43%

13.04%

Ratios to Average Net Assets F

Expenses before expense reductions

.97% A

.96%

.94%

.93%

.93%

1.02% A

1.05%

Expenses net of voluntary waivers, if any

.97% A

.96%

.94%

.93%

.93%

1.02% A

1.05%

Expenses net of all reductions

.95% A

.94%

.93%

.91%

.91%

1.02% A

1.02%

Net investment income (loss)

2.50% A

2.65%

2.77%

2.81%

2.68%

3.13% A

2.76%

Supplemental Data

Net assets,
end of period
(in millions)

$ 127

$ 120

$ 105

$ 66

$ 59

$ 17

$ 16

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.17

$ 15.47

$ 16.58

$ 18.67

$ 19.96

$ 19.30

$ 18.79

Income from Investment Operations

Net investment income (loss) E

.16

.35

.39

.45

.46

.05

.51

Net realized and unrealized gain (loss)

.78

(1.31)

(.61)

(1.30)

.51

.61

1.80

Total from investment operations

.94

(.96)

(.22)

(.85)

.97

.66

2.31

Distributions from net investment income

(.16)

(.34)

(.43)

(.43)

(.48)

-

(.54)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.16)

(.34)

(.89)

(1.24)

(2.26)

-

(1.80)

Net asset value, end of period

$ 14.95

$ 14.17

$ 15.47

$ 16.58

$ 18.67

$ 19.96

$ 19.30

Total Return B, C, D

6.74%

(6.27)%

(1.37)%

(4.94)%

5.30%

3.42%

12.90%

Ratios to Average Net Assets F

Expenses before expense reductions

1.23% A

1.23%

1.20%

1.16%

1.16%

1.22% A

1.16%

Expenses net of voluntary waivers, if any

1.23% A

1.23%

1.20%

1.16%

1.16%

1.22% A

1.16%

Expenses net of all reductions

1.21% A

1.20%

1.19%

1.15%

1.14%

1.22% A

1.15%

Net investment income (loss)

2.23% A

2.38%

2.51%

2.57%

2.45%

2.92% A

2.68%

Supplemental Data

Net assets, end of period (in millions)

$ 1,334

$ 1,319

$ 1,681

$ 2,021

$ 2,802

$ 2,993

$ 2,903

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 14.06

$ 15.36

$ 16.47

$ 18.54

$ 19.86

$ 19.21

$ 18.71

Income from Investment Operations

Net investment income (loss) E

.12

.26

.30

.35

.36

.04

.38

Net realized and unrealized gain (loss)

.78

(1.30)

(.60)

(1.29)

.50

.61

1.81

Total from investment operations

.90

(1.04)

(.30)

(.94)

.86

.65

2.19

Distributions from net investment income

(.12)

(.26)

(.35)

(.32)

(.40)

-

(.43)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.12)

(.26)

(.81)

(1.13)

(2.18)

-

(1.69)

Net asset value, end of period

$ 14.84

$ 14.06

$ 15.36

$ 16.47

$ 18.54

$ 19.86

$ 19.21

Total Return B, C, D

6.48%

(6.83)%

(1.89)%

(5.45)%

4.71%

3.38%

12.25%

Ratios to Average Net Assets F

Expenses before expense reductions

1.80% A

1.79%

1.75%

1.72%

1.69%

1.80% A

1.74%

Expenses net of voluntary waivers, if any

1.80% A

1.79%

1.75%

1.72%

1.69%

1.80% A

1.74%

Expenses net of all reductions

1.78% A

1.77%

1.74%

1.70%

1.68%

1.80% A

1.73%

Net investment income (loss)

1.66% A

1.82%

1.96%

2.01%

1.91%

2.35% A

2.02%

Supplemental Data

Net assets, end of period (in millions)

$ 115

$ 107

$ 121

$ 111

$ 124

$ 57

$ 51

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G For the period ended October 31.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 H

1998 F

Selected Per-Share Data

Net asset value, beginning of period

$ 14.05

$ 15.35

$ 16.47

$ 18.55

$ 19.88

$ 19.22

$ 19.05

Income from Investment Operations

Net investment income (loss) E

.12

.26

.31

.35

.36

.04

.36

Net realized and unrealized gain (loss)

.78

(1.30)

(.61)

(1.29)

.48

.62

1.56

Total from investment operations

.90

(1.04)

(.30)

(.94)

.84

.66

1.92

Distributions from net investment income

(.12)

(.26)

(.36)

(.33)

(.39)

-

(.49)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.12)

(.26)

(.82)

(1.14)

(2.17)

-

(1.75)

Net asset value, end of period

$ 14.83

$ 14.05

$ 15.35

$ 16.47

$ 18.55

$ 19.88

$ 19.22

Total Return B, C, D

6.48%

(6.83)%

(1.89)%

(5.45)%

4.60%

3.43%

10.62%

Ratios to Average Net Assets G

Expenses before expense reductions

1.79% A

1.78%

1.72%

1.69%

1.66%

1.77% A

1.80% A

Expenses net of voluntary waivers, if any

1.79% A

1.78%

1.72%

1.69%

1.66%

1.77% A

1.80% A

Expenses net of all reductions

1.77% A

1.76%

1.71%

1.68%

1.65%

1.76% A

1.79% A

Net investment income (loss)

1.67% A

1.83%

1.98%

2.03%

1.95%

2.37% A

1.89% A

Supplemental Data

Net assets, end of period (in millions)

$ 65

$ 61

$ 61

$ 54

$ 53

$ 21

$ 20

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period November 3, 1997 (commencement of sale of shares) to October 31, 1998.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months
ended
May 31,

Years ended November 30,

2003

2002

2001

2000

1999

1998 G

1998 F

Selected Per-Share Data

Net asset value, beginning of period

$ 14.25

$ 15.55

$ 16.69

$ 18.77

$ 20.03

$ 19.35

$ 18.85

Income from Investment Operations

Net investment income (loss) D

.20

.43

.48

.57

.56

.05

.60

Net realized and unrealized gain (loss)

.78

(1.31)

(.63)

(1.32)

.53

.63

1.81

Total from investment operations

.98

(.88)

(.15)

(.75)

1.09

.68

2.41

Distributions from net investment income

(.20)

(.42)

(.53)

(.52)

(.57)

-

(.65)

Distributions from net realized gain

-

-

(.46)

(.81)

(1.78)

-

(1.26)

Total distributions

(.20)

(.42)

(.99)

(1.33)

(2.35)

-

(1.91)

Net asset value, end of period

$ 15.03

$ 14.25

$ 15.55

$ 16.69

$ 18.77

$ 20.03

$ 19.35

Total Return B, C

7.01%

(5.73)%

(.92)%

(4.37)%

5.95%

3.51%

13.45%

Ratios to Average Net Assets E

Expenses before expense reductions

.69% A

.69%

.67%

.63%

.64%

.66% A

.65%

Expenses net of voluntary waivers, if any

.69% A

.69%

.67%

.63%

.64%

.66% A

.65%

Expenses net of all reductions

.67% A

.67%

.65%

.61%

.63%

.66% A

.63%

Net investment income (loss)

2.78% A

2.92%

3.04%

3.10%

2.96%

3.48% A

3.15%

Supplemental Data

Net assets, end of period (in millions)

$ 52

$ 55

$ 53

$ 46

$ 67

$ 63

$ 61

Portfolio turnover rate

110% A

106%

98%

120%

93%

73% A

85%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

F For the period ended October 31.

G One month ended November 30.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Balanced 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, non-taxable dividends, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 165,162

|

Unrealized depreciation

(56,680)

Net unrealized appreciation (depreciation)

$ 108,482

Cost for federal income tax purposes

$ 1,685,380

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

2. Operating Policies - continued

Delayed Delivery Transactions and When-Issued Securities - continued

Delayed Delivery Transactions and When-Issued Securities. The fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable

securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the fund's Schedule of Investments. The fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Loans and Other Direct Debt Instruments. The fund may invest in loans and loan participations, trade claims or other receivables. These investments may include standby financing commitments that obligate the fund to supply additional cash to the borrower on demand. Loan participations involve a risk of insolvency of the lending bank or other financial intermediary. Information regarding loans and other direct debt instruments is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Swap Agreements. The fund may invest in swaps for the purpose of managing its exposure to interest rate, credit or market risk.

Interest rate swaps are agreements to exchange cash flows periodically based on a notional principal amount, for example, the exchange of fixed rate interest payments for floating rate interest payments. The net receivable or payable is accrued daily and is included in interest income in the accompanying Statement of Operations. The primary risk associated with interest rate swaps is that unfavorable changes in the fluctuation of interest rates could adversely impact the fund.

Swaps are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the swap agreement. Risks may exceed amounts recognized on the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the swap agreements.

Semiannual Report

2. Operating Policies - continued

Swap Agreements - continued

Details of swap agreements open at period end are included in the fund's Schedule of Investments under the caption "Swap Agreements."

Financing Transactions. To earn additional income, the fund may employ trading strategies which involve the sale and simultaneous agreement to repurchase similar securities ("mortgage dollar rolls") or the purchase and simultaneous agreement to sell similar securities ("reverse mortgage dollar rolls"). The securities traded are mortgage securities and bear the same interest rate but will be collateralized by different pools of mortgages. During the period between the sale and repurchase in a mortgage dollar roll transaction, a fund will not be entitled to receive interest and principal payments on the securities sold but will invest the proceeds of the sale in other securities which may enhance the yield and total return. In addition, the difference between the sales price and the future purchase price is recorded as an adjustment to investment income. During the period between the purchase and subsequent sale in a reverse mortgage dollar roll transaction a fund is entitled to interest and principal payments on the securities purchased. The price differential between the purchase and sale is recorded as an adjustment to investment income. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the fund's right to repurchase or sell securities may be limited.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .15% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .43% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.01%

.25%

$ 152

$ 1

$ 5

Class T

.26%

.25%

3,240

26

51

Class B

.75%

.25%

531

399

-

Class C

.75%

.25%

301

34

-

$ 4,224

$ 460

$ 56

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 20

Class T

36

Class B*

158

Class C*

3

$ 217

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 140

.24*

Class T

1,602

.25*

Class B

175

.33*

Class C

95

.32*

Institutional Class

54

.21*

$ 2,066

* 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.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,236 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

1.80%

$ 2

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 98

$ 1

Class A

5

-

-

Class T

51

-

-

$ 56

$ 98

$ 1

7. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 1,521

$ 2,954

Class T

14,728

34,845

Class B

910

2,061

Class C

517

1,097

Institutional Class

746

1,657

Total

$ 18,422

$ 42,614

Semiannual Report

Notes to Financial Statements - continued

(Amounts in thousands except ratios)

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

936

3,432

$ 13,044

$ 50,200

Reinvestment of distributions

109

197

1,487

2,881

Shares redeemed

(1,040)

(1,937)

(14,478)

(27,835)

Net increase (decrease)

5

1,692

$ 53

$ 25,246

Class T

Shares sold

8,479

17,764

$ 118,327

$ 260,115

Reinvestment of distributions

1,012

2,225

13,911

32,902

Shares redeemed

(13,364)

(35,581)

(186,358)

(518,713)

Net increase (decrease)

(3,873)

(15,592)

$ (54,120)

$ (225,696)

Class B

Shares sold

1,037

1,996

$ 14,358

$ 28,774

Reinvestment of distributions

59

125

807

1,828

Shares redeemed

(977)

(2,406)

(13,429)

(34,002)

Net increase (decrease)

119

(285)

$ 1,736

$ (3,400)

Class C

Shares sold

833

2,091

$ 11,621

$ 30,235

Reinvestment of distributions

33

63

445

924

Shares redeemed

(854)

(1,779)

(11,796)

(25,169)

Net increase (decrease)

12

375

$ 270

$ 5,990

Institutional Class

Shares sold

276

1,610

$ 3,866

$ 24,078

Reinvestment of distributions

54

111

738

1,638

Shares redeemed

(684)

(1,259)

(9,651)

(17,733)

Net increase (decrease)

(354)

462

$ (5,047)

$ 7,983

Semiannual Report

Independent Auditors' Report

To the Trustees of Fidelity Advisor Series I and Shareholders of Fidelity Advisor Balanced Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Advisor Balanced Fund (the Fund), a fund of Fidelity Advisor Series I, including the portfolio of investments, as of May 31, 2003, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months then ended and the year ended November 30, 2002, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of May 31, 2003, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Advisor Balanced Fund as of May 31, 2003, and the results of its operations for the six months then ended, the changes in its net assets for the six months then ended and the year ended November 30, 2002, and its financial highlights for periods presented in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

July 16, 2003


Semiannual Report

Investment Adviser

Fidelity Management &
Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

Fidelity Investments
Money Management, Inc.

General Distributor

Fidelity Distributions Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Leveraged Company Stock

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American Financial Group, Inc., Ohio

3.9

3.3

AmeriCredit Corp.

3.8

3.7

AES Corp.

3.8

3.9

Nextel Communications, Inc. Class A

3.6

3.8

AMR Corp.

3.5

0.0

Tyco International Ltd.

2.9

0.7

CMS Energy Corp.

2.8

0.7

Teekay Shipping Corp.

2.7

0.7

EchoStar Communications Corp. Class A

2.6

5.7

Level 3 Communications, Inc.

2.2

3.6

31.8

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Telecommunication Services

15.3

14.3

Energy

13.2

9.5

Financials

12.4

15.3

Utilities

11.1

7.8

Industrials

10.8

2.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 85.5%

Stocks 80.7%

Bonds 2.4%

Bonds 2.0%

Convertible
Securities 0.2%

Convertible
Securities 0.0%

Short-Term
Investments and
Net Other Assets 11.9%

Short-Term
Investments and
Net Other Assets 17.3%

* Foreign
investments

5.4%

** Foreign
investments

0.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.5%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 9.6%

Hotels, Restaurants & Leisure - 0.1%

Friendly Ice Cream Corp. (a)

4,276

$ 28,393

Internet & Catalog Retail - 0.4%

USA Interactive (a)

3,700

142,265

Media - 9.1%

AMC Entertainment, Inc. (a)

30,100

313,341

Charter Communications, Inc. Class A (a)

143,965

431,895

EchoStar Communications Corp. Class A (a)

30,890

1,037,286

Emmis Communications Corp. Class A (a)

1,700

36,006

General Motors Corp. Class H (a)

58,700

716,140

Granite Broadcasting Corp. (non vtg.) (a)

44,256

127,015

Liberty Media Corp. Class A (a)

29,323

343,079

LodgeNet Entertainment Corp. (a)

10,400

118,456

Pegasus Communications Corp. Class A (a)

8,370

207,995

PRIMEDIA, Inc. (a)

26,800

89,512

Regal Entertainment Group Class A

100

2,223

Spanish Broadcasting System, Inc. Class A (a)

15,600

118,248

UnitedGlobalCom, Inc. Class A (a)

30,500

140,605

3,681,801

Specialty Retail - 0.0%

Hollywood Entertainment Corp. (a)

800

13,424

TOTAL CONSUMER DISCRETIONARY

3,865,883

CONSUMER STAPLES - 5.5%

Food & Staples Retailing - 5.2%

Pathmark Stores, Inc. (a)

117,740

848,905

Rite Aid Corp. (a)

192,200

707,296

Safeway, Inc. (a)

28,500

536,940

2,093,141

Personal Products - 0.3%

Revlon, Inc.:

rights 6/16/03 (a)

12,039

1,084

Class A (a)

35,400

104,430

105,514

TOTAL CONSUMER STAPLES

2,198,655

ENERGY - 13.0%

Energy Equipment & Services - 5.3%

Grant Prideco, Inc. (a)

46,500

648,675

Common Stocks - continued

Shares

Value (Note 1)

ENERGY - continued

Energy Equipment & Services - continued

Grey Wolf, Inc. (a)

23,900

$ 107,072

Key Energy Services, Inc. (a)

43,000

510,840

Nabors Industries Ltd. (a)

11,100

500,388

National-Oilwell, Inc. (a)

1,400

34,048

Pride International, Inc. (a)

9,300

176,979

Rowan Companies, Inc.

6,500

155,610

2,133,612

Oil & Gas - 7.7%

Burlington Resources, Inc.

12,700

676,783

Chesapeake Energy Corp.

63,700

650,377

General Maritime Corp. (a)

62,200

612,670

Occidental Petroleum Corp.

500

16,870

Plains Exploration & Production Co. (a)

600

6,138

Range Resources Corp. (a)

6,600

39,600

Teekay Shipping Corp.

26,000

1,093,300

3,095,738

TOTAL ENERGY

5,229,350

FINANCIALS - 12.4%

Commercial Banks - 0.5%

Provident Financial Group, Inc.

8,400

214,872

Consumer Finance - 6.4%

AmeriCredit Corp. (a)

163,800

1,539,720

Capital One Financial Corp.

14,600

703,282

Metris Companies, Inc.

61,400

312,526

2,555,528

Insurance - 5.5%

American Financial Group, Inc., Ohio

70,900

1,567,598

Great American Financial Resources, Inc.

300

4,188

Infinity Property & Casualty Corp.

14,000

320,740

Markel Corp. (a)

1,210

305,223

2,197,749

Real Estate - 0.0%

Equity Office Properties Trust

500

13,455

TOTAL FINANCIALS

4,981,604

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - 1.8%

Health Care Providers & Services - 1.8%

Tenet Healthcare Corp. (a)

43,000

$ 717,670

INDUSTRIALS - 10.8%

Aerospace & Defense - 0.9%

BE Aerospace, Inc. (a)

33,000

79,860

Goodrich Corp.

15,300

279,531

359,391

Airlines - 4.2%

America West Holding Corp. Class B (a)

54,900

223,443

AMR Corp. (a)

222,570

1,411,094

Frontier Airlines, Inc. (a)

700

4,893

Northwest Airlines Corp. (a)

7,500

66,975

1,706,405

Commercial Services & Supplies - 0.1%

Park-Ohio Holdings Corp. (a)

7,400

34,706

Republic Services, Inc. (a)

1,000

23,910

58,616

Industrial Conglomerates - 2.9%

Tyco International Ltd.

65,000

1,150,500

Machinery - 1.0%

Navistar International Corp. (a)

1,900

58,558

Terex Corp. (a)

20,500

363,875

422,433

Road & Rail - 1.7%

Kansas City Southern (a)

55,900

666,887

TOTAL INDUSTRIALS

4,364,232

INFORMATION TECHNOLOGY - 1.6%

Communications Equipment - 1.5%

Juniper Networks, Inc. (a)

5,800

80,504

Motorola, Inc.

63,500

541,020

621,524

Semiconductors & Semiconductor Equipment - 0.1%

ChipPAC, Inc. Class A (a)

6,200

38,502

TOTAL INFORMATION TECHNOLOGY

660,026

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - 5.2%

Chemicals - 1.7%

Dow Chemical Co.

200

$ 6,360

Monsanto Co.

34,500

691,725

698,085

Construction Materials - 0.0%

Texas Industries, Inc.

500

11,055

Containers & Packaging - 2.4%

Owens-Illinois, Inc. (a)

26,200

299,990

Packaging Corp. of America (a)

1,870

33,660

Sealed Air Corp.

10,700

469,623

Smurfit-Stone Container Corp. (a)

11,600

171,912

975,185

Metals & Mining - 0.7%

Alcoa, Inc.

1,500

36,915

Barrick Gold Corp.

500

8,734

Freeport-McMoRan Copper & Gold, Inc. Class B

7,370

161,772

Haynes Holdings, Inc. (a)(e)

32,854

45,996

Oregon Steel Mills, Inc. (a)

1,600

4,624

258,041

Paper & Forest Products - 0.4%

Georgia-Pacific Corp.

8,300

143,590

TOTAL MATERIALS

2,085,956

TELECOMMUNICATION SERVICES - 15.1%

Diversified Telecommunication Services - 5.2%

AT&T Canada, Inc. Class B (ltd. vtg.) (a)

3,600

104,590

Focal Communications Corp. warrants 12/14/07 (a)

22,678

2

Level 3 Communications, Inc. (a)

126,500

899,415

NTL, Inc. (a)

28,701

782,102

Qwest Communications International, Inc. (a)

68,700

308,463

XO Communications, Inc. (a)

2,800

16,184

2,110,756

Wireless Telecommunication Services - 9.9%

American Tower Corp. Class A (a)

22,300

199,808

Millicom International Cellular SA (a)

16,000

319,200

Nextel Communications, Inc. Class A (a)

96,700

1,449,533

NII Holdings, Inc. Class B (a)

18,800

676,612

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

SpectraSite, Inc. (a)

16,745

$ 827,203

Triton PCS Holdings, Inc. Class A (a)

109,100

507,315

3,979,671

TOTAL TELECOMMUNICATION SERVICES

6,090,427

UTILITIES - 10.5%

Electric Utilities - 6.4%

CMS Energy Corp.

141,800

1,123,056

PG&E Corp. (a)

39,300

668,100

TXU Corp.

39,800

805,552

2,596,708

Multi-Utilities & Unregulated Power - 4.1%

AES Corp. (a)

190,900

1,511,928

National Fuel Gas Co.

2,500

63,925

Westar Energy, Inc.

3,800

60,496

1,636,349

TOTAL UTILITIES

4,233,057

TOTAL COMMON STOCKS

(Cost $29,627,552)

34,426,860

Nonconvertible Preferred Stocks - 0.0%

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

NTL Europe, Inc. Series A, $5.00

(Cost $2)

10

33

Corporate Bonds - 2.6%

Principal Amount

Convertible Bonds - 0.2%

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

Level 3 Communications, Inc. 6% 9/15/09

$ 135,000

84,375

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - 2.4%

CONSUMER DISCRETIONARY - 0.3%

Media - 0.3%

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

8.625% 4/1/09

$ 160,000

$ 113,600

10.25% 1/15/10

10,000

7,150

120,750

CONSUMER STAPLES - 0.0%

Personal Products - 0.0%

Revlon Consumer Products Corp. 8.625% 2/1/08

25,000

11,250

ENERGY - 0.2%

Oil & Gas - 0.2%

The Coastal Corp. 7.5% 8/15/06

70,000

65,100

HEALTH CARE - 0.2%

Health Care Providers & Services - 0.2%

HealthSouth Corp. 7.625% 6/1/12 (c)

140,000

95,900

INFORMATION TECHNOLOGY - 1.1%

Communications Equipment - 1.1%

Qwest Services Corp. 13.5% 12/15/10 (d)

400,000

454,000

UTILITIES - 0.6%

Multi-Utilities & Unregulated Power - 0.6%

AES Corp. 9% 5/15/15 (d)

80,000

81,200

Williams Companies, Inc. 9.25% 3/15/04

140,000

142,800

224,000

TOTAL NONCONVERTIBLE BONDS

971,000

TOTAL CORPORATE BONDS

(Cost $1,020,911)

1,055,375

U.S. Treasury Obligations - 0.3%

U.S. Treasury Bills, yield at date of purchase 1.13% 7/3/03
(Cost $99,896)

100,000

99,902

Money Market Funds - 10.4%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.3% (b)
(Cost $4,192,711)

4,192,711

$ 4,192,711

TOTAL INVESTMENT PORTFOLIO - 98.8%

(Cost $34,941,072)

39,774,881

NET OTHER ASSETS - 1.2%

496,446

NET ASSETS - 100%

$ 40,271,327

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) 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 $535,200 or 1.3% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Haynes
Holdings, Inc.

5/2/03

$ 45,996

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $29,458,496 and $5,771,333, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $8,241 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,996 or 0.1% of net assets.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $34,941,072) - See accompanying schedule

$ 39,774,881

Receivable for investments sold

565,484

Receivable for fund shares sold

2,727,097

Dividends receivable

3,122

Interest receivable

37,613

Receivable from investment adviser for expense reductions

598

Other receivables

5,853

Total assets

43,114,648

Liabilities

Payable for investments purchased

$ 2,748,186

Payable for fund shares redeemed

48,162

Accrued management fee

14,675

Distribution fees payable

11,081

Other payables and accrued expenses

21,217

Total liabilities

2,843,321

Net Assets

$ 40,271,327

Net Assets consist of:

Paid in capital

$ 34,929,528

Accumulated net investment loss

(33,337)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

541,327

Net unrealized appreciation (depreciation) on investments

4,833,809

Net Assets

$ 40,271,327

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($21,839,084 ÷ 1,472,730 shares)

$ 14.83

Maximum offering price per share (100/94.25 of $14.83)

$ 15.73

Class T:
Net Asset Value and redemption price per share ($7,036,804 ÷ 478,043 shares)

$ 14.72

Maximum offering price per share (100/96.50 of $14.72)

$ 15.25

Class B:
Net Asset Value and offering price per share ($4,477,664 ÷ 307,121 shares) A

$ 14.58

Class C:
Net Asset Value and offering price per share ($5,167,643 ÷ 354,925 shares) A

$ 14.56

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,750,132 ÷ 117,470 shares)

$ 14.90

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 28,166

Interest

19,096

Total income

47,262

Expenses

Management fee

$ 35,946

Transfer agent fees

14,618

Distribution fees

34,580

Accounting fees and expenses

31,385

Non-interested trustees' compensation

16

Custodian fees and expenses

4,044

Registration fees

40,744

Audit

27,017

Legal

23

Miscellaneous

16

Total expenses before reductions

188,389

Expense reductions

(101,056)

87,333

Net investment income (loss)

(40,071)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

615,386

Foreign currency transactions

(176)

Futures contracts

15,851

Total net realized gain (loss)

631,061

Change in net unrealized appreciation (depreciation) on investment securities

4,721,069

Net gain (loss)

5,352,130

Net increase (decrease) in net assets resulting from operations

$ 5,312,059

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (40,071)

$ (55,394)

Net realized gain (loss)

631,061

753,513

Change in net unrealized appreciation (depreciation)

4,721,069

(176,167)

Net increase (decrease) in net assets resulting
from operations

5,312,059

521,952

Share transactions - net increase (decrease)

27,324,691

1,805,617

Total increase (decrease) in net assets

32,636,750

2,327,569

Net Assets

Beginning of period

7,634,577

5,307,008

End of period (including accumulated net investment loss of $33,337 and undistributed net investment income of $6,734, respectively)

$ 40,271,327

$ 7,634,577

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.02

$ 10.26

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.03)

(.06)

- H

Net realized and unrealized gain (loss)

3.84

.82

.26

Total from investment operations

3.81

.76

.26

Net asset value, end of period

$ 14.83

$ 11.02

$ 10.26

Total Return B, C, D

34.57%

7.41%

2.60%

Ratios to Average Net Assets G

Expenses before expense reductions

2.94% A

4.50%

5.73% A

Expenses net of voluntary waivers, if any

1.60% A

1.66%

1.75% A

Expenses net of all reductions

1.26% A

1.30%

1.68% A

Net investment income (loss)

(.44)% A

(.65)%

.04% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,839

$ 970

$ 769

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.97

$ 10.23

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

(.09)

(.02)

Net realized and unrealized gain (loss)

3.79

.83

.25

Total from investment operations

3.75

.74

.23

Net asset value, end of period

$ 14.72

$ 10.97

$ 10.23

Total Return B, C, D

34.18%

7.23%

2.30%

Ratios to Average Net Assets G

Expenses before expense reductions

3.35% A

4.81%

6.06% A

Expenses net of voluntary waivers, if any

1.85% A

1.91%

2.00% A

Expenses net of all reductions

1.51% A

1.55%

1.92% A

Net investment income (loss)

(.69)% A

(.90)%

(.20)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 7,037

$ 1,862

$ 1,473

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.89

$ 10.18

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.13)

(.07)

Net realized and unrealized gain (loss)

3.75

.84

.25

Total from investment operations

3.69

.71

.18

Net asset value, end of period

$ 14.58

$ 10.89

$ 10.18

Total Return B, C, D

33.88%

6.97%

1.80%

Ratios to Average Net Assets G

Expenses before expense reductions

3.75% A

5.36%

6.58% A

Expenses net of voluntary waivers, if any

2.25% A

2.41%

2.50% A

Expenses net of all reductions

1.91% A

2.05%

2.43% A

Net investment income (loss)

(1.09)% A

(1.39)%

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,478

$ 1,159

$ 919

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.87

$ 10.19

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.14)

(.07)

Net realized and unrealized gain (loss)

3.75

.82

.26

Total from investment operations

3.69

.68

.19

Net asset value, end of period

$ 14.56

$ 10.87

$ 10.19

Total Return B, C, D

33.95%

6.67%

1.90%

Ratios to Average Net Assets G

Expenses before expense reductions

3.67% A

5.22%

6.49% A

Expenses net of voluntary waivers, if any

2.25% A

2.43%

2.50% A

Expenses net of all reductions

1.91% A

2.07%

2.43% A

Net investment income (loss)

(1.09)% A

(1.42)%

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,168

$ 1,357

$ 1,747

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 E

Selected Per-Share Data

Net asset value, beginning of period

$ 11.07

$ 10.28

$ 10.00

Income from Investment Operations

Net investment income (loss) D

(.01)

(.04)

.03

Net realized and unrealized gain (loss)

3.84

.83

.25

Total from investment operations

3.83

.79

.28

Net asset value, end of period

$ 14.90

$ 11.07

$ 10.28

Total Return B, C

34.60%

7.68%

2.80%

Ratios to Average Net Assets F

Expenses before expense reductions

2.64% A

4.32%

5.47% A

Expenses net of voluntary waivers, if any

1.25% A

1.45%

1.50% A

Expenses net of all reductions

.91% A

1.09%

1.43% A

Net investment income (loss)

(.09)% A

(.43)%

.29% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,750

$ 2,287

$ 400

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 27, 2000 (commencement of operations) to November 30, 2001.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Leveraged Company Stock 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, non-taxable dividends, net operating losses and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 5,414,111

|

Unrealized depreciation

(769,981)

Net unrealized appreciation (depreciation)

$ 4,644,130

Cost for federal income tax purposes

$ 35,130,751

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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. Losses may arise from changes in the value of the underlying instruments or if the counter-parties 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .63% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.10%

.25%

$ 6,265

$ 43

$ 1,822

Class T

.35%

.25%

9,029

528

1,511

Class B

.75%

.25%

8,916

6,934

-

Class C

.75%

.25%

10,370

4,457

-

$ 34,580

$ 11,962

$ 3,333

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 10,300

Class T

2,871

Class B*

1,773

Class C*

3,076

$ 18,020

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 3,045

.17*

Class T

4,943

.33*

Class B

2,991

.33*

Class C

2,630

.25*

Institutional Class

1,009

.22*

$ 14,618

* 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.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $9,239 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.50%

$ 24,349

Class T

1.75%

22,660

Class B

2.25%

13,481

Class C

2.25%

14,830

Institutional Class

1.25%

6,448

$ 81,768

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions - continued

generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 15,943

$ 12

Class A

1,822

-

-

Class T

1,511

-

-

$ 3,333

$ 15,943

$ 12

7. Other Information.

At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the fund and one unaffiliated shareholder was the owner of record of 16% of the total outstanding shares of the fund.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,447,717

61,133

$ 19,450,775

$ 603,420

Shares redeemed

(62,991)

(48,041)

(737,747)

(437,836)

Net increase (decrease)

1,384,726

13,092

$ 18,713,028

$ 165,584

Class T

Shares sold

390,694

77,453

$ 4,898,266

$ 767,768

Shares redeemed

(82,407)

(51,640)

(950,673)

(492,061)

Net increase (decrease)

308,287

25,813

$ 3,947,593

$ 275,707

Class B

Shares sold

242,264

73,927

$ 3,101,946

$ 741,393

Shares redeemed

(41,569)

(57,757)

(549,665)

(546,362)

Net increase (decrease)

200,695

16,170

$ 2,552,281

$ 195,031

Class C

Shares sold

282,037

52,496

$ 3,531,126

$ 517,501

Shares redeemed

(51,953)

(99,063)

(583,794)

(872,314)

Net increase (decrease)

230,084

(46,567)

$ 2,947,332

$ (354,813)

Institutional Class

Shares sold

111,738

203,967

$ 1,360,984

$ 1,871,300

Shares redeemed

(200,902)

(36,229)

(2,196,527)

(347,192)

Net increase (decrease)

(89,164)

167,738

$ (835,543)

$ 1,524,108

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR, Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Leveraged Company Stock

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American Financial Group, Inc., Ohio

3.9

3.3

AmeriCredit Corp.

3.8

3.7

AES Corp.

3.8

3.9

Nextel Communications, Inc. Class A

3.6

3.8

AMR Corp.

3.5

0.0

Tyco International Ltd.

2.9

0.7

CMS Energy Corp.

2.8

0.7

Teekay Shipping Corp.

2.7

0.7

EchoStar Communications Corp. Class A

2.6

5.7

Level 3 Communications, Inc.

2.2

3.6

31.8

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Telecommunication Services

15.3

14.3

Energy

13.2

9.5

Financials

12.4

15.3

Utilities

11.1

7.8

Industrials

10.8

2.8

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 85.5%

Stocks 80.7%

Bonds 2.4%

Bonds 2.0%

Convertible
Securities 0.2%

Convertible
Securities 0.0%

Short-Term
Investments and
Net Other Assets 11.9%

Short-Term
Investments and
Net Other Assets 17.3%

* Foreign
investments

5.4%

** Foreign
investments

0.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 85.5%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 9.6%

Hotels, Restaurants & Leisure - 0.1%

Friendly Ice Cream Corp. (a)

4,276

$ 28,393

Internet & Catalog Retail - 0.4%

USA Interactive (a)

3,700

142,265

Media - 9.1%

AMC Entertainment, Inc. (a)

30,100

313,341

Charter Communications, Inc. Class A (a)

143,965

431,895

EchoStar Communications Corp. Class A (a)

30,890

1,037,286

Emmis Communications Corp. Class A (a)

1,700

36,006

General Motors Corp. Class H (a)

58,700

716,140

Granite Broadcasting Corp. (non vtg.) (a)

44,256

127,015

Liberty Media Corp. Class A (a)

29,323

343,079

LodgeNet Entertainment Corp. (a)

10,400

118,456

Pegasus Communications Corp. Class A (a)

8,370

207,995

PRIMEDIA, Inc. (a)

26,800

89,512

Regal Entertainment Group Class A

100

2,223

Spanish Broadcasting System, Inc. Class A (a)

15,600

118,248

UnitedGlobalCom, Inc. Class A (a)

30,500

140,605

3,681,801

Specialty Retail - 0.0%

Hollywood Entertainment Corp. (a)

800

13,424

TOTAL CONSUMER DISCRETIONARY

3,865,883

CONSUMER STAPLES - 5.5%

Food & Staples Retailing - 5.2%

Pathmark Stores, Inc. (a)

117,740

848,905

Rite Aid Corp. (a)

192,200

707,296

Safeway, Inc. (a)

28,500

536,940

2,093,141

Personal Products - 0.3%

Revlon, Inc.:

rights 6/16/03 (a)

12,039

1,084

Class A (a)

35,400

104,430

105,514

TOTAL CONSUMER STAPLES

2,198,655

ENERGY - 13.0%

Energy Equipment & Services - 5.3%

Grant Prideco, Inc. (a)

46,500

648,675

Common Stocks - continued

Shares

Value (Note 1)

ENERGY - continued

Energy Equipment & Services - continued

Grey Wolf, Inc. (a)

23,900

$ 107,072

Key Energy Services, Inc. (a)

43,000

510,840

Nabors Industries Ltd. (a)

11,100

500,388

National-Oilwell, Inc. (a)

1,400

34,048

Pride International, Inc. (a)

9,300

176,979

Rowan Companies, Inc.

6,500

155,610

2,133,612

Oil & Gas - 7.7%

Burlington Resources, Inc.

12,700

676,783

Chesapeake Energy Corp.

63,700

650,377

General Maritime Corp. (a)

62,200

612,670

Occidental Petroleum Corp.

500

16,870

Plains Exploration & Production Co. (a)

600

6,138

Range Resources Corp. (a)

6,600

39,600

Teekay Shipping Corp.

26,000

1,093,300

3,095,738

TOTAL ENERGY

5,229,350

FINANCIALS - 12.4%

Commercial Banks - 0.5%

Provident Financial Group, Inc.

8,400

214,872

Consumer Finance - 6.4%

AmeriCredit Corp. (a)

163,800

1,539,720

Capital One Financial Corp.

14,600

703,282

Metris Companies, Inc.

61,400

312,526

2,555,528

Insurance - 5.5%

American Financial Group, Inc., Ohio

70,900

1,567,598

Great American Financial Resources, Inc.

300

4,188

Infinity Property & Casualty Corp.

14,000

320,740

Markel Corp. (a)

1,210

305,223

2,197,749

Real Estate - 0.0%

Equity Office Properties Trust

500

13,455

TOTAL FINANCIALS

4,981,604

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - 1.8%

Health Care Providers & Services - 1.8%

Tenet Healthcare Corp. (a)

43,000

$ 717,670

INDUSTRIALS - 10.8%

Aerospace & Defense - 0.9%

BE Aerospace, Inc. (a)

33,000

79,860

Goodrich Corp.

15,300

279,531

359,391

Airlines - 4.2%

America West Holding Corp. Class B (a)

54,900

223,443

AMR Corp. (a)

222,570

1,411,094

Frontier Airlines, Inc. (a)

700

4,893

Northwest Airlines Corp. (a)

7,500

66,975

1,706,405

Commercial Services & Supplies - 0.1%

Park-Ohio Holdings Corp. (a)

7,400

34,706

Republic Services, Inc. (a)

1,000

23,910

58,616

Industrial Conglomerates - 2.9%

Tyco International Ltd.

65,000

1,150,500

Machinery - 1.0%

Navistar International Corp. (a)

1,900

58,558

Terex Corp. (a)

20,500

363,875

422,433

Road & Rail - 1.7%

Kansas City Southern (a)

55,900

666,887

TOTAL INDUSTRIALS

4,364,232

INFORMATION TECHNOLOGY - 1.6%

Communications Equipment - 1.5%

Juniper Networks, Inc. (a)

5,800

80,504

Motorola, Inc.

63,500

541,020

621,524

Semiconductors & Semiconductor Equipment - 0.1%

ChipPAC, Inc. Class A (a)

6,200

38,502

TOTAL INFORMATION TECHNOLOGY

660,026

Common Stocks - continued

Shares

Value (Note 1)

MATERIALS - 5.2%

Chemicals - 1.7%

Dow Chemical Co.

200

$ 6,360

Monsanto Co.

34,500

691,725

698,085

Construction Materials - 0.0%

Texas Industries, Inc.

500

11,055

Containers & Packaging - 2.4%

Owens-Illinois, Inc. (a)

26,200

299,990

Packaging Corp. of America (a)

1,870

33,660

Sealed Air Corp.

10,700

469,623

Smurfit-Stone Container Corp. (a)

11,600

171,912

975,185

Metals & Mining - 0.7%

Alcoa, Inc.

1,500

36,915

Barrick Gold Corp.

500

8,734

Freeport-McMoRan Copper & Gold, Inc. Class B

7,370

161,772

Haynes Holdings, Inc. (a)(e)

32,854

45,996

Oregon Steel Mills, Inc. (a)

1,600

4,624

258,041

Paper & Forest Products - 0.4%

Georgia-Pacific Corp.

8,300

143,590

TOTAL MATERIALS

2,085,956

TELECOMMUNICATION SERVICES - 15.1%

Diversified Telecommunication Services - 5.2%

AT&T Canada, Inc. Class B (ltd. vtg.) (a)

3,600

104,590

Focal Communications Corp. warrants 12/14/07 (a)

22,678

2

Level 3 Communications, Inc. (a)

126,500

899,415

NTL, Inc. (a)

28,701

782,102

Qwest Communications International, Inc. (a)

68,700

308,463

XO Communications, Inc. (a)

2,800

16,184

2,110,756

Wireless Telecommunication Services - 9.9%

American Tower Corp. Class A (a)

22,300

199,808

Millicom International Cellular SA (a)

16,000

319,200

Nextel Communications, Inc. Class A (a)

96,700

1,449,533

NII Holdings, Inc. Class B (a)

18,800

676,612

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

SpectraSite, Inc. (a)

16,745

$ 827,203

Triton PCS Holdings, Inc. Class A (a)

109,100

507,315

3,979,671

TOTAL TELECOMMUNICATION SERVICES

6,090,427

UTILITIES - 10.5%

Electric Utilities - 6.4%

CMS Energy Corp.

141,800

1,123,056

PG&E Corp. (a)

39,300

668,100

TXU Corp.

39,800

805,552

2,596,708

Multi-Utilities & Unregulated Power - 4.1%

AES Corp. (a)

190,900

1,511,928

National Fuel Gas Co.

2,500

63,925

Westar Energy, Inc.

3,800

60,496

1,636,349

TOTAL UTILITIES

4,233,057

TOTAL COMMON STOCKS

(Cost $29,627,552)

34,426,860

Nonconvertible Preferred Stocks - 0.0%

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

NTL Europe, Inc. Series A, $5.00

(Cost $2)

10

33

Corporate Bonds - 2.6%

Principal Amount

Convertible Bonds - 0.2%

TELECOMMUNICATION SERVICES - 0.2%

Diversified Telecommunication Services - 0.2%

Level 3 Communications, Inc. 6% 9/15/09

$ 135,000

84,375

Corporate Bonds - continued

Principal Amount

Value
(Note 1)

Nonconvertible Bonds - 2.4%

CONSUMER DISCRETIONARY - 0.3%

Media - 0.3%

Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:

8.625% 4/1/09

$ 160,000

$ 113,600

10.25% 1/15/10

10,000

7,150

120,750

CONSUMER STAPLES - 0.0%

Personal Products - 0.0%

Revlon Consumer Products Corp. 8.625% 2/1/08

25,000

11,250

ENERGY - 0.2%

Oil & Gas - 0.2%

The Coastal Corp. 7.5% 8/15/06

70,000

65,100

HEALTH CARE - 0.2%

Health Care Providers & Services - 0.2%

HealthSouth Corp. 7.625% 6/1/12 (c)

140,000

95,900

INFORMATION TECHNOLOGY - 1.1%

Communications Equipment - 1.1%

Qwest Services Corp. 13.5% 12/15/10 (d)

400,000

454,000

UTILITIES - 0.6%

Multi-Utilities & Unregulated Power - 0.6%

AES Corp. 9% 5/15/15 (d)

80,000

81,200

Williams Companies, Inc. 9.25% 3/15/04

140,000

142,800

224,000

TOTAL NONCONVERTIBLE BONDS

971,000

TOTAL CORPORATE BONDS

(Cost $1,020,911)

1,055,375

U.S. Treasury Obligations - 0.3%

U.S. Treasury Bills, yield at date of purchase 1.13% 7/3/03
(Cost $99,896)

100,000

99,902

Money Market Funds - 10.4%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.3% (b)
(Cost $4,192,711)

4,192,711

$ 4,192,711

TOTAL INVESTMENT PORTFOLIO - 98.8%

(Cost $34,941,072)

39,774,881

NET OTHER ASSETS - 1.2%

496,446

NET ASSETS - 100%

$ 40,271,327

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Non-income producing - issuer filed for bankruptcy or is in default of interest payments.

(d) 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 $535,200 or 1.3% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Haynes
Holdings, Inc.

5/2/03

$ 45,996

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $29,458,496 and $5,771,333, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $8,241 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,996 or 0.1% of net assets.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $34,941,072) - See accompanying schedule

$ 39,774,881

Receivable for investments sold

565,484

Receivable for fund shares sold

2,727,097

Dividends receivable

3,122

Interest receivable

37,613

Receivable from investment adviser for expense reductions

598

Other receivables

5,853

Total assets

43,114,648

Liabilities

Payable for investments purchased

$ 2,748,186

Payable for fund shares redeemed

48,162

Accrued management fee

14,675

Distribution fees payable

11,081

Other payables and accrued expenses

21,217

Total liabilities

2,843,321

Net Assets

$ 40,271,327

Net Assets consist of:

Paid in capital

$ 34,929,528

Accumulated net investment loss

(33,337)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

541,327

Net unrealized appreciation (depreciation) on investments

4,833,809

Net Assets

$ 40,271,327

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($21,839,084 ÷ 1,472,730 shares)

$ 14.83

Maximum offering price per share (100/94.25 of $14.83)

$ 15.73

Class T:
Net Asset Value and redemption price per share ($7,036,804 ÷ 478,043 shares)

$ 14.72

Maximum offering price per share (100/96.50 of $14.72)

$ 15.25

Class B:
Net Asset Value and offering price per share ($4,477,664 ÷ 307,121 shares) A

$ 14.58

Class C:
Net Asset Value and offering price per share ($5,167,643 ÷ 354,925 shares) A

$ 14.56

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,750,132 ÷ 117,470 shares)

$ 14.90

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 28,166

Interest

19,096

Total income

47,262

Expenses

Management fee

$ 35,946

Transfer agent fees

14,618

Distribution fees

34,580

Accounting fees and expenses

31,385

Non-interested trustees' compensation

16

Custodian fees and expenses

4,044

Registration fees

40,744

Audit

27,017

Legal

23

Miscellaneous

16

Total expenses before reductions

188,389

Expense reductions

(101,056)

87,333

Net investment income (loss)

(40,071)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

615,386

Foreign currency transactions

(176)

Futures contracts

15,851

Total net realized gain (loss)

631,061

Change in net unrealized appreciation (depreciation) on investment securities

4,721,069

Net gain (loss)

5,352,130

Net increase (decrease) in net assets resulting from operations

$ 5,312,059

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (40,071)

$ (55,394)

Net realized gain (loss)

631,061

753,513

Change in net unrealized appreciation (depreciation)

4,721,069

(176,167)

Net increase (decrease) in net assets resulting
from operations

5,312,059

521,952

Share transactions - net increase (decrease)

27,324,691

1,805,617

Total increase (decrease) in net assets

32,636,750

2,327,569

Net Assets

Beginning of period

7,634,577

5,307,008

End of period (including accumulated net investment loss of $33,337 and undistributed net investment income of $6,734, respectively)

$ 40,271,327

$ 7,634,577

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.02

$ 10.26

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.03)

(.06)

- H

Net realized and unrealized gain (loss)

3.84

.82

.26

Total from investment operations

3.81

.76

.26

Net asset value, end of period

$ 14.83

$ 11.02

$ 10.26

Total Return B, C, D

34.57%

7.41%

2.60%

Ratios to Average Net Assets G

Expenses before expense reductions

2.94% A

4.50%

5.73% A

Expenses net of voluntary waivers, if any

1.60% A

1.66%

1.75% A

Expenses net of all reductions

1.26% A

1.30%

1.68% A

Net investment income (loss)

(.44)% A

(.65)%

.04% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 21,839

$ 970

$ 769

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.97

$ 10.23

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

(.09)

(.02)

Net realized and unrealized gain (loss)

3.79

.83

.25

Total from investment operations

3.75

.74

.23

Net asset value, end of period

$ 14.72

$ 10.97

$ 10.23

Total Return B, C, D

34.18%

7.23%

2.30%

Ratios to Average Net Assets G

Expenses before expense reductions

3.35% A

4.81%

6.06% A

Expenses net of voluntary waivers, if any

1.85% A

1.91%

2.00% A

Expenses net of all reductions

1.51% A

1.55%

1.92% A

Net investment income (loss)

(.69)% A

(.90)%

(.20)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 7,037

$ 1,862

$ 1,473

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.89

$ 10.18

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.13)

(.07)

Net realized and unrealized gain (loss)

3.75

.84

.25

Total from investment operations

3.69

.71

.18

Net asset value, end of period

$ 14.58

$ 10.89

$ 10.18

Total Return B, C, D

33.88%

6.97%

1.80%

Ratios to Average Net Assets G

Expenses before expense reductions

3.75% A

5.36%

6.58% A

Expenses net of voluntary waivers, if any

2.25% A

2.41%

2.50% A

Expenses net of all reductions

1.91% A

2.05%

2.43% A

Net investment income (loss)

(1.09)% A

(1.39)%

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 4,478

$ 1,159

$ 919

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.87

$ 10.19

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.06)

(.14)

(.07)

Net realized and unrealized gain (loss)

3.75

.82

.26

Total from investment operations

3.69

.68

.19

Net asset value, end of period

$ 14.56

$ 10.87

$ 10.19

Total Return B, C, D

33.95%

6.67%

1.90%

Ratios to Average Net Assets G

Expenses before expense reductions

3.67% A

5.22%

6.49% A

Expenses net of voluntary waivers, if any

2.25% A

2.43%

2.50% A

Expenses net of all reductions

1.91% A

2.07%

2.43% A

Net investment income (loss)

(1.09)% A

(1.42)%

(.71)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 5,168

$ 1,357

$ 1,747

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 27, 2000 (commencement of operations) to November 30, 2001.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 E

Selected Per-Share Data

Net asset value, beginning of period

$ 11.07

$ 10.28

$ 10.00

Income from Investment Operations

Net investment income (loss) D

(.01)

(.04)

.03

Net realized and unrealized gain (loss)

3.84

.83

.25

Total from investment operations

3.83

.79

.28

Net asset value, end of period

$ 14.90

$ 11.07

$ 10.28

Total Return B, C

34.60%

7.68%

2.80%

Ratios to Average Net Assets F

Expenses before expense reductions

2.64% A

4.32%

5.47% A

Expenses net of voluntary waivers, if any

1.25% A

1.45%

1.50% A

Expenses net of all reductions

.91% A

1.09%

1.43% A

Net investment income (loss)

(.09)% A

(.43)%

.29% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,750

$ 2,287

$ 400

Portfolio turnover rate

99% A

252%

289% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 27, 2000 (commencement of operations) to November 30, 2001.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Leveraged Company Stock 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Security Valuation - continued

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, is accrued as earned. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured.

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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, prior period premium and discount on debt securities, market discount, non-taxable dividends, net operating losses and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 5,414,111

|

Unrealized depreciation

(769,981)

Net unrealized appreciation (depreciation)

$ 4,644,130

Cost for federal income tax purposes

$ 35,130,751

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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. Losses may arise from changes in the value of the underlying instruments or if the counter-parties 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.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

2. Operating Policies - continued

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .63% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.10%

.25%

$ 6,265

$ 43

$ 1,822

Class T

.35%

.25%

9,029

528

1,511

Class B

.75%

.25%

8,916

6,934

-

Class C

.75%

.25%

10,370

4,457

-

$ 34,580

$ 11,962

$ 3,333

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 10,300

Class T

2,871

Class B*

1,773

Class C*

3,076

$ 18,020

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 3,045

.17*

Class T

4,943

.33*

Class B

2,991

.33*

Class C

2,630

.25*

Institutional Class

1,009

.22*

$ 14,618

* 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.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $9,239 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.50%

$ 24,349

Class T

1.75%

22,660

Class B

2.25%

13,481

Class C

2.25%

14,830

Institutional Class

1.25%

6,448

$ 81,768

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Expense Reductions - continued

generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 15,943

$ 12

Class A

1,822

-

-

Class T

1,511

-

-

$ 3,333

$ 15,943

$ 12

7. Other Information.

At the end of the period, FMR or its affiliates were the owners of record of 29% of the total outstanding shares of the fund and one unaffiliated shareholder was the owner of record of 16% of the total outstanding shares of the fund.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,447,717

61,133

$ 19,450,775

$ 603,420

Shares redeemed

(62,991)

(48,041)

(737,747)

(437,836)

Net increase (decrease)

1,384,726

13,092

$ 18,713,028

$ 165,584

Class T

Shares sold

390,694

77,453

$ 4,898,266

$ 767,768

Shares redeemed

(82,407)

(51,640)

(950,673)

(492,061)

Net increase (decrease)

308,287

25,813

$ 3,947,593

$ 275,707

Class B

Shares sold

242,264

73,927

$ 3,101,946

$ 741,393

Shares redeemed

(41,569)

(57,757)

(549,665)

(546,362)

Net increase (decrease)

200,695

16,170

$ 2,552,281

$ 195,031

Class C

Shares sold

282,037

52,496

$ 3,531,126

$ 517,501

Shares redeemed

(51,953)

(99,063)

(583,794)

(872,314)

Net increase (decrease)

230,084

(46,567)

$ 2,947,332

$ (354,813)

Institutional Class

Shares sold

111,738

203,967

$ 1,360,984

$ 1,871,300

Shares redeemed

(200,902)

(36,229)

(2,196,527)

(347,192)

Net increase (decrease)

(89,164)

167,738

$ (835,543)

$ 1,524,108

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR, Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Dynamic Capital Appreciation

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

UnitedHealth Group, Inc.

5.5

0.0

AOL Time Warner, Inc.

4.8

0.0

EchoStar Communications Corp. Class A

4.3

2.9

Pride International, Inc.

3.0

0.0

ENSCO International, Inc.

2.9

1.3

Rowan Companies, Inc.

2.6

1.1

BJ Services Co.

2.4

1.5

Altria Group, Inc.

2.0

2.5

Lockheed Martin Corp.

2.0

0.0

Tenet Healthcare Corp.

1.9

0.0

31.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Energy

22.7

8.1

Consumer Discretionary

20.1

23.2

Health Care

19.2

1.9

Information Technology

8.8

14.1

Financials

8.5

19.5

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 95.1%

Stocks 96.9%

Convertible
Securities 0.1%

Convertible
Securities 0.0%

Short-Term
Investments and
Net Other Assets 4.8%

Short-Term
Investments and
Net Other Assets 3.1%

* Foreign
investments

2.7%

** Foreign
investments

5.3%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 20.1%

Automobiles - 0.4%

General Motors Corp.

38,100

$ 1,346,073

Hotels, Restaurants & Leisure - 0.6%

California Pizza Kitchen, Inc. (a)

7,700

156,618

Hilton Hotels Corp.

125,000

1,732,500

Six Flags, Inc. (a)

61,300

461,589

2,350,707

Household Durables - 0.2%

Beazer Homes USA, Inc. (a)

9,660

819,168

Internet & Catalog Retail - 1.0%

eBay, Inc. (a)

12,000

1,220,520

USA Interactive (a)

65,000

2,499,250

3,719,770

Leisure Equipment & Products - 0.5%

Mattel, Inc.

85,000

1,828,350

Media - 14.9%

AOL Time Warner, Inc. (a)

1,176,100

17,900,242

Cablevision Systems Corp. - NY Group Class A (a)

65,600

1,270,016

Comcast Corp.:

Class A (a)

96,700

2,911,637

Class A (special) (a)

68,100

1,962,642

Dow Jones & Co., Inc.

17,200

783,460

EchoStar Communications Corp. Class A (a)

468,500

15,732,230

Fox Entertainment Group, Inc. Class A (a)

219,000

6,156,090

Liberty Media Corp. Class A (a)

70,000

819,000

Omnicom Group, Inc.

30,700

2,143,167

Pixar (a)

15,600

880,620

Univision Communications, Inc. Class A (a)

23,200

692,520

Viacom, Inc. Class B (non-vtg.) (a)

39,100

1,779,832

Walt Disney Co.

100,000

1,965,000

54,996,456

Specialty Retail - 2.5%

Office Depot, Inc. (a)

71,700

960,780

PETsMART, Inc. (a)

160,100

2,768,129

Weight Watchers International, Inc. (a)

91,100

3,879,038

Williams-Sonoma, Inc. (a)

58,100

1,651,783

9,259,730

TOTAL CONSUMER DISCRETIONARY

74,320,254

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - 3.3%

Beverages - 0.3%

The Coca-Cola Co.

21,300

$ 970,641

Food & Staples Retailing - 1.0%

Sysco Corp.

55,000

1,701,700

Wal-Mart Stores, Inc.

41,900

2,204,359

3,906,059

Tobacco - 2.0%

Altria Group, Inc.

181,700

7,504,210

TOTAL CONSUMER STAPLES

12,380,910

ENERGY - 22.7%

Energy Equipment & Services - 18.8%

Baker Hughes, Inc.

27,900

922,095

BJ Services Co. (a)

220,000

8,956,200

Cal Dive International, Inc. (a)

28,400

631,332

Cooper Cameron Corp. (a)

35,000

1,910,650

ENSCO International, Inc.

355,000

10,650,000

GlobalSantaFe Corp.

195,000

4,851,600

Grant Prideco, Inc. (a)

80,900

1,128,555

Grey Wolf, Inc. (a)

319,100

1,429,568

Maverick Tube Corp. (a)

85,000

1,701,700

Nabors Industries Ltd. (a)

94,100

4,242,028

National-Oilwell, Inc. (a)

59,500

1,447,040

Pride International, Inc. (a)

585,100

11,134,453

Rowan Companies, Inc.

396,809

9,499,607

Schlumberger Ltd. (NY Shares)

31,200

1,516,944

Smith International, Inc. (a)

101,200

4,138,068

Transocean, Inc.

44,100

1,030,617

Varco International, Inc. (a)

35,000

757,750

Weatherford International Ltd. (a)

80,501

3,650,720

69,598,927

Oil & Gas - 3.9%

Apache Corp.

59,500

3,922,240

Burlington Resources, Inc.

30,000

1,598,700

Chesapeake Energy Corp.

125,000

1,276,250

ConocoPhillips

25,000

1,349,250

Devon Energy Corp.

15,000

780,000

EOG Resources, Inc.

20,000

862,000

Common Stocks - continued

Shares

Value (Note 1)

ENERGY - continued

Oil & Gas - continued

Occidental Petroleum Corp.

80,000

$ 2,699,200

Valero Energy Corp.

50,000

1,875,000

14,362,640

TOTAL ENERGY

83,961,567

FINANCIALS - 8.5%

Capital Markets - 3.1%

Bear Stearns Companies, Inc.

26,800

2,070,836

Charles Schwab Corp.

203,200

1,971,040

J.P. Morgan Chase & Co.

45,000

1,478,700

Merrill Lynch & Co., Inc.

68,700

2,974,710

Morgan Stanley

67,200

3,074,400

11,569,686

Commercial Banks - 3.0%

Bank of America Corp.

27,000

2,003,400

Bank One Corp.

65,000

2,428,400

Fifth Third Bancorp

118,800

6,831,000

11,262,800

Consumer Finance - 0.7%

American Express Co.

59,600

2,482,936

Diversified Financial Services - 0.6%

Citigroup, Inc.

51,600

2,116,632

Insurance - 1.1%

ACE Ltd.

63,600

2,321,400

American International Group, Inc.

32,100

1,857,948

4,179,348

TOTAL FINANCIALS

31,611,402

HEALTH CARE - 19.2%

Biotechnology - 1.4%

Amgen, Inc. (a)

35,200

2,277,792

Gilead Sciences, Inc. (a)

10,000

527,600

IDEC Pharmaceuticals Corp. (a)

20,000

763,400

MedImmune, Inc. (a)

40,000

1,418,000

4,986,792

Health Care Equipment & Supplies - 2.4%

Boston Scientific Corp. (a)

20,000

1,042,000

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Edwards Lifesciences Corp. (a)

85,500

$ 2,592,360

St. Jude Medical, Inc. (a)

95,300

5,346,330

8,980,690

Health Care Providers & Services - 11.2%

Aetna, Inc.

33,100

1,900,602

HCA, Inc.

131,200

4,329,600

Tenet Healthcare Corp. (a)

417,100

6,961,399

UnitedHealth Group, Inc.

214,900

20,617,506

Universal Health Services, Inc. Class B (a)

39,500

1,793,695

WebMD Corp. (a)

329,600

3,276,224

WellPoint Health Networks, Inc. (a)

32,000

2,730,880

41,609,906

Pharmaceuticals - 4.2%

Bristol-Myers Squibb Co.

75,000

1,920,000

Forest Laboratories, Inc. (a)

40,000

2,020,000

Johnson & Johnson

95,900

5,212,165

Merck & Co., Inc.

47,660

2,648,943

Pfizer, Inc.

40,000

1,240,800

Wyeth

58,800

2,578,380

15,620,288

TOTAL HEALTH CARE

71,197,676

INDUSTRIALS - 7.2%

Aerospace & Defense - 3.0%

Boeing Co.

41,700

1,278,939

Lockheed Martin Corp.

157,000

7,287,940

Northrop Grumman Corp.

26,000

2,286,700

10,853,579

Airlines - 0.8%

Delta Air Lines, Inc.

170,000

2,271,200

Northwest Airlines Corp. (a)

88,000

785,840

3,057,040

Commercial Services & Supplies - 1.9%

Aramark Corp. Class B (a)

155,800

3,270,242

Cendant Corp. (a)

100,000

1,680,000

Cintas Corp.

55,000

2,036,100

6,986,342

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Industrial Conglomerates - 0.6%

General Electric Co.

40,000

$ 1,148,000

Tyco International Ltd.

66,300

1,173,510

2,321,510

Machinery - 0.2%

Danaher Corp.

10,000

669,200

Road & Rail - 0.7%

CSX Corp.

43,900

1,437,725

Norfolk Southern Corp.

29,600

648,832

Union Pacific Corp.

10,000

609,900

2,696,457

TOTAL INDUSTRIALS

26,584,128

INFORMATION TECHNOLOGY - 8.7%

Communications Equipment - 1.2%

CIENA Corp. (a)

163,300

938,975

Motorola, Inc.

396,000

3,373,920

4,312,895

Computers & Peripherals - 0.5%

Sun Microsystems, Inc. (a)

399,000

1,727,670

Electronic Equipment & Instruments - 0.3%

Symbol Technologies, Inc.

75,000

1,005,000

Internet Software & Services - 0.5%

VeriSign, Inc. (a)

130,093

1,948,793

IT Services - 1.5%

Affiliated Computer Services, Inc. Class A (a)

38,400

1,779,456

First Data Corp.

70,000

2,899,400

Paychex, Inc.

35,000

1,068,200

5,747,056

Semiconductors & Semiconductor Equipment - 2.0%

Advanced Micro Devices, Inc. (a)

127,000

924,560

ASML Holding NV (NY Shares) (a)

112,600

1,131,630

Broadcom Corp. Class A (a)

45,700

1,118,736

Intel Corp.

71,800

1,496,312

Skyworks Solutions, Inc. (a)

231,500

1,722,360

Vitesse Semiconductor Corp. (a)

219,000

1,099,380

7,492,978

Software - 2.7%

Electronic Arts, Inc. (a)

17,000

1,165,520

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

Microsoft Corp.

168,100

$ 4,136,941

Oracle Corp. (a)

111,200

1,446,712

Reynolds & Reynolds Co. Class A

110,700

3,276,720

10,025,893

TOTAL INFORMATION TECHNOLOGY

32,260,285

MATERIALS - 3.6%

Chemicals - 1.4%

Dow Chemical Co.

54,800

1,742,640

Lyondell Chemical Co.

234,300

3,373,920

5,116,560

Containers & Packaging - 0.1%

Smurfit-Stone Container Corp. (a)

25,000

370,500

Metals & Mining - 1.2%

Kinross Gold Corp. (a)

66,300

465,195

Newmont Mining Corp. Holding Co.

60,000

1,779,600

Phelps Dodge Corp. (a)

60,000

2,187,000

4,431,795

Paper & Forest Products - 0.9%

Bowater, Inc.

57,900

2,269,101

International Paper Co.

30,000

1,100,100

3,369,201

TOTAL MATERIALS

13,288,056

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.7%

SBC Communications, Inc.

