N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1352

Fidelity Devonshire Trust
(Exact name of registrant as specified in charter)

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

Scott C. Goebel, 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:	January 31

Date of reporting period:	April 30, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Equity-Income Fund

April 30, 2008

1.800336.104

EQU-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.2%
Auto Components - 0.7%
American Axle & Manufacturing Holdings, Inc.	2,101,029		$ 42,315
Johnson Controls, Inc.	1,638,248		57,765
The Goodyear Tire & Rubber Co. (a)	2,331,200		62,430
TRW Automotive Holdings Corp. (a)	1,230,257		31,445
			193,955
Automobiles - 1.3%
Fiat SpA	1,116,300		25,089
Ford Motor Co. (a)(d)	8,909,190		73,590
General Motors Corp. (d)	2,734,400		63,438
Harley-Davidson, Inc.	2,202,750		84,255
Monaco Coach Corp.	1,321,209		8,363
Renault SA	429,921		44,329
Toyota Motor Corp. sponsored ADR	651,200		66,097
Winnebago Industries, Inc.	881,737		14,187
			379,348
Diversified Consumer Services - 0.3%
H&R Block, Inc.	4,091,952		89,491
Hotels, Restaurants & Leisure - 0.5%
McDonald's Corp.	906,100		53,985
Starbucks Corp. (a)	3,797,600		61,635
Wyndham Worldwide Corp.	830,660		17,843
			133,463
Household Durables - 1.4%
Beazer Homes USA, Inc. (d)	1,655,900		18,331
Black & Decker Corp.	935,400		61,390
Centex Corp.	2,859,300		59,531
KB Home	566,900		12,755
Lennar Corp. Class A (d)	1,913,100		35,239
Newell Rubbermaid, Inc.	1,108,800		22,764
Pulte Homes, Inc.	1,117,200		14,568
The Stanley Works	1,196,941		57,740
Whirlpool Corp.	1,833,548		133,446
			415,764
Internet & Catalog Retail - 0.2%
Liberty Media Corp. - Interactive Series A (a)	3,683,764		55,735
Leisure Equipment & Products - 0.6%
Brunswick Corp.	3,531,000		58,897
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Leisure Equipment & Products - continued
Eastman Kodak Co.	4,283,600		$ 76,634
Polaris Industries, Inc.	789,945		36,772
			172,303
Media - 3.6%
A.H. Belo Corp. Class A	409,884		3,996
Belo Corp. Series A	2,448,127		24,726
Citadel Broadcasting Corp.	5,584,707		7,595
Clear Channel Communications, Inc.	4,659,142		140,473
Comcast Corp. Class A	7,797,855		160,246
E.W. Scripps Co. Class A	1,558,386		69,987
Gannett Co., Inc.	1,424,700		40,775
Informa PLC	2,883,000		19,804
McGraw-Hill Companies, Inc.	517,500		21,212
News Corp. Class B	3,667,900		67,856
The McClatchy Co. Class A (d)	3,350,887		35,184
The New York Times Co. Class A (d)	2,479,991		48,360
The Walt Disney Co.	2,631,310		85,333
Time Warner Cable, Inc. (a)	1,817,495		50,890
Time Warner, Inc.	16,769,290		249,024
Vivendi	147,745		6,013
			1,031,474
Multiline Retail - 1.8%
Family Dollar Stores, Inc.	1,922,800		41,148
JCPenney Co., Inc.	1,121,000		47,643
Kohl's Corp. (a)	3,463,647		169,199
Macy's, Inc.	3,376,300		85,387
Sears Holdings Corp. (a)(d)	677,700		66,828
Target Corp.	2,020,400		107,344
Tuesday Morning Corp.	1,513,113		8,231
			525,780
Specialty Retail - 1.7%
Advance Auto Parts, Inc.	1,034,700		35,883
AnnTaylor Stores Corp. (a)	919,759		23,270
Chico's FAS, Inc. (a)	2,652,900		18,756
Foot Locker, Inc.	1,954,358		24,723
Home Depot, Inc.	6,660,700		191,828
OfficeMax, Inc.	1,415,127		25,854
PetSmart, Inc.	819,132		18,332
RadioShack Corp.	1,609,400		22,371
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Staples, Inc.	2,847,655		$ 61,794
Williams-Sonoma, Inc.	2,212,200		58,402
			481,213
Textiles, Apparel & Luxury Goods - 0.1%
Liz Claiborne, Inc.	2,144,400		37,934
TOTAL CONSUMER DISCRETIONARY			3,516,460
CONSUMER STAPLES - 4.7%
Beverages - 0.2%
Carlsberg AS Series B	147,100		19,634
Heineken NV (Bearer) (d)	709,846		41,433
			61,067
Food & Staples Retailing - 1.4%
Rite Aid Corp. (a)	7,331,532		19,795
Wal-Mart Stores, Inc.	6,447,000		373,797
Winn-Dixie Stores, Inc. (a)	644,464		11,426
			405,018
Food Products - 0.9%
Hershey Co.	2,326,700		86,972
Kraft Foods, Inc. Class A	1,538,140		48,651
Marine Harvest ASA (a)	49,497,600		32,771
Nestle SA (Reg.)	96,836		46,437
Tyson Foods, Inc. Class A	2,764,400		49,206
			264,037
Household Products - 0.9%
Energizer Holdings, Inc. (a)	335,700		26,540
Kimberly-Clark Corp.	1,414,800		90,533
Procter & Gamble Co.	1,808,017		121,228
			238,301
Personal Products - 0.4%
Avon Products, Inc.	1,399,600		54,612
Estee Lauder Companies, Inc. Class A	1,104,100		50,358
			104,970
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.9%
Altria Group, Inc.	3,711,295		$ 74,226
Philip Morris International, Inc. (a)	3,711,295		189,387
			263,613
TOTAL CONSUMER STAPLES			1,337,006
ENERGY - 18.8%
Energy Equipment & Services - 3.7%
BJ Services Co.	1,329,376		37,581
Halliburton Co.	3,094,300		142,059
Nabors Industries Ltd. (a)	3,229,551		121,237
Noble Corp.	4,714,844		265,351
Pride International, Inc. (a)	1,100,800		46,729
Schlumberger Ltd. (NY Shares)	4,403,763		442,798
			1,055,755
Oil, Gas & Consumable Fuels - 15.1%
Apache Corp.	1,430,710		192,688
Boardwalk Pipeline Partners, LP	878,400		22,215
Chevron Corp.	5,922,882		569,485
ConocoPhillips	5,545,900		477,779
CONSOL Energy, Inc.	502,501		40,682
Devon Energy Corp.	211,300		23,961
EOG Resources, Inc.	1,842,900		240,462
Exxon Mobil Corp.	17,593,617		1,637,448
Hess Corp.	1,811,000		192,328
Occidental Petroleum Corp.	2,767,100		230,250
Peabody Energy Corp.	875,439		53,516
Repsol YPF SA sponsored ADR	1,936,700		78,572
Royal Dutch Shell PLC:
Class A sponsored ADR	2,174,000		174,594
Class B ADR	258,000		20,563
Spectra Energy Corp.	1,106,050		27,319
Total SA sponsored ADR	2,366,102		198,753
Valero Energy Corp.	2,103,200		102,741
Williams Companies, Inc.	1,365,500		48,475
			4,331,831
TOTAL ENERGY			5,387,586
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 24.2%
Capital Markets - 3.8%
Bank of New York Mellon Corp.	7,898,549		$ 343,824
Goldman Sachs Group, Inc.	760,321		145,503
KKR Private Equity Investors, LP	947,000		13,779
KKR Private Equity Investors, LP Restricted Depositary Units (f)	1,714,600		24,947
Legg Mason, Inc.	963,550		58,083
Lehman Brothers Holdings, Inc.	2,127,954		94,141
Merrill Lynch & Co., Inc.	2,790,200		139,036
Morgan Stanley	4,925,960		239,402
T. Rowe Price Group, Inc.	517,500		30,305
			1,089,020
Commercial Banks - 5.1%
Associated Banc-Corp.	3,328,222		94,089
HSBC Holdings PLC sponsored ADR	1,661,861		144,233
KeyCorp	1,723,800		41,595
Lloyds TSB Group PLC	6,659,701		57,268
PNC Financial Services Group, Inc.	3,036,300		210,567
Royal Bank of Scotland Group PLC	2,183,227		14,976
Societe Generale (a)	57,887		6,705
Societe Generale Series A	228,000		26,752
Sterling Financial Corp., Washington	1,932,924		23,601
U.S. Bancorp, Delaware	3,674,302		124,522
Wachovia Corp.	12,584,618		366,842
Wells Fargo & Co.	11,519,836		342,715
			1,453,865
Consumer Finance - 0.8%
American Express Co.	1,117,200		53,648
Capital One Financial Corp.	130,000		6,890
Discover Financial Services	7,753,661		141,194
SLM Corp.	1,843,868		34,167
			235,899
Diversified Financial Services - 7.3%
Bank of America Corp.	20,967,245		787,110
CIT Group, Inc.	1,280,900		13,949
Citigroup, Inc.	22,288,685		563,235
JPMorgan Chase & Co.	15,117,449		720,346
			2,084,640
Insurance - 4.7%
ACE Ltd.	2,681,001		161,638
American International Group, Inc.	13,475,457		622,566
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Hartford Financial Services Group, Inc.	2,057,600		$ 146,645
MetLife, Inc. unit	2,020,300		59,680
Montpelier Re Holdings Ltd.	3,835,478		63,285
PartnerRe Ltd.	1,199,126		88,711
The Travelers Companies, Inc.	3,889,640		196,038
XL Capital Ltd. Class A	545,651		19,038
			1,357,601
Real Estate Investment Trusts - 0.7%
Developers Diversified Realty Corp.	1,695,900		72,839
General Growth Properties, Inc.	148,000		6,062
HCP, Inc.	1,961,300		70,018
LaSalle Hotel Properties (SBI)	369,100		11,837
Senior Housing Properties Trust (SBI)	1,341,468		32,128
			192,884
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	4,167,751		96,358
Thrifts & Mortgage Finance - 1.5%
Countrywide Financial Corp. (d)	1,988,700		11,495
Fannie Mae	7,864,935		222,578
Freddie Mac	4,055,600		101,025
MGIC Investment Corp. (d)	2,029,100		26,439
New York Community Bancorp, Inc.	2,730,782		50,984
People's United Financial, Inc.	625,000		10,606
Washington Mutual, Inc. (a)(g)	1,631,300		19,046
			442,173
TOTAL FINANCIALS			6,952,440
HEALTH CARE - 6.0%
Biotechnology - 0.3%
Amgen, Inc. (a)	2,078,778		87,038
Cubist Pharmaceuticals, Inc. (a)	442,898		8,575
			95,613
Health Care Equipment & Supplies - 0.7%
Boston Scientific Corp. (a)	2,486,800		33,149
Covidien Ltd.	2,591,190		120,983
Medtronic, Inc.	921,300		44,849
			198,981
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 0.1%
Brookdale Senior Living, Inc.	1,489,807		$ 39,003
Pharmaceuticals - 4.9%
Bristol-Myers Squibb Co.	4,530,800		99,542
Johnson & Johnson	4,411,000		295,934
Merck & Co., Inc.	4,583,000		174,337
Pfizer, Inc.	20,922,600		420,753
Schering-Plough Corp.	8,513,140		156,727
Wyeth	5,474,900		243,469
			1,390,762
TOTAL HEALTH CARE			1,724,359
INDUSTRIALS - 9.8%
Aerospace & Defense - 3.3%
General Dynamics Corp.	756,000		68,358
Goodrich Corp.	884,700		60,292
Honeywell International, Inc.	5,506,950		327,113
Lockheed Martin Corp.	939,100		99,582
Northrop Grumman Corp.	521,200		38,345
Spirit AeroSystems Holdings, Inc. Class A (a)	1,922,118		56,068
The Boeing Co.	1,219,416		103,480
United Technologies Corp.	2,778,460		201,355
			954,593
Airlines - 0.0%
Delta Air Lines, Inc. (a)	981,900		8,356
Building Products - 0.3%
Masco Corp.	3,918,247		71,351
Commercial Services & Supplies - 0.6%
Avery Dennison Corp.	1,191,700		57,428
Cintas Corp.	607,000		17,973
Equifax, Inc.	1,081,119		41,374
Waste Management, Inc.	1,658,500		59,872
			176,647
Electrical Equipment - 0.0%
Emerson Electric Co.	177,302		9,266
Industrial Conglomerates - 3.0%
3M Co.	2,445,470		188,057
General Electric Co.	15,772,450		515,759
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
Siemens AG sponsored ADR	223,100		$ 26,426
Tyco International Ltd.	2,563,490		119,946
			850,188
Machinery - 1.7%
Briggs & Stratton Corp. (e)	3,350,885		51,000
Caterpillar, Inc.	813,100		66,577
Dover Corp.	333,734		16,510
Eaton Corp.	599,400		52,651
Illinois Tool Works, Inc.	853,100		44,609
Ingersoll-Rand Co. Ltd. Class A	2,051,792		91,059
SPX Corp.	1,306,685		160,722
			483,128
Marine - 0.1%
Alexander & Baldwin, Inc.	551,486		27,701
Road & Rail - 0.8%
Burlington Northern Santa Fe Corp.	1,708,900		175,248
Union Pacific Corp.	454,200		65,945
			241,193
TOTAL INDUSTRIALS			2,822,423
INFORMATION TECHNOLOGY - 8.6%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	5,391,900		138,248
Harris Corp.	1,464,600		79,132
Motorola, Inc.	7,393,470		73,639
			291,019
Computers & Peripherals - 2.5%
EMC Corp. (a)	6,091,100		93,803
Hewlett-Packard Co.	6,818,461		316,036
International Business Machines Corp.	2,471,400		298,298
			708,137
Electronic Equipment & Instruments - 0.7%
Arrow Electronics, Inc. (a)	1,876,900		51,070
Avnet, Inc. (a)	1,895,215		49,636
Tyco Electronics Ltd.	2,929,590		109,596
			210,302
Internet Software & Services - 0.1%
Google, Inc. Class A (sub. vtg.) (a)	70,908		40,722
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 0.6%
Electronic Data Systems Corp.	2,052,600		$ 38,096
MoneyGram International, Inc.	2,437,904		3,779
The Western Union Co.	3,056,800		70,306
Unisys Corp. (a)	5,952,500		24,762
Visa, Inc.	397,357		33,159
			170,102
Office Electronics - 0.3%
Xerox Corp.	5,237,398		73,166
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	3,045,200		98,086
Applied Materials, Inc.	6,382,900		119,105
Atmel Corp. (a)	2,613,756		9,723
Intel Corp.	12,248,560		272,653
Micron Technology, Inc. (a)	2,748,200		21,216
National Semiconductor Corp.	5,507,364		112,295
Novellus Systems, Inc. (a)	1,995,200		43,615
Teradyne, Inc. (a)	5,682,400		75,519
Varian Semiconductor Equipment Associates, Inc. (a)	1,013,700		37,132
			789,344
Software - 0.7%
Microsoft Corp.	4,747,687		135,404
Symantec Corp. (a)	3,608,900		62,145
			197,549
TOTAL INFORMATION TECHNOLOGY			2,480,341
MATERIALS - 2.2%
Chemicals - 1.4%
Celanese Corp. Class A	1,646,500		73,681
Chemtura Corp.	7,174,364		49,647
Dow Chemical Co.	1,748,000		70,182
E.I. du Pont de Nemours & Co.	1,187,500		58,081
Georgia Gulf Corp. (d)(e)	2,149,060		12,916
H.B. Fuller Co.	1,077,060		24,859
Hercules, Inc.	1,637,959		30,794
Linde AG	577,079		84,773
			404,933
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	7,180,121		38,988
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 0.7%
Alcoa, Inc.	4,681,121		$ 162,809
Nucor Corp.	390,800		29,505
			192,314
Paper & Forest Products - 0.0%
Glatfelter	486,501		7,098
TOTAL MATERIALS			643,333
TELECOMMUNICATION SERVICES - 6.2%
Diversified Telecommunication Services - 5.6%
AT&T, Inc.	26,272,950		1,017,026
Qwest Communications International, Inc.	24,501,900		126,430
Telkom SA Ltd. sponsored ADR	592,168		40,415
Verizon Communications, Inc.	10,956,749		421,616
			1,605,487
Wireless Telecommunication Services - 0.6%
Sprint Nextel Corp.	9,275,300		74,110
Vodafone Group PLC sponsored ADR	3,098,925		98,112
			172,222
TOTAL TELECOMMUNICATION SERVICES			1,777,709
UTILITIES - 3.1%
Electric Utilities - 1.7%
Allegheny Energy, Inc.	1,361,807		73,265
Entergy Corp.	1,590,600		182,696
Exelon Corp.	1,700,700		145,376
PPL Corp.	1,670,100		80,198
			481,535
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	5,213,721		90,510
Multi-Utilities - 1.1%
Public Service Enterprise Group, Inc.	4,620,400		202,882
Wisconsin Energy Corp.	2,323,900		110,292
			313,174
TOTAL UTILITIES			885,219
TOTAL COMMON STOCKS (Cost $22,239,933)		27,526,876
Convertible Preferred Stocks - 2.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.1%
General Motors Corp. Series C, 6.25%	1,908,700		$ 35,292
Hotels, Restaurants & Leisure - 0.1%
Six Flags, Inc. 7.25% PIERS	1,101,300		11,564
TOTAL CONSUMER DISCRETIONARY			46,856
FINANCIALS - 1.4%
Capital Markets - 0.4%
Lehman Brothers Holdings, Inc. 7.25%	92,600		109,353
Commercial Banks - 0.1%
Huntington Bancshares, Inc. 8.50%	26,000		24,995
Diversified Financial Services - 0.5%
Bank of America Corp. Series L, 7.25%	48,800		51,053
CIT Group, Inc.:
7.75%	1,105,800		12,993
Series C, 8.75%	238,000		12,945
Citigroup, Inc. Series T, 6.50%	1,181,898		60,148
			137,139
Insurance - 0.0%
AMBAC Financial Group, Inc. 9.50%	369,300		14,735
Thrifts & Mortgage Finance - 0.4%
Washington Mutual, Inc. (g)	599		84,134
Washington Mutual, Inc. Series R, 7.75%	32,600		28,456
			112,590
TOTAL FINANCIALS			398,812
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Schering-Plough Corp. 6.00%	260,400		46,836
MATERIALS - 0.4%
Chemicals - 0.0%
Celanese Corp. 4.25%	157,200		8,987
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	651,000		106,009
TOTAL MATERIALS			114,996
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $581,896)		607,500
Investment Companies - 0.1%
	Shares		Value (000s)
Ares Capital Corp. (Cost $30,950)	1,797,459		$ 20,239

Corporate Bonds - 1.0%
	Principal Amount (000s)
Convertible Bonds - 0.9%
CONSUMER DISCRETIONARY - 0.5%
Automobiles - 0.1%
Ford Motor Co. 4.25% 12/15/36	$ 28,010		30,976
Hotels, Restaurants & Leisure - 0.0%
Six Flags, Inc. 4.5% 5/15/15	9,950		5,871
Media - 0.4%
Liberty Media Corp.:
3.5% 1/15/31	7,173		5,020
4% 11/15/29 (f)	13,232		6,748
3.5% 1/15/31 (f)	20,342		14,236
News America, Inc. liquid yield option note:
0% 2/28/21 (f)	57,550		34,098
0% 2/28/21	16,370		9,699
Virgin Media, Inc. 6.5% 11/15/16 (f)	27,500		27,616
			97,417
TOTAL CONSUMER DISCRETIONARY			134,264
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (f)	16,260		19,848
INDUSTRIALS - 0.0%
Airlines - 0.0%
UAL Corp.:
4.5% 6/30/21 (f)	20,550		14,430
4.5% 6/30/21	3,320		2,331
			16,761
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Advanced Micro Devices, Inc.:
6% 5/1/15 (f)	39,060		24,657
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Advanced Micro Devices, Inc.: - continued
6% 5/1/15	$ 13,020		$ 8,219
Micron Technology, Inc. 1.875% 6/1/14	7,430		5,934
			38,810
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc.:
3.5% 6/15/12	17,200		13,516
5.25% 12/15/11 (f)	28,080		25,802
5.25% 12/15/11	15,880		14,591
			53,909
TOTAL CONVERTIBLE BONDS			263,592
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	31,600		27,292
TOTAL CORPORATE BONDS (Cost $340,357)		290,884

Money Market Funds - 2.9%
	Shares
Fidelity Cash Central Fund, 2.51% (b)	594,998,390		594,998
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	229,471,456		229,471
TOTAL MONEY MARKET FUNDS (Cost $824,469)		824,469
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $24,017,605)		29,269,968
NET OTHER ASSETS - (1.9)%			(536,018)
NET ASSETS - 100%		$ 28,733,950

