FIDELITY BLUE CHIP GROWTH

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					    FIDELITY
BLUE CHIP GROWTH
   Presentation to The
  Investment Committee
            Of The
      ...... Company
   Defined Benefit Plan
       March 1998
                FIDELITY
               Blue Chip Growth



                Fund Facts
Diversified fund organized as a Massachusetts
  business trust on October 2, 1984.
As of July 31, 1997, $12.8 Billions in assets.
Focuses on well known established (blue chip)
  companies.
Low Investment costs: Total fund operating
  expenses 0.80%.
Morningstar rating *****
                FIDELITY
               Blue Chip Growth



Investment Objective
 Primary - Long-Term Capital Growth


Who Runs the Funds?
 The fund is managed by FMR, which chooses
  the fund’s investments and handles its business
  affairs. Fidelity Management & Research (U.K.)
  Inc. (FMR U.K.) in London, England and FMR
  Far East in Tokyo, Japan assist FMR with
  foreign investments.
               FIDELITY
              Blue Chip Growth



Investment Strategy
 Invests mainly in common stocks of well known
  and established companies.
 Strong growth prospects and reasonable
  valuations.
 Use various investment techniques to hedge a
  portion of the fund’s risks.
 Seeks companies that it expects will
  demonstrate greater long-term earnings growth
  than the average company included in S&P 500.
                 FIDELITY
                Blue Chip Growth



Investment Strategy (Cont’d)
   High turnover rates: 51%, 206%, and 182%
    during 1997, 1996,and 1995 respectively.
    Average turnover is 139%.
                 FIDELITY
                Blue Chip Growth



Portfolio Strategy
 Seek growth of capital over the long term by
  investing in a diversified portfolio of common
  stocks.
 65% of the funds total assets in Blue chip
  companies.
 Blue chip company is defined as a firm with at
  least $200m capitalization if the stock is
  included in the S&P 500 or the Dow Jones
  Industrial Average; $1 billion if not included in
  either index.
               FIDELITY
              Blue Chip Growth



Fund, Market, and Risk Characteristics
 Geographical Emphasis: Predominantly U.S. and
  Canada.
 Portfolio Manager: John McDowell, MBA, CFA
  since March 1996.
  Senior Vice president with Fidelity Management
  Trust Co.
  Employed since 1985
  Other Assets managed: Fidelity Large Cap Stock
  from June 1995 - April 1996
                 FIDELITY
                Blue Chip Growth



Risk Characteristics
 Risk associated with individual companies,
  general markets and overall economy.
 For foreign securities additional risk factors such
  as Political and Economic Risks, Legal and
  Regulatory Issues, and exposure to currency
  fluctuations
                FIDELITY
               Blue Chip Growth



How is Risk Managed?
 By diversification.
 The Fund reserves the right to invest without
  limitation in Preferred Stocks and investment
  grade debt instruments for temporary
  defensive purposes.
 Debt securities are Baa rated or better.
               FIDELITY
              Blue Chip Growth



How is Risk Managed? (Cont’d)
 The fund may borrow only for temporary or
  emergency purposes, but not in the amount
  exceeding 33.33% of total assets.
 Loans in aggregate may not exceed 33.33% of
  total assets.

Risk- Reward Potential
 Moderate
                 FIDELITY
                Blue Chip Growth




         Investment Policies and Practices
   Investors are encouraged to take a long term
    view of their portfolios.
   FMR selects companies that demonstrate the
    potential to become blue chip companies in the
    future.
   Importance of earnings growth is stressed.
                         FIDELITY
                        Blue Chip Growth




                Investment Policies and Practices
3 step selection process for companies with earnings growth
    potential
        * Focus on a universe of 500-600 blue chip growth stock.
        * Meet with company management to determine which
    companies offer the best future earnings growth.
        * Strike a good balance between rapid earnings growth
    and reasonable valuation.
                       FIDELITY
                      Blue Chip Growth


      Organization and Management of the Fund
  The Corporation is governed by a Board of Trustees.
Board of trustees review the fund’s performance,
  expenses and other business affairs.
Fund is managed by FMR which chooses fund’s
  investment and handles its business affairs.
John McDowell is Vice President and Manager of Blue
  Chip Growth, which he has managed since March
  1996.
Fidelity Distributors Corporation (FDC) distributes and
  markets Fidelity funds and services.
       FIDELITY
       Blue Chip Growth