108,400

2,759,864

Wireless Telecommunication Services - 0.8%

AT&T Wireless Services, Inc. (a)

104,400

811,188

Nextel Communications, Inc. Class A (a)

75,000

1,124,250

Wireless Facilities, Inc. (a)

86,300

867,315

2,802,753

TOTAL TELECOMMUNICATION SERVICES

5,562,617

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - 0.3%

Multi-Utilities & Unregulated Power - 0.3%

Reliant Resources, Inc. (a)

150,000

$ 1,005,000

TOTAL COMMON STOCKS

(Cost $308,950,347)

352,171,895

Convertible Preferred Stocks - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Chorum Technologies Series E (c)

2,200

2,200

Procket Networks, Inc. Series C (c)

202,511

101,256

103,456

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $2,037,927)

103,456

Money Market Funds - 5.2%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $19,351,399)

19,351,399

19,351,399

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $330,339,673)

371,626,750

NET OTHER ASSETS - (0.4)%

(1,351,576)

NET ASSETS - 100%

$ 370,275,174

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies Series E

9/19/00

$ 37,928

Procket Networks, Inc. Series C

2/9/01

$ 1,999,999

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $540,406,470 and $529,042,866, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $122,498 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $103,456 or 0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $253,801,000 of which $416,000, $7,343,000, $211,773,000 and $34,269,000 will expire on November 30, 2007, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $330,339,673) - See accompanying schedule

$ 371,626,750

Receivable for investments sold

926,956

Receivable for fund shares sold

302,470

Dividends receivable

233,606

Interest receivable

26,663

Other receivables

25,940

Total assets

373,142,385

Liabilities

Payable for investments purchased

$ 1,827,817

Payable for fund shares redeemed

659,728

Accrued management fee

172,643

Distribution fees payable

189,471

Other payables and accrued expenses

17,552

Total liabilities

2,867,211

Net Assets

$ 370,275,174

Net Assets consist of:

Paid in capital

$ 559,615,695

Accumulated net investment loss

(1,090,824)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(229,548,150)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

41,298,453

Net Assets

$ 370,275,174

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($34,967,305 ÷ 2,876,507 shares)

$ 12.16

Maximum offering price per share (100/94.25 of $12.16)

$ 12.90

Class T:
Net Asset Value and redemption price per share ($207,127,709 ÷ 17,163,904 shares)

$ 12.07

Maximum offering price per share (100/96.50 of $12.07)

$ 12.51

Class B:
Net Asset Value and offering price per share ($73,718,734 ÷ 6,160,338 shares) A

$ 11.97

Class C:
Net Asset Value and offering price per share ($51,061,280 ÷ 4,264,521 shares) A

$ 11.97

Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,400,146 ÷ 278,066 shares)

$ 12.23

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 1,748,665

Interest

101,548

Security lending

5,824

Total income

1,856,037

Expenses

Management fee

$ 936,374

Transfer agent fees

713,876

Distribution fees

1,132,245

Accounting and security lending fees

61,127

Non-interested trustees' compensation

629

Custodian fees and expenses

14,439

Registration fees

55,566

Audit

18,591

Legal

1,068

Miscellaneous

892

Total expenses before reductions

2,934,807

Expense reductions

(407,218)

2,527,589

Net investment income (loss)

(671,552)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

25,559,791

Foreign currency transactions

8,937

Total net realized gain (loss)

25,568,728

Change in net unrealized appreciation (depreciation) on:

Investment securities

8,667,827

Assets and liabilities in foreign currencies

8,307

Total change in net unrealized appreciation (depreciation)

8,676,134

Net gain (loss)

34,244,862

Net increase (decrease) in net assets resulting from operations

$ 33,573,310

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (671,552)

$ 1,779,552

Net realized gain (loss)

25,568,728

(26,794,141)

Change in net unrealized appreciation (depreciation)

8,676,134

(8,163,656)

Net increase (decrease) in net assets resulting
from operations

33,573,310

(33,178,245)

Distributions to shareholders from net investment income

(1,336,917)

(1,624,203)

Share transactions - net increase (decrease)

21,764,301

(25,376,561)

Total increase (decrease) in net assets

54,000,694

(60,179,009)

Net Assets

Beginning of period

316,274,480

376,453,489

End of period (including accumulated net investment loss of $1,090,824 and undistributed net investment income of $917,645, respectively)

$ 370,275,174

$ 316,274,480

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.15

$ 12.22

$ 16.21

$ 13.44

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

.10

.08

- H

(.10)

Net realized and unrealized gain (loss)

1.09

(1.06)

(4.07)

2.77

3.54

Total from investment operations

1.09

(.96)

(3.99)

2.77

3.44

Distributions from net investment income

(.08)

(.11)

-

-

-

Net asset value, end of period

$ 12.16

$ 11.15

$ 12.22

$ 16.21

$ 13.44

Total Return B,C,D

9.87%

(7.93)%

(24.61)%

20.61%

34.40%

Ratios to Average Net Assets G

Expenses before expense reductions

1.46% A

1.47%

1.32%

1.28%

2.42% A

Expenses net of voluntary waivers, if any

1.46% A

1.47%

1.32%

1.28%

1.75% A

Expenses net of all reductions

1.21% A

1.28%

1.26%

1.24%

1.70% A

Net investment income (loss)

(.05)% A

.86%

.56%

- %

(.94)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 34,967

$ 21,734

$ 24,371

$ 30,340

$ 4,493

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.07

$ 12.13

$ 16.13

$ 13.40

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

.08

.05

(.02)

(.13)

Net realized and unrealized gain (loss)

1.09

(1.06)

(4.05)

2.75

3.53

Total from investment operations

1.07

(.98)

(4.00)

2.73

3.40

Distributions from net investment income

(.07)

(.08)

-

-

-

Net asset value, end of period

$ 12.07

$ 11.07

$ 12.13

$ 16.13

$ 13.40

Total Return B,C,D

9.75%

(8.13)%

(24.80)%

20.37%

34.00%

Ratios to Average Net Assets G

Expenses before expense reductions

1.70% A

1.66%

1.49%

1.46%

2.62% A

Expenses net of voluntary waivers, if any

1.70% A

1.66%

1.49%

1.46%

2.00% A

Expenses net of all reductions

1.44% A

1.46%

1.43%

1.42%

1.95% A

Net investment income (loss)

(.29)% A

.68%

.39%

(.18)%

(1.19)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 207,128

$ 172,694

$ 197,288

$ 249,999

$ 31,971

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.93

$ 11.96

$ 16.00

$ 13.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

.02

(.02)

(.09)

(.19)

Net realized and unrealized gain (loss)

1.08

(1.05)

(4.02)

2.74

3.54

Total from investment operations

1.04

(1.03)

(4.04)

2.65

3.35

Net asset value, end of period

$ 11.97

$ 10.93

$ 11.96

$ 16.00

$ 13.35

Total ReturnB,C,D

9.52%

(8.61)%

(25.25)%

19.85%

33.50%

Ratios to Average Net Assets G

Expenses before expense reductions

2.19% A

2.16%

2.05%

2.02%

3.16% A

Expenses net of voluntary waivers, if any

2.19% A

2.16%

2.05%

2.02%

2.50% A

Expenses net of all reductions

1.94% A

1.97%

1.99%

1.98%

2.45% A

Net investment income (loss)

(.78)% A

.17%

(.18)%

(.74)%

(1.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 73,719

$ 70,748

$ 90,157

$ 120,934

$ 17,163

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.94

$ 11.97

$ 16.00

$ 13.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

.03

(.01)

(.08)

(.19)

Net realized and unrealized gain (loss)

1.08

(1.05)

(4.02)

2.73

3.54

Total from investment operations

1.04

(1.02)

(4.03)

2.65

3.35

Distributions from net investment income

(.01)

(.01)

-

-

-

Net asset value, end of period

$ 11.97

$ 10.94

$ 11.97

$ 16.00

$ 13.35

Total ReturnB,C,D

9.52%

(8.53)%

(25.19)%

19.85%

33.50%

Ratios to Average Net Assets G

Expenses before expense reductions

2.08% A

2.06%

1.96%

1.95%

3.12% A

Expenses net of voluntary waivers, if any

2.08% A

2.06%

1.96%

1.95%

2.50% A

Expenses net of all reductions

1.83% A

1.87%

1.90%

1.91%

2.45% A

Net investment income (loss)

(.67)% A

.27%

(.09)%

(.67)%

(1.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 51,061

$ 48,337

$ 60,035

$ 76,639

$ 9,224

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 E

Selected Per-Share Data

Net asset value, beginning of period

$ 11.24

$ 12.33

$ 16.30

$ 13.47

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.02

.17

.13

.04

(.08)

Net realized and unrealized gain (loss)

1.10

(1.07)

(4.10)

2.79

3.55

Total from investment operations

1.12

(.90)

(3.97)

2.83

3.47

Distributions from net investment income

(.13)

(.19)

-

-

-

Net asset value, end of period

$ 12.23

$ 11.24

$ 12.33

$ 16.30

$ 13.47

Total ReturnB,C

10.12%

(7.42)%

(24.36)%

21.01%

34.70%

Ratios to Average Net Assets F

Expenses before expense reductions

1.03% A

.92%

.95%

.96%

2.27% A

Expenses net of voluntary waivers, if any

1.03% A

.92%

.95%

.96%

1.50% A

Expenses net of all reductions

.77% A

.73%

.89%

.92%

1.45% A

Net investment income (loss)

.38% A

1.42%

.93%

.32%

(.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,400

$ 2,762

$ 4,603

$ 2,619

$ 798

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 28, 1998 (commencement of operations) to November 30, 1999.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Dynamic Capital Appreciation 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards, and losses deferred due to wash sales.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 46,954,574

|

Unrealized depreciation

(6,903,884)

Net unrealized appreciation (depreciation)

$ 40,050,690

Cost for federal income tax purposes

$ 331,576,060

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.09%

.25%

$ 47,733

$ 138

$12,494

Class T

.34%

.25%

518,224

840

77,794

Class B

.75%

.25%

335,636

251,905

-

Class C

.75%

.25%

230,652

14,752

-

$ 1,132,245

$ 267,635

$ 90,288

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 9,101

Class T

17,749

Class B*

114,972

Class C*

1,339

$ 143,161

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

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 (collectively referred to as the transfer 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

$ 63,273

.45*

Class T

379,546

.43*

Class B

173,120

.52*

Class C

92,887

.40*

Institutional Class

5,050

.35*

$ 713,876

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $108,703 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefit all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 316,502

$ 428

Class A

12,494

-

-

Class T

77,794

-

-

$ 90,288

$ 316,502

$ 428

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 156,255

$ 217,842

Class T

1,103,137

1,286,193

Class C

44,183

49,781

Institutional Class

33,342

70,387

Total

$ 1,336,917

$ 1,624,203

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,660,607

1,465,374

$ 17,414,029

$ 16,485,298

Reinvestment of distributions

14,040

17,381

150,230

211,183

Shares redeemed

(747,708)

(1,527,711)

(8,126,724)

(16,090,483)

Net increase (decrease)

926,939

(44,956)

$ 9,437,535

$ 605,998

Class T

Shares sold

4,237,415

4,763,792

$ 45,427,827

$ 53,798,911

Reinvestment of distributions

101,514

103,559

1,079,094

1,250,989

Shares redeemed

(2,775,038)

(5,536,697)

(29,752,093)

(62,641,199)

Net increase (decrease)

1,563,891

(669,346)

$ 16,754,828

$ (7,591,299)

Class B

Shares sold

455,203

1,008,085

$ 4,847,870

$ 11,630,076

Shares redeemed

(765,770)

(2,077,291)

(8,087,479)

(22,689,180)

Net increase (decrease)

(310,567)

(1,069,206)

$ (3,239,609)

$ (11,059,104)

Class C

Shares sold

400,025

1,038,037

$ 4,304,980

$ 11,857,372

Reinvestment of distributions

3,854

3,817

40,736

45,765

Shares redeemed

(556,366)

(1,642,220)

(5,892,143)

(18,019,152)

Net increase (decrease)

(152,487)

(600,366)

$ (1,546,427)

$ (6,116,015)

Institutional Class

Shares sold

59,336

180,525

$ 649,942

$ 2,022,243

Reinvestment of distributions

1,917

997

20,586

12,148

Shares redeemed

(28,890)

(309,089)

(312,554)

(3,250,532)

Net increase (decrease)

32,363

(127,567)

$ 357,974

$ (1,216,141)

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Dynamic Capital Appreciation

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

UnitedHealth Group, Inc.

5.5

0.0

AOL Time Warner, Inc.

4.8

0.0

EchoStar Communications Corp. Class A

4.3

2.9

Pride International, Inc.

3.0

0.0

ENSCO International, Inc.

2.9

1.3

Rowan Companies, Inc.

2.6

1.1

BJ Services Co.

2.4

1.5

Altria Group, Inc.

2.0

2.5

Lockheed Martin Corp.

2.0

0.0

Tenet Healthcare Corp.

1.9

0.0

31.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Energy

22.7

8.1

Consumer Discretionary

20.1

23.2

Health Care

19.2

1.9

Information Technology

8.8

14.1

Financials

8.5

19.5

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 95.1%

Stocks 96.9%

Convertible
Securities 0.1%

Convertible
Securities 0.0%

Short-Term
Investments and
Net Other Assets 4.8%

Short-Term
Investments and
Net Other Assets 3.1%

* Foreign
investments

2.7%

** Foreign
investments

5.3%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 20.1%

Automobiles - 0.4%

General Motors Corp.

38,100

$ 1,346,073

Hotels, Restaurants & Leisure - 0.6%

California Pizza Kitchen, Inc. (a)

7,700

156,618

Hilton Hotels Corp.

125,000

1,732,500

Six Flags, Inc. (a)

61,300

461,589

2,350,707

Household Durables - 0.2%

Beazer Homes USA, Inc. (a)

9,660

819,168

Internet & Catalog Retail - 1.0%

eBay, Inc. (a)

12,000

1,220,520

USA Interactive (a)

65,000

2,499,250

3,719,770

Leisure Equipment & Products - 0.5%

Mattel, Inc.

85,000

1,828,350

Media - 14.9%

AOL Time Warner, Inc. (a)

1,176,100

17,900,242

Cablevision Systems Corp. - NY Group Class A (a)

65,600

1,270,016

Comcast Corp.:

Class A (a)

96,700

2,911,637

Class A (special) (a)

68,100

1,962,642

Dow Jones & Co., Inc.

17,200

783,460

EchoStar Communications Corp. Class A (a)

468,500

15,732,230

Fox Entertainment Group, Inc. Class A (a)

219,000

6,156,090

Liberty Media Corp. Class A (a)

70,000

819,000

Omnicom Group, Inc.

30,700

2,143,167

Pixar (a)

15,600

880,620

Univision Communications, Inc. Class A (a)

23,200

692,520

Viacom, Inc. Class B (non-vtg.) (a)

39,100

1,779,832

Walt Disney Co.

100,000

1,965,000

54,996,456

Specialty Retail - 2.5%

Office Depot, Inc. (a)

71,700

960,780

PETsMART, Inc. (a)

160,100

2,768,129

Weight Watchers International, Inc. (a)

91,100

3,879,038

Williams-Sonoma, Inc. (a)

58,100

1,651,783

9,259,730

TOTAL CONSUMER DISCRETIONARY

74,320,254

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - 3.3%

Beverages - 0.3%

The Coca-Cola Co.

21,300

$ 970,641

Food & Staples Retailing - 1.0%

Sysco Corp.

55,000

1,701,700

Wal-Mart Stores, Inc.

41,900

2,204,359

3,906,059

Tobacco - 2.0%

Altria Group, Inc.

181,700

7,504,210

TOTAL CONSUMER STAPLES

12,380,910

ENERGY - 22.7%

Energy Equipment & Services - 18.8%

Baker Hughes, Inc.

27,900

922,095

BJ Services Co. (a)

220,000

8,956,200

Cal Dive International, Inc. (a)

28,400

631,332

Cooper Cameron Corp. (a)

35,000

1,910,650

ENSCO International, Inc.

355,000

10,650,000

GlobalSantaFe Corp.

195,000

4,851,600

Grant Prideco, Inc. (a)

80,900

1,128,555

Grey Wolf, Inc. (a)

319,100

1,429,568

Maverick Tube Corp. (a)

85,000

1,701,700

Nabors Industries Ltd. (a)

94,100

4,242,028

National-Oilwell, Inc. (a)

59,500

1,447,040

Pride International, Inc. (a)

585,100

11,134,453

Rowan Companies, Inc.

396,809

9,499,607

Schlumberger Ltd. (NY Shares)

31,200

1,516,944

Smith International, Inc. (a)

101,200

4,138,068

Transocean, Inc.

44,100

1,030,617

Varco International, Inc. (a)

35,000

757,750

Weatherford International Ltd. (a)

80,501

3,650,720

69,598,927

Oil & Gas - 3.9%

Apache Corp.

59,500

3,922,240

Burlington Resources, Inc.

30,000

1,598,700

Chesapeake Energy Corp.

125,000

1,276,250

ConocoPhillips

25,000

1,349,250

Devon Energy Corp.

15,000

780,000

EOG Resources, Inc.

20,000

862,000

Common Stocks - continued

Shares

Value (Note 1)

ENERGY - continued

Oil & Gas - continued

Occidental Petroleum Corp.

80,000

$ 2,699,200

Valero Energy Corp.

50,000

1,875,000

14,362,640

TOTAL ENERGY

83,961,567

FINANCIALS - 8.5%

Capital Markets - 3.1%

Bear Stearns Companies, Inc.

26,800

2,070,836

Charles Schwab Corp.

203,200

1,971,040

J.P. Morgan Chase & Co.

45,000

1,478,700

Merrill Lynch & Co., Inc.

68,700

2,974,710

Morgan Stanley

67,200

3,074,400

11,569,686

Commercial Banks - 3.0%

Bank of America Corp.

27,000

2,003,400

Bank One Corp.

65,000

2,428,400

Fifth Third Bancorp

118,800

6,831,000

11,262,800

Consumer Finance - 0.7%

American Express Co.

59,600

2,482,936

Diversified Financial Services - 0.6%

Citigroup, Inc.

51,600

2,116,632

Insurance - 1.1%

ACE Ltd.

63,600

2,321,400

American International Group, Inc.

32,100

1,857,948

4,179,348

TOTAL FINANCIALS

31,611,402

HEALTH CARE - 19.2%

Biotechnology - 1.4%

Amgen, Inc. (a)

35,200

2,277,792

Gilead Sciences, Inc. (a)

10,000

527,600

IDEC Pharmaceuticals Corp. (a)

20,000

763,400

MedImmune, Inc. (a)

40,000

1,418,000

4,986,792

Health Care Equipment & Supplies - 2.4%

Boston Scientific Corp. (a)

20,000

1,042,000

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Edwards Lifesciences Corp. (a)

85,500

$ 2,592,360

St. Jude Medical, Inc. (a)

95,300

5,346,330

8,980,690

Health Care Providers & Services - 11.2%

Aetna, Inc.

33,100

1,900,602

HCA, Inc.

131,200

4,329,600

Tenet Healthcare Corp. (a)

417,100

6,961,399

UnitedHealth Group, Inc.

214,900

20,617,506

Universal Health Services, Inc. Class B (a)

39,500

1,793,695

WebMD Corp. (a)

329,600

3,276,224

WellPoint Health Networks, Inc. (a)

32,000

2,730,880

41,609,906

Pharmaceuticals - 4.2%

Bristol-Myers Squibb Co.

75,000

1,920,000

Forest Laboratories, Inc. (a)

40,000

2,020,000

Johnson & Johnson

95,900

5,212,165

Merck & Co., Inc.

47,660

2,648,943

Pfizer, Inc.

40,000

1,240,800

Wyeth

58,800

2,578,380

15,620,288

TOTAL HEALTH CARE

71,197,676

INDUSTRIALS - 7.2%

Aerospace & Defense - 3.0%

Boeing Co.

41,700

1,278,939

Lockheed Martin Corp.

157,000

7,287,940

Northrop Grumman Corp.

26,000

2,286,700

10,853,579

Airlines - 0.8%

Delta Air Lines, Inc.

170,000

2,271,200

Northwest Airlines Corp. (a)

88,000

785,840

3,057,040

Commercial Services & Supplies - 1.9%

Aramark Corp. Class B (a)

155,800

3,270,242

Cendant Corp. (a)

100,000

1,680,000

Cintas Corp.

55,000

2,036,100

6,986,342

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Industrial Conglomerates - 0.6%

General Electric Co.

40,000

$ 1,148,000

Tyco International Ltd.

66,300

1,173,510

2,321,510

Machinery - 0.2%

Danaher Corp.

10,000

669,200

Road & Rail - 0.7%

CSX Corp.

43,900

1,437,725

Norfolk Southern Corp.

29,600

648,832

Union Pacific Corp.

10,000

609,900

2,696,457

TOTAL INDUSTRIALS

26,584,128

INFORMATION TECHNOLOGY - 8.7%

Communications Equipment - 1.2%

CIENA Corp. (a)

163,300

938,975

Motorola, Inc.

396,000

3,373,920

4,312,895

Computers & Peripherals - 0.5%

Sun Microsystems, Inc. (a)

399,000

1,727,670

Electronic Equipment & Instruments - 0.3%

Symbol Technologies, Inc.

75,000

1,005,000

Internet Software & Services - 0.5%

VeriSign, Inc. (a)

130,093

1,948,793

IT Services - 1.5%

Affiliated Computer Services, Inc. Class A (a)

38,400

1,779,456

First Data Corp.

70,000

2,899,400

Paychex, Inc.

35,000

1,068,200

5,747,056

Semiconductors & Semiconductor Equipment - 2.0%

Advanced Micro Devices, Inc. (a)

127,000

924,560

ASML Holding NV (NY Shares) (a)

112,600

1,131,630

Broadcom Corp. Class A (a)

45,700

1,118,736

Intel Corp.

71,800

1,496,312

Skyworks Solutions, Inc. (a)

231,500

1,722,360

Vitesse Semiconductor Corp. (a)

219,000

1,099,380

7,492,978

Software - 2.7%

Electronic Arts, Inc. (a)

17,000

1,165,520

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Software - continued

Microsoft Corp.

168,100

$ 4,136,941

Oracle Corp. (a)

111,200

1,446,712

Reynolds & Reynolds Co. Class A

110,700

3,276,720

10,025,893

TOTAL INFORMATION TECHNOLOGY

32,260,285

MATERIALS - 3.6%

Chemicals - 1.4%

Dow Chemical Co.

54,800

1,742,640

Lyondell Chemical Co.

234,300

3,373,920

5,116,560

Containers & Packaging - 0.1%

Smurfit-Stone Container Corp. (a)

25,000

370,500

Metals & Mining - 1.2%

Kinross Gold Corp. (a)

66,300

465,195

Newmont Mining Corp. Holding Co.

60,000

1,779,600

Phelps Dodge Corp. (a)

60,000

2,187,000

4,431,795

Paper & Forest Products - 0.9%

Bowater, Inc.

57,900

2,269,101

International Paper Co.

30,000

1,100,100

3,369,201

TOTAL MATERIALS

13,288,056

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.7%

SBC Communications, Inc.

108,400

2,759,864

Wireless Telecommunication Services - 0.8%

AT&T Wireless Services, Inc. (a)

104,400

811,188

Nextel Communications, Inc. Class A (a)

75,000

1,124,250

Wireless Facilities, Inc. (a)

86,300

867,315

2,802,753

TOTAL TELECOMMUNICATION SERVICES

5,562,617

Common Stocks - continued

Shares

Value (Note 1)

UTILITIES - 0.3%

Multi-Utilities & Unregulated Power - 0.3%

Reliant Resources, Inc. (a)

150,000

$ 1,005,000

TOTAL COMMON STOCKS

(Cost $308,950,347)

352,171,895

Convertible Preferred Stocks - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Communications Equipment - 0.1%

Chorum Technologies Series E (c)

2,200

2,200

Procket Networks, Inc. Series C (c)

202,511

101,256

103,456

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $2,037,927)

103,456

Money Market Funds - 5.2%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $19,351,399)

19,351,399

19,351,399

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $330,339,673)

371,626,750

NET OTHER ASSETS - (0.4)%

(1,351,576)

NET ASSETS - 100%

$ 370,275,174

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Chorum Technologies Series E

9/19/00

$ 37,928

Procket Networks, Inc. Series C

2/9/01

$ 1,999,999

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $540,406,470 and $529,042,866, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $122,498 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $103,456 or 0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $253,801,000 of which $416,000, $7,343,000, $211,773,000 and $34,269,000 will expire on November 30, 2007, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (cost $330,339,673) - See accompanying schedule

$ 371,626,750

Receivable for investments sold

926,956

Receivable for fund shares sold

302,470

Dividends receivable

233,606

Interest receivable

26,663

Other receivables

25,940

Total assets

373,142,385

Liabilities

Payable for investments purchased

$ 1,827,817

Payable for fund shares redeemed

659,728

Accrued management fee

172,643

Distribution fees payable

189,471

Other payables and accrued expenses

17,552

Total liabilities

2,867,211

Net Assets

$ 370,275,174

Net Assets consist of:

Paid in capital

$ 559,615,695

Accumulated net investment loss

(1,090,824)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(229,548,150)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

41,298,453

Net Assets

$ 370,275,174

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($34,967,305 ÷ 2,876,507 shares)

$ 12.16

Maximum offering price per share (100/94.25 of $12.16)

$ 12.90

Class T:
Net Asset Value and redemption price per share ($207,127,709 ÷ 17,163,904 shares)

$ 12.07

Maximum offering price per share (100/96.50 of $12.07)

$ 12.51

Class B:
Net Asset Value and offering price per share ($73,718,734 ÷ 6,160,338 shares) A

$ 11.97

Class C:
Net Asset Value and offering price per share ($51,061,280 ÷ 4,264,521 shares) A

$ 11.97

Institutional Class:
Net Asset Value, offering price and redemption price per share ($3,400,146 ÷ 278,066 shares)

$ 12.23

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 1,748,665

Interest

101,548

Security lending

5,824

Total income

1,856,037

Expenses

Management fee

$ 936,374

Transfer agent fees

713,876

Distribution fees

1,132,245

Accounting and security lending fees

61,127

Non-interested trustees' compensation

629

Custodian fees and expenses

14,439

Registration fees

55,566

Audit

18,591

Legal

1,068

Miscellaneous

892

Total expenses before reductions

2,934,807

Expense reductions

(407,218)

2,527,589

Net investment income (loss)

(671,552)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

25,559,791

Foreign currency transactions

8,937

Total net realized gain (loss)

25,568,728

Change in net unrealized appreciation (depreciation) on:

Investment securities

8,667,827

Assets and liabilities in foreign currencies

8,307

Total change in net unrealized appreciation (depreciation)

8,676,134

Net gain (loss)

34,244,862

Net increase (decrease) in net assets resulting from operations

$ 33,573,310

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (671,552)

$ 1,779,552

Net realized gain (loss)

25,568,728

(26,794,141)

Change in net unrealized appreciation (depreciation)

8,676,134

(8,163,656)

Net increase (decrease) in net assets resulting
from operations

33,573,310

(33,178,245)

Distributions to shareholders from net investment income

(1,336,917)

(1,624,203)

Share transactions - net increase (decrease)

21,764,301

(25,376,561)

Total increase (decrease) in net assets

54,000,694

(60,179,009)

Net Assets

Beginning of period

316,274,480

376,453,489

End of period (including accumulated net investment loss of $1,090,824 and undistributed net investment income of $917,645, respectively)

$ 370,275,174

$ 316,274,480

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.15

$ 12.22

$ 16.21

$ 13.44

$ 10.00

Income from Investment Operations

Net investment income (loss) E

- H

.10

.08

- H

(.10)

Net realized and unrealized gain (loss)

1.09

(1.06)

(4.07)

2.77

3.54

Total from investment operations

1.09

(.96)

(3.99)

2.77

3.44

Distributions from net investment income

(.08)

(.11)

-

-

-

Net asset value, end of period

$ 12.16

$ 11.15

$ 12.22

$ 16.21

$ 13.44

Total Return B,C,D

9.87%

(7.93)%

(24.61)%

20.61%

34.40%

Ratios to Average Net Assets G

Expenses before expense reductions

1.46% A

1.47%

1.32%

1.28%

2.42% A

Expenses net of voluntary waivers, if any

1.46% A

1.47%

1.32%

1.28%

1.75% A

Expenses net of all reductions

1.21% A

1.28%

1.26%

1.24%

1.70% A

Net investment income (loss)

(.05)% A

.86%

.56%

- %

(.94)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 34,967

$ 21,734

$ 24,371

$ 30,340

$ 4,493

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

H Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 11.07

$ 12.13

$ 16.13

$ 13.40

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.02)

.08

.05

(.02)

(.13)

Net realized and unrealized gain (loss)

1.09

(1.06)

(4.05)

2.75

3.53

Total from investment operations

1.07

(.98)

(4.00)

2.73

3.40

Distributions from net investment income

(.07)

(.08)

-

-

-

Net asset value, end of period

$ 12.07

$ 11.07

$ 12.13

$ 16.13

$ 13.40

Total Return B,C,D

9.75%

(8.13)%

(24.80)%

20.37%

34.00%

Ratios to Average Net Assets G

Expenses before expense reductions

1.70% A

1.66%

1.49%

1.46%

2.62% A

Expenses net of voluntary waivers, if any

1.70% A

1.66%

1.49%

1.46%

2.00% A

Expenses net of all reductions

1.44% A

1.46%

1.43%

1.42%

1.95% A

Net investment income (loss)

(.29)% A

.68%

.39%

(.18)%

(1.19)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 207,128

$ 172,694

$ 197,288

$ 249,999

$ 31,971

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.93

$ 11.96

$ 16.00

$ 13.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

.02

(.02)

(.09)

(.19)

Net realized and unrealized gain (loss)

1.08

(1.05)

(4.02)

2.74

3.54

Total from investment operations

1.04

(1.03)

(4.04)

2.65

3.35

Net asset value, end of period

$ 11.97

$ 10.93

$ 11.96

$ 16.00

$ 13.35

Total ReturnB,C,D

9.52%

(8.61)%

(25.25)%

19.85%

33.50%

Ratios to Average Net Assets G

Expenses before expense reductions

2.19% A

2.16%

2.05%

2.02%

3.16% A

Expenses net of voluntary waivers, if any

2.19% A

2.16%

2.05%

2.02%

2.50% A

Expenses net of all reductions

1.94% A

1.97%

1.99%

1.98%

2.45% A

Net investment income (loss)

(.78)% A

.17%

(.18)%

(.74)%

(1.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 73,719

$ 70,748

$ 90,157

$ 120,934

$ 17,163

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 F

Selected Per-Share Data

Net asset value, beginning of period

$ 10.94

$ 11.97

$ 16.00

$ 13.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.04)

.03

(.01)

(.08)

(.19)

Net realized and unrealized gain (loss)

1.08

(1.05)

(4.02)

2.73

3.54

Total from investment operations

1.04

(1.02)

(4.03)

2.65

3.35

Distributions from net investment income

(.01)

(.01)

-

-

-

Net asset value, end of period

$ 11.97

$ 10.94

$ 11.97

$ 16.00

$ 13.35

Total ReturnB,C,D

9.52%

(8.53)%

(25.19)%

19.85%

33.50%

Ratios to Average Net Assets G

Expenses before expense reductions

2.08% A

2.06%

1.96%

1.95%

3.12% A

Expenses net of voluntary waivers, if any

2.08% A

2.06%

1.96%

1.95%

2.50% A

Expenses net of all reductions

1.83% A

1.87%

1.90%

1.91%

2.45% A

Net investment income (loss)

(.67)% A

.27%

(.09)%

(.67)%

(1.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 51,061

$ 48,337

$ 60,035

$ 76,639

$ 9,224

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F For the period December 28, 1998 (commencement of operations) to November 30, 1999.

G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999 E

Selected Per-Share Data

Net asset value, beginning of period

$ 11.24

$ 12.33

$ 16.30

$ 13.47

$ 10.00

Income from Investment Operations

Net investment income (loss) D

.02

.17

.13

.04

(.08)

Net realized and unrealized gain (loss)

1.10

(1.07)

(4.10)

2.79

3.55

Total from investment operations

1.12

(.90)

(3.97)

2.83

3.47

Distributions from net investment income

(.13)

(.19)

-

-

-

Net asset value, end of period

$ 12.23

$ 11.24

$ 12.33

$ 16.30

$ 13.47

Total ReturnB,C

10.12%

(7.42)%

(24.36)%

21.01%

34.70%

Ratios to Average Net Assets F

Expenses before expense reductions

1.03% A

.92%

.95%

.96%

2.27% A

Expenses net of voluntary waivers, if any

1.03% A

.92%

.95%

.96%

1.50% A

Expenses net of all reductions

.77% A

.73%

.89%

.92%

1.45% A

Net investment income (loss)

.38% A

1.42%

.93%

.32%

(.69)% A

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,400

$ 2,762

$ 4,603

$ 2,619

$ 798

Portfolio turnover rate

343% A

285%

313%

411%

381% A

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E For the period December 28, 1998 (commencement of operations) to November 30, 1999.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Dynamic Capital Appreciation 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, partnerships, capital loss carryforwards, and losses deferred due to wash sales.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 46,954,574

|

Unrealized depreciation

(6,903,884)

Net unrealized appreciation (depreciation)

$ 40,050,690

Cost for federal income tax purposes

$ 331,576,060

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.09%

.25%

$ 47,733

$ 138

$12,494

Class T

.34%

.25%

518,224

840

77,794

Class B

.75%

.25%

335,636

251,905

-

Class C

.75%

.25%

230,652

14,752

-

$ 1,132,245

$ 267,635

$ 90,288

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 9,101

Class T

17,749

Class B*

114,972

Class C*

1,339

$ 143,161

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

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 (collectively referred to as the transfer 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

$ 63,273

.45*

Class T

379,546

.43*

Class B

173,120

.52*

Class C

92,887

.40*

Institutional Class

5,050

.35*

$ 713,876

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $108,703 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefit all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Custody
expense
reduction

Fund Level

$ -

$ 316,502

$ 428

Class A

12,494

-

-

Class T

77,794

-

-

$ 90,288

$ 316,502

$ 428

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 156,255

$ 217,842

Class T

1,103,137

1,286,193

Class C

44,183

49,781

Institutional Class

33,342

70,387

Total

$ 1,336,917

$ 1,624,203

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,660,607

1,465,374

$ 17,414,029

$ 16,485,298

Reinvestment of distributions

14,040

17,381

150,230

211,183

Shares redeemed

(747,708)

(1,527,711)

(8,126,724)

(16,090,483)

Net increase (decrease)

926,939

(44,956)

$ 9,437,535

$ 605,998

Class T

Shares sold

4,237,415

4,763,792

$ 45,427,827

$ 53,798,911

Reinvestment of distributions

101,514

103,559

1,079,094

1,250,989

Shares redeemed

(2,775,038)

(5,536,697)

(29,752,093)

(62,641,199)

Net increase (decrease)

1,563,891

(669,346)

$ 16,754,828

$ (7,591,299)

Class B

Shares sold

455,203

1,008,085

$ 4,847,870

$ 11,630,076

Shares redeemed

(765,770)

(2,077,291)

(8,087,479)

(22,689,180)

Net increase (decrease)

(310,567)

(1,069,206)

$ (3,239,609)

$ (11,059,104)

Class C

Shares sold

400,025

1,038,037

$ 4,304,980

$ 11,857,372

Reinvestment of distributions

3,854

3,817

40,736

45,765

Shares redeemed

(556,366)

(1,642,220)

(5,892,143)

(18,019,152)

Net increase (decrease)

(152,487)

(600,366)

$ (1,546,427)

$ (6,116,015)

Institutional Class

Shares sold

59,336

180,525

$ 649,942

$ 2,022,243

Reinvestment of distributions

1,917

997

20,586

12,148

Shares redeemed

(28,890)

(309,089)

(312,554)

(3,250,532)

Net increase (decrease)

32,363

(127,567)

$ 357,974

$ (1,216,141)

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Small Cap

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the last six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

All marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American Italian Pasta Co. Class A

5.4

4.7

Mettler-Toledo International, Inc.

4.4

4.7

Waste Connections, Inc.

4.2

4.9

Lennar Corp. Class A

4.0

3.8

Polycom, Inc.

3.7

1.9

Florida Rock Industries, Inc.

3.5

3.7

MPS Group, Inc.

3.4

2.3

American Tower Corp. Class A

2.1

1.0

Benchmark Electronics, Inc.

1.7

2.0

Brocade Communications Systems, Inc.

1.6

0.0

34.0

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

28.3

23.2

Consumer Discretionary

19.7

23.9

Consumer Staples

10.9

12.1

Industrials

10.7

13.1

Health Care

7.2

5.6

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 96.7%

Stocks 98.1%

Short-Term
Investments and
Net Other Assets 3.3%

Short-Term
Investments and
Net Other Assets 1.9%

* Foreign
investments

3.6%

** Foreign
investments

4.0%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 19.7%

Distributors - 1.3%

Handleman Co. (a)

939,400

$ 17,135

Hotels, Restaurants & Leisure - 0.4%

Bally Total Fitness Holding Corp. (a)

22,800

182

Benihana, Inc. Class A

92,000

1,154

Choice Hotels International, Inc. (a)

5,800

144

Monarch Casino & Resort, Inc. (a)

180,000

1,534

Starbucks Coffee Japan Ltd. (a)

26,521

2,459

5,473

Household Durables - 6.5%

A.T. Cross Co. Class A (a)

321,300

1,847

Beazer Homes USA, Inc. (a)

45,000

3,816

Clayton Homes, Inc.

500,000

6,245

D.R. Horton, Inc.

512,970

13,486

Helen of Troy Ltd. (a)

109,000

1,643

Lennar Corp.:

Class A

787,100

52,775

Class B

78,710

5,128

84,940

Internet & Catalog Retail - 0.6%

1-800-FLOWERS.com, Inc. Class A (a)

922,373

7,702

Leisure Equipment & Products - 1.8%

Brunswick Corp.

750,600

16,476

MarineMax, Inc. (a)

606,100

6,867

23,343

Media - 3.8%

Capital Radio PLC

337,435

2,691

Cumulus Media, Inc. Class A (a)

300,000

5,427

Hispanic Broadcasting Corp. (a)

100,000

2,509

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

701,500

8,011

Radio One, Inc.:

Class A (a)

541,000

9,067

Class D (non-vtg.) (a)

982,000

16,399

Scholastic Corp. (a)

100,000

3,116

Scottish Radio Holdings PLC

5,610

70

UnitedGlobalCom, Inc. Class A (a)

484,200

2,232

49,522

Multiline Retail - 0.8%

Neiman Marcus Group, Inc. Class A (a)

300,000

10,410

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 2.9%

Aaron Rents, Inc.

184,100

$ 4,417

Barbeques Galore Ltd. sponsored ADR

50,000

143

PETsMART, Inc. (a)

100,000

1,729

SAZABY, Inc.

450,000

7,163

Sharper Image Corp. (a)

526,400

11,923

Steiner Leisure Ltd. (a)

200,000

3,130

Urban Outfitters, Inc. (a)

100,000

3,332

Yamada Denki Co. Ltd.

300,000

5,944

37,781

Textiles Apparel & Luxury Goods - 1.6%

Liz Claiborne, Inc.

620,000

21,012

TOTAL CONSUMER DISCRETIONARY

257,318

CONSUMER STAPLES - 10.9%

Beverages - 1.2%

Golden State Vintners, Inc. Class B (a)(c)

378,500

939

Robert Mondavi Corp. Class A (a)(c)

599,900

15,379

16,318

Food & Staples Retailing - 1.5%

Whole Foods Market, Inc. (a)

350,000

19,093

Food Products - 8.2%

American Italian Pasta Co. Class A (a)(c)

1,601,400

70,165

Dean Foods Co. (a)

452,000

20,679

Fresh Del Monte Produce, Inc.

700,000

14,546

Sanderson Farms, Inc.

73,513

1,765

107,155

TOTAL CONSUMER STAPLES

142,566

ENERGY - 6.7%

Energy Equipment & Services - 5.2%

BJ Services Co. (a)

260,000

10,585

Carbo Ceramics, Inc.

350,000

13,580

Global Industries Ltd. (a)

2,300,000

12,880

Maverick Tube Corp. (a)

800,000

16,016

Rowan Companies, Inc.

230,000

5,506

Common Stocks - continued

Shares

Value (Note 1) (000s)

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc. (a)

120,000

$ 4,907

TETRA Technologies, Inc. (a)

150,000

4,428

67,902

Oil & Gas - 1.5%

Knightsbridge Tankers Ltd.

6,100

81

Premcor, Inc.

100,000

2,175

Teekay Shipping Corp.

368,090

15,478

Tsakos Energy Navigation Ltd.

196,000

2,587

20,321

TOTAL ENERGY

88,223

FINANCIALS - 6.5%

Capital Markets - 0.3%

E*TRADE Group, Inc. (a)

20,000

153

Investors Financial Services Corp.

2,400

56

Waddell & Reed Financial, Inc. Class A

150,000

3,398

3,607

Commercial Banks - 2.3%

First Community Bancorp, California

4,100

124

Silicon Valley Bancshares (a)

641,440

16,171

Southwest Bancorp of Texas, Inc. (a)

50,000

1,647

Texas Regional Bancshares, Inc. Class A

330,000

12,078

30,020

Consumer Finance - 1.0%

AmeriCredit Corp. (a)

1,250,000

11,750

iDine Rewards Network, Inc.

200,000

2,148

13,898

Insurance - 0.8%

Commerce Group, Inc., Massachusetts

50,000

1,870

Markel Corp. (a)

20,000

5,045

Navigators Group, Inc. (a)

100,000

2,516

UICI (a)

50,000

717

10,148

Real Estate - 1.6%

CBL & Associates Properties, Inc.

58,397

2,532

CenterPoint Properties Trust (SBI)

11,820

703

Gables Residential Trust (SBI)

200,000

5,898

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Real Estate - continued

Home Properties of New York, Inc.

2,841

$ 102

LNR Property Corp.

252,600

9,690

Reckson Associates Realty Corp.

100,000

2,025

20,950

Thrifts & Mortgage Finance - 0.5%

NetBank, Inc.

500,000

6,635

TOTAL FINANCIALS

85,258

HEALTH CARE - 7.2%

Biotechnology - 0.7%

Charles River Laboratories International, Inc. (a)

100,000

3,177

Medarex, Inc. (a)

800,000

5,216

Trimeris, Inc. (a)

9,600

474

8,867

Health Care Equipment & Supplies - 6.1%

American Medical Systems Holdings, Inc. (a)

300,000

4,782

Cooper Companies, Inc.

200,000

6,904

Edwards Lifesciences Corp. (a)

100,000

3,032

Hologic, Inc. (a)

100,000

1,250

ICU Medical, Inc. (a)

31,700

980

Medical Action Industries, Inc. (a)

400,000

5,376

Mentor Corp.

651,800

13,831

Microtek Medical Holdings, Inc. (a)

38,500

89

Millipore Corp. (a)

451,070

18,359

Wilson Greatbatch Technologies, Inc. (a)

557,200

20,505

Wright Medical Group, Inc. (a)

200,000

4,076

79,184

Health Care Providers & Services - 0.4%

Advisory Board Co. (a)

500

19

AMN Healthcare Services, Inc. (a)

100,000

1,140

Caremark Rx, Inc. (a)

21,900

495

Community Health Systems, Inc. (a)

200,000

4,166

5,820

TOTAL HEALTH CARE

93,871

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - 10.7%

Aerospace & Defense - 0.2%

BE Aerospace, Inc. (a)

1,000,000

$ 2,420

Air Freight & Logistics - 0.2%

Forward Air Corp. (a)

100,000

2,544

Airlines - 0.4%

JetBlue Airways Corp. (a)

150,000

5,070

Commercial Services & Supplies - 5.5%

Central Parking Corp.

22,700

258

FTI Consulting, Inc. (a)

200,000

7,342

Korn/Ferry International (a)

828,700

6,646

Labor Ready, Inc. (a)

300,000

1,950

Waste Connections, Inc. (a)(c)

1,627,300

55,426

71,622

Construction & Engineering - 0.4%

Granite Construction, Inc.

318,600

5,888

Electrical Equipment - 0.3%

AstroPower, Inc. (a)

450,000

1,089

Energy Conversion Devices, Inc. (a)

200,000

2,140

Lamson & Sessions Co. (a)

100,000

450

3,679

Machinery - 3.4%

Actuant Corp. Class A (a)

300,000

12,978

Albany International Corp. Class A

100,000

2,662

Astec Industries, Inc. (a)

659,100

5,312

Oshkosh Truck Co.

200,000

11,086

Quixote Corp.

13,000

299

Terex Corp. (a)

720,000

12,780

45,117

Trading Companies & Distributors - 0.3%

Fastenal Co.

100,000

3,343

TOTAL INDUSTRIALS

139,683

INFORMATION TECHNOLOGY - 28.3%

Communications Equipment - 7.1%

Brocade Communications Systems, Inc. (a)

3,500,000

21,245

Cable Design Technologies Corp. (a)

1,552,500

11,721

Lucent Technologies, Inc. (a)

13,381

30

Polycom, Inc. (a)

3,800,060

48,337

SafeNet, Inc. (a)

100,000

2,782

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

SeaChange International, Inc. (a)

500,000

$ 5,650

Terayon Communication Systems, Inc. (a)

1,234,800

3,655

93,420

Computers & Peripherals - 0.6%

Drexler Technology Corp. (a)

50,000

975

M-Systems Flash Disk Pioneers Ltd. (a)

70,700

792

Neoware Systems, Inc. (a)

500,000

5,775

7,542

Electronic Equipment & Instruments - 8.5%

Amphenol Corp. Class A (a)

100,000

4,725

Benchmark Electronics, Inc. (a)

800,000

22,752

Manufacturers Services Ltd. (a)

400,000

1,768

Mettler-Toledo International, Inc. (a)

1,600,000

57,328

Photon Dynamics, Inc. (a)

145,000

3,595

RadiSys Corp. (a)

650,310

6,926

Vishay Intertechnology, Inc. (a)

970,881

14,020

111,114

Internet Software & Services - 1.5%

Chordiant Software, Inc. (a)

1,000,000

1,380

CNET Networks, Inc. (a)

1,000,000

5,350

Digitas, Inc. (a)

173,538

762

Homestore, Inc. (a)

150,000

216

Overture Services, Inc. (a)

650,000

11,595

Vignette Corp. (a)

15,400

37

19,340

IT Services - 5.1%

BearingPoint, Inc. (a)

900,000

8,541

CACI International, Inc. Class A (a)

200,000

6,610

Lionbridge Technologies, Inc. (a)

100,000

396

MPS Group, Inc. (a)(c)

6,180,000

44,311

Pegasus Solutions, Inc. (a)

480,490

6,818

Syntel, Inc. (a)

5,100

77

66,753

Semiconductors & Semiconductor Equipment - 3.7%

Agere Systems, Inc.:

Class A (a)

160

0

Class B (a)

3,933

9

ASE Test Ltd. (a)

200,000

684

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Cymer, Inc. (a)

100,000

$ 3,330

Intersil Corp. Class A (a)

127,390

3,113

Jenoptik AG

56,650

693

Lam Research Corp. (a)

500,000

8,930

LTX Corp. (a)

300,000

2,943

Monolithic System Technology, Inc. (a)

27,500

227

Mykrolis Corp. (a)

339,130

3,171

PDF Solutions, Inc. (a)

13,400

147

Photronics, Inc. (a)

100,000

1,684

Skyworks Solutions, Inc. (a)

2,686,700

19,989

Varian Semiconductor Equipment Associates, Inc. (a)

100,000

2,789

47,709

Software - 1.8%

Actuate Corp. (a)

100,000

180

Barra, Inc. (a)

50,000

1,637

Manhattan Associates, Inc. (a)

700,000

18,802

Pumatech, Inc. (d)

55,200

204

Vastera, Inc. (a)

638,700

3,098

23,921

TOTAL INFORMATION TECHNOLOGY

369,799

MATERIALS - 4.6%

Chemicals - 0.2%

Olin Corp.

100,000

1,766

OMNOVA Solutions, Inc. (a)

100,000

438

2,204

Construction Materials - 3.7%

Florida Rock Industries, Inc.

1,086,465

46,207

Martin Marietta Materials, Inc.

79,400

2,716

48,923

Containers & Packaging - 0.0%

Peak International Ltd. (a)

28,600

114

Metals & Mining - 0.6%

Arch Coal, Inc.

100,000

2,261

Cleveland-Cliffs, Inc. (a)

200,000

3,020

Oregon Steel Mills, Inc. (a)

200,000

578

Common Stocks - continued

Shares

Value (Note 1) (000s)

MATERIALS - continued

Metals & Mining - continued

Placer Dome, Inc.

93,590

$ 1,026

Stillwater Mining Co. (a)

200,000

856

7,741

Paper & Forest Products - 0.1%

Mercer International, Inc. (SBI) (a)

200,000

982

Sino-Forest Corp. Class A (sub. vtg.) (a)

500,000

822

1,804

TOTAL MATERIALS

60,786

TELECOMMUNICATION SERVICES - 2.1%

Wireless Telecommunication Services - 2.1%

American Tower Corp. Class A (a)

3,000,000

26,880

At Road, Inc. (a)

11,500

101

26,981

TOTAL COMMON STOCKS

(Cost $1,164,917)

1,264,485

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (e)

(Cost $124)

7,200

7

Money Market Funds - 5.5%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $72,172)

72,171,678

72,172

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $1,237,213)

1,336,664

NET OTHER ASSETS - (2.2)%

(29,314)

NET ASSETS - 100%

$ 1,307,350

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) 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 $204,000 or 0.0% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 124

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $262,481,000 and $277,404,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $52,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $168,407,000 of which $2,487,000, $151,477,000 and $14,443,000 will expire on November 30, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $25,625) (cost $1,237,213) - See accompanying schedule

$ 1,336,664

Receivable for investments sold

6,492

Receivable for fund shares sold

2,712

Dividends receivable

305

Interest receivable

79

Other receivables

16

Total assets

1,346,268

Liabilities

Payable for investments purchased

$ 8,586

Payable for fund shares redeemed

2,096

Accrued management fee

754

Distribution fees payable

627

Other payables and accrued expenses

111

Collateral on securities loaned, at value

26,744

Total liabilities

38,918

Net Assets

$ 1,307,350

Net Assets consist of:

Paid in capital

$ 1,394,225

Accumulated net investment loss

(7,882)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(178,450)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

99,457

Net Assets

$ 1,307,350

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($139,998 ÷ 8,560 shares)

$ 16.35

Maximum offering price per share (100/94.25 of $16.35)

$ 17.35

Class T:
Net Asset Value and redemption price per share ($654,799 ÷ 40,503 shares)

$ 16.17

Maximum offering price per share (100/96.50 of $16.17)

$ 16.76

Class B:
Net Asset Value and offering price per share ($243,895 ÷ 15,439 shares) A

$ 15.80

Class C:
Net Asset Value and offering price per share ($191,621 ÷ 12,075 shares) A

$ 15.87

Institutional Class:
Net Asset Value, offering price and redemption price per share ($77,037 ÷ 4,641 shares)

$ 16.60

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 1,248

Interest

163

Security lending

355

Total income

1,766

Expenses

Management fee

$ 4,195

Transfer agent fees

2,159

Distribution fees

3,605

Accounting and security lending fees

177

Non-interested trustees' compensation

2

Custodian fees and expenses

31

Registration fees

47

Audit

20

Legal

4

Miscellaneous

13

Total expenses before reductions

10,253

Expense reductions

(502)

9,751

Net investment income (loss)

(7,985)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $(4,831) on sales of investments in affiliated issuers)

(9,972)

Foreign currency transactions

7

Total net realized gain (loss)

(9,965)

Change in net unrealized appreciation (depreciation) on:

Investment securities

77,769

Assets and liabilities in foreign currencies

4

Total change in net unrealized appreciation (depreciation)

77,773

Net gain (loss)

67,808

Net increase (decrease) in net assets resulting from operations

$ 59,823

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (7,985)

$ (15,308)

Net realized gain (loss)

(9,965)

7,823

Change in net unrealized appreciation (depreciation)

77,773

(113,898)

Net increase (decrease) in net assets resulting
from operations

59,823

(121,383)

Share transactions - net increase (decrease)

11,920

105,964

Total increase (decrease) in net assets

71,743

(15,419)

Net Assets

Beginning of period

1,235,607

1,251,026

End of period (including accumulated net investment loss of $7,882 and undistributed net investment income of $103, respectively)

$ 1,307,350

$ 1,235,607

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.56

$ 16.83

$ 17.47

$ 19.84

$ 12.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.08)

(.13)

(.08)

(.12) F

(.09) G

(.01)

Net realized and unrealized gain (loss)

.87

(1.14)

(.56)

(1.69)

7.63

2.36

Total from investment operations

.79

(1.27)

(.64)

(1.81)

7.54

2.35

Distributions from net realized gain

-

-

-

(.56)

(.05)

-

Net asset value, end of period

$ 16.35

$ 15.56

$ 16.83

$ 17.47

$ 19.84

$ 12.35

Total Return B, C, D

5.08%

(7.55)%

(3.66)%

(9.59)%

61.19%

23.50%

Ratios to Average Net Assets I

Expenses before expense reductions

1.44% A

1.41%

1.35%

1.30%

1.36%

2.24% A

Expenses net of voluntary waivers, if any

1.44% A

1.41%

1.35%

1.30%

1.36%

1.75% A

Expenses net of all reductions

1.36% A

1.38%

1.34%

1.29%

1.33%

1.68% A

Net investment income (loss)

(1.05)% A

(.81)%

(.47)%

(.57)%

(.55)%

(.40)% A

Supplemental Data

Net assets, end of period (in millions)

$ 140

$ 117

$ 105

$ 104

$ 68

$ 10

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.40

$ 16.70

$ 17.37

$ 19.77

$ 12.34

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.09)

(.17)

(.12)

(.17) F

(.13) G

(.02)

Net realized and unrealized gain (loss)

.86

(1.13)

(.55)

(1.69)

7.61

2.36

Total from investment operations

.77

(1.30)

(.67)

(1.86)

7.48

2.34

Distributions from net realized gain

-

-

-

(.54)

(.05)

-

Net asset value, end of period

$ 16.17

$ 15.40

$ 16.70

$ 17.37

$ 19.77

$ 12.34

Total Return B, C, D

5.00%

(7.78)%

(3.86)%

(9.87)%

60.75%

23.40%

Ratios to Average Net Assets I

Expenses before expense reductions

1.68% A

1.64%

1.58%

1.53%

1.59%

2.38% A

Expenses net of voluntary waivers, if any

1.68% A

1.64%

1.58%

1.53%

1.59%

2.00% A

Expenses net of all reductions

1.59% A

1.61%

1.57%

1.53%

1.56%

1.93% A

Net investment income (loss)

(1.28)% A

(1.04)%

(.69)%

(.80)%

(.77)%

(.63)% A

Supplemental Data

Net assets, end of period (in millions)

$ 655

$ 612

$ 611

$ 625

$ 458

$ 72

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.09

$ 16.45

$ 17.20

$ 19.63

$ 12.31

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.13)

(.25)

(.21)

(.28) F

(.21) G

(.03)

Net realized and unrealized gain (loss)

.84

(1.11)

(.54)

(1.66)

7.58

2.34

Total from investment operations

.71

(1.36)

(.75)

(1.94)

7.37

2.31

Distributions from net realized gain

-

-

-

(.49)

(.05)

-

Net asset value, end of period

$ 15.80

$ 15.09

$ 16.45

$ 17.20

$ 19.63

$ 12.31

Total Return B, C, D

4.71%

(8.27)%

(4.36)%

(10.31)%

60.01%

23.10%

Ratios to Average Net Assets I

Expenses before expense reductions

2.23% A

2.18%

2.12%

2.06%

2.12%

2.96% A

Expenses net of voluntary waivers, if any

2.23% A

2.18%

2.12%

2.06%

2.12%

2.50% A

Expenses net of all reductions

2.14% A

2.15%

2.10%

2.05%

2.09%

2.43% A

Net investment income (loss)

(1.83)% A

(1.58)%

(1.23)%

(1.33)%

(1.30)%

(1.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 244

$ 246

$ 271

$ 287

$ 200

$ 24

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share.
G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.15

$ 16.51

$ 17.26

$ 19.68

$ 12.34

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.12)

(.25)

(.21)

(.27) F

(.21) G

(.03)

Net realized and unrealized gain (loss)

.84

(1.11)

(.54)

(1.66)

7.60

2.37

Total from investment operations

.72

(1.36)

(.75)

(1.93)

7.39

2.34

Distributions from net realized gain

-

-

-

(.49)

(.05)

-

Net asset value, end of period

$ 15.87

$ 15.15

$ 16.51

$ 17.26

$ 19.68

$ 12.34

Total Return B, C, D

4.75%

(8.24)%

(4.35)%

(10.23)%

60.02%

23.40%

Ratios to Average Net Assets I

Expenses before expense reductions

2.16% A

2.13%

2.07%

2.02%

2.09%

2.90% A

Expenses net of voluntary waivers, if any

2.16% A

2.13%

2.07%

2.02%

2.09%

2.50% A

Expenses net of all reductions

2.07% A

2.10%

2.05%

2.02%

2.06%

2.44% A

Net investment income (loss)

(1.76)% A

(1.53)%

(1.18)%

(1.29)%

(1.27)%

(1.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 192

$ 190

$ 204

$ 220

$ 160

$ 22

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share.
G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 15.76

$ 16.97

$ 17.55

$ 19.89

$ 12.35

$ 10.00

Income from Investment Operations

Net investment income (loss) D

(.04)

(.07)

(.01)

(.05) E

(.04) F

-

Net realized and unrealized gain (loss)

.88

(1.14)

(.57)

(1.70)

7.63

2.35

Total from investment operations

.84

(1.21)

(.58)

(1.75)

7.59

2.35

Distributions from net realized gain

-

-

-

(.59)

(.05)

-

Net asset value, end of period

$ 16.60

$ 15.76

$ 16.97

$ 17.55

$ 19.89

$ 12.35

Total Return B, C

5.33%

(7.13)%

(3.30)%

(9.28)%

61.60%

23.50%

Ratios to Average Net Assets H

Expenses before expense reductions

.99% A

1.00%

.96%

.97%

1.05%

1.98% A

Expenses net of voluntary waivers, if any

.99% A

1.00%

.96%

.97%

1.05%

1.50% A

Expenses net of all reductions

.91% A

.97%

.95%

.96%

1.02%

1.42% A

Net investment income (loss)

(.60)% A

(.40)%

(.07)%

(.24)%

(.24)%

(.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 77

$ 70

$ 61

$ 59

$ 67

$ 13

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.01 per share. F Investment income per share reflects a special dividend which amounted to $.01 per share. G For the period September 9, 1998 (commencement of operations) to November 30, 1998. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Small Cap 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 269,503

|

Unrealized depreciation

(170,058)

Net unrealized appreciation (depreciation)

$ 99,445

Cost for federal income tax purposes

$ 1,237,219

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .73% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 156

$ 1

$ 14

Class T

.27%

.25%

1,501

8

69

Class B

.75%

.25%

1,097

823

-

Class C

.75%

.25%

851

111

-

$ 3,605

$ 943

$ 83

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 47

Class T

36

Class B*

366

Class C*

13

$ 462

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 (collectively referred to as the transfer 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

$ 220

.38*

Class T

1,064

.37*

Class B

484

.44*

Class C

321

.38*

Institutional Class

70

.21*

$ 2,159

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $529 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Custody
expense reduction

Fund Level

$ -

$ 418

$ 1

Class A

14

-

-

Class T

69

-

-

$ 83

$ 418

$ 1

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30, 2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

2,234

3,744

$ 31,970

$ 63,018

Shares redeemed

(1,224)

(2,411)

(17,485)

(39,123)

Net increase (decrease)

1,010

1,333

$ 14,485

$ 23,895

Class T

Shares sold

7,036

14,857

$ 100,847

$ 246,209

Shares redeemed

(6,299)

(11,704)

(89,089)

(186,246)

Net increase (decrease)

737

3,153

$ 11,758

$ 59,963

Class B

Shares sold

1,221

4,042

$ 17,136

$ 67,151

Shares redeemed

(2,053)

(4,220)

(28,302)

(66,019)

Net increase (decrease)

(832)

(178)

$ (11,166)

$ 1,132

Class C

Shares sold

1,349

4,388

$ 19,073

$ 71,806

Shares redeemed

(1,832)

(4,179)

(25,275)

(65,881)

Net increase (decrease)

(483)

209

$ (6,202)

$ 5,925

Institutional Class

Shares sold

755

2,404

$ 11,132

$ 40,587

Shares redeemed

(554)

(1,542)

(8,087)

(25,538)

Net increase (decrease)

201

862

$ 3,045

$ 15,049

9. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

American Italian Pasta Co. Class A

$ -

$ -

$ -

$ 70,165

Golden State Vintners, Inc. Class B

-

-

-

939

LNR Property Corp.

-

4,059

-

-

MPS Group, Inc.

6,622

-

-

44,311

Robert Mondavi Corp. Class A

-

10,223

-

15,379

Sharper Image Corp.

-

-

-

-

Waste Connections, Inc.

-

-

-

55,426

TOTALS

$ 6,622

$ 14,282

$ -

$ 186,220

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Small Cap

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the last six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

All marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

American Italian Pasta Co. Class A

5.4

4.7

Mettler-Toledo International, Inc.

4.4

4.7

Waste Connections, Inc.

4.2

4.9

Lennar Corp. Class A

4.0

3.8

Polycom, Inc.

3.7

1.9

Florida Rock Industries, Inc.

3.5

3.7

MPS Group, Inc.

3.4

2.3

American Tower Corp. Class A

2.1

1.0

Benchmark Electronics, Inc.

1.7

2.0

Brocade Communications Systems, Inc.

1.6

0.0

34.0

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

28.3

23.2

Consumer Discretionary

19.7

23.9

Consumer Staples

10.9

12.1

Industrials

10.7

13.1

Health Care

7.2

5.6

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 96.7%

Stocks 98.1%

Short-Term
Investments and
Net Other Assets 3.3%

Short-Term
Investments and
Net Other Assets 1.9%

* Foreign
investments

3.6%

** Foreign
investments

4.0%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - 19.7%

Distributors - 1.3%

Handleman Co. (a)

939,400

$ 17,135

Hotels, Restaurants & Leisure - 0.4%

Bally Total Fitness Holding Corp. (a)

22,800

182

Benihana, Inc. Class A

92,000

1,154

Choice Hotels International, Inc. (a)

5,800

144

Monarch Casino & Resort, Inc. (a)

180,000

1,534

Starbucks Coffee Japan Ltd. (a)

26,521

2,459

5,473

Household Durables - 6.5%

A.T. Cross Co. Class A (a)

321,300

1,847

Beazer Homes USA, Inc. (a)

45,000

3,816

Clayton Homes, Inc.

500,000

6,245

D.R. Horton, Inc.

512,970

13,486

Helen of Troy Ltd. (a)

109,000

1,643

Lennar Corp.:

Class A

787,100

52,775

Class B

78,710

5,128

84,940

Internet & Catalog Retail - 0.6%

1-800-FLOWERS.com, Inc. Class A (a)

922,373

7,702

Leisure Equipment & Products - 1.8%

Brunswick Corp.

750,600

16,476

MarineMax, Inc. (a)

606,100

6,867

23,343

Media - 3.8%

Capital Radio PLC

337,435

2,691

Cumulus Media, Inc. Class A (a)

300,000

5,427

Hispanic Broadcasting Corp. (a)

100,000

2,509

Playboy Enterprises, Inc. Class B (non-vtg.) (a)

701,500

8,011

Radio One, Inc.:

Class A (a)

541,000

9,067

Class D (non-vtg.) (a)

982,000

16,399

Scholastic Corp. (a)

100,000

3,116

Scottish Radio Holdings PLC

5,610

70

UnitedGlobalCom, Inc. Class A (a)

484,200

2,232

49,522

Multiline Retail - 0.8%

Neiman Marcus Group, Inc. Class A (a)

300,000

10,410

Common Stocks - continued

Shares

Value (Note 1) (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 2.9%

Aaron Rents, Inc.

184,100

$ 4,417

Barbeques Galore Ltd. sponsored ADR

50,000

143

PETsMART, Inc. (a)

100,000

1,729

SAZABY, Inc.

450,000

7,163

Sharper Image Corp. (a)

526,400

11,923

Steiner Leisure Ltd. (a)

200,000

3,130

Urban Outfitters, Inc. (a)

100,000

3,332

Yamada Denki Co. Ltd.

300,000

5,944

37,781

Textiles Apparel & Luxury Goods - 1.6%

Liz Claiborne, Inc.

620,000

21,012

TOTAL CONSUMER DISCRETIONARY

257,318

CONSUMER STAPLES - 10.9%

Beverages - 1.2%

Golden State Vintners, Inc. Class B (a)(c)

378,500

939

Robert Mondavi Corp. Class A (a)(c)

599,900

15,379

16,318

Food & Staples Retailing - 1.5%

Whole Foods Market, Inc. (a)

350,000

19,093

Food Products - 8.2%

American Italian Pasta Co. Class A (a)(c)

1,601,400

70,165

Dean Foods Co. (a)

452,000

20,679

Fresh Del Monte Produce, Inc.