Security Type Abbreviation

PIERS - Preferred Income Equity
Redeemable Securities

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(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 end of the period, the value of these securities amounted to $192,382,000 or 0.7% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $103,180,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Washington Mutual, Inc.	4/8/08	$ 14,274
Washington Mutual, Inc.	4/8/08	$ 59,900

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 2,110
Fidelity Securities Lending Cash Central Fund	2,444
Total	$ 4,554

Other Affiliated Issuers

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Briggs & Stratton Corp.	$ 61,413	$ 6,146	$ -	$ 648	$ 51,000
Georgia Gulf Corp.	16,763	-	-	172	12,916
Total	$ 78,176	$ 6,146	$ -	$ 820	$ 63,916

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 29,269,968	$ 28,352,538	$ 917,430	$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $24,046,640,000. Net unrealized appreciation aggregated $5,223,328,000, of which $8,040,213,000 related to appreciated investment securities and $2,816,885,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Growth Fund

April 30, 2008

1.800355.104

LCG-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Hotels, Restaurants & Leisure - 3.5%
Burger King Holdings, Inc.	27,300		$ 761,670
McDonald's Corp.	74,800		4,456,584
			5,218,254
Media - 1.8%
Regal Entertainment Group Class A (d)	140,800		2,669,568
Specialty Retail - 2.1%
Gamestop Corp. Class A (a)	19,800		1,089,792
TJX Companies, Inc.	63,300		2,039,526
			3,129,318
Textiles, Apparel & Luxury Goods - 4.1%
Hanesbrands, Inc. (a)	35,800		1,253,716
NIKE, Inc. Class B (d)	73,600		4,916,480
			6,170,196
TOTAL CONSUMER DISCRETIONARY			17,187,336
CONSUMER STAPLES - 11.0%
Beverages - 2.9%
Pepsi Bottling Group, Inc.	129,200		4,355,332
Food & Staples Retailing - 4.1%
Kroger Co.	184,100		5,016,725
Whole Foods Market, Inc.	31,400		1,024,896
			6,041,621
Household Products - 4.0%
Clorox Co.	83,800		4,441,400
Energizer Holdings, Inc. (a)	20,000		1,581,200
			6,022,600
TOTAL CONSUMER STAPLES			16,419,553
ENERGY - 8.9%
Energy Equipment & Services - 1.5%
BJ Services Co.	14,200		401,434
ENSCO International, Inc.	7,500		477,975
Nabors Industries Ltd. (a)	15,950		598,763
Tidewater, Inc.	6,700		436,974
Unit Corp. (a)	6,100		387,411
			2,302,557
Oil, Gas & Consumable Fuels - 7.4%
Exxon Mobil Corp.	70,600		6,570,742
Frontier Oil Corp.	14,500		360,325
Holly Corp.	8,700		360,876
Sunoco, Inc.	7,100		329,511
Valero Energy Corp.	61,200		2,989,620
W&T Offshore, Inc.	8,900		364,010
			10,975,084
TOTAL ENERGY			13,277,641

	Shares		Value
FINANCIALS - 7.2%
Capital Markets - 4.8%
BlackRock, Inc. Class A	3,400		$ 686,086
Charles Schwab Corp.	223,400		4,825,440
Eaton Vance Corp. (non-vtg.)	18,000		658,800
Janus Capital Group, Inc.	33,600		942,816
			7,113,142
Insurance - 2.4%
AFLAC, Inc.	53,100		3,540,177
TOTAL FINANCIALS			10,653,319
HEALTH CARE - 15.3%
Biotechnology - 3.9%
Biogen Idec, Inc. (a)	38,700		2,348,703
Gilead Sciences, Inc. (a)	68,000		3,519,680
			5,868,383
Health Care Equipment & Supplies - 2.9%
Baxter International, Inc.	14,100		878,712
C.R. Bard, Inc.	18,500		1,742,145
Varian Medical Systems, Inc. (a)(d)	35,400		1,659,552
			4,280,409
Health Care Providers & Services - 4.4%
Aetna, Inc.	107,200		4,673,920
Express Scripts, Inc. (a)	18,400		1,288,368
WellPoint, Inc. (a)	11,200		557,200
			6,519,488
Life Sciences Tools & Services - 2.5%
Applera Corp. - Applied Biosystems Group	84,800		2,705,968
Invitrogen Corp. (a)	11,500		1,076,055
			3,782,023
Pharmaceuticals - 1.6%
Johnson & Johnson	35,400		2,374,986
TOTAL HEALTH CARE			22,825,289
INDUSTRIALS - 13.9%
Aerospace & Defense - 8.1%
Lockheed Martin Corp.	47,600		5,047,504
Precision Castparts Corp.	9,100		1,069,796
The Boeing Co.	69,700		5,914,742
			12,032,042
Building Products - 0.4%
Lennox International, Inc.	17,700		586,578
Commercial Services & Supplies - 3.4%
Dun & Bradstreet Corp.	45,300		3,818,790
Robert Half International, Inc.	51,700		1,225,290
			5,044,080
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.6%
Foster Wheeler Ltd. (a)	5,400		$ 343,926
Shaw Group, Inc. (a)	10,800		533,736
			877,662
Industrial Conglomerates - 0.5%
McDermott International, Inc. (a)	13,800		739,404
Machinery - 0.9%
AGCO Corp. (a)	10,200		613,326
Toro Co.	19,700		835,083
			1,448,409
TOTAL INDUSTRIALS			20,728,175
INFORMATION TECHNOLOGY - 26.7%
Computers & Peripherals - 10.7%
Hewlett-Packard Co.	144,300		6,688,305
International Business Machines Corp. (d)	58,800		7,097,160
Lexmark International, Inc. Class A (a)	18,800		590,132
Western Digital Corp. (a)	55,600		1,611,844
			15,987,441
IT Services - 5.4%
Accenture Ltd. Class A	128,500		4,825,175
MasterCard, Inc. Class A	11,400		3,171,024
			7,996,199
Semiconductors & Semiconductor Equipment - 1.5%
MEMC Electronic Materials, Inc. (a)	20,100		1,265,697
NVIDIA Corp. (a)	45,900		943,245
			2,208,942
Software - 9.1%
Activision, Inc. (a)	25,300		684,365
Adobe Systems, Inc. (a)	81,900		3,054,051
BMC Software, Inc. (a)	136,100		4,730,836
Microsoft Corp.	21,700		618,884
Synopsys, Inc. (a)	192,000		4,437,120
			13,525,256
TOTAL INFORMATION TECHNOLOGY			39,717,838
MATERIALS - 3.3%
Chemicals - 1.9%
Air Products & Chemicals, Inc.	3,800		374,034
E.I. du Pont de Nemours & Co.	11,600		567,356
Monsanto Co.	10,300		1,174,406

	Shares		Value
Praxair, Inc.	4,100		$ 374,371
The Mosaic Co. (a)	2,800		343,028
			2,833,195
Metals & Mining - 1.4%
Allegheny Technologies, Inc.	4,900		337,267
Freeport-McMoRan Copper & Gold, Inc. Class B	6,400		728,000
Newmont Mining Corp.	8,400		371,364
Nucor Corp.	4,900		369,950
Southern Copper Corp. (d)	2,900		332,804
			2,139,385
TOTAL MATERIALS			4,972,580
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. (a)	9,700		376,845
UTILITIES - 1.0%
Electric Utilities - 1.0%
Exelon Corp.	16,900		1,444,612
TOTAL COMMON STOCKS (Cost $147,303,062)		147,603,188
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 2.51% (b)	1,435,396		1,435,396
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	11,366,850		11,366,850
TOTAL MONEY MARKET FUNDS (Cost $12,802,246)		12,802,246

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $160,105,308)

160,405,434

NET OTHER ASSETS - (7.7)%			(11,423,312)
NET ASSETS - 100%		$ 148,982,122

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 9,802
Fidelity Securities Lending Cash Central Fund	11,542
Total	$ 21,344

Other Information

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 160,405,434	$ 160,405,434	$ -	$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $160,931,047. Net unrealized depreciation aggregated $525,613, of which $6,069,182 related to appreciated investment securities and $6,594,795 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Large Cap
Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

1.847927.101

ALCG-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 11.5%
Hotels, Restaurants & Leisure - 3.5%
Burger King Holdings, Inc.	27,300		$ 761,670
McDonald's Corp.	74,800		4,456,584
			5,218,254
Media - 1.8%
Regal Entertainment Group Class A (d)	140,800		2,669,568
Specialty Retail - 2.1%
Gamestop Corp. Class A (a)	19,800		1,089,792
TJX Companies, Inc.	63,300		2,039,526
			3,129,318
Textiles, Apparel & Luxury Goods - 4.1%
Hanesbrands, Inc. (a)	35,800		1,253,716
NIKE, Inc. Class B (d)	73,600		4,916,480
			6,170,196
TOTAL CONSUMER DISCRETIONARY			17,187,336
CONSUMER STAPLES - 11.0%
Beverages - 2.9%
Pepsi Bottling Group, Inc.	129,200		4,355,332
Food & Staples Retailing - 4.1%
Kroger Co.	184,100		5,016,725
Whole Foods Market, Inc.	31,400		1,024,896
			6,041,621
Household Products - 4.0%
Clorox Co.	83,800		4,441,400
Energizer Holdings, Inc. (a)	20,000		1,581,200
			6,022,600
TOTAL CONSUMER STAPLES			16,419,553
ENERGY - 8.9%
Energy Equipment & Services - 1.5%
BJ Services Co.	14,200		401,434
ENSCO International, Inc.	7,500		477,975
Nabors Industries Ltd. (a)	15,950		598,763
Tidewater, Inc.	6,700		436,974
Unit Corp. (a)	6,100		387,411
			2,302,557
Oil, Gas & Consumable Fuels - 7.4%
Exxon Mobil Corp.	70,600		6,570,742
Frontier Oil Corp.	14,500		360,325
Holly Corp.	8,700		360,876
Sunoco, Inc.	7,100		329,511
Valero Energy Corp.	61,200		2,989,620
W&T Offshore, Inc.	8,900		364,010
			10,975,084
TOTAL ENERGY			13,277,641

	Shares		Value
FINANCIALS - 7.2%
Capital Markets - 4.8%
BlackRock, Inc. Class A	3,400		$ 686,086
Charles Schwab Corp.	223,400		4,825,440
Eaton Vance Corp. (non-vtg.)	18,000		658,800
Janus Capital Group, Inc.	33,600		942,816
			7,113,142
Insurance - 2.4%
AFLAC, Inc.	53,100		3,540,177
TOTAL FINANCIALS			10,653,319
HEALTH CARE - 15.3%
Biotechnology - 3.9%
Biogen Idec, Inc. (a)	38,700		2,348,703
Gilead Sciences, Inc. (a)	68,000		3,519,680
			5,868,383
Health Care Equipment & Supplies - 2.9%
Baxter International, Inc.	14,100		878,712
C.R. Bard, Inc.	18,500		1,742,145
Varian Medical Systems, Inc. (a)(d)	35,400		1,659,552
			4,280,409
Health Care Providers & Services - 4.4%
Aetna, Inc.	107,200		4,673,920
Express Scripts, Inc. (a)	18,400		1,288,368
WellPoint, Inc. (a)	11,200		557,200
			6,519,488
Life Sciences Tools & Services - 2.5%
Applera Corp. - Applied Biosystems Group	84,800		2,705,968
Invitrogen Corp. (a)	11,500		1,076,055
			3,782,023
Pharmaceuticals - 1.6%
Johnson & Johnson	35,400		2,374,986
TOTAL HEALTH CARE			22,825,289
INDUSTRIALS - 13.9%
Aerospace & Defense - 8.1%
Lockheed Martin Corp.	47,600		5,047,504
Precision Castparts Corp.	9,100		1,069,796
The Boeing Co.	69,700		5,914,742
			12,032,042
Building Products - 0.4%
Lennox International, Inc.	17,700		586,578
Commercial Services & Supplies - 3.4%
Dun & Bradstreet Corp.	45,300		3,818,790
Robert Half International, Inc.	51,700		1,225,290
			5,044,080
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.6%
Foster Wheeler Ltd. (a)	5,400		$ 343,926
Shaw Group, Inc. (a)	10,800		533,736
			877,662
Industrial Conglomerates - 0.5%
McDermott International, Inc. (a)	13,800		739,404
Machinery - 0.9%
AGCO Corp. (a)	10,200		613,326
Toro Co.	19,700		835,083
			1,448,409
TOTAL INDUSTRIALS			20,728,175
INFORMATION TECHNOLOGY - 26.7%
Computers & Peripherals - 10.7%
Hewlett-Packard Co.	144,300		6,688,305
International Business Machines Corp. (d)	58,800		7,097,160
Lexmark International, Inc. Class A (a)	18,800		590,132
Western Digital Corp. (a)	55,600		1,611,844
			15,987,441
IT Services - 5.4%
Accenture Ltd. Class A	128,500		4,825,175
MasterCard, Inc. Class A	11,400		3,171,024
			7,996,199
Semiconductors & Semiconductor Equipment - 1.5%
MEMC Electronic Materials, Inc. (a)	20,100		1,265,697
NVIDIA Corp. (a)	45,900		943,245
			2,208,942
Software - 9.1%
Activision, Inc. (a)	25,300		684,365
Adobe Systems, Inc. (a)	81,900		3,054,051
BMC Software, Inc. (a)	136,100		4,730,836
Microsoft Corp.	21,700		618,884
Synopsys, Inc. (a)	192,000		4,437,120
			13,525,256
TOTAL INFORMATION TECHNOLOGY			39,717,838
MATERIALS - 3.3%
Chemicals - 1.9%
Air Products & Chemicals, Inc.	3,800		374,034
E.I. du Pont de Nemours & Co.	11,600		567,356
Monsanto Co.	10,300		1,174,406

	Shares		Value
Praxair, Inc.	4,100		$ 374,371
The Mosaic Co. (a)	2,800		343,028
			2,833,195
Metals & Mining - 1.4%
Allegheny Technologies, Inc.	4,900		337,267
Freeport-McMoRan Copper & Gold, Inc. Class B	6,400		728,000
Newmont Mining Corp.	8,400		371,364
Nucor Corp.	4,900		369,950
Southern Copper Corp. (d)	2,900		332,804
			2,139,385
TOTAL MATERIALS			4,972,580
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. (a)	9,700		376,845
UTILITIES - 1.0%
Electric Utilities - 1.0%
Exelon Corp.	16,900		1,444,612
TOTAL COMMON STOCKS (Cost $147,303,062)		147,603,188
Money Market Funds - 8.6%

Fidelity Cash Central Fund, 2.51% (b)	1,435,396		1,435,396
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	11,366,850		11,366,850
TOTAL MONEY MARKET FUNDS (Cost $12,802,246)		12,802,246

TOTAL INVESTMENT PORTFOLIO - 107.7%

(Cost $160,105,308)

160,405,434

NET OTHER ASSETS - (7.7)%			(11,423,312)
NET ASSETS - 100%		$ 148,982,122

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 9,802
Fidelity Securities Lending Cash Central Fund	11,542
Total	$ 21,344

Other Information

	Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 160,405,434	$ 160,405,434	$ -	$ -

Income Tax Information

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Value Fund

April 30, 2008

1.800356.104

LCV-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CONSUMER DISCRETIONARY - 7.2%
Automobiles - 0.7%
General Motors Corp. (d)	472,200		$ 10,955,040
Hotels, Restaurants & Leisure - 1.9%
McDonald's Corp.	475,300		28,318,374
Household Durables - 0.8%
NVR, Inc. (a)	14,300		8,773,050
Whirlpool Corp.	51,100		3,719,058
			12,492,108
Media - 1.9%
Clear Channel Communications, Inc.	329,100		9,922,365
DreamWorks Animation SKG, Inc. Class A (a)	279,900		7,826,004
Liberty Media Corp. - Entertainment Class A (a)	414,300		10,751,085
			28,499,454
Textiles, Apparel & Luxury Goods - 1.9%
Hanesbrands, Inc. (a)	239,600		8,390,792
Jones Apparel Group, Inc.	372,200		5,891,926
NIKE, Inc. Class B (d)	223,600		14,936,480
			29,219,198
TOTAL CONSUMER DISCRETIONARY			109,484,174
CONSUMER STAPLES - 8.5%
Beverages - 2.6%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	880,900		16,173,324
Molson Coors Brewing Co. Class B	362,000		19,852,080
PepsiAmericas, Inc.	155,553		3,997,712
			40,023,116
Food & Staples Retailing - 2.6%
BJ's Wholesale Club, Inc. (a)(d)	223,600		8,523,632
Safeway, Inc.	362,200		11,445,520
SUPERVALU, Inc.	581,100		19,234,410
			39,203,562
Food Products - 1.1%
Del Monte Foods Co.	861,700		7,772,534
Tyson Foods, Inc. Class A	477,200		8,494,160
			16,266,694
Household Products - 0.4%
Procter & Gamble Co.	92,100		6,175,305
Tobacco - 1.8%
Altria Group, Inc.	619,600		12,392,000
Philip Morris International, Inc. (a)	311,300		15,885,639
			28,277,639
TOTAL CONSUMER STAPLES			129,946,316

	Shares		Value
ENERGY - 17.8%
Energy Equipment & Services - 3.8%
ENSCO International, Inc.	143,300		$ 9,132,509
Helmerich & Payne, Inc.	250,900		13,485,875
National Oilwell Varco, Inc. (a)	216,900		14,846,805
Patterson-UTI Energy, Inc.	170,000		4,749,800
Rowan Companies, Inc.	94,300		3,676,757
Tidewater, Inc.	70,000		4,565,400
Transocean, Inc. (a)	52,200		7,697,412
			58,154,558
Oil, Gas & Consumable Fuels - 14.0%
Chevron Corp.	412,800		39,690,720
ConocoPhillips	586,400		50,518,360
Exxon Mobil Corp.	732,000		68,127,240
Hess Corp.	221,200		23,491,440
Massey Energy Co.	158,100		8,273,373
Sunoco, Inc.	227,600		10,562,916
Valero Energy Corp.	272,401		13,306,789
			213,970,838
TOTAL ENERGY			272,125,396
FINANCIALS - 27.5%
Capital Markets - 4.4%
Goldman Sachs Group, Inc.	112,800		21,586,536
Invesco Ltd.	333,700		8,559,405
Lehman Brothers Holdings, Inc.	369,700		16,355,528
Morgan Stanley	235,800		11,459,880
State Street Corp.	123,200		8,887,648
			66,848,997
Commercial Banks - 3.0%
Associated Banc-Corp.	181,900		5,142,313
BB&T Corp. (d)	233,600		8,010,144
Cullen/Frost Bankers, Inc.	82,300		4,593,986
Huntington Bancshares, Inc.	472,000		4,432,080
Regions Financial Corp.	337,300		7,393,616
Synovus Financial Corp.	364,100		4,310,944
Wells Fargo & Co.	116,200		3,456,950
Zions Bancorp	187,100		8,672,085
			46,012,118
Consumer Finance - 1.4%
Capital One Financial Corp. (d)	391,900		20,770,700
Diversified Financial Services - 5.9%
Bank of America Corp.	823,700		30,921,698
Citigroup, Inc.	227,260		5,742,860
JPMorgan Chase & Co.	1,125,100		53,611,015
			90,275,573
Insurance - 10.2%
ACE Ltd.	192,600		11,611,854
AFLAC, Inc.	126,500		8,433,755
Allied World Assurance Co. Holdings Ltd.	186,400		7,685,272
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
American International Group, Inc.	462,600		$ 21,372,120
Assurant, Inc.	145,000		9,425,000
Endurance Specialty Holdings Ltd.	281,500		10,452,095
Everest Re Group Ltd.	54,900		4,960,215
Hartford Financial Services Group, Inc.	174,300		12,422,361
HCC Insurance Holdings, Inc.	347,100		8,566,428
Loews Corp.	275,800		11,613,938
MetLife, Inc.	185,400		11,281,590
PartnerRe Ltd.	108,400		8,019,432
RenaissanceRe Holdings Ltd.	287,600		14,794,144
The Travelers Companies, Inc.	292,700		14,752,080
			155,390,284
Real Estate Investment Trusts - 1.9%
Annaly Capital Management, Inc.	571,600		9,580,016
General Growth Properties, Inc.	125,200		5,128,192
ProLogis Trust	65,800		4,119,738
Public Storage	68,100		6,176,670
SL Green Realty Corp.	52,400		4,862,720
			29,867,336
Thrifts & Mortgage Finance - 0.7%
Astoria Financial Corp.	270,700		6,415,590
People's United Financial, Inc.	231,700		3,931,949
			10,347,539
TOTAL FINANCIALS			419,512,547
HEALTH CARE - 7.3%
Biotechnology - 0.5%
Amgen, Inc. (a)	161,200		6,749,444
Health Care Equipment & Supplies - 0.5%
Kinetic Concepts, Inc. (a)(d)	189,800		7,527,468
Health Care Providers & Services - 1.4%
Humana, Inc. (a)	85,500		4,086,045
LifePoint Hospitals, Inc. (a)	272,000		8,192,640
Omnicare, Inc.	426,000		8,669,100
			20,947,785
Life Sciences Tools & Services - 1.8%
Charles River Laboratories International, Inc. (a)	144,500		8,388,225
Invitrogen Corp. (a)	95,300		8,917,221
Thermo Fisher Scientific, Inc. (a)	186,200		10,775,394
			28,080,840