       Regional Exposure (% of Assets)

       As of December 31, 1997



            3

                        US & Canada
                        Europe

92.8
              FIDELITY
             Blue Chip Growth




 Top 5 Country Exposure (As of 07-31-97)

Top 5 Countries       %Assets
USA                   92.8
United Kingdom        1.5
Netherlands           0.6
France                0.5
Switzerland           0.3
                     FIDELITY
                    Blue Chip Growth


           Transaction and Fund Expenses
                 Individual Fund Fee
Shareholder Transaction Expenses
Sales charge “load” on purchase       3.00% **
Sales charge “load” on reinvest. Distribution None
Redemption fee                        None
Exchange fee                          None
                   FIDELITY
                  Blue Chip Growth


               Transaction and Fund Expenses
Annual Fund Expenses          Percent of Fiscal 1996
  average net assets
Management fee                              0.51%
Marketing fee (12b-1)                       None
Other (shareholder servicing,
custodial, auditing, etc..)                 0.29%
Total fund expenses                         0.80%

** Waived for certain Fidelity retirement plan accounts
   marketed and distributed directly by fidelity.
                     FIDELITY
                  Blue Chip Growth


                  Performance(in %)
  Calender
Year   Fidelity   +/- S&P 500        +/-Will LargeBlend
  1993 24.50        14.44                    14.76
  1994 9.85           8.53                   12.20
  1995 28.38         -9.15                    -9.28
  1996 15.38         -7.57                    -6.17
  1997 27.02         -6.33                    -6.28

  1 Year    23.21%
  5 Year    20.07
  10 Year   19.87
                              FIDELITY
                             Blue Chip Growth

1919
   Sector Weightings
  (As of 07-31-97)
                         % of stocks            Relative
                                                 S&P 500

  Utilities                  0.0                0.0
  Energy                     5.0                0.61
  Financial                  3.3                0.79
  Industrial Cyclicals       15.9               1.11
  Consumer Durables          1.9                0.56
  Consumer Staples           10.1               0.95
  Services                   10.8               0.78
  Retail                     7.8                1.39
  Health                     16.1               1.36
  Technology                 19.2               1.51
                             FIDELITY
                            Blue Chip Growth

Investment Changes(as of July 31,1997)
                                % of fund      % of fund investments
                                investments     in these stocks
                                                6 months ago
General Electric Company           3.0                 2.8
Philip Morris Companies Inc        2.3                 2.4
Intel Corp                         2.2                 1.9
Microsoft Corp                     2.1                 0.6
Merck & Co Inc                     1.7                 2.0
Procter & Gamble Co                1.6                 1.3
Americanhome Products Corp         1.5                 1.0
Intern’l Business Machines Corp.   1.4                 2.2
Bristol-Myers Squibb Co.           1.4                 1.4
Wal- Mart Stores Inc               1.4                 0.6
                           FIDELITY
                          Blue Chip Growth


Investment Changes(as of July 31,1997)
                                % of fund     % of fund investments
                                investments   in these market sectors
                                               6 months ago
Technology                     21.4                   18.9

Health                         15.1                   14.4

Finance                        12.8                   11.8

Nondurables                    10.0                   10.1

Retail & Wholesale             7.1                    6.1
                           FIDELITY
                          Blue Chip Growth



Portfolio                 Relative           Sharpe Index
Statistics Average         Index      Year Mean Std. Dev            Sharpe
P/E Ratio      28.5          1.05      3 yr.  25.27    14.81          1.53
P/CF Ratio     19.8          1.11      5 yr.  21.20 13.84             --
P/B Ratio        6.6         1.08      10 yr. 20.38 16.60             --
3 yr. Earnings
growth         21%           1.02
Modern Portfolio Theory Statistics   Morningstar Measures
       Alpha Beta      R-Square      Year Risk Return Risk Adj Ret
3 yr. -3.7      0.98      85          3 yr.   0.97   1.10      3*
5 yr.    1.9    0.93     72           5 yr.   0.90   1.62      5*
10 yr. 2.0      1.05     83           10 yr. 0.96    1.85      5*

				
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