700,000

14,546

Sanderson Farms, Inc.

73,513

1,765

107,155

TOTAL CONSUMER STAPLES

142,566

ENERGY - 6.7%

Energy Equipment & Services - 5.2%

BJ Services Co. (a)

260,000

10,585

Carbo Ceramics, Inc.

350,000

13,580

Global Industries Ltd. (a)

2,300,000

12,880

Maverick Tube Corp. (a)

800,000

16,016

Rowan Companies, Inc.

230,000

5,506

Common Stocks - continued

Shares

Value (Note 1) (000s)

ENERGY - continued

Energy Equipment & Services - continued

Smith International, Inc. (a)

120,000

$ 4,907

TETRA Technologies, Inc. (a)

150,000

4,428

67,902

Oil & Gas - 1.5%

Knightsbridge Tankers Ltd.

6,100

81

Premcor, Inc.

100,000

2,175

Teekay Shipping Corp.

368,090

15,478

Tsakos Energy Navigation Ltd.

196,000

2,587

20,321

TOTAL ENERGY

88,223

FINANCIALS - 6.5%

Capital Markets - 0.3%

E*TRADE Group, Inc. (a)

20,000

153

Investors Financial Services Corp.

2,400

56

Waddell & Reed Financial, Inc. Class A

150,000

3,398

3,607

Commercial Banks - 2.3%

First Community Bancorp, California

4,100

124

Silicon Valley Bancshares (a)

641,440

16,171

Southwest Bancorp of Texas, Inc. (a)

50,000

1,647

Texas Regional Bancshares, Inc. Class A

330,000

12,078

30,020

Consumer Finance - 1.0%

AmeriCredit Corp. (a)

1,250,000

11,750

iDine Rewards Network, Inc.

200,000

2,148

13,898

Insurance - 0.8%

Commerce Group, Inc., Massachusetts

50,000

1,870

Markel Corp. (a)

20,000

5,045

Navigators Group, Inc. (a)

100,000

2,516

UICI (a)

50,000

717

10,148

Real Estate - 1.6%

CBL & Associates Properties, Inc.

58,397

2,532

CenterPoint Properties Trust (SBI)

11,820

703

Gables Residential Trust (SBI)

200,000

5,898

Common Stocks - continued

Shares

Value (Note 1) (000s)

FINANCIALS - continued

Real Estate - continued

Home Properties of New York, Inc.

2,841

$ 102

LNR Property Corp.

252,600

9,690

Reckson Associates Realty Corp.

100,000

2,025

20,950

Thrifts & Mortgage Finance - 0.5%

NetBank, Inc.

500,000

6,635

TOTAL FINANCIALS

85,258

HEALTH CARE - 7.2%

Biotechnology - 0.7%

Charles River Laboratories International, Inc. (a)

100,000

3,177

Medarex, Inc. (a)

800,000

5,216

Trimeris, Inc. (a)

9,600

474

8,867

Health Care Equipment & Supplies - 6.1%

American Medical Systems Holdings, Inc. (a)

300,000

4,782

Cooper Companies, Inc.

200,000

6,904

Edwards Lifesciences Corp. (a)

100,000

3,032

Hologic, Inc. (a)

100,000

1,250

ICU Medical, Inc. (a)

31,700

980

Medical Action Industries, Inc. (a)

400,000

5,376

Mentor Corp.

651,800

13,831

Microtek Medical Holdings, Inc. (a)

38,500

89

Millipore Corp. (a)

451,070

18,359

Wilson Greatbatch Technologies, Inc. (a)

557,200

20,505

Wright Medical Group, Inc. (a)

200,000

4,076

79,184

Health Care Providers & Services - 0.4%

Advisory Board Co. (a)

500

19

AMN Healthcare Services, Inc. (a)

100,000

1,140

Caremark Rx, Inc. (a)

21,900

495

Community Health Systems, Inc. (a)

200,000

4,166

5,820

TOTAL HEALTH CARE

93,871

Common Stocks - continued

Shares

Value (Note 1) (000s)

INDUSTRIALS - 10.7%

Aerospace & Defense - 0.2%

BE Aerospace, Inc. (a)

1,000,000

$ 2,420

Air Freight & Logistics - 0.2%

Forward Air Corp. (a)

100,000

2,544

Airlines - 0.4%

JetBlue Airways Corp. (a)

150,000

5,070

Commercial Services & Supplies - 5.5%

Central Parking Corp.

22,700

258

FTI Consulting, Inc. (a)

200,000

7,342

Korn/Ferry International (a)

828,700

6,646

Labor Ready, Inc. (a)

300,000

1,950

Waste Connections, Inc. (a)(c)

1,627,300

55,426

71,622

Construction & Engineering - 0.4%

Granite Construction, Inc.

318,600

5,888

Electrical Equipment - 0.3%

AstroPower, Inc. (a)

450,000

1,089

Energy Conversion Devices, Inc. (a)

200,000

2,140

Lamson & Sessions Co. (a)

100,000

450

3,679

Machinery - 3.4%

Actuant Corp. Class A (a)

300,000

12,978

Albany International Corp. Class A

100,000

2,662

Astec Industries, Inc. (a)

659,100

5,312

Oshkosh Truck Co.

200,000

11,086

Quixote Corp.

13,000

299

Terex Corp. (a)

720,000

12,780

45,117

Trading Companies & Distributors - 0.3%

Fastenal Co.

100,000

3,343

TOTAL INDUSTRIALS

139,683

INFORMATION TECHNOLOGY - 28.3%

Communications Equipment - 7.1%

Brocade Communications Systems, Inc. (a)

3,500,000

21,245

Cable Design Technologies Corp. (a)

1,552,500

11,721

Lucent Technologies, Inc. (a)

13,381

30

Polycom, Inc. (a)

3,800,060

48,337

SafeNet, Inc. (a)

100,000

2,782

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

SeaChange International, Inc. (a)

500,000

$ 5,650

Terayon Communication Systems, Inc. (a)

1,234,800

3,655

93,420

Computers & Peripherals - 0.6%

Drexler Technology Corp. (a)

50,000

975

M-Systems Flash Disk Pioneers Ltd. (a)

70,700

792

Neoware Systems, Inc. (a)

500,000

5,775

7,542

Electronic Equipment & Instruments - 8.5%

Amphenol Corp. Class A (a)

100,000

4,725

Benchmark Electronics, Inc. (a)

800,000

22,752

Manufacturers Services Ltd. (a)

400,000

1,768

Mettler-Toledo International, Inc. (a)

1,600,000

57,328

Photon Dynamics, Inc. (a)

145,000

3,595

RadiSys Corp. (a)

650,310

6,926

Vishay Intertechnology, Inc. (a)

970,881

14,020

111,114

Internet Software & Services - 1.5%

Chordiant Software, Inc. (a)

1,000,000

1,380

CNET Networks, Inc. (a)

1,000,000

5,350

Digitas, Inc. (a)

173,538

762

Homestore, Inc. (a)

150,000

216

Overture Services, Inc. (a)

650,000

11,595

Vignette Corp. (a)

15,400

37

19,340

IT Services - 5.1%

BearingPoint, Inc. (a)

900,000

8,541

CACI International, Inc. Class A (a)

200,000

6,610

Lionbridge Technologies, Inc. (a)

100,000

396

MPS Group, Inc. (a)(c)

6,180,000

44,311

Pegasus Solutions, Inc. (a)

480,490

6,818

Syntel, Inc. (a)

5,100

77

66,753

Semiconductors & Semiconductor Equipment - 3.7%

Agere Systems, Inc.:

Class A (a)

160

0

Class B (a)

3,933

9

ASE Test Ltd. (a)

200,000

684

Common Stocks - continued

Shares

Value (Note 1) (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Cymer, Inc. (a)

100,000

$ 3,330

Intersil Corp. Class A (a)

127,390

3,113

Jenoptik AG

56,650

693

Lam Research Corp. (a)

500,000

8,930

LTX Corp. (a)

300,000

2,943

Monolithic System Technology, Inc. (a)

27,500

227

Mykrolis Corp. (a)

339,130

3,171

PDF Solutions, Inc. (a)

13,400

147

Photronics, Inc. (a)

100,000

1,684

Skyworks Solutions, Inc. (a)

2,686,700

19,989

Varian Semiconductor Equipment Associates, Inc. (a)

100,000

2,789

47,709

Software - 1.8%

Actuate Corp. (a)

100,000

180

Barra, Inc. (a)

50,000

1,637

Manhattan Associates, Inc. (a)

700,000

18,802

Pumatech, Inc. (d)

55,200

204

Vastera, Inc. (a)

638,700

3,098

23,921

TOTAL INFORMATION TECHNOLOGY

369,799

MATERIALS - 4.6%

Chemicals - 0.2%

Olin Corp.

100,000

1,766

OMNOVA Solutions, Inc. (a)

100,000

438

2,204

Construction Materials - 3.7%

Florida Rock Industries, Inc.

1,086,465

46,207

Martin Marietta Materials, Inc.

79,400

2,716

48,923

Containers & Packaging - 0.0%

Peak International Ltd. (a)

28,600

114

Metals & Mining - 0.6%

Arch Coal, Inc.

100,000

2,261

Cleveland-Cliffs, Inc. (a)

200,000

3,020

Oregon Steel Mills, Inc. (a)

200,000

578

Common Stocks - continued

Shares

Value (Note 1) (000s)

MATERIALS - continued

Metals & Mining - continued

Placer Dome, Inc.

93,590

$ 1,026

Stillwater Mining Co. (a)

200,000

856

7,741

Paper & Forest Products - 0.1%

Mercer International, Inc. (SBI) (a)

200,000

982

Sino-Forest Corp. Class A (sub. vtg.) (a)

500,000

822

1,804

TOTAL MATERIALS

60,786

TELECOMMUNICATION SERVICES - 2.1%

Wireless Telecommunication Services - 2.1%

American Tower Corp. Class A (a)

3,000,000

26,880

At Road, Inc. (a)

11,500

101

26,981

TOTAL COMMON STOCKS

(Cost $1,164,917)

1,264,485

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (e)

(Cost $124)

7,200

7

Money Market Funds - 5.5%

Fidelity Cash Central Fund, 1.3% (b)
(Cost $72,172)

72,171,678

72,172

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $1,237,213)

1,336,664

NET OTHER ASSETS - (2.2)%

(29,314)

NET ASSETS - 100%

$ 1,307,350

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) 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 $204,000 or 0.0% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 124

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $262,481,000 and $277,404,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $52,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $168,407,000 of which $2,487,000, $151,477,000 and $14,443,000 will expire on November 30, 2008, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $25,625) (cost $1,237,213) - See accompanying schedule

$ 1,336,664

Receivable for investments sold

6,492

Receivable for fund shares sold

2,712

Dividends receivable

305

Interest receivable

79

Other receivables

16

Total assets

1,346,268

Liabilities

Payable for investments purchased

$ 8,586

Payable for fund shares redeemed

2,096

Accrued management fee

754

Distribution fees payable

627

Other payables and accrued expenses

111

Collateral on securities loaned, at value

26,744

Total liabilities

38,918

Net Assets

$ 1,307,350

Net Assets consist of:

Paid in capital

$ 1,394,225

Accumulated net investment loss

(7,882)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(178,450)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

99,457

Net Assets

$ 1,307,350

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($139,998 ÷ 8,560 shares)

$ 16.35

Maximum offering price per share (100/94.25 of $16.35)

$ 17.35

Class T:
Net Asset Value and redemption price per share ($654,799 ÷ 40,503 shares)

$ 16.17

Maximum offering price per share (100/96.50 of $16.17)

$ 16.76

Class B:
Net Asset Value and offering price per share ($243,895 ÷ 15,439 shares) A

$ 15.80

Class C:
Net Asset Value and offering price per share ($191,621 ÷ 12,075 shares) A

$ 15.87

Institutional Class:
Net Asset Value, offering price and redemption price per share ($77,037 ÷ 4,641 shares)

$ 16.60

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 1,248

Interest

163

Security lending

355

Total income

1,766

Expenses

Management fee

$ 4,195

Transfer agent fees

2,159

Distribution fees

3,605

Accounting and security lending fees

177

Non-interested trustees' compensation

2

Custodian fees and expenses

31

Registration fees

47

Audit

20

Legal

4

Miscellaneous

13

Total expenses before reductions

10,253

Expense reductions

(502)

9,751

Net investment income (loss)

(7,985)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of $(4,831) on sales of investments in affiliated issuers)

(9,972)

Foreign currency transactions

7

Total net realized gain (loss)

(9,965)

Change in net unrealized appreciation (depreciation) on:

Investment securities

77,769

Assets and liabilities in foreign currencies

4

Total change in net unrealized appreciation (depreciation)

77,773

Net gain (loss)

67,808

Net increase (decrease) in net assets resulting from operations

$ 59,823

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (7,985)

$ (15,308)

Net realized gain (loss)

(9,965)

7,823

Change in net unrealized appreciation (depreciation)

77,773

(113,898)

Net increase (decrease) in net assets resulting
from operations

59,823

(121,383)

Share transactions - net increase (decrease)

11,920

105,964

Total increase (decrease) in net assets

71,743

(15,419)

Net Assets

Beginning of period

1,235,607

1,251,026

End of period (including accumulated net investment loss of $7,882 and undistributed net investment income of $103, respectively)

$ 1,307,350

$ 1,235,607

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

7Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.56

$ 16.83

$ 17.47

$ 19.84

$ 12.35

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.08)

(.13)

(.08)

(.12) F

(.09) G

(.01)

Net realized and unrealized gain (loss)

.87

(1.14)

(.56)

(1.69)

7.63

2.36

Total from investment operations

.79

(1.27)

(.64)

(1.81)

7.54

2.35

Distributions from net realized gain

-

-

-

(.56)

(.05)

-

Net asset value, end of period

$ 16.35

$ 15.56

$ 16.83

$ 17.47

$ 19.84

$ 12.35

Total Return B, C, D

5.08%

(7.55)%

(3.66)%

(9.59)%

61.19%

23.50%

Ratios to Average Net Assets I

Expenses before expense reductions

1.44% A

1.41%

1.35%

1.30%

1.36%

2.24% A

Expenses net of voluntary waivers, if any

1.44% A

1.41%

1.35%

1.30%

1.36%

1.75% A

Expenses net of all reductions

1.36% A

1.38%

1.34%

1.29%

1.33%

1.68% A

Net investment income (loss)

(1.05)% A

(.81)%

(.47)%

(.57)%

(.55)%

(.40)% A

Supplemental Data

Net assets, end of period (in millions)

$ 140

$ 117

$ 105

$ 104

$ 68

$ 10

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.40

$ 16.70

$ 17.37

$ 19.77

$ 12.34

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.09)

(.17)

(.12)

(.17) F

(.13) G

(.02)

Net realized and unrealized gain (loss)

.86

(1.13)

(.55)

(1.69)

7.61

2.36

Total from investment operations

.77

(1.30)

(.67)

(1.86)

7.48

2.34

Distributions from net realized gain

-

-

-

(.54)

(.05)

-

Net asset value, end of period

$ 16.17

$ 15.40

$ 16.70

$ 17.37

$ 19.77

$ 12.34

Total Return B, C, D

5.00%

(7.78)%

(3.86)%

(9.87)%

60.75%

23.40%

Ratios to Average Net Assets I

Expenses before expense reductions

1.68% A

1.64%

1.58%

1.53%

1.59%

2.38% A

Expenses net of voluntary waivers, if any

1.68% A

1.64%

1.58%

1.53%

1.59%

2.00% A

Expenses net of all reductions

1.59% A

1.61%

1.57%

1.53%

1.56%

1.93% A

Net investment income (loss)

(1.28)% A

(1.04)%

(.69)%

(.80)%

(.77)%

(.63)% A

Supplemental Data

Net assets, end of period (in millions)

$ 655

$ 612

$ 611

$ 625

$ 458

$ 72

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share. G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.09

$ 16.45

$ 17.20

$ 19.63

$ 12.31

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.13)

(.25)

(.21)

(.28) F

(.21) G

(.03)

Net realized and unrealized gain (loss)

.84

(1.11)

(.54)

(1.66)

7.58

2.34

Total from investment operations

.71

(1.36)

(.75)

(1.94)

7.37

2.31

Distributions from net realized gain

-

-

-

(.49)

(.05)

-

Net asset value, end of period

$ 15.80

$ 15.09

$ 16.45

$ 17.20

$ 19.63

$ 12.31

Total Return B, C, D

4.71%

(8.27)%

(4.36)%

(10.31)%

60.01%

23.10%

Ratios to Average Net Assets I

Expenses before expense reductions

2.23% A

2.18%

2.12%

2.06%

2.12%

2.96% A

Expenses net of voluntary waivers, if any

2.23% A

2.18%

2.12%

2.06%

2.12%

2.50% A

Expenses net of all reductions

2.14% A

2.15%

2.10%

2.05%

2.09%

2.43% A

Net investment income (loss)

(1.83)% A

(1.58)%

(1.23)%

(1.33)%

(1.30)%

(1.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 244

$ 246

$ 271

$ 287

$ 200

$ 24

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share.
G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 H

Selected Per-Share Data

Net asset value, beginning of period

$ 15.15

$ 16.51

$ 17.26

$ 19.68

$ 12.34

$ 10.00

Income from Investment Operations

Net investment income (loss) E

(.12)

(.25)

(.21)

(.27) F

(.21) G

(.03)

Net realized and unrealized gain (loss)

.84

(1.11)

(.54)

(1.66)

7.60

2.37

Total from investment operations

.72

(1.36)

(.75)

(1.93)

7.39

2.34

Distributions from net realized gain

-

-

-

(.49)

(.05)

-

Net asset value, end of period

$ 15.87

$ 15.15

$ 16.51

$ 17.26

$ 19.68

$ 12.34

Total Return B, C, D

4.75%

(8.24)%

(4.35)%

(10.23)%

60.02%

23.40%

Ratios to Average Net Assets I

Expenses before expense reductions

2.16% A

2.13%

2.07%

2.02%

2.09%

2.90% A

Expenses net of voluntary waivers, if any

2.16% A

2.13%

2.07%

2.02%

2.09%

2.50% A

Expenses net of all reductions

2.07% A

2.10%

2.05%

2.02%

2.06%

2.44% A

Net investment income (loss)

(1.76)% A

(1.53)%

(1.18)%

(1.29)%

(1.27)%

(1.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 192

$ 190

$ 204

$ 220

$ 160

$ 22

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Investment income per share reflects a special dividend which amounted to $.01 per share.
G Investment income per share reflects a special dividend which amounted to $.01 per share. H For the period September 9, 1998 (commencement of operations) to November 30, 1998. I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998 G

Selected Per-Share Data

Net asset value, beginning of period

$ 15.76

$ 16.97

$ 17.55

$ 19.89

$ 12.35

$ 10.00

Income from Investment Operations

Net investment income (loss) D

(.04)

(.07)

(.01)

(.05) E

(.04) F

-

Net realized and unrealized gain (loss)

.88

(1.14)

(.57)

(1.70)

7.63

2.35

Total from investment operations

.84

(1.21)

(.58)

(1.75)

7.59

2.35

Distributions from net realized gain

-

-

-

(.59)

(.05)

-

Net asset value, end of period

$ 16.60

$ 15.76

$ 16.97

$ 17.55

$ 19.89

$ 12.35

Total Return B, C

5.33%

(7.13)%

(3.30)%

(9.28)%

61.60%

23.50%

Ratios to Average Net Assets H

Expenses before expense reductions

.99% A

1.00%

.96%

.97%

1.05%

1.98% A

Expenses net of voluntary waivers, if any

.99% A

1.00%

.96%

.97%

1.05%

1.50% A

Expenses net of all reductions

.91% A

.97%

.95%

.96%

1.02%

1.42% A

Net investment income (loss)

(.60)% A

(.40)%

(.07)%

(.24)%

(.24)%

(.15)% A

Supplemental Data

Net assets, end of period (in millions)

$ 77

$ 70

$ 61

$ 59

$ 67

$ 13

Portfolio turnover rate

46% A

40%

84%

64%

62%

204% A

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Investment income per share reflects a special dividend which amounted to $.01 per share. F Investment income per share reflects a special dividend which amounted to $.01 per share. G For the period September 9, 1998 (commencement of operations) to November 30, 1998. H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflects expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Small Cap 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), non-taxable dividends, net operating losses, capital loss carryforwards and losses deferred due to wash sales.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 269,503

|

Unrealized depreciation

(170,058)

Net unrealized appreciation (depreciation)

$ 99,445

Cost for federal income tax purposes

$ 1,237,219

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Management Fee - continued

mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .73% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 156

$ 1

$ 14

Class T

.27%

.25%

1,501

8

69

Class B

.75%

.25%

1,097

823

-

Class C

.75%

.25%

851

111

-

$ 3,605

$ 943

$ 83

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 47

Class T

36

Class B*

366

Class C*

13

$ 462

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 (collectively referred to as the transfer 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

$ 220

.38*

Class T

1,064

.37*

Class B

484

.44*

Class C

321

.38*

Institutional Class

70

.21*

$ 2,159

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $529 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Custody
expense reduction

Fund Level

$ -

$ 418

$ 1

Class A

14

-

-

Class T

69

-

-

$ 83

$ 418

$ 1

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30, 2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

2,234

3,744

$ 31,970

$ 63,018

Shares redeemed

(1,224)

(2,411)

(17,485)

(39,123)

Net increase (decrease)

1,010

1,333

$ 14,485

$ 23,895

Class T

Shares sold

7,036

14,857

$ 100,847

$ 246,209

Shares redeemed

(6,299)

(11,704)

(89,089)

(186,246)

Net increase (decrease)

737

3,153

$ 11,758

$ 59,963

Class B

Shares sold

1,221

4,042

$ 17,136

$ 67,151

Shares redeemed

(2,053)

(4,220)

(28,302)

(66,019)

Net increase (decrease)

(832)

(178)

$ (11,166)

$ 1,132

Class C

Shares sold

1,349

4,388

$ 19,073

$ 71,806

Shares redeemed

(1,832)

(4,179)

(25,275)

(65,881)

Net increase (decrease)

(483)

209

$ (6,202)

$ 5,925

Institutional Class

Shares sold

755

2,404

$ 11,132

$ 40,587

Shares redeemed

(554)

(1,542)

(8,087)

(25,538)

Net increase (decrease)

201

862

$ 3,045

$ 15,049

9. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

American Italian Pasta Co. Class A

$ -

$ -

$ -

$ 70,165

Golden State Vintners, Inc. Class B

-

-

-

939

LNR Property Corp.

-

4,059

-

-

MPS Group, Inc.

6,622

-

-

44,311

Robert Mondavi Corp. Class A

-

10,223

-

15,379

Sharper Image Corp.

-

-

-

-

Waste Connections, Inc.

-

-

-

55,426

TOTALS

$ 6,622

$ 14,282

$ -

$ 186,220

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Strategic Growth

Fund - Class A, Class T,
Class B and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Pfizer, Inc.

4.4

3.4

Microsoft Corp.

4.3

3.9

General Electric Co.

3.9

1.3

Johnson & Johnson

3.9

4.1

Merck & Co., Inc.

2.8

4.9

Abbott Laboratories

2.2

1.3

Fannie Mae

2.1

0.0

The Coca-Cola Co.

1.9

1.3

Amgen, Inc.

1.6

0.0

American International Group, Inc.

1.5

0.4

28.6

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Health Care

28.9

23.6

Information Technology

25.1

24.5

Consumer Discretionary

11.1

18.4

Financials

9.8

8.7

Consumer Staples

7.7

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 99.1%

Stocks 96.9%

Short-Term
Investments and
Net Other Assets 0.9%

Short-Term
Investments and
Net Other Assets 3.1%

* Foreign investments

4.1%

** Foreign investments

2.1%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 11.1%

Automobiles - 0.5%

Monaco Coach Corp. (a)

7,200

$ 105,840

Hotels, Restaurants & Leisure - 0.2%

Brinker International, Inc. (a)

1,300

45,279

Household Durables - 0.2%

Garmin Ltd. (a)

800

38,600

Media - 5.8%

AOL Time Warner, Inc. (a)

19,400

295,268

Cablevision Systems Corp. - NY Group Class A (a)

3,200

61,952

Clear Channel Communications, Inc. (a)

3,600

146,520

Comcast Corp. Class A (a)

2,900

87,319

EchoStar Communications Corp. Class A (a)

2,300

77,234

Fox Entertainment Group, Inc. Class A (a)

4,000

112,440

General Motors Corp. Class H (a)

3,600

43,920

Scholastic Corp. (a)

3,200

99,712

Viacom, Inc. Class B (non-vtg.) (a)

2,600

118,352

Walt Disney Co.

9,800

192,570

1,235,287

Multiline Retail - 0.3%

Kohl's Corp. (a)

1,300

68,055

Specialty Retail - 3.8%

Best Buy Co., Inc. (a)

2,400

92,880

Borders Group, Inc. (a)

3,200

52,640

Chico's FAS, Inc. (a)

3,200

68,480

Christopher & Banks Corp. (a)

3,600

104,220

Lowe's Companies, Inc.

6,200

262,012

PETsMART, Inc. (a)

7,500

129,675

Weight Watchers International, Inc. (a)

2,200

93,676

803,583

Textiles Apparel & Luxury Goods - 0.3%

NIKE, Inc. Class B

1,200

67,188

TOTAL CONSUMER DISCRETIONARY

2,363,832

CONSUMER STAPLES - 7.7%

Beverages - 1.9%

The Coca-Cola Co.

8,600

391,902

Food & Staples Retailing - 2.2%

CVS Corp.

3,600

93,960

Sysco Corp.

3,000

92,820

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

3,600

$ 189,396

Walgreen Co.

3,200

98,528

474,704

Household Products - 1.8%

Colgate-Palmolive Co.

2,800

166,936

Procter & Gamble Co.

2,400

220,368

387,304

Personal Products - 1.3%

Gillette Co.

8,430

283,332

Tobacco - 0.5%

Altria Group, Inc.

2,500

103,250

TOTAL CONSUMER STAPLES

1,640,492

ENERGY - 5.6%

Energy Equipment & Services - 5.6%

BJ Services Co. (a)

6,100

248,331

Grant Prideco, Inc. (a)

9,600

133,920

Grey Wolf, Inc. (a)

19,200

86,016

Halliburton Co.

3,200

76,384

Nabors Industries Ltd. (a)

2,400

108,192

Noble Corp. (a)

3,900

139,074

Pride International, Inc. (a)

13,900

264,517

Rowan Companies, Inc.

6,293

150,654

1,207,088

FINANCIALS - 9.8%

Capital Markets - 1.1%

Bank of New York Co., Inc.

2,300

66,562

Merrill Lynch & Co., Inc.

4,000

173,200

239,762

Commercial Banks - 1.1%

Fifth Third Bancorp

3,400

195,500

Synovus Financial Corp.

2,000

45,640

241,140

Consumer Finance - 0.9%

MBNA Corp.

4,800

96,240

SLM Corp.

800

96,000

192,240

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Diversified Financial Services - 0.8%

Citigroup, Inc.

4,300

$ 176,386

Insurance - 3.0%

ACE Ltd.

3,200

116,800

American International Group, Inc.

5,600

324,128

Nationwide Financial Services, Inc. Class A

2,400

77,424

Travelers Property Casualty Corp. Class A

6,800

111,044

629,396

Thrifts & Mortgage Finance - 2.9%

Fannie Mae

6,000

444,000

Freddie Mac

2,700

161,487

605,487

TOTAL FINANCIALS

2,084,411

HEALTH CARE - 28.9%

Biotechnology - 2.8%

Amgen, Inc. (a)

5,300

342,963

Biogen, Inc. (a)

5,000

212,200

MedImmune, Inc. (a)

1,500

53,175

608,338

Health Care Equipment & Supplies - 4.5%

Advanced Medical Optics, Inc. (a)

2,800

42,140

Alcon, Inc.

2,500

106,250

Baxter International, Inc.

2,600

65,884

Boston Scientific Corp. (a)

3,000

156,300

Edwards Lifesciences Corp. (a)

4,000

121,280

Guidant Corp.

1,400

59,192

Medtronic, Inc.

5,700

277,761

St. Jude Medical, Inc. (a)

2,400

134,640

963,447

Health Care Providers & Services - 3.9%

Accredo Health, Inc. (a)

1,900

40,394

AmerisourceBergen Corp.

700

43,883

Andrx Corp. (a)

6,400

123,200

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Health Care Providers & Services - continued

Cardinal Health, Inc.

4,600

$ 265,466

Laboratory Corp. of America Holdings (a)

1,000

32,150

McKesson Corp.

1,200

36,384

Quest Diagnostics, Inc. (a)

600

38,016

UnitedHealth Group, Inc.

2,600

249,444

828,937

Pharmaceuticals - 17.7%

Abbott Laboratories

10,800

481,140

Barr Laboratories, Inc. (a)

1,800

94,950

Eli Lilly & Co.

3,200

191,264

Endo Pharmaceuticals Holdings, Inc. (a)

5,600

88,312

Forest Laboratories, Inc. (a)

1,500

75,750

Johnson & Johnson

15,400

836,990

Merck & Co., Inc.

10,800

600,264

Pfizer, Inc.

30,100

933,702

Schering-Plough Corp.

8,800

162,360

Wyeth

7,200

315,720

3,780,452

TOTAL HEALTH CARE

6,181,174

INDUSTRIALS - 6.6%

Aerospace & Defense - 0.5%

United Technologies Corp.

1,600

109,200

Commercial Services & Supplies - 1.2%

Central Parking Corp.

600

6,810

Cintas Corp.

2,200

81,444

Kroll, Inc. (a)

4,700

109,087

Sylvan Learning Systems, Inc. (a)

500

10,430

Waste Management, Inc.

2,400

61,128

268,899

Industrial Conglomerates - 4.6%

3M Co.

1,100

139,117

General Electric Co.

29,200

838,040

977,157

Machinery - 0.3%

UNOVA, Inc. (a)

5,600

57,904

TOTAL INDUSTRIALS

1,413,160

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - 25.1%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

7,800

$ 126,984

Enterasys Networks, Inc. (a)

38,800

134,636

Motorola, Inc.

6,800

57,936

319,556

Computers & Peripherals - 1.9%

Dell Computer Corp. (a)

8,800

275,352

Western Digital Corp. (a)

9,800

122,696

398,048

Electronic Equipment & Instruments - 2.6%

Agilent Technologies, Inc. (a)

7,800

141,414

Celestica, Inc. (sub. vtg.) (a)

8,100

117,871

Checkpoint Systems, Inc. (a)

4,000

55,000

Ingram Micro, Inc. Class A (a)

4,000

44,080

Solectron Corp. (a)

15,900

63,600

Vishay Intertechnology, Inc. (a)

8,820

127,361

549,326

Internet Software & Services - 0.3%

Overture Services, Inc. (a)

3,729

66,522

IT Services - 2.4%

Ceridian Corp. (a)

9,100

156,975

First Data Corp.

5,300

219,526

Paychex, Inc.

2,400

73,248

The BISYS Group, Inc. (a)

4,000

72,000

521,749

Semiconductors & Semiconductor Equipment - 8.3%

Advanced Energy Industries, Inc. (a)

5,600

75,264

Amkor Technology, Inc. (a)

7,200

80,136

Applied Materials, Inc. (a)

14,000

217,840

ASML Holding NV (NY Shares) (a)

20,100

202,005

Atmel Corp. (a)

18,300

55,449

Cymer, Inc. (a)

2,100

69,930

Infineon Technologies AG sponsored ADR (a)

12,700

113,792

KLA-Tencor Corp. (a)

2,400

110,952

LTX Corp. (a)

21,400

209,934

Micron Technology, Inc. (a)

12,100

136,972

National Semiconductor Corp. (a)

5,900

147,264

Silicon Image, Inc. (a)

27,200

159,664

Siliconix, Inc. (a)

1,600

52,896

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Semiconductors and Semiconductor Equipment - continued

Teradyne, Inc. (a)

5,000

$ 85,750

Trident Microsystems, Inc. (a)

8,000

46,800

1,764,648

Software - 8.1%

Adobe Systems, Inc.

2,600

91,754

Autodesk, Inc.

5,800

86,478

BEA Systems, Inc. (a)

8,600

93,224

Cadence Design Systems, Inc. (a)

5,200

72,280

Intuit, Inc. (a)

1,700

78,353

Manhattan Associates, Inc. (a)

2,900

77,894

Microsoft Corp.

37,600

925,336

Network Associates, Inc. (a)

14,300

173,602

Parametric Technology Corp. (a)

17,500

56,875

Quest Software, Inc. (a)

7,400

82,658

1,738,454

TOTAL INFORMATION TECHNOLOGY

5,358,303

MATERIALS - 3.9%

Chemicals - 2.1%

Dow Chemical Co.

6,800

216,240

Ferro Corp.

4,600

113,068

Olin Corp.

6,400

113,024

442,332

Containers & Packaging - 0.7%

Pactiv Corp. (a)

8,400

164,220

Metals & Mining - 0.3%

Alcan, Inc.

2,000

60,517

Paper & Forest Products - 0.8%

Bowater, Inc.

4,400

172,436

TOTAL MATERIALS

839,505

UTILITIES - 0.4%

Multi-Utilities & Unregulated Power - 0.4%

Sierra Pacific Resources (a)

16,000

86,400

TOTAL COMMON STOCKS

(Cost $20,076,063)

21,174,365

Money Market Funds - 3.4%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.3% (b)

523,263

$ 523,263

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

194,000

194,000

TOTAL MONEY MARKET FUNDS

(Cost $717,263)

717,263

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $20,793,326)

21,891,628

NET OTHER ASSETS - (2.5)%

(537,570)

NET ASSETS - 100%

$ 21,354,058

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $23,542,325 and $23,441,422, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $4,831 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $11,426,000 of which $5,718,000 and $5,708,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $1,929,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $180,760) (cost $20,793,326) - See accompanying schedule

$ 21,891,628

Receivable for investments sold

212,765

Receivable for fund shares sold

14,849

Dividends receivable

16,283

Interest receivable

958

Receivable from investment adviser for expense reductions

19,180

Other receivables

172

Total assets

22,155,835

Liabilities

Payable for investments purchased

$ 521,649

Payable for fund shares redeemed

31,907

Accrued management fee

10,056

Distribution fees payable

11,303

Other payables and accrued expenses

32,862

Collateral on securities loaned, at value

194,000

Total liabilities

801,777

Net Assets

$ 21,354,058

Net Assets consist of:

Paid in capital

$ 35,956,436

Accumulated net investment loss

(37,276)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(15,663,401)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,098,299

Net Assets

$ 21,354,058

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($3,650,537 ÷ 493,284 shares)

$ 7.40

Maximum offering price per share (100/94.25 of $7.40)

$ 7.85

Class T:
Net Asset Value and redemption price per share ($8,889,522 ÷ 1,216,333 shares)

$ 7.31

Maximum offering price per share (100/96.50 of $7.31)

$ 7.58

Class B:
Net Asset Value and offering price per share ($6,722,580 ÷ 939,057 shares) A

$ 7.16

Class C:
Net Asset Value and offering price per share ($1,961,256 ÷ 275,177 shares) A

$ 7.13

Institutional Class:
Net Asset Value, offering price and redemption price per share ($130,163 ÷ 17,476 shares)

$ 7.45

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 114,808

Interest

5,366

Security lending

83

Total income

120,257

Expenses

Management fee

$ 57,168

Transfer agent fees

71,085

Distribution fees

66,851

Accounting and security lending fees

31,407

Non-interested trustees' compensation

40

Custodian fees and expenses

3,913

Registration fees

33,261

Audit

8,398

Legal

92

Miscellaneous

167

Total expenses before reductions

272,382

Expense reductions

(114,849)

157,533

Net investment income (loss)

(37,276)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(2,052,367)

Foreign currency transactions

(23)

Total net realized gain (loss)

(2,052,390)

Change in net unrealized appreciation (depreciation) on:

Investment securities

2,389,136

Assets and liabilities in foreign currencies

(3)

Total change in net unrealized appreciation (depreciation)

2,389,133

Net gain (loss)

336,743

Net increase (decrease) in net assets resulting from operations

$ 299,467

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (37,276)

$ (295,465)

Net realized gain (loss)

(2,052,390)

(7,469,525)

Change in net unrealized appreciation (depreciation)

2,389,133

(4,351,519)

Net increase (decrease) in net assets resulting
from operations

299,467

(12,116,509)

Share transactions - net increase (decrease)

(339,223)

(3,086,297)

Total increase (decrease) in net assets

(39,756)

(15,202,806)

Net Assets

Beginning of period

21,393,814

36,596,620

End of period (including accumulated net investment loss of $37,276 and accumulated net investment loss of $0, respectively)

$ 21,354,058

$ 21,393,814

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.26

$ 10.92

$ 13.71

$ 15.01

$ 11.71

$ 11.38

Income from Investment Operations

Net investment income (loss) E

- G

(.05)

(.01)

(.02)

(.02)

.01

Net realized and unrealized gain (loss)

.14

(3.61)

(1.62)

.44

3.32

.69

Total from investment operations

.14

(3.66)

(1.63)

.42

3.30

.70

Distributions from net realized gain

-

-

(1.16)

(1.72)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.11)

Total distributions

-

-

(1.16)

(1.72)

-

(.37)

Net asset value, end of period

$ 7.40

$ 7.26

$ 10.92

$ 13.71

$ 15.01

$ 11.71

Total Return B,C,D

1.93%

(33.52)%

(13.13)%

2.40%

28.18%

6.53%

Ratios to Average Net Assets F

Expenses before expense reductions

2.39% A

2.03%

1.70%

1.61%

1.72%

1.61%

Expenses net of voluntary waivers, if any

1.35% A

1.32%

1.30%

1.30%

1.30%

1.61%

Expenses net of all reductions

1.23% A

1.23%

1.26%

1.30%

1.28%

1.60%

Net investment income (loss)

-% A

(.62)%

(.05)%

(.10)%

(.17)%

.09%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,651

$ 3,491

$ 4,271

$ 4,925

$ 3,846

$ 2,885

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.18

$ 10.83

$ 13.62

$ 14.93

$ 11.68

$ 11.36

Income from Investment Operations

Net investment income (loss) E

(.01)

(.08)

(.03)

(.05)

(.06)

(.02)

Net realized and unrealized gain (loss)

.14

(3.57)

(1.64)

.42

3.31

.70

Total from investment operations

.13

(3.65)

(1.67)

.37

3.25

.68

Distributions from net realized gain

-

-

(1.12)

(1.68)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.10)

Total distributions

-

-

(1.12)

(1.68)

-

(.36)

Net asset value, end of period

$ 7.31

$ 7.18

$ 10.83

$ 13.62

$ 14.93

$ 11.68

Total Return B,C,D

1.81%

(33.70)%

(13.49)%

2.06%

27.83%

6.35%

Ratios to Average Net Assets F

Expenses before expense reductions

2.74% A

2.37%

2.10%

1.88%

1.94%

1.79%

Expenses net of voluntary waivers, if any

1.60% A

1.57%

1.55%

1.55%

1.55%

1.79%

Expenses net of all reductions

1.48% A

1.48%

1.50%

1.54%

1.53%

1.76%

Net investment income (loss)

(.25)% A

(.86)%

(.29)%

(.35)%

(.42)%

(.11)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 8,890

$ 8,925

$ 16,165

$ 19,047

$ 15,989

$ 16,368

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.05

$ 10.67

$ 13.44

$ 14.76

$ 11.60

$ 11.31

Income from Investment Operations

Net investment income (loss) E

(.02)

(.12)

(.09)

(.13)

(.12)

(.09)

Net realized and unrealized gain (loss)

.13

(3.50)

(1.63)

.43

3.28

.71

Total from investment operations

.11

(3.62)

(1.72)

.30

3.16

.62

Distributions from net realized gain

-

-

(1.05)

(1.62)

-

(.24)

Distributions in excess of net realized gain

-

-

-

-

-

(.09)

Total distributions

-

-

(1.05)

(1.62)

-

(.33)

Net asset value, end of period

$ 7.16

$ 7.05

$ 10.67

$ 13.44

$ 14.76

$ 11.60

Total Return B,C,D

1.56%

(33.93)%

(14.00)%

1.58%

27.24%

5.80%

Ratios to Average Net Assets F

Expenses before expense reductions

3.03% A

2.70%

2.44%

2.33%

2.41%

2.24%

Expenses net of voluntary waivers, if any

2.05% A

2.05%

2.05%

2.05%

2.05%

2.24%

Expenses net of all reductions

1.93% A

1.96%

2.01%

2.05%

2.03%

2.22%

Net investment income (loss)

(.70)% A

(1.34)%

(.80)%

(.85)%

(.92)%

(.58)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 6,723

$ 6,921

$ 12,487

$ 15,682

$ 13,056

$ 10,994

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.02

$ 10.64

$ 13.41

$ 14.75

$ 11.60

$ 11.36

Income from Investment Operations

Net investment income (loss) E

(.02)

(.12)

(.09)

(.13)

(.12)

(.14)

Net realized and unrealized gain (loss)

.13

(3.50)

(1.61)

.45

3.27

.74

Total from investment operations

.11

(3.62)

(1.70)

.32

3.15

.60

Distributions from net realized gain

-

-

(1.07)

(1.66)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.10)

Total distributions

-

-

(1.07)

(1.66)

-

(.36)

Net asset value, end of period

$ 7.13

$ 7.02

$ 10.64

$ 13.41

$ 14.75

$ 11.60

Total Return B,C,D

1.57%

(34.02)%

(13.90)%

1.71%

27.16%

5.62%

Ratios to Average Net Assets F

Expenses before expense reductions

2.99% A

2.68%

2.47%

2.41%

2.60%

6.89%

Expenses net of voluntary waivers, if any

2.05% A

2.05%

2.05%

2.05%

2.05%

2.50%

Expenses net of all reductions

1.93% A

1.96%

2.00%

2.04%

2.03%

2.47%

Net investment income (loss)

(.70)% A

(1.34)%

(.79)%

(.85)%

(.92)%

(.88)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,961

$ 1,758

$ 3,186

$ 2,763

$ 1,408

$ 482

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.30

$ 10.95

$ 13.77

$ 15.07

$ 11.72

$ 11.40

Income from Investment Operations

Net investment income (loss) D

.01

(.03)

.02

.02

.01

.03

Net realized and unrealized gain (loss)

.14

(3.62)

(1.65)

.44

3.34

.68

Total from investment operations

.15

(3.65)

(1.63)

.46

3.35

.71

Distributions from net investment income

-

-

(.02)

-

-

-

Distributions from net realized gain

-

-

(1.17)

(1.76)

-

(.28)

Distributions in excess of net realized gain

-

-

-

-

-

(.11)

Total distributions

-

-

(1.19)

(1.76)

-

(.39)

Net asset value, end of period

$ 7.45

$ 7.30

$ 10.95

$ 13.77

$ 15.07

$ 11.72

Total Return B,C

2.05%

(33.33)%

(13.09)%

2.68%

28.58%

6.63%

Ratios to Average Net AssetsE

Expenses before expense reductions

1.54% A

1.39%

1.26%

1.21%

1.36%

1.63%

Expenses net of voluntary waivers,
if any

1.05% A

1.05%

1.05%

1.05%

1.05%

1.50%

Expenses net of all reductions

.92% A

.95%

1.00%

1.05%

1.03%

1.48%

Net investment income (loss)

.31% A

(.34)%

.21%

.14%

.08%

.17%

Supplemental Data

Net assets, end of period
(000 omitted)

$ 130

$ 300

$ 488

$ 615

$ 682

$ 1,057

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Strategic 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 1,944,358

Unrealized depreciation

(1,002,005)

Net unrealized appreciation (depreciation)

$ 942,353

Cost for federal income tax purposes

$ 20,949,275

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.05%

.25%

$ 4,872

$ 6

$ 812

Class T

.30%

.25%

22,649

84

2,067

Class B

.75%

.25%

30,888

23,203

-

Class C

.75%

.25%

8,442

1,153

-

$ 66,851

$ 24,446

$ 2,879

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 1,310

Class T

3,000

Class B*

15,051

Class C*

202

$ 19,563

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 (collectively referred to as the transfer 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

$ 11,631

.72*

Class T

33,857

.82*

Class B

20,214

.65*

Class C

5,197

.61*

Institutional Class

186

.17*

$ 71,085

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $5,349 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 16,895

Class T

1.55%

47,184

Class B

2.05%

30,190

Class C

2.05%

7,916

Institutional Class

1.05%

548

$ 102,733

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Expense Reductions - continued

transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefit all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefits are reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 9,237

Class A

812

-

Class T

2,067

-

$ 2,879

$ 9,237

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

69,609

257,233

$ 470,808

$ 2,498,674

Shares redeemed

(56,947)

(167,838)

(380,982)

(1,357,202)

Net increase (decrease)

12,662

89,395

$ 89,826

$ 1,141,472

Class T

Shares sold

188,494

331,611

$ 1,267,799

$ 2,867,806

Shares redeemed

(214,929)

(582,013)

(1,429,854)

(5,039,215)

Net increase (decrease)

(26,435)

(250,402)

$ (162,055)

$ (2,171,409)

Class B

Shares sold

102,097

148,404

$ 673,717

$ 1,365,038

Shares redeemed

(144,927)

(336,665)

(947,551)

(2,978,021)

Net increase (decrease)

(42,830)

(188,261)

$ (273,834)

$ (1,612,983)

Class C

Shares sold

66,073

86,773

$ 432,298

$ 776,259

Shares redeemed

(41,279)

(135,822)

(267,659)

(1,181,244)

Net increase (decrease)

24,794

(49,049)

$ 164,639

$ (404,985)

Institutional Class

Shares sold

854

-

$ 6,000

$ -

Shares redeemed

(24,395)

(3,510)

(163,799)

(38,392)

Net increase (decrease)

(23,541)

(3,510)

$ (157,799)

$ (38,392)

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Strategic Growth

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Pfizer, Inc.

4.4

3.4

Microsoft Corp.

4.3

3.9

General Electric Co.

3.9

1.3

Johnson & Johnson

3.9

4.1

Merck & Co., Inc.

2.8

4.9

Abbott Laboratories

2.2

1.3

Fannie Mae

2.1

0.0

The Coca-Cola Co.

1.9

1.3

Amgen, Inc.

1.6

0.0

American International Group, Inc.

1.5

0.4

28.6

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Health Care

28.9

23.6

Information Technology

25.1

24.5

Consumer Discretionary

11.1

18.4

Financials

9.8

8.7

Consumer Staples

7.7

9.4

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 99.1%

Stocks 96.9%

Short-Term
Investments and
Net Other Assets 0.9%

Short-Term
Investments and
Net Other Assets 3.1%

* Foreign investments

4.1%

** Foreign investments

2.1%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 11.1%

Automobiles - 0.5%

Monaco Coach Corp. (a)

7,200

$ 105,840

Hotels, Restaurants & Leisure - 0.2%

Brinker International, Inc. (a)

1,300

45,279

Household Durables - 0.2%

Garmin Ltd. (a)

800

38,600

Media - 5.8%

AOL Time Warner, Inc. (a)

19,400

295,268

Cablevision Systems Corp. - NY Group Class A (a)

3,200

61,952

Clear Channel Communications, Inc. (a)

3,600

146,520

Comcast Corp. Class A (a)

2,900

87,319

EchoStar Communications Corp. Class A (a)

2,300

77,234

Fox Entertainment Group, Inc. Class A (a)

4,000

112,440

General Motors Corp. Class H (a)

3,600

43,920

Scholastic Corp. (a)

3,200

99,712

Viacom, Inc. Class B (non-vtg.) (a)

2,600

118,352

Walt Disney Co.

9,800

192,570

1,235,287

Multiline Retail - 0.3%

Kohl's Corp. (a)

1,300

68,055

Specialty Retail - 3.8%

Best Buy Co., Inc. (a)

2,400

92,880

Borders Group, Inc. (a)

3,200

52,640

Chico's FAS, Inc. (a)

3,200

68,480

Christopher & Banks Corp. (a)

3,600

104,220

Lowe's Companies, Inc.

6,200

262,012

PETsMART, Inc. (a)

7,500

129,675

Weight Watchers International, Inc. (a)

2,200

93,676

803,583

Textiles Apparel & Luxury Goods - 0.3%

NIKE, Inc. Class B

1,200

67,188

TOTAL CONSUMER DISCRETIONARY

2,363,832

CONSUMER STAPLES - 7.7%

Beverages - 1.9%

The Coca-Cola Co.

8,600

391,902

Food & Staples Retailing - 2.2%

CVS Corp.

3,600

93,960

Sysco Corp.

3,000

92,820

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

3,600

$ 189,396

Walgreen Co.

3,200

98,528

474,704

Household Products - 1.8%

Colgate-Palmolive Co.

2,800

166,936

Procter & Gamble Co.

2,400

220,368

387,304

Personal Products - 1.3%

Gillette Co.

8,430

283,332

Tobacco - 0.5%

Altria Group, Inc.

2,500

103,250

TOTAL CONSUMER STAPLES

1,640,492

ENERGY - 5.6%

Energy Equipment & Services - 5.6%

BJ Services Co. (a)

6,100

248,331

Grant Prideco, Inc. (a)

9,600

133,920

Grey Wolf, Inc. (a)

19,200

86,016

Halliburton Co.

3,200

76,384

Nabors Industries Ltd. (a)

2,400

108,192

Noble Corp. (a)

3,900

139,074

Pride International, Inc. (a)

13,900

264,517

Rowan Companies, Inc.

6,293

150,654

1,207,088

FINANCIALS - 9.8%

Capital Markets - 1.1%

Bank of New York Co., Inc.

2,300

66,562

Merrill Lynch & Co., Inc.

4,000

173,200

239,762

Commercial Banks - 1.1%

Fifth Third Bancorp

3,400

195,500

Synovus Financial Corp.

2,000

45,640

241,140

Consumer Finance - 0.9%

MBNA Corp.

4,800

96,240

SLM Corp.

800

96,000

192,240

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Diversified Financial Services - 0.8%

Citigroup, Inc.

4,300

$ 176,386

Insurance - 3.0%

ACE Ltd.

3,200

116,800

American International Group, Inc.

5,600

324,128

Nationwide Financial Services, Inc. Class A

2,400

77,424

Travelers Property Casualty Corp. Class A

6,800

111,044

629,396

Thrifts & Mortgage Finance - 2.9%

Fannie Mae

6,000

444,000

Freddie Mac

2,700

161,487

605,487

TOTAL FINANCIALS

2,084,411

HEALTH CARE - 28.9%

Biotechnology - 2.8%

Amgen, Inc. (a)

5,300

342,963

Biogen, Inc. (a)

5,000

212,200

MedImmune, Inc. (a)

1,500

53,175

608,338

Health Care Equipment & Supplies - 4.5%

Advanced Medical Optics, Inc. (a)

2,800

42,140

Alcon, Inc.

2,500

106,250

Baxter International, Inc.

2,600

65,884

Boston Scientific Corp. (a)

3,000

156,300

Edwards Lifesciences Corp. (a)

4,000

121,280

Guidant Corp.

1,400

59,192

Medtronic, Inc.

5,700

277,761

St. Jude Medical, Inc. (a)

2,400

134,640

963,447

Health Care Providers & Services - 3.9%

Accredo Health, Inc. (a)

1,900

40,394

AmerisourceBergen Corp.

700

43,883

Andrx Corp. (a)

6,400

123,200

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Health Care Providers & Services - continued

Cardinal Health, Inc.

4,600

$ 265,466

Laboratory Corp. of America Holdings (a)

1,000

32,150

McKesson Corp.

1,200

36,384

Quest Diagnostics, Inc. (a)

600

38,016

UnitedHealth Group, Inc.

2,600

249,444

828,937

Pharmaceuticals - 17.7%

Abbott Laboratories

10,800

481,140

Barr Laboratories, Inc. (a)

1,800

94,950

Eli Lilly & Co.

3,200

191,264

Endo Pharmaceuticals Holdings, Inc. (a)

5,600

88,312

Forest Laboratories, Inc. (a)

1,500

75,750

Johnson & Johnson

15,400

836,990

Merck & Co., Inc.

10,800

600,264

Pfizer, Inc.

30,100

933,702

Schering-Plough Corp.

8,800

162,360

Wyeth

7,200

315,720

3,780,452

TOTAL HEALTH CARE

6,181,174

INDUSTRIALS - 6.6%

Aerospace & Defense - 0.5%

United Technologies Corp.

1,600

109,200

Commercial Services & Supplies - 1.2%

Central Parking Corp.

600

6,810

Cintas Corp.

2,200

81,444

Kroll, Inc. (a)

4,700

109,087

Sylvan Learning Systems, Inc. (a)

500

10,430

Waste Management, Inc.

2,400

61,128

268,899

Industrial Conglomerates - 4.6%

3M Co.

1,100

139,117

General Electric Co.

29,200

838,040

977,157

Machinery - 0.3%

UNOVA, Inc. (a)

5,600

57,904

TOTAL INDUSTRIALS

1,413,160

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - 25.1%

Communications Equipment - 1.5%

Cisco Systems, Inc. (a)

7,800

$ 126,984

Enterasys Networks, Inc. (a)

38,800

134,636

Motorola, Inc.

6,800

57,936

319,556

Computers & Peripherals - 1.9%

Dell Computer Corp. (a)

8,800

275,352

Western Digital Corp. (a)

9,800

122,696

398,048

Electronic Equipment & Instruments - 2.6%

Agilent Technologies, Inc. (a)

7,800

141,414

Celestica, Inc. (sub. vtg.) (a)

8,100

117,871

Checkpoint Systems, Inc. (a)

4,000

55,000

Ingram Micro, Inc. Class A (a)

4,000

44,080

Solectron Corp. (a)

15,900

63,600

Vishay Intertechnology, Inc. (a)

8,820

127,361

549,326

Internet Software & Services - 0.3%

Overture Services, Inc. (a)

3,729

66,522

IT Services - 2.4%

Ceridian Corp. (a)

9,100

156,975

First Data Corp.

5,300

219,526

Paychex, Inc.

2,400

73,248

The BISYS Group, Inc. (a)

4,000

72,000

521,749

Semiconductors & Semiconductor Equipment - 8.3%

Advanced Energy Industries, Inc. (a)

5,600

75,264

Amkor Technology, Inc. (a)

7,200

80,136

Applied Materials, Inc. (a)

14,000

217,840

ASML Holding NV (NY Shares) (a)

20,100

202,005

Atmel Corp. (a)

18,300

55,449

Cymer, Inc. (a)

2,100

69,930

Infineon Technologies AG sponsored ADR (a)

12,700

113,792

KLA-Tencor Corp. (a)

2,400

110,952

LTX Corp. (a)

21,400

209,934

Micron Technology, Inc. (a)

12,100

136,972

National Semiconductor Corp. (a)

5,900

147,264

Silicon Image, Inc. (a)

27,200

159,664

Siliconix, Inc. (a)

1,600

52,896

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Semiconductors and Semiconductor Equipment - continued

Teradyne, Inc. (a)

5,000

$ 85,750

Trident Microsystems, Inc. (a)

8,000

46,800

1,764,648

Software - 8.1%

Adobe Systems, Inc.

2,600

91,754

Autodesk, Inc.

5,800

86,478

BEA Systems, Inc. (a)

8,600

93,224

Cadence Design Systems, Inc. (a)

5,200

72,280

Intuit, Inc. (a)

1,700

78,353

Manhattan Associates, Inc. (a)

2,900

77,894

Microsoft Corp.

37,600

925,336

Network Associates, Inc. (a)

14,300

173,602

Parametric Technology Corp. (a)

17,500

56,875

Quest Software, Inc. (a)

7,400

82,658

1,738,454

TOTAL INFORMATION TECHNOLOGY

5,358,303

MATERIALS - 3.9%

Chemicals - 2.1%

Dow Chemical Co.

6,800

216,240

Ferro Corp.

4,600

113,068

Olin Corp.

6,400

113,024

442,332

Containers & Packaging - 0.7%

Pactiv Corp. (a)

8,400

164,220

Metals & Mining - 0.3%

Alcan, Inc.

2,000

60,517

Paper & Forest Products - 0.8%

Bowater, Inc.

4,400

172,436

TOTAL MATERIALS

839,505

UTILITIES - 0.4%

Multi-Utilities & Unregulated Power - 0.4%

Sierra Pacific Resources (a)

16,000

86,400

TOTAL COMMON STOCKS

(Cost $20,076,063)

21,174,365

Money Market Funds - 3.4%

Shares

Value (Note 1)

Fidelity Cash Central Fund, 1.3% (b)

523,263

$ 523,263

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

194,000

194,000

TOTAL MONEY MARKET FUNDS

(Cost $717,263)

717,263

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $20,793,326)

21,891,628

NET OTHER ASSETS - (2.5)%

(537,570)

NET ASSETS - 100%

$ 21,354,058

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $23,542,325 and $23,441,422, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $4,831 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $11,426,000 of which $5,718,000 and $5,708,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $1,929,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $180,760) (cost $20,793,326) - See accompanying schedule

$ 21,891,628

Receivable for investments sold

212,765

Receivable for fund shares sold

14,849

Dividends receivable

16,283

Interest receivable

958

Receivable from investment adviser for expense reductions

19,180

Other receivables

172

Total assets

22,155,835

Liabilities

Payable for investments purchased

$ 521,649

Payable for fund shares redeemed

31,907

Accrued management fee

10,056

Distribution fees payable

11,303

Other payables and accrued expenses

32,862

Collateral on securities loaned, at value

194,000

Total liabilities

801,777

Net Assets

$ 21,354,058

Net Assets consist of:

Paid in capital

$ 35,956,436

Accumulated net investment loss

(37,276)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(15,663,401)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,098,299

Net Assets

$ 21,354,058

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($3,650,537 ÷ 493,284 shares)

$ 7.40

Maximum offering price per share (100/94.25 of $7.40)

$ 7.85

Class T:
Net Asset Value and redemption price per share ($8,889,522 ÷ 1,216,333 shares)

$ 7.31

Maximum offering price per share (100/96.50 of $7.31)

$ 7.58

Class B:
Net Asset Value and offering price per share ($6,722,580 ÷ 939,057 shares) A

$ 7.16

Class C:
Net Asset Value and offering price per share ($1,961,256 ÷ 275,177 shares) A

$ 7.13

Institutional Class:
Net Asset Value, offering price and redemption price per share ($130,163 ÷ 17,476 shares)

$ 7.45

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 114,808

Interest

5,366

Security lending

83

Total income

120,257

Expenses

Management fee

$ 57,168

Transfer agent fees

71,085

Distribution fees

66,851

Accounting and security lending fees

31,407

Non-interested trustees' compensation

40

Custodian fees and expenses

3,913

Registration fees

33,261

Audit

8,398

Legal

92

Miscellaneous

167

Total expenses before reductions

272,382

Expense reductions

(114,849)

157,533

Net investment income (loss)

(37,276)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(2,052,367)

Foreign currency transactions

(23)

Total net realized gain (loss)

(2,052,390)

Change in net unrealized appreciation (depreciation) on:

Investment securities

2,389,136

Assets and liabilities in foreign currencies

(3)

Total change in net unrealized appreciation (depreciation)

2,389,133

Net gain (loss)

336,743

Net increase (decrease) in net assets resulting from operations

$ 299,467

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (37,276)

$ (295,465)

Net realized gain (loss)

(2,052,390)

(7,469,525)

Change in net unrealized appreciation (depreciation)

2,389,133

(4,351,519)

Net increase (decrease) in net assets resulting
from operations

299,467

(12,116,509)

Share transactions - net increase (decrease)

(339,223)

(3,086,297)

Total increase (decrease) in net assets

(39,756)

(15,202,806)

Net Assets

Beginning of period

21,393,814

36,596,620

End of period (including accumulated net investment loss of $37,276 and accumulated net investment loss of $0, respectively)

$ 21,354,058

$ 21,393,814

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.26

$ 10.92

$ 13.71

$ 15.01

$ 11.71

$ 11.38

Income from Investment Operations

Net investment income (loss) E

- G

(.05)

(.01)

(.02)

(.02)

.01

Net realized and unrealized gain (loss)

.14

(3.61)

(1.62)

.44

3.32

.69

Total from investment operations

.14

(3.66)

(1.63)

.42

3.30

.70

Distributions from net realized gain

-

-

(1.16)

(1.72)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.11)

Total distributions

-

-

(1.16)

(1.72)

-

(.37)

Net asset value, end of period

$ 7.40

$ 7.26

$ 10.92

$ 13.71

$ 15.01

$ 11.71

Total Return B,C,D

1.93%

(33.52)%

(13.13)%

2.40%

28.18%

6.53%

Ratios to Average Net Assets F

Expenses before expense reductions

2.39% A

2.03%

1.70%

1.61%

1.72%

1.61%

Expenses net of voluntary waivers, if any

1.35% A

1.32%

1.30%

1.30%

1.30%

1.61%

Expenses net of all reductions

1.23% A

1.23%

1.26%

1.30%

1.28%

1.60%

Net investment income (loss)

-% A

(.62)%

(.05)%

(.10)%

(.17)%

.09%

Supplemental Data

Net assets, end of period (000 omitted)

$ 3,651

$ 3,491

$ 4,271

$ 4,925

$ 3,846

$ 2,885

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.18

$ 10.83

$ 13.62

$ 14.93

$ 11.68

$ 11.36

Income from Investment Operations

Net investment income (loss) E

(.01)

(.08)

(.03)

(.05)

(.06)

(.02)

Net realized and unrealized gain (loss)

.14

(3.57)

(1.64)

.42

3.31

.70

Total from investment operations

.13

(3.65)

(1.67)

.37

3.25

.68

Distributions from net realized gain

-

-

(1.12)

(1.68)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.10)

Total distributions

-

-

(1.12)

(1.68)

-

(.36)

Net asset value, end of period

$ 7.31

$ 7.18

$ 10.83

$ 13.62

$ 14.93

$ 11.68

Total Return B,C,D

1.81%

(33.70)%

(13.49)%

2.06%

27.83%

6.35%

Ratios to Average Net Assets F

Expenses before expense reductions

2.74% A

2.37%

2.10%

1.88%

1.94%

1.79%

Expenses net of voluntary waivers, if any

1.60% A

1.57%

1.55%

1.55%

1.55%

1.79%

Expenses net of all reductions

1.48% A

1.48%

1.50%

1.54%

1.53%

1.76%

Net investment income (loss)

(.25)% A

(.86)%

(.29)%

(.35)%

(.42)%

(.11)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 8,890

$ 8,925

$ 16,165

$ 19,047

$ 15,989

$ 16,368

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charges. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.05

$ 10.67

$ 13.44

$ 14.76

$ 11.60

$ 11.31

Income from Investment Operations

Net investment income (loss) E

(.02)

(.12)

(.09)

(.13)

(.12)

(.09)

Net realized and unrealized gain (loss)

.13

(3.50)

(1.63)

.43

3.28

.71

Total from investment operations

.11

(3.62)

(1.72)

.30

3.16

.62

Distributions from net realized gain

-

-

(1.05)

(1.62)

-

(.24)

Distributions in excess of net realized gain

-

-

-

-

-

(.09)

Total distributions

-

-

(1.05)

(1.62)

-

(.33)

Net asset value, end of period

$ 7.16

$ 7.05

$ 10.67

$ 13.44

$ 14.76

$ 11.60

Total Return B,C,D

1.56%

(33.93)%

(14.00)%

1.58%

27.24%

5.80%

Ratios to Average Net Assets F

Expenses before expense reductions

3.03% A

2.70%

2.44%

2.33%

2.41%

2.24%

Expenses net of voluntary waivers, if any

2.05% A

2.05%

2.05%

2.05%

2.05%

2.24%

Expenses net of all reductions

1.93% A

1.96%

2.01%

2.05%

2.03%

2.22%

Net investment income (loss)

(.70)% A

(1.34)%

(.80)%

(.85)%

(.92)%

(.58)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 6,723

$ 6,921

$ 12,487

$ 15,682

$ 13,056

$ 10,994

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.02

$ 10.64

$ 13.41

$ 14.75

$ 11.60

$ 11.36

Income from Investment Operations

Net investment income (loss) E

(.02)

(.12)

(.09)

(.13)

(.12)

(.14)

Net realized and unrealized gain (loss)

.13

(3.50)

(1.61)

.45

3.27

.74

Total from investment operations

.11

(3.62)

(1.70)

.32

3.15

.60

Distributions from net realized gain

-

-

(1.07)

(1.66)

-

(.26)

Distributions in excess of net realized gain

-

-

-

-

-

(.10)

Total distributions

-

-

(1.07)

(1.66)

-

(.36)

Net asset value, end of period

$ 7.13

$ 7.02

$ 10.64

$ 13.41

$ 14.75

$ 11.60

Total Return B,C,D

1.57%

(34.02)%

(13.90)%

1.71%

27.16%

5.62%

Ratios to Average Net Assets F

Expenses before expense reductions

2.99% A

2.68%

2.47%

2.41%

2.60%

6.89%

Expenses net of voluntary waivers, if any

2.05% A

2.05%

2.05%

2.05%

2.05%

2.50%

Expenses net of all reductions

1.93% A

1.96%

2.00%

2.04%

2.03%

2.47%

Net investment income (loss)

(.70)% A

(1.34)%

(.79)%

(.85)%

(.92)%

(.88)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 1,961

$ 1,758

$ 3,186

$ 2,763

$ 1,408

$ 482

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 7.30

$ 10.95

$ 13.77

$ 15.07

$ 11.72

$ 11.40

Income from Investment Operations

Net investment income (loss) D

.01

(.03)

.02

.02

.01

.03

Net realized and unrealized gain (loss)

.14

(3.62)

(1.65)

.44

3.34

.68

Total from investment operations

.15

(3.65)

(1.63)

.46

3.35

.71

Distributions from net investment income

-

-

(.02)

-

-

-

Distributions from net realized gain

-

-

(1.17)

(1.76)

-

(.28)

Distributions in excess of net realized gain

-

-

-

-

-

(.11)

Total distributions

-

-

(1.19)

(1.76)

-

(.39)

Net asset value, end of period

$ 7.45

$ 7.30

$ 10.95

$ 13.77

$ 15.07

$ 11.72

Total Return B,C

2.05%

(33.33)%

(13.09)%

2.68%

28.58%

6.63%

Ratios to Average Net AssetsE

Expenses before expense reductions

1.54% A

1.39%

1.26%

1.21%

1.36%

1.63%

Expenses net of voluntary waivers,
if any

1.05% A

1.05%

1.05%

1.05%

1.05%

1.50%

Expenses net of all reductions

.92% A

.95%

1.00%

1.05%

1.03%

1.48%

Net investment income (loss)

.31% A

(.34)%

.21%

.14%

.08%

.17%

Supplemental Data

Net assets, end of period
(000 omitted)

$ 130

$ 300

$ 488

$ 615

$ 682

$ 1,057

Portfolio turnover rate

245% A

241%

334%

102%

133%

358%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Strategic 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 1,944,358

Unrealized depreciation

(1,002,005)

Net unrealized appreciation (depreciation)

$ 942,353

Cost for federal income tax purposes

$ 20,949,275

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.05%

.25%

$ 4,872

$ 6

$ 812

Class T

.30%

.25%

22,649

84

2,067

Class B

.75%

.25%

30,888

23,203

-

Class C

.75%

.25%

8,442

1,153

-

$ 66,851

$ 24,446

$ 2,879

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 1,310

Class T

3,000

Class B*

15,051

Class C*

202

$ 19,563

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

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 (collectively referred to as the transfer 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

$ 11,631

.72*

Class T

33,857

.82*

Class B

20,214

.65*

Class C

5,197

.61*

Institutional Class

186

.17*

$ 71,085

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $5,349 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 16,895

Class T

1.55%

47,184

Class B

2.05%

30,190

Class C

2.05%

7,916

Institutional Class

1.05%

548

$ 102,733

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

7. Expense Reductions - continued

transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefit all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefits are reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 9,237

Class A

812

-

Class T

2,067

-

$ 2,879

$ 9,237

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

69,609

257,233

$ 470,808

$ 2,498,674

Shares redeemed

(56,947)

(167,838)

(380,982)

(1,357,202)

Net increase (decrease)

12,662

89,395

$ 89,826

$ 1,141,472

Class T

Shares sold

188,494

331,611

$ 1,267,799

$ 2,867,806

Shares redeemed

(214,929)

(582,013)

(1,429,854)

(5,039,215)

Net increase (decrease)

(26,435)

(250,402)

$ (162,055)

$ (2,171,409)

Class B

Shares sold

102,097

148,404

$ 673,717

$ 1,365,038

Shares redeemed

(144,927)

(336,665)

(947,551)

(2,978,021)

Net increase (decrease)

(42,830)

(188,261)

$ (273,834)

$ (1,612,983)

Class C

Shares sold

66,073

86,773

$ 432,298

$ 776,259

Shares redeemed

(41,279)

(135,822)

(267,659)

(1,181,244)

Net increase (decrease)

24,794

(49,049)

$ 164,639

$ (404,985)

Institutional Class

Shares sold

854

-

$ 6,000

$ -

Shares redeemed

(24,395)

(3,510)

(163,799)

(38,392)

Net increase (decrease)

(23,541)

(3,510)

$ (157,799)

$ (38,392)

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Growth

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market value.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Pfizer, Inc.