	Shares		Value
Pharmaceuticals - 3.1%
Johnson & Johnson	565,800		$ 37,959,522
Pfizer, Inc.	489,200		9,837,812
			47,797,334
TOTAL HEALTH CARE			111,102,871
INDUSTRIALS - 11.0%
Aerospace & Defense - 1.9%
Northrop Grumman Corp.	209,300		15,398,201
Raytheon Co.	224,000		14,329,280
			29,727,481
Building Products - 1.0%
Armstrong World Industries, Inc.	108,200		3,850,838
Lennox International, Inc.	338,600		11,221,204
			15,072,042
Commercial Services & Supplies - 0.7%
Allied Waste Industries, Inc. (a)	827,900		10,232,844
Industrial Conglomerates - 4.4%
General Electric Co.	1,403,700		45,900,990
Tyco International Ltd.	437,400		20,465,946
			66,366,936
Machinery - 1.9%
AGCO Corp. (a)	176,900		10,636,997
Flowserve Corp.	102,400		12,706,816
Ingersoll-Rand Co. Ltd. Class A	138,000		6,124,440
			29,468,253
Road & Rail - 1.1%
Ryder System, Inc.	242,800		16,624,516
TOTAL INDUSTRIALS			167,492,072
INFORMATION TECHNOLOGY - 3.4%
Computers & Peripherals - 2.4%
Hewlett-Packard Co.	218,900		10,146,015
International Business Machines Corp.	150,000		18,105,000
Western Digital Corp. (a)	290,000		8,407,100
			36,658,115
Electronic Equipment & Instruments - 1.0%
Tyco Electronics Ltd.	408,700		15,289,467
TOTAL INFORMATION TECHNOLOGY			51,947,582
MATERIALS - 4.7%
Chemicals - 2.2%
Celanese Corp. Class A	121,200		5,423,700
CF Industries Holdings, Inc.	61,100		8,169,070
Chemtura Corp.	1,145,300		7,925,476
The Mosaic Co. (a)	100,400		12,300,004
			33,818,250
Containers & Packaging - 0.4%
Smurfit-Stone Container Corp. (a)	1,212,500		6,583,875
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 2.1%
Freeport-McMoRan Copper & Gold, Inc. Class B	146,300		$ 16,641,625
United States Steel Corp.	96,200		14,809,990
			31,451,615
TOTAL MATERIALS			71,853,740
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 5.7%
AT&T, Inc.	1,481,462		57,347,394
Verizon Communications, Inc.	753,000		28,975,440
			86,322,834
UTILITIES - 6.3%
Electric Utilities - 2.6%
Entergy Corp.	111,200		12,772,432
FirstEnergy Corp.	169,000		12,783,160
FPL Group, Inc.	206,800		13,708,772
			39,264,364
Gas Utilities - 1.6%
Energen Corp.	170,000		11,600,800
Questar Corp.	203,600		12,629,308
			24,230,108
Independent Power Producers & Energy Traders - 1.3%
Constellation Energy Group, Inc.	90,700		7,677,755
Mirant Corp. (a)	299,100		12,296,001
			19,973,756

	Shares		Value
Multi-Utilities - 0.8%
Public Service Enterprise Group, Inc.	286,700		$ 12,588,997
TOTAL UTILITIES			96,057,225
TOTAL COMMON STOCKS (Cost $1,449,867,384)		1,515,844,757
Money Market Funds - 4.3%

Fidelity Cash Central Fund, 2.51% (b)	15,747,302		15,747,302
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	50,075,746		50,075,746
TOTAL MONEY MARKET FUNDS (Cost $65,823,048)		65,823,048

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $1,515,690,432)

1,581,667,805

NET OTHER ASSETS - (3.7)%			(56,760,707)
NET ASSETS - 100%		$ 1,524,907,098

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 94,949
Fidelity Securities Lending Cash Central Fund	46,670
Total	$ 141,619

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,581,667,805	$ 1,581,667,805	$ -	$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,524,374,970. Net unrealized appreciation aggregated $57,292,835, of which $129,855,294 related to appreciated investment securities and $72,562,459 related to depreciated investment securities.

Investment Valuation

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

Level 1 - Quoted prices in active markets for identical securities.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Large Cap
Value Fund

Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Large Cap Value Fund

1.847928.101

ALCV-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value

CONSUMER DISCRETIONARY - 7.2%

Automobiles - 0.7%

General Motors Corp. (d)

472,200

$ 10,955,040

Hotels, Restaurants & Leisure - 1.9%

McDonald's Corp.

475,300

28,318,374

Household Durables - 0.8%

NVR, Inc. (a)

14,300

8,773,050

Whirlpool Corp.

51,100

3,719,058

12,492,108

Media - 1.9%

Clear Channel Communications, Inc.

329,100

9,922,365

DreamWorks Animation SKG, Inc.
Class A (a)

279,900

7,826,004

Liberty Media Corp. - Entertainment Class A (a)

414,300

10,751,085

28,499,454

Textiles, Apparel & Luxury Goods - 1.9%

Hanesbrands, Inc. (a)

239,600

8,390,792

Jones Apparel Group, Inc.

372,200

5,891,926

NIKE, Inc. Class B (d)

223,600

14,936,480

29,219,198

TOTAL CONSUMER DISCRETIONARY

109,484,174

CONSUMER STAPLES - 8.5%

Beverages - 2.6%

Constellation Brands, Inc. Class A (sub. vtg.) (a)

880,900

16,173,324

Molson Coors Brewing Co. Class B

362,000

19,852,080

PepsiAmericas, Inc.

155,553

3,997,712

40,023,116

Food & Staples Retailing - 2.6%

BJ's Wholesale Club, Inc. (a)(d)

223,600

8,523,632

Safeway, Inc.

362,200

11,445,520

SUPERVALU, Inc.

581,100

19,234,410

39,203,562

Food Products - 1.1%

Del Monte Foods Co.

861,700

7,772,534

Tyson Foods, Inc. Class A

477,200

8,494,160

16,266,694

Household Products - 0.4%

Procter & Gamble Co.

92,100

6,175,305

Tobacco - 1.8%

Altria Group, Inc.

619,600

12,392,000

Philip Morris International, Inc. (a)

311,300

15,885,639

28,277,639

TOTAL CONSUMER STAPLES

129,946,316

Shares

Value

ENERGY - 17.8%

Energy Equipment & Services - 3.8%

ENSCO International, Inc.

143,300

$ 9,132,509

Helmerich & Payne, Inc.

250,900

13,485,875

National Oilwell Varco, Inc. (a)

216,900

14,846,805

Patterson-UTI Energy, Inc.

170,000

4,749,800

Rowan Companies, Inc.

94,300

3,676,757

Tidewater, Inc.

70,000

4,565,400

Transocean, Inc. (a)

52,200

7,697,412

58,154,558

Oil, Gas & Consumable Fuels - 14.0%

Chevron Corp.

412,800

39,690,720

ConocoPhillips

586,400

50,518,360

Exxon Mobil Corp.

732,000

68,127,240

Hess Corp.

221,200

23,491,440

Massey Energy Co.

158,100

8,273,373

Sunoco, Inc.

227,600

10,562,916

Valero Energy Corp.

272,401

13,306,789

213,970,838

TOTAL ENERGY

272,125,396

FINANCIALS - 27.5%

Capital Markets - 4.4%

Goldman Sachs Group, Inc.

112,800

21,586,536

Invesco Ltd.

333,700

8,559,405

Lehman Brothers Holdings, Inc.

369,700

16,355,528

Morgan Stanley

235,800

11,459,880

State Street Corp.

123,200

8,887,648

66,848,997

Commercial Banks - 3.0%

Associated Banc-Corp.

181,900

5,142,313

BB&T Corp. (d)

233,600

8,010,144

Cullen/Frost Bankers, Inc.

82,300

4,593,986

Huntington Bancshares, Inc.

472,000

4,432,080

Regions Financial Corp.

337,300

7,393,616

Synovus Financial Corp.

364,100

4,310,944

Wells Fargo & Co.

116,200

3,456,950

Zions Bancorp

187,100

8,672,085

46,012,118

Consumer Finance - 1.4%

Capital One Financial Corp. (d)

391,900

20,770,700

Diversified Financial Services - 5.9%

Bank of America Corp.

823,700

30,921,698

Citigroup, Inc.

227,260

5,742,860

JPMorgan Chase & Co.

1,125,100

53,611,015

90,275,573

Insurance - 10.2%

ACE Ltd.

192,600

11,611,854

AFLAC, Inc.

126,500

8,433,755

Allied World Assurance Co. Holdings Ltd.

186,400

7,685,272

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

American International Group, Inc.

462,600

$ 21,372,120

Assurant, Inc.

145,000

9,425,000

Endurance Specialty Holdings Ltd.

281,500

10,452,095

Everest Re Group Ltd.

54,900

4,960,215

Hartford Financial Services Group, Inc.

174,300

12,422,361

HCC Insurance Holdings, Inc.

347,100

8,566,428

Loews Corp.

275,800

11,613,938

MetLife, Inc.

185,400

11,281,590

PartnerRe Ltd.

108,400

8,019,432

RenaissanceRe Holdings Ltd.

287,600

14,794,144

The Travelers Companies, Inc.

292,700

14,752,080

155,390,284

Real Estate Investment Trusts - 1.9%

Annaly Capital Management, Inc.

571,600

9,580,016

General Growth Properties, Inc.

125,200

5,128,192

ProLogis Trust

65,800

4,119,738

Public Storage

68,100

6,176,670

SL Green Realty Corp.

52,400

4,862,720

29,867,336

Thrifts & Mortgage Finance - 0.7%

Astoria Financial Corp.

270,700

6,415,590

People's United Financial, Inc.

231,700

3,931,949

10,347,539

TOTAL FINANCIALS

419,512,547

HEALTH CARE - 7.3%

Biotechnology - 0.5%

Amgen, Inc. (a)

161,200

6,749,444

Health Care Equipment & Supplies - 0.5%

Kinetic Concepts, Inc. (a)(d)

189,800

7,527,468

Health Care Providers & Services - 1.4%

Humana, Inc. (a)

85,500

4,086,045

LifePoint Hospitals, Inc. (a)

272,000

8,192,640

Omnicare, Inc.

426,000

8,669,100

20,947,785

Life Sciences Tools & Services - 1.8%

Charles River Laboratories International, Inc. (a)

144,500

8,388,225

Invitrogen Corp. (a)

95,300

8,917,221

Thermo Fisher Scientific, Inc. (a)

186,200

10,775,394

28,080,840

Shares

Value

Pharmaceuticals - 3.1%

Johnson & Johnson

565,800

$ 37,959,522

Pfizer, Inc.

489,200

9,837,812

47,797,334

TOTAL HEALTH CARE

111,102,871

INDUSTRIALS - 11.0%

Aerospace & Defense - 1.9%

Northrop Grumman Corp.

209,300

15,398,201

Raytheon Co.

224,000

14,329,280

29,727,481

Building Products - 1.0%

Armstrong World Industries, Inc.

108,200

3,850,838

Lennox International, Inc.

338,600

11,221,204

15,072,042

Commercial Services & Supplies - 0.7%

Allied Waste Industries, Inc. (a)

827,900

10,232,844

Industrial Conglomerates - 4.4%

General Electric Co.

1,403,700

45,900,990

Tyco International Ltd.

437,400

20,465,946

66,366,936

Machinery - 1.9%

AGCO Corp. (a)

176,900

10,636,997

Flowserve Corp.

102,400

12,706,816

Ingersoll-Rand Co. Ltd. Class A

138,000

6,124,440

29,468,253

Road & Rail - 1.1%

Ryder System, Inc.

242,800

16,624,516

TOTAL INDUSTRIALS

167,492,072

INFORMATION TECHNOLOGY - 3.4%

Computers & Peripherals - 2.4%

Hewlett-Packard Co.

218,900

10,146,015

International Business Machines Corp.

150,000

18,105,000

Western Digital Corp. (a)

290,000

8,407,100

36,658,115

Electronic Equipment & Instruments - 1.0%

Tyco Electronics Ltd.

408,700

15,289,467

TOTAL INFORMATION TECHNOLOGY

51,947,582

MATERIALS - 4.7%

Chemicals - 2.2%

Celanese Corp. Class A

121,200

5,423,700

CF Industries Holdings, Inc.

61,100

8,169,070

Chemtura Corp.

1,145,300

7,925,476

The Mosaic Co. (a)

100,400

12,300,004

33,818,250

Containers & Packaging - 0.4%

Smurfit-Stone Container Corp. (a)

1,212,500

6,583,875

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 2.1%

Freeport-McMoRan Copper & Gold, Inc. Class B

146,300

$ 16,641,625

United States Steel Corp.

96,200

14,809,990

31,451,615

TOTAL MATERIALS

71,853,740

TELECOMMUNICATION SERVICES - 5.7%

Diversified Telecommunication Services - 5.7%

AT&T, Inc.

1,481,462

57,347,394

Verizon Communications, Inc.

753,000

28,975,440

86,322,834

UTILITIES - 6.3%

Electric Utilities - 2.6%

Entergy Corp.

111,200

12,772,432

FirstEnergy Corp.

169,000

12,783,160

FPL Group, Inc.

206,800

13,708,772

39,264,364

Gas Utilities - 1.6%

Energen Corp.

170,000

11,600,800

Questar Corp.

203,600

12,629,308

24,230,108

Independent Power Producers & Energy Traders - 1.3%

Constellation Energy Group, Inc.

90,700

7,677,755

Mirant Corp. (a)

299,100

12,296,001

19,973,756

Shares

Value

Multi-Utilities - 0.8%

Public Service Enterprise Group, Inc.

286,700

$ 12,588,997

TOTAL UTILITIES

96,057,225

TOTAL COMMON STOCKS

(Cost $1,449,867,384)

1,515,844,757

Money Market Funds - 4.3%

Fidelity Cash Central Fund, 2.51% (b)

15,747,302

15,747,302

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

50,075,746

50,075,746

TOTAL MONEY MARKET FUNDS

(Cost $65,823,048)

65,823,048

TOTAL INVESTMENT PORTFOLIO - 103.7%

(Cost $1,515,690,432)

1,581,667,805

NET OTHER ASSETS - (3.7)%

(56,760,707)

NET ASSETS - 100%

$ 1,524,907,098

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 94,949

Fidelity Securities Lending Cash Central Fund

46,670

Total

$ 141,619

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,581,667,805

$ 1,581,667,805

$ -

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,524,374,970. Net unrealized appreciation aggregated $57,292,835, of which $129,855,294 related to appreciated investment securities and $72,562,459 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Growth Fund

April 30, 2008

1.800358.104

MCG-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 14.5%

Auto Components - 0.2%

Tenneco, Inc. (a)

27,000

$ 690,660

Automobiles - 0.4%

Renault SA

11,300

1,165,150

Diversified Consumer Services - 1.6%

American Public Education, Inc.

31,200

1,004,952

Apollo Group, Inc. Class A (non-vtg.) (a)

10,200

519,180

Corinthian Colleges, Inc. (a)

30,000

340,500

DeVry, Inc.

4,000

228,000

Hillenbrand, Inc. (a)

35,300

672,112

Regis Corp.

56,400

1,646,880

Strayer Education, Inc.

2,500

464,225

4,875,849

Hotels, Restaurants & Leisure - 1.5%

Bally Technologies, Inc. (a)

24,200

815,298

Boyd Gaming Corp.

6,400

120,000

Buffalo Wild Wings, Inc. (a)

17,400

535,050

Burger King Holdings, Inc.

28,789

803,213

Gaylord Entertainment Co. (a)

19,700

583,514

Las Vegas Sands Corp. (a)

4,500

342,990

Panera Bread Co. Class A (a)

4,800

250,848

Papa John's International, Inc. (a)

20,100

542,700

Peet's Coffee & Tea, Inc. (a)

7,000

162,610

Starwood Hotels & Resorts Worldwide, Inc.

5,400

281,934

Texas Roadhouse, Inc. Class A (a)

14,500

171,100

4,609,257

Household Durables - 2.2%

Centex Corp. (d)

135,700

2,825,274

KB Home

40,100

902,250

Lennar Corp. Class A

25,100

462,342

M/I Homes, Inc.

10,000

171,500

Newell Rubbermaid, Inc.

15,100

310,003

Pulte Homes, Inc.

86,500

1,127,960

Ryland Group, Inc.

5,000

159,900

Whirlpool Corp.

7,200

524,016

6,483,245

Internet & Catalog Retail - 0.3%

Blue Nile, Inc. (a)

6,400

317,888

Priceline.com, Inc. (a)

4,599

587,016

904,904

Leisure Equipment & Products - 0.4%

Hasbro, Inc.

400

14,224

Leapfrog Enterprises, Inc. Class A (a)

96,300

800,253

Nikon Corp.

14,000

404,472

1,218,949

Media - 2.2%

Cablevision Systems Corp. - NY Group Class A (a)(d)

30,300

696,900

DISH Network Corp. Class A (a)

13,057

389,621

Shares

Value

E.W. Scripps Co. Class A

36,000

$ 1,616,760

Grupo Televisa SA de CV (CPO) sponsored ADR

37,000

913,160

Regal Entertainment Group Class A

67,100

1,272,216

SR Teleperformance SA

34,300

1,418,962

The Walt Disney Co.

9,700

314,571

6,622,190

Specialty Retail - 2.9%

Asbury Automotive Group, Inc.

13,100

218,115

AutoZone, Inc. (a)

8,800

1,062,600

bebe Stores, Inc.

50,000

499,500

Gamestop Corp. Class A (a)

400

22,016

Group 1 Automotive, Inc.

8,700

232,116

Home Depot, Inc.

9,700

279,360

Limited Brands, Inc.

50,000

926,000

Lumber Liquidators, Inc.

20,700

259,578

Monro Muffler Brake, Inc.

9,700

160,050

OfficeMax, Inc.

34,800

635,796

Ross Stores, Inc.

36,300

1,215,687

Stage Stores, Inc.

35,700

561,918

Staples, Inc.

25,000

542,500

Tween Brands, Inc. (a)

28,700

545,300

Urban Outfitters, Inc. (a)

4,800

164,400

Williams-Sonoma, Inc. (d)

49,500

1,306,800

8,631,736

Textiles, Apparel & Luxury Goods - 2.8%

American Apparel, Inc. (a)

571,100

4,465,998

Coach, Inc. (a)

20,000

711,400

Deckers Outdoor Corp. (a)

8,300

1,145,981

Geox SpA

10,000

145,214

Lululemon Athletica, Inc.

15,700

486,229

Polo Ralph Lauren Corp. Class A

23,000

1,428,530

Quiksilver, Inc. (a)

18,800

182,924

8,566,276

TOTAL CONSUMER DISCRETIONARY

43,768,216

CONSUMER STAPLES - 3.4%

Beverages - 0.2%

Coca-Cola Femsa SA de CV sponsored ADR

11,200

583,968

Food & Staples Retailing - 1.1%

CVS Caremark Corp.

14,600

589,402

Performance Food Group Co. (a)

3,000

100,380

Safeway, Inc.

25,200

796,320

Sysco Corp.

61,100

1,867,827

3,353,929

Food Products - 1.4%

Campbell Soup Co.

17,300

602,040

Marine Harvest ASA (a)(d)

2,200,000

1,456,582

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

30,300

1,145,037

Pilgrims Pride Corp. Class B

7,000

169,190

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Seaboard Corp.

370

$ 621,600

Wm. Wrigley Jr. Co.

3,000

228,480

4,222,929

Household Products - 0.4%

Energizer Holdings, Inc. (a)

17,300

1,367,738

Personal Products - 0.3%

Avon Products, Inc.

7,300

284,846

Bare Escentuals, Inc. (a)

6,000

136,860

Estee Lauder Companies, Inc. Class A

8,900

405,929

827,635

TOTAL CONSUMER STAPLES

10,356,199

ENERGY - 15.0%

Energy Equipment & Services - 7.3%

Atwood Oceanics, Inc. (a)

21,000

2,114,490

BJ Services Co.