4.1

3.7

Microsoft Corp.

3.7

5.1

Johnson & Johnson

3.3

3.5

Merck & Co., Inc.

2.8

3.2

Wal-Mart Stores, Inc.

2.5

2.9

American International Group, Inc.

2.3

2.3

Dell Computer Corp.

2.0

1.8

Fannie Mae

1.7

1.5

Intel Corp.

1.6

2.3

Medtronic, Inc.

1.6

1.6

25.6

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

32.4

25.9

Health Care

22.7

25.1

Financials

13.1

14.2

Consumer Discretionary

12.7

13.0

Consumer Staples

6.2

6.0

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 99.9%

Stocks 97.5%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other Assets 2.5%

* Foreign investments

6.9%

** Foreign investments

5.2%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 12.7%

Hotels, Restaurants & Leisure - 0.6%

Brinker International, Inc. (a)

972,100

$ 33,858

Darden Restaurants, Inc.

1,147,600

22,734

56,592

Household Durables - 0.9%

Centex Corp.

89,800

6,971

KB Home

104,000

6,500

Leggett & Platt, Inc.

1,250,400

27,596

Maytag Corp.

237,240

5,803

Pulte Homes, Inc.

96,100

6,303

Whirlpool Corp.

481,000

27,369

80,542

Internet & Catalog Retail - 0.3%

eBay, Inc. (a)

290,700

29,567

Leisure Equipment & Products - 0.5%

Mattel, Inc.

2,173,100

46,743

Media - 6.5%

AOL Time Warner, Inc. (a)

7,676,700

116,839

Comcast Corp.:

Class A (a)

630,298

18,978

Class A (special) (a)

1,867,100

53,810

Cox Communications, Inc. Class A (a)

1,295,500

40,135

E.W. Scripps Co. Class A

487,400

42,925

Fox Entertainment Group, Inc. Class A (a)

1,739,400

48,895

General Motors Corp. Class H (a)

3,504,900

42,760

Interpublic Group of Companies, Inc.

1,690,100

23,239

Lamar Advertising Co. Class A (a)

873,500

30,800

Liberty Media Corp. Class A (a)

833,700

9,754

Pixar (a)

287,400

16,224

Scholastic Corp. (a)

302,385

9,422

Tribune Co.

533,700

26,621

Univision Communications, Inc. Class A (a)

1,188,900

35,489

Viacom, Inc. Class B (non-vtg.) (a)

1,276,190

58,092

573,983

Multiline Retail - 0.3%

Saks, Inc. (a)

2,404,100

22,550

Specialty Retail - 3.6%

AutoZone, Inc. (a)

102,000

8,535

Best Buy Co., Inc. (a)

1,167,300

45,175

Borders Group, Inc. (a)

545,800

8,978

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Gap, Inc.

1,281,100

$ 21,779

Home Depot, Inc.

4,032,250

131,008

Limited Brands, Inc.

1,926,600

29,400

Lowe's Companies, Inc.

1,341,700

56,700

Weight Watchers International, Inc. (a)

357,200

15,210

316,785

TOTAL CONSUMER DISCRETIONARY

1,126,762

CONSUMER STAPLES - 6.2%

Beverages - 1.5%

PepsiCo, Inc.

926,685

40,959

The Coca-Cola Co.

2,049,100

93,377

134,336

Food & Staples Retailing - 3.0%

Sysco Corp.

1,571,500

48,622

Wal-Mart Stores, Inc.

4,185,700

220,210

268,832

Household Products - 0.9%

Procter & Gamble Co.

883,440

81,117

Personal Products - 0.8%

Gillette Co.

1,930,800

64,894

TOTAL CONSUMER STAPLES

549,179

ENERGY - 5.7%

Energy Equipment & Services - 5.0%

Baker Hughes, Inc.

1,172,630

38,755

BJ Services Co. (a)

1,183,740

48,190

Cooper Cameron Corp. (a)

711,800

38,857

ENSCO International, Inc.

767,900

23,037

Global Industries Ltd. (a)

2,749,200

15,396

Grant Prideco, Inc. (a)

495,600

6,914

Nabors Industries Ltd. (a)

588,890

26,547

National-Oilwell, Inc. (a)

1,045,700

25,431

Noble Corp. (a)

889,500

31,720

Schlumberger Ltd. (NY Shares)

982,900

47,789

Smith International, Inc. (a)

833,800

34,094

Tidewater, Inc.

719,100

23,745

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - continued

Energy Equipment & Services - continued

Transocean, Inc.

396,900

$ 9,276

Varco International, Inc. (a)

1,188,300

25,727

Weatherford International Ltd. (a)

980,100

44,448

439,926

Oil & Gas - 0.7%

Apache Corp.

436,590

28,780

Burlington Resources, Inc.

269,100

14,340

YUKOS Corp. sponsored ADR

451,875

22,485

65,605

TOTAL ENERGY

505,531

FINANCIALS - 13.1%

Capital Markets - 1.7%

Bank of New York Co., Inc.

938,300

27,154

Charles Schwab Corp.

4,356,450

42,258

Goldman Sachs Group, Inc.

337,100

27,474

Merrill Lynch & Co., Inc.

663,100

28,712

Morgan Stanley

300,100

13,730

Nomura Holdings, Inc.

917,000

9,334

148,662

Commercial Banks - 2.2%

Bank of America Corp.

610,100

45,269

Bank One Corp.

2,229,300

83,287

Fifth Third Bancorp

1,030,000

59,225

UCBH Holdings, Inc.

329,400

8,548

196,329

Consumer Finance - 2.1%

American Express Co.

1,190,512

49,597

MBNA Corp.

3,808,970

76,370

SLM Corp.

508,400

61,008

186,975

Diversified Financial Services - 0.8%

Citigroup, Inc.

1,640,523

67,294

Insurance - 3.9%

ACE Ltd.

1,157,100

42,234

AFLAC, Inc.

1,552,000

51,076

American International Group, Inc.

3,516,899

203,558

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

354,600

$ 16,539

Travelers Property Casualty Corp.:

Class A

142,539

2,328

Class B

1,830,703

29,602

345,337

Thrifts & Mortgage Finance - 2.4%

Fannie Mae

2,040,000

150,960

Freddie Mac

1,089,900

65,187

216,147

TOTAL FINANCIALS

1,160,744

HEALTH CARE - 22.7%

Biotechnology - 3.3%

Amgen, Inc. (a)

1,730,900

112,007

Biogen, Inc. (a)

649,200

27,552

Cephalon, Inc. (a)

556,400

25,144

CSL Ltd.

902,100

7,027

Genentech, Inc. (a)

195,600

12,247

Geneprot, Inc. (d)

664,000

2,324

Genzyme Corp. - General Division (a)

497,000

23,603

IDEC Pharmaceuticals Corp. (a)

948,800

36,216

ImClone Systems, Inc. (a)

640,417

18,252

MedImmune, Inc. (a)

651,100

23,081

Tanox, Inc. (a)

124,500

2,221

289,674

Health Care Equipment & Supplies - 3.7%

Alcon, Inc.

1,307,400

55,565

Boston Scientific Corp. (a)

1,286,300

67,016

Medtronic, Inc.

2,855,600

139,153

St. Jude Medical, Inc. (a)

1,163,300

65,261

326,995

Health Care Providers & Services - 0.6%

McKesson Corp.

1,452,100

44,028

WebMD Corp. (a)

868,200

8,630

52,658

Pharmaceuticals - 15.1%

Abbott Laboratories

2,948,700

131,365

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Barr Laboratories, Inc. (a)

764,100

$ 40,306

Eli Lilly & Co.

639,830

38,243

Johnson & Johnson

5,450,180

296,217

Merck & Co., Inc.

4,409,900

245,102

Pfizer, Inc.

11,675,505

362,169

Schering-Plough Corp.

3,332,900

61,492

Teva Pharmaceutical Industries Ltd. sponsored ADR

695,923

35,276

Wyeth

3,022,060

132,517

1,342,687

TOTAL HEALTH CARE

2,012,014

INDUSTRIALS - 4.5%

Aerospace & Defense - 0.9%

Lockheed Martin Corp.

772,080

35,840

Northrop Grumman Corp.

456,000

40,105

75,945

Airlines - 0.3%

Delta Air Lines, Inc.

1,963,300

26,230

Commercial Services & Supplies - 0.7%

ChoicePoint, Inc. (a)

238,000

8,970

Corinthian Colleges, Inc. (a)

458,100

21,549

Monster Worldwide, Inc.

456,009

9,056

Robert Half International, Inc. (a)

1,331,700

22,572

62,147

Electrical Equipment - 0.0%

Aura Systems, Inc. warrants 5/31/05 (a)

37

0

Industrial Conglomerates - 2.6%

3M Co.

197,100

24,927

General Electric Co.

3,648,570

104,714

Tyco International Ltd.

5,760,000

101,952

231,593

TOTAL INDUSTRIALS

395,915

INFORMATION TECHNOLOGY - 32.4%

Communications Equipment - 4.5%

3Com Corp. (a)

4,954,900

24,279

Advanced Fibre Communications, Inc. (a)

971,400

18,321

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Brocade Communications Systems, Inc. (a)

3,828,600

$ 23,240

Cisco Systems, Inc. (a)

5,579,300

90,831

Emulex Corp. (a)

138,900

3,431

Foundry Networks, Inc. (a)

1,508,500

23,216

Harris Corp.

1,169,200

35,415

Juniper Networks, Inc. (a)

2,925,600

40,607

Motorola, Inc.

5,847,050

49,817

Nortel Networks Corp. (a)

17,552,100

55,114

QUALCOMM, Inc.

655,500

22,012

Telefonaktiebolaget LM Ericsson ADR (a)

1,291,300

13,430

399,713

Computers & Peripherals - 4.1%

Apple Computer, Inc. (a)

1,587,200

28,522

ATI Technologies, Inc. (a)

1,211,700

10,096

Dell Computer Corp. (a)

5,500,400

172,108

EMC Corp. (a)

910,900

9,856

International Business Machines Corp.

412,730

36,337

Lexmark International, Inc. Class A (a)

692,600

51,529

Network Appliance, Inc. (a)

1,411,700

24,041

Sun Microsystems, Inc. (a)

6,839,100

29,613

362,102

Electronic Equipment & Instruments - 1.7%

Agilent Technologies, Inc. (a)

3,254,470

59,004

Amphenol Corp. Class A (a)

490,609

23,181

Celestica, Inc. (sub. vtg.) (a)

639,770

9,310

National Instruments Corp. (a)

277,272

10,079

Sanmina-SCI Corp. (a)

4,563,700

26,104

Waters Corp. (a)

817,500

23,184

150,862

Internet Software & Services - 1.2%

EarthLink, Inc. (a)

1,514,625

10,209

Overture Services, Inc. (a)

1,474,588

26,305

Yahoo!, Inc. (a)

2,544,400

75,950

112,464

IT Services - 1.9%

Concord EFS, Inc. (a)

581,800

8,797

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

First Data Corp.

2,210,300

$ 91,551

Paychex, Inc.

2,179,727

66,525

166,873

Semiconductors & Semiconductor Equipment - 12.0%

Advanced Micro Devices, Inc. (a)

3,147,600

22,915

Agere Systems, Inc.:

Class A (a)

9,729,750

23,741

Class B (a)

11,076,241

25,918

Altera Corp. (a)

1,334,600

25,731

Analog Devices, Inc. (a)

1,565,700

60,358

Applied Materials, Inc. (a)

3,528,700

54,907

ASML Holding NV (NY Shares) (a)

7,082,113

71,175

Atmel Corp. (a)

6,808,100

20,629

Broadcom Corp. Class A (a)

2,112,900

51,724

Chartered Semiconductor Manufacturing Ltd. ADR (a)

905,500

4,709

Cypress Semiconductor Corp. (a)

1,804,000

19,934

Integrated Circuit Systems, Inc. (a)

124,500

3,248

Integrated Device Technology, Inc. (a)

2,925,300

35,396

Intel Corp.

6,823,500

142,202

Intersil Corp. Class A (a)

1,355,616

33,131

KLA-Tencor Corp. (a)

941,480

43,525

Lam Research Corp. (a)

2,486,800

44,414

Marvell Technology Group Ltd. (a)

1,134,100

35,962

Micron Technology, Inc. (a)

3,753,300

42,487

National Semiconductor Corp. (a)

576,380

14,386

NVIDIA Corp. (a)

2,723,817

71,282

QLogic Corp. (a)

487,000

24,394

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

5,315,480

53,899

Teradyne, Inc. (a)

863,600

14,811

Texas Instruments, Inc.

4,128,500

84,634

United Microelectronics Corp. sponsored ADR (a)

3,649,200

14,305

Xilinx, Inc. (a)

729,800

21,799

1,061,616

Software - 7.0%

Adobe Systems, Inc.

1,265,000

44,642

Business Objects SA sponsored ADR (a)

389,600

7,889

Cadence Design Systems, Inc. (a)

1,250,400

17,381

Citrix Systems, Inc. (a)

627,100

13,690

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Compuware Corp. (a)

1,228,777

$ 7,459

Electronic Arts, Inc. (a)

1,044,316

71,598

Hyperion Solutions Corp. (a)

284,993

8,977

Microsoft Corp.

13,177,969

324,310

Nintendo Co. Ltd.

137,500

10,217

Synopsys, Inc. (a)

655,179

40,156

Take-Two Interactive Software, Inc. (a)

1,145,300

28,919

VERITAS Software Corp. (a)

1,781,569

49,439

624,677

TOTAL INFORMATION TECHNOLOGY

2,878,307

MATERIALS - 1.4%

Chemicals - 0.8%

Dow Chemical Co.

830,100

26,397

Lyondell Chemical Co.

2,899,640

41,755

68,152

Construction Materials - 0.2%

Florida Rock Industries, Inc.

416,800

17,727

Lafarge North America, Inc.

1,216

38

17,765

Containers & Packaging - 0.1%

Owens-Illinois, Inc. (a)

1,230,700

14,092

Metals & Mining - 0.3%

Arch Coal, Inc.

467,700

10,575

Massey Energy Co.

1,010,500

14,167

24,742

TOTAL MATERIALS

124,751

TELECOMMUNICATION SERVICES - 1.2%

Diversified Telecommunication Services - 0.2%

KT Corp. sponsored ADR

1,025,900

19,687

Wireless Telecommunication Services - 1.0%

Nextel Communications, Inc. Class A (a)

1,371,000

20,551

Common Stocks - continued

Shares

Value (Note 1)
(000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

SK Telecom Co. Ltd. sponsored ADR

1,053,900

$ 18,918

Vodafone Group PLC sponsored ADR

2,205,400

48,320

87,789

TOTAL TELECOMMUNICATION SERVICES

107,476

TOTAL COMMON STOCKS

(Cost $7,828,528)

8,860,679

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (d)

72,500

73

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,250)

73

Convertible Bonds - 0.0%

Principal
Amount (000s)

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Micron Technology, Inc. 2.5% 2/1/10 (c)

$ 1,510

1,821

TOTAL CONVERTIBLE BONDS

(Cost $1,510)

1,821

Money Market Funds - 1.4%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

94,491,948

$ 94,492

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

29,855,931

29,856

TOTAL MONEY MARKET FUNDS

(Cost $124,348)

124,348

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $7,955,636)

8,986,921

NET OTHER ASSETS - (1.3)%

(119,027)

NET ASSETS - 100%

$ 8,867,894

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) 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 $1,821,000 or 0.0% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 1,250

Geneprot, Inc.

7/7/00

$ 3,652

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $2,264,422,000 and $2,411,024,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $389,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,397,000 or 0.0% of net assets.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $32,050,000. The weighted average interest rate was 1.37%. At period end there were no interfund loans outstanding.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $4,394,156,000 of which $2,158,179,000 and $2,235,977,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $98,874,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $30,233) (cost $7,955,636) - See accompanying schedule

$ 8,986,921

Cash

241

Receivable for investments sold

17,041

Receivable for fund shares sold

9,958

Dividends receivable

7,402

Interest receivable

230

Receivable from investment adviser for expense reductions

76

Other receivables

95

Total assets

9,021,964

Liabilities

Payable for investments purchased

$ 102,603

Payable for fund shares redeemed

13,329

Accrued management fee

4,169

Distribution fees payable

3,280

Other payables and accrued expenses

833

Collateral on securities loaned, at value

29,856

Total liabilities

154,070

Net Assets

$ 8,867,894

Net Assets consist of:

Paid in capital

$ 12,778,004

Accumulated net investment loss

(8,936)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(4,932,458)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,031,284

Net Assets

$ 8,867,894

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($608,647 ÷ 16,120 shares)

$ 37.76

Maximum offering price per share (100/94.25 of $37.76)

$ 40.06

Class T:
Net Asset Value and redemption price per share ($4,715,317 ÷ 124,042 shares)

$ 38.01

Maximum offering price per share (100/96.50 of $38.01)

$ 39.39

Class B:
Net Asset Value and offering price per share ($1,085,858 ÷ 29,973 shares) A

$ 36.23

Class C:
Net Asset Value and offering price per share
($481,707 ÷ 13,101 shares) A

$ 36.77

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,976,365 ÷ 49,920 shares)

$ 39.59

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 42,315

Interest

1,061

Security lending

152

Total income

43,528

Expenses

Management fee

$ 23,701

Transfer agent fees

10,881

Distribution fees

19,525

Accounting and security lending fees

406

Non-interested trustees' compensation

16

Depreciation in deferred trustee compensation account

(27)

Custodian fees and expenses

83

Registration fees

97

Audit

48

Legal

35

Interest

5

Miscellaneous

47

Total expenses before reductions

54,817

Expense reductions

(2,353)

52,464

Net investment income (loss)

(8,936)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(279,158)

Foreign currency transactions

(52)

Total net realized gain (loss)

(279,210)

Change in net unrealized appreciation (depreciation) on:

Investment securities

553,145

Assets and liabilities in foreign currencies

1

Total change in net unrealized appreciation (depreciation)

553,146

Net gain (loss)

273,936

Net increase (decrease) in net assets resulting from operations

$ 265,000

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (8,936)

$ (46,604)

Net realized gain (loss)

(279,210)

(2,259,858)

Change in net unrealized appreciation (depreciation)

553,146

(698,418)

Net increase (decrease) in net assets resulting
from operations

265,000

(3,004,880)

Share transactions - net increase (decrease)

(360,099)

(237,522)

Total increase (decrease) in net assets

(95,099)

(3,242,402)

Net Assets

Beginning of period

8,962,993

12,205,395

End of period (including accumulated net investment loss of $8,936 and accumulated net investment loss of $0, respectively)

$ 8,867,894

$ 8,962,993

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 36.42

$ 47.97

$ 62.16

$ 69.26

$ 58.14

$ 51.69

Income from Investment Operations

Net investment income (loss) E

(.01)

(.12)

(.11)

(.26)

(.14)

(.13)

Net realized and unrealized gain (loss)

1.35

(11.43)

(10.63)

(1.18)

18.28

12.76

Total from investment operations

1.34

(11.55)

(10.74)

(1.44)

18.14

12.63

Distributions from net investment income

-

-

-

-

-

(.03)

Distributions from net realized gain

-

-

(3.45)

(5.66)

(7.02)

(6.15)

Total distributions

-

-

(3.45)

(5.66)

(7.02)

(6.18)

Net asset value, end of period

$ 37.76

$ 36.42

$ 47.97

$ 62.16

$ 69.26

$ 58.14

Total ReturnB,C,D

3.68%

(24.08)%

(18.27)%

(2.63)%

34.67%

28.21%

Ratios to Average Net Assets F

Expenses before expense reductions

1.20% A

1.20%

1.12%

1.08%

1.09%

1.12%

Expenses net of voluntary waivers, if any

1.20% A

1.20%

1.12%

1.08%

1.09%

1.12%

Expenses net of all reductions

1.16% A

1.12%

1.09%

1.06%

1.08%

1.10%

Net investment income (loss)

(.09)% A

(.29)%

(.20)%

(.37)%

(.23)%

(.26)%

Supplemental Data

Net assets, end of period (in millions)

$ 609

$ 560

$ 613

$ 656

$ 403

$ 92

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 36.71

$ 48.42

$ 62.88

$ 69.95

$ 58.59

$ 51.97

Income from Investment Operations

Net investment income (loss) E

(.05)

(.19)

(.20)

(.41)

(.27)

(.21)

Net realized and unrealized gain (loss)

1.35

(11.52)

(10.81)

(1.19)

18.49

12.87

Total from investment operations

1.30

(11.71)

(11.01)

(1.60)

18.22

12.66

Distributions from net realized gain

-

-

(3.45)

(5.47)

(6.86)

(6.04)

Net asset value, end of period

$ 38.01

$ 36.71

$ 48.42

$ 62.88

$ 69.95

$ 58.59

Total ReturnB,C,D

3.54%

(24.18)%

(18.51)%

(2.83)%

34.44%

28.00%

Ratios to Average Net Assets F

Expenses before expense reductions

1.39% A

1.36%

1.29%

1.28%

1.29%

1.29%

Expenses net of voluntary waivers, if any

1.39% A

1.36%

1.29%

1.28%

1.29%

1.29%

Expenses net of all reductions

1.34% A

1.28%

1.26%

1.26%

1.28%

1.27%

Net investment income (loss)

(.27)% A

(.45)%

(.37)%

(.57)%

(.43)%

(.41)%

Supplemental Data

Net assets, end of period (in millions)

$ 4,715

$ 4,792

$ 7,120

$ 9,169

$ 8,047

$ 5,187

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 35.08

$ 46.55

$ 60.93

$ 68.19

$ 57.50

$ 51.41

Income from Investment Operations

Net investment income (loss) E

(.14)

(.42)

(.50)

(.79)

(.60)

(.52)

Net realized and unrealized gain (loss)

1.29

(11.05)

(10.43)

(1.11)

18.08

12.68

Total from investment operations

1.15

(11.47)

(10.93)

(1.90)

17.48

12.16

Distributions from net realized gain

-

-

(3.45)

(5.36)

(6.79)

(6.07)

Net asset value, end of period

$ 36.23

$ 35.08

$ 46.55

$ 60.93

$ 68.19

$ 57.50

Total ReturnB,C,D

3.28%

(24.64)%

(18.99)%

(3.37)%

33.69%

27.27%

Ratios to Average Net Assets F

Expenses before expense reductions

2.05% A

1.99%

1.90%

1.84%

1.85%

1.88%

Expenses net of voluntary waivers, if any

1.95% A

1.95%

1.90%

1.84%

1.85%

1.88%

Expenses net of all reductions

1.90% A

1.88%

1.87%

1.83%

1.84%

1.85%

Net investment income (loss)

(.83)% A

(1.05)%

(.98)%

(1.14)%

(.98)%

(1.01)%

Supplemental Data

Net assets, end of period (in millions)

$ 1,086

$ 1,135

$ 1,775

$ 2,269

$ 1,396

$ 307

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 35.61

$ 47.23

$ 61.75

$ 69.07

$ 58.24

$ 51.95

Income from Investment Operations

Net investment income (loss) E

(.14)

(.41)

(.47)

(.78)

(.60)

(.54)

Net realized and unrealized gain (loss)

1.30

(11.21)

(10.60)

(1.13)

18.32

12.87

Total from investment operations

1.16

(11.62)

(11.07)

(1.91)

17.72

12.33

Distributions from net realized gain

-

-

(3.45)

(5.41)

(6.89)

(6.04)

Net asset value, end of period

$ 36.77

$ 35.61

$ 47.23

$ 61.75

$ 69.07

$ 58.24

Total ReturnB,C,D

3.26%

(24.60)%

(18.97)%

(3.34)%

33.72%

27.30%

Ratios to Average Net Assets F

Expenses before expense reductions

1.96% A

1.92%

1.84%

1.81%

1.82%

1.89%

Expenses net of voluntary waivers, if any

1.95% A

1.92%

1.84%

1.81%

1.82%

1.89%

Expenses net of all reductions

1.90% A

1.85%

1.81%

1.80%

1.81%

1.86%

Net investment income (loss)

(.83)% A

(1.02)%

(.92)%

(1.11)%

(.96)%

(1.03)%

Supplemental Data

Net assets, end of period (in millions)

$ 482

$ 504

$ 757

$ 901

$ 436

$ 64

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 38.11

$ 49.97

$ 64.43

$ 71.49

$ 59.71

$ 52.86

Income from Investment Operations

Net investment income (loss) D

.06

.06

.09

(.05)

.05

.06

Net realized and unrealized gain (loss)

1.42

(11.92)

(11.10)

(1.24)

18.86

13.08

Total from investment operations

1.48

(11.86)

(11.01)

(1.29)

18.91

13.14

Distributions from net investment income

-

-

-

-

-

(.05)

Distributions from net realized gain

-

-

(3.45)

(5.77)

(7.13)

(6.24)

Total distributions

-

-

(3.45)

(5.77)

(7.13)

(6.29)

Net asset value, end of period

$ 39.59

$ 38.11

$ 49.97

$ 64.43

$ 71.49

$ 59.71

Total ReturnB,C

3.88%

(23.73)%

(18.04)%

(2.33)%

35.16%

28.67%

Ratios to Average Net Assets E

Expenses before expense reductions

.76% A

.76%

.75%

.77%

.78%

.76%

Expenses net of voluntary waivers, if any

.76% A

.76%

.75%

.77%

.78%

.76%

Expenses net of all reductions

.72% A

.68%

.72%

.75%

.77%

.74%

Net investment income (loss)

.35% A

.15%

.17%

(.06)%

.08%

.12%

Supplemental Data

Net assets, end of period (in millions)

$ 1,976

$ 1,972

$ 1,941

$ 1,745

$ 1,448

$ 1,088

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Equity Growth Fund (the fund) is a fund of Fidelity Advisor Series I (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 1,460,067

|

Unrealized depreciation

(566,464)

Net unrealized appreciation (depreciation)

$ 893,603

Cost for federal income tax purposes

$ 8,093,318

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 755

$ 11

$ 86

Class T

.28%

.25%

11,471

93

707

Class B

.75%

.25%

5,057

3,796

Class C

.75%

.25%

2,242

139

$ 19,525

$ 4,039

$ 793

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 93

Class T

122

Class B*

1,663

Class C*

31

$ 1,909

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 855

.32*

Class T

5,486

.25*

Class B

2,264

.45*

Class C

810

.36*

Institutional Class

1,466

.16*

$ 10,881

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,047 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.20%

$ -

Class T

1.45%

-

Class B

1.95%

496

Class C

1.95%

27

Institutional Class

.95%

-

$ 523

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 1,037

Class A

86

-

Class T

707

-

$ 793

$ 1,037

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Years ended

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

2,960

6,847

$ 100,439

$ 273,608

Shares redeemed

(2,226)

(4,230)

(74,824)

(168,662)

Net increase (decrease)

734

2,617

$ 25,615

$ 104,946

Class T

Shares sold

15,604

33,485

$ 533,944

$ 1,394,538

Shares redeemed

(22,117)

(49,977)

(749,124)

(2,028,993)

Net increase (decrease)

(6,513)

(16,492)

$ (215,180)

$ (634,455)

Class B

Shares sold

1,261

3,650

$ 41,381

$ 150,466

Shares redeemed

(3,645)

(9,425)

(117,096)

(359,339)

Net increase (decrease)

(2,384)

(5,775)

$ (75,715)

$ (208,873)

Class C

Shares sold

1,147

3,542

$ 38,063

$ 147,093

Shares redeemed

(2,196)

(5,422)

(72,034)

(212,090)

Net increase (decrease)

(1,049)

(1,880)

$ (33,971)

$ (64,997)

Institutional Class

Shares sold

12,223

35,364

$ 427,022

$ 1,459,704

Shares redeemed

(14,037)

(22,470)

(487,870)

(893,847)

Net increase (decrease)

(1,814)

12,894

$ (60,848)

$ 565,857

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Growth

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market value.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Pfizer, Inc.

4.1

3.7

Microsoft Corp.

3.7

5.1

Johnson & Johnson

3.3

3.5

Merck & Co., Inc.

2.8

3.2

Wal-Mart Stores, Inc.

2.5

2.9

American International Group, Inc.

2.3

2.3

Dell Computer Corp.

2.0

1.8

Fannie Mae

1.7

1.5

Intel Corp.

1.6

2.3

Medtronic, Inc.

1.6

1.6

25.6

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

32.4

25.9

Health Care

22.7

25.1

Financials

13.1

14.2

Consumer Discretionary

12.7

13.0

Consumer Staples

6.2

6.0

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 99.9%

Stocks 97.5%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other Assets 2.5%

* Foreign investments

6.9%

** Foreign investments

5.2%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 12.7%

Hotels, Restaurants & Leisure - 0.6%

Brinker International, Inc. (a)

972,100

$ 33,858

Darden Restaurants, Inc.

1,147,600

22,734

56,592

Household Durables - 0.9%

Centex Corp.

89,800

6,971

KB Home

104,000

6,500

Leggett & Platt, Inc.

1,250,400

27,596

Maytag Corp.

237,240

5,803

Pulte Homes, Inc.

96,100

6,303

Whirlpool Corp.

481,000

27,369

80,542

Internet & Catalog Retail - 0.3%

eBay, Inc. (a)

290,700

29,567

Leisure Equipment & Products - 0.5%

Mattel, Inc.

2,173,100

46,743

Media - 6.5%

AOL Time Warner, Inc. (a)

7,676,700

116,839

Comcast Corp.:

Class A (a)

630,298

18,978

Class A (special) (a)

1,867,100

53,810

Cox Communications, Inc. Class A (a)

1,295,500

40,135

E.W. Scripps Co. Class A

487,400

42,925

Fox Entertainment Group, Inc. Class A (a)

1,739,400

48,895

General Motors Corp. Class H (a)

3,504,900

42,760

Interpublic Group of Companies, Inc.

1,690,100

23,239

Lamar Advertising Co. Class A (a)

873,500

30,800

Liberty Media Corp. Class A (a)

833,700

9,754

Pixar (a)

287,400

16,224

Scholastic Corp. (a)

302,385

9,422

Tribune Co.

533,700

26,621

Univision Communications, Inc. Class A (a)

1,188,900

35,489

Viacom, Inc. Class B (non-vtg.) (a)

1,276,190

58,092

573,983

Multiline Retail - 0.3%

Saks, Inc. (a)

2,404,100

22,550

Specialty Retail - 3.6%

AutoZone, Inc. (a)

102,000

8,535

Best Buy Co., Inc. (a)

1,167,300

45,175

Borders Group, Inc. (a)

545,800

8,978

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Gap, Inc.

1,281,100

$ 21,779

Home Depot, Inc.

4,032,250

131,008

Limited Brands, Inc.

1,926,600

29,400

Lowe's Companies, Inc.

1,341,700

56,700

Weight Watchers International, Inc. (a)

357,200

15,210

316,785

TOTAL CONSUMER DISCRETIONARY

1,126,762

CONSUMER STAPLES - 6.2%

Beverages - 1.5%

PepsiCo, Inc.

926,685

40,959

The Coca-Cola Co.

2,049,100

93,377

134,336

Food & Staples Retailing - 3.0%

Sysco Corp.

1,571,500

48,622

Wal-Mart Stores, Inc.

4,185,700

220,210

268,832

Household Products - 0.9%

Procter & Gamble Co.

883,440

81,117

Personal Products - 0.8%

Gillette Co.

1,930,800

64,894

TOTAL CONSUMER STAPLES

549,179

ENERGY - 5.7%

Energy Equipment & Services - 5.0%

Baker Hughes, Inc.

1,172,630

38,755

BJ Services Co. (a)

1,183,740

48,190

Cooper Cameron Corp. (a)

711,800

38,857

ENSCO International, Inc.

767,900

23,037

Global Industries Ltd. (a)

2,749,200

15,396

Grant Prideco, Inc. (a)

495,600

6,914

Nabors Industries Ltd. (a)

588,890

26,547

National-Oilwell, Inc. (a)

1,045,700

25,431

Noble Corp. (a)

889,500

31,720

Schlumberger Ltd. (NY Shares)

982,900

47,789

Smith International, Inc. (a)

833,800

34,094

Tidewater, Inc.

719,100

23,745

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - continued

Energy Equipment & Services - continued

Transocean, Inc.

396,900

$ 9,276

Varco International, Inc. (a)

1,188,300

25,727

Weatherford International Ltd. (a)

980,100

44,448

439,926

Oil & Gas - 0.7%

Apache Corp.

436,590

28,780

Burlington Resources, Inc.

269,100

14,340

YUKOS Corp. sponsored ADR

451,875

22,485

65,605

TOTAL ENERGY

505,531

FINANCIALS - 13.1%

Capital Markets - 1.7%

Bank of New York Co., Inc.

938,300

27,154

Charles Schwab Corp.

4,356,450

42,258

Goldman Sachs Group, Inc.

337,100

27,474

Merrill Lynch & Co., Inc.

663,100

28,712

Morgan Stanley

300,100

13,730

Nomura Holdings, Inc.

917,000

9,334

148,662

Commercial Banks - 2.2%

Bank of America Corp.

610,100

45,269

Bank One Corp.

2,229,300

83,287

Fifth Third Bancorp

1,030,000

59,225

UCBH Holdings, Inc.

329,400

8,548

196,329

Consumer Finance - 2.1%

American Express Co.

1,190,512

49,597

MBNA Corp.

3,808,970

76,370

SLM Corp.

508,400

61,008

186,975

Diversified Financial Services - 0.8%

Citigroup, Inc.

1,640,523

67,294

Insurance - 3.9%

ACE Ltd.

1,157,100

42,234

AFLAC, Inc.

1,552,000

51,076

American International Group, Inc.

3,516,899

203,558

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

354,600

$ 16,539

Travelers Property Casualty Corp.:

Class A

142,539

2,328

Class B

1,830,703

29,602

345,337

Thrifts & Mortgage Finance - 2.4%

Fannie Mae

2,040,000

150,960

Freddie Mac

1,089,900

65,187

216,147

TOTAL FINANCIALS

1,160,744

HEALTH CARE - 22.7%

Biotechnology - 3.3%

Amgen, Inc. (a)

1,730,900

112,007

Biogen, Inc. (a)

649,200

27,552

Cephalon, Inc. (a)

556,400

25,144

CSL Ltd.

902,100

7,027

Genentech, Inc. (a)

195,600

12,247

Geneprot, Inc. (d)

664,000

2,324

Genzyme Corp. - General Division (a)

497,000

23,603

IDEC Pharmaceuticals Corp. (a)

948,800

36,216

ImClone Systems, Inc. (a)

640,417

18,252

MedImmune, Inc. (a)

651,100

23,081

Tanox, Inc. (a)

124,500

2,221

289,674

Health Care Equipment & Supplies - 3.7%

Alcon, Inc.

1,307,400

55,565

Boston Scientific Corp. (a)

1,286,300

67,016

Medtronic, Inc.

2,855,600

139,153

St. Jude Medical, Inc. (a)

1,163,300

65,261

326,995

Health Care Providers & Services - 0.6%

McKesson Corp.

1,452,100

44,028

WebMD Corp. (a)

868,200

8,630

52,658

Pharmaceuticals - 15.1%

Abbott Laboratories

2,948,700

131,365

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Barr Laboratories, Inc. (a)

764,100

$ 40,306

Eli Lilly & Co.

639,830

38,243

Johnson & Johnson

5,450,180

296,217

Merck & Co., Inc.

4,409,900

245,102

Pfizer, Inc.

11,675,505

362,169

Schering-Plough Corp.

3,332,900

61,492

Teva Pharmaceutical Industries Ltd. sponsored ADR

695,923

35,276

Wyeth

3,022,060

132,517

1,342,687

TOTAL HEALTH CARE

2,012,014

INDUSTRIALS - 4.5%

Aerospace & Defense - 0.9%

Lockheed Martin Corp.

772,080

35,840

Northrop Grumman Corp.

456,000

40,105

75,945

Airlines - 0.3%

Delta Air Lines, Inc.

1,963,300

26,230

Commercial Services & Supplies - 0.7%

ChoicePoint, Inc. (a)

238,000

8,970

Corinthian Colleges, Inc. (a)

458,100

21,549

Monster Worldwide, Inc.

456,009

9,056

Robert Half International, Inc. (a)

1,331,700

22,572

62,147

Electrical Equipment - 0.0%

Aura Systems, Inc. warrants 5/31/05 (a)

37

0

Industrial Conglomerates - 2.6%

3M Co.

197,100

24,927

General Electric Co.

3,648,570

104,714

Tyco International Ltd.

5,760,000

101,952

231,593

TOTAL INDUSTRIALS

395,915

INFORMATION TECHNOLOGY - 32.4%

Communications Equipment - 4.5%

3Com Corp. (a)

4,954,900

24,279

Advanced Fibre Communications, Inc. (a)

971,400

18,321

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Brocade Communications Systems, Inc. (a)

3,828,600

$ 23,240

Cisco Systems, Inc. (a)

5,579,300

90,831

Emulex Corp. (a)

138,900

3,431

Foundry Networks, Inc. (a)

1,508,500

23,216

Harris Corp.

1,169,200

35,415

Juniper Networks, Inc. (a)

2,925,600

40,607

Motorola, Inc.

5,847,050

49,817

Nortel Networks Corp. (a)

17,552,100

55,114

QUALCOMM, Inc.

655,500

22,012

Telefonaktiebolaget LM Ericsson ADR (a)

1,291,300

13,430

399,713

Computers & Peripherals - 4.1%

Apple Computer, Inc. (a)

1,587,200

28,522

ATI Technologies, Inc. (a)

1,211,700

10,096

Dell Computer Corp. (a)

5,500,400

172,108

EMC Corp. (a)

910,900

9,856

International Business Machines Corp.

412,730

36,337

Lexmark International, Inc. Class A (a)

692,600

51,529

Network Appliance, Inc. (a)

1,411,700

24,041

Sun Microsystems, Inc. (a)

6,839,100

29,613

362,102

Electronic Equipment & Instruments - 1.7%

Agilent Technologies, Inc. (a)

3,254,470

59,004

Amphenol Corp. Class A (a)

490,609

23,181

Celestica, Inc. (sub. vtg.) (a)

639,770

9,310

National Instruments Corp. (a)

277,272

10,079

Sanmina-SCI Corp. (a)

4,563,700

26,104

Waters Corp. (a)

817,500

23,184

150,862

Internet Software & Services - 1.2%

EarthLink, Inc. (a)

1,514,625

10,209

Overture Services, Inc. (a)

1,474,588

26,305

Yahoo!, Inc. (a)

2,544,400

75,950

112,464

IT Services - 1.9%

Concord EFS, Inc. (a)

581,800

8,797

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

First Data Corp.

2,210,300

$ 91,551

Paychex, Inc.

2,179,727

66,525

166,873

Semiconductors & Semiconductor Equipment - 12.0%

Advanced Micro Devices, Inc. (a)

3,147,600

22,915

Agere Systems, Inc.:

Class A (a)

9,729,750

23,741

Class B (a)

11,076,241

25,918

Altera Corp. (a)

1,334,600

25,731

Analog Devices, Inc. (a)

1,565,700

60,358

Applied Materials, Inc. (a)

3,528,700

54,907

ASML Holding NV (NY Shares) (a)

7,082,113

71,175

Atmel Corp. (a)

6,808,100

20,629

Broadcom Corp. Class A (a)

2,112,900

51,724

Chartered Semiconductor Manufacturing Ltd. ADR (a)

905,500

4,709

Cypress Semiconductor Corp. (a)

1,804,000

19,934

Integrated Circuit Systems, Inc. (a)

124,500

3,248

Integrated Device Technology, Inc. (a)

2,925,300

35,396

Intel Corp.

6,823,500

142,202

Intersil Corp. Class A (a)

1,355,616

33,131

KLA-Tencor Corp. (a)

941,480

43,525

Lam Research Corp. (a)

2,486,800

44,414

Marvell Technology Group Ltd. (a)

1,134,100

35,962

Micron Technology, Inc. (a)

3,753,300

42,487

National Semiconductor Corp. (a)

576,380

14,386

NVIDIA Corp. (a)

2,723,817

71,282

QLogic Corp. (a)

487,000

24,394

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

5,315,480

53,899

Teradyne, Inc. (a)

863,600

14,811

Texas Instruments, Inc.

4,128,500

84,634

United Microelectronics Corp. sponsored ADR (a)

3,649,200

14,305

Xilinx, Inc. (a)

729,800

21,799

1,061,616

Software - 7.0%

Adobe Systems, Inc.

1,265,000

44,642

Business Objects SA sponsored ADR (a)

389,600

7,889

Cadence Design Systems, Inc. (a)

1,250,400

17,381

Citrix Systems, Inc. (a)

627,100

13,690

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Compuware Corp. (a)

1,228,777

$ 7,459

Electronic Arts, Inc. (a)

1,044,316

71,598

Hyperion Solutions Corp. (a)

284,993

8,977

Microsoft Corp.

13,177,969

324,310

Nintendo Co. Ltd.

137,500

10,217

Synopsys, Inc. (a)

655,179

40,156

Take-Two Interactive Software, Inc. (a)

1,145,300

28,919

VERITAS Software Corp. (a)

1,781,569

49,439

624,677

TOTAL INFORMATION TECHNOLOGY

2,878,307

MATERIALS - 1.4%

Chemicals - 0.8%

Dow Chemical Co.

830,100

26,397

Lyondell Chemical Co.

2,899,640

41,755

68,152

Construction Materials - 0.2%

Florida Rock Industries, Inc.

416,800

17,727

Lafarge North America, Inc.

1,216

38

17,765

Containers & Packaging - 0.1%

Owens-Illinois, Inc. (a)

1,230,700

14,092

Metals & Mining - 0.3%

Arch Coal, Inc.

467,700

10,575

Massey Energy Co.

1,010,500

14,167

24,742

TOTAL MATERIALS

124,751

TELECOMMUNICATION SERVICES - 1.2%

Diversified Telecommunication Services - 0.2%

KT Corp. sponsored ADR

1,025,900

19,687

Wireless Telecommunication Services - 1.0%

Nextel Communications, Inc. Class A (a)

1,371,000

20,551

Common Stocks - continued

Shares

Value (Note 1)
(000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

SK Telecom Co. Ltd. sponsored ADR

1,053,900

$ 18,918

Vodafone Group PLC sponsored ADR

2,205,400

48,320

87,789

TOTAL TELECOMMUNICATION SERVICES

107,476

TOTAL COMMON STOCKS

(Cost $7,828,528)

8,860,679

Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (d)

72,500

73

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,250)

73

Convertible Bonds - 0.0%

Principal
Amount (000s)

INFORMATION TECHNOLOGY - 0.0%

Semiconductors & Semiconductor Equipment - 0.0%

Micron Technology, Inc. 2.5% 2/1/10 (c)

$ 1,510

1,821

TOTAL CONVERTIBLE BONDS

(Cost $1,510)

1,821

Money Market Funds - 1.4%

Shares

Value (Note 1)
(000s)

Fidelity Cash Central Fund, 1.3% (b)

94,491,948

$ 94,492

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

29,855,931

29,856

TOTAL MONEY MARKET FUNDS

(Cost $124,348)

124,348

TOTAL INVESTMENT PORTFOLIO - 101.3%

(Cost $7,955,636)

8,986,921

NET OTHER ASSETS - (1.3)%

(119,027)

NET ASSETS - 100%

$ 8,867,894

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) 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 $1,821,000 or 0.0% of net assets.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 1,250

Geneprot, Inc.

7/7/00

$ 3,652

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $2,264,422,000 and $2,411,024,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $389,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,397,000 or 0.0% of net assets.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $32,050,000. The weighted average interest rate was 1.37%. At period end there were no interfund loans outstanding.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $4,394,156,000 of which $2,158,179,000 and $2,235,977,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $98,874,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $30,233) (cost $7,955,636) - See accompanying schedule

$ 8,986,921

Cash

241

Receivable for investments sold

17,041

Receivable for fund shares sold

9,958

Dividends receivable

7,402

Interest receivable

230

Receivable from investment adviser for expense reductions

76

Other receivables

95

Total assets

9,021,964

Liabilities

Payable for investments purchased

$ 102,603

Payable for fund shares redeemed

13,329

Accrued management fee

4,169

Distribution fees payable

3,280

Other payables and accrued expenses

833

Collateral on securities loaned, at value

29,856

Total liabilities

154,070

Net Assets

$ 8,867,894

Net Assets consist of:

Paid in capital

$ 12,778,004

Accumulated net investment loss

(8,936)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(4,932,458)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

1,031,284

Net Assets

$ 8,867,894

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($608,647 ÷ 16,120 shares)

$ 37.76

Maximum offering price per share (100/94.25 of $37.76)

$ 40.06

Class T:
Net Asset Value and redemption price per share ($4,715,317 ÷ 124,042 shares)

$ 38.01

Maximum offering price per share (100/96.50 of $38.01)

$ 39.39

Class B:
Net Asset Value and offering price per share ($1,085,858 ÷ 29,973 shares) A

$ 36.23

Class C:
Net Asset Value and offering price per share
($481,707 ÷ 13,101 shares) A

$ 36.77

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,976,365 ÷ 49,920 shares)

$ 39.59

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 42,315

Interest

1,061

Security lending

152

Total income

43,528

Expenses

Management fee

$ 23,701

Transfer agent fees

10,881

Distribution fees

19,525

Accounting and security lending fees

406

Non-interested trustees' compensation

16

Depreciation in deferred trustee compensation account

(27)

Custodian fees and expenses

83

Registration fees

97

Audit

48

Legal

35

Interest

5

Miscellaneous

47

Total expenses before reductions

54,817

Expense reductions

(2,353)

52,464

Net investment income (loss)

(8,936)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(279,158)

Foreign currency transactions

(52)

Total net realized gain (loss)

(279,210)

Change in net unrealized appreciation (depreciation) on:

Investment securities

553,145

Assets and liabilities in foreign currencies

1

Total change in net unrealized appreciation (depreciation)

553,146

Net gain (loss)

273,936

Net increase (decrease) in net assets resulting from operations

$ 265,000

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (8,936)

$ (46,604)

Net realized gain (loss)

(279,210)

(2,259,858)

Change in net unrealized appreciation (depreciation)

553,146

(698,418)

Net increase (decrease) in net assets resulting
from operations

265,000

(3,004,880)

Share transactions - net increase (decrease)

(360,099)

(237,522)

Total increase (decrease) in net assets

(95,099)

(3,242,402)

Net Assets

Beginning of period

8,962,993

12,205,395

End of period (including accumulated net investment loss of $8,936 and accumulated net investment loss of $0, respectively)

$ 8,867,894

$ 8,962,993

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 36.42

$ 47.97

$ 62.16

$ 69.26

$ 58.14

$ 51.69

Income from Investment Operations

Net investment income (loss) E

(.01)

(.12)

(.11)

(.26)

(.14)

(.13)

Net realized and unrealized gain (loss)

1.35

(11.43)

(10.63)

(1.18)

18.28

12.76

Total from investment operations

1.34

(11.55)

(10.74)

(1.44)

18.14

12.63

Distributions from net investment income

-

-

-

-

-

(.03)

Distributions from net realized gain

-

-

(3.45)

(5.66)

(7.02)

(6.15)

Total distributions

-

-

(3.45)

(5.66)

(7.02)

(6.18)

Net asset value, end of period

$ 37.76

$ 36.42

$ 47.97

$ 62.16

$ 69.26

$ 58.14

Total ReturnB,C,D

3.68%

(24.08)%

(18.27)%

(2.63)%

34.67%

28.21%

Ratios to Average Net Assets F

Expenses before expense reductions

1.20% A

1.20%

1.12%

1.08%

1.09%

1.12%

Expenses net of voluntary waivers, if any

1.20% A

1.20%

1.12%

1.08%

1.09%

1.12%

Expenses net of all reductions

1.16% A

1.12%

1.09%

1.06%

1.08%

1.10%

Net investment income (loss)

(.09)% A

(.29)%

(.20)%

(.37)%

(.23)%

(.26)%

Supplemental Data

Net assets, end of period (in millions)

$ 609

$ 560

$ 613

$ 656

$ 403

$ 92

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 36.71

$ 48.42

$ 62.88

$ 69.95

$ 58.59

$ 51.97

Income from Investment Operations

Net investment income (loss) E

(.05)

(.19)

(.20)

(.41)

(.27)

(.21)

Net realized and unrealized gain (loss)

1.35

(11.52)

(10.81)

(1.19)

18.49

12.87

Total from investment operations

1.30

(11.71)

(11.01)

(1.60)

18.22

12.66

Distributions from net realized gain

-

-

(3.45)

(5.47)

(6.86)

(6.04)

Net asset value, end of period

$ 38.01

$ 36.71

$ 48.42

$ 62.88

$ 69.95

$ 58.59

Total ReturnB,C,D

3.54%

(24.18)%

(18.51)%

(2.83)%

34.44%

28.00%

Ratios to Average Net Assets F

Expenses before expense reductions

1.39% A

1.36%

1.29%

1.28%

1.29%

1.29%

Expenses net of voluntary waivers, if any

1.39% A

1.36%

1.29%

1.28%

1.29%

1.29%

Expenses net of all reductions

1.34% A

1.28%

1.26%

1.26%

1.28%

1.27%

Net investment income (loss)

(.27)% A

(.45)%

(.37)%

(.57)%

(.43)%

(.41)%

Supplemental Data

Net assets, end of period (in millions)

$ 4,715

$ 4,792

$ 7,120

$ 9,169

$ 8,047

$ 5,187

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 35.08

$ 46.55

$ 60.93

$ 68.19

$ 57.50

$ 51.41

Income from Investment Operations

Net investment income (loss) E

(.14)

(.42)

(.50)

(.79)

(.60)

(.52)

Net realized and unrealized gain (loss)

1.29

(11.05)

(10.43)

(1.11)

18.08

12.68

Total from investment operations

1.15

(11.47)

(10.93)

(1.90)

17.48

12.16

Distributions from net realized gain

-

-

(3.45)

(5.36)

(6.79)

(6.07)

Net asset value, end of period

$ 36.23

$ 35.08

$ 46.55

$ 60.93

$ 68.19

$ 57.50

Total ReturnB,C,D

3.28%

(24.64)%

(18.99)%

(3.37)%

33.69%

27.27%

Ratios to Average Net Assets F

Expenses before expense reductions

2.05% A

1.99%

1.90%

1.84%

1.85%

1.88%

Expenses net of voluntary waivers, if any

1.95% A

1.95%

1.90%

1.84%

1.85%

1.88%

Expenses net of all reductions

1.90% A

1.88%

1.87%

1.83%

1.84%

1.85%

Net investment income (loss)

(.83)% A

(1.05)%

(.98)%

(1.14)%

(.98)%

(1.01)%

Supplemental Data

Net assets, end of period (in millions)

$ 1,086

$ 1,135

$ 1,775

$ 2,269

$ 1,396

$ 307

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 35.61

$ 47.23

$ 61.75

$ 69.07

$ 58.24

$ 51.95

Income from Investment Operations

Net investment income (loss) E

(.14)

(.41)

(.47)

(.78)

(.60)

(.54)

Net realized and unrealized gain (loss)

1.30

(11.21)

(10.60)

(1.13)

18.32

12.87

Total from investment operations

1.16

(11.62)

(11.07)

(1.91)

17.72

12.33

Distributions from net realized gain

-

-

(3.45)

(5.41)

(6.89)

(6.04)

Net asset value, end of period

$ 36.77

$ 35.61

$ 47.23

$ 61.75

$ 69.07

$ 58.24

Total ReturnB,C,D

3.26%

(24.60)%

(18.97)%

(3.34)%

33.72%

27.30%

Ratios to Average Net Assets F

Expenses before expense reductions

1.96% A

1.92%

1.84%

1.81%

1.82%

1.89%

Expenses net of voluntary waivers, if any

1.95% A

1.92%

1.84%

1.81%

1.82%

1.89%

Expenses net of all reductions

1.90% A

1.85%

1.81%

1.80%

1.81%

1.86%

Net investment income (loss)

(.83)% A

(1.02)%

(.92)%

(1.11)%

(.96)%

(1.03)%

Supplemental Data

Net assets, end of period (in millions)

$ 482

$ 504

$ 757

$ 901

$ 436

$ 64

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 38.11

$ 49.97

$ 64.43

$ 71.49

$ 59.71

$ 52.86

Income from Investment Operations

Net investment income (loss) D

.06

.06

.09

(.05)

.05

.06

Net realized and unrealized gain (loss)

1.42

(11.92)

(11.10)

(1.24)

18.86

13.08

Total from investment operations

1.48

(11.86)

(11.01)

(1.29)

18.91

13.14

Distributions from net investment income

-

-

-

-

-

(.05)

Distributions from net realized gain

-

-

(3.45)

(5.77)

(7.13)

(6.24)

Total distributions

-

-

(3.45)

(5.77)

(7.13)

(6.29)

Net asset value, end of period

$ 39.59

$ 38.11

$ 49.97

$ 64.43

$ 71.49

$ 59.71

Total ReturnB,C

3.88%

(23.73)%

(18.04)%

(2.33)%

35.16%

28.67%

Ratios to Average Net Assets E

Expenses before expense reductions

.76% A

.76%

.75%

.77%

.78%

.76%

Expenses net of voluntary waivers, if any

.76% A

.76%

.75%

.77%

.78%

.76%

Expenses net of all reductions

.72% A

.68%

.72%

.75%

.77%

.74%

Net investment income (loss)

.35% A

.15%

.17%

(.06)%

.08%

.12%

Supplemental Data

Net assets, end of period (in millions)

$ 1,976

$ 1,972

$ 1,941

$ 1,745

$ 1,448

$ 1,088

Portfolio turnover rate

56% A

93%

106%

99%

82%

122%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Equity Growth Fund (the fund) is a fund of Fidelity Advisor Series I (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

The fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, net operating losses, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 1,460,067

|

Unrealized depreciation

(566,464)

Net unrealized appreciation (depreciation)

$ 893,603

Cost for federal income tax purposes

$ 8,093,318

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 755

$ 11

$ 86

Class T

.28%

.25%

11,471

93

707

Class B

.75%

.25%

5,057

3,796

Class C

.75%

.25%

2,242

139

$ 19,525

$ 4,039

$ 793

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 93

Class T

122

Class B*

1,663

Class C*

31

$ 1,909

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 855

.32*

Class T

5,486

.25*

Class B

2,264

.45*

Class C

810

.36*

Institutional Class

1,466

.16*

$ 10,881

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $1,047 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.20%

$ -

Class T

1.45%

-

Class B

1.95%

496

Class C

1.95%

27

Institutional Class

.95%

-

$ 523

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 1,037

Class A

86

-

Class T

707

-

$ 793

$ 1,037

Semiannual Report

8. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Years ended

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

2,960

6,847

$ 100,439

$ 273,608

Shares redeemed

(2,226)

(4,230)

(74,824)

(168,662)

Net increase (decrease)

734

2,617

$ 25,615

$ 104,946

Class T

Shares sold

15,604

33,485

$ 533,944

$ 1,394,538

Shares redeemed

(22,117)

(49,977)

(749,124)

(2,028,993)

Net increase (decrease)

(6,513)

(16,492)

$ (215,180)

$ (634,455)

Class B

Shares sold

1,261

3,650

$ 41,381

$ 150,466

Shares redeemed

(3,645)

(9,425)

(117,096)

(359,339)

Net increase (decrease)

(2,384)

(5,775)

$ (75,715)

$ (208,873)

Class C

Shares sold

1,147

3,542

$ 38,063

$ 147,093

Shares redeemed

(2,196)

(5,422)

(72,034)

(212,090)

Net increase (decrease)

(1,049)

(1,880)

$ (33,971)

$ (64,997)

Institutional Class

Shares sold

12,223

35,364

$ 427,022

$ 1,459,704

Shares redeemed

(14,037)

(22,470)

(487,870)

(893,847)

Net increase (decrease)

(1,814)

12,894

$ (60,848)

$ 565,857

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Income
Fund - Class A, Class T, Class B and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Citigroup, Inc.

3.5

3.1

Exxon Mobil Corp.

2.9

2.7

BellSouth Corp.

2.2

1.6

Bank of America Corp.

2.1

2.5

SBC Communications, Inc.

2.0

1.3

Allstate Corp.

1.9

2.2

Verizon Communications, Inc.

1.9

2.0

Morgan Stanley

1.6

1.5

American International Group, Inc.

1.5

2.1

Hewlett-Packard Co.

1.5

1.5

21.1

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.6

29.1

Consumer Discretionary

14.3

18.0

Industrials

11.0

10.2

Consumer Staples

9.2

7.5

Energy

8.8

8.6

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 98.3%

Stocks and
Equity Futures 98.9%

Convertible
Securities 0.3%

Convertible
Securities 0.2%

Short-Term
Investments and
Net Other Assets 1.4%

Short-Term
Investments and
Net Other Assets 0.9%

* Foreign investments

5.3%

** Foreign investments

5.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 14.3%

Auto Components - 0.1%

Johnson Controls, Inc.

60,000

$ 4,995

Hotels, Restaurants & Leisure - 2.1%

Harrah's Entertainment, Inc. (a)

80,000

3,207

International Game Technology (a)

20,000

1,761

Mandalay Resort Group (a)

200,000

6,030

McDonald's Corp.

2,300,000

43,079

MGM MIRAGE (a)

360,000

10,170

Outback Steakhouse, Inc.

400,000

14,780

Sonic Corp. (a)

220,000

5,696

84,723

Household Durables - 1.9%

Black & Decker Corp.

300,000

12,993

D.R. Horton, Inc.

91,300

2,400

Furniture Brands International, Inc. (a)

300,000

7,884

Hunter Douglas NV

144,867

4,263

Koninklijke Philips Electronics NV (NY Shares)

260,000

5,112

Leggett & Platt, Inc.

600,000

13,242

Snap-On, Inc.

100,000

3,041

Sony Corp.

240,000

6,562

Whirlpool Corp.

440,000

25,036

80,533

Leisure Equipment & Products - 0.3%

Hasbro, Inc.

400,000

6,404

Mattel, Inc.

220,000

4,732

Oakley, Inc. (a)

220,000

2,442

13,578

Media - 4.2%

AOL Time Warner, Inc. (a)

1,500,000

22,830

Belo Corp. Series A

880,000

20,592

Comcast Corp.:

Class A (a)

380,000

11,442

Class A (special) (a)

400,000

11,528

Fox Entertainment Group, Inc. Class A (a)

500,000

14,055

Gannett Co., Inc.

100,000

7,900

General Motors Corp. Class H (a)

400,000

4,880

Knight-Ridder, Inc.

140,000

9,862

McGraw-Hill Companies, Inc.

200,000

12,642

Omnicom Group, Inc.

160,000

11,170

Regal Entertainment Group Class A

140,000

3,112

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Media - continued

The New York Times Co. Class A

180,000

$ 8,622

Tribune Co.

380,000

18,954

Walt Disney Co.

800,000

15,720

173,309

Multiline Retail - 1.4%

Federated Department Stores, Inc.

1,500,000

48,750

Target Corp.

240,000

8,791

57,541

Specialty Retail - 2.9%

Aeropostale, Inc.

240,000

5,124

Best Buy Co., Inc. (a)

400,000

15,480

Borders Group, Inc. (a)

900,000

14,805

Foot Locker, Inc.

160,000

2,152

Gap, Inc.

600,000

10,200

Home Depot, Inc.

100,000

3,249

Limited Brands, Inc.

600,000

9,156

Office Depot, Inc. (a)

600,000

8,040

PETCO Animal Supplies, Inc. (a)

240,000

5,045

Regis Corp.

240,000

7,008

Sherwin-Williams Co.

520,000

14,238

Staples, Inc. (a)

600,000

11,634

The Children's Place Retail Stores, Inc. (a)

22,610

344

The Pep Boys - Manny, Moe & Jack

540,000

5,686

Too, Inc. (a)

400,000

6,972

119,133

Textiles Apparel & Luxury Goods - 1.4%

Columbia Sportswear Co. (a)

40,000

1,985

Liz Claiborne, Inc.

860,000

29,145

Polo Ralph Lauren Corp. Class A

337,300

8,928

Russell Corp.

400,000

7,992

Tommy Hilfiger Corp. (a)

920,000

7,820

55,870

TOTAL CONSUMER DISCRETIONARY

589,682

CONSUMER STAPLES - 9.2%

Beverages - 0.6%

Adolph Coors Co. Class B

40,000

2,203

Coca-Cola Enterprises, Inc.

400,000

7,500

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Beverages - continued

Constellation Brands, Inc. Class A (a)

181,100

$ 4,993

The Coca-Cola Co.

220,000

10,025

24,721

Food & Staples Retailing - 1.2%

CVS Corp.

600,000

15,660

Safeway, Inc. (a)

1,100,000

20,724

Whole Foods Market, Inc. (a)

60,000

3,273

Winn-Dixie Stores, Inc.

780,000

11,029

50,686

Food Products - 3.2%

Campbell Soup Co.

400,000

9,980

ConAgra Foods, Inc.

800,000

19,416

H.J. Heinz Co.

320,000

10,582

Hershey Foods Corp.

120,000

8,532

Kellogg Co.

260,000

9,152

Kraft Foods, Inc. Class A

620,000

20,088

The J.M. Smucker Co.

500,000

18,825

Tyson Foods, Inc. Class A

700,000

6,650

Unilever NV (NY Shares)

280,000

16,380

Wm. Wrigley Jr. Co.

180,000

10,170

129,775

Household Products - 1.3%

Colgate-Palmolive Co.

180,000

10,732

Kimberly-Clark Corp.

600,000

31,158

Procter & Gamble Co.

140,000

12,855

54,745

Personal Products - 2.0%

Alberto-Culver Co. Class B

60,000

3,066

Avon Products, Inc.

180,000

10,969

Estee Lauder Companies, Inc. Class A

600,000

19,992

Gillette Co.

1,400,000

47,054

81,081

Tobacco - 0.9%

Altria Group, Inc.

900,000

37,170

TOTAL CONSUMER STAPLES

378,178

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - 8.8%

Energy Equipment & Services - 2.9%

Baker Hughes, Inc.

640,000

$ 21,152

BJ Services Co. (a)

700,000

28,497

Cooper Cameron Corp. (a)

100,000

5,459

Diamond Offshore Drilling, Inc.

120,000

2,729

ENSCO International, Inc.

400,000

12,000

Nabors Industries Ltd. (a)

320,000

14,426

Noble Corp. (a)

260,000

9,272

Schlumberger Ltd. (NY Shares)

480,000

23,338

Varco International, Inc. (a)

120,000

2,598

119,471

Oil & Gas - 5.9%

Apache Corp.

147,000

9,690

BP PLC sponsored ADR

1,000,000

41,890

ChevronTexaco Corp.

780,000

55,333

ConocoPhillips

180,000

9,715

Exxon Mobil Corp.

3,300,000

120,120

Teekay Shipping Corp.

140,000

5,887

242,635

TOTAL ENERGY

362,106

FINANCIALS - 26.6%

Capital Markets - 4.5%

Bank of New York Co., Inc.

580,000

16,785

Charles Schwab Corp.

1,436,200

13,931

Goldman Sachs Group, Inc.

220,000

17,930

J.P. Morgan Chase & Co.

1,200,000

39,432

Lehman Brothers Holdings, Inc.

160,000

11,461

Merrill Lynch & Co., Inc.

420,000

18,186

Morgan Stanley

1,400,000

64,050

State Street Corp.

100,000

3,831

185,606

Commercial Banks - 6.9%

Bank of America Corp.

1,200,000

89,040

Bank One Corp.

760,000

28,394

Comerica, Inc.

100,000

4,627

Fifth Third Bancorp

200,000

11,500

FleetBoston Financial Corp.

1,000,000

29,570

U.S. Bancorp, Delaware

900,000

21,330

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Commercial Banks - continued

Wachovia Corp.

1,100,000

$ 44,198

Wells Fargo & Co.

1,200,000

57,960

286,619

Consumer Finance - 0.7%

American Express Co.

740,000

30,828

Diversified Financial Services - 3.5%

Citigroup, Inc.

3,500,000

143,569

Insurance - 8.3%

ACE Ltd.

1,200,000

43,800

AFLAC, Inc.

280,000

9,215

Allstate Corp.

2,200,000

79,178

American International Group, Inc.

1,100,000

63,668

Aon Corp.

500,000

12,830

Hartford Financial Services Group, Inc.

380,000

17,723

Marsh & McLennan Companies, Inc.

380,000

19,049

MBIA, Inc.

200,000

10,010

PartnerRe Ltd.

640,000

33,997

SAFECO Corp.

260,000

9,396

The Chubb Corp.

420,000

26,893

Travelers Property Casualty Corp. Class A

1,000,000

16,330

342,089

Real Estate - 0.9%

Apartment Investment & Management Co. Class A

340,000

11,978

Duke Realty Corp.

300,000

8,514

Equity Office Properties Trust

600,000

16,146

36,638

Thrifts & Mortgage Finance - 1.8%

Fannie Mae

560,000

41,440

Freddie Mac

280,000

16,747

Washington Mutual, Inc.

400,000

16,312

74,499

TOTAL FINANCIALS

1,099,848

HEALTH CARE - 8.2%

Biotechnology - 0.1%

Biogen, Inc. (a)

120,000

5,093

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Communications Equipment - 1.5%

Cable Design Technologies Corp. (a)

400,000

$ 3,020

Lucent Technologies, Inc. (a)

1,600,000

3,536

Motorola, Inc.

3,600,000

30,672

Nokia Corp. sponsored ADR

740,000

13,350

Scientific-Atlanta, Inc.

400,000

7,876

SeaChange International, Inc. (a)

300,000

3,390

61,844

Health Care Equipment & Supplies - 2.2%

Bausch & Lomb, Inc.

280,000

10,623

Baxter International, Inc.

120,000

3,041

Becton, Dickinson & Co.

600,000

24,000

Boston Scientific Corp. (a)

160,000

8,336

C.R. Bard, Inc.

440,000

30,866

Edwards Lifesciences Corp. (a)

120,000

3,638

Fisher Scientific International, Inc. (a)

340,000

10,775

91,279

Health Care Providers & Services - 1.2%

Aetna, Inc.

200,000

11,484

Anthem, Inc. (a)

140,000

10,269

HCA, Inc.

60,000

1,980

McKesson Corp.

340,000

10,309

Tenet Healthcare Corp. (a)

900,000

15,021

49,063

Pharmaceuticals - 3.2%

Abbott Laboratories

220,000

9,801

Bristol-Myers Squibb Co.

1,000,000

25,600

Johnson & Johnson

220,000

11,957

Merck & Co., Inc.

1,000,000

55,580

Pfizer, Inc.

692,000

21,466

Schering-Plough Corp.

440,000

8,118

132,522

TOTAL HEALTH CARE

339,801

INDUSTRIALS - 11.0%

Aerospace & Defense - 2.0%

Boeing Co.

1,400,000

42,938

Goodrich Corp.

260,000

4,750

Honeywell International, Inc.

220,000

5,764

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Northrop Grumman Corp.

240,000

$ 21,108

United Technologies Corp.

140,000

9,555

84,115

Air Freight & Logistics - 0.6%

Airborne, Inc.

40,000

821

CNF, Inc.

600,000

18,054

United Parcel Service, Inc. Class B

100,000

6,243

25,118

Airlines - 0.2%

Alaska Air Group, Inc. (a)

120,000

2,281

Delta Air Lines, Inc.

240,000

3,206

Southwest Airlines Co.

100,000

1,607

7,094

Commercial Services & Supplies - 0.8%

Avery Dennison Corp.

100,000

5,548

Imagistics International, Inc. (a)

320,000

6,944

Manpower, Inc.

80,000

2,782

Republic Services, Inc. (a)

440,000

10,520

Waste Management, Inc.

240,000

6,113

31,907

Construction & Engineering - 0.3%

Fluor Corp.

300,000

10,647

Electrical Equipment - 0.5%

A.O. Smith Corp.

340,000

10,805

Hubbell, Inc. Class B

80,000

2,693

Rockwell Automation, Inc.

380,000

8,987

22,485

Industrial Conglomerates - 1.5%

3M Co.

40,000

5,059

General Electric Co.

700,000

20,090

Tyco International Ltd.

2,200,000

38,940

64,089

Machinery - 4.3%

Caterpillar, Inc.

740,000

38,591

Crane Co.

500,000

10,440

Eaton Corp.

360,000

30,215

Illinois Tool Works, Inc.

140,000

8,687

Ingersoll-Rand Co. Ltd. Class A

880,000

38,544

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Machinery - continued

Kennametal, Inc.

854,343

$ 28,851

Pentair, Inc.

500,000

19,430

Tecumseh Products Co. Class A (non-vtg.)

60,000

2,307

Timken Co.

154,400

2,529

179,594

Road & Rail - 0.8%

Burlington Northern Santa Fe Corp.

700,000

20,657

Union Pacific Corp.

180,000

10,978

31,635

TOTAL INDUSTRIALS

456,684

INFORMATION TECHNOLOGY - 6.6%

Computers & Peripherals - 2.5%

Apple Computer, Inc. (a)

300,000

5,391

Dell Computer Corp. (a)

80,000

2,503

Hewlett-Packard Co.

3,200,000

62,400

International Business Machines Corp.

340,000

29,934

SanDisk Corp. (a)

60,000

2,180

102,408

Electronic Equipment & Instruments - 0.4%

Celestica, Inc. (sub. vtg.) (a)

300,000

4,366

Checkpoint Systems, Inc. (a)

380,000

5,225

Tech Data Corp. (a)

180,000

4,478

Vishay Intertechnology, Inc. (a)

240,000

3,466

17,535

Internet Software & Services - 0.0%

DoubleClick, Inc. (a)

120,000

1,260

IT Services - 1.4%

Automatic Data Processing, Inc.

100,000

3,490

Ceridian Corp. (a)

1,300,000

22,425

Computer Sciences Corp. (a)

300,000

11,910

Electronic Data Systems Corp.

540,000

10,881

Gartner, Inc. Class A (a)

300,500

2,236

Sabre Holdings Corp. Class A

200,000

4,946

55,888

Office Electronics - 0.4%

Xerox Corp. (a)

1,600,000

17,488

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 0.8%

Broadcom Corp. Class A (a)

120,000

$ 2,938

DuPont Photomasks, Inc. (a)

120,000

2,516

Intel Corp.

280,000

5,835

Micron Technology, Inc. (a)

180,000

2,038

National Semiconductor Corp. (a)

200,000

4,992

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

300,000

3,042

Texas Instruments, Inc.

500,000

10,250

31,611

Software - 1.1%

Autodesk, Inc.

200,000

2,982

Electronic Arts, Inc. (a)

40,000

2,742

Mentor Graphics Corp. (a)

240,000

3,144

Microsoft Corp.

380,000

9,352

Network Associates, Inc. (a)

800,000

9,712

Oracle Corp. (a)

500,000

6,505

SAP AG sponsored ADR

160,000

4,557

Sybase, Inc. (a)

180,000

2,277

Synopsys, Inc. (a)

60,000

3,677

44,948

TOTAL INFORMATION TECHNOLOGY

271,138

MATERIALS - 4.5%

Chemicals - 2.0%

Albemarle Corp.

200,000

5,354

Crompton Corp.

200,000

1,430

Cytec Industries, Inc. (a)

300,000

9,930

FMC Corp. (a)

292,900

6,089

Monsanto Co.

500,000

10,025

Olin Corp.

240,000

4,238

PPG Industries, Inc.

360,000

17,507

Praxair, Inc.

500,000

29,995

84,568

Containers & Packaging - 0.3%

Ball Corp.

40,251

1,993

Smurfit-Stone Container Corp. (a)

320,000

4,742

Temple-Inland, Inc.

100,000

4,664

11,399

Common Stocks - continued

Shares

Value (Note 1)
(000s)

MATERIALS - continued

Metals & Mining - 1.0%

Alcoa, Inc.

900,000

$ 22,149

Newmont Mining Corp. Holding Co.

300,000

8,898

Phelps Dodge Corp. (a)

340,000

12,393

43,440

Paper & Forest Products - 1.2%

International Paper Co.

480,000

17,602

MeadWestvaco Corp.

400,000

10,016

Weyerhaeuser Co.

400,000

20,152

47,770

TOTAL MATERIALS

187,177

TELECOMMUNICATION SERVICES - 7.3%

Diversified Telecommunication Services - 7.1%

AT&T Corp.

1,200,000

23,388

BellSouth Corp.

3,500,000

92,785

CenturyTel, Inc.

300,000

10,101

Qwest Communications International, Inc. (a)

1,700,000

7,633

SBC Communications, Inc.

3,200,000

81,472

Verizon Communications, Inc.

2,091,000

79,144

294,523

Wireless Telecommunication Services - 0.2%

AT&T Wireless Services, Inc. (a)

1,000,000

7,770

TOTAL TELECOMMUNICATION SERVICES

302,293

UTILITIES - 1.8%

Electric Utilities - 1.4%

Cinergy Corp.

260,000

9,864

Consolidated Edison, Inc.

240,000

10,318

FirstEnergy Corp.

460,000

16,933

NSTAR

200,000

9,326

Wisconsin Energy Corp.

380,000

10,583

57,024

Gas Utilities - 0.2%

KeySpan Corp.

240,000

8,453

Common Stocks - continued

Shares

Value (Note 1)
(000s)

UTILITIES - continued

Multi-Utilities & Unregulated Power - 0.2%

Duke Energy Corp.

240,000

$ 4,651

Energy East Corp.

200,000

4,256

8,907

TOTAL UTILITIES

74,384

TOTAL COMMON STOCKS

(Cost $3,779,226)

4,061,291

Convertible Preferred Stocks - 0.3%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

J.N. Taylor Holdings Ltd. 9.5% (a)

50,000

0

HEALTH CARE - 0.1%

Health Care Equipment & Supplies - 0.1%

Baxter International, Inc. $3.50

62,000

2,976

UTILITIES - 0.2%

Electric Utilities - 0.2%

Dominion Resources, Inc. $4.375

180,000

9,525

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $12,372)

12,501

Money Market Funds - 2.0%

Fidelity Cash Central Fund, 1.3% (b)

79,491,660

79,492

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

2,509,200

2,509

TOTAL MONEY MARKET FUNDS

(Cost $82,001)

82,001

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $3,873,599)

4,155,793

NET OTHER ASSETS - (0.6)%

(23,176)

NET ASSETS - 100%

$ 4,132,617

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $827,941,000 and $799,823,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $133,000 for the period.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $16,050,000. The weighted average interest rate was 1.34%. Interest expense includes $4,000 paid under the interfund lending program. At period end there were no interfund loans outstanding.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $232,724,000 all of which will expire on November 30, 2010.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $2,491) (cost $3,873,599) - See accompanying schedule

$ 4,155,793

Receivable for investments sold

7,242

Receivable for fund shares sold

8,007

Dividends receivable

7,442

Interest receivable

123

Receivable from investment adviser for expense reductions

4

Other receivables

15

Total assets

4,178,626

Liabilities

Payable for investments purchased

$ 33,827

Payable for fund shares redeemed

6,237

Accrued management fee

1,606

Distribution fees payable

1,406

Other payables and accrued expenses

424

Collateral on securities loaned, at value

2,509

Total liabilities

46,009

Net Assets

$ 4,132,617

Net Assets consist of:

Paid in capital

$ 4,114,105

Undistributed net investment income

7,617

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(271,298)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

282,193

Net Assets

$ 4,132,617

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($495,825 ÷ 22,825 shares)

$ 21.72

Maximum offering price per share (100/94.25 of $21.72)

$ 23.05

Class T:
Net Asset Value and redemption price per share ($1,961,992 ÷ 89,279 shares)

$ 21.98

Maximum offering price per share (100/96.50 of $21.98)

$ 22.78

Class B:
Net Asset Value and offering price per share
($472,563 ÷ 21,689 shares) A

$ 21.79

Class C:
Net Asset Value and offering price per share
($171,437 ÷ 7,853 shares) A

$ 21.83

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,030,800 ÷ 46,402 shares)

$ 22.21

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 38,842

Interest

479

Security lending

43

Total income

39,364

Expenses

Management fee

$ 9,111

Transfer agent fees

4,533

Distribution fees

8,263

Non-interested trustees' compensation

7

Depreciation in deferred trustee compensation account

(7)

Accounting and security lending fees

309

Custodian fees and expenses

28

Registration fees

84

Audit

37

Legal

16

Interest

4

Miscellaneous

19

Total expenses before reductions

22,404

Expense reductions

(634)

21,770

Net investment income (loss)

17,594

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

8,157

Foreign currency transactions

(5)

Futures contracts

872

Total net realized gain (loss)

9,024

Change in net unrealized appreciation (depreciation) on:

Investment securities

104,143

Assets and liabilities in foreign currencies

(1)

Futures contracts

(1,973)

Total change in net unrealized appreciation (depreciation)

102,169

Net gain (loss)

111,193

Net increase (decrease) in net assets resulting from operations

$ 128,787

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 17,594

$ 29,650

Net realized gain (loss)

9,024

(266,357)

Change in net unrealized appreciation (depreciation)

102,169

(180,004)

Net increase (decrease) in net assets resulting
from operations

128,787

(416,711)

Distributions to shareholders from net investment income

(17,722)

(25,650)

Distributions to shareholders from net realized gain

-

(37,571)

Total distributions

(17,722)

(63,221)

Share transactions - net increase (decrease)

38,610

564,317

Total increase (decrease) in net assets

149,675

84,385

Net Assets

Beginning of period

3,982,942

3,898,557

End of period (including undistributed net investment income of $7,617 and undistributed net investment income of $7,745, respectively)

$ 4,132,617

$ 3,982,942

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.12

$ 23.73

$ 26.42

$ 27.72

$ 28.15

$ 26.69

Income from Investment Operations

Net investment income (loss) E

.11

.21

.22

.38

.23

.24

Net realized and unrealized gain (loss)

.60

(2.39)

.20

1.41

.88

3.19

Total from investment operations

.71

(2.18)

.42

1.79

1.11

3.43

Distributions from net investment income

(.11)

(.20)

(.27)

(.34)

(.25)

(.25)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.11)

(.43)

(3.11)

(3.09)

(1.54)

(1.97)

Net asset value,
end of period

$ 21.72

$ 21.12

$ 23.73

$ 26.42

$ 27.72

$ 28.15

Total Return B, C, D

3.42%

(9.35)%

1.36%

7.21%

4.06%

13.82%

Ratios to Average Net Assets F

Expenses before expense reductions

1.03% A

1.01%

.98%

1.00%

.99%

1.03%

Expenses net of voluntary waivers, if any

1.03% A

1.01%

.98%

1.00%

.99%

1.03%

Expenses net of all reductions

1.00% A

.97%

.95%

.97%

.96%

1.02%

Net investment income (loss)

1.09% A

.93%

.88%

1.51%

.83%

.89%

Supplemental Data

Net assets,
end of period
(in millions)

$ 496

$ 464

$ 371

$ 161

$ 120

$ 65

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.36

$ 23.98

$ 26.67

$ 27.95

$ 28.35

$ 26.85

Income from Investment Operations

Net investment income (loss) E

.09

.16

.16

.34

.17

.19

Net realized and unrealized gain (loss)

.62

(2.42)

.20

1.41

.90

3.22

Total from investment operations

.71

(2.26)

.36

1.75

1.07

3.41

Distributions from net investment income

(.09)

(.13)

(.21)

(.28)

(.18)

(.19)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.09)

(.36)

(3.05)

(3.03)

(1.47)

(1.91)

Net asset value,
end of period

$ 21.98

$ 21.36

$ 23.98

$ 26.67

$ 27.95

$ 28.35

Total Return B, C, D

3.37%

(9.57)%

1.10%

6.97%

3.89%

13.63%

Ratios to Average Net Assets F

Expenses before expense reductions

1.27% A

1.25%

1.22%

1.21%

1.21%

1.21%

Expenses net of voluntary waivers, if any

1.27% A

1.25%

1.22%

1.21%

1.21%

1.21%

Expenses net of all reductions

1.24% A

1.20%

1.19%

1.18%

1.18%

1.20%

Net investment income (loss)

.85% A

.70%

.65%

1.30%

.61%

.72%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,962

$ 1,903

$ 2,058

$ 1,889

$ 2,494

$ 2,635

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.18

$ 23.80

$ 26.49

$ 27.79

$ 28.20

$ 26.73

Income from Investment Operations

Net investment income (loss) E

.03

.02

.03

.20

.03

.05

Net realized and unrealized gain (loss)

.61

(2.39)

.20

1.40

.88

3.21

Total from investment operations

.64

(2.37)

.23

1.60

.91

3.26

Distributions from net investment income

(.03)

(.02)

(.08)

(.15)

(.03)

(.07)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.03)

(.25)

(2.92)

(2.90)

(1.32)

(1.79)

Net asset value,
end of period

$ 21.79

$ 21.18

$ 23.80

$ 26.49

$ 27.79

$ 28.20

Total Return B, C, D

3.04%

(10.07)%

.57%

6.38%

3.33%

13.06%

Ratios to Average Net Assets F

Expenses before expense reductions

1.87% A

1.84%

1.77%

1.75%

1.72%

1.74%

Expenses net of voluntary waivers, if any

1.85% A

1.84%

1.77%

1.75%

1.72%

1.74%

Expenses net of all reductions

1.82% A

1.79%

1.73%

1.72%

1.69%

1.72%

Net investment income (loss)

.27% A

.11%

.10%

.76%

.10%

.19%

Supplemental Data

Net assets,
end of period
(in millions)

$ 473

$ 472

$ 620

$ 697

$ 893

$ 878

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.22

$ 23.84

$ 26.51

$ 27.81

$ 28.23

$ 26.84

Income from Investment Operations

Net investment income (loss) E

.03

.03

.03

.19

.02

.02

Net realized and unrealized gain (loss)

.61

(2.40)

.22

1.42

.89

3.21

Total from investment operations

.64

(2.37)

.25

1.61

.91

3.23

Distributions from net investment income

(.03)

(.02)

(.08)

(.16)

(.04)

(.12)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.03)

(.25)

(2.92)

(2.91)

(1.33)

(1.84)

Net asset value,
end of period

$ 21.83

$ 21.22

$ 23.84

$ 26.51

$ 27.81

$ 28.23

Total Return B, C, D

3.03%

(10.06)%

.65%

6.41%

3.32%

12.90%

Ratios to Average Net Assets F

Expenses before expense reductions

1.83% A

1.79%

1.74%

1.74%

1.73%

1.84%

Expenses net of voluntary waivers, if any

1.83% A

1.79%

1.74%

1.74%

1.73%

1.84%

Expenses net of all reductions

1.80% A

1.75%

1.71%

1.71%

1.70%

1.82%

Net investment income (loss)

.29% A

.15%

.12%

.77%

.09%

.07%

Supplemental Data

Net assets,
end of period
(in millions)

$ 171

$ 159

$ 136

$ 69

$ 65

$ 37

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.59

$ 24.24

$ 26.93

$ 28.19

$ 28.59

$ 27.07

Income from Investment Operations

Net investment income (loss) D

.15

.29

.29

.47

.32

.34

Net realized and unrealized gain (loss)

.61

(2.44)

.21

1.44

.90

3.24

Total from investment operations

.76

(2.15)

.50

1.91

1.22

3.58

Distributions from net investment income

(.14)

(.27)

(.35)

(.42)

(.33)

(.34)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.14)

(.50)

(3.19)

(3.17)

(1.62)

(2.06)

Net asset value,
end of period

$ 22.21

$ 21.59

$ 24.24

$ 26.93

$ 28.19

$ 28.59

Total Return B, C

3.60%

(9.04)%

1.67%

7.57%

4.40%

14.23%

Ratios to Average Net Assets E

Expenses before expense reductions

.68% A

.69%

.69%

.68%

.69%

.68%

Expenses net of voluntary waivers, if any

.68% A

.69%

.69%

.68%

.69%

.68%

Expenses net of all reductions

.65% A

.64%

.65%

.65%

.66%

.67%

Net investment income (loss)

1.44% A

1.26%

1.18%

1.83%

1.13%

1.25%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,031

$ 985

$ 714

$ 468

$ 458

$ 493

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Equity Income 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, non-taxable dividends, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 580,441

|

Unrealized depreciation

(307,968)

Net unrealized appreciation (depreciation)

$ 272,473

Cost for federal income tax purposes

$ 3,883,320

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

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. Losses may arise from changes in the value of the underlying instruments or if the counter-parties 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.

Semiannual Report

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .48% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 610

$ 1

$ 51

Class T

.27%

.25%

4,697

32

208

Class B

.75%

.25%

2,189

1,643

-

Class C

.75%

.25%

767

175

-

$ 8,263

$ 1,851

$ 259

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 103

Class T

66

Class B*

585

Class C*

18

$ 772

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 560

.25*

Class T

2,141

.24*

Class B

784

.36*

Class C

244

.32*

Institutional Class

804

.17*

$ 4,533

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

earned by the fund are recorded as income in the accompanying financial statements and totaled $460 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

1.85%

$ 40

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 335

Class A

51

-

Class T

208

-

$ 259

$ 335

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 2,456

$ 3,931

Class T

8,032

11,618

Class B

662

490

Class C

228

129

Institutional Class

6,344

9,482

Total

$ 17,722

$ 25,650

From net realized gain

Class A

$ -

$ 3,812

Class T

-

19,587

Class B

-

5,947

Class C

-

1,348

Institutional Class

-

6,877

Total

$ -

$ 37,571

Semiannual Report

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30, 2002

Class A

Shares sold

4,424

13,860

$ 88,144

$ 317,321

Reinvestment of distributions

117

307

2,270

7,105

Shares redeemed

(3,676)

(7,826)

(72,549)

(172,144)

Net increase (decrease)

865

6,341

$ 17,865

$ 152,282

Class T

Shares sold

13,084

30,649

$ 263,523

$ 700,574

Reinvestment of distributions

389

1,276

7,670

30,212

Shares redeemed

(13,254)

(28,688)

(264,681)

(638,381)

Net increase (decrease)

219

3,237

$ 6,512

$ 92,405

Class B

Shares sold

1,970

6,617

$ 39,350

$ 151,649

Reinvestment of distributions

30

241

586

5,744

Shares redeemed

(2,584)

(10,636)

(50,987)

(238,263)

Net increase (decrease)

(584)

(3,778)

$ (11,051)

$ (80,870)

Class C

Shares sold

1,367

4,418

$ 27,468

$ 100,529

Reinvestment of distributions

10

53

198

1,261

Shares redeemed

(1,035)

(2,648)

(20,314)

(57,702)

Net increase (decrease)

342

1,823

$ 7,352

$ 44,088

Institutional Class

Shares sold

11,296

33,189

$ 228,960

$ 722,182

Reinvestment of distributions

248

501

4,932

11,817

Shares redeemed

(10,796)

(17,517)

(215,960)

(377,587)

Net increase (decrease)

748

16,173

$ 17,932

$ 356,412

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Equity Income
Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Citigroup, Inc.

3.5

3.1

Exxon Mobil Corp.

2.9

2.7

BellSouth Corp.

2.2

1.6

Bank of America Corp.

2.1

2.5

SBC Communications, Inc.

2.0

1.3

Allstate Corp.

1.9

2.2

Verizon Communications, Inc.

1.9

2.0

Morgan Stanley

1.6

1.5

American International Group, Inc.

1.5

2.1

Hewlett-Packard Co.

1.5

1.5

21.1

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Financials

26.6

29.1

Consumer Discretionary

14.3

18.0

Industrials

11.0

10.2

Consumer Staples

9.2

7.5

Energy

8.8

8.6

Asset Allocation (% of fund's net assets)

As of May 31, 2003*

As of November 30, 2002**

Stocks 98.3%

Stocks and
Equity Futures 98.9%

Convertible
Securities 0.3%

Convertible
Securities 0.2%

Short-Term
Investments and
Net Other Assets 1.4%

Short-Term
Investments and
Net Other Assets 0.9%

* Foreign investments

5.3%

** Foreign investments

5.8%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 14.3%

Auto Components - 0.1%

Johnson Controls, Inc.

60,000

$ 4,995

Hotels, Restaurants & Leisure - 2.1%

Harrah's Entertainment, Inc. (a)

80,000

3,207

International Game Technology (a)

20,000

1,761

Mandalay Resort Group (a)

200,000

6,030

McDonald's Corp.

2,300,000

43,079

MGM MIRAGE (a)

360,000

10,170

Outback Steakhouse, Inc.

400,000

14,780

Sonic Corp. (a)

220,000

5,696

84,723

Household Durables - 1.9%

Black & Decker Corp.

300,000

12,993

D.R. Horton, Inc.

91,300

2,400

Furniture Brands International, Inc. (a)

300,000

7,884

Hunter Douglas NV

144,867

4,263

Koninklijke Philips Electronics NV (NY Shares)

260,000

5,112

Leggett & Platt, Inc.

600,000

13,242

Snap-On, Inc.

100,000

3,041

Sony Corp.

240,000

6,562

Whirlpool Corp.

440,000

25,036

80,533

Leisure Equipment & Products - 0.3%

Hasbro, Inc.

400,000

6,404

Mattel, Inc.

220,000

4,732

Oakley, Inc. (a)

220,000

2,442

13,578

Media - 4.2%

AOL Time Warner, Inc. (a)

1,500,000

22,830

Belo Corp. Series A

880,000

20,592

Comcast Corp.:

Class A (a)

380,000

11,442

Class A (special) (a)

400,000

11,528

Fox Entertainment Group, Inc. Class A (a)

500,000

14,055

Gannett Co., Inc.

100,000

7,900

General Motors Corp. Class H (a)

400,000

4,880

Knight-Ridder, Inc.

140,000

9,862

McGraw-Hill Companies, Inc.

200,000

12,642

Omnicom Group, Inc.

160,000

11,170

Regal Entertainment Group Class A

140,000

3,112

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Media - continued

The New York Times Co. Class A

180,000

$ 8,622

Tribune Co.

380,000

18,954

Walt Disney Co.

800,000

15,720

173,309

Multiline Retail - 1.4%

Federated Department Stores, Inc.

1,500,000

48,750

Target Corp.

240,000

8,791

57,541

Specialty Retail - 2.9%

Aeropostale, Inc.

240,000

5,124

Best Buy Co., Inc. (a)

400,000

15,480

Borders Group, Inc. (a)

900,000

14,805

Foot Locker, Inc.

160,000

2,152

Gap, Inc.

600,000

10,200

Home Depot, Inc.

100,000

3,249

Limited Brands, Inc.

600,000

9,156

Office Depot, Inc. (a)

600,000

8,040

PETCO Animal Supplies, Inc. (a)

240,000

5,045

Regis Corp.

240,000

7,008

Sherwin-Williams Co.

520,000

14,238

Staples, Inc. (a)

600,000

11,634

The Children's Place Retail Stores, Inc. (a)

22,610

344

The Pep Boys - Manny, Moe & Jack

540,000

5,686

Too, Inc. (a)

400,000

6,972

119,133

Textiles Apparel & Luxury Goods - 1.4%

Columbia Sportswear Co. (a)

40,000

1,985

Liz Claiborne, Inc.

860,000

29,145

Polo Ralph Lauren Corp. Class A

337,300

8,928

Russell Corp.

400,000

7,992

Tommy Hilfiger Corp. (a)

920,000

7,820

55,870

TOTAL CONSUMER DISCRETIONARY

589,682

CONSUMER STAPLES - 9.2%

Beverages - 0.6%

Adolph Coors Co. Class B

40,000

2,203

Coca-Cola Enterprises, Inc.

400,000

7,500

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER STAPLES - continued

Beverages - continued

Constellation Brands, Inc. Class A (a)

181,100

$ 4,993

The Coca-Cola Co.

220,000

10,025

24,721

Food & Staples Retailing - 1.2%

CVS Corp.

600,000

15,660

Safeway, Inc. (a)

1,100,000

20,724

Whole Foods Market, Inc. (a)

60,000

3,273

Winn-Dixie Stores, Inc.

780,000

11,029

50,686

Food Products - 3.2%

Campbell Soup Co.

400,000

9,980

ConAgra Foods, Inc.

800,000

19,416

H.J. Heinz Co.

320,000

10,582

Hershey Foods Corp.

120,000

8,532

Kellogg Co.

260,000

9,152

Kraft Foods, Inc. Class A

620,000

20,088

The J.M. Smucker Co.

500,000

18,825

Tyson Foods, Inc. Class A

700,000

6,650

Unilever NV (NY Shares)

280,000

16,380

Wm. Wrigley Jr. Co.

180,000

10,170

129,775

Household Products - 1.3%

Colgate-Palmolive Co.

180,000

10,732

Kimberly-Clark Corp.

600,000

31,158

Procter & Gamble Co.

140,000

12,855

54,745

Personal Products - 2.0%

Alberto-Culver Co. Class B

60,000

3,066

Avon Products, Inc.

180,000

10,969

Estee Lauder Companies, Inc. Class A

600,000

19,992

Gillette Co.

1,400,000

47,054

81,081

Tobacco - 0.9%

Altria Group, Inc.

900,000

37,170

TOTAL CONSUMER STAPLES

378,178

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - 8.8%

Energy Equipment & Services - 2.9%

Baker Hughes, Inc.

640,000

$ 21,152

BJ Services Co. (a)

700,000

28,497

Cooper Cameron Corp. (a)

100,000

5,459

Diamond Offshore Drilling, Inc.

120,000

2,729

ENSCO International, Inc.

400,000

12,000

Nabors Industries Ltd. (a)

320,000

14,426

Noble Corp. (a)

260,000

9,272

Schlumberger Ltd. (NY Shares)

480,000

23,338

Varco International, Inc. (a)

120,000

2,598

119,471

Oil & Gas - 5.9%

Apache Corp.

147,000

9,690

BP PLC sponsored ADR

1,000,000

41,890

ChevronTexaco Corp.

780,000

55,333

ConocoPhillips

180,000

9,715

Exxon Mobil Corp.

3,300,000

120,120

Teekay Shipping Corp.

140,000

5,887

242,635

TOTAL ENERGY

362,106

FINANCIALS - 26.6%

Capital Markets - 4.5%

Bank of New York Co., Inc.

580,000

16,785

Charles Schwab Corp.

1,436,200

13,931

Goldman Sachs Group, Inc.

220,000

17,930

J.P. Morgan Chase & Co.

1,200,000

39,432

Lehman Brothers Holdings, Inc.

160,000

11,461

Merrill Lynch & Co., Inc.

420,000

18,186

Morgan Stanley

1,400,000

64,050

State Street Corp.

100,000

3,831

185,606

Commercial Banks - 6.9%

Bank of America Corp.

1,200,000

89,040

Bank One Corp.

760,000

28,394

Comerica, Inc.

100,000

4,627

Fifth Third Bancorp

200,000

11,500

FleetBoston Financial Corp.

1,000,000

29,570

U.S. Bancorp, Delaware

900,000

21,330

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Commercial Banks - continued

Wachovia Corp.

1,100,000

$ 44,198

Wells Fargo & Co.

1,200,000

57,960

286,619

Consumer Finance - 0.7%

American Express Co.

740,000

30,828

Diversified Financial Services - 3.5%

Citigroup, Inc.

3,500,000

143,569

Insurance - 8.3%

ACE Ltd.

1,200,000

43,800

AFLAC, Inc.

280,000

9,215

Allstate Corp.

2,200,000

79,178

American International Group, Inc.

1,100,000

63,668

Aon Corp.

500,000

12,830

Hartford Financial Services Group, Inc.

380,000

17,723

Marsh & McLennan Companies, Inc.

380,000

19,049

MBIA, Inc.

200,000

10,010

PartnerRe Ltd.

640,000

33,997

SAFECO Corp.

260,000

9,396

The Chubb Corp.

420,000

26,893

Travelers Property Casualty Corp. Class A

1,000,000

16,330

342,089

Real Estate - 0.9%

Apartment Investment & Management Co. Class A

340,000

11,978

Duke Realty Corp.

300,000

8,514

Equity Office Properties Trust

600,000

16,146

36,638

Thrifts & Mortgage Finance - 1.8%

Fannie Mae

560,000

41,440

Freddie Mac

280,000

16,747

Washington Mutual, Inc.

400,000

16,312

74,499

TOTAL FINANCIALS

1,099,848

HEALTH CARE - 8.2%

Biotechnology - 0.1%

Biogen, Inc. (a)

120,000

5,093

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Communications Equipment - 1.5%

Cable Design Technologies Corp. (a)

400,000

$ 3,020

Lucent Technologies, Inc. (a)

1,600,000

3,536

Motorola, Inc.

3,600,000

30,672

Nokia Corp. sponsored ADR

740,000

13,350

Scientific-Atlanta, Inc.

400,000

7,876

SeaChange International, Inc. (a)

300,000

3,390

61,844

Health Care Equipment & Supplies - 2.2%

Bausch & Lomb, Inc.

280,000

10,623

Baxter International, Inc.

120,000

3,041

Becton, Dickinson & Co.

600,000

24,000

Boston Scientific Corp. (a)

160,000

8,336

C.R. Bard, Inc.

440,000

30,866

Edwards Lifesciences Corp. (a)

120,000

3,638

Fisher Scientific International, Inc. (a)

340,000

10,775

91,279

Health Care Providers & Services - 1.2%

Aetna, Inc.

200,000

11,484

Anthem, Inc. (a)

140,000

10,269

HCA, Inc.

60,000

1,980

McKesson Corp.

340,000

10,309

Tenet Healthcare Corp. (a)

900,000

15,021

49,063

Pharmaceuticals - 3.2%

Abbott Laboratories

220,000

9,801

Bristol-Myers Squibb Co.

1,000,000

25,600

Johnson & Johnson

220,000

11,957

Merck & Co., Inc.

1,000,000

55,580

Pfizer, Inc.

692,000

21,466

Schering-Plough Corp.

440,000

8,118

132,522

TOTAL HEALTH CARE

339,801

INDUSTRIALS - 11.0%

Aerospace & Defense - 2.0%

Boeing Co.

1,400,000

42,938

Goodrich Corp.

260,000

4,750

Honeywell International, Inc.

220,000

5,764

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

Northrop Grumman Corp.

240,000

$ 21,108

United Technologies Corp.

140,000

9,555

84,115

Air Freight & Logistics - 0.6%

Airborne, Inc.

40,000

821

CNF, Inc.

600,000

18,054

United Parcel Service, Inc. Class B

100,000

6,243

25,118

Airlines - 0.2%

Alaska Air Group, Inc. (a)

120,000

2,281

Delta Air Lines, Inc.

240,000

3,206

Southwest Airlines Co.

100,000

1,607

7,094

Commercial Services & Supplies - 0.8%

Avery Dennison Corp.

100,000

5,548

Imagistics International, Inc. (a)

320,000

6,944

Manpower, Inc.

80,000

2,782

Republic Services, Inc. (a)

440,000

10,520

Waste Management, Inc.

240,000

6,113

31,907

Construction & Engineering - 0.3%

Fluor Corp.

300,000

10,647

Electrical Equipment - 0.5%

A.O. Smith Corp.

340,000

10,805

Hubbell, Inc. Class B

80,000

2,693

Rockwell Automation, Inc.

380,000

8,987

22,485

Industrial Conglomerates - 1.5%

3M Co.

40,000

5,059

General Electric Co.

700,000

20,090

Tyco International Ltd.

2,200,000

38,940

64,089

Machinery - 4.3%

Caterpillar, Inc.

740,000

38,591

Crane Co.

500,000

10,440

Eaton Corp.

360,000

30,215

Illinois Tool Works, Inc.

140,000

8,687

Ingersoll-Rand Co. Ltd. Class A

880,000

38,544

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Machinery - continued

Kennametal, Inc.

854,343

$ 28,851

Pentair, Inc.

500,000

19,430

Tecumseh Products Co. Class A (non-vtg.)

60,000

2,307

Timken Co.

154,400

2,529

179,594

Road & Rail - 0.8%

Burlington Northern Santa Fe Corp.

700,000

20,657

Union Pacific Corp.

180,000

10,978

31,635

TOTAL INDUSTRIALS

456,684

INFORMATION TECHNOLOGY - 6.6%

Computers & Peripherals - 2.5%

Apple Computer, Inc. (a)

300,000

5,391

Dell Computer Corp. (a)

80,000

2,503

Hewlett-Packard Co.

3,200,000

62,400

International Business Machines Corp.

340,000

29,934

SanDisk Corp. (a)

60,000

2,180

102,408

Electronic Equipment & Instruments - 0.4%

Celestica, Inc. (sub. vtg.) (a)

300,000

4,366

Checkpoint Systems, Inc. (a)

380,000

5,225

Tech Data Corp. (a)

180,000

4,478

Vishay Intertechnology, Inc. (a)

240,000

3,466

17,535

Internet Software & Services - 0.0%

DoubleClick, Inc. (a)

120,000

1,260

IT Services - 1.4%

Automatic Data Processing, Inc.

100,000

3,490

Ceridian Corp. (a)

1,300,000

22,425

Computer Sciences Corp. (a)

300,000

11,910

Electronic Data Systems Corp.

540,000

10,881

Gartner, Inc. Class A (a)

300,500

2,236

Sabre Holdings Corp. Class A

200,000

4,946

55,888

Office Electronics - 0.4%

Xerox Corp. (a)

1,600,000

17,488

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 0.8%

Broadcom Corp. Class A (a)

120,000

$ 2,938

DuPont Photomasks, Inc. (a)

120,000

2,516

Intel Corp.

280,000

5,835

Micron Technology, Inc. (a)

180,000

2,038

National Semiconductor Corp. (a)

200,000

4,992

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

300,000

3,042

Texas Instruments, Inc.

500,000

10,250

31,611

Software - 1.1%

Autodesk, Inc.

200,000

2,982

Electronic Arts, Inc. (a)

40,000

2,742

Mentor Graphics Corp. (a)

240,000

3,144

Microsoft Corp.

380,000

9,352

Network Associates, Inc. (a)

800,000

9,712

Oracle Corp. (a)

500,000

6,505

SAP AG sponsored ADR

160,000

4,557

Sybase, Inc. (a)

180,000

2,277

Synopsys, Inc. (a)

60,000

3,677

44,948

TOTAL INFORMATION TECHNOLOGY

271,138

MATERIALS - 4.5%

Chemicals - 2.0%

Albemarle Corp.

200,000

5,354

Crompton Corp.

200,000

1,430

Cytec Industries, Inc. (a)

300,000

9,930

FMC Corp. (a)

292,900

6,089

Monsanto Co.

500,000

10,025

Olin Corp.

240,000

4,238

PPG Industries, Inc.

360,000

17,507

Praxair, Inc.

500,000

29,995

84,568

Containers & Packaging - 0.3%

Ball Corp.

40,251

1,993

Smurfit-Stone Container Corp. (a)

320,000

4,742

Temple-Inland, Inc.

100,000

4,664

11,399

Common Stocks - continued

Shares

Value (Note 1)
(000s)

MATERIALS - continued

Metals & Mining - 1.0%

Alcoa, Inc.

900,000

$ 22,149

Newmont Mining Corp. Holding Co.

300,000

8,898

Phelps Dodge Corp. (a)

340,000

12,393

43,440

Paper & Forest Products - 1.2%

International Paper Co.

480,000

17,602

MeadWestvaco Corp.

400,000

10,016

Weyerhaeuser Co.

400,000

20,152

47,770

TOTAL MATERIALS

187,177

TELECOMMUNICATION SERVICES - 7.3%

Diversified Telecommunication Services - 7.1%

AT&T Corp.

1,200,000

23,388

BellSouth Corp.

3,500,000

92,785

CenturyTel, Inc.

300,000

10,101

Qwest Communications International, Inc. (a)

1,700,000

7,633

SBC Communications, Inc.

3,200,000

81,472

Verizon Communications, Inc.

2,091,000

79,144

294,523

Wireless Telecommunication Services - 0.2%

AT&T Wireless Services, Inc. (a)

1,000,000

7,770

TOTAL TELECOMMUNICATION SERVICES

302,293

UTILITIES - 1.8%

Electric Utilities - 1.4%

Cinergy Corp.

260,000

9,864

Consolidated Edison, Inc.

240,000

10,318

FirstEnergy Corp.

460,000

16,933

NSTAR

200,000

9,326

Wisconsin Energy Corp.

380,000

10,583

57,024

Gas Utilities - 0.2%

KeySpan Corp.

240,000

8,453

Common Stocks - continued

Shares

Value (Note 1)
(000s)

UTILITIES - continued

Multi-Utilities & Unregulated Power - 0.2%

Duke Energy Corp.

240,000

$ 4,651

Energy East Corp.

200,000

4,256

8,907

TOTAL UTILITIES

74,384

TOTAL COMMON STOCKS

(Cost $3,779,226)

4,061,291

Convertible Preferred Stocks - 0.3%

CONSUMER DISCRETIONARY - 0.0%

Media - 0.0%

J.N. Taylor Holdings Ltd. 9.5% (a)

50,000

0

HEALTH CARE - 0.1%

Health Care Equipment & Supplies - 0.1%

Baxter International, Inc. $3.50

62,000

2,976

UTILITIES - 0.2%

Electric Utilities - 0.2%

Dominion Resources, Inc. $4.375

180,000

9,525

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $12,372)

12,501

Money Market Funds - 2.0%

Fidelity Cash Central Fund, 1.3% (b)

79,491,660

79,492

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

2,509,200

2,509

TOTAL MONEY MARKET FUNDS

(Cost $82,001)

82,001

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $3,873,599)

4,155,793

NET OTHER ASSETS - (0.6)%

(23,176)

NET ASSETS - 100%

$ 4,132,617

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $827,941,000 and $799,823,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $133,000 for the period.

The fund participated in the interfund lending program as a borrower. The average daily loan balance during the period for which loans were outstanding amounted to $16,050,000. The weighted average interest rate was 1.34%. Interest expense includes $4,000 paid under the interfund lending program. At period end there were no interfund loans outstanding.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $232,724,000 all of which will expire on November 30, 2010.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $2,491) (cost $3,873,599) - See accompanying schedule

$ 4,155,793

Receivable for investments sold

7,242

Receivable for fund shares sold

8,007

Dividends receivable

7,442

Interest receivable

123

Receivable from investment adviser for expense reductions

4

Other receivables

15

Total assets

4,178,626

Liabilities

Payable for investments purchased

$ 33,827

Payable for fund shares redeemed

6,237

Accrued management fee

1,606

Distribution fees payable

1,406

Other payables and accrued expenses

424

Collateral on securities loaned, at value

2,509

Total liabilities

46,009

Net Assets

$ 4,132,617

Net Assets consist of:

Paid in capital

$ 4,114,105

Undistributed net investment income

7,617

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(271,298)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

282,193

Net Assets

$ 4,132,617

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($495,825 ÷ 22,825 shares)

$ 21.72

Maximum offering price per share (100/94.25 of $21.72)

$ 23.05

Class T:
Net Asset Value and redemption price per share ($1,961,992 ÷ 89,279 shares)

$ 21.98

Maximum offering price per share (100/96.50 of $21.98)

$ 22.78

Class B:
Net Asset Value and offering price per share
($472,563 ÷ 21,689 shares) A

$ 21.79

Class C:
Net Asset Value and offering price per share
($171,437 ÷ 7,853 shares) A

$ 21.83

Institutional Class:
Net Asset Value, offering price and redemption price per share ($1,030,800 ÷ 46,402 shares)

$ 22.21

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 38,842

Interest

479

Security lending

43

Total income

39,364

Expenses

Management fee

$ 9,111

Transfer agent fees

4,533

Distribution fees

8,263

Non-interested trustees' compensation

7

Depreciation in deferred trustee compensation account

(7)

Accounting and security lending fees

309

Custodian fees and expenses

28

Registration fees

84

Audit

37

Legal

16

Interest

4

Miscellaneous

19

Total expenses before reductions

22,404

Expense reductions

(634)

21,770

Net investment income (loss)

17,594

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

8,157

Foreign currency transactions

(5)

Futures contracts

872

Total net realized gain (loss)

9,024

Change in net unrealized appreciation (depreciation) on:

Investment securities

104,143

Assets and liabilities in foreign currencies

(1)

Futures contracts

(1,973)

Total change in net unrealized appreciation (depreciation)

102,169

Net gain (loss)

111,193

Net increase (decrease) in net assets resulting from operations

$ 128,787

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 17,594

$ 29,650

Net realized gain (loss)

9,024

(266,357)

Change in net unrealized appreciation (depreciation)

102,169

(180,004)

Net increase (decrease) in net assets resulting
from operations

128,787

(416,711)

Distributions to shareholders from net investment income

(17,722)

(25,650)

Distributions to shareholders from net realized gain

-

(37,571)

Total distributions

(17,722)

(63,221)

Share transactions - net increase (decrease)

38,610

564,317

Total increase (decrease) in net assets

149,675

84,385

Net Assets

Beginning of period

3,982,942

3,898,557

End of period (including undistributed net investment income of $7,617 and undistributed net investment income of $7,745, respectively)

$ 4,132,617

$ 3,982,942

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.12

$ 23.73

$ 26.42

$ 27.72

$ 28.15

$ 26.69

Income from Investment Operations

Net investment income (loss) E

.11

.21

.22

.38

.23

.24

Net realized and unrealized gain (loss)

.60

(2.39)

.20

1.41

.88

3.19

Total from investment operations

.71

(2.18)

.42

1.79

1.11

3.43

Distributions from net investment income

(.11)

(.20)

(.27)

(.34)

(.25)

(.25)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.11)

(.43)

(3.11)

(3.09)

(1.54)

(1.97)

Net asset value,
end of period

$ 21.72

$ 21.12

$ 23.73

$ 26.42

$ 27.72

$ 28.15

Total Return B, C, D

3.42%

(9.35)%

1.36%

7.21%

4.06%

13.82%

Ratios to Average Net Assets F

Expenses before expense reductions

1.03% A

1.01%

.98%

1.00%

.99%

1.03%

Expenses net of voluntary waivers, if any

1.03% A

1.01%

.98%

1.00%

.99%

1.03%

Expenses net of all reductions

1.00% A

.97%

.95%

.97%

.96%

1.02%

Net investment income (loss)

1.09% A

.93%

.88%

1.51%

.83%

.89%

Supplemental Data

Net assets,
end of period
(in millions)

$ 496

$ 464

$ 371

$ 161

$ 120

$ 65

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.36

$ 23.98

$ 26.67

$ 27.95

$ 28.35

$ 26.85

Income from Investment Operations

Net investment income (loss) E

.09

.16

.16

.34

.17

.19

Net realized and unrealized gain (loss)

.62

(2.42)

.20

1.41

.90

3.22

Total from investment operations

.71

(2.26)

.36

1.75

1.07

3.41

Distributions from net investment income

(.09)

(.13)

(.21)

(.28)

(.18)

(.19)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.09)

(.36)

(3.05)

(3.03)

(1.47)

(1.91)

Net asset value,
end of period

$ 21.98

$ 21.36

$ 23.98

$ 26.67

$ 27.95

$ 28.35

Total Return B, C, D

3.37%

(9.57)%

1.10%

6.97%

3.89%

13.63%

Ratios to Average Net Assets F

Expenses before expense reductions

1.27% A

1.25%

1.22%

1.21%

1.21%

1.21%

Expenses net of voluntary waivers, if any

1.27% A

1.25%

1.22%

1.21%

1.21%

1.21%

Expenses net of all reductions

1.24% A

1.20%

1.19%

1.18%

1.18%

1.20%

Net investment income (loss)

.85% A

.70%

.65%

1.30%

.61%

.72%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,962

$ 1,903

$ 2,058

$ 1,889

$ 2,494

$ 2,635

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.18

$ 23.80

$ 26.49

$ 27.79

$ 28.20

$ 26.73

Income from Investment Operations

Net investment income (loss) E

.03

.02

.03

.20

.03

.05

Net realized and unrealized gain (loss)

.61

(2.39)

.20

1.40

.88

3.21

Total from investment operations

.64

(2.37)

.23

1.60

.91

3.26

Distributions from net investment income

(.03)

(.02)

(.08)

(.15)

(.03)

(.07)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.03)

(.25)

(2.92)

(2.90)

(1.32)

(1.79)

Net asset value,
end of period

$ 21.79

$ 21.18

$ 23.80

$ 26.49

$ 27.79

$ 28.20

Total Return B, C, D

3.04%

(10.07)%

.57%

6.38%

3.33%

13.06%

Ratios to Average Net Assets F

Expenses before expense reductions

1.87% A

1.84%

1.77%

1.75%

1.72%

1.74%

Expenses net of voluntary waivers, if any

1.85% A

1.84%

1.77%

1.75%

1.72%

1.74%

Expenses net of all reductions

1.82% A

1.79%

1.73%

1.72%

1.69%

1.72%

Net investment income (loss)

.27% A

.11%

.10%

.76%

.10%

.19%

Supplemental Data

Net assets,
end of period
(in millions)

$ 473

$ 472

$ 620

$ 697

$ 893

$ 878

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.22

$ 23.84

$ 26.51

$ 27.81

$ 28.23

$ 26.84

Income from Investment Operations

Net investment income (loss) E

.03

.03

.03

.19

.02

.02

Net realized and unrealized gain (loss)

.61

(2.40)

.22

1.42

.89

3.21

Total from investment operations

.64

(2.37)

.25

1.61

.91

3.23

Distributions from net investment income

(.03)

(.02)

(.08)

(.16)

(.04)

(.12)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.03)

(.25)

(2.92)

(2.91)

(1.33)

(1.84)

Net asset value,
end of period

$ 21.83

$ 21.22

$ 23.84

$ 26.51

$ 27.81

$ 28.23

Total Return B, C, D

3.03%

(10.06)%

.65%

6.41%

3.32%

12.90%

Ratios to Average Net Assets F

Expenses before expense reductions

1.83% A

1.79%

1.74%

1.74%

1.73%

1.84%

Expenses net of voluntary waivers, if any

1.83% A

1.79%

1.74%

1.74%

1.73%

1.84%

Expenses net of all reductions

1.80% A

1.75%

1.71%

1.71%

1.70%

1.82%

Net investment income (loss)

.29% A

.15%

.12%

.77%

.09%

.07%

Supplemental Data

Net assets,
end of period
(in millions)

$ 171

$ 159

$ 136

$ 69

$ 65

$ 37

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months
ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.59

$ 24.24

$ 26.93

$ 28.19

$ 28.59

$ 27.07

Income from Investment Operations

Net investment income (loss) D

.15

.29

.29

.47

.32

.34

Net realized and unrealized gain (loss)

.61

(2.44)

.21

1.44

.90

3.24

Total from investment operations

.76

(2.15)

.50

1.91

1.22

3.58

Distributions from net investment income

(.14)

(.27)

(.35)

(.42)

(.33)

(.34)

Distributions from net realized gain

-

(.23)

(2.84)

(2.75)

(1.29)

(1.72)

Total distributions

(.14)

(.50)

(3.19)

(3.17)

(1.62)

(2.06)

Net asset value,
end of period

$ 22.21

$ 21.59

$ 24.24

$ 26.93

$ 28.19

$ 28.59

Total Return B, C

3.60%

(9.04)%

1.67%

7.57%

4.40%

14.23%

Ratios to Average Net Assets E

Expenses before expense reductions

.68% A

.69%

.69%

.68%

.69%

.68%

Expenses net of voluntary waivers, if any

.68% A

.69%

.69%

.68%

.69%

.68%

Expenses net of all reductions

.65% A

.64%

.65%

.65%

.66%

.67%

Net investment income (loss)

1.44% A

1.26%

1.18%

1.83%

1.13%

1.25%

Supplemental Data

Net assets,
end of period
(in millions)

$ 1,031

$ 985

$ 714

$ 468

$ 458

$ 493

Portfolio turnover rate

43% A

40%

60%

101%

113%

59%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Equity Income 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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. The fund estimates the components of distributions received from Real Estate Investment Trusts (REITs). Distributions received in excess of income are recorded as a reduction of cost of investments and/or realized gain. Interest income, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, non-taxable dividends, losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 580,441

|

Unrealized depreciation

(307,968)

Net unrealized appreciation (depreciation)

$ 272,473

Cost for federal income tax purposes

$ 3,883,320

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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. Losses may arise from changes in the value of the underlying instruments or if the counter-parties 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.

Semiannual Report

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .48% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 610

$ 1

$ 51

Class T

.27%

.25%

4,697

32

208

Class B

.75%

.25%

2,189

1,643

-

Class C

.75%

.25%

767

175

-

$ 8,263

$ 1,851

$ 259

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 103

Class T

66

Class B*

585

Class C*

18

$ 772

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 560

.25*

Class T

2,141

.24*

Class B

784

.36*

Class C

244

.32*

Institutional Class

804

.17*

$ 4,533

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds - continued

earned by the fund are recorded as income in the accompanying financial statements and totaled $460 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating funds. Information regarding the fund's participation in the program is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

1.85%

$ 40

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 335

Class A

51

-

Class T

208

-

$ 259

$ 335

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 2,456

$ 3,931

Class T

8,032

11,618

Class B

662

490

Class C

228

129

Institutional Class

6,344

9,482

Total

$ 17,722

$ 25,650

From net realized gain

Class A

$ -

$ 3,812

Class T

-

19,587

Class B

-

5,947

Class C

-

1,348

Institutional Class

-

6,877

Total

$ -

$ 37,571

Semiannual Report

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30, 2002

Class A

Shares sold

4,424

13,860

$ 88,144

$ 317,321

Reinvestment of distributions

117

307

2,270

7,105

Shares redeemed

(3,676)

(7,826)

(72,549)

(172,144)

Net increase (decrease)

865

6,341

$ 17,865

$ 152,282

Class T

Shares sold

13,084

30,649

$ 263,523

$ 700,574

Reinvestment of distributions

389

1,276

7,670

30,212

Shares redeemed

(13,254)

(28,688)

(264,681)

(638,381)

Net increase (decrease)

219

3,237

$ 6,512

$ 92,405

Class B

Shares sold

1,970

6,617

$ 39,350

$ 151,649

Reinvestment of distributions

30

241

586

5,744

Shares redeemed

(2,584)

(10,636)

(50,987)

(238,263)

Net increase (decrease)

(584)

(3,778)

$ (11,051)

$ (80,870)

Class C

Shares sold

1,367

4,418

$ 27,468

$ 100,529

Reinvestment of distributions

10

53

198

1,261

Shares redeemed

(1,035)

(2,648)

(20,314)

(57,702)

Net increase (decrease)

342

1,823

$ 7,352

$ 44,088

Institutional Class

Shares sold

11,296

33,189

$ 228,960

$ 722,182

Reinvestment of distributions

248

501

4,932

11,817

Shares redeemed

(10,796)

(17,517)

(215,960)

(377,587)

Net increase (decrease)

748

16,173

$ 17,932

$ 356,412

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

JPMorgan Chase Bank

New York, NY

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short
Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Growth Opportunities

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

All marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Gillette Co.

3.9

3.7

Citigroup, Inc.

3.3

3.8

Pfizer, Inc.

3.0

3.3

The Coca-Cola Co.

2.9

2.8

Microsoft Corp.

2.8

2.9

General Electric Co.

2.7

2.7

Viacom, Inc. Class B (non-vtg.)

2.5

3.0

Merck & Co., Inc.

2.4

2.2

Freddie Mac

2.0

2.7

Schlumberger Ltd. (NY Shares)

2.0

1.4

27.5

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

17.1

17.6

Information Technology

16.5

12.7

Health Care

16.1

13.1

Financials

15.3

17.3

Consumer Staples

11.5

10.4

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks and
Equity Futures 96.8%

Stocks and
Equity Futures 93.8%

Short-Term
Investments and
Net Other Assets 3.2%

Convertible
Securities 0.1%

Short-Term
Investments and
Net Other Assets 6.1%

* Foreign
investments

6.2%

** Foreign
investments

3.6%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.5%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 17.1%

Hotels, Restaurants & Leisure - 0.8%

Carnival Corp. unit

89,400

$ 2,736

Panera Bread Co. Class A (a)

268,900

9,387

Starwood Hotels & Resorts Worldwide, Inc. unit

1,211,000

35,095

47,218

Internet & Catalog Retail - 0.6%

Amazon.com, Inc. (a)

896,000

32,202

Leisure Equipment & Products - 0.1%

Eastman Kodak Co.

223,700

6,854

Media - 12.4%

AOL Time Warner, Inc. (a)

6,522,400

99,271

Cablevision Systems Corp. - NY Group Class A (a)

536,900

10,394

Clear Channel Communications, Inc. (a)

938,500

38,197

Comcast Corp.:

Class A (a)

218,265

6,572

Class A (special) (a)

2,712,900

78,186

Fox Entertainment Group, Inc. Class A (a)

3,684,600

103,574

General Motors Corp. Class H (a)

714,900

8,722

Interpublic Group of Companies, Inc.

536,900

7,382

Liberty Media Corp. Class A (a)

2,547,200

29,802

McGraw-Hill Companies, Inc.

59,000

3,729

Meredith Corp.

580,300

25,516

News Corp. Ltd. ADR

1,385,200

42,623

Omnicom Group, Inc.

626,700

43,750

Univision Communications, Inc. Class A (a)

1,552,900

46,354

Viacom, Inc. Class B (non-vtg.) (a)

3,035,915

138,195

Walt Disney Co.

447,600

8,795

691,062

Multiline Retail - 0.1%

Dollar General Corp.

179,000

3,347

Kohl's Corp. (a)

89,400

4,680

8,027

Specialty Retail - 1.9%

Home Depot, Inc.

1,952,950

63,451

Lowe's Companies, Inc.

140,200

5,925

Staples, Inc. (a)

1,931,800

37,458

106,834

Textiles Apparel & Luxury Goods - 1.2%

Adidas-Salomon AG

314,813

27,716

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Textiles Apparel & Luxury Goods - continued

Coach, Inc. (a)

313,300

$ 15,392

NIKE, Inc. Class B

402,900

22,558

65,666

TOTAL CONSUMER DISCRETIONARY

957,863

CONSUMER STAPLES - 11.5%

Beverages - 3.4%

Pepsi Bottling Group, Inc.

268,600

5,477

PepsiCo, Inc.

447,100

19,762

The Coca-Cola Co.

3,617,500

164,849

190,088

Food & Staples Retailing - 1.4%

Costco Wholesale Corp. (a)

388,700

14,401

Sysco Corp.

357,000

11,046

Wal-Mart Stores, Inc.

996,600

52,431

77,878

Food Products - 1.6%

Dean Foods Co. (a)

905,000

41,404

Kraft Foods, Inc. Class A

345,800

11,204

The J.M. Smucker Co.

674,116

25,380

Tyson Foods, Inc. Class A

1,074,300

10,206

88,194

Household Products - 0.4%

Colgate-Palmolive Co.

223,100

13,301

Procter & Gamble Co.

98,900

9,081

22,382

Personal Products - 4.1%

Avon Products, Inc.

207,380

12,638

Gillette Co.

6,509,600

218,789

231,427

Tobacco - 0.6%

Altria Group, Inc.

759,680

31,375

TOTAL CONSUMER STAPLES

641,344

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - 6.4%

Energy Equipment & Services - 2.9%

Baker Hughes, Inc.