55,200

1,560,504

Cameron International Corp. (a)

36,700

1,806,741

Compagnie Generale de Geophysique SA (a)

1,000

252,648

Diamond Offshore Drilling, Inc.

16,700

2,094,347

Global Industries Ltd. (a)

25,000

399,000

Grey Wolf, Inc. (a)

147,600

925,452

Halliburton Co.

5,000

229,550

Helix Energy Solutions Group, Inc. (a)

9,000

310,950

Hercules Offshore, Inc. (a)

25,000

659,000

Nabors Industries Ltd. (a)

60,000

2,252,400

National Oilwell Varco, Inc. (a)

62,120

4,252,114

North American Energy Partners, Inc. (a)

40,000

647,200

Petroleum Geo-Services ASA

18,800

513,399

Smith International, Inc.

23,900

1,828,589

Subsea 7, Inc. (a)

5,000

131,876

T-3 Energy Services, Inc. (a)

7,000

369,600

Transocean, Inc. (a)

10,961

1,616,309

Weatherford International Ltd. (a)

4,000

322,680

22,286,849

Oil, Gas & Consumable Fuels - 7.7%

Alpha Natural Resources, Inc. (a)

21,500

1,045,975

Arch Coal, Inc.

15,700

900,552

Atlas Energy Resources LLC

1,000

40,170

Boardwalk Pipeline Partners, LP

5,700

144,153

Cameco Corp.

3,000

104,290

Canadian Natural Resources Ltd.

10,100

857,963

Chesapeake Energy Corp.

46,600

2,409,220

Concho Resources, Inc.

1,000

27,570

CONSOL Energy, Inc.

35,300

2,857,888

Copano Energy LLC

4,900

181,692

Denbury Resources, Inc. (a)

60,700

1,854,992

Energy Transfer Equity LP

5,200

178,516

EOG Resources, Inc.

500

65,240

Shares

Value

Foundation Coal Holdings, Inc.

7,000

$ 419,860

Frontier Oil Corp.

23,100

574,035

Holly Corp.

18,601

771,569

Newfield Exploration Co. (a)

2,000

121,520

OAO Gazprom sponsored ADR

8,900

470,810

OPTI Canada, Inc. (a)

78,400

1,659,704

Peabody Energy Corp.

30,000

1,833,900

Petrobank Energy & Resources Ltd. (a)

22,200

1,071,314

Rex Energy Corp.

1,000

21,700

Southwestern Energy Co. (a)

84,200

3,562,502

Tesoro Corp.

22,400

563,136

Valero Energy Corp.

100

4,885

Western Refining, Inc.

44,460

445,045

Williams Companies, Inc.

27,100

962,050

XTO Energy, Inc.

2,000

123,720

23,273,971

TOTAL ENERGY

45,560,820

FINANCIALS - 8.3%

Capital Markets - 1.0%

Franklin Resources, Inc.

14,600

1,389,190

GLG Partners, Inc.

40,000

330,000

Lehman Brothers Holdings, Inc.

11,000

486,640

SEI Investments Co.

31,300

728,351

T. Rowe Price Group, Inc.

2,300

134,688

3,068,869

Commercial Banks - 1.6%

Bank of Yokohama Ltd.

84,000

616,739

Chiba Bank Ltd.

52,000

410,919

Chuo Mitsui Trust Holdings, Inc.

55,000

391,325

Mitsubishi UFJ Financial Group, Inc.

70,000

771,217

Shinsei Bank Ltd.

117,000

514,868

Shizuoka Bank Ltd.

40,000

491,012

Sumitomo Mitsui Financial Group, Inc.

100

860,416

Tokyo Tomin Bank Ltd.

20,600

439,333

UMB Financial Corp.

7,600

377,264

4,873,093

Diversified Financial Services - 2.7%

Bolsa de Mercadorias & Futuros - BM&F SA

35,000

355,854

Bovespa Holding SA

18,000

273,433

CME Group, Inc.

300

137,235

IntercontinentalExchange, Inc. (a)

13,400

2,079,010

KKR Financial Holdings LLC

245,000

3,111,500

MSCI, Inc. Class A

11,800

366,036

NYMEX Holdings, Inc.

16,100

1,490,860

Osaka Securities Exchange Co. Ltd.

64

348,096

8,162,024

Insurance - 1.6%

Allied World Assurance Co. Holdings Ltd.

3,000

123,690

Assurant, Inc.

13,300

864,500

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Axis Capital Holdings Ltd.

5,000

$ 169,550

CNA Financial Corp.

11,480

307,779

CNinsure, Inc. ADR

54,000

758,700

Fidelity National Financial, Inc. Class A

10,000

159,900

LandAmerica Financial Group, Inc. (d)

15,900

456,330

Odontoprev SA

18,000

454,819

Philadelphia Consolidated Holdings Corp. (a)

9,600

354,048

Prudential Financial, Inc.

7,000

529,970

The First American Corp.

18,000

590,400

4,769,686

Real Estate Investment Trusts - 0.8%

Annaly Capital Management, Inc.

54,000

905,040

MFA Mortgage Investments, Inc.

131,300

917,787

SL Green Realty Corp.

5,000

464,000

2,286,827

Thrifts & Mortgage Finance - 0.6%

People's United Financial, Inc.

36,700

622,799

Washington Federal, Inc.

55,900

1,330,979

1,953,778

TOTAL FINANCIALS

25,114,277

HEALTH CARE - 13.3%

Biotechnology - 2.7%

Alexion Pharmaceuticals, Inc. (a)

18,500

1,302,030

Amylin Pharmaceuticals, Inc. (a)

39,607

1,092,361

Biogen Idec, Inc. (a)

11,400

691,866

Cephalon, Inc. (a)

11,300

705,233

CSL Ltd.

10,000

375,319

Genentech, Inc. (a)

8,000

545,600

Gilead Sciences, Inc. (a)

11,362

588,097

GTx, Inc. (a)

28,100

479,105

Indevus Pharmaceuticals, Inc. (a)

225,000

1,082,250

Martek Biosciences (a)

5,000

176,300

Myriad Genetics, Inc. (a)

12,000

498,480

Theravance, Inc. (a)

58,038

724,895

Vertex Pharmaceuticals, Inc. (a)

1,000

25,520

8,287,056

Health Care Equipment & Supplies - 4.0%

Abiomed, Inc. (a)

25,000

364,750

Align Technology, Inc. (a)(d)

216,984

2,664,564

American Medical Systems Holdings, Inc. (a)(d)

70,000

987,000

Conceptus, Inc. (a)

62,500

1,126,250

EnteroMedics, Inc.

24,000

108,720

ev3, Inc. (a)

5,000

41,550

Hill-Rom Holdings, Inc.

25,300

635,789

Insulet Corp.

29,000

530,990

Shares

Value

Intuitive Surgical, Inc. (a)

1,000

$ 289,260

Kinetic Concepts, Inc. (a)

8,000

317,280

Masimo Corp.

20,000

583,000

NxStage Medical, Inc. (a)

57,800

334,084

Orthofix International NV (a)

24,000

738,240

RTI Biologics, Inc. (a)

15,000

152,100

Smith & Nephew PLC sponsored ADR

3,000

194,190

TranS1, Inc. (d)

238,200

3,108,510

12,176,277

Health Care Providers & Services - 2.8%

athenahealth, Inc. (d)

53,200

1,330,000

Brookdale Senior Living, Inc.

26,000

680,680

Coventry Health Care, Inc. (a)

5,500

246,015

Emeritus Corp. (a)

29,000

714,850

Express Scripts, Inc. (a)

18,600

1,302,372

Genoptix, Inc.

43,000

1,179,490

Henry Schein, Inc. (a)

5,473

303,040

Medco Health Solutions, Inc. (a)

18,000

891,720

MWI Veterinary Supply, Inc. (a)

8,000

275,760

Pediatrix Medical Group, Inc. (a)

15,587

1,060,228

Psychiatric Solutions, Inc. (a)(d)

5,900

204,789

Sunrise Senior Living, Inc. (a)

11,000

235,950

8,424,894

Health Care Technology - 0.3%

Allscripts Healthcare Solutions, Inc. (a)

25,000

279,000

MedAssets, Inc.

51,900

779,019

1,058,019

Life Sciences Tools & Services - 1.4%

Bruker BioSciences Corp. (a)

1,600

19,392

Charles River Laboratories International, Inc. (a)

19,700

1,143,585

Covance, Inc. (a)

1,800

150,822

Millipore Corp. (a)

2,000

140,200

PAREXEL International Corp. (a)

20,000

508,000

Pharmaceutical Product Development, Inc.

30,200

1,250,884

QIAGEN NV (a)

35,000

777,350

Varian, Inc. (a)

2,000

101,860

4,092,093

Pharmaceuticals - 2.1%

Allergan, Inc.

49,400

2,784,678

BioForm Medical, Inc. (d)

186,481

947,323

Cardiome Pharma Corp. (a)

75,000

640,453

Perrigo Co.

700

28,693

Renovo Group PLC (a)

342,000

234,594

Teva Pharmaceutical Industries Ltd. sponsored ADR

11,300

528,614

XenoPort, Inc. (a)

24,700

1,056,666

6,221,021

TOTAL HEALTH CARE

40,259,360

Common Stocks - continued

Shares

Value

INDUSTRIALS - 15.2%

Aerospace & Defense - 1.2%

BE Aerospace, Inc. (a)

21,444

$ 865,480

Goodrich Corp.

12,400

845,060

Precision Castparts Corp.

8,000

940,480

Spirit AeroSystems Holdings, Inc.
Class A (a)

36,700

1,070,539

3,721,559

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

6,400

463,424

Airlines - 1.0%

AirTran Holdings, Inc. (a)(d)

60,000

204,600

AMR Corp. (a)

86,000

754,220

Continental Airlines, Inc. Class B (a)

19,600

352,408

Northwest Airlines Corp. (a)

127,700

1,233,582

UAL Corp.

18,000

268,200

US Airways Group, Inc. (a)

38,800

333,292

3,146,302

Building Products - 0.1%

Ameron International Corp.

1,500

148,200

Universal Forest Products, Inc.

6,000

208,260

356,460

Commercial Services & Supplies - 4.7%

Advisory Board Co. (a)

2,600

121,212

American Reprographics Co. (a)

46,200

733,194

Corporate Executive Board Co.

15,400

670,978

Corrections Corp. of America (a)

109,182

2,784,141

Fuel Tech, Inc. (a)(d)

35,600

914,920

GeoEye, Inc. (a)

34,000

783,020

Healthcare Services Group, Inc.

5,000

76,300

Huron Consulting Group, Inc. (a)

22,500

941,850

IHS, Inc. Class A (a)

11,500

759,575

InnerWorkings, Inc. (a)

32,000

430,080

Manpower, Inc.

18,400

1,235,192

Republic Services, Inc.

36,600

1,163,514

The Geo Group, Inc. (a)

64,600

1,708,670

Waste Connections, Inc. (a)

30,600

981,342

Waste Management, Inc.

25,400

916,940

14,220,928

Construction & Engineering - 0.7%

Fluor Corp.

7,500

1,146,525

Grupo Acciona SA

2,000

573,704

Outotec Oyj

3,000

188,222

Quanta Services, Inc. (a)

6,000

159,240

2,067,691

Electrical Equipment - 4.7%

Akeena Solar, Inc. (a)(d)

15,000

96,450

Belden, Inc.

7,000

236,180

Ener1, Inc. (a)

3,000

21,600

Energy Conversion Devices, Inc. (a)(d)

14,220

463,430

Evergreen Solar, Inc. (a)(d)

168,000

1,443,120

Shares

Value

First Solar, Inc. (a)

6,800

$ 1,985,532

GrafTech International Ltd. (a)

15,000

294,750

JA Solar Holdings Co. Ltd. ADR (a)

34,000

816,340

Nexans SA

4,800

639,327

Q-Cells AG (a)

6,000

702,589

Renewable Energy Corp. AS (a)

59,600

2,040,334

SolarWorld AG

14,000

755,541

Sunpower Corp. Class A (a)(d)

25,400

2,216,658

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

50,000

2,236,500

Vestas Wind Systems AS (a)

1,300

142,515

14,090,866

Machinery - 1.5%

AGCO Corp. (a)

20,600

1,238,678

Cummins, Inc.

5,000

313,250

Donaldson Co., Inc.

4,000

174,160

GEA Group AG

16,000

593,218

Ingersoll-Rand Co. Ltd. Class A

18,000

798,840

Robbins & Myers, Inc.

6,000

239,160

Terex Corp. (a)

17,100

1,191,528

4,548,834

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

26,100

886,617

Knight Transportation, Inc.

71,000

1,206,290

Landstar System, Inc.

9,500

493,620

Union Pacific Corp.

1,000

145,190

2,731,717

Trading Companies & Distributors - 0.2%

Genesis Lease Ltd. ADR

31,600

426,600

Watsco, Inc.

3,500

158,795

585,395

TOTAL INDUSTRIALS

45,933,176

INFORMATION TECHNOLOGY - 20.7%

Communications Equipment - 1.2%

Ciena Corp. (a)

15,000

507,150

Cisco Systems, Inc. (a)

13,000

333,320

Corning, Inc.

22,000

587,620

Juniper Networks, Inc. (a)

76,700

2,118,454

Nice Systems Ltd. sponsored ADR (a)

5,000

159,200

3,705,744

Computers & Peripherals - 1.4%

Apple, Inc. (a)

3,000

521,850

High Tech Computer Corp.

6,000

154,693

Intermec, Inc. (a)

10,000

211,200

NCR Corp. (a)

61,600

1,517,208

SanDisk Corp. (a)

23,000

623,070

Western Digital Corp. (a)

36,600

1,061,034

4,089,055

Electronic Equipment & Instruments - 1.4%

Avnet, Inc. (a)

17,300

453,087

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Bell Microproducts, Inc. (a)

64,318

$ 131,852

Diploma PLC

200,000

628,287

Flextronics International Ltd. (a)

76,100

790,679

Ingram Micro, Inc. Class A (a)

30,700

522,207

Itron, Inc. (a)(d)

14,500

1,349,660

Jabil Circuit, Inc.

47,300

514,624

4,390,396

Internet Software & Services - 2.1%

Akamai Technologies, Inc. (a)

16,900

604,513

Art Technology Group, Inc. (a)

120,000

429,600

comScore, Inc.

15,000

283,050

DealerTrack Holdings, Inc. (a)

34,900

671,476

Dice Holdings, Inc.

293,600

2,002,352

Internet Brands, Inc. Class A

30,979

201,673

LoopNet, Inc. (a)

20,000

225,800

Omniture, Inc. (a)

79,700

1,818,754

The Knot, Inc. (a)

2,700

31,698

6,268,916

IT Services - 2.0%

Cognizant Technology Solutions Corp. Class A (a)

57,700

1,860,825

CyberSource Corp. (a)

38,000

689,700

Fiserv, Inc. (a)

10,000

505,500

MasterCard, Inc. Class A

3,800

1,057,008

Online Resources Corp. (a)

89,800

907,878

Visa, Inc.

11,800

984,710

6,005,621

Semiconductors & Semiconductor Equipment - 9.2%

Altera Corp.

98,000

2,085,440

Applied Materials, Inc.

105,000

1,959,300

ARM Holdings PLC sponsored ADR

23,600

140,892

ASML Holding NV (NY Shares)

35,000

992,600

Atheros Communications, Inc. (a)

15,000

399,300

AuthenTec, Inc.

144,800

1,941,768

Broadcom Corp. Class A (a)

66,500

1,726,340

Cavium Networks, Inc.

47,000

965,850

Cymer, Inc. (a)

18,000

467,820

Cypress Semiconductor Corp. (a)

62,200

1,749,064

Eagle Test Systems, Inc. (a)

8,919

107,652

FormFactor, Inc. (a)

21,063

405,884

Himax Technologies, Inc. sponsored ADR

285,100

1,434,053

Hittite Microwave Corp. (a)

5,400

214,380

Intersil Corp. Class A

38,400

1,026,048

Lam Research Corp. (a)

46,500

1,899,060

LDK Solar Co. Ltd. Sponsored ADR (d)

4,800

152,352

Marvell Technology Group Ltd. (a)

38,880

503,496

MEMC Electronic Materials, Inc. (a)

17,500

1,101,975

Microchip Technology, Inc.

31,500

1,157,625

Micron Technology, Inc. (a)

75,000

579,000

Miraial Co. Ltd.

8,700

266,446

Shares

Value

National Semiconductor Corp.

53,000

$ 1,080,670

Skyworks Solutions, Inc. (a)

179,700

1,561,593

Teradyne, Inc. (a)

5,992

79,634

Varian Semiconductor Equipment Associates, Inc. (a)

63,800

2,336,994

Xilinx, Inc.

61,200

1,515,924

27,851,160

Software - 3.4%

Activision, Inc. (a)

30,100

814,205

Adobe Systems, Inc. (a)

8,000

298,320

Citrix Systems, Inc. (a)

22,000

720,500

CompuGROUP Holding AG (a)

33,000

504,860

Concur Technologies, Inc. (a)

41,100

1,362,054

FactSet Research Systems, Inc.

6,000

360,180

Jack Henry & Associates, Inc.

53,300

1,400,724

McAfee, Inc. (a)

19,000

631,750

Nintendo Co. Ltd.

900

494,568

Nuance Communications, Inc. (a)

62,000

1,257,360

Quest Software, Inc. (a)

50,000

666,000

Salesforce.com, Inc. (a)

500

33,365

Shanda Interactive Entertainment Ltd. sponsored ADR (a)

9,900

339,471

SPSS, Inc. (a)

9,000

380,160

THQ, Inc. (a)

18,800

400,064

Voltaire Ltd.

125,000

626,250

10,289,831

TOTAL INFORMATION TECHNOLOGY

62,600,723

MATERIALS - 4.2%

Chemicals - 0.9%

Albemarle Corp.

4,100

153,381

CF Industries Holdings, Inc.

5,000

668,500

Cytec Industries, Inc.

3,000

177,030

Ecolab, Inc.

3,000

137,880

FMC Corp.

300

18,834

Monsanto Co.

4,000

456,080

Potash Corp. of Saskatchewan, Inc.

2,500

459,875

The Mosaic Co. (a)

4,500

551,295

Zoltek Companies, Inc. (a)(d)

5,000

133,350

2,756,225

Construction Materials - 0.5%

Martin Marietta Materials, Inc. (d)

13,800

1,509,444

Containers & Packaging - 0.2%

Smurfit-Stone Container Corp. (a)

39,600

215,028

Temple-Inland, Inc.

39,600

462,132

677,160

Metals & Mining - 2.5%

Agnico-Eagle Mines Ltd.

6,000

376,825

Allegheny Technologies, Inc.

19,542

1,345,076

Aquarius Platinum Ltd. (United Kingdom)

8,000

126,055

Barrick Gold Corp.

13,900

534,276

Century Aluminum Co. (a)

14,000

970,060

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Freeport-McMoRan Copper & Gold, Inc. Class B

2,500

$ 284,375

Newmont Mining Corp.

10,000

442,100

Nucor Corp.

22,200

1,676,100

Randgold Resources Ltd. sponsored ADR

8,800

400,576

RTI International Metals, Inc. (a)

13,140

541,237

Steel Dynamics, Inc.

16,000

557,600

Timminco Ltd. (a)

15,000

290,736

Yamana Gold, Inc.

15,000

192,285

7,737,301

Paper & Forest Products - 0.1%

Glatfelter

12,400

180,916

TOTAL MATERIALS

12,861,046

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.4%

FairPoint Communications, Inc.

120,000

1,105,200

Wireless Telecommunication Services - 1.0%

American Tower Corp. Class A (a)

60,805

2,640,153

China Mobile (Hong Kong) Ltd. sponsored ADR

5,000

431,600

3,071,753

TOTAL TELECOMMUNICATION SERVICES

4,176,953

UTILITIES - 3.5%

Electric Utilities - 1.6%

Allegheny Energy, Inc.

17,600

946,880

E.ON AG

1,500

306,077

Enernoc, Inc. (d)

10,000

154,200

Entergy Corp.

2,500

287,150

PPL Corp.

64,800

3,111,696

4,806,003

Shares

Value

Independent Power Producers & Energy Traders - 1.9%

AES Corp. (a)

69,400

$ 1,204,784

Clipper Windpower PLC (a)

2,500

25,524

Constellation Energy Group, Inc.

37,800

3,199,770

Ormat Technologies, Inc. (d)

14,500

714,850

Reliant Energy, Inc. (a)

25,000

643,500

5,788,428

Multi-Utilities - 0.0%

Wisconsin Energy Corp.