813,000

$ 26,870

Cooper Cameron Corp. (a)

336,200

18,353

Helmerich & Payne, Inc.

224,800

6,942

Schlumberger Ltd. (NY Shares)

2,233,500

108,593

160,758

Oil & Gas - 3.5%

BP PLC sponsored ADR

1,461,656

61,229

ChevronTexaco Corp.

179,100

12,705

ConocoPhillips

479,022

25,853

Exxon Mobil Corp.

2,607,800

94,924

194,711

TOTAL ENERGY

355,469

FINANCIALS - 15.3%

Capital Markets - 3.9%

Bank of New York Co., Inc.

134,300

3,887

Charles Schwab Corp.

996,230

9,663

Janus Capital Group, Inc.

718,500

11,173

Lehman Brothers Holdings, Inc.

268,300

19,218

Merrill Lynch & Co., Inc.

2,231,400

96,620

Morgan Stanley

1,742,800

79,733

220,294

Commercial Banks - 0.7%

Bank of America Corp.

316,700

23,499

Bank One Corp.

416,000

15,542

39,041

Consumer Finance - 1.7%

American Express Co.

1,822,500

75,925

SLM Corp.

175,700

21,084

97,009

Diversified Financial Services - 3.3%

Citigroup, Inc.

4,462,493

183,051

Insurance - 2.2%

American International Group, Inc.

1,764,028

102,102

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Travelers Property Casualty Corp.:

Class A

582,400

$ 9,511

Class B

552,059

8,927

120,540

Thrifts & Mortgage Finance - 3.5%

Fannie Mae

1,164,942

86,206

Freddie Mac

1,858,900

111,181

197,387

TOTAL FINANCIALS

857,322

HEALTH CARE - 16.1%

Biotechnology - 1.0%

Celgene Corp. (a)

451,100

14,201

Genentech, Inc. (a)

312,800

19,584

IDEC Pharmaceuticals Corp. (a)

402,200

15,352

Vertex Pharmaceuticals, Inc. (a)

272,000

3,952

53,089

Health Care Equipment & Supplies - 4.9%

Alcon, Inc.

851,600

36,193

Bausch & Lomb, Inc.

268,100

10,172

Beckman Coulter, Inc.

357,500

14,532

Becton, Dickinson & Co.

1,510,200

60,408

Boston Scientific Corp. (a)

765,500

39,883

C.R. Bard, Inc.

312,800

21,943

Medtronic, Inc.

1,003,500

48,901

St. Jude Medical, Inc. (a)

711,600

39,921

271,953

Health Care Providers & Services - 0.1%

Cardinal Health, Inc.

45,095

2,602

WebMD Corp. (a)

509,500

5,064

7,666

Pharmaceuticals - 10.1%

Abbott Laboratories

1,698,170

75,653

Barr Laboratories, Inc. (a)

67,155

3,542

Bristol-Myers Squibb Co.

358,600

9,180

Eli Lilly & Co.

223,400

13,353

Forest Laboratories, Inc. (a)

268,100

13,539

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Johnson & Johnson

1,133,400

$ 61,600

Merck & Co., Inc.

2,414,900

134,220

Novartis AG sponsored ADR

448,400

17,936

Pfizer, Inc.

5,468,868

169,644

Schering-Plough Corp.

892,400

16,465

Wyeth

1,176,800

51,603

566,735

TOTAL HEALTH CARE

899,443

INDUSTRIALS - 7.2%

Aerospace & Defense - 0.5%

Lockheed Martin Corp.

89,630

4,161

Northrop Grumman Corp.

290,900

25,585

29,746

Air Freight & Logistics - 0.8%

FedEx Corp.

537,000

34,357

United Parcel Service, Inc. Class B

178,700

11,156

45,513

Airlines - 0.9%

Alaska Air Group, Inc. (a)

357,900

6,804

Delta Air Lines, Inc.

588,800

7,866

Southwest Airlines Co.

2,329,800

37,440

52,110

Industrial Conglomerates - 3.6%

3M Co.

89,900

11,370

General Electric Co.

5,227,750

150,036

Tyco International Ltd.

2,189,900

38,761

200,167

Machinery - 1.0%

Caterpillar, Inc.

491,900

25,653

Danaher Corp.

456,400

30,542

56,195

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Road & Rail - 0.4%

CSX Corp.

315,710

$ 10,340

Union Pacific Corp.

182,500

11,131

21,471

TOTAL INDUSTRIALS

405,202

INFORMATION TECHNOLOGY - 16.5%

Communications Equipment - 3.4%

Brocade Communications Systems, Inc. (a)

1,223,500

7,427

CIENA Corp. (a)

536,200

3,083

Cisco Systems, Inc. (a)

4,295,300

69,927

Corning, Inc. (a)

1,163,000

8,502

Juniper Networks, Inc. (a)

1,608,600

22,327

Motorola, Inc.

4,290,200

36,553

Nokia Corp. sponsored ADR

938,600

16,932

Nortel Networks Corp. (a)

5,925,300

18,605

QUALCOMM, Inc.

134,100

4,503

Sonus Networks, Inc. (a)

1,065,400

4,954

192,813

Computers & Peripherals - 3.4%

Dell Computer Corp. (a)

1,813,500

56,744

Diebold, Inc.

537,000

21,442

EMC Corp. (a)

1,698,500

18,378

Hewlett-Packard Co.

1,251,400

24,402

International Business Machines Corp.

536,600

47,242

SanDisk Corp. (a)

529,600

19,240

187,448

Electronic Equipment & Instruments - 0.1%

Agilent Technologies, Inc. (a)

404,800

7,339

Internet Software & Services - 1.1%

Yahoo!, Inc. (a)

2,055,700

61,363

IT Services - 0.6%

First Data Corp.

624,800

25,879

Paychex, Inc.

186,434

5,690

31,569

Semiconductors & Semiconductor Equipment - 4.2%

Analog Devices, Inc. (a)

1,046,800

40,354

Applied Materials, Inc. (a)

721,800

11,231

Intel Corp.

1,710,490

35,647

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

KLA-Tencor Corp. (a)

78,500

$ 3,629

Lam Research Corp. (a)

390,200

6,969

Marvell Technology Group Ltd. (a)

448,300

14,216

National Semiconductor Corp. (a)

1,534,800

38,309

NVIDIA Corp. (a)

312,800

8,186

Teradyne, Inc. (a)

496,900

8,522

Texas Instruments, Inc.

2,413,200

49,471

Xilinx, Inc. (a)

605,900

18,098

234,632

Software - 3.7%

Adobe Systems, Inc.

1,159,300

40,912

Microsoft Corp.

6,235,900

153,465

VERITAS Software Corp. (a)

447,400

12,415

206,792

TOTAL INFORMATION TECHNOLOGY

921,956

MATERIALS - 1.9%

Chemicals - 1.4%

Dow Chemical Co.

1,452,100

46,177

Monsanto Co.

537,000

10,767

Praxair, Inc.

361,300

21,674

78,618

Metals & Mining - 0.5%

Alcoa, Inc.

1,028,700

25,316

TOTAL MATERIALS

103,934

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 1.5%

BellSouth Corp.

355,700

9,430

SBC Communications, Inc.

512,440

13,047

Verizon Communications, Inc.

1,701,000

64,383

86,860

TOTAL COMMON STOCKS

(Cost $4,631,466)

5,229,393

U.S. Treasury Obligations - 0.3%

Principal Amount (000s)

Value (Note 1)
(000s)

U.S. Treasury Bills, yield at date of purchase 1.1% 7/3/03 (c)
(Cost $19,980)

$ 20,000

$ 19,980

Money Market Funds - 8.3%

Shares

Fidelity Cash Central Fund, 1.3% (b)

447,286,162

447,286

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

17,660,500

17,661

TOTAL MONEY MARKET FUNDS

(Cost $464,947)

464,947

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $5,116,393)

5,714,320

NET OTHER ASSETS - (2.1)%

(119,097)

NET ASSETS - 100%

$ 5,595,223

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Gain/(Loss)
(000s)

Purchased

Equity Index Contracts

764 S&P 500 Index Contracts

June 2003

$ 183,990

$ 29,696

The face value of futures purchased as a percentage of net assets - 3.3%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $19,980,000.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $1,284,067,000 and $1,504,466,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $163,000 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $2,298,739,000 of which $1,230,501,000 and $1,068,238,000 will expire on November 30, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $17,034) (cost $5,116,393) - See accompanying schedule

$ 5,714,320

Foreign currency held at value (cost $303)

300

Receivable for fund shares sold

2,028

Dividends receivable

6,229

Interest receivable

457

Receivable for daily variation on futures contracts

2,693

Other receivables

88

Total assets

5,726,115

Liabilities

Payable for investments purchased

$ 89,745

Payable for fund shares redeemed

18,187

Accrued management fee

1,955

Distribution fees payable

2,457

Other payables and accrued expenses

887

Collateral on securities loaned, at value

17,661

Total liabilities

130,892

Net Assets

$ 5,595,223

Net Assets consist of:

Paid in capital

$ 7,330,789

Undistributed net investment income

6,344

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(2,369,645)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

627,735

Net Assets

$ 5,595,223

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($198,772 ÷ 8,076 shares)

$ 24.61

Maximum offering price per share (100/94.25 of $24.61)

$ 26.11

Class T:
Net Asset Value and redemption price per share ($4,541,238 ÷ 182,326 shares)

$ 24.91

Maximum offering price per share (100/96.50 of $24.91)

$ 25.81

Class B:
Net Asset Value and offering price per share ($564,733 ÷ 23,227 shares) A

$ 24.31

Class C:
Net Asset Value and offering price per share ($130,323 ÷ 5,341 shares) A

$ 24.40

Institutional Class:
Net Asset Value, offering price and redemption price per share ($160,157 ÷ 6,421 shares)

$ 24.94

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 35,368

Interest

3,381

Security lending

164

Total income

38,913

Expenses

Management fee
Basic fee

$ 15,551

Performance adjustment

(8,611)

Transfer agent fees

7,512

Distribution fees

14,897

Accounting and security lending fees

346

Non-interested trustees' compensation

11

Depreciation in deferred trustee compensation account

(33)

Custodian fees and expenses

39

Registration fees

60

Audit

49

Legal

29

Miscellaneous

37

Total expenses before reductions

29,887

Expense reductions

(1,234)

28,653

Net investment income (loss)

10,260

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

7,418

Futures contracts

2,426

Total net realized gain (loss)

9,844

Change in net unrealized appreciation (depreciation) on:

Investment securities

210,101

Assets and liabilities in foreign currencies

113

Futures contracts

(2,786)

Total change in net unrealized appreciation (depreciation)

207,428

Net gain (loss)

217,272

Net increase (decrease) in net assets resulting from operations

$ 227,532

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 10,260

$ 27,985

Net realized gain (loss)

9,844

(997,481)

Change in net unrealized appreciation (depreciation)

207,428

(458,442)

Net increase (decrease) in net assets resulting
from operations

227,532

(1,427,938)

Distributions to shareholders from net investment income

(27,646)

(58,747)

Share transactions - net increase (decrease)

(580,138)

(2,352,024)

Total increase (decrease) in net assets

(380,252)

(3,838,709)

Net Assets

Beginning of period

5,975,475

9,814,184

End of period (including undistributed net investment income of $6,344 and undistributed net investment income of $23,730, respectively)

$ 5,595,223

$ 5,975,475

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.61

$ 28.39

$ 37.41

$ 50.61

$ 49.33

$ 44.02

Income from Investment Operations

Net investment income (loss) E

.06

.14

.20

.08

.47

.48

Net realized and unrealized gain (loss)

1.11

(4.66)

(5.26)

(7.65)

2.97

8.03

Total from investment operations

1.17

(4.52)

(5.06)

(7.57)

3.44

8.51

Distributions from net investment income

(.17)

(.26)

-

(.50)

(.47)

(.60)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.17)

(.26)

(3.96)

(5.63)

(2.16)

(3.20)

Net asset value, end of period

$ 24.61

$ 23.61

$ 28.39

$ 37.41

$ 50.61

$ 49.33

Total Return B, C, D

5.03%

(16.06)%

(15.23)%

(16.86)%

7.31%

20.82%

Ratios to Average Net Assets F

Expenses before expense reductions

.94% A

.77%

.78%

.87%

.92%

.97%

Expenses net of voluntary waivers, if any

.94% A

.77%

.78%

.87%

.92%

.97%

Expenses net of all reductions

.89% A

.73%

.75%

.84%

.91%

.96%

Net investment income (loss)

.57% A

.57%

.67%

.17%

.93%

1.06%

Supplemental Data

Net assets,
end of period (in millions)

$ 199

$ 202

$ 320

$ 452

$ 640

$ 359

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.85

$ 28.64

$ 37.76

$ 50.96

$ 49.63

$ 44.20

Income from Investment Operations

Net investment income (loss) E

.05

.11

.16

- G

.37

.42

Net realized and unrealized gain (loss)

1.13

(4.71)

(5.32)

(7.72)

3.00

8.08

Total from investment operations

1.18

(4.60)

(5.16)

(7.72)

3.37

8.50

Distributions from net investment income

(.12)

(.19)

-

(.35)

(.35)

(.47)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.12)

(.19)

(3.96)

(5.48)

(2.04)

(3.07)

Net asset value, end of period

$ 24.91

$ 23.85

$ 28.64

$ 37.76

$ 50.96

$ 49.63

Total Return B, C, D

5.00%

(16.16)%

(15.37)%

(17.01)%

7.10%

20.63%

Ratios to Average Net Assets F

Expenses before expense reductions

1.06% A

.90%

.93%

1.05%

1.12%

1.14%

Expenses net of voluntary waivers, if any

1.06% A

.90%

.93%

1.05%

1.12%

1.14%

Expenses net of all reductions

1.01% A

.86%

.90%

1.03%

1.11%

1.13%

Net investment income (loss)

.45% A

.44%

.52%

(.01)%

.73%

.92%

Supplemental Data

Net assets,
end of period (in millions)

$ 4,541

$ 4,878

$ 8,136

$ 13,813

$ 24,357

$ 24,802

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GAmount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.24

$ 27.91

$ 37.11

$ 50.25

$ 49.12

$ 44.02

Income from Investment Operations

Net investment income (loss) E

(.03)

(.06)

(.04)

(.26)

.09

.14

Net realized and unrealized gain (loss)

1.10

(4.61)

(5.20)

(7.59)

2.97

8.04

Total from investment operations

1.07

(4.67)

(5.24)

(7.85)

3.06

8.18

Distributions from net investment income

-

-

-

(.16)

(.24)

(.48)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

-

-

(3.96)

(5.29)

(1.93)

(3.08)

Net asset value, end of period

$ 24.31

$ 23.24

$ 27.91

$ 37.11

$ 50.25

$ 49.12

Total Return B, C, D

4.60%

(16.73)%

(15.91)%

(17.49)%

6.50%

19.95%

Ratios to Average Net Assets F

Expenses before expense reductions

1.74% A

1.57%

1.57%

1.64%

1.67%

1.71%

Expenses net of voluntary waivers, if any

1.74% A

1.57%

1.57%

1.64%

1.67%

1.71%

Expenses net of all reductions

1.70% A

1.53%

1.54%

1.62%

1.66%

1.70%

Net investment income (loss)

(.24)% A

(.24)%

(.13)%

(.60)%

.19%

.31%

Supplemental Data

Net assets,
end of period (in millions)

$ 565

$ 598

$ 939

$ 1,437

$ 2,264

$ 1,432

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.32

$ 27.99

$ 37.19

$ 50.39

$ 49.33

$ 44.20

Income from Investment Operations

Net investment income (loss) E

(.02)

(.05)

(.03)

(.25)

.10

.12

Net realized and unrealized gain (loss)

1.10

(4.62)

(5.21)

(7.61)

2.97

8.08

Total from investment operations

1.08

(4.67)

(5.24)

(7.86)

3.07

8.20

Distributions from net investment income

-

-

-

(.21)

(.32)

(.47)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

-

-

(3.96)

(5.34)

(2.01)

(3.07)

Net asset value, end of period

$ 24.40

$ 23.32

$ 27.99

$ 37.19

$ 50.39

$ 49.33

Total Return B, C, D

4.63%

(16.68)%

(15.87)%

(17.48)%

6.50%

19.91%

Ratios to Average Net Assets F

Expenses before expense reductions

1.70% A

1.53%

1.53%

1.61%

1.65%

1.70%

Expenses net of voluntary waivers, if any

1.70% A

1.53%

1.53%

1.61%

1.65%

1.70%

Expenses net of all reductions

1.66% A

1.49%

1.50%

1.59%

1.64%

1.70%

Net investment income (loss)

(.20)% A

(.20)%

(.08)%

(.57)%

.20%

.27%

Supplemental Data

Net assets,
end of period (in millions)

$ 130

$ 142

$ 232

$ 400

$ 688

$ 301

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 24.00

$ 28.87

$ 37.85

$ 51.10

$ 49.78

$ 44.31

Income from Investment Operations

Net investment income (loss) D

.11

.25

.33

.22

.63

.65

Net realized and unrealized gain (loss)

1.12

(4.73)

(5.35)

(7.72)

2.98

8.10

Total from investment operations

1.23

(4.48)

(5.02)

(7.50)

3.61

8.75

Distributions from net investment income

(.29)

(.39)

-

(.62)

(.60)

(.68)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.29)

(.39)

(3.96)

(5.75)

(2.29)

(3.28)

Net asset value, end of period

$ 24.94

$ 24.00

$ 28.87

$ 37.85

$ 51.10

$ 49.78

Total Return B, C

5.25%

(15.71)%

(14.92)%

(16.58)%

7.62%

21.29%

Ratios to Average Net Assets E

Expenses before expense reductions

.50% A

.38%

.40%

.53%

.62%

.62%

Expenses net of voluntary waivers, if any

.50% A

.38%

.40%

.53%

.62%

.62%

Expenses net of all reductions

.45% A

.34%

.37%

.51%

.61%

.61%

Net investment income (loss)

1.01% A

.96%

1.05%

.51%

1.24%

1.43%

Supplemental Data

Net assets,
end of period (in millions)

$ 160

$ 155

$ 187

$ 346

$ 584

$ 618

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Growth Opportunities 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 940,326

|

Unrealized depreciation

(384,891)

Net unrealized appreciation (depreciation)

$ 555,435

Cost for federal income tax purposes

$ 5,158,885

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 counter-parties 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.

Semiannual Report

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .26% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services.

For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 253

$ 5

$ 21

Class T

.27%

.25%

11,327

122

503

Class B

.75%

.25%

2,691

2,020

-

Class C

.75%

.25%

626

4

-

$ 14,897

$ 2,151

$ 524

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 20

Class T

69

Class B*

674

Class C*

6

$ 769

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 354

.38*

Class T

5,491

.25*

Class B

1,244

.46*

Class C

264

.42*

Institutional Class

159

.22*

$ 7,512

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $3,220 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Custody
expense reduction

Fund Level

$

$ 709

$ 1

Class A

21

-

-

Class T

503

-

-

$ 524

$ 709

$ 1

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 1,452

$ 2,812

Class T

24,334

53,412

Institutional Class

1,860

2,523

Total

$ 27,646

$ 58,747

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

529

1,113

$ 11,760

$ 28,352

Reinvestment of distributions

62

97

1,390

2,690

Shares redeemed

(1,088)

(3,892)

(24,157)

(99,189)

Net increase (decrease)

(497)

(2,682)

$ (11,007)

$ (68,147)

Class T

Shares sold

10,481

23,625

$ 236,548

$ 611,210

Reinvestment of distributions

1,021

1,797

23,039

50,359

Shares redeemed

(33,690)

(104,967)

(756,884)

(2,687,340)

Net increase (decrease)

(22,188)

(79,545)

$ (497,297)

$ (2,025,771)

Class B

Shares sold

429

1,014

$ 9,487

$ 25,438

Shares redeemed

(2,932)

(8,936)

(64,020)

(219,589)

Net increase (decrease)

(2,503)

(7,922)

$ (54,533)

$ (194,151)

Class C

Shares sold

270

663

$ 5,992

$ 16,876

Shares redeemed

(1,035)

(2,856)

(22,802)

(71,275)

Net increase (decrease)

(765)

(2,193)

$ (16,810)

$ (54,399)

Institutional Class

Shares sold

855

3,115

$ 19,328

$ 72,157

Reinvestment of distributions

79

81

1,776

2,270

Shares redeemed

(959)

(3,223)

(21,595)

(83,983)

Net increase (decrease)

(25)

(27)

$ (491)

$ (9,556)

Semiannual Report

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Semiannual Report

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Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Mellon Bank, N.A.

Pittsburgh, PA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Growth Opportunities

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Gillette Co.

3.9

3.7

Citigroup, Inc.

3.3

3.8

Pfizer, Inc.

3.0

3.3

The Coca-Cola Co.

2.9

2.8

Microsoft Corp.

2.8

2.9

General Electric Co.

2.7

2.7

Viacom, Inc. Class B (non-vtg.)

2.5

3.0

Merck & Co., Inc.

2.4

2.2

Freddie Mac

2.0

2.7

Schlumberger Ltd. (NY Shares)

2.0

1.4

27.5

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Consumer Discretionary

17.1

17.6

Information Technology

16.5

12.7

Health Care

16.1

13.1

Financials

15.3

17.3

Consumer Staples

11.5

10.4

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks and
Equity Futures 96.8%

Stocks and
Equity Futures 93.8%

Short-Term
Investments and
Net Other Assets 3.2%

Convertible
Securities 0.1%

Short-Term
Investments and
Net Other Assets 6.1%

* Foreign
investments

6.2%

** Foreign
investments

3.6%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.5%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 17.1%

Hotels, Restaurants & Leisure - 0.8%

Carnival Corp. unit

89,400

$ 2,736

Panera Bread Co. Class A (a)

268,900

9,387

Starwood Hotels & Resorts Worldwide, Inc. unit

1,211,000

35,095

47,218

Internet & Catalog Retail - 0.6%

Amazon.com, Inc. (a)

896,000

32,202

Leisure Equipment & Products - 0.1%

Eastman Kodak Co.

223,700

6,854

Media - 12.4%

AOL Time Warner, Inc. (a)

6,522,400

99,271

Cablevision Systems Corp. - NY Group Class A (a)

536,900

10,394

Clear Channel Communications, Inc. (a)

938,500

38,197

Comcast Corp.:

Class A (a)

218,265

6,572

Class A (special) (a)

2,712,900

78,186

Fox Entertainment Group, Inc. Class A (a)

3,684,600

103,574

General Motors Corp. Class H (a)

714,900

8,722

Interpublic Group of Companies, Inc.

536,900

7,382

Liberty Media Corp. Class A (a)

2,547,200

29,802

McGraw-Hill Companies, Inc.

59,000

3,729

Meredith Corp.

580,300

25,516

News Corp. Ltd. ADR

1,385,200

42,623

Omnicom Group, Inc.

626,700

43,750

Univision Communications, Inc. Class A (a)

1,552,900

46,354

Viacom, Inc. Class B (non-vtg.) (a)

3,035,915

138,195

Walt Disney Co.

447,600

8,795

691,062

Multiline Retail - 0.1%

Dollar General Corp.

179,000

3,347

Kohl's Corp. (a)

89,400

4,680

8,027

Specialty Retail - 1.9%

Home Depot, Inc.

1,952,950

63,451

Lowe's Companies, Inc.

140,200

5,925

Staples, Inc. (a)

1,931,800

37,458

106,834

Textiles Apparel & Luxury Goods - 1.2%

Adidas-Salomon AG

314,813

27,716

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Textiles Apparel & Luxury Goods - continued

Coach, Inc. (a)

313,300

$ 15,392

NIKE, Inc. Class B

402,900

22,558

65,666

TOTAL CONSUMER DISCRETIONARY

957,863

CONSUMER STAPLES - 11.5%

Beverages - 3.4%

Pepsi Bottling Group, Inc.

268,600

5,477

PepsiCo, Inc.

447,100

19,762

The Coca-Cola Co.

3,617,500

164,849

190,088

Food & Staples Retailing - 1.4%

Costco Wholesale Corp. (a)

388,700

14,401

Sysco Corp.

357,000

11,046

Wal-Mart Stores, Inc.

996,600

52,431

77,878

Food Products - 1.6%

Dean Foods Co. (a)

905,000

41,404

Kraft Foods, Inc. Class A

345,800

11,204

The J.M. Smucker Co.

674,116

25,380

Tyson Foods, Inc. Class A

1,074,300

10,206

88,194

Household Products - 0.4%

Colgate-Palmolive Co.

223,100

13,301

Procter & Gamble Co.

98,900

9,081

22,382

Personal Products - 4.1%

Avon Products, Inc.

207,380

12,638

Gillette Co.

6,509,600

218,789

231,427

Tobacco - 0.6%

Altria Group, Inc.

759,680

31,375

TOTAL CONSUMER STAPLES

641,344

Common Stocks - continued

Shares

Value (Note 1)
(000s)

ENERGY - 6.4%

Energy Equipment & Services - 2.9%

Baker Hughes, Inc.

813,000

$ 26,870

Cooper Cameron Corp. (a)

336,200

18,353

Helmerich & Payne, Inc.

224,800

6,942

Schlumberger Ltd. (NY Shares)

2,233,500

108,593

160,758

Oil & Gas - 3.5%

BP PLC sponsored ADR

1,461,656

61,229

ChevronTexaco Corp.

179,100

12,705

ConocoPhillips

479,022

25,853

Exxon Mobil Corp.

2,607,800

94,924

194,711

TOTAL ENERGY

355,469

FINANCIALS - 15.3%

Capital Markets - 3.9%

Bank of New York Co., Inc.

134,300

3,887

Charles Schwab Corp.

996,230

9,663

Janus Capital Group, Inc.

718,500

11,173

Lehman Brothers Holdings, Inc.

268,300

19,218

Merrill Lynch & Co., Inc.

2,231,400

96,620

Morgan Stanley

1,742,800

79,733

220,294

Commercial Banks - 0.7%

Bank of America Corp.

316,700

23,499

Bank One Corp.

416,000

15,542

39,041

Consumer Finance - 1.7%

American Express Co.

1,822,500

75,925

SLM Corp.

175,700

21,084

97,009

Diversified Financial Services - 3.3%

Citigroup, Inc.

4,462,493

183,051

Insurance - 2.2%

American International Group, Inc.

1,764,028

102,102

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Travelers Property Casualty Corp.:

Class A

582,400

$ 9,511

Class B

552,059

8,927

120,540

Thrifts & Mortgage Finance - 3.5%

Fannie Mae

1,164,942

86,206

Freddie Mac

1,858,900

111,181

197,387

TOTAL FINANCIALS

857,322

HEALTH CARE - 16.1%

Biotechnology - 1.0%

Celgene Corp. (a)

451,100

14,201

Genentech, Inc. (a)

312,800

19,584

IDEC Pharmaceuticals Corp. (a)

402,200

15,352

Vertex Pharmaceuticals, Inc. (a)

272,000

3,952

53,089

Health Care Equipment & Supplies - 4.9%

Alcon, Inc.

851,600

36,193

Bausch & Lomb, Inc.

268,100

10,172

Beckman Coulter, Inc.

357,500

14,532

Becton, Dickinson & Co.

1,510,200

60,408

Boston Scientific Corp. (a)

765,500

39,883

C.R. Bard, Inc.

312,800

21,943

Medtronic, Inc.

1,003,500

48,901

St. Jude Medical, Inc. (a)

711,600

39,921

271,953

Health Care Providers & Services - 0.1%

Cardinal Health, Inc.

45,095

2,602

WebMD Corp. (a)

509,500

5,064

7,666

Pharmaceuticals - 10.1%

Abbott Laboratories

1,698,170

75,653

Barr Laboratories, Inc. (a)

67,155

3,542

Bristol-Myers Squibb Co.

358,600

9,180

Eli Lilly & Co.

223,400

13,353

Forest Laboratories, Inc. (a)

268,100

13,539

Common Stocks - continued

Shares

Value (Note 1)
(000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Johnson & Johnson

1,133,400

$ 61,600

Merck & Co., Inc.

2,414,900

134,220

Novartis AG sponsored ADR

448,400

17,936

Pfizer, Inc.

5,468,868

169,644

Schering-Plough Corp.

892,400

16,465

Wyeth

1,176,800

51,603

566,735

TOTAL HEALTH CARE

899,443

INDUSTRIALS - 7.2%

Aerospace & Defense - 0.5%

Lockheed Martin Corp.

89,630

4,161

Northrop Grumman Corp.

290,900

25,585

29,746

Air Freight & Logistics - 0.8%

FedEx Corp.

537,000

34,357

United Parcel Service, Inc. Class B

178,700

11,156

45,513

Airlines - 0.9%

Alaska Air Group, Inc. (a)

357,900

6,804

Delta Air Lines, Inc.

588,800

7,866

Southwest Airlines Co.

2,329,800

37,440

52,110

Industrial Conglomerates - 3.6%

3M Co.

89,900

11,370

General Electric Co.

5,227,750

150,036

Tyco International Ltd.

2,189,900

38,761

200,167

Machinery - 1.0%

Caterpillar, Inc.

491,900

25,653

Danaher Corp.

456,400

30,542

56,195

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Road & Rail - 0.4%

CSX Corp.

315,710

$ 10,340

Union Pacific Corp.

182,500

11,131

21,471

TOTAL INDUSTRIALS

405,202

INFORMATION TECHNOLOGY - 16.5%

Communications Equipment - 3.4%

Brocade Communications Systems, Inc. (a)

1,223,500

7,427

CIENA Corp. (a)

536,200

3,083

Cisco Systems, Inc. (a)

4,295,300

69,927

Corning, Inc. (a)

1,163,000

8,502

Juniper Networks, Inc. (a)

1,608,600

22,327

Motorola, Inc.

4,290,200

36,553

Nokia Corp. sponsored ADR

938,600

16,932

Nortel Networks Corp. (a)

5,925,300

18,605

QUALCOMM, Inc.

134,100

4,503

Sonus Networks, Inc. (a)

1,065,400

4,954

192,813

Computers & Peripherals - 3.4%

Dell Computer Corp. (a)

1,813,500

56,744

Diebold, Inc.

537,000

21,442

EMC Corp. (a)

1,698,500

18,378

Hewlett-Packard Co.

1,251,400

24,402

International Business Machines Corp.

536,600

47,242

SanDisk Corp. (a)

529,600

19,240

187,448

Electronic Equipment & Instruments - 0.1%

Agilent Technologies, Inc. (a)

404,800

7,339

Internet Software & Services - 1.1%

Yahoo!, Inc. (a)

2,055,700

61,363

IT Services - 0.6%

First Data Corp.

624,800

25,879

Paychex, Inc.

186,434

5,690

31,569

Semiconductors & Semiconductor Equipment - 4.2%

Analog Devices, Inc. (a)

1,046,800

40,354

Applied Materials, Inc. (a)

721,800

11,231

Intel Corp.

1,710,490

35,647

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

KLA-Tencor Corp. (a)

78,500

$ 3,629

Lam Research Corp. (a)

390,200

6,969

Marvell Technology Group Ltd. (a)

448,300

14,216

National Semiconductor Corp. (a)

1,534,800

38,309

NVIDIA Corp. (a)

312,800

8,186

Teradyne, Inc. (a)

496,900

8,522

Texas Instruments, Inc.

2,413,200

49,471

Xilinx, Inc. (a)

605,900

18,098

234,632

Software - 3.7%

Adobe Systems, Inc.

1,159,300

40,912

Microsoft Corp.

6,235,900

153,465

VERITAS Software Corp. (a)

447,400

12,415

206,792

TOTAL INFORMATION TECHNOLOGY

921,956

MATERIALS - 1.9%

Chemicals - 1.4%

Dow Chemical Co.

1,452,100

46,177

Monsanto Co.

537,000

10,767

Praxair, Inc.

361,300

21,674

78,618

Metals & Mining - 0.5%

Alcoa, Inc.

1,028,700

25,316

TOTAL MATERIALS

103,934

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 1.5%

BellSouth Corp.

355,700

9,430

SBC Communications, Inc.

512,440

13,047

Verizon Communications, Inc.

1,701,000

64,383

86,860

TOTAL COMMON STOCKS

(Cost $4,631,466)

5,229,393

U.S. Treasury Obligations - 0.3%

Principal Amount (000s)

Value (Note 1)
(000s)

U.S. Treasury Bills, yield at date of purchase 1.1% 7/3/03 (c)
(Cost $19,980)

$ 20,000

$ 19,980

Money Market Funds - 8.3%

Shares

Fidelity Cash Central Fund, 1.3% (b)

447,286,162

447,286

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

17,660,500

17,661

TOTAL MONEY MARKET FUNDS

(Cost $464,947)

464,947

TOTAL INVESTMENT PORTFOLIO - 102.1%

(Cost $5,116,393)

5,714,320

NET OTHER ASSETS - (2.1)%

(119,097)

NET ASSETS - 100%

$ 5,595,223

Futures Contracts

Expiration
Date

Underlying
Face Amount
at Value (000s)

Unrealized
Gain/(Loss)
(000s)

Purchased

Equity Index Contracts

764 S&P 500 Index Contracts

June 2003

$ 183,990

$ 29,696

The face value of futures purchased as a percentage of net assets - 3.3%

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $19,980,000.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $1,284,067,000 and $1,504,466,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $163,000 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $2,298,739,000 of which $1,230,501,000 and $1,068,238,000 will expire on November 30, 2009 and 2010, respectively.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $17,034) (cost $5,116,393) - See accompanying schedule

$ 5,714,320

Foreign currency held at value (cost $303)

300

Receivable for fund shares sold

2,028

Dividends receivable

6,229

Interest receivable

457

Receivable for daily variation on futures contracts

2,693

Other receivables

88

Total assets

5,726,115

Liabilities

Payable for investments purchased

$ 89,745

Payable for fund shares redeemed

18,187

Accrued management fee

1,955

Distribution fees payable

2,457

Other payables and accrued expenses

887

Collateral on securities loaned, at value

17,661

Total liabilities

130,892

Net Assets

$ 5,595,223

Net Assets consist of:

Paid in capital

$ 7,330,789

Undistributed net investment income

6,344

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(2,369,645)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

627,735

Net Assets

$ 5,595,223

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($198,772 ÷ 8,076 shares)

$ 24.61

Maximum offering price per share (100/94.25 of $24.61)

$ 26.11

Class T:
Net Asset Value and redemption price per share ($4,541,238 ÷ 182,326 shares)

$ 24.91

Maximum offering price per share (100/96.50 of $24.91)

$ 25.81

Class B:
Net Asset Value and offering price per share ($564,733 ÷ 23,227 shares) A

$ 24.31

Class C:
Net Asset Value and offering price per share ($130,323 ÷ 5,341 shares) A

$ 24.40

Institutional Class:
Net Asset Value, offering price and redemption price per share ($160,157 ÷ 6,421 shares)

$ 24.94

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 35,368

Interest

3,381

Security lending

164

Total income

38,913

Expenses

Management fee
Basic fee

$ 15,551

Performance adjustment

(8,611)

Transfer agent fees

7,512

Distribution fees

14,897

Accounting and security lending fees

346

Non-interested trustees' compensation

11

Depreciation in deferred trustee compensation account

(33)

Custodian fees and expenses

39

Registration fees

60

Audit

49

Legal

29

Miscellaneous

37

Total expenses before reductions

29,887

Expense reductions

(1,234)

28,653

Net investment income (loss)

10,260

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

7,418

Futures contracts

2,426

Total net realized gain (loss)

9,844

Change in net unrealized appreciation (depreciation) on:

Investment securities

210,101

Assets and liabilities in foreign currencies

113

Futures contracts

(2,786)

Total change in net unrealized appreciation (depreciation)

207,428

Net gain (loss)

217,272

Net increase (decrease) in net assets resulting from operations

$ 227,532

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ 10,260

$ 27,985

Net realized gain (loss)

9,844

(997,481)

Change in net unrealized appreciation (depreciation)

207,428

(458,442)

Net increase (decrease) in net assets resulting
from operations

227,532

(1,427,938)

Distributions to shareholders from net investment income

(27,646)

(58,747)

Share transactions - net increase (decrease)

(580,138)

(2,352,024)

Total increase (decrease) in net assets

(380,252)

(3,838,709)

Net Assets

Beginning of period

5,975,475

9,814,184

End of period (including undistributed net investment income of $6,344 and undistributed net investment income of $23,730, respectively)

$ 5,595,223

$ 5,975,475

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.61

$ 28.39

$ 37.41

$ 50.61

$ 49.33

$ 44.02

Income from Investment Operations

Net investment income (loss) E

.06

.14

.20

.08

.47

.48

Net realized and unrealized gain (loss)

1.11

(4.66)

(5.26)

(7.65)

2.97

8.03

Total from investment operations

1.17

(4.52)

(5.06)

(7.57)

3.44

8.51

Distributions from net investment income

(.17)

(.26)

-

(.50)

(.47)

(.60)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.17)

(.26)

(3.96)

(5.63)

(2.16)

(3.20)

Net asset value, end of period

$ 24.61

$ 23.61

$ 28.39

$ 37.41

$ 50.61

$ 49.33

Total Return B, C, D

5.03%

(16.06)%

(15.23)%

(16.86)%

7.31%

20.82%

Ratios to Average Net Assets F

Expenses before expense reductions

.94% A

.77%

.78%

.87%

.92%

.97%

Expenses net of voluntary waivers, if any

.94% A

.77%

.78%

.87%

.92%

.97%

Expenses net of all reductions

.89% A

.73%

.75%

.84%

.91%

.96%

Net investment income (loss)

.57% A

.57%

.67%

.17%

.93%

1.06%

Supplemental Data

Net assets,
end of period (in millions)

$ 199

$ 202

$ 320

$ 452

$ 640

$ 359

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.85

$ 28.64

$ 37.76

$ 50.96

$ 49.63

$ 44.20

Income from Investment Operations

Net investment income (loss) E

.05

.11

.16

- G

.37

.42

Net realized and unrealized gain (loss)

1.13

(4.71)

(5.32)

(7.72)

3.00

8.08

Total from investment operations

1.18

(4.60)

(5.16)

(7.72)

3.37

8.50

Distributions from net investment income

(.12)

(.19)

-

(.35)

(.35)

(.47)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.12)

(.19)

(3.96)

(5.48)

(2.04)

(3.07)

Net asset value, end of period

$ 24.91

$ 23.85

$ 28.64

$ 37.76

$ 50.96

$ 49.63

Total Return B, C, D

5.00%

(16.16)%

(15.37)%

(17.01)%

7.10%

20.63%

Ratios to Average Net Assets F

Expenses before expense reductions

1.06% A

.90%

.93%

1.05%

1.12%

1.14%

Expenses net of voluntary waivers, if any

1.06% A

.90%

.93%

1.05%

1.12%

1.14%

Expenses net of all reductions

1.01% A

.86%

.90%

1.03%

1.11%

1.13%

Net investment income (loss)

.45% A

.44%

.52%

(.01)%

.73%

.92%

Supplemental Data

Net assets,
end of period (in millions)

$ 4,541

$ 4,878

$ 8,136

$ 13,813

$ 24,357

$ 24,802

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. GAmount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.24

$ 27.91

$ 37.11

$ 50.25

$ 49.12

$ 44.02

Income from Investment Operations

Net investment income (loss) E

(.03)

(.06)

(.04)

(.26)

.09

.14

Net realized and unrealized gain (loss)

1.10

(4.61)

(5.20)

(7.59)

2.97

8.04

Total from investment operations

1.07

(4.67)

(5.24)

(7.85)

3.06

8.18

Distributions from net investment income

-

-

-

(.16)

(.24)

(.48)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

-

-

(3.96)

(5.29)

(1.93)

(3.08)

Net asset value, end of period

$ 24.31

$ 23.24

$ 27.91

$ 37.11

$ 50.25

$ 49.12

Total Return B, C, D

4.60%

(16.73)%

(15.91)%

(17.49)%

6.50%

19.95%

Ratios to Average Net Assets F

Expenses before expense reductions

1.74% A

1.57%

1.57%

1.64%

1.67%

1.71%

Expenses net of voluntary waivers, if any

1.74% A

1.57%

1.57%

1.64%

1.67%

1.71%

Expenses net of all reductions

1.70% A

1.53%

1.54%

1.62%

1.66%

1.70%

Net investment income (loss)

(.24)% A

(.24)%

(.13)%

(.60)%

.19%

.31%

Supplemental Data

Net assets,
end of period (in millions)

$ 565

$ 598

$ 939

$ 1,437

$ 2,264

$ 1,432

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 23.32

$ 27.99

$ 37.19

$ 50.39

$ 49.33

$ 44.20

Income from Investment Operations

Net investment income (loss) E

(.02)

(.05)

(.03)

(.25)

.10

.12

Net realized and unrealized gain (loss)

1.10

(4.62)

(5.21)

(7.61)

2.97

8.08

Total from investment operations

1.08

(4.67)

(5.24)

(7.86)

3.07

8.20

Distributions from net investment income

-

-

-

(.21)

(.32)

(.47)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

-

-

(3.96)

(5.34)

(2.01)

(3.07)

Net asset value, end of period

$ 24.40

$ 23.32

$ 27.99

$ 37.19

$ 50.39

$ 49.33

Total Return B, C, D

4.63%

(16.68)%

(15.87)%

(17.48)%

6.50%

19.91%

Ratios to Average Net Assets F

Expenses before expense reductions

1.70% A

1.53%

1.53%

1.61%

1.65%

1.70%

Expenses net of voluntary waivers, if any

1.70% A

1.53%

1.53%

1.61%

1.65%

1.70%

Expenses net of all reductions

1.66% A

1.49%

1.50%

1.59%

1.64%

1.70%

Net investment income (loss)

(.20)% A

(.20)%

(.08)%

(.57)%

.20%

.27%

Supplemental Data

Net assets,
end of period (in millions)

$ 130

$ 142

$ 232

$ 400

$ 688

$ 301

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DTotal returns do not include the effect of the contingent deferred sales charges. ECalculated based on average shares outstanding during the period. FExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 24.00

$ 28.87

$ 37.85

$ 51.10

$ 49.78

$ 44.31

Income from Investment Operations

Net investment income (loss) D

.11

.25

.33

.22

.63

.65

Net realized and unrealized gain (loss)

1.12

(4.73)

(5.35)

(7.72)

2.98

8.10

Total from investment operations

1.23

(4.48)

(5.02)

(7.50)

3.61

8.75

Distributions from net investment income

(.29)

(.39)

-

(.62)

(.60)

(.68)

Distributions from net realized gain

-

-

(3.96)

(5.13)

(1.69)

(2.60)

Total distributions

(.29)

(.39)

(3.96)

(5.75)

(2.29)

(3.28)

Net asset value, end of period

$ 24.94

$ 24.00

$ 28.87

$ 37.85

$ 51.10

$ 49.78

Total Return B, C

5.25%

(15.71)%

(14.92)%

(16.58)%

7.62%

21.29%

Ratios to Average Net Assets E

Expenses before expense reductions

.50% A

.38%

.40%

.53%

.62%

.62%

Expenses net of voluntary waivers, if any

.50% A

.38%

.40%

.53%

.62%

.62%

Expenses net of all reductions

.45% A

.34%

.37%

.51%

.61%

.61%

Net investment income (loss)

1.01% A

.96%

1.05%

.51%

1.24%

1.43%

Supplemental Data

Net assets,
end of period (in millions)

$ 160

$ 155

$ 187

$ 346

$ 584

$ 618

Portfolio turnover rate

53% A

55%

79%

110%

43%

25%

A Annualized BTotal returns for periods of less than one year are not annualized. CTotal returns would have been lower had certain expenses not been reduced during the periods shown. DCalculated based on average shares outstanding during the period. EExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Growth Opportunities 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity funds, and are marked-to-market. Deferred amounts remain in the fund until distributed in accordance with the Plan.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to futures transactions, foreign currency transactions, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 940,326

|

Unrealized depreciation

(384,891)

Net unrealized appreciation (depreciation)

$ 555,435

Cost for federal income tax purposes

$ 5,158,885

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

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 counter-parties 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.

Semiannual Report

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. For the period, the total annualized management fee rate, including the performance adjustment, was .26% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services.

For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.02%

.25%

$ 253

$ 5

$ 21

Class T

.27%

.25%

11,327

122

503

Class B

.75%

.25%

2,691

2,020

-

Class C

.75%

.25%

626

4

-

$ 14,897

$ 2,151

$ 524

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 20

Class T

69

Class B*

674

Class C*

6

$ 769

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer 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

$ 354

.38*

Class T

5,491

.25*

Class B

1,244

.46*

Class C

264

.42*

Institutional Class

159

.22*

$ 7,512

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $3,220 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with the fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense reduction

Other
expense reduction

Custody
expense reduction

Fund Level

$

$ 709

$ 1

Class A

21

-

-

Class T

503

-

-

$ 524

$ 709

$ 1

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net investment income

Class A

$ 1,452

$ 2,812

Class T

24,334

53,412

Institutional Class

1,860

2,523

Total

$ 27,646

$ 58,747

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

529

1,113

$ 11,760

$ 28,352

Reinvestment of distributions

62

97

1,390

2,690

Shares redeemed

(1,088)

(3,892)

(24,157)

(99,189)

Net increase (decrease)

(497)

(2,682)

$ (11,007)

$ (68,147)

Class T

Shares sold

10,481

23,625

$ 236,548

$ 611,210

Reinvestment of distributions

1,021

1,797

23,039

50,359

Shares redeemed

(33,690)

(104,967)

(756,884)

(2,687,340)

Net increase (decrease)

(22,188)

(79,545)

$ (497,297)

$ (2,025,771)

Class B

Shares sold

429

1,014

$ 9,487

$ 25,438

Shares redeemed

(2,932)

(8,936)

(64,020)

(219,589)

Net increase (decrease)

(2,503)

(7,922)

$ (54,533)

$ (194,151)

Class C

Shares sold

270

663

$ 5,992

$ 16,876

Shares redeemed

(1,035)

(2,856)

(22,802)

(71,275)

Net increase (decrease)

(765)

(2,193)

$ (16,810)

$ (54,399)

Institutional Class

Shares sold

855

3,115

$ 19,328

$ 72,157

Reinvestment of distributions

79

81

1,776

2,270

Shares redeemed

(959)

(3,223)

(21,595)

(83,983)

Net increase (decrease)

(25)

(27)

$ (491)

$ (9,556)

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Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Mellon Bank, N.A.

Pittsburgh, PA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer
Industries Fund

Fidelity Advisor Cyclical
Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed
Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Large Cap

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Microsoft Corp.

5.0

6.2

General Electric Co.

2.7

2.2

Wal-Mart Stores, Inc.

2.7

2.6

Merck & Co., Inc.

2.3

2.2

Pfizer, Inc.

2.2

1.8

Dell Computer Corp.

2.2

1.5

Citigroup, Inc.

2.2

0.8

Bank of America Corp.

1.9

1.8

International Business Machines Corp.

1.9

1.1

Johnson & Johnson

1.9

1.6

25.0

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.0

20.1

Health Care

16.7

15.2

Financials

16.1

14.0

Consumer Discretionary

14.0

19.2

Industrials

9.5

11.3

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 97.2%

Stocks 99.5%

Short-Term
Investments and
Net Other Assets 2.8%

Short-Term
Investments and
Net Other Assets 0.5%

* Foreign investments

5.1%

** Foreign investments

6.4%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 14.0%

Auto Components - 0.2%

Michelin SA (Compagnie Generale des Etablissements)
Series B

27,200

$ 992,446

Hotels, Restaurants & Leisure - 0.3%

Hilton Group PLC

465,500

1,300,042

Internet & Catalog Retail - 1.1%

Amazon.com, Inc. (a)

84,300

3,029,742

eBay, Inc. (a)

28,700

2,919,077

5,948,819

Leisure Equipment & Products - 0.5%

Mattel, Inc.

119,700

2,574,747

Media - 9.5%

AOL Time Warner, Inc. (a)

384,900

5,858,178

Belo Corp. Series A

117,900

2,758,860

British Sky Broadcasting Group PLC (BSkyB)
sponsored ADR (a)

94,049

4,180,478

Comcast Corp. Class A (special) (a)

238,200

6,864,924

Interpublic Group of Companies, Inc.

62,200

855,250

Knight-Ridder, Inc.

29,000

2,042,760

Liberty Media Corp. Class A (a)

199,800

2,337,660

Pixar (a)

20,100

1,134,645

Television Francaise 1 SA

43,900

1,298,991

The New York Times Co. Class A

39,300

1,882,470

Tribune Co.

89,900

4,484,212

Univision Communications, Inc. Class A (a)

88,700

2,647,695

Viacom, Inc. Class B (non-vtg.) (a)

159,374

7,254,704

Walt Disney Co.

290,500

5,708,325

49,309,152

Specialty Retail - 1.5%

CDW Computer Centers, Inc. (a)

40,700

1,658,118

Home Depot, Inc.

85,300

2,771,397

Lowe's Companies, Inc.

76,850

3,247,681

7,677,196

Textiles Apparel & Luxury Goods - 0.9%

NIKE, Inc. Class B

49,200

2,754,708

Polo Ralph Lauren Corp. Class A

66,600

1,762,902

4,517,610

TOTAL CONSUMER DISCRETIONARY

72,320,012

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - 9.0%

Beverages - 2.2%

Anheuser-Busch Companies, Inc.

59,800

$ 3,147,274

PepsiCo, Inc.

79,300

3,505,060

The Coca-Cola Co.

102,600

4,675,482

11,327,816

Food & Staples Retailing - 2.7%

Wal-Mart Stores, Inc.

266,600

14,025,826

Food Products - 0.3%

Dean Foods Co. (a)

31,200

1,427,400

Household Products - 0.9%

Procter & Gamble Co.

38,000

3,489,160

The Dial Corp.

68,400

1,368,000

4,857,160

Personal Products - 2.2%

Alberto-Culver Co. Class B

79,250

4,049,675

Gillette Co.

221,100

7,431,171

11,480,846

Tobacco - 0.7%

Altria Group, Inc.

82,580

3,410,554

TOTAL CONSUMER STAPLES

46,529,602

ENERGY - 6.2%

Energy Equipment & Services - 2.2%

Rowan Companies, Inc.

96,000

2,298,240

Schlumberger Ltd. (NY Shares)

113,600

5,523,232

Tidewater, Inc.

108,100

3,569,462

11,390,934

Oil & Gas - 4.0%

ChevronTexaco Corp.

68,800

4,880,672

ConocoPhillips

75,698

4,085,421

Devon Energy Corp.

67,436

3,506,651

Exxon Mobil Corp.

226,900

8,259,160

20,731,904

TOTAL ENERGY

32,122,838

FINANCIALS - 16.1%

Capital Markets - 2.2%

Bank of New York Co., Inc.

76,400

2,211,016

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Capital Markets - continued

JAFCO Co. Ltd.

15,400

$ 637,313

Legg Mason, Inc.

49,600

3,204,656

Morgan Stanley

115,800

5,297,850

11,350,835

Commercial Banks - 5.4%

Bank of America Corp.

131,000

9,720,200

Bank One Corp.

177,400

6,627,664

Fifth Third Bancorp

35,600

2,047,000

Wachovia Corp.

140,948

5,663,291

Wells Fargo & Co.

83,200

4,018,560

28,076,715

Consumer Finance - 2.0%

American Express Co.

147,090

6,127,769

Credit Saison Co. Ltd.

75,800

1,333,501

MBNA Corp.

151,400

3,035,570

10,496,840

Diversified Financial Services - 2.6%

Citigroup, Inc.

269,266

11,045,291

Principal Financial Group, Inc.

78,800

2,502,688

13,547,979

Insurance - 1.9%

AFLAC, Inc.

52,100

1,714,611

Allstate Corp.

73,400

2,641,666

American International Group, Inc.

64,787

3,749,872

Nationwide Financial Services, Inc. Class A

45,300

1,461,378

9,567,527

Thrifts & Mortgage Finance - 2.0%

Fannie Mae

107,870

7,982,380

Freddie Mac

36,300

2,171,103

10,153,483

TOTAL FINANCIALS

83,193,379

HEALTH CARE - 16.7%

Biotechnology - 3.4%

Amgen, Inc. (a)

127,600

8,256,996

Cephalon, Inc. (a)

41,100

1,857,309

Genzyme Corp. - General Division (a)

67,000

3,181,830

MedImmune, Inc. (a)

36,600

1,297,470

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Biotechnology - continued

Neurocrine Biosciences, Inc. (a)

20,700

$ 1,049,283

Protein Design Labs, Inc. (a)

130,100

1,861,731

17,504,619

Health Care Equipment & Supplies - 3.4%

Advanced Medical Optics, Inc. (a)

1

15

Boston Scientific Corp. (a)

176,600

9,200,860

Medtronic, Inc.

127,200

6,198,456

Stryker Corp.

34,400

2,316,496

17,715,827

Health Care Providers & Services - 0.5%

Laboratory Corp. of America Holdings (a)

38,700

1,244,205

Tenet Healthcare Corp. (a)

79,700

1,330,193

2,574,398

Pharmaceuticals - 9.4%

Abbott Laboratories

35,300

1,572,615

Allergan, Inc.

44,500

3,208,895

Bristol-Myers Squibb Co.

67,260

1,721,856

Eli Lilly & Co.

40,100

2,396,777

Forest Laboratories, Inc. (a)

28,600

1,444,300

Johnson & Johnson

176,280

9,580,818

Merck & Co., Inc.

209,830

11,662,351

Mylan Laboratories, Inc.

54,285

1,567,751

Pfizer, Inc.

371,470

11,522,999

Schering-Plough Corp.

166,600

3,073,770

Wyeth

14,700

644,595

48,396,727

TOTAL HEALTH CARE

86,191,571

INDUSTRIALS - 9.5%

Aerospace & Defense - 0.5%

Lockheed Martin Corp.

21,300

988,746

Northrop Grumman Corp.

14,900

1,310,455

2,299,201

Air Freight & Logistics - 1.1%

FedEx Corp.

90,400

5,783,792

Airlines - 0.5%

Southwest Airlines Co.

172,500

2,772,075

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Building Products - 0.6%

American Standard Companies, Inc. (a)

40,200

$ 2,974,398

Commercial Services & Supplies - 0.6%

ChoicePoint, Inc. (a)

47,900

1,805,351

Waste Management, Inc.

49,400

1,258,218

3,063,569

Industrial Conglomerates - 3.5%

3M Co.

31,700

4,009,099

General Electric Co.

491,500

14,106,050

18,115,149

Machinery - 1.4%

Caterpillar, Inc.

38,800

2,023,420

Graco, Inc.

100,650

3,095,994

Illinois Tool Works, Inc.

36,200

2,246,210

7,365,624

Road & Rail - 1.3%

Union Pacific Corp.

108,900

6,641,811

TOTAL INDUSTRIALS

49,015,619

INFORMATION TECHNOLOGY - 21.0%

Communications Equipment - 3.3%

Cisco Systems, Inc. (a)

529,868

8,626,251

Juniper Networks, Inc. (a)

162,700

2,258,276

Motorola, Inc.

379,400

3,232,488

Nortel Networks Corp. (a)

422,100

1,325,395

UTStarcom, Inc. (a)

54,649

1,620,343

17,062,753

Computers & Peripherals - 4.9%

Dell Computer Corp. (a)

356,500

11,154,885

EMC Corp. (a)

138,700

1,500,734

International Business Machines Corp.

109,000

9,596,360

Storage Technology Corp. (a)

47,800

1,290,600

Sun Microsystems, Inc. (a)

481,200

2,083,596

25,626,175

Electronic Equipment & Instruments - 0.4%

Kyocera Corp.

13,600

753,984

Vishay Intertechnology, Inc. (a)

77,900

1,124,876

1,878,860

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 0.4%

Yahoo!, Inc. (a)

65,300

$ 1,949,205

Semiconductors & Semiconductor Equipment - 5.8%

Altera Corp. (a)

79,700

1,536,616

Analog Devices, Inc. (a)

126,100

4,861,155

Intel Corp.

443,900

9,250,876

Marvell Technology Group Ltd. (a)

55,500

1,759,905

Micrel, Inc. (a)

91,600

1,104,696

Micron Technology, Inc. (a)

91,500

1,035,780

Samsung Electronics Co. Ltd. GDR

9,700

1,333,750

Texas Instruments, Inc.

405,100

8,304,550

Tokyo Electron Ltd.

18,000

743,403

29,930,731

Software - 6.2%

Microsoft Corp.

1,050,438

25,851,280

Oracle Corp. (a)

249,900

3,251,199

Reynolds & Reynolds Co. Class A

97,800

2,894,880

31,997,359

TOTAL INFORMATION TECHNOLOGY

108,445,083

MATERIALS - 2.2%

Chemicals - 1.0%

Dow Chemical Co.

82,300

2,617,140

Monsanto Co.

129,700

2,600,485

5,217,625

Containers & Packaging - 0.8%

Pactiv Corp. (a)

81,800

1,599,190

Smurfit-Stone Container Corp. (a)

166,300

2,464,566

4,063,756

Metals & Mining - 0.1%

Newmont Mining Corp. Holding Co.

24,000

711,840

Paper & Forest Products - 0.3%

International Paper Co.

46,000

1,686,820

TOTAL MATERIALS

11,680,041

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 1.9%

KT Corp. sponsored ADR

92,700

1,778,913

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

SBC Communications, Inc.

51,200

$ 1,303,552

Verizon Communications, Inc.

173,100

6,551,835

9,634,300

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

144,700

3,170,377

TOTAL TELECOMMUNICATION SERVICES

12,804,677

TOTAL COMMON STOCKS

(Cost $473,904,372)

502,302,822

Money Market Funds - 6.6%

Fidelity Cash Central Fund, 1.3% (b)

28,947,088

28,947,088

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

5,070,825

5,070,825

TOTAL MONEY MARKET FUNDS

(Cost $34,017,913)

34,017,913

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $507,922,285)

536,320,735

NET OTHER ASSETS - (3.8)%

(19,649,475)

NET ASSETS - 100%

$ 516,671,260

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $199,949,947 and $169,507,779, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $20,564 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $203,480,000 of which $104,833,000 and $98,647,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $8,458,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,999,849) (cost $507,922,285) - See accompanying schedule

$ 536,320,735

Foreign currency held at value (cost $18)

20

Receivable for investments sold

1,075,604

Receivable for fund shares sold

727,623

Dividends receivable

553,388

Interest receivable

24,024

Receivable from investment adviser for expense reductions

5,119

Other receivables

2,310

Total assets

538,708,823

Liabilities

Payable for investments purchased

$ 15,452,711

Payable for fund shares redeemed

969,443

Accrued management fee

243,261

Distribution fees payable

205,062

Other payables and accrued expenses

96,261

Collateral on securities loaned, at value

5,070,825

Total liabilities

22,037,563

Net Assets

$ 516,671,260

Net Assets consist of:

Paid in capital

$ 724,605,152

Accumulated net investment loss

(141,488)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(236,193,068)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

28,400,664

Net Assets

$ 516,671,260

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($39,451,383 ÷ 3,164,260 shares)

$ 12.47

Maximum offering price per share (100/94.25 of $12.47)

$ 13.23

Class T:
Net Asset Value and redemption price per share ($248,871,901 ÷ 20,024,616 shares)

$ 12.43

Maximum offering price per share (100/96.50 of $12.43)

$ 12.88

Class B:
Net Asset Value and offering price per share ($81,284,591 ÷ 6,726,982 shares) A

$ 12.08

Class C:
Net Asset Value and offering price per share ($36,470,552 ÷ 3,025,604 shares) A

$ 12.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($110,592,833 ÷ 8,677,297 shares)

$ 12.75

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 3,002,661

Interest

139,459

Security lending

9,701

Total income

3,151,821

Expenses

Management fee

$ 1,338,139

Transfer agent fees

761,629

Distribution fees

1,200,220

Accounting and security lending fees

86,696

Non-interested trustees' compensation

914

Custodian fees and expenses

14,831

Registration fees

47,812

Audit

18,539

Legal

1,653

Miscellaneous

1,860

Total expenses before reductions

3,472,293

Expense reductions

(178,984)

3,293,309

Net investment income (loss)

(141,488)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(17,540,247)

Foreign currency transactions

(3,087)

Total net realized gain (loss)

(17,543,334)

Change in net unrealized appreciation (depreciation) on:

Investment securities

28,996,913

Assets and liabilities in foreign currencies

1,606

Total change in net unrealized appreciation (depreciation)

28,998,519

Net gain (loss)

11,455,185

Net increase (decrease) in net assets resulting from operations

$ 11,313,697

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (141,488)

$ (1,219,815)

Net realized gain (loss)

(17,543,334)

(99,011,546)

Change in net unrealized appreciation (depreciation)

28,998,519

(11,064,855)

Net increase (decrease) in net assets resulting
from operations

11,313,697

(111,296,216)

Share transactions - net increase (decrease)

42,890,962

11,921,142

Total increase (decrease) in net assets

54,204,659

(99,375,074)

Net Assets

Beginning of period

462,466,601

561,841,675

End of period (including accumulated net investment loss of $141,488 and $0, respectively)

$ 516,671,260

$ 462,466,601

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.22

$ 14.98

$ 18.19

$ 20.13

$ 16.62

$ 13.96

Income from Investment Operations

Net investment income (loss) E

.01

- G

.01

(.05)

(.03)

(.05)

Net realized and unrealized gain (loss)

.24

(2.76)

(3.10)

(1.43)

4.59

3.54

Total from investment operations

.25

(2.76)

(3.09)

(1.48)

4.56

3.49

Distributions from net realized gain

-

-

(.12)

(.35)

(1.05)

(.83)

Distributions in excess of net realized gain

-

-

-

(.11)

-

-

Total distributions

-

-

(.12)

(.46)

(1.05)

(.83)

Net asset value, end of period

$ 12.47

$ 12.22

$ 14.98

$ 18.19

$ 20.13

$ 16.62

Total ReturnB,C,D

2.05%

(18.42)%

(17.11)%

(7.62)%

28.93%

26.69%

Ratios to Average Net Assets F

Expenses before expense reductions

1.34% A

1.30%

1.23%

1.17%

1.24%

1.46%

Expenses net of voluntary waivers, if any

1.33% A

1.30%

1.23%

1.17%

1.24%

1.46%

Expenses net of all reductions

1.26% A

1.25%

1.20%

1.16%

1.23%

1.44%

Net investment income (loss)

.11% A

.00%

.06%

(.24)%

(.17)%

(.31)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 39,451

$ 35,707

$ 39,364

$ 37,656

$ 19,600

$ 4,254

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.19

$ 14.97

$ 18.22

$ 20.16

$ 16.67

$ 13.98

Income from Investment Operations

Net investment income (loss) E

- G

(.02)

(.02)

(.09)

(.07)

(.05)

Net realized and unrealized gain (loss)

.24

(2.76)

(3.11)

(1.42)

4.61

3.56

Total from investment operations

.24

(2.78)

(3.13)

(1.51)

4.54

3.51

Distributions from net realized gain

-

-

(.12)

(.32)

(1.05)

(.82)

Distributions in excess of net realized gain

-

-

-

(.11)

-

-

Total distributions

-

-

(.12)

(.43)

(1.05)

(.82)

Net asset value, end of period

$ 12.43

$ 12.19

$ 14.97

$ 18.22

$ 20.16

$ 16.67

Total ReturnB,C,D

1.97%

(18.57)%

(17.30)%

(7.75)%

28.71%

26.77%

Ratios to Average Net Assets F

Expenses before expense reductions

1.48% A

1.44%

1.39%

1.36%

1.44%

1.46%

Expenses net of voluntary waivers,
if any

1.48% A

1.44%

1.39%

1.36%

1.44%

1.46%

Expenses net of all reductions

1.42% A

1.39%

1.36%

1.34%

1.42%

1.44%

Net investment income (loss)

(.04)% A

(.14)%

(.10)%

(.42)%

(.36)%

(.31)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 248,872

$ 232,814

$ 325,846

$ 354,141

$ 285,939

$ 81,455

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 11.89

$ 14.68

$ 17.97

$ 19.92

$ 16.50

$ 13.85

Income from Investment Operations

Net investment income (loss) E

(.03)

(.10)

(.11)

(.20)

(.16)

(.13)

Net realized and unrealized gain (loss)

.22

(2.69)

(3.06)

(1.40)

4.56

3.54

Total from investment operations

.19

(2.79)

(3.17)

(1.60)

4.40

3.41

Distributions from net realized gain

-

-

(.12)

(.26)

(.98)

(.76)

Distributions in excess of net realized gain

-

-

-

(.09)

-

-

Total distributions

-

-

(.12)

(.35)

(.98)

(.76)

Net asset value, end of period

$ 12.08

$ 11.89

$ 14.68

$ 17.97

$ 19.92

$ 16.50

Total ReturnB,C,D

1.60%

(19.01)%

(17.76)%

(8.25)%

28.02%

26.15%

Ratios to Average Net Assets F

Expenses before expense reductions

2.14% A

2.08%

1.98%

1.90%

1.96%

2.00%

Expenses net of voluntary waivers,
if any

2.05% A

2.05%

1.98%

1.90%

1.96%

2.00%

Expenses net of all reductions

1.99% A

1.99%

1.94%

1.89%

1.95%

1.98%

Net investment income (loss)

(.61)% A

(.75)%

(.69)%

(.97)%

(.89)%

(.85)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 81,285

$ 84,325

$ 122,920

$ 156,488

$ 112,671

$ 37,229

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 11.86

$ 14.64

$ 17.92

$ 19.89

$ 16.54

$ 13.98

Income from Investment Operations

Net investment income (loss) E

(.03)

(.09)

(.10)

(.20)

(.16)

(.21)

Net realized and unrealized gain (loss)

.22

(2.69)

(3.06)

(1.39)

4.54

3.59

Total from investment operations

.19

(2.78)

(3.16)

(1.59)

4.38

3.38

Distributions from net realized gain

-

-

(.12)

(.29)

(1.03)

(.82)

Distributions in excess of net realized gain

-

-

-

(.09)

-

-

Total distributions

-

-

(.12)

(.38)

(1.03)

(.82)

Net asset value, end of period

$ 12.05

$ 11.86

$ 14.64

$ 17.92

$ 19.89

$ 16.54

Total ReturnB,C,D

1.60%

(18.99)%

(17.76)%

(8.23)%

27.90%

25.79%

Ratios to Average Net Assets F

Expenses before expense reductions

2.06% A

2.02%

1.95%

1.90%

1.97%

2.80%

Expenses net of voluntary waivers, if any

2.05% A

2.02%

1.95%

1.90%

1.97%

2.50%

Expenses net of all reductions

1.99% A

1.96%

1.91%

1.88%

1.96%

2.48%

Net investment income (loss)

(.61)% A

(.71)%

(.65)%

(.96)%

(.90)%

(1.40)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 36,471

$ 36,307

$ 50,216

$ 52,542

$ 30,468

$ 4,393

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.47

$ 15.22

$ 18.41

$ 20.33

$ 16.77

$ 14.05

Income from Investment Operations

Net investment income (loss) D

.03

.06

.07

.02

.03

.03

Net realized and unrealized gain (loss)

.25

(2.81)

(3.14)

(1.45)

4.63

3.56

Total from investment operations

.28

(2.75)

(3.07)

(1.43)

4.66

3.59

Distributions from net realized gain

-

-

(.12)

(.36)

(1.10)

(.87)

Distributions in excess of net realized gain

-

-

-

(.13)

-

-

Total distributions

-

-

(.12)

(.49)

(1.10)

(.87)

Net asset value, end of period

$ 12.75

$ 12.47

$ 15.22

$ 18.41

$ 20.33

$ 16.77

Total ReturnB,C

2.25%

(18.07)%

(16.79)%

(7.31)%

29.37%

27.35%

Ratios to Average Net Assets E

Expenses before expense reductions

.90% A

.88%

.85%

.82%

.91%

.99%

Expenses net of voluntary waivers, if any

.90% A

.88%

.85%

.82%

.91%

.99%

Expenses net of all reductions

.84% A

.82%

.82%

.81%

.90%

.97%

Net investment income (loss)

.54% A

.43%

.44%

.11%

.16%

.18%

Supplemental Data

Net assets, end of period (000 omitted)

$ 110,593

$ 73,313

$ 23,495

$ 13,665

$ 13,856

$ 8,742

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Large Cap 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, non-taxable dividends, net

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 50,166,863

|

Unrealized depreciation

(29,102,205)

Net unrealized appreciation (depreciation)

$ 21,064,658

Cost for federal income tax purposes

$ 515,256,077

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Notes to Financial Statements (Unaudited) - continued

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 48,089

$ 99

$ 4,642

Class T

.28%

.25%

596,530

1,008

30,758

Class B

.75%

.25%

386,088

289,826

-

Class C

.75%

.25%

169,513

16,031

-

$ 1,200,220

$ 306,964

$ 35,400

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 17,097

Class T

16,158

Class B*

130,766

Class C*

4,842

$ 168,863

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 71,312

.41*

Class T

333,421

.29*

Class B

185,723

.48*

Class C

67,560

.40*

Institutional Class

103,613

.24*

$ 761,629

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $139,458 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 3,329

Class B

2.05%

34,295

Class C

2.05%

1,134

$ 38,758

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with each class' transfer agent, credits realized as a result of uninvested cash balances were used to

Semiannual Report

7. Expense Reductions - continued

reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Transfer
Agent
expense
reduction

Fund Level

$ -

$ 104,639

$ -

Class A

4,642

-

-

Class T

30,758

-

-

Institutional Class

-

-

187

$ 35,400

$ 104,639

$ 187

8. Other Information

At the end of the period, one unaffiliated shareholder was the owner of record of 21% of the total outstanding shares of the fund.

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

664,004

1,304,610

$ 7,751,469

$ 17,706,051

Shares redeemed

(421,340)

(1,010,264)

(4,848,491)

(13,302,614)

Net increase (decrease)

242,664

294,346

$ 2,902,978

$ 4,403,437

Class T

Shares sold

3,686,194

5,477,589

$ 42,684,668

$ 73,235,441

Shares redeemed

(2,759,797)

(8,149,472)

(31,709,050)

(106,883,442)

Net increase (decrease)

926,397

(2,671,883)

$ 10,975,618

$ (33,648,001)

Class B

Shares sold

906,630

1,586,867

$ 10,146,044

$ 20,705,711

Shares redeemed

(1,273,911)

(2,864,909)

(14,325,458)

(36,856,060)

Net increase (decrease)

(367,281)

(1,278,042)

$ (4,179,414)

$ (16,150,349)

Class C

Shares sold

422,275

838,468

$ 4,741,346

$ 11,076,014

Shares redeemed

(458,730)

(1,206,209)

(5,097,144)

(15,430,206)

Net increase (decrease)

(36,455)

(367,741)

$ (355,798)

$ (4,354,192)

Institutional Class

Shares sold

4,427,315

6,787,678

$ 52,999,645

$ 90,731,937

Shares redeemed

(1,631,206)

(2,450,500)

(19,452,067)

(29,061,690)

Net increase (decrease)

2,796,109

4,337,178

$ 33,547,578

$ 61,670,247

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Large Cap

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Microsoft Corp.

5.0

6.2

General Electric Co.

2.7

2.2

Wal-Mart Stores, Inc.

2.7

2.6

Merck & Co., Inc.

2.3

2.2

Pfizer, Inc.

2.2

1.8

Dell Computer Corp.

2.2

1.5

Citigroup, Inc.

2.2

0.8

Bank of America Corp.

1.9

1.8

International Business Machines Corp.

1.9

1.1

Johnson & Johnson

1.9

1.6

25.0

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

21.0

20.1

Health Care

16.7

15.2

Financials

16.1

14.0

Consumer Discretionary

14.0

19.2

Industrials

9.5

11.3

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 97.2%

Stocks 99.5%

Short-Term
Investments and
Net Other Assets 2.8%

Short-Term
Investments and
Net Other Assets 0.5%

* Foreign investments

5.1%

** Foreign investments

6.4%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%

Shares

Value (Note 1)

CONSUMER DISCRETIONARY - 14.0%

Auto Components - 0.2%

Michelin SA (Compagnie Generale des Etablissements)
Series B

27,200

$ 992,446

Hotels, Restaurants & Leisure - 0.3%

Hilton Group PLC

465,500

1,300,042

Internet & Catalog Retail - 1.1%

Amazon.com, Inc. (a)

84,300

3,029,742

eBay, Inc. (a)

28,700

2,919,077

5,948,819

Leisure Equipment & Products - 0.5%

Mattel, Inc.

119,700

2,574,747

Media - 9.5%

AOL Time Warner, Inc. (a)

384,900

5,858,178

Belo Corp. Series A

117,900

2,758,860

British Sky Broadcasting Group PLC (BSkyB)
sponsored ADR (a)

94,049

4,180,478

Comcast Corp. Class A (special) (a)

238,200

6,864,924

Interpublic Group of Companies, Inc.

62,200

855,250

Knight-Ridder, Inc.

29,000

2,042,760

Liberty Media Corp. Class A (a)

199,800

2,337,660

Pixar (a)

20,100

1,134,645

Television Francaise 1 SA

43,900

1,298,991

The New York Times Co. Class A

39,300

1,882,470

Tribune Co.

89,900

4,484,212

Univision Communications, Inc. Class A (a)

88,700

2,647,695

Viacom, Inc. Class B (non-vtg.) (a)

159,374

7,254,704

Walt Disney Co.

290,500

5,708,325

49,309,152

Specialty Retail - 1.5%

CDW Computer Centers, Inc. (a)

40,700

1,658,118

Home Depot, Inc.

85,300

2,771,397

Lowe's Companies, Inc.

76,850

3,247,681

7,677,196

Textiles Apparel & Luxury Goods - 0.9%

NIKE, Inc. Class B

49,200

2,754,708

Polo Ralph Lauren Corp. Class A

66,600

1,762,902

4,517,610

TOTAL CONSUMER DISCRETIONARY

72,320,012

Common Stocks - continued

Shares

Value (Note 1)

CONSUMER STAPLES - 9.0%

Beverages - 2.2%

Anheuser-Busch Companies, Inc.

59,800

$ 3,147,274

PepsiCo, Inc.

79,300

3,505,060

The Coca-Cola Co.

102,600

4,675,482

11,327,816

Food & Staples Retailing - 2.7%

Wal-Mart Stores, Inc.

266,600

14,025,826

Food Products - 0.3%

Dean Foods Co. (a)

31,200

1,427,400

Household Products - 0.9%

Procter & Gamble Co.

38,000

3,489,160

The Dial Corp.

68,400

1,368,000

4,857,160

Personal Products - 2.2%

Alberto-Culver Co. Class B

79,250

4,049,675

Gillette Co.

221,100

7,431,171

11,480,846

Tobacco - 0.7%

Altria Group, Inc.

82,580

3,410,554

TOTAL CONSUMER STAPLES

46,529,602

ENERGY - 6.2%

Energy Equipment & Services - 2.2%

Rowan Companies, Inc.

96,000

2,298,240

Schlumberger Ltd. (NY Shares)

113,600

5,523,232

Tidewater, Inc.

108,100

3,569,462

11,390,934

Oil & Gas - 4.0%

ChevronTexaco Corp.

68,800

4,880,672

ConocoPhillips

75,698

4,085,421

Devon Energy Corp.

67,436

3,506,651

Exxon Mobil Corp.

226,900

8,259,160

20,731,904

TOTAL ENERGY

32,122,838

FINANCIALS - 16.1%

Capital Markets - 2.2%

Bank of New York Co., Inc.

76,400

2,211,016

Common Stocks - continued

Shares

Value (Note 1)

FINANCIALS - continued

Capital Markets - continued

JAFCO Co. Ltd.

15,400

$ 637,313

Legg Mason, Inc.

49,600

3,204,656

Morgan Stanley

115,800

5,297,850

11,350,835

Commercial Banks - 5.4%

Bank of America Corp.

131,000

9,720,200

Bank One Corp.

177,400

6,627,664

Fifth Third Bancorp

35,600

2,047,000

Wachovia Corp.

140,948

5,663,291

Wells Fargo & Co.

83,200

4,018,560

28,076,715

Consumer Finance - 2.0%

American Express Co.

147,090

6,127,769

Credit Saison Co. Ltd.

75,800

1,333,501

MBNA Corp.

151,400

3,035,570

10,496,840

Diversified Financial Services - 2.6%

Citigroup, Inc.

269,266

11,045,291

Principal Financial Group, Inc.

78,800

2,502,688

13,547,979

Insurance - 1.9%

AFLAC, Inc.

52,100

1,714,611

Allstate Corp.

73,400

2,641,666

American International Group, Inc.

64,787

3,749,872

Nationwide Financial Services, Inc. Class A

45,300

1,461,378

9,567,527

Thrifts & Mortgage Finance - 2.0%

Fannie Mae

107,870

7,982,380

Freddie Mac

36,300

2,171,103

10,153,483

TOTAL FINANCIALS

83,193,379

HEALTH CARE - 16.7%

Biotechnology - 3.4%

Amgen, Inc. (a)

127,600

8,256,996

Cephalon, Inc. (a)

41,100

1,857,309

Genzyme Corp. - General Division (a)

67,000

3,181,830

MedImmune, Inc. (a)

36,600

1,297,470

Common Stocks - continued

Shares

Value (Note 1)

HEALTH CARE - continued

Biotechnology - continued

Neurocrine Biosciences, Inc. (a)

20,700

$ 1,049,283

Protein Design Labs, Inc. (a)

130,100

1,861,731

17,504,619

Health Care Equipment & Supplies - 3.4%

Advanced Medical Optics, Inc. (a)

1

15

Boston Scientific Corp. (a)

176,600

9,200,860

Medtronic, Inc.

127,200

6,198,456

Stryker Corp.

34,400

2,316,496

17,715,827

Health Care Providers & Services - 0.5%

Laboratory Corp. of America Holdings (a)

38,700

1,244,205

Tenet Healthcare Corp. (a)

79,700

1,330,193

2,574,398

Pharmaceuticals - 9.4%

Abbott Laboratories

35,300

1,572,615

Allergan, Inc.

44,500

3,208,895

Bristol-Myers Squibb Co.

67,260

1,721,856

Eli Lilly & Co.

40,100

2,396,777

Forest Laboratories, Inc. (a)

28,600

1,444,300

Johnson & Johnson

176,280

9,580,818

Merck & Co., Inc.

209,830

11,662,351

Mylan Laboratories, Inc.

54,285

1,567,751

Pfizer, Inc.

371,470

11,522,999

Schering-Plough Corp.

166,600

3,073,770

Wyeth

14,700

644,595

48,396,727

TOTAL HEALTH CARE

86,191,571

INDUSTRIALS - 9.5%

Aerospace & Defense - 0.5%

Lockheed Martin Corp.

21,300

988,746

Northrop Grumman Corp.

14,900

1,310,455

2,299,201

Air Freight & Logistics - 1.1%

FedEx Corp.

90,400

5,783,792

Airlines - 0.5%

Southwest Airlines Co.

172,500

2,772,075

Common Stocks - continued

Shares

Value (Note 1)

INDUSTRIALS - continued

Building Products - 0.6%

American Standard Companies, Inc. (a)

40,200

$ 2,974,398

Commercial Services & Supplies - 0.6%

ChoicePoint, Inc. (a)

47,900

1,805,351

Waste Management, Inc.

49,400

1,258,218

3,063,569

Industrial Conglomerates - 3.5%

3M Co.

31,700

4,009,099

General Electric Co.

491,500

14,106,050

18,115,149

Machinery - 1.4%

Caterpillar, Inc.

38,800

2,023,420

Graco, Inc.

100,650

3,095,994

Illinois Tool Works, Inc.

36,200

2,246,210

7,365,624

Road & Rail - 1.3%

Union Pacific Corp.

108,900

6,641,811

TOTAL INDUSTRIALS

49,015,619

INFORMATION TECHNOLOGY - 21.0%

Communications Equipment - 3.3%

Cisco Systems, Inc. (a)

529,868

8,626,251

Juniper Networks, Inc. (a)

162,700

2,258,276

Motorola, Inc.

379,400

3,232,488

Nortel Networks Corp. (a)

422,100

1,325,395

UTStarcom, Inc. (a)

54,649

1,620,343

17,062,753

Computers & Peripherals - 4.9%

Dell Computer Corp. (a)

356,500

11,154,885

EMC Corp. (a)

138,700

1,500,734

International Business Machines Corp.

109,000

9,596,360

Storage Technology Corp. (a)

47,800

1,290,600

Sun Microsystems, Inc. (a)

481,200

2,083,596

25,626,175

Electronic Equipment & Instruments - 0.4%

Kyocera Corp.

13,600

753,984

Vishay Intertechnology, Inc. (a)

77,900

1,124,876

1,878,860

Common Stocks - continued

Shares

Value (Note 1)

INFORMATION TECHNOLOGY - continued

Internet Software & Services - 0.4%

Yahoo!, Inc. (a)

65,300

$ 1,949,205

Semiconductors & Semiconductor Equipment - 5.8%

Altera Corp. (a)

79,700

1,536,616

Analog Devices, Inc. (a)

126,100

4,861,155

Intel Corp.

443,900

9,250,876

Marvell Technology Group Ltd. (a)

55,500

1,759,905

Micrel, Inc. (a)

91,600

1,104,696

Micron Technology, Inc. (a)

91,500

1,035,780

Samsung Electronics Co. Ltd. GDR

9,700

1,333,750

Texas Instruments, Inc.

405,100

8,304,550

Tokyo Electron Ltd.

18,000

743,403

29,930,731

Software - 6.2%

Microsoft Corp.

1,050,438

25,851,280

Oracle Corp. (a)

249,900

3,251,199

Reynolds & Reynolds Co. Class A

97,800

2,894,880

31,997,359

TOTAL INFORMATION TECHNOLOGY

108,445,083

MATERIALS - 2.2%

Chemicals - 1.0%

Dow Chemical Co.

82,300

2,617,140

Monsanto Co.

129,700

2,600,485

5,217,625

Containers & Packaging - 0.8%

Pactiv Corp. (a)

81,800

1,599,190

Smurfit-Stone Container Corp. (a)

166,300

2,464,566

4,063,756

Metals & Mining - 0.1%

Newmont Mining Corp. Holding Co.

24,000

711,840

Paper & Forest Products - 0.3%

International Paper Co.

46,000

1,686,820

TOTAL MATERIALS

11,680,041

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 1.9%

KT Corp. sponsored ADR

92,700

1,778,913

Common Stocks - continued

Shares

Value (Note 1)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

SBC Communications, Inc.

51,200

$ 1,303,552

Verizon Communications, Inc.

173,100

6,551,835

9,634,300

Wireless Telecommunication Services - 0.6%

Vodafone Group PLC sponsored ADR

144,700

3,170,377

TOTAL TELECOMMUNICATION SERVICES

12,804,677

TOTAL COMMON STOCKS

(Cost $473,904,372)

502,302,822

Money Market Funds - 6.6%

Fidelity Cash Central Fund, 1.3% (b)

28,947,088

28,947,088

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

5,070,825

5,070,825

TOTAL MONEY MARKET FUNDS

(Cost $34,017,913)

34,017,913

TOTAL INVESTMENT PORTFOLIO - 103.8%

(Cost $507,922,285)

536,320,735

NET OTHER ASSETS - (3.8)%

(19,649,475)

NET ASSETS - 100%

$ 516,671,260

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Other Information

Purchases and sales of securities, other than short-term securities, aggregated $199,949,947 and $169,507,779, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $20,564 for the period.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $203,480,000 of which $104,833,000 and $98,647,000 will expire on November 30, 2009 and 2010, respectively.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $8,458,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $4,999,849) (cost $507,922,285) - See accompanying schedule

$ 536,320,735

Foreign currency held at value (cost $18)

20

Receivable for investments sold

1,075,604

Receivable for fund shares sold

727,623

Dividends receivable

553,388

Interest receivable

24,024

Receivable from investment adviser for expense reductions

5,119

Other receivables

2,310

Total assets

538,708,823

Liabilities

Payable for investments purchased

$ 15,452,711

Payable for fund shares redeemed

969,443

Accrued management fee

243,261

Distribution fees payable

205,062

Other payables and accrued expenses

96,261

Collateral on securities loaned, at value

5,070,825

Total liabilities

22,037,563

Net Assets

$ 516,671,260

Net Assets consist of:

Paid in capital

$ 724,605,152

Accumulated net investment loss

(141,488)

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(236,193,068)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

28,400,664

Net Assets

$ 516,671,260

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share
($39,451,383 ÷ 3,164,260 shares)

$ 12.47

Maximum offering price per share (100/94.25 of $12.47)

$ 13.23

Class T:
Net Asset Value and redemption price per share ($248,871,901 ÷ 20,024,616 shares)

$ 12.43

Maximum offering price per share (100/96.50 of $12.43)

$ 12.88

Class B:
Net Asset Value and offering price per share ($81,284,591 ÷ 6,726,982 shares) A

$ 12.08

Class C:
Net Asset Value and offering price per share ($36,470,552 ÷ 3,025,604 shares) A

$ 12.05

Institutional Class:
Net Asset Value, offering price and redemption price per share ($110,592,833 ÷ 8,677,297 shares)

$ 12.75

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 3,002,661

Interest

139,459

Security lending

9,701

Total income

3,151,821

Expenses

Management fee

$ 1,338,139

Transfer agent fees

761,629

Distribution fees

1,200,220

Accounting and security lending fees

86,696

Non-interested trustees' compensation

914

Custodian fees and expenses

14,831

Registration fees

47,812

Audit

18,539

Legal

1,653

Miscellaneous

1,860

Total expenses before reductions

3,472,293

Expense reductions

(178,984)

3,293,309

Net investment income (loss)

(141,488)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities

(17,540,247)

Foreign currency transactions

(3,087)

Total net realized gain (loss)

(17,543,334)

Change in net unrealized appreciation (depreciation) on:

Investment securities

28,996,913

Assets and liabilities in foreign currencies

1,606

Total change in net unrealized appreciation (depreciation)

28,998,519

Net gain (loss)

11,455,185

Net increase (decrease) in net assets resulting from operations

$ 11,313,697

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (141,488)

$ (1,219,815)

Net realized gain (loss)

(17,543,334)

(99,011,546)

Change in net unrealized appreciation (depreciation)

28,998,519

(11,064,855)

Net increase (decrease) in net assets resulting
from operations

11,313,697

(111,296,216)

Share transactions - net increase (decrease)

42,890,962

11,921,142

Total increase (decrease) in net assets

54,204,659

(99,375,074)

Net Assets

Beginning of period

462,466,601

561,841,675

End of period (including accumulated net investment loss of $141,488 and $0, respectively)

$ 516,671,260

$ 462,466,601

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.22

$ 14.98

$ 18.19

$ 20.13

$ 16.62

$ 13.96

Income from Investment Operations

Net investment income (loss) E

.01

- G

.01

(.05)

(.03)

(.05)

Net realized and unrealized gain (loss)

.24

(2.76)

(3.10)

(1.43)

4.59

3.54

Total from investment operations

.25

(2.76)

(3.09)

(1.48)

4.56

3.49

Distributions from net realized gain

-

-

(.12)

(.35)

(1.05)

(.83)

Distributions in excess of net realized gain

-

-

-

(.11)

-

-

Total distributions

-

-

(.12)

(.46)

(1.05)

(.83)

Net asset value, end of period

$ 12.47

$ 12.22

$ 14.98

$ 18.19

$ 20.13

$ 16.62

Total ReturnB,C,D

2.05%

(18.42)%

(17.11)%

(7.62)%

28.93%

26.69%

Ratios to Average Net Assets F

Expenses before expense reductions

1.34% A

1.30%

1.23%

1.17%

1.24%

1.46%

Expenses net of voluntary waivers, if any

1.33% A

1.30%

1.23%

1.17%

1.24%

1.46%

Expenses net of all reductions

1.26% A

1.25%

1.20%

1.16%

1.23%

1.44%

Net investment income (loss)

.11% A

.00%

.06%

(.24)%

(.17)%

(.31)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 39,451

$ 35,707

$ 39,364

$ 37,656

$ 19,600

$ 4,254

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.19

$ 14.97

$ 18.22

$ 20.16

$ 16.67

$ 13.98

Income from Investment Operations

Net investment income (loss) E

- G

(.02)

(.02)

(.09)

(.07)

(.05)

Net realized and unrealized gain (loss)

.24

(2.76)

(3.11)

(1.42)

4.61

3.56

Total from investment operations

.24

(2.78)

(3.13)

(1.51)

4.54

3.51

Distributions from net realized gain

-

-

(.12)

(.32)

(1.05)

(.82)

Distributions in excess of net realized gain

-

-

-

(.11)

-

-

Total distributions

-

-

(.12)

(.43)

(1.05)

(.82)

Net asset value, end of period

$ 12.43

$ 12.19

$ 14.97

$ 18.22

$ 20.16

$ 16.67

Total ReturnB,C,D

1.97%

(18.57)%

(17.30)%

(7.75)%

28.71%

26.77%

Ratios to Average Net Assets F

Expenses before expense reductions

1.48% A

1.44%

1.39%

1.36%

1.44%

1.46%

Expenses net of voluntary waivers,
if any

1.48% A

1.44%

1.39%

1.36%

1.44%

1.46%

Expenses net of all reductions

1.42% A

1.39%

1.36%

1.34%

1.42%

1.44%

Net investment income (loss)

(.04)% A

(.14)%

(.10)%

(.42)%

(.36)%

(.31)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 248,872

$ 232,814

$ 325,846

$ 354,141

$ 285,939

$ 81,455

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the sales charges.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

G Amount represents less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 11.89

$ 14.68

$ 17.97

$ 19.92

$ 16.50

$ 13.85

Income from Investment Operations

Net investment income (loss) E

(.03)

(.10)

(.11)

(.20)

(.16)

(.13)

Net realized and unrealized gain (loss)

.22

(2.69)

(3.06)

(1.40)

4.56

3.54

Total from investment operations

.19

(2.79)

(3.17)

(1.60)

4.40

3.41

Distributions from net realized gain

-

-

(.12)

(.26)

(.98)

(.76)

Distributions in excess of net realized gain

-

-

-

(.09)

-

-

Total distributions

-

-

(.12)

(.35)

(.98)

(.76)

Net asset value, end of period

$ 12.08

$ 11.89

$ 14.68

$ 17.97

$ 19.92

$ 16.50

Total ReturnB,C,D

1.60%

(19.01)%

(17.76)%

(8.25)%

28.02%

26.15%

Ratios to Average Net Assets F

Expenses before expense reductions

2.14% A

2.08%

1.98%

1.90%

1.96%

2.00%

Expenses net of voluntary waivers,
if any

2.05% A

2.05%

1.98%

1.90%

1.96%

2.00%

Expenses net of all reductions

1.99% A

1.99%

1.94%

1.89%

1.95%

1.98%

Net investment income (loss)

(.61)% A

(.75)%

(.69)%

(.97)%

(.89)%

(.85)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 81,285

$ 84,325

$ 122,920

$ 156,488

$ 112,671

$ 37,229

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 11.86

$ 14.64

$ 17.92

$ 19.89

$ 16.54

$ 13.98

Income from Investment Operations

Net investment income (loss) E

(.03)

(.09)

(.10)

(.20)

(.16)

(.21)

Net realized and unrealized gain (loss)

.22

(2.69)

(3.06)

(1.39)

4.54

3.59

Total from investment operations

.19

(2.78)

(3.16)

(1.59)

4.38

3.38

Distributions from net realized gain

-

-

(.12)

(.29)

(1.03)

(.82)

Distributions in excess of net realized gain

-

-

-

(.09)

-

-

Total distributions

-

-

(.12)

(.38)

(1.03)

(.82)

Net asset value, end of period

$ 12.05

$ 11.86

$ 14.64

$ 17.92

$ 19.89

$ 16.54

Total ReturnB,C,D

1.60%

(18.99)%

(17.76)%

(8.23)%

27.90%

25.79%

Ratios to Average Net Assets F

Expenses before expense reductions

2.06% A

2.02%

1.95%

1.90%

1.97%

2.80%

Expenses net of voluntary waivers, if any

2.05% A

2.02%

1.95%

1.90%

1.97%

2.50%

Expenses net of all reductions

1.99% A

1.96%

1.91%

1.88%

1.96%

2.48%

Net investment income (loss)

(.61)% A

(.71)%

(.65)%

(.96)%

(.90)%

(1.40)%

Supplemental Data

Net assets, end of period (000 omitted)

$ 36,471

$ 36,307

$ 50,216

$ 52,542

$ 30,468

$ 4,393

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Total returns do not include the effect of the contingent deferred sales charge.

E Calculated based on average shares outstanding during the period.

F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 12.47

$ 15.22

$ 18.41

$ 20.33

$ 16.77

$ 14.05

Income from Investment Operations

Net investment income (loss) D

.03

.06

.07

.02

.03

.03

Net realized and unrealized gain (loss)

.25

(2.81)

(3.14)

(1.45)

4.63

3.56

Total from investment operations

.28

(2.75)

(3.07)

(1.43)

4.66

3.59

Distributions from net realized gain

-

-

(.12)

(.36)

(1.10)

(.87)

Distributions in excess of net realized gain

-

-

-

(.13)

-

-

Total distributions

-

-

(.12)

(.49)

(1.10)

(.87)

Net asset value, end of period

$ 12.75

$ 12.47

$ 15.22

$ 18.41

$ 20.33

$ 16.77

Total ReturnB,C

2.25%

(18.07)%

(16.79)%

(7.31)%

29.37%

27.35%

Ratios to Average Net Assets E

Expenses before expense reductions

.90% A

.88%

.85%

.82%

.91%

.99%

Expenses net of voluntary waivers, if any

.90% A

.88%

.85%

.82%

.91%

.99%

Expenses net of all reductions

.84% A

.82%

.82%

.81%

.90%

.97%

Net investment income (loss)

.54% A

.43%

.44%

.11%

.16%

.18%

Supplemental Data

Net assets, end of period (000 omitted)

$ 110,593

$ 73,313

$ 23,495

$ 13,665

$ 13,856

$ 8,742

Portfolio turnover rate

76% A

96%

121%

92%

91%

141%

A Annualized

B Total returns for periods of less than one year are not annualized.

C Total returns would have been lower had certain expenses not been reduced during the periods shown.

D Calculated based on average shares outstanding during the period.

E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

1. Significant Accounting Policies.

Fidelity Advisor Large Cap 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

1. Significant Accounting Policies - continued

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, non-taxable dividends, net

Semiannual Report

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 50,166,863

|

Unrealized depreciation

(29,102,205)

Net unrealized appreciation (depreciation)

$ 21,064,658

Cost for federal income tax purposes

$ 515,256,077

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

Notes to Financial Statements (Unaudited) - continued

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 48,089

$ 99

$ 4,642

Class T

.28%

.25%

596,530

1,008

30,758

Class B

.75%

.25%

386,088

289,826

-

Class C

.75%

.25%

169,513

16,031

-

$ 1,200,220

$ 306,964

$ 35,400

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 17,097

Class T

16,158

Class B*

130,766

Class C*

4,842

$ 168,863

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund. FIIOC receives account fees and asset-based fees that vary according to the account size and

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

4. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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

$ 71,312

.41*

Class T

333,421

.29*

Class B

185,723

.48*

Class C

67,560

.40*

Institutional Class

103,613

.24*

$ 761,629

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $139,458 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class A

1.30%

$ 3,329

Class B

2.05%

34,295

Class C

2.05%

1,134

$ 38,758

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction. In addition, through arrangements with each class' transfer agent, credits realized as a result of uninvested cash balances were used to

Semiannual Report

7. Expense Reductions - continued

reduce the fund's expenses. All of the applicable expense reductions are noted in the table below.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Transfer
Agent
expense
reduction

Fund Level

$ -

$ 104,639

$ -

Class A

4,642

-

-

Class T

30,758

-

-

Institutional Class

-

-

187

$ 35,400

$ 104,639

$ 187

8. Other Information

At the end of the period, one unaffiliated shareholder was the owner of record of 21% of the total outstanding shares of the fund.

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

664,004

1,304,610

$ 7,751,469

$ 17,706,051

Shares redeemed

(421,340)

(1,010,264)

(4,848,491)

(13,302,614)

Net increase (decrease)

242,664

294,346

$ 2,902,978

$ 4,403,437

Class T

Shares sold

3,686,194

5,477,589

$ 42,684,668

$ 73,235,441

Shares redeemed

(2,759,797)

(8,149,472)

(31,709,050)

(106,883,442)

Net increase (decrease)

926,397

(2,671,883)

$ 10,975,618

$ (33,648,001)

Class B

Shares sold

906,630

1,586,867

$ 10,146,044

$ 20,705,711

Shares redeemed

(1,273,911)

(2,864,909)

(14,325,458)

(36,856,060)

Net increase (decrease)

(367,281)

(1,278,042)

$ (4,179,414)

$ (16,150,349)

Class C

Shares sold

422,275

838,468

$ 4,741,346

$ 11,076,014

Shares redeemed

(458,730)

(1,206,209)

(5,097,144)

(15,430,206)

Net increase (decrease)

(36,455)

(367,741)

$ (355,798)

$ (4,354,192)

Institutional Class

Shares sold

4,427,315

6,787,678

$ 52,999,645

$ 90,731,937

Shares redeemed

(1,631,206)

(2,450,500)

(19,452,067)

(29,061,690)

Net increase (decrease)

2,796,109

4,337,178

$ 33,547,578

$ 61,670,247

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International
Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Value Strategies

Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Tyco International Ltd.

4.8

5.1

Take-Two Interactive Software, Inc.

4.5

5.3

ACE Ltd.

3.7

3.6

Beazer Homes USA, Inc.

3.6

2.0

Jack in the Box, Inc.

3.1

3.0

Vignette Corp.

3.0

1.6

Jones Apparel Group, Inc.

3.0

3.6

WMS Industries, Inc.

2.8

3.7

Legato Systems, Inc.

2.7

1.6

THQ, Inc.

2.2

0.4

33.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.8

29.2

Consumer Discretionary

30.5

35.6

Financials

12.7

16.0

Industrials

11.2

9.9

Materials

2.8

2.2

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 97.6%

Stocks 97.1%

Convertible
Securities 2.3%

Convertible
Securities 3.0%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other
Assets*** (0.1)%

* Foreign investments


12.6%

** Foreign investments

*** Net Other Assets are not included in the pie chart.


11.6%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 30.5%

Auto Components - 1.9%

Aftermarket Technology Corp. (a)

22,400

$ 234

American Axle & Manufacturing Holdings, Inc. (a)

590,000

14,750

ArvinMeritor, Inc.

123,500

2,197

Dura Automotive Systems, Inc. Class A (a)

206,000

1,858

Lear Corp. (a)

110,000

4,376

23,415

Automobiles - 2.0%

Nissan Motor Co. Ltd.

3,000,000

23,775

Hotels, Restaurants & Leisure - 6.7%

Ameristar Casinos, Inc. (a)

400,000

6,600

Isle of Capri Casinos, Inc. (a)

200,000

2,638

Jack in the Box, Inc. (a)

1,787,700

37,577

Mikohn Gaming Corp. (a)

125,000

555

WMS Industries, Inc. (a)(c)

2,301,300

34,059

81,429

Household Durables - 11.1%

Bassett Furniture Industries, Inc.

74,300

1,010

Beazer Homes USA, Inc. (a)

526,063

44,610

Centex Corp.

100,000

7,763

D.R. Horton, Inc.

455,994

11,988

Lennar Corp.:

Class A

324,700

21,771

Class B

32,470

2,115

M/I Schottenstein Homes, Inc.

443,200

17,994

Maytag Corp.

240,000

5,870

Mohawk Industries, Inc. (a)

160,000

9,234

Whirlpool Corp.

230,000

13,087

135,442

Leisure Equipment & Products - 0.5%

Midway Games, Inc. (a)

665,359

2,349

Oakley, Inc. (a)

367,800

4,083

6,432

Media - 0.3%

General Motors Corp. Class H (a)

300,000

3,660

Specialty Retail - 3.6%

American Eagle Outfitters, Inc. (a)

650,000

11,044

Big Dog Holdings, Inc. (a)(c)

1,024,100

2,981

Borders Group, Inc. (a)

1,340,000

22,043

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Charlotte Russe Holding, Inc. (a)

97,500

$ 935

Electronics Boutique Holding Corp. (a)

230,000

4,830

Wet Seal, Inc. Class A (a)

250,000

2,650

44,483

Textiles Apparel & Luxury Goods - 4.4%

Jones Apparel Group, Inc. (a)

1,222,900

35,904

Maxwell Shoe Co., Inc. Class A (a)(c)

1,319,400

17,535

53,439

TOTAL CONSUMER DISCRETIONARY

372,075

CONSUMER STAPLES - 2.4%

Food & Staples Retailing - 1.6%

BJ's Wholesale Club, Inc. (a)

180,000

2,776

Koninklijke Ahold NV sponsored ADR

600,000

4,488

Safeway, Inc. (a)

690,000

13,000

20,264

Food Products - 0.6%

Fresh Del Monte Produce, Inc.

188,181

3,910

Sensient Technologies Corp.

40,000

906

Tyson Foods, Inc. Class A

298,200

2,833

7,649

Personal Products - 0.2%

Nu Skin Enterprises, Inc. Class A

200,000

2,000

TOTAL CONSUMER STAPLES

29,913

FINANCIALS - 12.7%

Capital Markets - 0.3%

J.P. Morgan Chase & Co.

110,000

3,615

Commercial Banks - 0.3%

Wachovia Corp.

93,002

3,737

Diversified Financial Services - 0.8%

CIT Group, Inc.

400,000

9,596

Insurance - 9.4%

ACE Ltd.

1,250,000

45,625

Allstate Corp.

340,000

12,237

AmerUs Group Co.

100,000

2,691

Everest Re Group Ltd.

60,700

4,431

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

200,000

$ 9,328

Infinity Property & Casualty Corp.

200,000

4,582

MetLife, Inc.

570,000

15,943

Safety Insurance Group, Inc.

200,000

2,990

Travelers Property Casualty Corp. Class A

1,040,000

16,983

114,810

Thrifts & Mortgage Finance - 1.9%

BankAtlantic Bancorp, Inc. Class A (non-vtg.)

380,000

4,385

Sovereign Bancorp, Inc.

1,138,200

18,575

22,960

TOTAL FINANCIALS

154,718

HEALTH CARE - 1.5%

Health Care Equipment & Supplies - 1.1%

Baxter International, Inc.

50,000

1,267

Beckman Coulter, Inc.

60,000

2,439

Cygnus, Inc. (a)

1,855,850

1,299

I-Stat Corp. (a)

914,400

7,882

12,887

Health Care Providers & Services - 0.1%

Laboratory Corp. of America Holdings (a)

40,000

1,286

Pharmaceuticals - 0.3%

King Pharmaceuticals, Inc. (a)

260,000

3,721

Twinlab Corp. (a)

512,300

138

3,859

TOTAL HEALTH CARE

18,032

INDUSTRIALS - 11.1%

Building Products - 0.8%

NCI Building Systems, Inc. (a)

51,800

967

York International Corp.

342,100

8,857

9,824

Commercial Services & Supplies - 2.9%

Central Parking Corp.

400,000

4,540

Hudson Highland Group, Inc. (a)

75,000

1,331

Labor Ready, Inc. (a)

247,000

1,606

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Monster Worldwide, Inc.

1,000,000

$ 19,860

Vedior NV (Certificaten Van Aandelen)

915,000

7,496

34,833

Construction & Engineering - 0.0%

Granite Construction, Inc.

17,300

320

Electrical Equipment - 0.1%

TB Wood's Corp.

261,300

1,437

Industrial Conglomerates - 4.8%

Tyco International Ltd.

3,329,500

58,928

Machinery - 2.3%

Columbus McKinnon Corp. (a)

221,900

455

EnPro Industries, Inc. (a)

10,000

85

Milacron, Inc.

300,580

1,395

Navistar International Corp. (a)

840,200

25,895

27,830

Road & Rail - 0.2%

Genesee & Wyoming, Inc. Class A (a)

100,000

2,090

TOTAL INDUSTRIALS

135,262

INFORMATION TECHNOLOGY - 34.3%

Communications Equipment - 6.0%

ADC Telecommunications, Inc. (a)

5,367,400

14,438

Cable Design Technologies Corp. (a)

1,996,771

15,076

Enterasys Networks, Inc. (a)

2,052,000

7,120

NMS Communications Corp. (a)

1,329,421

1,893

Performance Technologies, Inc. (a)(c)

1,223,100

8,280

Telefonaktiebolaget LM Ericsson ADR (a)

280,000

2,912

Tellium, Inc. (a)

36,000

37

Terayon Communication Systems, Inc. (a)(c)

7,016,500

20,769

Turnstone Systems, Inc. (a)

1,142,100

3,027

73,552

Computers & Peripherals - 0.3%

Sun Microsystems, Inc. (a)

800,000

3,464

Electronic Equipment & Instruments - 1.1%

AVX Corp.

490,000

5,905

Pioneer Standard Electronics, Inc.

50,000

457

RadiSys Corp. (a)

100,000

1,065

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Richardson Electronics Ltd.

238,000

$ 2,154

Solectron Corp. (a)

1,100,000

4,400

13,981

Internet Software & Services - 6.1%

Art Technology Group, Inc. (a)

1,550,000

2,201

iBasis, Inc. (a)

160,000

144

Interwoven, Inc. (a)

1,112,300

2,447

Kana Software, Inc. (a)

746,300

4,291

Keynote Systems, Inc. (a)

772,451

7,354

Primus Knowledge Solutions, Inc. (a)

668,500

568

RADWARE Ltd. (a)

100,000

1,380

Retek, Inc. (a)

1,354,200

8,923

SkillSoft PLC sponsored ADR (a)

1,060,000

4,420

SonicWALL, Inc. (a)

1,200,000

6,228

Vignette Corp. (a)(c)

15,169,800

36,408

74,364

Semiconductors & Semiconductor Equipment - 7.5%

Advanced Micro Devices, Inc. (a)

2,990,000

21,767

Agere Systems, Inc. Class A (a)

1,225,000

2,989

Applied Micro Circuits Corp. (a)

400,000

2,008

ASM International NV (Nasdaq) (a)

214,800

3,321

ASML Holding NV (NY Shares) (a)

800,000

8,040

Atmel Corp. (a)

3,520,100

10,666

Chartered Semiconductor Manufacturing Ltd. ADR (a)

300,000

1,560

Conexant Systems, Inc. (a)

600,000

2,316

Integrated Device Technology, Inc. (a)

281,200

3,403

Micron Technology, Inc. (a)

400,000

4,528

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

1,781,330

18,063

Teradyne, Inc. (a)

100,000

1,715

Transwitch Corp. (a)

2,688,400

3,145

United Microelectronics Corp. sponsored ADR (a)

2,151,140

8,432

91,953

Software - 13.3%

Activision, Inc. (a)

730,000

12,395

Actuate Corp. (a)

500,000

900

Aspen Technology, Inc. (a)

676,100

2,752

Compuware Corp. (a)

972,700

5,904

i2 Technologies, Inc. (a)

5,200,100

5,616

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Interplay Entertainment Corp.

1,350,770

$ 216

Interplay Entertainment Corp. warrants 3/30/06 (a)

675,385

0

Legato Systems, Inc. (a)

4,291,700

32,574

Nintendo Co. Ltd.

200,000

14,861

Take-Two Interactive Software, Inc. (a)(c)

2,199,600

55,540

THQ, Inc. (a)

1,860,000

26,375

Ulticom, Inc. (a)

493,000

4,807

161,940

TOTAL INFORMATION TECHNOLOGY

419,254

MATERIALS - 2.8%

Chemicals - 0.6%

Celanese AG

200,000

4,812

FMC Corp. (a)

2,600

54

Millennium Chemicals, Inc.

180,900

2,162

7,028

Construction Materials - 1.8%

Centex Construction Products, Inc.

182,500

7,127

Martin Marietta Materials, Inc.

240,000

8,210

Texas Industries, Inc.

310,600

6,867

22,204

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

210,600

2,411

Metals & Mining - 0.2%

Steel Dynamics, Inc. (a)

189,900

2,541

TOTAL MATERIALS

34,184

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

Covad Communications Group, Inc. (a)

1,155,010

1,230

ITXC Corp. (a)

120,000

246

Qwest Communications International, Inc. (a)

1,566,500

7,034

Time Warner Telecom, Inc. Class A (a)

215,000

1,247

9,757

Common Stocks - continued

Shares

Value (Note 1)
(000s)

UTILITIES - 1.5%

Electric Utilities - 1.5%

FirstEnergy Corp.

447,100

$ 16,458

PG&E Corp. (a)

100,000

1,700

18,158

TOTAL COMMON STOCKS

(Cost $1,217,443)

1,191,353

Convertible Preferred Stocks - 0.5%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (e)

2,400

2

UTILITIES - 0.5%

Electric Utilities - 0.5%

TXU Corp. $4.063 PRIDES

200,000

6,400

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $10,041)

6,402

Convertible Bonds - 1.8%

Principal
Amount (000s)

HEALTH CARE - 0.2%

Biotechnology - 0.2%

Alexion Pharmaceuticals, Inc. 5.75% 3/15/07

$ 3,000

2,239

INDUSTRIALS - 0.1%

Aerospace & Defense - 0.1%

SPACEHAB, Inc. 8% 10/15/07 (d)

2,500

1,250

INFORMATION TECHNOLOGY - 1.5%

Communications Equipment - 1.3%

Natural MicroSystems Corp. 5% 10/15/05

12,830

8,468

Terayon Communication Systems, Inc. 5% 8/1/07

10,000

7,050

15,518

Convertible Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.2%

Richardson Electronics Ltd.:

7.25% 12/15/06

$ 404

$ 356

8.25% 6/15/06

1,968

1,870

2,226

Internet Software & Services - 0.0%

iBasis, Inc. 5.75% 3/15/05

2,000

680

TOTAL INFORMATION TECHNOLOGY

18,424

TOTAL CONVERTIBLE BONDS

(Cost $23,669)

21,913

Money Market Funds - 5.6%

Shares

Fidelity Cash Central Fund, 1.3% (b)

4,261,652

4,262

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

63,990,226

63,990

TOTAL MONEY MARKET FUNDS

(Cost $68,252)

68,252

TOTAL INVESTMENT PORTFOLIO - 105.5%

(Cost $1,319,405)

1,287,920

NET OTHER ASSETS - (5.5)%

(67,652)

NET ASSETS - 100%

$ 1,220,268

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) 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 $1,250,000 or 0.1% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 41

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America

87.4%

Bermuda

4.1%

Japan

3.2%

Taiwan

2.2%

Netherlands

1.9%

Others (individually less than 1%)

1.2%

100.0%

Purchases and sales of securities, other than short-term securities, aggregated $241,888,000 and $254,303,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $105,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $57,274,000 all of which will expire on November 30, 2010.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $11,129,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $62,261) (cost $1,319,405) - See accompanying schedule

$ 1,287,920

Receivable for investments sold

10,591

Receivable for fund shares sold

2,905

Dividends receivable

1,022

Interest receivable

424

Receivable from investment adviser for expense reductions

4

Other receivables

25

Total assets

1,302,891

Liabilities

Payable for investments purchased

$ 13,533

Payable for fund shares redeemed

3,871

Accrued management fee

554

Distribution fees payable

512

Other payables and accrued expenses

163

Collateral on securities loaned, at value

63,990

Total liabilities

82,623

Net Assets

$ 1,220,268

Net Assets consist of:

Paid in capital

$ 1,316,024

Undistributed net investment income

2,429

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(66,714)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

(31,471)

Net Assets

$ 1,220,268

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($140,223 ÷ 6,099 shares)

$ 22.99

Maximum offering price per share (100/94.25 of $22.99)

$ 24.39

Class T:
Net Asset Value and redemption price per share ($732,054 ÷ 31,095 shares)

$ 23.54

Maximum offering price per share (100/96.50 of $23.54)

$ 24.39

Class B:
Net Asset Value and offering price per share ($198,241 ÷ 8,786 shares) A

$ 22.56

Initial Class:
Net Asset Value, offering price and redemption price per share ($15,996 ÷ 657.5 shares)

$ 24.33

Class C:
Net Asset Value and offering price per share ($59,031 ÷ 2,632 shares) A

$ 22.43

Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,723 ÷ 3,154 shares)

$ 23.69

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 3,719

Interest

2,732

Security lending

170

Total income

6,621

Expenses

Management fee

$ 3,008

Transfer agent fees

1,709

Distribution fees

2,914

Accounting and security lending fees

144

Non-interested trustees' compensation

1

Custodian fees and expenses

26

Registration fees

64

Audit

27

Legal

5

Miscellaneous

15

Total expenses before reductions

7,913

Expense reductions

(294)

7,619

Net investment income (loss)

(998)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of ($219) on sales of investments in affiliated issuers)

(328)

Foreign currency transactions

(1)

Total net realized gain (loss)

(329)

Change in net unrealized appreciation (depreciation) on:

Investment securities

60,416

Assets and liabilities in foreign currencies

13

Total change in net unrealized appreciation (depreciation)

60,429

Net gain (loss)

60,100

Net increase (decrease) in net assets resulting from operations

$ 59,102

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (998)

$ (2,161)

Net realized gain (loss)

(329)

(66,029)

Change in net unrealized appreciation (depreciation)

60,429

(118,277)

Net increase (decrease) in net assets resulting
from operations

59,102

(186,467)

Distributions to shareholders from net realized gain

-

(6,543)

Share transactions - net increase (decrease)

(8,170)

346,876

Total increase (decrease) in net assets

50,932

153,866

Net Assets

Beginning of period

1,169,336

1,015,470

End of period (including undistributed net investment income of $2,429 and undistributed net investment income of $3,427, respectively)

$ 1,220,268

$ 1,169,336

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

$ 27.51

Income from Investment Operations

Net investment income (loss) E

- H

.02 G

(.10)

(.06)

(.10)

(.14)

Net realized and unrealized gain (loss)

1.25

(2.82) G

2.75

2.46

4.15

(1.09)

Total from investment operations

1.25

(2.80)

2.65

2.40

4.05

(1.23)

Distributions from net realized gain

-

(.23)

(1.30)

(5.74)

(1.18)

(2.39)

Net asset value, end of period

$ 22.99

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

Total Return B, C, D

5.75%

(11.46)%

11.90%

11.18%

17.62%

(4.45)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.28% A

1.24%

1.17%

1.01%

1.10%

1.26%

Expenses net of voluntary waivers, if any

1.28% A

1.24%

1.17%

1.01%

1.10%

1.24%

Expenses net of all reductions

1.23% A

1.17%

1.16%

1.00%

1.08%

1.23%

Net investment income (loss)

.05% A

.07% G

(.39)%

(.26)%

(.40)%

(.59)%

Supplemental Data

Net assets, end of period (in millions)

$ 140

$ 129

$ 89

$ 20

$ 8

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amounts represent less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

$ 27.78

Income from Investment Operations

Net investment income (loss) E

(.01)

(.03) G

(.15)

(.10)

(.12)

(.13)

Net realized and unrealized gain (loss)

1.27

(2.90) G

2.81

2.52

4.20

(1.10)

Total from investment operations

1.26

(2.93)

2.66

2.42

4.08

(1.23)

Distributions from net realized gain

-

(.15)

(1.21)

(5.64)

(1.18)

(2.32)

Net asset value, end of period

$ 23.54

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

Total Return B, C, D

5.66%

(11.66)%

11.65%

11.03%

17.49%

(4.40)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of voluntary waivers, if any

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of all reductions

1.42% A

1.35%

1.34%

1.14%

1.16%

1.15%

Net investment income (loss)

(.13)% A

(.12)% G

(.58)%

(.40)%

(.48)%

(.53)%

Supplemental Data

Net assets, end of period (in millions)

$ 732

$ 710

$ 667

$ 403

$ 393

$ 444

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

$ 27.23

Income from Investment Operations

Net investment income (loss) E

(.07)

(.16) G

(.28)

(.22)

(.26)

(.27)

Net realized and unrealized gain (loss)

1.21

(2.80) G

2.71

2.44

4.11

(1.07)

Total from investment operations

1.14

(2.96)

2.43

2.22

3.85

(1.34)

Distributions from net realized gain

-

(.07)

(1.06)

(5.50)

(1.18)

(2.20)

Net asset value, end of period

$ 22.56

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

Total Return B, C, D

5.32%

(12.16)%

10.97%

10.42%

16.89%

(4.94)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.10% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of voluntary waivers, if any

2.05% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of all reductions

2.00% A

1.97%

1.92%

1.69%

1.70%

1.70%

Net investment income (loss)

(.71)% A

(.73)% G

(1.16)%

(.95)%

(1.02)%

(1.07)%

Supplemental Data

Net assets, end of period (in millions)

$ 198

$ 196

$ 172

$ 87

$ 92

$ 101

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 21.29

$ 24.47

$ 26.45

Income from Investment Operations

Net investment income (loss) E

(.07)

(.15) H

(.07)

Net realized and unrealized gain (loss)

1.21

(2.78) H

(1.91)

Total from investment operations

1.14

(2.93)

(1.98)

Distributions from net realized gain

-

(.25)

-

Net asset value, end of period

$ 22.43

$ 21.29

$ 24.47

Total Return B, C, D

5.35%

(12.15)%

(7.49)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.06% A

2.01%

1.87% A

Expenses net of voluntary waivers, if any

2.05% A

2.01%

1.87%A

Expenses net of all reductions

2.00% A

1.94%

1.86% A

Net investment income (loss)

(.71)% A

(.71)% H

(1.10)% A

Supplemental Data

Net assets, end of period (in millions)

$ 59

$ 53

$ 21

Portfolio turnover rate

46% A

49%

31%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F For the period August 16, 2001 (commencement of sales of shares) to November 30, 2001. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Initial Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

$ 28.19

Income from Investment Operations

Net investment income (loss) D

.05

.12 F

- G

.04

.02

(.02)

Net realized and unrealized gain (loss)

1.33

(2.96) F

2.86

2.56

4.29

(1.12)

Total from investment operations

1.38

(2.84)

2.86

2.60

4.31

(1.14)

Distributions from net investment income

-

-

(.02)

-

-

-

Distributions from net realized gain

-

(.26)

(1.32)

(5.81)

(1.18)

(2.44)

Total distributions

-

(.26)

(1.34)

(5.81)

(1.18)

(2.44)

Net asset value, end of period

$ 24.33

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

Total Return B, C, H

6.01%

(11.06)%

12.26%

11.62%

18.18%

(3.98)%

Ratios to Average Net Assets E

Expenses before expense reductions

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of voluntary waivers, if any

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of all reductions

.76% A

.73%

.77%

.58%

.61%

.69%

Net investment income (loss)

.52% A

.50%F

(.01)%

.16%

.06%

(.06)%

Supplemental Data

Net assets, end of period (in millions)

$ 16

$ 16

$ 19

$ 19

$ 19

$ 18

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. G Amounts represent less than $.01 per-share. H Total returns do not include the effect of former sales charges.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

$ 27.63

Income from Investment Operations

Net investment income (loss) D

.05

.10 F

(.02)

.03

.01

(.05)

Net realized and unrealized gain (loss)

1.28

(2.89) F

2.83

2.51

4.21

(1.10)

Total from investment operations

1.33

(2.79)

2.81

2.54

4.22

(1.15)

Distributions from net investment income

-

-

(.03)

-

-

-

Distributions from net realized gain

-

(.27)

(1.32)

(5.79)

(1.18)

(2.31)

Total distributions

-

(.27)

(1.35)

(5.79)

(1.18)

(2.31)

Net asset value, end of period

$ 23.69

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

Total Return B, C

5.95%

(11.15)%

12.35%

11.61%

18.14%

(4.12)%

Ratios to Average Net Assets E

Expenses before expense reductions

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of voluntary waivers, if any

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of all reductions

.83% A

.80%

.83%

.62%

.63%

.84%

Net investment income (loss)

.45% A

.44%F

(.06)%

.12%

.05%

(.20)%

Supplemental Data

Net assets, end of period (in millions)

$ 75

$ 65

$ 47

$ 11

$ 4

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Value Strategies 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, Initial Class, 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, prior period premium and discount on debt securities, market discount, net operating losses, capital loss carryforwards, and losses deferred due to wash sales excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 262,630

|

Unrealized depreciation

(287,545)

Net unrealized appreciation (depreciation)

$ (24,915)

Cost for federal income tax purposes

$ 1,312,835

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 165

$ 2

$ 19

Class T

.28%

.25%

1,649

14

99

Class B

.75%

.25%

856

642

-

Class C

.75%

.25%

244

108

-

$ 2,914

$ 766

$ 118

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 37

Class T

31

Class B*

325

Class C*

11

$ 404

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund, except for Initial Class. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for the Initial Class Shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC or FSC:

Amount

% of
Average
Net Assets

Class A

$ 212

.36*

Class T

918

.30*

Class B

393

.46*

Class C

103

.42*

Initial Class

12

.17*

Institutional Class

71

.24*

$ 1,709

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $19 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

2.05%

$ 41

Class C

2.05%

3

$ 44

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 132

Class A

19

-

Class T

99

-

$ 118

$ 132

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net realized gain

Class A

$ -

$ 919

Class T

-

4,131

Class B

-

515

Initial Class

-

190

Class C

-

260

Institutional Class

-

528

Total

$ -

$ 6,543

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,637

4,348

$ 32,318

$ 102,986

Reinvestment of distributions

-

33

-

855

Shares redeemed

(1,494)

(2,027)

(28,806)

(44,672)

Net increase (decrease)

143

2,354

$ 3,512

$ 59,169

Class T

Shares sold

5,039

16,787

$ 102,097

$ 412,757

Reinvestment of distributions

-

140

-

3,778

Shares redeemed

(5,794)

(11,400)

(114,456)

(256,350)

Net increase (decrease)

(755)

5,527

$ (12,359)

$ 160,185

Class B

Shares sold

911

5,798

$ 17,661

$ 139,010

Reinvestment of distributions

-

17

-

465

Shares redeemed

(1,272)

(3,694)

(23,942)

(80,435)

Net increase (decrease)

(361)

2,121

$ (6,281)

$ 59,040

Initial Class

Shares sold

1

9

$ 17

$ 234

Reinvestment of distributions

-

6

-

167

Shares redeemed

(38)

(52)

(777)

(1,203)

Net increase (decrease)

(37)

(37)

$ (760)

$ (802)

Class C

Shares sold

598

2,839

$ 11,498

$ 66,536

Reinvestment of distributions

-

10

-

246

Shares redeemed

(451)

(1,230)

(8,349)

(27,408)

Net increase (decrease)

147

1,619

$ 3,149

$ 39,374

Institutional Class

Shares sold

913

2,411

$ 18,195

$ 59,781

Reinvestment of distributions

-

16

-

417

Shares redeemed

(687)

(1,338)

(13,626)

(30,288)

Net increase (decrease)

226

1,089

$ 4,569

$ 29,910

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Big Dog Holdings, Inc.

$ -

$ -

$ -

$ 2,981

Maxwell Shoe Co., Inc. Class A

-

-

-

17,535

Performance Technologies, Inc.

-

-

-

8,280

Take-Two Interactive Software, Inc.

2,550

-

-

55,540

Terayon Communication Systems, Inc.

4,151

-

-

20,769

Vignette Corp.

4,309

-

-

36,408

WMS Industries, Inc.

239

3,416

-

34,059

TOTALS

$ 11,249

$ 3,416

$ -

$ 175,572

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income
Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate
Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage
Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fidelity_Logo) (Registered Trademark)

Fidelity® Advisor

Value Strategies

Fund - Institutional Class

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Tyco International Ltd.

4.8

5.1

Take-Two Interactive Software, Inc.

4.5

5.3

ACE Ltd.

3.7

3.6

Beazer Homes USA, Inc.

3.6

2.0

Jack in the Box, Inc.

3.1

3.0

Vignette Corp.

3.0

1.6

Jones Apparel Group, Inc.

3.0

3.6

WMS Industries, Inc.

2.8

3.7

Legato Systems, Inc.

2.7

1.6

THQ, Inc.

2.2

0.4

33.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.8

29.2

Consumer Discretionary

30.5

35.6

Financials

12.7

16.0

Industrials

11.2

9.9

Materials

2.8

2.2

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 97.6%

Stocks 97.1%

Convertible
Securities 2.3%

Convertible
Securities 3.0%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other
Assets*** (0.1)%

* Foreign investments


12.6%

** Foreign investments

*** Net Other Assets are not included in the pie chart.


11.6%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 30.5%

Auto Components - 1.9%

Aftermarket Technology Corp. (a)

22,400

$ 234

American Axle & Manufacturing Holdings, Inc. (a)

590,000

14,750

ArvinMeritor, Inc.

123,500

2,197

Dura Automotive Systems, Inc. Class A (a)

206,000

1,858

Lear Corp. (a)

110,000

4,376

23,415

Automobiles - 2.0%

Nissan Motor Co. Ltd.

3,000,000

23,775

Hotels, Restaurants & Leisure - 6.7%

Ameristar Casinos, Inc. (a)

400,000

6,600

Isle of Capri Casinos, Inc. (a)

200,000

2,638

Jack in the Box, Inc. (a)

1,787,700

37,577

Mikohn Gaming Corp. (a)

125,000

555

WMS Industries, Inc. (a)(c)

2,301,300

34,059

81,429

Household Durables - 11.1%

Bassett Furniture Industries, Inc.

74,300

1,010

Beazer Homes USA, Inc. (a)

526,063

44,610

Centex Corp.

100,000

7,763

D.R. Horton, Inc.

455,994

11,988

Lennar Corp.:

Class A

324,700

21,771

Class B

32,470

2,115

M/I Schottenstein Homes, Inc.

443,200

17,994

Maytag Corp.

240,000

5,870

Mohawk Industries, Inc. (a)

160,000

9,234

Whirlpool Corp.

230,000

13,087

135,442

Leisure Equipment & Products - 0.5%

Midway Games, Inc. (a)

665,359

2,349

Oakley, Inc. (a)

367,800

4,083

6,432

Media - 0.3%

General Motors Corp. Class H (a)

300,000

3,660

Specialty Retail - 3.6%

American Eagle Outfitters, Inc. (a)

650,000

11,044

Big Dog Holdings, Inc. (a)(c)

1,024,100

2,981

Borders Group, Inc. (a)

1,340,000

22,043

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Charlotte Russe Holding, Inc. (a)

97,500

$ 935

Electronics Boutique Holding Corp. (a)

230,000

4,830

Wet Seal, Inc. Class A (a)

250,000

2,650

44,483

Textiles Apparel & Luxury Goods - 4.4%

Jones Apparel Group, Inc. (a)

1,222,900

35,904

Maxwell Shoe Co., Inc. Class A (a)(c)

1,319,400

17,535

53,439

TOTAL CONSUMER DISCRETIONARY

372,075

CONSUMER STAPLES - 2.4%

Food & Staples Retailing - 1.6%

BJ's Wholesale Club, Inc. (a)

180,000

2,776

Koninklijke Ahold NV sponsored ADR

600,000

4,488

Safeway, Inc. (a)

690,000

13,000

20,264

Food Products - 0.6%

Fresh Del Monte Produce, Inc.

188,181

3,910

Sensient Technologies Corp.

40,000

906

Tyson Foods, Inc. Class A

298,200

2,833

7,649

Personal Products - 0.2%

Nu Skin Enterprises, Inc. Class A

200,000

2,000

TOTAL CONSUMER STAPLES

29,913

FINANCIALS - 12.7%

Capital Markets - 0.3%

J.P. Morgan Chase & Co.

110,000

3,615

Commercial Banks - 0.3%

Wachovia Corp.

93,002

3,737

Diversified Financial Services - 0.8%

CIT Group, Inc.

400,000

9,596

Insurance - 9.4%

ACE Ltd.

1,250,000

45,625

Allstate Corp.

340,000

12,237

AmerUs Group Co.

100,000

2,691

Everest Re Group Ltd.

60,700

4,431

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

200,000

$ 9,328

Infinity Property & Casualty Corp.

200,000

4,582

MetLife, Inc.

570,000

15,943

Safety Insurance Group, Inc.