3,000

142,380

TOTAL UTILITIES

10,736,811

TOTAL COMMON STOCKS

(Cost $290,319,235)

301,367,581

Money Market Funds - 5.3%

Fidelity Cash Central Fund, 2.51% (b)

2,943,651

2,943,651

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

13,005,275

13,005,275

TOTAL MONEY MARKET FUNDS

(Cost $15,948,926)

15,948,926

TOTAL INVESTMENT PORTFOLIO - 104.8%

(Cost $306,268,161)

317,316,507

NET OTHER ASSETS - (4.8)%

(14,562,215)

NET ASSETS - 100%

$ 302,754,292

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 12,172

Fidelity Securities Lending Cash Central Fund

68,755

Total

$ 80,927

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 317,316,507

$ 311,307,096

$ 6,009,411

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $307,636,031. Net unrealized appreciation aggregated $9,680,476, of which $34,585,294 related to appreciated investment securities and $24,904,818 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Mid Cap Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

1.847929.101

AMCG-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 14.5%

Auto Components - 0.2%

Tenneco, Inc. (a)

27,000

$ 690,660

Automobiles - 0.4%

Renault SA

11,300

1,165,150

Diversified Consumer Services - 1.6%

American Public Education, Inc.

31,200

1,004,952

Apollo Group, Inc. Class A (non-vtg.) (a)

10,200

519,180

Corinthian Colleges, Inc. (a)

30,000

340,500

DeVry, Inc.

4,000

228,000

Hillenbrand, Inc. (a)

35,300

672,112

Regis Corp.

56,400

1,646,880

Strayer Education, Inc.

2,500

464,225

4,875,849

Hotels, Restaurants & Leisure - 1.5%

Bally Technologies, Inc. (a)

24,200

815,298

Boyd Gaming Corp.

6,400

120,000

Buffalo Wild Wings, Inc. (a)

17,400

535,050

Burger King Holdings, Inc.

28,789

803,213

Gaylord Entertainment Co. (a)

19,700

583,514

Las Vegas Sands Corp. (a)

4,500

342,990

Panera Bread Co. Class A (a)

4,800

250,848

Papa John's International, Inc. (a)

20,100

542,700

Peet's Coffee & Tea, Inc. (a)

7,000

162,610

Starwood Hotels & Resorts Worldwide, Inc.

5,400

281,934

Texas Roadhouse, Inc. Class A (a)

14,500

171,100

4,609,257

Household Durables - 2.2%

Centex Corp. (d)

135,700

2,825,274

KB Home

40,100

902,250

Lennar Corp. Class A

25,100

462,342

M/I Homes, Inc.

10,000

171,500

Newell Rubbermaid, Inc.

15,100

310,003

Pulte Homes, Inc.

86,500

1,127,960

Ryland Group, Inc.

5,000

159,900

Whirlpool Corp.

7,200

524,016

6,483,245

Internet & Catalog Retail - 0.3%

Blue Nile, Inc. (a)

6,400

317,888

Priceline.com, Inc. (a)

4,599

587,016

904,904

Leisure Equipment & Products - 0.4%

Hasbro, Inc.

400

14,224

Leapfrog Enterprises, Inc. Class A (a)

96,300

800,253

Nikon Corp.

14,000

404,472

1,218,949

Media - 2.2%

Cablevision Systems Corp. - NY Group Class A (a)(d)

30,300

696,900

DISH Network Corp. Class A (a)

13,057

389,621

Shares

Value

E.W. Scripps Co. Class A

36,000

$ 1,616,760

Grupo Televisa SA de CV (CPO) sponsored ADR

37,000

913,160

Regal Entertainment Group Class A

67,100

1,272,216

SR Teleperformance SA

34,300

1,418,962

The Walt Disney Co.

9,700

314,571

6,622,190

Specialty Retail - 2.9%

Asbury Automotive Group, Inc.

13,100

218,115

AutoZone, Inc. (a)

8,800

1,062,600

bebe Stores, Inc.

50,000

499,500

Gamestop Corp. Class A (a)

400

22,016

Group 1 Automotive, Inc.

8,700

232,116

Home Depot, Inc.

9,700

279,360

Limited Brands, Inc.

50,000

926,000

Lumber Liquidators, Inc.

20,700

259,578

Monro Muffler Brake, Inc.

9,700

160,050

OfficeMax, Inc.

34,800

635,796

Ross Stores, Inc.

36,300

1,215,687

Stage Stores, Inc.

35,700

561,918

Staples, Inc.

25,000

542,500

Tween Brands, Inc. (a)

28,700

545,300

Urban Outfitters, Inc. (a)

4,800

164,400

Williams-Sonoma, Inc. (d)

49,500

1,306,800

8,631,736

Textiles, Apparel & Luxury Goods - 2.8%

American Apparel, Inc. (a)

571,100

4,465,998

Coach, Inc. (a)

20,000

711,400

Deckers Outdoor Corp. (a)

8,300

1,145,981

Geox SpA

10,000

145,214

Lululemon Athletica, Inc.

15,700

486,229

Polo Ralph Lauren Corp. Class A

23,000

1,428,530

Quiksilver, Inc. (a)

18,800

182,924

8,566,276

TOTAL CONSUMER DISCRETIONARY

43,768,216

CONSUMER STAPLES - 3.4%

Beverages - 0.2%

Coca-Cola Femsa SA de CV sponsored ADR

11,200

583,968

Food & Staples Retailing - 1.1%

CVS Caremark Corp.

14,600

589,402

Performance Food Group Co. (a)

3,000

100,380

Safeway, Inc.

25,200

796,320

Sysco Corp.

61,100

1,867,827

3,353,929

Food Products - 1.4%

Campbell Soup Co.

17,300

602,040

Marine Harvest ASA (a)(d)

2,200,000

1,456,582

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

30,300

1,145,037

Pilgrims Pride Corp. Class B

7,000

169,190

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food Products - continued

Seaboard Corp.

370

$ 621,600

Wm. Wrigley Jr. Co.

3,000

228,480

4,222,929

Household Products - 0.4%

Energizer Holdings, Inc. (a)

17,300

1,367,738

Personal Products - 0.3%

Avon Products, Inc.

7,300

284,846

Bare Escentuals, Inc. (a)

6,000

136,860

Estee Lauder Companies, Inc. Class A

8,900

405,929

827,635

TOTAL CONSUMER STAPLES

10,356,199

ENERGY - 15.0%

Energy Equipment & Services - 7.3%

Atwood Oceanics, Inc. (a)

21,000

2,114,490

BJ Services Co.

55,200

1,560,504

Cameron International Corp. (a)

36,700

1,806,741

Compagnie Generale de Geophysique SA (a)

1,000

252,648

Diamond Offshore Drilling, Inc.

16,700

2,094,347

Global Industries Ltd. (a)

25,000

399,000

Grey Wolf, Inc. (a)

147,600

925,452

Halliburton Co.

5,000

229,550

Helix Energy Solutions Group, Inc. (a)

9,000

310,950

Hercules Offshore, Inc. (a)

25,000

659,000

Nabors Industries Ltd. (a)

60,000

2,252,400

National Oilwell Varco, Inc. (a)

62,120

4,252,114

North American Energy Partners, Inc. (a)

40,000

647,200

Petroleum Geo-Services ASA

18,800

513,399

Smith International, Inc.

23,900

1,828,589

Subsea 7, Inc. (a)

5,000

131,876

T-3 Energy Services, Inc. (a)

7,000

369,600

Transocean, Inc. (a)

10,961

1,616,309

Weatherford International Ltd. (a)

4,000

322,680

22,286,849

Oil, Gas & Consumable Fuels - 7.7%

Alpha Natural Resources, Inc. (a)

21,500

1,045,975

Arch Coal, Inc.

15,700

900,552

Atlas Energy Resources LLC

1,000

40,170

Boardwalk Pipeline Partners, LP

5,700

144,153

Cameco Corp.

3,000

104,290

Canadian Natural Resources Ltd.

10,100

857,963

Chesapeake Energy Corp.

46,600

2,409,220

Concho Resources, Inc.

1,000

27,570

CONSOL Energy, Inc.

35,300

2,857,888

Copano Energy LLC

4,900

181,692

Denbury Resources, Inc. (a)

60,700

1,854,992

Energy Transfer Equity LP

5,200

178,516

EOG Resources, Inc.

500

65,240

Shares

Value

Foundation Coal Holdings, Inc.

7,000

$ 419,860

Frontier Oil Corp.

23,100

574,035

Holly Corp.

18,601

771,569

Newfield Exploration Co. (a)

2,000

121,520

OAO Gazprom sponsored ADR

8,900

470,810

OPTI Canada, Inc. (a)

78,400

1,659,704

Peabody Energy Corp.

30,000

1,833,900

Petrobank Energy & Resources Ltd. (a)

22,200

1,071,314

Rex Energy Corp.

1,000

21,700

Southwestern Energy Co. (a)

84,200

3,562,502

Tesoro Corp.

22,400

563,136

Valero Energy Corp.

100

4,885

Western Refining, Inc.

44,460

445,045

Williams Companies, Inc.

27,100

962,050

XTO Energy, Inc.

2,000

123,720

23,273,971

TOTAL ENERGY

45,560,820

FINANCIALS - 8.3%

Capital Markets - 1.0%

Franklin Resources, Inc.

14,600

1,389,190

GLG Partners, Inc.

40,000

330,000

Lehman Brothers Holdings, Inc.

11,000

486,640

SEI Investments Co.

31,300

728,351

T. Rowe Price Group, Inc.

2,300

134,688

3,068,869

Commercial Banks - 1.6%

Bank of Yokohama Ltd.

84,000

616,739

Chiba Bank Ltd.

52,000

410,919

Chuo Mitsui Trust Holdings, Inc.

55,000

391,325

Mitsubishi UFJ Financial Group, Inc.

70,000

771,217

Shinsei Bank Ltd.

117,000

514,868

Shizuoka Bank Ltd.

40,000

491,012

Sumitomo Mitsui Financial Group, Inc.

100

860,416

Tokyo Tomin Bank Ltd.

20,600

439,333

UMB Financial Corp.

7,600

377,264

4,873,093

Diversified Financial Services - 2.7%

Bolsa de Mercadorias & Futuros - BM&F SA

35,000

355,854

Bovespa Holding SA

18,000

273,433

CME Group, Inc.

300

137,235

IntercontinentalExchange, Inc. (a)

13,400

2,079,010

KKR Financial Holdings LLC

245,000

3,111,500

MSCI, Inc. Class A

11,800

366,036

NYMEX Holdings, Inc.

16,100

1,490,860

Osaka Securities Exchange Co. Ltd.

64

348,096

8,162,024

Insurance - 1.6%

Allied World Assurance Co. Holdings Ltd.

3,000

123,690

Assurant, Inc.

13,300

864,500

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - continued

Axis Capital Holdings Ltd.

5,000

$ 169,550

CNA Financial Corp.

11,480

307,779

CNinsure, Inc. ADR

54,000

758,700

Fidelity National Financial, Inc. Class A

10,000

159,900

LandAmerica Financial Group, Inc. (d)

15,900

456,330

Odontoprev SA

18,000

454,819

Philadelphia Consolidated Holdings Corp. (a)

9,600

354,048

Prudential Financial, Inc.

7,000

529,970

The First American Corp.

18,000

590,400

4,769,686

Real Estate Investment Trusts - 0.8%

Annaly Capital Management, Inc.

54,000

905,040

MFA Mortgage Investments, Inc.

131,300

917,787

SL Green Realty Corp.

5,000

464,000

2,286,827

Thrifts & Mortgage Finance - 0.6%

People's United Financial, Inc.

36,700

622,799

Washington Federal, Inc.

55,900

1,330,979

1,953,778

TOTAL FINANCIALS

25,114,277

HEALTH CARE - 13.3%

Biotechnology - 2.7%

Alexion Pharmaceuticals, Inc. (a)

18,500

1,302,030

Amylin Pharmaceuticals, Inc. (a)

39,607

1,092,361

Biogen Idec, Inc. (a)

11,400

691,866

Cephalon, Inc. (a)

11,300

705,233

CSL Ltd.

10,000

375,319

Genentech, Inc. (a)

8,000

545,600

Gilead Sciences, Inc. (a)

11,362

588,097

GTx, Inc. (a)

28,100

479,105

Indevus Pharmaceuticals, Inc. (a)

225,000

1,082,250

Martek Biosciences (a)

5,000

176,300

Myriad Genetics, Inc. (a)

12,000

498,480

Theravance, Inc. (a)

58,038

724,895

Vertex Pharmaceuticals, Inc. (a)

1,000

25,520

8,287,056

Health Care Equipment & Supplies - 4.0%

Abiomed, Inc. (a)

25,000

364,750

Align Technology, Inc. (a)(d)

216,984

2,664,564

American Medical Systems Holdings, Inc. (a)(d)

70,000

987,000

Conceptus, Inc. (a)

62,500

1,126,250

EnteroMedics, Inc.

24,000

108,720

ev3, Inc. (a)

5,000

41,550

Hill-Rom Holdings, Inc.

25,300

635,789

Insulet Corp.

29,000

530,990

Shares

Value

Intuitive Surgical, Inc. (a)

1,000

$ 289,260

Kinetic Concepts, Inc. (a)

8,000

317,280

Masimo Corp.

20,000

583,000

NxStage Medical, Inc. (a)

57,800

334,084

Orthofix International NV (a)

24,000

738,240

RTI Biologics, Inc. (a)

15,000

152,100

Smith & Nephew PLC sponsored ADR

3,000

194,190

TranS1, Inc. (d)

238,200

3,108,510

12,176,277

Health Care Providers & Services - 2.8%

athenahealth, Inc. (d)

53,200

1,330,000

Brookdale Senior Living, Inc.

26,000

680,680

Coventry Health Care, Inc. (a)

5,500

246,015

Emeritus Corp. (a)

29,000

714,850

Express Scripts, Inc. (a)

18,600

1,302,372

Genoptix, Inc.

43,000

1,179,490

Henry Schein, Inc. (a)

5,473

303,040

Medco Health Solutions, Inc. (a)

18,000

891,720

MWI Veterinary Supply, Inc. (a)

8,000

275,760

Pediatrix Medical Group, Inc. (a)

15,587

1,060,228

Psychiatric Solutions, Inc. (a)(d)

5,900

204,789

Sunrise Senior Living, Inc. (a)

11,000

235,950

8,424,894

Health Care Technology - 0.3%

Allscripts Healthcare Solutions, Inc. (a)

25,000

279,000

MedAssets, Inc.

51,900

779,019

1,058,019

Life Sciences Tools & Services - 1.4%

Bruker BioSciences Corp. (a)

1,600

19,392

Charles River Laboratories International, Inc. (a)

19,700

1,143,585

Covance, Inc. (a)

1,800

150,822

Millipore Corp. (a)

2,000

140,200

PAREXEL International Corp. (a)

20,000

508,000

Pharmaceutical Product Development, Inc.

30,200

1,250,884

QIAGEN NV (a)

35,000

777,350

Varian, Inc. (a)

2,000

101,860

4,092,093

Pharmaceuticals - 2.1%

Allergan, Inc.

49,400

2,784,678

BioForm Medical, Inc. (d)

186,481

947,323

Cardiome Pharma Corp. (a)

75,000

640,453

Perrigo Co.

700

28,693

Renovo Group PLC (a)

342,000

234,594

Teva Pharmaceutical Industries Ltd. sponsored ADR

11,300

528,614

XenoPort, Inc. (a)

24,700

1,056,666

6,221,021

TOTAL HEALTH CARE

40,259,360

Common Stocks - continued

Shares

Value

INDUSTRIALS - 15.2%

Aerospace & Defense - 1.2%

BE Aerospace, Inc. (a)

21,444

$ 865,480

Goodrich Corp.

12,400

845,060

Precision Castparts Corp.

8,000

940,480

Spirit AeroSystems Holdings, Inc.
Class A (a)

36,700

1,070,539

3,721,559

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

6,400

463,424

Airlines - 1.0%

AirTran Holdings, Inc. (a)(d)

60,000

204,600

AMR Corp. (a)

86,000

754,220

Continental Airlines, Inc. Class B (a)

19,600

352,408

Northwest Airlines Corp. (a)

127,700

1,233,582

UAL Corp.

18,000

268,200

US Airways Group, Inc. (a)

38,800

333,292

3,146,302

Building Products - 0.1%

Ameron International Corp.

1,500

148,200

Universal Forest Products, Inc.

6,000

208,260

356,460

Commercial Services & Supplies - 4.7%

Advisory Board Co. (a)

2,600

121,212

American Reprographics Co. (a)

46,200

733,194

Corporate Executive Board Co.

15,400

670,978

Corrections Corp. of America (a)

109,182

2,784,141

Fuel Tech, Inc. (a)(d)

35,600

914,920

GeoEye, Inc. (a)

34,000

783,020

Healthcare Services Group, Inc.

5,000

76,300

Huron Consulting Group, Inc. (a)

22,500

941,850

IHS, Inc. Class A (a)

11,500

759,575

InnerWorkings, Inc. (a)

32,000

430,080

Manpower, Inc.

18,400

1,235,192

Republic Services, Inc.

36,600

1,163,514

The Geo Group, Inc. (a)

64,600

1,708,670

Waste Connections, Inc. (a)

30,600

981,342

Waste Management, Inc.

25,400

916,940

14,220,928

Construction & Engineering - 0.7%

Fluor Corp.

7,500

1,146,525

Grupo Acciona SA

2,000

573,704

Outotec Oyj

3,000

188,222

Quanta Services, Inc. (a)

6,000

159,240

2,067,691

Electrical Equipment - 4.7%

Akeena Solar, Inc. (a)(d)

15,000

96,450

Belden, Inc.

7,000

236,180

Ener1, Inc. (a)

3,000

21,600

Energy Conversion Devices, Inc. (a)(d)

14,220

463,430

Evergreen Solar, Inc. (a)(d)

168,000

1,443,120

Shares

Value

First Solar, Inc. (a)

6,800

$ 1,985,532

GrafTech International Ltd. (a)

15,000

294,750

JA Solar Holdings Co. Ltd. ADR (a)

34,000

816,340

Nexans SA

4,800

639,327

Q-Cells AG (a)

6,000

702,589

Renewable Energy Corp. AS (a)

59,600

2,040,334

SolarWorld AG

14,000

755,541

Sunpower Corp. Class A (a)(d)

25,400

2,216,658

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)

50,000

2,236,500

Vestas Wind Systems AS (a)

1,300

142,515

14,090,866

Machinery - 1.5%

AGCO Corp. (a)

20,600

1,238,678

Cummins, Inc.

5,000

313,250

Donaldson Co., Inc.

4,000

174,160

GEA Group AG

16,000

593,218

Ingersoll-Rand Co. Ltd. Class A

18,000

798,840

Robbins & Myers, Inc.

6,000

239,160

Terex Corp. (a)

17,100

1,191,528

4,548,834

Road & Rail - 0.9%

J.B. Hunt Transport Services, Inc.

26,100

886,617

Knight Transportation, Inc.

71,000

1,206,290

Landstar System, Inc.

9,500

493,620

Union Pacific Corp.

1,000

145,190

2,731,717

Trading Companies & Distributors - 0.2%

Genesis Lease Ltd. ADR

31,600

426,600

Watsco, Inc.

3,500

158,795

585,395

TOTAL INDUSTRIALS

45,933,176

INFORMATION TECHNOLOGY - 20.7%

Communications Equipment - 1.2%

Ciena Corp. (a)

15,000

507,150

Cisco Systems, Inc. (a)

13,000

333,320

Corning, Inc.

22,000

587,620

Juniper Networks, Inc. (a)

76,700

2,118,454

Nice Systems Ltd. sponsored ADR (a)

5,000

159,200

3,705,744

Computers & Peripherals - 1.4%

Apple, Inc. (a)

3,000

521,850

High Tech Computer Corp.

6,000

154,693

Intermec, Inc. (a)

10,000

211,200

NCR Corp. (a)

61,600

1,517,208

SanDisk Corp. (a)

23,000

623,070

Western Digital Corp. (a)

36,600

1,061,034

4,089,055

Electronic Equipment & Instruments - 1.4%

Avnet, Inc. (a)

17,300

453,087

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Bell Microproducts, Inc. (a)

64,318

$ 131,852

Diploma PLC

200,000

628,287

Flextronics International Ltd. (a)

76,100

790,679

Ingram Micro, Inc. Class A (a)

30,700

522,207

Itron, Inc. (a)(d)

14,500

1,349,660

Jabil Circuit, Inc.