200,000

2,990

Travelers Property Casualty Corp. Class A

1,040,000

16,983

114,810

Thrifts & Mortgage Finance - 1.9%

BankAtlantic Bancorp, Inc. Class A (non-vtg.)

380,000

4,385

Sovereign Bancorp, Inc.

1,138,200

18,575

22,960

TOTAL FINANCIALS

154,718

HEALTH CARE - 1.5%

Health Care Equipment & Supplies - 1.1%

Baxter International, Inc.

50,000

1,267

Beckman Coulter, Inc.

60,000

2,439

Cygnus, Inc. (a)

1,855,850

1,299

I-Stat Corp. (a)

914,400

7,882

12,887

Health Care Providers & Services - 0.1%

Laboratory Corp. of America Holdings (a)

40,000

1,286

Pharmaceuticals - 0.3%

King Pharmaceuticals, Inc. (a)

260,000

3,721

Twinlab Corp. (a)

512,300

138

3,859

TOTAL HEALTH CARE

18,032

INDUSTRIALS - 11.1%

Building Products - 0.8%

NCI Building Systems, Inc. (a)

51,800

967

York International Corp.

342,100

8,857

9,824

Commercial Services & Supplies - 2.9%

Central Parking Corp.

400,000

4,540

Hudson Highland Group, Inc. (a)

75,000

1,331

Labor Ready, Inc. (a)

247,000

1,606

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Monster Worldwide, Inc.

1,000,000

$ 19,860

Vedior NV (Certificaten Van Aandelen)

915,000

7,496

34,833

Construction & Engineering - 0.0%

Granite Construction, Inc.

17,300

320

Electrical Equipment - 0.1%

TB Wood's Corp.

261,300

1,437

Industrial Conglomerates - 4.8%

Tyco International Ltd.

3,329,500

58,928

Machinery - 2.3%

Columbus McKinnon Corp. (a)

221,900

455

EnPro Industries, Inc. (a)

10,000

85

Milacron, Inc.

300,580

1,395

Navistar International Corp. (a)

840,200

25,895

27,830

Road & Rail - 0.2%

Genesee & Wyoming, Inc. Class A (a)

100,000

2,090

TOTAL INDUSTRIALS

135,262

INFORMATION TECHNOLOGY - 34.3%

Communications Equipment - 6.0%

ADC Telecommunications, Inc. (a)

5,367,400

14,438

Cable Design Technologies Corp. (a)

1,996,771

15,076

Enterasys Networks, Inc. (a)

2,052,000

7,120

NMS Communications Corp. (a)

1,329,421

1,893

Performance Technologies, Inc. (a)(c)

1,223,100

8,280

Telefonaktiebolaget LM Ericsson ADR (a)

280,000

2,912

Tellium, Inc. (a)

36,000

37

Terayon Communication Systems, Inc. (a)(c)

7,016,500

20,769

Turnstone Systems, Inc. (a)

1,142,100

3,027

73,552

Computers & Peripherals - 0.3%

Sun Microsystems, Inc. (a)

800,000

3,464

Electronic Equipment & Instruments - 1.1%

AVX Corp.

490,000

5,905

Pioneer Standard Electronics, Inc.

50,000

457

RadiSys Corp. (a)

100,000

1,065

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Richardson Electronics Ltd.

238,000

$ 2,154

Solectron Corp. (a)

1,100,000

4,400

13,981

Internet Software & Services - 6.1%

Art Technology Group, Inc. (a)

1,550,000

2,201

iBasis, Inc. (a)

160,000

144

Interwoven, Inc. (a)

1,112,300

2,447

Kana Software, Inc. (a)

746,300

4,291

Keynote Systems, Inc. (a)

772,451

7,354

Primus Knowledge Solutions, Inc. (a)

668,500

568

RADWARE Ltd. (a)

100,000

1,380

Retek, Inc. (a)

1,354,200

8,923

SkillSoft PLC sponsored ADR (a)

1,060,000

4,420

SonicWALL, Inc. (a)

1,200,000

6,228

Vignette Corp. (a)(c)

15,169,800

36,408

74,364

Semiconductors & Semiconductor Equipment - 7.5%

Advanced Micro Devices, Inc. (a)

2,990,000

21,767

Agere Systems, Inc. Class A (a)

1,225,000

2,989

Applied Micro Circuits Corp. (a)

400,000

2,008

ASM International NV (Nasdaq) (a)

214,800

3,321

ASML Holding NV (NY Shares) (a)

800,000

8,040

Atmel Corp. (a)

3,520,100

10,666

Chartered Semiconductor Manufacturing Ltd. ADR (a)

300,000

1,560

Conexant Systems, Inc. (a)

600,000

2,316

Integrated Device Technology, Inc. (a)

281,200

3,403

Micron Technology, Inc. (a)

400,000

4,528

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

1,781,330

18,063

Teradyne, Inc. (a)

100,000

1,715

Transwitch Corp. (a)

2,688,400

3,145

United Microelectronics Corp. sponsored ADR (a)

2,151,140

8,432

91,953

Software - 13.3%

Activision, Inc. (a)

730,000

12,395

Actuate Corp. (a)

500,000

900

Aspen Technology, Inc. (a)

676,100

2,752

Compuware Corp. (a)

972,700

5,904

i2 Technologies, Inc. (a)

5,200,100

5,616

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Interplay Entertainment Corp.

1,350,770

$ 216

Interplay Entertainment Corp. warrants 3/30/06 (a)

675,385

0

Legato Systems, Inc. (a)

4,291,700

32,574

Nintendo Co. Ltd.

200,000

14,861

Take-Two Interactive Software, Inc. (a)(c)

2,199,600

55,540

THQ, Inc. (a)

1,860,000

26,375

Ulticom, Inc. (a)

493,000

4,807

161,940

TOTAL INFORMATION TECHNOLOGY

419,254

MATERIALS - 2.8%

Chemicals - 0.6%

Celanese AG

200,000

4,812

FMC Corp. (a)

2,600

54

Millennium Chemicals, Inc.

180,900

2,162

7,028

Construction Materials - 1.8%

Centex Construction Products, Inc.

182,500

7,127

Martin Marietta Materials, Inc.

240,000

8,210

Texas Industries, Inc.

310,600

6,867

22,204

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

210,600

2,411

Metals & Mining - 0.2%

Steel Dynamics, Inc. (a)

189,900

2,541

TOTAL MATERIALS

34,184

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

Covad Communications Group, Inc. (a)

1,155,010

1,230

ITXC Corp. (a)

120,000

246

Qwest Communications International, Inc. (a)

1,566,500

7,034

Time Warner Telecom, Inc. Class A (a)

215,000

1,247

9,757

Common Stocks - continued

Shares

Value (Note 1)
(000s)

UTILITIES - 1.5%

Electric Utilities - 1.5%

FirstEnergy Corp.

447,100

$ 16,458

PG&E Corp. (a)

100,000

1,700

18,158

TOTAL COMMON STOCKS

(Cost $1,217,443)

1,191,353

Convertible Preferred Stocks - 0.5%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (e)

2,400

2

UTILITIES - 0.5%

Electric Utilities - 0.5%

TXU Corp. $4.063 PRIDES

200,000

6,400

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $10,041)

6,402

Convertible Bonds - 1.8%

Principal
Amount (000s)

HEALTH CARE - 0.2%

Biotechnology - 0.2%

Alexion Pharmaceuticals, Inc. 5.75% 3/15/07

$ 3,000

2,239

INDUSTRIALS - 0.1%

Aerospace & Defense - 0.1%

SPACEHAB, Inc. 8% 10/15/07 (d)

2,500

1,250

INFORMATION TECHNOLOGY - 1.5%

Communications Equipment - 1.3%

Natural MicroSystems Corp. 5% 10/15/05

12,830

8,468

Terayon Communication Systems, Inc. 5% 8/1/07

10,000

7,050

15,518

Convertible Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.2%

Richardson Electronics Ltd.:

7.25% 12/15/06

$ 404

$ 356

8.25% 6/15/06

1,968

1,870

2,226

Internet Software & Services - 0.0%

iBasis, Inc. 5.75% 3/15/05

2,000

680

TOTAL INFORMATION TECHNOLOGY

18,424

TOTAL CONVERTIBLE BONDS

(Cost $23,669)

21,913

Money Market Funds - 5.6%

Shares

Fidelity Cash Central Fund, 1.3% (b)

4,261,652

4,262

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

63,990,226

63,990

TOTAL MONEY MARKET FUNDS

(Cost $68,252)

68,252

TOTAL INVESTMENT PORTFOLIO - 105.5%

(Cost $1,319,405)

1,287,920

NET OTHER ASSETS - (5.5)%

(67,652)

NET ASSETS - 100%

$ 1,220,268

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) 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 $1,250,000 or 0.1% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 41

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America

87.4%

Bermuda

4.1%

Japan

3.2%

Taiwan

2.2%

Netherlands

1.9%

Others (individually less than 1%)

1.2%

100.0%

Purchases and sales of securities, other than short-term securities, aggregated $241,888,000 and $254,303,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $105,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $57,274,000 all of which will expire on November 30, 2010.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $11,129,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $62,261) (cost $1,319,405) - See accompanying schedule

$ 1,287,920

Receivable for investments sold

10,591

Receivable for fund shares sold

2,905

Dividends receivable

1,022

Interest receivable

424

Receivable from investment adviser for expense reductions

4

Other receivables

25

Total assets

1,302,891

Liabilities

Payable for investments purchased

$ 13,533

Payable for fund shares redeemed

3,871

Accrued management fee

554

Distribution fees payable

512

Other payables and accrued expenses

163

Collateral on securities loaned, at value

63,990

Total liabilities

82,623

Net Assets

$ 1,220,268

Net Assets consist of:

Paid in capital

$ 1,316,024

Undistributed net investment income

2,429

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(66,714)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

(31,471)

Net Assets

$ 1,220,268

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($140,223 ÷ 6,099 shares)

$ 22.99

Maximum offering price per share (100/94.25 of $22.99)

$ 24.39

Class T:
Net Asset Value and redemption price per share ($732,054 ÷ 31,095 shares)

$ 23.54

Maximum offering price per share (100/96.50 of $23.54)

$ 24.39

Class B:
Net Asset Value and offering price per share ($198,241 ÷ 8,786 shares) A

$ 22.56

Initial Class:
Net Asset Value, offering price and redemption price per share ($15,996 ÷ 657.5 shares)

$ 24.33

Class C:
Net Asset Value and offering price per share ($59,031 ÷ 2,632 shares) A

$ 22.43

Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,723 ÷ 3,154 shares)

$ 23.69

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 3,719

Interest

2,732

Security lending

170

Total income

6,621

Expenses

Management fee

$ 3,008

Transfer agent fees

1,709

Distribution fees

2,914

Accounting and security lending fees

144

Non-interested trustees' compensation

1

Custodian fees and expenses

26

Registration fees

64

Audit

27

Legal

5

Miscellaneous

15

Total expenses before reductions

7,913

Expense reductions

(294)

7,619

Net investment income (loss)

(998)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of ($219) on sales of investments in affiliated issuers)

(328)

Foreign currency transactions

(1)

Total net realized gain (loss)

(329)

Change in net unrealized appreciation (depreciation) on:

Investment securities

60,416

Assets and liabilities in foreign currencies

13

Total change in net unrealized appreciation (depreciation)

60,429

Net gain (loss)

60,100

Net increase (decrease) in net assets resulting from operations

$ 59,102

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (998)

$ (2,161)

Net realized gain (loss)

(329)

(66,029)

Change in net unrealized appreciation (depreciation)

60,429

(118,277)

Net increase (decrease) in net assets resulting
from operations

59,102

(186,467)

Distributions to shareholders from net realized gain

-

(6,543)

Share transactions - net increase (decrease)

(8,170)

346,876

Total increase (decrease) in net assets

50,932

153,866

Net Assets

Beginning of period

1,169,336

1,015,470

End of period (including undistributed net investment income of $2,429 and undistributed net investment income of $3,427, respectively)

$ 1,220,268

$ 1,169,336

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

$ 27.51

Income from Investment Operations

Net investment income (loss) E

- H

.02 G

(.10)

(.06)

(.10)

(.14)

Net realized and unrealized gain (loss)

1.25

(2.82) G

2.75

2.46

4.15

(1.09)

Total from investment operations

1.25

(2.80)

2.65

2.40

4.05

(1.23)

Distributions from net realized gain

-

(.23)

(1.30)

(5.74)

(1.18)

(2.39)

Net asset value, end of period

$ 22.99

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

Total Return B, C, D

5.75%

(11.46)%

11.90%

11.18%

17.62%

(4.45)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.28% A

1.24%

1.17%

1.01%

1.10%

1.26%

Expenses net of voluntary waivers, if any

1.28% A

1.24%

1.17%

1.01%

1.10%

1.24%

Expenses net of all reductions

1.23% A

1.17%

1.16%

1.00%

1.08%

1.23%

Net investment income (loss)

.05% A

.07% G

(.39)%

(.26)%

(.40)%

(.59)%

Supplemental Data

Net assets, end of period (in millions)

$ 140

$ 129

$ 89

$ 20

$ 8

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amounts represent less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

$ 27.78

Income from Investment Operations

Net investment income (loss) E

(.01)

(.03) G

(.15)

(.10)

(.12)

(.13)

Net realized and unrealized gain (loss)

1.27

(2.90) G

2.81

2.52

4.20

(1.10)

Total from investment operations

1.26

(2.93)

2.66

2.42

4.08

(1.23)

Distributions from net realized gain

-

(.15)

(1.21)

(5.64)

(1.18)

(2.32)

Net asset value, end of period

$ 23.54

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

Total Return B, C, D

5.66%

(11.66)%

11.65%

11.03%

17.49%

(4.40)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of voluntary waivers, if any

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of all reductions

1.42% A

1.35%

1.34%

1.14%

1.16%

1.15%

Net investment income (loss)

(.13)% A

(.12)% G

(.58)%

(.40)%

(.48)%

(.53)%

Supplemental Data

Net assets, end of period (in millions)

$ 732

$ 710

$ 667

$ 403

$ 393

$ 444

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

$ 27.23

Income from Investment Operations

Net investment income (loss) E

(.07)

(.16) G

(.28)

(.22)

(.26)

(.27)

Net realized and unrealized gain (loss)

1.21

(2.80) G

2.71

2.44

4.11

(1.07)

Total from investment operations

1.14

(2.96)

2.43

2.22

3.85

(1.34)

Distributions from net realized gain

-

(.07)

(1.06)

(5.50)

(1.18)

(2.20)

Net asset value, end of period

$ 22.56

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

Total Return B, C, D

5.32%

(12.16)%

10.97%

10.42%

16.89%

(4.94)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.10% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of voluntary waivers, if any

2.05% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of all reductions

2.00% A

1.97%

1.92%

1.69%

1.70%

1.70%

Net investment income (loss)

(.71)% A

(.73)% G

(1.16)%

(.95)%

(1.02)%

(1.07)%

Supplemental Data

Net assets, end of period (in millions)

$ 198

$ 196

$ 172

$ 87

$ 92

$ 101

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 21.29

$ 24.47

$ 26.45

Income from Investment Operations

Net investment income (loss) E

(.07)

(.15) H

(.07)

Net realized and unrealized gain (loss)

1.21

(2.78) H

(1.91)

Total from investment operations

1.14

(2.93)

(1.98)

Distributions from net realized gain

-

(.25)

-

Net asset value, end of period

$ 22.43

$ 21.29

$ 24.47

Total Return B, C, D

5.35%

(12.15)%

(7.49)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.06% A

2.01%

1.87% A

Expenses net of voluntary waivers, if any

2.05% A

2.01%

1.87%A

Expenses net of all reductions

2.00% A

1.94%

1.86% A

Net investment income (loss)

(.71)% A

(.71)% H

(1.10)% A

Supplemental Data

Net assets, end of period (in millions)

$ 59

$ 53

$ 21

Portfolio turnover rate

46% A

49%

31%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F For the period August 16, 2001 (commencement of sales of shares) to November 30, 2001. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Initial Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

$ 28.19

Income from Investment Operations

Net investment income (loss) D

.05

.12 F

- G

.04

.02

(.02)

Net realized and unrealized gain (loss)

1.33

(2.96) F

2.86

2.56

4.29

(1.12)

Total from investment operations

1.38

(2.84)

2.86

2.60

4.31

(1.14)

Distributions from net investment income

-

-

(.02)

-

-

-

Distributions from net realized gain

-

(.26)

(1.32)

(5.81)

(1.18)

(2.44)

Total distributions

-

(.26)

(1.34)

(5.81)

(1.18)

(2.44)

Net asset value, end of period

$ 24.33

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

Total Return B, C, H

6.01%

(11.06)%

12.26%

11.62%

18.18%

(3.98)%

Ratios to Average Net Assets E

Expenses before expense reductions

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of voluntary waivers, if any

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of all reductions

.76% A

.73%

.77%

.58%

.61%

.69%

Net investment income (loss)

.52% A

.50%F

(.01)%

.16%

.06%

(.06)%

Supplemental Data

Net assets, end of period (in millions)

$ 16

$ 16

$ 19

$ 19

$ 19

$ 18

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. G Amounts represent less than $.01 per-share. H Total returns do not include the effect of former sales charges.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

$ 27.63

Income from Investment Operations

Net investment income (loss) D

.05

.10 F

(.02)

.03

.01

(.05)

Net realized and unrealized gain (loss)

1.28

(2.89) F

2.83

2.51

4.21

(1.10)

Total from investment operations

1.33

(2.79)

2.81

2.54

4.22

(1.15)

Distributions from net investment income

-

-

(.03)

-

-

-

Distributions from net realized gain

-

(.27)

(1.32)

(5.79)

(1.18)

(2.31)

Total distributions

-

(.27)

(1.35)

(5.79)

(1.18)

(2.31)

Net asset value, end of period

$ 23.69

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

Total Return B, C

5.95%

(11.15)%

12.35%

11.61%

18.14%

(4.12)%

Ratios to Average Net Assets E

Expenses before expense reductions

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of voluntary waivers, if any

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of all reductions

.83% A

.80%

.83%

.62%

.63%

.84%

Net investment income (loss)

.45% A

.44%F

(.06)%

.12%

.05%

(.20)%

Supplemental Data

Net assets, end of period (in millions)

$ 75

$ 65

$ 47

$ 11

$ 4

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Value Strategies 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, Initial Class, 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, prior period premium and discount on debt securities, market discount, net operating losses, capital loss carryforwards, and losses deferred due to wash sales excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 262,630

|

Unrealized depreciation

(287,545)

Net unrealized appreciation (depreciation)

$ (24,915)

Cost for federal income tax purposes

$ 1,312,835

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 165

$ 2

$ 19

Class T

.28%

.25%

1,649

14

99

Class B

.75%

.25%

856

642

-

Class C

.75%

.25%

244

108

-

$ 2,914

$ 766

$ 118

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 37

Class T

31

Class B*

325

Class C*

11

$ 404

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund, except for Initial Class. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for the Initial Class Shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC or FSC:

Amount

% of
Average
Net Assets

Class A

$ 212

.36*

Class T

918

.30*

Class B

393

.46*

Class C

103

.42*

Initial Class

12

.17*

Institutional Class

71

.24*

$ 1,709

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $19 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

2.05%

$ 41

Class C

2.05%

3

$ 44

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 132

Class A

19

-

Class T

99

-

$ 118

$ 132

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net realized gain

Class A

$ -

$ 919

Class T

-

4,131

Class B

-

515

Initial Class

-

190

Class C

-

260

Institutional Class

-

528

Total

$ -

$ 6,543

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,637

4,348

$ 32,318

$ 102,986

Reinvestment of distributions

-

33

-

855

Shares redeemed

(1,494)

(2,027)

(28,806)

(44,672)

Net increase (decrease)

143

2,354

$ 3,512

$ 59,169

Class T

Shares sold

5,039

16,787

$ 102,097

$ 412,757

Reinvestment of distributions

-

140

-

3,778

Shares redeemed

(5,794)

(11,400)

(114,456)

(256,350)

Net increase (decrease)

(755)

5,527

$ (12,359)

$ 160,185

Class B

Shares sold

911

5,798

$ 17,661

$ 139,010

Reinvestment of distributions

-

17

-

465

Shares redeemed

(1,272)

(3,694)

(23,942)

(80,435)

Net increase (decrease)

(361)

2,121

$ (6,281)

$ 59,040

Initial Class

Shares sold

1

9

$ 17

$ 234

Reinvestment of distributions

-

6

-

167

Shares redeemed

(38)

(52)

(777)

(1,203)

Net increase (decrease)

(37)

(37)

$ (760)

$ (802)

Class C

Shares sold

598

2,839

$ 11,498

$ 66,536

Reinvestment of distributions

-

10

-

246

Shares redeemed

(451)

(1,230)

(8,349)

(27,408)

Net increase (decrease)

147

1,619

$ 3,149

$ 39,374

Institutional Class

Shares sold

913

2,411

$ 18,195

$ 59,781

Reinvestment of distributions

-

16

-

417

Shares redeemed

(687)

(1,338)

(13,626)

(30,288)

Net increase (decrease)

226

1,089

$ 4,569

$ 29,910

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Big Dog Holdings, Inc.

$ -

$ -

$ -

$ 2,981

Maxwell Shoe Co., Inc. Class A

-

-

-

17,535

Performance Technologies, Inc.

-

-

-

8,280

Take-Two Interactive Software, Inc.

2,550

-

-

55,540

Terayon Communication Systems, Inc.

4,151

-

-

20,769

Vignette Corp.

4,309

-

-

36,408

WMS Industries, Inc.

239

3,416

-

34,059

TOTALS

$ 11,249

$ 3,416

$ -

$ 175,572

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.

Boston, MA

Semiannual Report

Fidelity Advisor Aggressive Growth Fund

Fidelity Advisor Asset Allocation Fund

Fidelity Advisor Balanced Fund

Fidelity Advisor Biotechnology Fund

Fidelity Advisor California Municipal Income Fund

Fidelity Advisor Consumer Industries Fund

Fidelity Advisor Cyclical Industries Fund

Fidelity Advisor Developing Communications Fund

Fidelity Advisor Diversified International Fund

Fidelity Advisor Dividend Growth Fund

Fidelity Advisor Dynamic Capital Appreciation Fund

Fidelity Advisor Electronics Fund

Fidelity Advisor Emerging Asia Fund

Fidelity Advisor Emerging Markets Income Fund

Fidelity Advisor Equity Growth Fund

Fidelity Advisor Equity Income Fund

Fidelity Advisor Equity Value Fund

Fidelity Advisor Europe Capital Appreciation Fund

Fidelity Advisor Fifty Fund

Fidelity Advisor Financial Services Fund

Fidelity Advisor Floating Rate High Income Fund

Fidelity Advisor Global Equity Fund

Fidelity Advisor Government Investment Fund

Fidelity Advisor Growth & Income Fund

Fidelity Advisor Growth Opportunities

Fidelity Advisor Health Care Fund

Fidelity Advisor High Income
Advantage Fund

Fidelity Advisor High Income Fund

Fidelity Advisor Inflation-Protected Bond Fund

Fidelity Advisor Intermediate
Bond Fund

Fidelity Advisor International Capital Appreciation Fund

Fidelity Advisor International Small Cap Fund

Fidelity Advisor Investment Grade Bond Fund

Fidelity Advisor Japan Fund

Fidelity Advisor Korea Fund

Fidelity Advisor Large Cap Fund

Fidelity Advisor Latin America Fund

Fidelity Advisor Leveraged Company Stock Fund

Fidelity Advisor Mid Cap Fund

Fidelity Advisor Mortgage
Securities Fund

Fidelity Advisor Municipal Income Fund

Fidelity Advisor Natural Resources Fund

Fidelity Advisor New York Municipal Income Fund

Fidelity Advisor Overseas Fund

Fidelity Advisor Real Estate Fund

Fidelity Advisor Short Fixed-Income Fund

Fidelity Advisor Small Cap Fund

Fidelity Advisor Strategic Growth Fund

Fidelity Advisor Strategic Income Fund

Fidelity Advisor Tax Managed Stock Fund

Fidelity Advisor Technology Fund

Fidelity Advisor Telecommunications & Utilities Growth Fund

Fidelity Advisor Value Leaders Fund

Fidelity Advisor Value Strategies Fund

Prime Fund

Tax-Exempt Fund

Treasury Fund

(Fidelity Investment logo)(registered trademark)

(Fideilty_Logo) (Registered Trademark)

Fidelity

Value Strategies Fund

(Initial Class of Fidelity® Advisor
Value Strategies Fund)

Semiannual Report

May 31, 2003

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message

<Click Here>

Ned Johnson's message to shareholders.

Investment Changes

<Click Here>

A summary of major shifts in the fund's investments over the past six months.

Investments

<Click Here>

A complete list of the fund's investments with their market values.

Financial Statements

<Click Here>

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

Notes

<Click Here>

Notes to the financial statements.

Third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.

(Recycle graphic)   This report is printed on recycled paper using soy-based inks.

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, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

This shareholder update and report on the performance of your fund is among the first to be produced under the new Sarbanes-Oxley Public Company Accounting and Investor Protection Act of 2002. This act requires that public companies certify, under penalty of law, the financial information they report to shareholders. It was adopted by Congress in reaction to several incidents of corporate malfeasance that brought the integrity of management of some publicly traded companies into question.

After the act was signed into law, the Securities and Exchange Commission interpreted it as applying to mutual funds as well as public companies. Thus, every mutual fund now is required to certify that the financial information provided in annual and semiannual reports to shareholders fully and fairly presents its financial position.

There is little doubt that the intent of Congress and regulators in this matter is a noble one - to improve the accuracy and accountability of financial reporting to investors by corporate America. We in no way condone any of the activities that brought about these requirements, and we welcome any and every reasonable proposal to strengthen investor protection and information disclosure.

That said, we are proud that mutual funds have always provided full and fair disclosure. Governed by the Investment Company Act of 1940 - and monitored and regulated by federal and state agencies, industry oversight associations, and independent directors - mutual funds are among the most transparent of all financial products. For example, the prices of mutual fund shares are established and published every business day, and the majority of members of the Board of Trustees that oversees our funds are not affiliated with the business of Fidelity. The disclosure standards of mutual funds actually have become models for governance and transparency across corporate America.

We are, of course, complying in full with the letter of this new requirement and hope that any future efforts by Congress to reassure investors about the honesty of corporate America will focus on practical and substantive solutions of genuine value to shareholders.

This sort of careful consideration was evident as Congress deliberated President Bush's tax cut package this spring, then enacted legislation that contains a variety of benefits for American families, investors and businesses. Although the final bill did not completely eliminate the tax that individual investors pay when they receive dividends from companies, it still will benefit American investors, and we applaud it in the spirit of compromise that marked the debate in Congress.

At Fidelity, we are committed to acting at all times in accordance with the highest standards of integrity and in the best interests of our fund shareholders. We are proud of the amount of information we provide to those who invest in our funds and pleased to continue that level of communication with you in these reports.

Best regards,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Investment Changes

Top Ten Stocks as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Tyco International Ltd.

4.8

5.1

Take-Two Interactive Software, Inc.

4.5

5.3

ACE Ltd.

3.7

3.6

Beazer Homes USA, Inc.

3.6

2.0

Jack in the Box, Inc.

3.1

3.0

Vignette Corp.

3.0

1.6

Jones Apparel Group, Inc.

3.0

3.6

WMS Industries, Inc.

2.8

3.7

Legato Systems, Inc.

2.7

1.6

THQ, Inc.

2.2

0.4

33.4

Top Five Market Sectors as of May 31, 2003

% of fund's
net assets

% of fund's net assets
6 months ago

Information Technology

35.8

29.2

Consumer Discretionary

30.5

35.6

Financials

12.7

16.0

Industrials

11.2

9.9

Materials

2.8

2.2

Asset Allocation (% of fund's net assets)

As of May 31, 2003 *

As of November 30, 2002 **

Stocks 97.6%

Stocks 97.1%

Convertible
Securities 2.3%

Convertible
Securities 3.0%

Short-Term
Investments and
Net Other Assets 0.1%

Short-Term
Investments and
Net Other
Assets*** (0.1)%

* Foreign investments


12.6%

** Foreign investments

*** Net Other Assets are not included in the pie chart.


11.6%



Semiannual Report

Investments May 31, 2003 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - 30.5%

Auto Components - 1.9%

Aftermarket Technology Corp. (a)

22,400

$ 234

American Axle & Manufacturing Holdings, Inc. (a)

590,000

14,750

ArvinMeritor, Inc.

123,500

2,197

Dura Automotive Systems, Inc. Class A (a)

206,000

1,858

Lear Corp. (a)

110,000

4,376

23,415

Automobiles - 2.0%

Nissan Motor Co. Ltd.

3,000,000

23,775

Hotels, Restaurants & Leisure - 6.7%

Ameristar Casinos, Inc. (a)

400,000

6,600

Isle of Capri Casinos, Inc. (a)

200,000

2,638

Jack in the Box, Inc. (a)

1,787,700

37,577

Mikohn Gaming Corp. (a)

125,000

555

WMS Industries, Inc. (a)(c)

2,301,300

34,059

81,429

Household Durables - 11.1%

Bassett Furniture Industries, Inc.

74,300

1,010

Beazer Homes USA, Inc. (a)

526,063

44,610

Centex Corp.

100,000

7,763

D.R. Horton, Inc.

455,994

11,988

Lennar Corp.:

Class A

324,700

21,771

Class B

32,470

2,115

M/I Schottenstein Homes, Inc.

443,200

17,994

Maytag Corp.

240,000

5,870

Mohawk Industries, Inc. (a)

160,000

9,234

Whirlpool Corp.

230,000

13,087

135,442

Leisure Equipment & Products - 0.5%

Midway Games, Inc. (a)

665,359

2,349

Oakley, Inc. (a)

367,800

4,083

6,432

Media - 0.3%

General Motors Corp. Class H (a)

300,000

3,660

Specialty Retail - 3.6%

American Eagle Outfitters, Inc. (a)

650,000

11,044

Big Dog Holdings, Inc. (a)(c)

1,024,100

2,981

Borders Group, Inc. (a)

1,340,000

22,043

Common Stocks - continued

Shares

Value (Note 1)
(000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Charlotte Russe Holding, Inc. (a)

97,500

$ 935

Electronics Boutique Holding Corp. (a)

230,000

4,830

Wet Seal, Inc. Class A (a)

250,000

2,650

44,483

Textiles Apparel & Luxury Goods - 4.4%

Jones Apparel Group, Inc. (a)

1,222,900

35,904

Maxwell Shoe Co., Inc. Class A (a)(c)

1,319,400

17,535

53,439

TOTAL CONSUMER DISCRETIONARY

372,075

CONSUMER STAPLES - 2.4%

Food & Staples Retailing - 1.6%

BJ's Wholesale Club, Inc. (a)

180,000

2,776

Koninklijke Ahold NV sponsored ADR

600,000

4,488

Safeway, Inc. (a)

690,000

13,000

20,264

Food Products - 0.6%

Fresh Del Monte Produce, Inc.

188,181

3,910

Sensient Technologies Corp.

40,000

906

Tyson Foods, Inc. Class A

298,200

2,833

7,649

Personal Products - 0.2%

Nu Skin Enterprises, Inc. Class A

200,000

2,000

TOTAL CONSUMER STAPLES

29,913

FINANCIALS - 12.7%

Capital Markets - 0.3%

J.P. Morgan Chase & Co.

110,000

3,615

Commercial Banks - 0.3%

Wachovia Corp.

93,002

3,737

Diversified Financial Services - 0.8%

CIT Group, Inc.

400,000

9,596

Insurance - 9.4%

ACE Ltd.

1,250,000

45,625

Allstate Corp.

340,000

12,237

AmerUs Group Co.

100,000

2,691

Everest Re Group Ltd.

60,700

4,431

Common Stocks - continued

Shares

Value (Note 1)
(000s)

FINANCIALS - continued

Insurance - continued

Hartford Financial Services Group, Inc.

200,000

$ 9,328

Infinity Property & Casualty Corp.

200,000

4,582

MetLife, Inc.

570,000

15,943

Safety Insurance Group, Inc.

200,000

2,990

Travelers Property Casualty Corp. Class A

1,040,000

16,983

114,810

Thrifts & Mortgage Finance - 1.9%

BankAtlantic Bancorp, Inc. Class A (non-vtg.)

380,000

4,385

Sovereign Bancorp, Inc.

1,138,200

18,575

22,960

TOTAL FINANCIALS

154,718

HEALTH CARE - 1.5%

Health Care Equipment & Supplies - 1.1%

Baxter International, Inc.

50,000

1,267

Beckman Coulter, Inc.

60,000

2,439

Cygnus, Inc. (a)

1,855,850

1,299

I-Stat Corp. (a)

914,400

7,882

12,887

Health Care Providers & Services - 0.1%

Laboratory Corp. of America Holdings (a)

40,000

1,286

Pharmaceuticals - 0.3%

King Pharmaceuticals, Inc. (a)

260,000

3,721

Twinlab Corp. (a)

512,300

138

3,859

TOTAL HEALTH CARE

18,032

INDUSTRIALS - 11.1%

Building Products - 0.8%

NCI Building Systems, Inc. (a)

51,800

967

York International Corp.

342,100

8,857

9,824

Commercial Services & Supplies - 2.9%

Central Parking Corp.

400,000

4,540

Hudson Highland Group, Inc. (a)

75,000

1,331

Labor Ready, Inc. (a)

247,000

1,606

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Monster Worldwide, Inc.

1,000,000

$ 19,860

Vedior NV (Certificaten Van Aandelen)

915,000

7,496

34,833

Construction & Engineering - 0.0%

Granite Construction, Inc.

17,300

320

Electrical Equipment - 0.1%

TB Wood's Corp.

261,300

1,437

Industrial Conglomerates - 4.8%

Tyco International Ltd.

3,329,500

58,928

Machinery - 2.3%

Columbus McKinnon Corp. (a)

221,900

455

EnPro Industries, Inc. (a)

10,000

85

Milacron, Inc.

300,580

1,395

Navistar International Corp. (a)

840,200

25,895

27,830

Road & Rail - 0.2%

Genesee & Wyoming, Inc. Class A (a)

100,000

2,090

TOTAL INDUSTRIALS

135,262

INFORMATION TECHNOLOGY - 34.3%

Communications Equipment - 6.0%

ADC Telecommunications, Inc. (a)

5,367,400

14,438

Cable Design Technologies Corp. (a)

1,996,771

15,076

Enterasys Networks, Inc. (a)

2,052,000

7,120

NMS Communications Corp. (a)

1,329,421

1,893

Performance Technologies, Inc. (a)(c)

1,223,100

8,280

Telefonaktiebolaget LM Ericsson ADR (a)

280,000

2,912

Tellium, Inc. (a)

36,000

37

Terayon Communication Systems, Inc. (a)(c)

7,016,500

20,769

Turnstone Systems, Inc. (a)

1,142,100

3,027

73,552

Computers & Peripherals - 0.3%

Sun Microsystems, Inc. (a)

800,000

3,464

Electronic Equipment & Instruments - 1.1%

AVX Corp.

490,000

5,905

Pioneer Standard Electronics, Inc.

50,000

457

RadiSys Corp. (a)

100,000

1,065

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Richardson Electronics Ltd.

238,000

$ 2,154

Solectron Corp. (a)

1,100,000

4,400

13,981

Internet Software & Services - 6.1%

Art Technology Group, Inc. (a)

1,550,000

2,201

iBasis, Inc. (a)

160,000

144

Interwoven, Inc. (a)

1,112,300

2,447

Kana Software, Inc. (a)

746,300

4,291

Keynote Systems, Inc. (a)

772,451

7,354

Primus Knowledge Solutions, Inc. (a)

668,500

568

RADWARE Ltd. (a)

100,000

1,380

Retek, Inc. (a)

1,354,200

8,923

SkillSoft PLC sponsored ADR (a)

1,060,000

4,420

SonicWALL, Inc. (a)

1,200,000

6,228

Vignette Corp. (a)(c)

15,169,800

36,408

74,364

Semiconductors & Semiconductor Equipment - 7.5%

Advanced Micro Devices, Inc. (a)

2,990,000

21,767

Agere Systems, Inc. Class A (a)

1,225,000

2,989

Applied Micro Circuits Corp. (a)

400,000

2,008

ASM International NV (Nasdaq) (a)

214,800

3,321

ASML Holding NV (NY Shares) (a)

800,000

8,040

Atmel Corp. (a)

3,520,100

10,666

Chartered Semiconductor Manufacturing Ltd. ADR (a)

300,000

1,560

Conexant Systems, Inc. (a)

600,000

2,316

Integrated Device Technology, Inc. (a)

281,200

3,403

Micron Technology, Inc. (a)

400,000

4,528

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (a)

1,781,330

18,063

Teradyne, Inc. (a)

100,000

1,715

Transwitch Corp. (a)

2,688,400

3,145

United Microelectronics Corp. sponsored ADR (a)

2,151,140

8,432

91,953

Software - 13.3%

Activision, Inc. (a)

730,000

12,395

Actuate Corp. (a)

500,000

900

Aspen Technology, Inc. (a)

676,100

2,752

Compuware Corp. (a)

972,700

5,904

i2 Technologies, Inc. (a)

5,200,100

5,616

Common Stocks - continued

Shares

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Interplay Entertainment Corp.

1,350,770

$ 216

Interplay Entertainment Corp. warrants 3/30/06 (a)

675,385

0

Legato Systems, Inc. (a)

4,291,700

32,574

Nintendo Co. Ltd.

200,000

14,861

Take-Two Interactive Software, Inc. (a)(c)

2,199,600

55,540

THQ, Inc. (a)

1,860,000

26,375

Ulticom, Inc. (a)

493,000

4,807

161,940

TOTAL INFORMATION TECHNOLOGY

419,254

MATERIALS - 2.8%

Chemicals - 0.6%

Celanese AG

200,000

4,812

FMC Corp. (a)

2,600

54

Millennium Chemicals, Inc.

180,900

2,162

7,028

Construction Materials - 1.8%

Centex Construction Products, Inc.

182,500

7,127

Martin Marietta Materials, Inc.

240,000

8,210

Texas Industries, Inc.

310,600

6,867

22,204

Containers & Packaging - 0.2%

Owens-Illinois, Inc. (a)

210,600

2,411

Metals & Mining - 0.2%

Steel Dynamics, Inc. (a)

189,900

2,541

TOTAL MATERIALS

34,184

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

Covad Communications Group, Inc. (a)

1,155,010

1,230

ITXC Corp. (a)

120,000

246

Qwest Communications International, Inc. (a)

1,566,500

7,034

Time Warner Telecom, Inc. Class A (a)

215,000

1,247

9,757

Common Stocks - continued

Shares

Value (Note 1)
(000s)

UTILITIES - 1.5%

Electric Utilities - 1.5%

FirstEnergy Corp.

447,100

$ 16,458

PG&E Corp. (a)

100,000

1,700

18,158

TOTAL COMMON STOCKS

(Cost $1,217,443)

1,191,353

Convertible Preferred Stocks - 0.5%

INFORMATION TECHNOLOGY - 0.0%

Communications Equipment - 0.0%

Chorum Technologies Series E (e)

2,400

2

UTILITIES - 0.5%

Electric Utilities - 0.5%

TXU Corp. $4.063 PRIDES

200,000

6,400

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $10,041)

6,402

Convertible Bonds - 1.8%

Principal
Amount (000s)

HEALTH CARE - 0.2%

Biotechnology - 0.2%

Alexion Pharmaceuticals, Inc. 5.75% 3/15/07

$ 3,000

2,239

INDUSTRIALS - 0.1%

Aerospace & Defense - 0.1%

SPACEHAB, Inc. 8% 10/15/07 (d)

2,500

1,250

INFORMATION TECHNOLOGY - 1.5%

Communications Equipment - 1.3%

Natural MicroSystems Corp. 5% 10/15/05

12,830

8,468

Terayon Communication Systems, Inc. 5% 8/1/07

10,000

7,050

15,518

Convertible Bonds - continued

Principal
Amount (000s)

Value (Note 1)
(000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - 0.2%

Richardson Electronics Ltd.:

7.25% 12/15/06

$ 404

$ 356

8.25% 6/15/06

1,968

1,870

2,226

Internet Software & Services - 0.0%

iBasis, Inc. 5.75% 3/15/05

2,000

680

TOTAL INFORMATION TECHNOLOGY

18,424

TOTAL CONVERTIBLE BONDS

(Cost $23,669)

21,913

Money Market Funds - 5.6%

Shares

Fidelity Cash Central Fund, 1.3% (b)

4,261,652

4,262

Fidelity Securities Lending Cash Central Fund, 1.31% (b)

63,990,226

63,990

TOTAL MONEY MARKET FUNDS

(Cost $68,252)

68,252

TOTAL INVESTMENT PORTFOLIO - 105.5%

(Cost $1,319,405)

1,287,920

NET OTHER ASSETS - (5.5)%

(67,652)

NET ASSETS - 100%

$ 1,220,268

Legend

(a) Non-income producing

(b) The rate quoted is the annualized seven-day yield of the fund at period end. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(c) Affiliated company

(d) 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 $1,250,000 or 0.1% of net assets.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Chorum Technologies Series E

9/19/00

$ 41

Distribution of investments by country of issue, as a percentage of total net assets, is as follows:

United States of America

87.4%

Bermuda

4.1%

Japan

3.2%

Taiwan

2.2%

Netherlands

1.9%

Others (individually less than 1%)

1.2%

100.0%

Purchases and sales of securities, other than short-term securities, aggregated $241,888,000 and $254,303,000, respectively.

The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $105,000 for the period.

The fund invested in securities that are not registered under the Securities Act of 1933. At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,000 or 0.0% of net assets.

Income Tax Information

At November 30, 2002, the fund had a capital loss carryforward of approximately $57,274,000 all of which will expire on November 30, 2010.

The fund intends to elect to defer to its fiscal year ending November 30, 2003 approximately $11,129,000 of losses recognized during the period November 1, 2002 to November 30, 2002.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Assets

Investment in securities, at value (including securities loaned of $62,261) (cost $1,319,405) - See accompanying schedule

$ 1,287,920

Receivable for investments sold

10,591

Receivable for fund shares sold

2,905

Dividends receivable

1,022

Interest receivable

424

Receivable from investment adviser for expense reductions

4

Other receivables

25

Total assets

1,302,891

Liabilities

Payable for investments purchased

$ 13,533

Payable for fund shares redeemed

3,871

Accrued management fee

554

Distribution fees payable

512

Other payables and accrued expenses

163

Collateral on securities loaned, at value

63,990

Total liabilities

82,623

Net Assets

$ 1,220,268

Net Assets consist of:

Paid in capital

$ 1,316,024

Undistributed net investment income

2,429

Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions

(66,714)

Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies

(31,471)

Net Assets

$ 1,220,268

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)

May 31, 2003 (Unaudited)

Calculation of Maximum Offering Price
Class A:
Net Asset Value and redemption price per share ($140,223 ÷ 6,099 shares)

$ 22.99

Maximum offering price per share (100/94.25 of $22.99)

$ 24.39

Class T:
Net Asset Value and redemption price per share ($732,054 ÷ 31,095 shares)

$ 23.54

Maximum offering price per share (100/96.50 of $23.54)

$ 24.39

Class B:
Net Asset Value and offering price per share ($198,241 ÷ 8,786 shares) A

$ 22.56

Initial Class:
Net Asset Value, offering price and redemption price per share ($15,996 ÷ 657.5 shares)

$ 24.33

Class C:
Net Asset Value and offering price per share ($59,031 ÷ 2,632 shares) A

$ 22.43

Institutional Class:
Net Asset Value, offering price and redemption price per share ($74,723 ÷ 3,154 shares)

$ 23.69

A Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands

Six months ended May 31, 2003 (Unaudited)

Investment Income

Dividends

$ 3,719

Interest

2,732

Security lending

170

Total income

6,621

Expenses

Management fee

$ 3,008

Transfer agent fees

1,709

Distribution fees

2,914

Accounting and security lending fees

144

Non-interested trustees' compensation

1

Custodian fees and expenses

26

Registration fees

64

Audit

27

Legal

5

Miscellaneous

15

Total expenses before reductions

7,913

Expense reductions

(294)

7,619

Net investment income (loss)

(998)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) on:

Investment securities (including realized gain (loss) of ($219) on sales of investments in affiliated issuers)

(328)

Foreign currency transactions

(1)

Total net realized gain (loss)

(329)

Change in net unrealized appreciation (depreciation) on:

Investment securities

60,416

Assets and liabilities in foreign currencies

13

Total change in net unrealized appreciation (depreciation)

60,429

Net gain (loss)

60,100

Net increase (decrease) in net assets resulting from operations

$ 59,102

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands

Six months ended
May 31, 2003
(Unaudited)

Year ended
November 30,
2002

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

$ (998)

$ (2,161)

Net realized gain (loss)

(329)

(66,029)

Change in net unrealized appreciation (depreciation)

60,429

(118,277)

Net increase (decrease) in net assets resulting
from operations

59,102

(186,467)

Distributions to shareholders from net realized gain

-

(6,543)

Share transactions - net increase (decrease)

(8,170)

346,876

Total increase (decrease) in net assets

50,932

153,866

Net Assets

Beginning of period

1,169,336

1,015,470

End of period (including undistributed net investment income of $2,429 and undistributed net investment income of $3,427, respectively)

$ 1,220,268

$ 1,169,336

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

$ 27.51

Income from Investment Operations

Net investment income (loss) E

- H

.02 G

(.10)

(.06)

(.10)

(.14)

Net realized and unrealized gain (loss)

1.25

(2.82) G

2.75

2.46

4.15

(1.09)

Total from investment operations

1.25

(2.80)

2.65

2.40

4.05

(1.23)

Distributions from net realized gain

-

(.23)

(1.30)

(5.74)

(1.18)

(2.39)

Net asset value, end of period

$ 22.99

$ 21.74

$ 24.77

$ 23.42

$ 26.76

$ 23.89

Total Return B, C, D

5.75%

(11.46)%

11.90%

11.18%

17.62%

(4.45)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.28% A

1.24%

1.17%

1.01%

1.10%

1.26%

Expenses net of voluntary waivers, if any

1.28% A

1.24%

1.17%

1.01%

1.10%

1.24%

Expenses net of all reductions

1.23% A

1.17%

1.16%

1.00%

1.08%

1.23%

Net investment income (loss)

.05% A

.07% G

(.39)%

(.26)%

(.40)%

(.59)%

Supplemental Data

Net assets, end of period (in millions)

$ 140

$ 129

$ 89

$ 20

$ 8

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. H Amounts represent less than $.01 per-share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

$ 27.78

Income from Investment Operations

Net investment income (loss) E

(.01)

(.03) G

(.15)

(.10)

(.12)

(.13)

Net realized and unrealized gain (loss)

1.27

(2.90) G

2.81

2.52

4.20

(1.10)

Total from investment operations

1.26

(2.93)

2.66

2.42

4.08

(1.23)

Distributions from net realized gain

-

(.15)

(1.21)

(5.64)

(1.18)

(2.32)

Net asset value, end of period

$ 23.54

$ 22.28

$ 25.36

$ 23.91

$ 27.13

$ 24.23

Total Return B, C, D

5.66%

(11.66)%

11.65%

11.03%

17.49%

(4.40)%

Ratios to Average Net Assets F

Expenses before expense reductions

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of voluntary waivers, if any

1.47% A

1.42%

1.36%

1.15%

1.18%

1.16%

Expenses net of all reductions

1.42% A

1.35%

1.34%

1.14%

1.16%

1.15%

Net investment income (loss)

(.13)% A

(.12)% G

(.58)%

(.40)%

(.48)%

(.53)%

Supplemental Data

Net assets, end of period (in millions)

$ 732

$ 710

$ 667

$ 403

$ 393

$ 444

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

$ 27.23

Income from Investment Operations

Net investment income (loss) E

(.07)

(.16) G

(.28)

(.22)

(.26)

(.27)

Net realized and unrealized gain (loss)

1.21

(2.80) G

2.71

2.44

4.11

(1.07)

Total from investment operations

1.14

(2.96)

2.43

2.22

3.85

(1.34)

Distributions from net realized gain

-

(.07)

(1.06)

(5.50)

(1.18)

(2.20)

Net asset value, end of period

$ 22.56

$ 21.42

$ 24.45

$ 23.08

$ 26.36

$ 23.69

Total Return B, C, D

5.32%

(12.16)%

10.97%

10.42%

16.89%

(4.94)%

Ratios to Average Net Assets F

Expenses before expense reductions

2.10% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of voluntary waivers, if any

2.05% A

2.03%

1.93%

1.70%

1.72%

1.71%

Expenses net of all reductions

2.00% A

1.97%

1.92%

1.69%

1.70%

1.70%

Net investment income (loss)

(.71)% A

(.73)% G

(1.16)%

(.95)%

(1.02)%

(1.07)%

Supplemental Data

Net assets, end of period (in millions)

$ 198

$ 196

$ 172

$ 87

$ 92

$ 101

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. G Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

Six months ended May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001 F

Selected Per-Share Data

Net asset value, beginning of period

$ 21.29

$ 24.47

$ 26.45

Income from Investment Operations

Net investment income (loss) E

(.07)

(.15) H

(.07)

Net realized and unrealized gain (loss)

1.21

(2.78) H

(1.91)

Total from investment operations

1.14

(2.93)

(1.98)

Distributions from net realized gain

-

(.25)

-

Net asset value, end of period

$ 22.43

$ 21.29

$ 24.47

Total Return B, C, D

5.35%

(12.15)%

(7.49)%

Ratios to Average Net Assets G

Expenses before expense reductions

2.06% A

2.01%

1.87% A

Expenses net of voluntary waivers, if any

2.05% A

2.01%

1.87%A

Expenses net of all reductions

2.00% A

1.94%

1.86% A

Net investment income (loss)

(.71)% A

(.71)% H

(1.10)% A

Supplemental Data

Net assets, end of period (in millions)

$ 59

$ 53

$ 21

Portfolio turnover rate

46% A

49%

31%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Total returns do not include the effect of the contingent deferred sales charge. E Calculated based on average shares outstanding during the period. F For the period August 16, 2001 (commencement of sales of shares) to November 30, 2001. G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. H Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Initial Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

$ 28.19

Income from Investment Operations

Net investment income (loss) D

.05

.12 F

- G

.04

.02

(.02)

Net realized and unrealized gain (loss)

1.33

(2.96) F

2.86

2.56

4.29

(1.12)

Total from investment operations

1.38

(2.84)

2.86

2.60

4.31

(1.14)

Distributions from net investment income

-

-

(.02)

-

-

-

Distributions from net realized gain

-

(.26)

(1.32)

(5.81)

(1.18)

(2.44)

Total distributions

-

(.26)

(1.34)

(5.81)

(1.18)

(2.44)

Net asset value, end of period

$ 24.33

$ 22.95

$ 26.05

$ 24.53

$ 27.74

$ 24.61

Total Return B, C, H

6.01%

(11.06)%

12.26%

11.62%

18.18%

(3.98)%

Ratios to Average Net Assets E

Expenses before expense reductions

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of voluntary waivers, if any

.81% A

.80%

.79%

.59%

.63%

.70%

Expenses net of all reductions

.76% A

.73%

.77%

.58%

.61%

.69%

Net investment income (loss)

.52% A

.50%F

(.01)%

.16%

.06%

(.06)%

Supplemental Data

Net assets, end of period (in millions)

$ 16

$ 16

$ 19

$ 19

$ 19

$ 18

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change. G Amounts represent less than $.01 per-share. H Total returns do not include the effect of former sales charges.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

Six months ended
May 31, 2003

Years ended November 30,

(Unaudited)

2002

2001

2000

1999

1998

Selected Per-Share Data

Net asset value, beginning of period

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

$ 27.63

Income from Investment Operations

Net investment income (loss) D

.05

.10 F

(.02)

.03

.01

(.05)

Net realized and unrealized gain (loss)

1.28

(2.89) F

2.83

2.51

4.21

(1.10)

Total from investment operations

1.33

(2.79)

2.81

2.54

4.22

(1.15)

Distributions from net investment income

-

-

(.03)

-

-

-

Distributions from net realized gain

-

(.27)

(1.32)

(5.79)

(1.18)

(2.31)

Total distributions

-

(.27)

(1.35)

(5.79)

(1.18)

(2.31)

Net asset value, end of period

$ 23.69

$ 22.36

$ 25.42

$ 23.96

$ 27.21

$ 24.17

Total Return B, C

5.95%

(11.15)%

12.35%

11.61%

18.14%

(4.12)%

Ratios to Average Net Assets E

Expenses before expense reductions

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of voluntary waivers, if any

.88% A

.87%

.84%

.63%

.65%

.85%

Expenses net of all reductions

.83% A

.80%

.83%

.62%

.63%

.84%

Net investment income (loss)

.45% A

.44%F

(.06)%

.12%

.05%

(.20)%

Supplemental Data

Net assets, end of period (in millions)

$ 75

$ 65

$ 47

$ 11

$ 4

$ 5

Portfolio turnover rate

46% A

49%

31%

48%

60%

64%

A Annualized B Total returns for periods of less than one year are not annualized. C Total returns would have been lower had certain expenses not been reduced during the periods shown. D Calculated based on average shares outstanding during the period. E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of any voluntary waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. F Effective December 1, 2001, the fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premium and discount on all debt securities, as required. Per share data and ratios for periods prior to adoption have not been restated to reflect this change.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2003 (Unaudited)

(Amounts in thousands except ratios)

1. Significant Accounting Policies.

Fidelity Advisor Value Strategies 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, Initial Class, 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. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. 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 differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, 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. Net asset value per share (NAV calculation) is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Equity securities for which market quotations are available are valued at the last sale price or official closing price (closing bid price or last evaluated quote if no sale has occurred) on the primary market or exchange on which they trade. Debt securities for which quotations are readily available are valued at their most recent bid prices (sales prices if the principal market is an exchange) in the principal market in which such securities are normally traded, as determined by recognized dealers in such securities, or securities are valued on the basis of information provided by a pricing service. Pricing services use valuation matrices that incorporate both dealer-supplied valuations and electronic data processing techniques. If an event that is expected to materially affect the value of a security occurs after the close of an exchange or market on which that security trades, but prior to the NAV calculation, then that security will be fair valued taking the event into account. Securities (including restricted securities) for which market quotations are not readily available are valued at their fair value as determined in good faith under consistently applied procedures under the general supervision of the Board of Trustees. Price movements in futures contracts and ADRs, market and trading trends, the bid/ask quotes of brokers and off-exchange institutional trading may be reviewed in the course of making a good faith determination of a security's fair value.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Security Valuation - continued

Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued on the basis of amortized cost. Investments in open-end investment companies are valued at their net asset value each business day.

Foreign Currency. The fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which 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, which includes amortization of premium and accretion of discount on debt securities, as required, 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.

Income Tax Information and Distributions to Shareholders. Each year the fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements. Foreign taxes are provided for based on each fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Income dividends and capital gain distributions are declared separately for each class. Distributions are recorded on the ex-dividend date.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

1. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Capital accounts within the financial statements are adjusted for permanent and temporary book and tax differences. These adjustments have no impact on net assets or the results of operations. Temporary differences will reverse in a subsequent period. These differences are primarily due to foreign currency transactions, prior period premium and discount on debt securities, market discount, net operating losses, capital loss carryforwards, and losses deferred due to wash sales excise tax regulations.

The federal tax cost of investments including unrealized appreciation (depreciation) as of period end was as follows:

Unrealized appreciation

$ 262,630

|

Unrealized depreciation

(287,545)

Net unrealized appreciation (depreciation)

$ (24,915)

Cost for federal income tax purposes

$ 1,312,835

2. Operating Policies.

Repurchase Agreements. Fidelity Management & Research Company (FMR) has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts. These accounts are then invested in repurchase agreements that are collateralized by U.S. Treasury or Government obligations. The fund may also invest directly with institutions, in repurchase agreements that are collateralized by commercial paper obligations and corporate obligations. The custodian bank receives the collateral, which is marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest).

Restricted Securities. The fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included under the captions "Legend" and/or "Other Information" at the end of the fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Purchases and Sales of Investments.

Information regarding purchases and sales of securities is included under the caption "Other Information" at the end of the fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the fund with investment management related services for which the fund pays a monthly management fee.

The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the fund's average net assets and a group fee rate that averaged .28% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annualized management fee rate was .58% of the fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. Class A and Class T Plans also authorize the use of brokerage commissions to pay distribution expenses. In addition, FDC may pay financial intermediaries for selling shares of the fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, the total amounts paid to and retained by FDC and the amount of distribution expenses paid with brokerage commissions were as follows:

Distribution
Fee

Service
Fee

Paid to
FDC

Retained
by FDC

Paid with
Commissions

Class A

.03%

.25%

$ 165

$ 2

$ 19

Class T

.28%

.25%

1,649

14

99

Class B

.75%

.25%

856

642

-

Class C

.75%

.25%

244

108

-

$ 2,914

$ 766

$ 118

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 charge (CDSC) levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, and .25% for certain purchases of Class A and Class T shares.

Semiannual Report

4. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

For the period, sales charge amounts retained by FDC were as follows:

Retained
by FDC

Class A

$ 37

Class T

31

Class B*

325

Class C*

11

$ 404

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent (collectively referred to as the transfer agent) for each class of the fund, except for Initial Class. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the transfer agent for the Initial Class Shares. FIIOC and FSC receive account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the fund. FIIOC and FSC pay for typesetting, printing and mailing of all shareholder reports, except proxy statements. For the period, the following amounts were paid to FIIOC or FSC:

Amount

% of
Average
Net Assets

Class A

$ 212

.36*

Class T

918

.30*

Class B

393

.46*

Class C

103

.42*

Initial Class

12

.17*

Institutional Class

71

.24*

$ 1,709

* Annualized

Accounting and Security Lending Fees. FSC maintains the fund's accounting records and administers the security lending program. The security lending fee is based on the number and duration of lending transactions. The accounting fee is based on the level of average net assets for the month plus out-of-pocket expenses.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

4. Fees and Other Transactions with Affiliates - continued

Central Funds. The fund may invest in affiliated Central Funds managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR. The Central Funds are open-end investment companies available only to investment companies and other accounts managed by FMR and its affiliates. The Central Funds seek preservation of capital and current income and do not pay a management fee. Income distributions earned by the fund are recorded as income in the accompanying financial statements and totaled $19 for the period.

Brokerage Commissions. The fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms are shown under the caption "Other Information" at the end of the fund's Schedule of Investments.

5. Committed Line of Credit.

The fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The fund has agreed to pay commitment fees on its pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.

6. Security Lending.

The fund lends portfolio securities from time to time in order to earn additional income. The fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Cash collateral is invested in cash equivalents. The value of loaned securities and cash collateral at period end are disclosed on the fund's Statement of Assets and Liabilities.

Semiannual Report

7. Expense Reductions.

FMR agreed to reimburse the classes of the fund to the extent operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, are excluded from this reimbursement.

Expense
Limitations

Reimbursement
from adviser

Class B

2.05%

$ 41

Class C

2.05%

3

$ 44

Many of the brokers with whom FMR places trades on behalf of the fund provided services to the fund in addition to trade execution. These services may include payments of expenses on behalf of the fund to support distribution of fund shares for Class A and Class T ("Distribution Expense Reduction") and to pay other fund expenses, such as transfer agent fees ("Other Expense Reduction") collectively referred to as "Brokerage Service Arrangements" in the accompanying table. Brokerage service arrangements generally benefits all shareholders of each class by reducing fund expenses. Each of Class A and Class T shareholders' Other Expense Reduction benefit is reduced by the amount of any Distribution Expense Reduction.

Brokerage Service Arrangements

Distribution
expense
reduction

Other
expense
reduction

Fund Level

$ -

$ 132

Class A

19

-

Class T

99

-

$ 118

$ 132

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Six months ended
May 31,
2003

Year ended
November 30,
2002

From net realized gain

Class A

$ -

$ 919

Class T

-

4,131

Class B

-

515

Initial Class

-

190

Class C

-

260

Institutional Class

-

528

Total

$ -

$ 6,543

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

9. Share Transactions.

Transactions for each class of shares were as follows:

Shares

Dollars

Six months ended
May 31,
2003

Year ended
November 30,
2002

Six months ended
May 31,
2003

Year ended
November 30,
2002

Class A

Shares sold

1,637

4,348

$ 32,318

$ 102,986

Reinvestment of distributions

-

33

-

855

Shares redeemed

(1,494)

(2,027)

(28,806)

(44,672)

Net increase (decrease)

143

2,354

$ 3,512

$ 59,169

Class T

Shares sold

5,039

16,787

$ 102,097

$ 412,757

Reinvestment of distributions

-

140

-

3,778

Shares redeemed

(5,794)

(11,400)

(114,456)

(256,350)

Net increase (decrease)

(755)

5,527

$ (12,359)

$ 160,185

Class B

Shares sold

911

5,798

$ 17,661

$ 139,010

Reinvestment of distributions

-

17

-

465

Shares redeemed

(1,272)

(3,694)

(23,942)

(80,435)

Net increase (decrease)

(361)

2,121

$ (6,281)

$ 59,040

Initial Class

Shares sold

1

9

$ 17

$ 234

Reinvestment of distributions

-

6

-

167

Shares redeemed

(38)

(52)

(777)

(1,203)

Net increase (decrease)

(37)

(37)

$ (760)

$ (802)

Class C

Shares sold

598

2,839

$ 11,498

$ 66,536

Reinvestment of distributions

-

10

-

246

Shares redeemed

(451)

(1,230)

(8,349)

(27,408)

Net increase (decrease)

147

1,619

$ 3,149

$ 39,374

Institutional Class

Shares sold

913

2,411

$ 18,195

$ 59,781

Reinvestment of distributions

-

16

-

417

Shares redeemed

(687)

(1,338)

(13,626)

(30,288)

Net increase (decrease)

226

1,089

$ 4,569

$ 29,910

Semiannual Report

10. Transactions with Affiliated Companies.

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Transactions during the period with companies which are or were affiliates are as follows:

Affiliate

Purchase
Cost

Sales
Cost

Dividend
Income

Value

Big Dog Holdings, Inc.

$ -

$ -

$ -

$ 2,981

Maxwell Shoe Co., Inc. Class A

-

-

-

17,535

Performance Technologies, Inc.

-

-

-

8,280

Take-Two Interactive Software, Inc.

2,550

-

-

55,540

Terayon Communication Systems, Inc.

4,151

-

-

20,769

Vignette Corp.

4,309

-

-

36,408

WMS Industries, Inc.

239

3,416

-

34,059

TOTALS

$ 11,249

$ 3,416

$ -

$ 175,572

Semiannual Report

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Semiannual Report

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Semiannual Report

Semiannual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Far East) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Shareholder
Servicing Agent

Fidelity Service Company, Inc.
Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

Fidelity's Growth Funds

Aggressive Growth Fund

Blue Chip Growth Fund

Blue Chip Value Fund

Capital Appreciation Fund

Contrafund ®

Contrafund ® II

Disciplined Equity Fund

Dividend Growth Fund

Export and Multinational Fund

Fidelity Fifty ®

Fidelity Value Discovery Fund

Focused Stock Fund

Growth Company Fund

Independence Fund

Large Cap Stock Fund

Leveraged Company Stock Fund

Low-Priced Stock Fund

Magellan® Fund

Mid-Cap Stock Fund

New Millennium Fund ®

OTC Portfolio

Small Cap Independence Fund

Small Cap Stock Fund

Stock Selector

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Mid Cap Growth Fund

Structured Mid Cap Value Fund

Tax Managed Stock Fund

Trend Fund

Value Fund

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions and
Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) (automated graphic)    1-800-544-5555

(automated graphic)    Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Reserved

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Reserved

Item 9. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Fidelity Advisor Series I is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There were no significant changes in Fidelity Advisor Series I internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a)(i) above.

Item 10. Exhibits

(a)

Not applicable.

(b)

(1)

Certification pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17 CFR 270.30a-2) attached hereto as Exhibit 99.CERT.

(2)

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series I

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

July 28, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Maria Dwyer

Maria Dwyer

President and Treasurer

Date:

July 28, 2003

By:

/s/Timothy F. Hayes

Timothy F. Hayes

Chief Financial Officer

Date:

July 28, 2003