47,300

514,624

4,390,396

Internet Software & Services - 2.1%

Akamai Technologies, Inc. (a)

16,900

604,513

Art Technology Group, Inc. (a)

120,000

429,600

comScore, Inc.

15,000

283,050

DealerTrack Holdings, Inc. (a)

34,900

671,476

Dice Holdings, Inc.

293,600

2,002,352

Internet Brands, Inc. Class A

30,979

201,673

LoopNet, Inc. (a)

20,000

225,800

Omniture, Inc. (a)

79,700

1,818,754

The Knot, Inc. (a)

2,700

31,698

6,268,916

IT Services - 2.0%

Cognizant Technology Solutions Corp. Class A (a)

57,700

1,860,825

CyberSource Corp. (a)

38,000

689,700

Fiserv, Inc. (a)

10,000

505,500

MasterCard, Inc. Class A

3,800

1,057,008

Online Resources Corp. (a)

89,800

907,878

Visa, Inc.

11,800

984,710

6,005,621

Semiconductors & Semiconductor Equipment - 9.2%

Altera Corp.

98,000

2,085,440

Applied Materials, Inc.

105,000

1,959,300

ARM Holdings PLC sponsored ADR

23,600

140,892

ASML Holding NV (NY Shares)

35,000

992,600

Atheros Communications, Inc. (a)

15,000

399,300

AuthenTec, Inc.

144,800

1,941,768

Broadcom Corp. Class A (a)

66,500

1,726,340

Cavium Networks, Inc.

47,000

965,850

Cymer, Inc. (a)

18,000

467,820

Cypress Semiconductor Corp. (a)

62,200

1,749,064

Eagle Test Systems, Inc. (a)

8,919

107,652

FormFactor, Inc. (a)

21,063

405,884

Himax Technologies, Inc. sponsored ADR

285,100

1,434,053

Hittite Microwave Corp. (a)

5,400

214,380

Intersil Corp. Class A

38,400

1,026,048

Lam Research Corp. (a)

46,500

1,899,060

LDK Solar Co. Ltd. Sponsored ADR (d)

4,800

152,352

Marvell Technology Group Ltd. (a)

38,880

503,496

MEMC Electronic Materials, Inc. (a)

17,500

1,101,975

Microchip Technology, Inc.

31,500

1,157,625

Micron Technology, Inc. (a)

75,000

579,000

Miraial Co. Ltd.

8,700

266,446

Shares

Value

National Semiconductor Corp.

53,000

$ 1,080,670

Skyworks Solutions, Inc. (a)

179,700

1,561,593

Teradyne, Inc. (a)

5,992

79,634

Varian Semiconductor Equipment Associates, Inc. (a)

63,800

2,336,994

Xilinx, Inc.

61,200

1,515,924

27,851,160

Software - 3.4%

Activision, Inc. (a)

30,100

814,205

Adobe Systems, Inc. (a)

8,000

298,320

Citrix Systems, Inc. (a)

22,000

720,500

CompuGROUP Holding AG (a)

33,000

504,860

Concur Technologies, Inc. (a)

41,100

1,362,054

FactSet Research Systems, Inc.

6,000

360,180

Jack Henry & Associates, Inc.

53,300

1,400,724

McAfee, Inc. (a)

19,000

631,750

Nintendo Co. Ltd.

900

494,568

Nuance Communications, Inc. (a)

62,000

1,257,360

Quest Software, Inc. (a)

50,000

666,000

Salesforce.com, Inc. (a)

500

33,365

Shanda Interactive Entertainment Ltd. sponsored ADR (a)

9,900

339,471

SPSS, Inc. (a)

9,000

380,160

THQ, Inc. (a)

18,800

400,064

Voltaire Ltd.

125,000

626,250

10,289,831

TOTAL INFORMATION TECHNOLOGY

62,600,723

MATERIALS - 4.2%

Chemicals - 0.9%

Albemarle Corp.

4,100

153,381

CF Industries Holdings, Inc.

5,000

668,500

Cytec Industries, Inc.

3,000

177,030

Ecolab, Inc.

3,000

137,880

FMC Corp.

300

18,834

Monsanto Co.

4,000

456,080

Potash Corp. of Saskatchewan, Inc.

2,500

459,875

The Mosaic Co. (a)

4,500

551,295

Zoltek Companies, Inc. (a)(d)

5,000

133,350

2,756,225

Construction Materials - 0.5%

Martin Marietta Materials, Inc. (d)

13,800

1,509,444

Containers & Packaging - 0.2%

Smurfit-Stone Container Corp. (a)

39,600

215,028

Temple-Inland, Inc.

39,600

462,132

677,160

Metals & Mining - 2.5%

Agnico-Eagle Mines Ltd.

6,000

376,825

Allegheny Technologies, Inc.

19,542

1,345,076

Aquarius Platinum Ltd. (United Kingdom)

8,000

126,055

Barrick Gold Corp.

13,900

534,276

Century Aluminum Co. (a)

14,000

970,060

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Freeport-McMoRan Copper & Gold, Inc. Class B

2,500

$ 284,375

Newmont Mining Corp.

10,000

442,100

Nucor Corp.

22,200

1,676,100

Randgold Resources Ltd. sponsored ADR

8,800

400,576

RTI International Metals, Inc. (a)

13,140

541,237

Steel Dynamics, Inc.

16,000

557,600

Timminco Ltd. (a)

15,000

290,736

Yamana Gold, Inc.

15,000

192,285

7,737,301

Paper & Forest Products - 0.1%

Glatfelter

12,400

180,916

TOTAL MATERIALS

12,861,046

TELECOMMUNICATION SERVICES - 1.4%

Diversified Telecommunication Services - 0.4%

FairPoint Communications, Inc.

120,000

1,105,200

Wireless Telecommunication Services - 1.0%

American Tower Corp. Class A (a)

60,805

2,640,153

China Mobile (Hong Kong) Ltd. sponsored ADR

5,000

431,600

3,071,753

TOTAL TELECOMMUNICATION SERVICES

4,176,953

UTILITIES - 3.5%

Electric Utilities - 1.6%

Allegheny Energy, Inc.

17,600

946,880

E.ON AG

1,500

306,077

Enernoc, Inc. (d)

10,000

154,200

Entergy Corp.

2,500

287,150

PPL Corp.

64,800

3,111,696

4,806,003

Shares

Value

Independent Power Producers & Energy Traders - 1.9%

AES Corp. (a)

69,400

$ 1,204,784

Clipper Windpower PLC (a)

2,500

25,524

Constellation Energy Group, Inc.

37,800

3,199,770

Ormat Technologies, Inc. (d)

14,500

714,850

Reliant Energy, Inc. (a)

25,000

643,500

5,788,428

Multi-Utilities - 0.0%

Wisconsin Energy Corp.

3,000

142,380

TOTAL UTILITIES

10,736,811

TOTAL COMMON STOCKS

(Cost $290,319,235)

301,367,581

Money Market Funds - 5.3%

Fidelity Cash Central Fund, 2.51% (b)

2,943,651

2,943,651

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

13,005,275

13,005,275

TOTAL MONEY MARKET FUNDS

(Cost $15,948,926)

15,948,926

TOTAL INVESTMENT PORTFOLIO - 104.8%

(Cost $306,268,161)

317,316,507

NET OTHER ASSETS - (4.8)%

(14,562,215)

NET ASSETS - 100%

$ 302,754,292

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 12,172

Fidelity Securities Lending Cash Central Fund

68,755

Total

$ 80,927

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 317,316,507

$ 311,307,096

$ 6,009,411

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $307,636,031. Net unrealized appreciation aggregated $9,680,476, of which $34,585,294 related to appreciated investment securities and $24,904,818 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Value Fund

April 30, 2008

1.800359.104

MCV-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 12.3%

Auto Components - 0.5%

The Goodyear Tire & Rubber Co. (a)

135,700

$ 3,634,046

Hotels, Restaurants & Leisure - 0.5%

Burger King Holdings, Inc.

131,400

3,666,060

Household Durables - 2.7%

NVR, Inc. (a)

12,500

7,668,750

Snap-On, Inc.

85,700

5,082,867

Whirlpool Corp. (d)

91,800

6,681,204

19,432,821

Media - 3.4%

DreamWorks Animation SKG, Inc.
Class A (a)

210,700

5,891,172

E.W. Scripps Co. Class A

122,600

5,505,966

Liberty Media Corp. - Entertainment Class A (a)

510,600

13,250,070

24,647,208

Multiline Retail - 0.5%

Big Lots, Inc. (a)(d)

139,000

3,757,170

Specialty Retail - 1.4%

AnnTaylor Stores Corp. (a)

144,600

3,658,380

OfficeMax, Inc.

373,700

6,827,499

10,485,879

Textiles, Apparel & Luxury Goods - 3.3%

Hanesbrands, Inc. (a)

214,700

7,518,794

Jones Apparel Group, Inc. (d)

532,500

8,429,475

VF Corp.

106,800

7,943,784

23,892,053

TOTAL CONSUMER DISCRETIONARY

89,515,237

CONSUMER STAPLES - 7.2%

Beverages - 3.0%

Constellation Brands, Inc. Class A
(sub. vtg.) (a)

518,200

9,514,152

Molson Coors Brewing Co. Class B

182,300

9,997,332

PepsiAmericas, Inc.

97,444

2,504,311

22,015,795

Food & Staples Retailing - 2.4%

BJ's Wholesale Club, Inc. (a)(d)

129,700

4,944,164

SUPERVALU, Inc.

372,000

12,313,200

17,257,364

Food Products - 1.8%

Del Monte Foods Co.

880,400

7,941,208

Tyson Foods, Inc. Class A

317,600

5,653,280

13,594,488

TOTAL CONSUMER STAPLES

52,867,647

Shares

Value

ENERGY - 9.8%

Energy Equipment & Services - 5.4%

ENSCO International, Inc.

111,800

$ 7,125,014

Helmerich & Payne, Inc.

178,100

9,572,875

Nabors Industries Ltd. (a)

152,100

5,709,834

National Oilwell Varco, Inc. (a)

99,000

6,776,550

Patterson-UTI Energy, Inc. (d)

203,100

5,674,614

Rowan Companies, Inc.

124,900

4,869,851

39,728,738

Oil, Gas & Consumable Fuels - 4.4%

Hess Corp.

178,400

18,946,079

Massey Energy Co.

76,300

3,992,779

Sunoco, Inc.

132,000

6,126,120

Tesoro Corp.

119,400

3,001,716

32,066,694

TOTAL ENERGY

71,795,432

FINANCIALS - 27.7%

Capital Markets - 1.2%

Invesco Ltd.

339,400

8,705,610

Commercial Banks - 4.1%

Associated Banc-Corp.

190,400

5,382,608

BOK Financial Corp.

42,095

2,403,625

Cullen/Frost Bankers, Inc.

134,800

7,524,536

Huntington Bancshares, Inc.

376,700

3,537,213

Synovus Financial Corp.

388,500

4,599,840

Zions Bancorp (d)

134,100

6,215,535

29,663,357

Insurance - 12.3%

Allied World Assurance Co. Holdings Ltd.

200,200

8,254,246

American Financial Group, Inc.

181,900

4,987,698

Assurant, Inc.

196,400

12,766,000

Axis Capital Holdings Ltd.

170,900

5,795,219

CNA Financial Corp.

151,100

4,050,991

Endurance Specialty Holdings Ltd.

271,000

10,062,230

Everest Re Group Ltd.

103,700

9,369,295

HCC Insurance Holdings, Inc.

344,700

8,507,196

PartnerRe Ltd.

91,400

6,761,772

Philadelphia Consolidated Holdings Corp. (a)

120,700

4,451,416

RenaissanceRe Holdings Ltd.

197,800

10,174,832

W.R. Berkley Corp.

179,300

4,606,217

89,787,112

Real Estate Investment Trusts - 7.4%

Annaly Capital Management, Inc.

741,400

12,425,864

Boston Properties, Inc.

63,100

6,340,919

Douglas Emmett, Inc.

202,000

4,799,520

General Growth Properties, Inc.

133,500

5,468,160

ProLogis Trust

102,400

6,411,264

Public Storage

126,900

11,509,830

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

SL Green Realty Corp.

46,900

$ 4,352,320

Taubman Centers, Inc.

43,500

2,465,145

53,773,022

Real Estate Management & Development - 0.5%

Forestar Real Estate Group, Inc. (a)

164,500

4,096,050

Thrifts & Mortgage Finance - 2.2%

Astoria Financial Corp.

225,400

5,341,980

People's United Financial, Inc.

253,200

4,296,804

Washington Federal, Inc.

262,400

6,247,744

15,886,528

TOTAL FINANCIALS

201,911,679

HEALTH CARE - 2.6%

Health Care Equipment & Supplies - 0.4%

Kinetic Concepts, Inc. (a)

77,600

3,077,616

Health Care Providers & Services - 0.7%

Humana, Inc. (a)

39,800

1,902,042

LifePoint Hospitals, Inc. (a)

89,500

2,695,740

4,597,782

Life Sciences Tools & Services - 1.5%

Charles River Laboratories International, Inc. (a)

52,100

3,024,405

Invitrogen Corp. (a)

44,900

4,201,293

Thermo Fisher Scientific, Inc. (a)

66,300

3,836,781

11,062,479

TOTAL HEALTH CARE

18,737,877

INDUSTRIALS - 11.0%

Aerospace & Defense - 1.3%

L-3 Communications Holdings, Inc.

85,600

9,540,120

Building Products - 2.7%

Armstrong World Industries, Inc.

159,500

5,676,605

Lennox International, Inc.

236,800

7,847,552

Owens Corning (a)

292,800

6,181,008

19,705,165

Commercial Services & Supplies - 1.9%

Allied Waste Industries, Inc. (a)

573,800

7,092,168

R.R. Donnelley & Sons Co.

218,900

6,707,096

13,799,264

Machinery - 3.8%

AGCO Corp. (a)

112,800

6,782,664

Flowserve Corp.

67,800

8,413,302

Ingersoll-Rand Co. Ltd. Class A

281,300

12,484,094

27,680,060

Shares

Value

Road & Rail - 1.3%

Ryder System, Inc.

140,300

$ 9,606,341

TOTAL INDUSTRIALS

80,330,950

INFORMATION TECHNOLOGY - 6.6%

Computers & Peripherals - 2.6%

NCR Corp. (a)

375,700

9,253,491

Western Digital Corp. (a)(d)

325,500

9,436,245

18,689,736

Electronic Equipment & Instruments - 0.3%

Sanmina-SCI Corp. (a)

1,389,600

2,153,880

IT Services - 0.7%

Affiliated Computer Services, Inc.
Class A (a)

95,900

5,079,823

Office Electronics - 1.3%

Xerox Corp.

669,700

9,355,709

Semiconductors & Semiconductor Equipment - 0.5%

Lam Research Corp. (a)

85,200

3,479,568

Software - 1.2%

Activision, Inc. (a)

133,200

3,603,060

Sybase, Inc. (a)

187,100

5,504,482

9,107,542

TOTAL INFORMATION TECHNOLOGY

47,866,258

MATERIALS - 7.5%

Chemicals - 3.3%

Celanese Corp. Class A

107,800

4,824,050

CF Industries Holdings, Inc.

48,600

6,497,820

Chemtura Corp.

649,300

4,493,156

The Mosaic Co. (a)

70,000

8,575,700

24,390,726

Containers & Packaging - 1.5%

Rock-Tenn Co. Class A

112,462

3,815,836

Smurfit-Stone Container Corp. (a)

1,239,100

6,728,313

10,544,149

Metals & Mining - 2.7%

Cleveland-Cliffs, Inc. (d)

37,900

6,079,160

United States Steel Corp.

87,100

13,409,045

19,488,205

TOTAL MATERIALS

54,423,080

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

CenturyTel, Inc.

79,600

2,583,020

Qwest Communications International, Inc.

699,700

3,610,452

6,193,472

Common Stocks - continued

Shares

Value

UTILITIES - 14.0%

Electric Utilities - 4.2%

Allegheny Energy, Inc.

105,100

$ 5,654,380

Edison International

319,800

16,683,966

PPL Corp. (d)

163,500

7,851,270

30,189,616

Gas Utilities - 3.6%

Energen Corp.

184,500

12,590,280

Questar Corp.

223,100

13,838,893

26,429,173

Independent Power Producers & Energy Traders - 2.8%

Constellation Energy Group, Inc.

95,900

8,117,935

Mirant Corp. (a)

305,400

12,554,994

20,672,929

Multi-Utilities - 3.4%

MDU Resources Group, Inc.

218,600

6,310,982

OGE Energy Corp.

375,300

12,268,557

Wisconsin Energy Corp.

131,700

6,250,482

24,830,021

TOTAL UTILITIES

102,121,739

TOTAL COMMON STOCKS

(Cost $691,388,456)

725,763,371

Money Market Funds - 6.2%

Shares

Value

Fidelity Cash Central Fund, 2.51% (b)

5,717,588

$ 5,717,588

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

39,821,250

39,821,250

TOTAL MONEY MARKET FUNDS

(Cost $45,538,838)

45,538,838

TOTAL INVESTMENT PORTFOLIO - 105.7%

(Cost $736,927,294)

771,302,209

NET OTHER ASSETS - (5.7)%

(41,817,014)

NET ASSETS - 100%

$ 729,485,195

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 35,553

Fidelity Securities Lending Cash Central Fund

93,488

Total

$ 129,041

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 771,302,209

$ 771,302,209

$ -

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $740,367,977. Net unrealized appreciation aggregated $30,934,232, of which $64,793,567 related to appreciated investment securities and $33,859,335 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Mid Cap Value Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2008

Class A, Class T, Class B, Class C and
Institutional Class
are classes of Fidelity Mid Cap Value Fund

1.847930.101

AMCV-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 12.3%

Auto Components - 0.5%

The Goodyear Tire & Rubber Co. (a)

135,700

$ 3,634,046

Hotels, Restaurants & Leisure - 0.5%

Burger King Holdings, Inc.

131,400

3,666,060

Household Durables - 2.7%

NVR, Inc. (a)

12,500

7,668,750

Snap-On, Inc.

85,700

5,082,867

Whirlpool Corp. (d)

91,800

6,681,204

19,432,821

Media - 3.4%

DreamWorks Animation SKG, Inc.
Class A (a)

210,700

5,891,172

E.W. Scripps Co. Class A

122,600

5,505,966

Liberty Media Corp. - Entertainment Class A (a)

510,600

13,250,070

24,647,208

Multiline Retail - 0.5%

Big Lots, Inc. (a)(d)

139,000

3,757,170

Specialty Retail - 1.4%

AnnTaylor Stores Corp. (a)

144,600

3,658,380

OfficeMax, Inc.

373,700

6,827,499

10,485,879

Textiles, Apparel & Luxury Goods - 3.3%

Hanesbrands, Inc. (a)

214,700

7,518,794

Jones Apparel Group, Inc. (d)

532,500

8,429,475

VF Corp.

106,800

7,943,784

23,892,053

TOTAL CONSUMER DISCRETIONARY

89,515,237

CONSUMER STAPLES - 7.2%

Beverages - 3.0%

Constellation Brands, Inc. Class A
(sub. vtg.) (a)

518,200

9,514,152

Molson Coors Brewing Co. Class B

182,300

9,997,332

PepsiAmericas, Inc.

97,444

2,504,311

22,015,795

Food & Staples Retailing - 2.4%

BJ's Wholesale Club, Inc. (a)(d)

129,700

4,944,164

SUPERVALU, Inc.

372,000

12,313,200

17,257,364

Food Products - 1.8%

Del Monte Foods Co.

880,400

7,941,208

Tyson Foods, Inc. Class A

317,600

5,653,280

13,594,488

TOTAL CONSUMER STAPLES

52,867,647

Shares

Value

ENERGY - 9.8%

Energy Equipment & Services - 5.4%

ENSCO International, Inc.

111,800

$ 7,125,014

Helmerich & Payne, Inc.

178,100

9,572,875

Nabors Industries Ltd. (a)

152,100

5,709,834

National Oilwell Varco, Inc. (a)

99,000

6,776,550

Patterson-UTI Energy, Inc. (d)

203,100

5,674,614

Rowan Companies, Inc.

124,900

4,869,851

39,728,738

Oil, Gas & Consumable Fuels - 4.4%

Hess Corp.

178,400

18,946,079

Massey Energy Co.

76,300

3,992,779

Sunoco, Inc.

132,000

6,126,120

Tesoro Corp.

119,400

3,001,716

32,066,694

TOTAL ENERGY

71,795,432

FINANCIALS - 27.7%

Capital Markets - 1.2%

Invesco Ltd.

339,400

8,705,610

Commercial Banks - 4.1%

Associated Banc-Corp.

190,400

5,382,608

BOK Financial Corp.

42,095

2,403,625

Cullen/Frost Bankers, Inc.

134,800

7,524,536

Huntington Bancshares, Inc.

376,700

3,537,213

Synovus Financial Corp.

388,500

4,599,840

Zions Bancorp (d)

134,100

6,215,535

29,663,357

Insurance - 12.3%

Allied World Assurance Co. Holdings Ltd.

200,200

8,254,246

American Financial Group, Inc.

181,900

4,987,698

Assurant, Inc.

196,400

12,766,000

Axis Capital Holdings Ltd.

170,900

5,795,219

CNA Financial Corp.

151,100

4,050,991

Endurance Specialty Holdings Ltd.

271,000

10,062,230

Everest Re Group Ltd.

103,700

9,369,295

HCC Insurance Holdings, Inc.

344,700

8,507,196

PartnerRe Ltd.

91,400

6,761,772

Philadelphia Consolidated Holdings Corp. (a)

120,700

4,451,416

RenaissanceRe Holdings Ltd.

197,800

10,174,832

W.R. Berkley Corp.

179,300

4,606,217

89,787,112

Real Estate Investment Trusts - 7.4%

Annaly Capital Management, Inc.

741,400

12,425,864

Boston Properties, Inc.

63,100

6,340,919

Douglas Emmett, Inc.

202,000

4,799,520

General Growth Properties, Inc.

133,500

5,468,160

ProLogis Trust

102,400

6,411,264

Public Storage

126,900

11,509,830

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

SL Green Realty Corp.

46,900

$ 4,352,320

Taubman Centers, Inc.

43,500

2,465,145

53,773,022

Real Estate Management & Development - 0.5%

Forestar Real Estate Group, Inc. (a)

164,500

4,096,050

Thrifts & Mortgage Finance - 2.2%

Astoria Financial Corp.

225,400

5,341,980

People's United Financial, Inc.

253,200

4,296,804

Washington Federal, Inc.

262,400

6,247,744

15,886,528

TOTAL FINANCIALS

201,911,679

HEALTH CARE - 2.6%

Health Care Equipment & Supplies - 0.4%

Kinetic Concepts, Inc. (a)

77,600

3,077,616

Health Care Providers & Services - 0.7%

Humana, Inc. (a)

39,800

1,902,042

LifePoint Hospitals, Inc. (a)

89,500

2,695,740

4,597,782

Life Sciences Tools & Services - 1.5%

Charles River Laboratories International, Inc. (a)

52,100

3,024,405

Invitrogen Corp. (a)

44,900

4,201,293

Thermo Fisher Scientific, Inc. (a)

66,300

3,836,781

11,062,479

TOTAL HEALTH CARE

18,737,877

INDUSTRIALS - 11.0%

Aerospace & Defense - 1.3%

L-3 Communications Holdings, Inc.

85,600

9,540,120

Building Products - 2.7%

Armstrong World Industries, Inc.

159,500

5,676,605

Lennox International, Inc.

236,800

7,847,552

Owens Corning (a)

292,800

6,181,008

19,705,165

Commercial Services & Supplies - 1.9%

Allied Waste Industries, Inc. (a)

573,800

7,092,168

R.R. Donnelley & Sons Co.

218,900

6,707,096

13,799,264

Machinery - 3.8%

AGCO Corp. (a)

112,800

6,782,664

Flowserve Corp.

67,800

8,413,302

Ingersoll-Rand Co. Ltd. Class A

281,300

12,484,094

27,680,060

Shares

Value

Road & Rail - 1.3%

Ryder System, Inc.

140,300

$ 9,606,341

TOTAL INDUSTRIALS

80,330,950

INFORMATION TECHNOLOGY - 6.6%

Computers & Peripherals - 2.6%

NCR Corp. (a)

375,700

9,253,491

Western Digital Corp. (a)(d)

325,500

9,436,245

18,689,736

Electronic Equipment & Instruments - 0.3%

Sanmina-SCI Corp. (a)

1,389,600

2,153,880

IT Services - 0.7%

Affiliated Computer Services, Inc.
Class A (a)

95,900

5,079,823

Office Electronics - 1.3%

Xerox Corp.

669,700

9,355,709

Semiconductors & Semiconductor Equipment - 0.5%

Lam Research Corp. (a)

85,200

3,479,568

Software - 1.2%

Activision, Inc. (a)

133,200

3,603,060

Sybase, Inc. (a)

187,100

5,504,482

9,107,542

TOTAL INFORMATION TECHNOLOGY

47,866,258

MATERIALS - 7.5%

Chemicals - 3.3%

Celanese Corp. Class A

107,800

4,824,050

CF Industries Holdings, Inc.

48,600

6,497,820

Chemtura Corp.

649,300

4,493,156

The Mosaic Co. (a)

70,000

8,575,700

24,390,726

Containers & Packaging - 1.5%

Rock-Tenn Co. Class A

112,462

3,815,836

Smurfit-Stone Container Corp. (a)

1,239,100

6,728,313

10,544,149

Metals & Mining - 2.7%

Cleveland-Cliffs, Inc. (d)

37,900

6,079,160

United States Steel Corp.

87,100

13,409,045

19,488,205

TOTAL MATERIALS

54,423,080

TELECOMMUNICATION SERVICES - 0.8%

Diversified Telecommunication Services - 0.8%

CenturyTel, Inc.

79,600

2,583,020

Qwest Communications International, Inc.

699,700

3,610,452

6,193,472

Common Stocks - continued

Shares

Value

UTILITIES - 14.0%

Electric Utilities - 4.2%

Allegheny Energy, Inc.

105,100

$ 5,654,380

Edison International

319,800

16,683,966

PPL Corp. (d)

163,500

7,851,270

30,189,616

Gas Utilities - 3.6%

Energen Corp.

184,500

12,590,280

Questar Corp.

223,100

13,838,893

26,429,173

Independent Power Producers & Energy Traders - 2.8%

Constellation Energy Group, Inc.

95,900

8,117,935

Mirant Corp. (a)

305,400

12,554,994

20,672,929

Multi-Utilities - 3.4%

MDU Resources Group, Inc.

218,600

6,310,982

OGE Energy Corp.

375,300

12,268,557

Wisconsin Energy Corp.

131,700

6,250,482

24,830,021

TOTAL UTILITIES

102,121,739

TOTAL COMMON STOCKS

(Cost $691,388,456)

725,763,371

Money Market Funds - 6.2%

Shares

Value

Fidelity Cash Central Fund, 2.51% (b)

5,717,588

$ 5,717,588

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

39,821,250

39,821,250

TOTAL MONEY MARKET FUNDS

(Cost $45,538,838)

45,538,838

TOTAL INVESTMENT PORTFOLIO - 105.7%

(Cost $736,927,294)

771,302,209

NET OTHER ASSETS - (5.7)%

(41,817,014)

NET ASSETS - 100%

$ 729,485,195

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 35,553

Fidelity Securities Lending Cash Central Fund

93,488

Total

$ 129,041

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 771,302,209

$ 771,302,209

$ -

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $740,367,977. Net unrealized appreciation aggregated $30,934,232, of which $64,793,567 related to appreciated investment securities and $33,859,335 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Utilities Fund

April 30, 2008

1.800364.104

UIF-QTLY-0608

Investments April 30, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.2%

Media - 6.2%

Cablevision Systems Corp. - NY Group Class A (a)(d)

239,900

$ 5,518

Comcast Corp. Class A

3,283,198

67,470

72,988

ENERGY - 3.8%

Oil, Gas & Consumable Fuels - 3.8%

Cameco Corp.

145,800

5,068

Spectra Energy Corp.

1,602,900

39,592

44,660

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Hicks Acquisition Co. I, Inc. unit

265,900

2,561

INFORMATION TECHNOLOGY - 0.2%

IT Services - 0.2%

NeuStar, Inc. Class A (a)

74,600

2,052

TELECOMMUNICATION SERVICES - 39.8%

Diversified Telecommunication Services - 37.9%

AT&T, Inc. (d)

7,469,163

289,131

FairPoint Communications, Inc.

882,674

8,129

Level 3 Communications, Inc. (a)

1,720,600

5,110

Qwest Communications International, Inc. (d)

2,077,300

10,719

Verizon Communications, Inc.

3,238,441

124,615

Windstream Corp.

608,920

7,149

444,853

Wireless Telecommunication Services - 1.9%

Leap Wireless International, Inc. (a)

129,500

6,924

NII Holdings, Inc. (a)

227,100

10,388

Telephone & Data Systems, Inc.

120,920

4,631

21,943

TOTAL TELECOMMUNICATION SERVICES

466,796

UTILITIES - 46.7%

Electric Utilities - 31.1%

Allegheny Energy, Inc.

463,500

24,936

American Electric Power Co., Inc.

685,700

30,603

Edison International

373,900

19,506

Entergy Corp.

312,302

35,871

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

Exelon Corp.

1,005,809

$ 85,977

FirstEnergy Corp.

633,100

47,888

FPL Group, Inc.

857,900

56,870

Great Plains Energy, Inc. (d)

115,500

2,961

PPL Corp.

1,180,127

56,670

Sierra Pacific Resources

258,200

3,519

364,801

Gas Utilities - 1.8%

Equitable Resources, Inc.

96,200

6,385

Questar Corp.

190,400

11,811

Southern Union Co.

122,400

3,136

21,332

Independent Power Producers & Energy Traders - 5.9%

AES Corp. (a)

916,284

15,907

Calpine Corp. (a)

159,900

3,150

Constellation Energy Group, Inc.

334,263

28,295

Mirant Corp. (a)

94,073

3,867

NRG Energy, Inc. (a)

345,700

15,194

Reliant Energy, Inc. (a)

106,000

2,728

69,141

Multi-Utilities - 7.9%

Aquila, Inc. (a)

426,400

1,535

CenterPoint Energy, Inc.

444,300

6,762

Dominion Resources, Inc. (d)

312,700

13,568

Public Service Enterprise Group, Inc.

863,644

37,923

Sempra Energy (d)

591,600

33,526

93,314

TOTAL UTILITIES

548,588

TOTAL COMMON STOCKS

(Cost $1,074,010)

1,137,645

Money Market Funds - 5.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 2.51% (b)

18,214,207

$ 18,214

Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)

44,013,650

44,014

TOTAL MONEY MARKET FUNDS

(Cost $62,228)

62,228

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $1,136,238)

1,199,873

NET OTHER ASSETS - (2.2)%

(25,586)

NET ASSETS - 100%

$ 1,174,287

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Investment made with cash collateral received from securities on loan.

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 99

Fidelity Securities Lending Cash Central Fund

32

Total

$ 131

Other Information

The following is a summary of the inputs used, as of April 30, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,199,873

$ 1,199,873

$ -

$ -

Income Tax Information

At April 30, 2008, the aggregate cost of investment securities for income tax purposes was $1,158,492,000. Net unrealized appreciation aggregated $41,381,000, of which $117,518,000 related to appreciated investment securities and $76,137,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund adopted the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Devonshire Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust 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 was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

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 Devonshire Trust

By:

/s/ Kenneth Robins

Kenneth Robins

President and Treasurer

Date:

June 30, 2008

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/ Kenneth Robins

Kenneth Robins

President and Treasurer

Date:

June 30, 2008

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 30, 2008

Common Stocks - 99.5%
	Shares		Value
CONSUMER DISCRETIONARY - 14.5%
Auto Components - 0.2%
Tenneco, Inc. (a)	27,000		$ 690,660
Automobiles - 0.4%
Renault SA	11,300		1,165,150
Diversified Consumer Services - 1.6%
American Public Education, Inc.	31,200		1,004,952
Apollo Group, Inc. Class A (non-vtg.) (a)	10,200		519,180
Corinthian Colleges, Inc. (a)	30,000		340,500
DeVry, Inc.	4,000		228,000
Hillenbrand, Inc. (a)	35,300		672,112
Regis Corp.	56,400		1,646,880
Strayer Education, Inc.	2,500		464,225
			4,875,849
Hotels, Restaurants & Leisure - 1.5%
Bally Technologies, Inc. (a)	24,200		815,298
Boyd Gaming Corp.	6,400		120,000
Buffalo Wild Wings, Inc. (a)	17,400		535,050
Burger King Holdings, Inc.	28,789		803,213
Gaylord Entertainment Co. (a)	19,700		583,514
Las Vegas Sands Corp. (a)	4,500		342,990
Panera Bread Co. Class A (a)	4,800		250,848
Papa John's International, Inc. (a)	20,100		542,700
Peet's Coffee & Tea, Inc. (a)	7,000		162,610
Starwood Hotels & Resorts Worldwide, Inc.	5,400		281,934
Texas Roadhouse, Inc. Class A (a)	14,500		171,100
			4,609,257
Household Durables - 2.2%
Centex Corp. (d)	135,700		2,825,274
KB Home	40,100		902,250
Lennar Corp. Class A	25,100		462,342
M/I Homes, Inc.	10,000		171,500
Newell Rubbermaid, Inc.	15,100		310,003
Pulte Homes, Inc.	86,500		1,127,960
Ryland Group, Inc.	5,000		159,900
Whirlpool Corp.	7,200		524,016
			6,483,245
Internet & Catalog Retail - 0.3%
Blue Nile, Inc. (a)	6,400		317,888
Priceline.com, Inc. (a)	4,599		587,016
			904,904
Leisure Equipment & Products - 0.4%
Hasbro, Inc.	400		14,224
Leapfrog Enterprises, Inc. Class A (a)	96,300		800,253
Nikon Corp.	14,000		404,472
			1,218,949
Media - 2.2%
Cablevision Systems Corp. - NY Group Class A (a)(d)	30,300		696,900
DISH Network Corp. Class A (a)	13,057		389,621

	Shares		Value
E.W. Scripps Co. Class A	36,000		$ 1,616,760
Grupo Televisa SA de CV (CPO) sponsored ADR	37,000		913,160
Regal Entertainment Group Class A	67,100		1,272,216
SR Teleperformance SA	34,300		1,418,962
The Walt Disney Co.	9,700		314,571
			6,622,190
Specialty Retail - 2.9%
Asbury Automotive Group, Inc.	13,100		218,115
AutoZone, Inc. (a)	8,800		1,062,600
bebe Stores, Inc.	50,000		499,500
Gamestop Corp. Class A (a)	400		22,016
Group 1 Automotive, Inc.	8,700		232,116
Home Depot, Inc.	9,700		279,360
Limited Brands, Inc.	50,000		926,000
Lumber Liquidators, Inc.	20,700		259,578
Monro Muffler Brake, Inc.	9,700		160,050
OfficeMax, Inc.	34,800		635,796
Ross Stores, Inc.	36,300		1,215,687
Stage Stores, Inc.	35,700		561,918
Staples, Inc.	25,000		542,500
Tween Brands, Inc. (a)	28,700		545,300
Urban Outfitters, Inc. (a)	4,800		164,400
Williams-Sonoma, Inc. (d)	49,500		1,306,800
			8,631,736
Textiles, Apparel & Luxury Goods - 2.8%
American Apparel, Inc. (a)	571,100		4,465,998
Coach, Inc. (a)	20,000		711,400
Deckers Outdoor Corp. (a)	8,300		1,145,981
Geox SpA	10,000		145,214
Lululemon Athletica, Inc.	15,700		486,229
Polo Ralph Lauren Corp. Class A	23,000		1,428,530
Quiksilver, Inc. (a)	18,800		182,924
			8,566,276
TOTAL CONSUMER DISCRETIONARY			43,768,216
CONSUMER STAPLES - 3.4%
Beverages - 0.2%
Coca-Cola Femsa SA de CV sponsored ADR	11,200		583,968
Food & Staples Retailing - 1.1%
CVS Caremark Corp.	14,600		589,402
Performance Food Group Co. (a)	3,000		100,380
Safeway, Inc.	25,200		796,320
Sysco Corp.	61,100		1,867,827
			3,353,929
Food Products - 1.4%
Campbell Soup Co.	17,300		602,040
Marine Harvest ASA (a)(d)	2,200,000		1,456,582
McCormick & Co., Inc. (non-vtg.)	30,300		1,145,037
Pilgrims Pride Corp. Class B	7,000		169,190
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Seaboard Corp.	370		$ 621,600
Wm. Wrigley Jr. Co.	3,000		228,480
			4,222,929
Household Products - 0.4%
Energizer Holdings, Inc. (a)	17,300		1,367,738
Personal Products - 0.3%
Avon Products, Inc.	7,300		284,846
Bare Escentuals, Inc. (a)	6,000		136,860
Estee Lauder Companies, Inc. Class A	8,900		405,929
			827,635
TOTAL CONSUMER STAPLES			10,356,199
ENERGY - 15.0%
Energy Equipment & Services - 7.3%
Atwood Oceanics, Inc. (a)	21,000		2,114,490
BJ Services Co.	55,200		1,560,504
Cameron International Corp. (a)	36,700		1,806,741
Compagnie Generale de Geophysique SA (a)	1,000		252,648
Diamond Offshore Drilling, Inc.	16,700		2,094,347
Global Industries Ltd. (a)	25,000		399,000
Grey Wolf, Inc. (a)	147,600		925,452
Halliburton Co.	5,000		229,550
Helix Energy Solutions Group, Inc. (a)	9,000		310,950
Hercules Offshore, Inc. (a)	25,000		659,000
Nabors Industries Ltd. (a)	60,000		2,252,400
National Oilwell Varco, Inc. (a)	62,120		4,252,114
North American Energy Partners, Inc. (a)	40,000		647,200
Petroleum Geo-Services ASA	18,800		513,399
Smith International, Inc.	23,900		1,828,589
Subsea 7, Inc. (a)	5,000		131,876
T-3 Energy Services, Inc. (a)	7,000		369,600
Transocean, Inc. (a)	10,961		1,616,309
Weatherford International Ltd. (a)	4,000		322,680
			22,286,849
Oil, Gas & Consumable Fuels - 7.7%
Alpha Natural Resources, Inc. (a)	21,500		1,045,975
Arch Coal, Inc.	15,700		900,552
Atlas Energy Resources LLC	1,000		40,170
Boardwalk Pipeline Partners, LP	5,700		144,153
Cameco Corp.	3,000		104,290
Canadian Natural Resources Ltd.	10,100		857,963
Chesapeake Energy Corp.	46,600		2,409,220
Concho Resources, Inc.	1,000		27,570
CONSOL Energy, Inc.	35,300		2,857,888
Copano Energy LLC	4,900		181,692
Denbury Resources, Inc. (a)	60,700		1,854,992
Energy Transfer Equity LP	5,200		178,516
EOG Resources, Inc.	500		65,240

	Shares		Value
Foundation Coal Holdings, Inc.	7,000		$ 419,860
Frontier Oil Corp.	23,100		574,035
Holly Corp.	18,601		771,569
Newfield Exploration Co. (a)	2,000		121,520
OAO Gazprom sponsored ADR	8,900		470,810
OPTI Canada, Inc. (a)	78,400		1,659,704
Peabody Energy Corp.	30,000		1,833,900
Petrobank Energy & Resources Ltd. (a)	22,200		1,071,314
Rex Energy Corp.	1,000		21,700
Southwestern Energy Co. (a)	84,200		3,562,502
Tesoro Corp.	22,400		563,136
Valero Energy Corp.	100		4,885
Western Refining, Inc.	44,460		445,045
Williams Companies, Inc.	27,100		962,050
XTO Energy, Inc.	2,000		123,720
			23,273,971
TOTAL ENERGY			45,560,820
FINANCIALS - 8.3%
Capital Markets - 1.0%
Franklin Resources, Inc.	14,600		1,389,190
GLG Partners, Inc.	40,000		330,000
Lehman Brothers Holdings, Inc.	11,000		486,640
SEI Investments Co.	31,300		728,351
T. Rowe Price Group, Inc.	2,300		134,688
			3,068,869
Commercial Banks - 1.6%
Bank of Yokohama Ltd.	84,000		616,739
Chiba Bank Ltd.	52,000		410,919
Chuo Mitsui Trust Holdings, Inc.	55,000		391,325
Mitsubishi UFJ Financial Group, Inc.	70,000		771,217
Shinsei Bank Ltd.	117,000		514,868
Shizuoka Bank Ltd.	40,000		491,012
Sumitomo Mitsui Financial Group, Inc.	100		860,416
Tokyo Tomin Bank Ltd.	20,600		439,333
UMB Financial Corp.	7,600		377,264
			4,873,093
Diversified Financial Services - 2.7%
Bolsa de Mercadorias & Futuros - BM&F SA	35,000		355,854
Bovespa Holding SA	18,000		273,433
CME Group, Inc.	300		137,235
IntercontinentalExchange, Inc. (a)	13,400		2,079,010
KKR Financial Holdings LLC	245,000		3,111,500
MSCI, Inc. Class A	11,800		366,036
NYMEX Holdings, Inc.	16,100		1,490,860
Osaka Securities Exchange Co. Ltd.	64		348,096
			8,162,024
Insurance - 1.6%
Allied World Assurance Co. Holdings Ltd.	3,000		123,690
Assurant, Inc.	13,300		864,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Axis Capital Holdings Ltd.	5,000		$ 169,550
CNA Financial Corp.	11,480		307,779
CNinsure, Inc. ADR	54,000		758,700
Fidelity National Financial, Inc. Class A	10,000		159,900
LandAmerica Financial Group, Inc. (d)	15,900		456,330
Odontoprev SA	18,000		454,819
Philadelphia Consolidated Holdings Corp. (a)	9,600		354,048
Prudential Financial, Inc.	7,000		529,970
The First American Corp.	18,000		590,400
			4,769,686
Real Estate Investment Trusts - 0.8%
Annaly Capital Management, Inc.	54,000		905,040
MFA Mortgage Investments, Inc.	131,300		917,787
SL Green Realty Corp.	5,000		464,000
			2,286,827
Thrifts & Mortgage Finance - 0.6%
People's United Financial, Inc.	36,700		622,799
Washington Federal, Inc.	55,900		1,330,979
			1,953,778
TOTAL FINANCIALS			25,114,277
HEALTH CARE - 13.3%
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc. (a)	18,500		1,302,030
Amylin Pharmaceuticals, Inc. (a)	39,607		1,092,361
Biogen Idec, Inc. (a)	11,400		691,866
Cephalon, Inc. (a)	11,300		705,233
CSL Ltd.	10,000		375,319
Genentech, Inc. (a)	8,000		545,600
Gilead Sciences, Inc. (a)	11,362		588,097
GTx, Inc. (a)	28,100		479,105
Indevus Pharmaceuticals, Inc. (a)	225,000		1,082,250
Martek Biosciences (a)	5,000		176,300
Myriad Genetics, Inc. (a)	12,000		498,480
Theravance, Inc. (a)	58,038		724,895
Vertex Pharmaceuticals, Inc. (a)	1,000		25,520
			8,287,056
Health Care Equipment & Supplies - 4.0%
Abiomed, Inc. (a)	25,000		364,750
Align Technology, Inc. (a)(d)	216,984		2,664,564
American Medical Systems Holdings, Inc. (a)(d)	70,000		987,000
Conceptus, Inc. (a)	62,500		1,126,250
EnteroMedics, Inc.	24,000		108,720
ev3, Inc. (a)	5,000		41,550
Hill-Rom Holdings, Inc.	25,300		635,789
Insulet Corp.	29,000		530,990

	Shares		Value
Intuitive Surgical, Inc. (a)	1,000		$ 289,260
Kinetic Concepts, Inc. (a)	8,000		317,280
Masimo Corp.	20,000		583,000
NxStage Medical, Inc. (a)	57,800		334,084
Orthofix International NV (a)	24,000		738,240
RTI Biologics, Inc. (a)	15,000		152,100
Smith & Nephew PLC sponsored ADR	3,000		194,190
TranS1, Inc. (d)	238,200		3,108,510
			12,176,277
Health Care Providers & Services - 2.8%
athenahealth, Inc. (d)	53,200		1,330,000
Brookdale Senior Living, Inc.	26,000		680,680
Coventry Health Care, Inc. (a)	5,500		246,015
Emeritus Corp. (a)	29,000		714,850
Express Scripts, Inc. (a)	18,600		1,302,372
Genoptix, Inc.	43,000		1,179,490
Henry Schein, Inc. (a)	5,473		303,040
Medco Health Solutions, Inc. (a)	18,000		891,720
MWI Veterinary Supply, Inc. (a)	8,000		275,760
Pediatrix Medical Group, Inc. (a)	15,587		1,060,228
Psychiatric Solutions, Inc. (a)(d)	5,900		204,789
Sunrise Senior Living, Inc. (a)	11,000		235,950
			8,424,894
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc. (a)	25,000		279,000
MedAssets, Inc.	51,900		779,019
			1,058,019
Life Sciences Tools & Services - 1.4%
Bruker BioSciences Corp. (a)	1,600		19,392
Charles River Laboratories International, Inc. (a)	19,700		1,143,585
Covance, Inc. (a)	1,800		150,822
Millipore Corp. (a)	2,000		140,200
PAREXEL International Corp. (a)	20,000		508,000
Pharmaceutical Product Development, Inc.	30,200		1,250,884
QIAGEN NV (a)	35,000		777,350
Varian, Inc. (a)	2,000		101,860
			4,092,093
Pharmaceuticals - 2.1%
Allergan, Inc.	49,400		2,784,678
BioForm Medical, Inc. (d)	186,481		947,323
Cardiome Pharma Corp. (a)	75,000		640,453
Perrigo Co.	700		28,693
Renovo Group PLC (a)	342,000		234,594
Teva Pharmaceutical Industries Ltd. sponsored ADR	11,300		528,614
XenoPort, Inc. (a)	24,700		1,056,666
			6,221,021
TOTAL HEALTH CARE			40,259,360
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 15.2%
Aerospace & Defense - 1.2%
BE Aerospace, Inc. (a)	21,444		$ 865,480
Goodrich Corp.	12,400		845,060
Precision Castparts Corp.	8,000		940,480
Spirit AeroSystems Holdings, Inc. Class A (a)	36,700		1,070,539
			3,721,559
Air Freight & Logistics - 0.2%
United Parcel Service, Inc. Class B	6,400		463,424
Airlines - 1.0%
AirTran Holdings, Inc. (a)(d)	60,000		204,600
AMR Corp. (a)	86,000		754,220
Continental Airlines, Inc. Class B (a)	19,600		352,408
Northwest Airlines Corp. (a)	127,700		1,233,582
UAL Corp.	18,000		268,200
US Airways Group, Inc. (a)	38,800		333,292
			3,146,302
Building Products - 0.1%
Ameron International Corp.	1,500		148,200
Universal Forest Products, Inc.	6,000		208,260
			356,460
Commercial Services & Supplies - 4.7%
Advisory Board Co. (a)	2,600		121,212
American Reprographics Co. (a)	46,200		733,194
Corporate Executive Board Co.	15,400		670,978
Corrections Corp. of America (a)	109,182		2,784,141
Fuel Tech, Inc. (a)(d)	35,600		914,920
GeoEye, Inc. (a)	34,000		783,020
Healthcare Services Group, Inc.	5,000		76,300
Huron Consulting Group, Inc. (a)	22,500		941,850
IHS, Inc. Class A (a)	11,500		759,575
InnerWorkings, Inc. (a)	32,000		430,080
Manpower, Inc.	18,400		1,235,192
Republic Services, Inc.	36,600		1,163,514
The Geo Group, Inc. (a)	64,600		1,708,670
Waste Connections, Inc. (a)	30,600		981,342
Waste Management, Inc.	25,400		916,940
			14,220,928
Construction & Engineering - 0.7%
Fluor Corp.	7,500		1,146,525
Grupo Acciona SA	2,000		573,704
Outotec Oyj	3,000		188,222
Quanta Services, Inc. (a)	6,000		159,240
			2,067,691
Electrical Equipment - 4.7%
Akeena Solar, Inc. (a)(d)	15,000		96,450
Belden, Inc.	7,000		236,180
Ener1, Inc. (a)	3,000		21,600
Energy Conversion Devices, Inc. (a)(d)	14,220		463,430
Evergreen Solar, Inc. (a)(d)	168,000		1,443,120

	Shares		Value
First Solar, Inc. (a)	6,800		$ 1,985,532
GrafTech International Ltd. (a)	15,000		294,750
JA Solar Holdings Co. Ltd. ADR (a)	34,000		816,340
Nexans SA	4,800		639,327
Q-Cells AG (a)	6,000		702,589
Renewable Energy Corp. AS (a)	59,600		2,040,334
SolarWorld AG	14,000		755,541
Sunpower Corp. Class A (a)(d)	25,400		2,216,658
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(d)	50,000		2,236,500
Vestas Wind Systems AS (a)	1,300		142,515
			14,090,866
Machinery - 1.5%
AGCO Corp. (a)	20,600		1,238,678
Cummins, Inc.	5,000		313,250
Donaldson Co., Inc.	4,000		174,160
GEA Group AG	16,000		593,218
Ingersoll-Rand Co. Ltd. Class A	18,000		798,840
Robbins & Myers, Inc.	6,000		239,160
Terex Corp. (a)	17,100		1,191,528
			4,548,834
Road & Rail - 0.9%
J.B. Hunt Transport Services, Inc.	26,100		886,617
Knight Transportation, Inc.	71,000		1,206,290
Landstar System, Inc.	9,500		493,620
Union Pacific Corp.	1,000		145,190
			2,731,717
Trading Companies & Distributors - 0.2%
Genesis Lease Ltd. ADR	31,600		426,600
Watsco, Inc.	3,500		158,795
			585,395
TOTAL INDUSTRIALS			45,933,176
INFORMATION TECHNOLOGY - 20.7%
Communications Equipment - 1.2%
Ciena Corp. (a)	15,000		507,150
Cisco Systems, Inc. (a)	13,000		333,320
Corning, Inc.	22,000		587,620
Juniper Networks, Inc. (a)	76,700		2,118,454
Nice Systems Ltd. sponsored ADR (a)	5,000		159,200
			3,705,744
Computers & Peripherals - 1.4%
Apple, Inc. (a)	3,000		521,850
High Tech Computer Corp.	6,000		154,693
Intermec, Inc. (a)	10,000		211,200
NCR Corp. (a)	61,600		1,517,208
SanDisk Corp. (a)	23,000		623,070
Western Digital Corp. (a)	36,600		1,061,034
			4,089,055
Electronic Equipment & Instruments - 1.4%
Avnet, Inc. (a)	17,300		453,087
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Bell Microproducts, Inc. (a)	64,318		$ 131,852
Diploma PLC	200,000		628,287
Flextronics International Ltd. (a)	76,100		790,679
Ingram Micro, Inc. Class A (a)	30,700		522,207
Itron, Inc. (a)(d)	14,500		1,349,660
Jabil Circuit, Inc.	47,300		514,624
			4,390,396
Internet Software & Services - 2.1%
Akamai Technologies, Inc. (a)	16,900		604,513
Art Technology Group, Inc. (a)	120,000		429,600
comScore, Inc.	15,000		283,050
DealerTrack Holdings, Inc. (a)	34,900		671,476
Dice Holdings, Inc.	293,600		2,002,352
Internet Brands, Inc. Class A	30,979		201,673
LoopNet, Inc. (a)	20,000		225,800
Omniture, Inc. (a)	79,700		1,818,754
The Knot, Inc. (a)	2,700		31,698
			6,268,916
IT Services - 2.0%
Cognizant Technology Solutions Corp. Class A (a)	57,700		1,860,825
CyberSource Corp. (a)	38,000		689,700
Fiserv, Inc. (a)	10,000		505,500
MasterCard, Inc. Class A	3,800		1,057,008
Online Resources Corp. (a)	89,800		907,878
Visa, Inc.	11,800		984,710
			6,005,621
Semiconductors & Semiconductor Equipment - 9.2%
Altera Corp.	98,000		2,085,440
Applied Materials, Inc.	105,000		1,959,300
ARM Holdings PLC sponsored ADR	23,600		140,892
ASML Holding NV (NY Shares)	35,000		992,600
Atheros Communications, Inc. (a)	15,000		399,300
AuthenTec, Inc.	144,800		1,941,768
Broadcom Corp. Class A (a)	66,500		1,726,340
Cavium Networks, Inc.	47,000		965,850
Cymer, Inc. (a)	18,000		467,820
Cypress Semiconductor Corp. (a)	62,200		1,749,064
Eagle Test Systems, Inc. (a)	8,919		107,652
FormFactor, Inc. (a)	21,063		405,884
Himax Technologies, Inc. sponsored ADR	285,100		1,434,053
Hittite Microwave Corp. (a)	5,400		214,380
Intersil Corp. Class A	38,400		1,026,048
Lam Research Corp. (a)	46,500		1,899,060
LDK Solar Co. Ltd. Sponsored ADR (d)	4,800		152,352
Marvell Technology Group Ltd. (a)	38,880		503,496
MEMC Electronic Materials, Inc. (a)	17,500		1,101,975
Microchip Technology, Inc.	31,500		1,157,625
Micron Technology, Inc. (a)	75,000		579,000
Miraial Co. Ltd.	8,700		266,446

	Shares		Value
National Semiconductor Corp.	53,000		$ 1,080,670
Skyworks Solutions, Inc. (a)	179,700		1,561,593
Teradyne, Inc. (a)	5,992		79,634
Varian Semiconductor Equipment Associates, Inc. (a)	63,800		2,336,994
Xilinx, Inc.	61,200		1,515,924
			27,851,160
Software - 3.4%
Activision, Inc. (a)	30,100		814,205
Adobe Systems, Inc. (a)	8,000		298,320
Citrix Systems, Inc. (a)	22,000		720,500
CompuGROUP Holding AG (a)	33,000		504,860
Concur Technologies, Inc. (a)	41,100		1,362,054
FactSet Research Systems, Inc.	6,000		360,180
Jack Henry & Associates, Inc.	53,300		1,400,724
McAfee, Inc. (a)	19,000		631,750
Nintendo Co. Ltd.	900		494,568
Nuance Communications, Inc. (a)	62,000		1,257,360
Quest Software, Inc. (a)	50,000		666,000
Salesforce.com, Inc. (a)	500		33,365
Shanda Interactive Entertainment Ltd. sponsored ADR (a)	9,900		339,471
SPSS, Inc. (a)	9,000		380,160
THQ, Inc. (a)	18,800		400,064
Voltaire Ltd.	125,000		626,250
			10,289,831
TOTAL INFORMATION TECHNOLOGY			62,600,723
MATERIALS - 4.2%
Chemicals - 0.9%
Albemarle Corp.	4,100		153,381
CF Industries Holdings, Inc.	5,000		668,500
Cytec Industries, Inc.	3,000		177,030
Ecolab, Inc.	3,000		137,880
FMC Corp.	300		18,834
Monsanto Co.	4,000		456,080
Potash Corp. of Saskatchewan, Inc.	2,500		459,875
The Mosaic Co. (a)	4,500		551,295
Zoltek Companies, Inc. (a)(d)	5,000		133,350
			2,756,225
Construction Materials - 0.5%
Martin Marietta Materials, Inc. (d)	13,800		1,509,444
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp. (a)	39,600		215,028
Temple-Inland, Inc.	39,600		462,132
			677,160
Metals & Mining - 2.5%
Agnico-Eagle Mines Ltd.	6,000		376,825
Allegheny Technologies, Inc.	19,542		1,345,076
Aquarius Platinum Ltd. (United Kingdom)	8,000		126,055
Barrick Gold Corp.	13,900		534,276
Century Aluminum Co. (a)	14,000		970,060
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Freeport-McMoRan Copper & Gold, Inc. Class B	2,500		$ 284,375
Newmont Mining Corp.	10,000		442,100
Nucor Corp.	22,200		1,676,100
Randgold Resources Ltd. sponsored ADR	8,800		400,576
RTI International Metals, Inc. (a)	13,140		541,237
Steel Dynamics, Inc.	16,000		557,600
Timminco Ltd. (a)	15,000		290,736
Yamana Gold, Inc.	15,000		192,285
			7,737,301
Paper & Forest Products - 0.1%
Glatfelter	12,400		180,916
TOTAL MATERIALS			12,861,046
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.4%
FairPoint Communications, Inc.	120,000		1,105,200
Wireless Telecommunication Services - 1.0%
American Tower Corp. Class A (a)	60,805		2,640,153
China Mobile (Hong Kong) Ltd. sponsored ADR	5,000		431,600
			3,071,753
TOTAL TELECOMMUNICATION SERVICES			4,176,953
UTILITIES - 3.5%
Electric Utilities - 1.6%
Allegheny Energy, Inc.	17,600		946,880
E.ON AG	1,500		306,077
Enernoc, Inc. (d)	10,000		154,200
Entergy Corp.	2,500		287,150
PPL Corp.	64,800		3,111,696
			4,806,003

	Shares		Value
Independent Power Producers & Energy Traders - 1.9%
AES Corp. (a)	69,400		$ 1,204,784
Clipper Windpower PLC (a)	2,500		25,524
Constellation Energy Group, Inc.	37,800		3,199,770
Ormat Technologies, Inc. (d)	14,500		714,850
Reliant Energy, Inc. (a)	25,000		643,500
			5,788,428
Multi-Utilities - 0.0%
Wisconsin Energy Corp.	3,000		142,380
TOTAL UTILITIES			10,736,811
TOTAL COMMON STOCKS (Cost $290,319,235)		301,367,581
Money Market Funds - 5.3%

Fidelity Cash Central Fund, 2.51% (b)	2,943,651		2,943,651
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	13,005,275		13,005,275
TOTAL MONEY MARKET FUNDS (Cost $15,948,926)		15,948,926

NET OTHER ASSETS - (4.8)%		(14,562,215)
NET ASSETS - 100%		$ 302,754,292

NET OTHER ASSETS - (5.7)%		(41,817,014)
NET ASSETS - 100%		$ 729,485,195

Common Stocks - 96.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 6.2%
Media - 6.2%
Cablevision Systems Corp. - NY Group Class A (a)(d)	239,900		$ 5,518
Comcast Corp. Class A	3,283,198		67,470
			72,988
ENERGY - 3.8%
Oil, Gas & Consumable Fuels - 3.8%
Cameco Corp.	145,800		5,068
Spectra Energy Corp.	1,602,900		39,592
			44,660
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Hicks Acquisition Co. I, Inc. unit	265,900		2,561
INFORMATION TECHNOLOGY - 0.2%
IT Services - 0.2%
NeuStar, Inc. Class A (a)	74,600		2,052
TELECOMMUNICATION SERVICES - 39.8%
Diversified Telecommunication Services - 37.9%
AT&T, Inc. (d)	7,469,163		289,131
FairPoint Communications, Inc.	882,674		8,129
Level 3 Communications, Inc. (a)	1,720,600		5,110
Qwest Communications International, Inc. (d)	2,077,300		10,719
Verizon Communications, Inc.	3,238,441		124,615
Windstream Corp.	608,920		7,149
			444,853
Wireless Telecommunication Services - 1.9%
Leap Wireless International, Inc. (a)	129,500		6,924
NII Holdings, Inc. (a)	227,100		10,388
Telephone & Data Systems, Inc.	120,920		4,631
			21,943
TOTAL TELECOMMUNICATION SERVICES			466,796
UTILITIES - 46.7%
Electric Utilities - 31.1%
Allegheny Energy, Inc.	463,500		24,936
American Electric Power Co., Inc.	685,700		30,603
Edison International	373,900		19,506
Entergy Corp.	312,302		35,871
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Exelon Corp.	1,005,809		$ 85,977
FirstEnergy Corp.	633,100		47,888
FPL Group, Inc.	857,900		56,870
Great Plains Energy, Inc. (d)	115,500		2,961
PPL Corp.	1,180,127		56,670
Sierra Pacific Resources	258,200		3,519
			364,801
Gas Utilities - 1.8%
Equitable Resources, Inc.	96,200		6,385
Questar Corp.	190,400		11,811
Southern Union Co.	122,400		3,136
			21,332
Independent Power Producers & Energy Traders - 5.9%
AES Corp. (a)	916,284		15,907
Calpine Corp. (a)	159,900		3,150
Constellation Energy Group, Inc.	334,263		28,295
Mirant Corp. (a)	94,073		3,867
NRG Energy, Inc. (a)	345,700		15,194
Reliant Energy, Inc. (a)	106,000		2,728
			69,141
Multi-Utilities - 7.9%
Aquila, Inc. (a)	426,400		1,535
CenterPoint Energy, Inc.	444,300		6,762
Dominion Resources, Inc. (d)	312,700		13,568
Public Service Enterprise Group, Inc.	863,644		37,923
Sempra Energy (d)	591,600		33,526
			93,314
TOTAL UTILITIES			548,588
TOTAL COMMON STOCKS (Cost $1,074,010)		1,137,645
Money Market Funds - 5.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 2.51% (b)	18,214,207		$ 18,214
Fidelity Securities Lending Cash Central Fund, 2.44% (b)(c)	44,013,650		44,014
TOTAL MONEY MARKET FUNDS (Cost $62,228)		62,228
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $1,136,238)			1,199,873
NET OTHER ASSETS - (2.2)%			(25,586)
NET ASSETS - 100%		$ 1,174,287

By:	/s/ Kenneth Robins
	Kenneth Robins
	President and Treasurer

Date:	June 30, 2008

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	June 30, 2008