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, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Equity-Income Fund
Equity-Income
Class K
Class F

April 30, 2010

1.800336.106

EQU-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.3%
Auto Components - 1.6%
ArvinMeritor, Inc. (a)	376,400		$ 5,766
Johnson Controls, Inc.	4,429,875		148,800
Michelin CGDE Series B (d)	609,086		44,130
The Goodyear Tire & Rubber Co. (a)	5,966,400		80,129
			278,825
Automobiles - 1.5%
Bayerische Motoren Werke AG (BMW)	461,067		22,682
Daimler AG (Germany)	847,911		43,193
Fiat SpA (d)	2,524,600		33,140
Harley-Davidson, Inc. (d)	4,060,050		137,351
Thor Industries, Inc.	594,900		21,244
Winnebago Industries, Inc. (a)	487,426		8,106
			265,716
Diversified Consumer Services - 0.6%
Career Education Corp. (a)	323,304		9,463
H&R Block, Inc.	4,728,734		86,583
			96,046
Hotels, Restaurants & Leisure - 1.0%
Las Vegas Sands Corp. unit	305,400		129,157
Sands China Ltd.	12,720,000		20,649
Starbucks Corp.	1,239,400		32,200
			182,006
Household Durables - 2.9%
KB Home	993,700		18,413
Lennar Corp. Class A	1,966,134		39,126
Newell Rubbermaid, Inc.	5,859,080		100,014
Pulte Group, Inc. (a)	5,654,934		74,023
Stanley Black & Decker, Inc.	1,942,349		120,717
Techtronic Industries Co. Ltd.	5,349,000		5,558
Toll Brothers, Inc. (a)	178,163		4,021
Whirlpool Corp.	1,206,251		131,325
			493,197
Internet & Catalog Retail - 0.2%
Liberty Media Corp. Interactive Series A (a)	2,323,134		35,707
Leisure Equipment & Products - 0.4%
Brunswick Corp.	3,251,000		67,946
Media - 2.9%
Belo Corp. Series A	2,821,386		24,461
Cablevision Systems Corp. - NY Group Class A	585,150		16,057
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
CC Media Holdings, Inc. Class A (a)	2,159,142		$ 14,574
Comcast Corp. Class A	5,964,155		117,732
Informa PLC	5,238,815		31,615
Interpublic Group of Companies, Inc. (a)	2,784,100		24,806
The Walt Disney Co.	3,410,185		125,631
Time Warner, Inc.	3,751,329		124,094
Vivendi (d)	874,118		22,933
			501,903
Multiline Retail - 1.8%
Kohl's Corp. (a)	1,673,635		92,033
Macy's, Inc.	3,287,100		76,261
Target Corp.	2,386,100		135,698
Tuesday Morning Corp. (a)	1,558,613		8,806
			312,798
Specialty Retail - 2.3%
Home Depot, Inc.	5,627,500		198,369
Lowe's Companies, Inc.	2,698,722		73,189
OfficeMax, Inc. (a)	1,284,427		24,404
RadioShack Corp.	1,615,700		34,818
Staples, Inc.	2,744,739		64,584
			395,364
Textiles, Apparel & Luxury Goods - 0.1%
Phillips-Van Heusen Corp.	153,353		9,663
TOTAL CONSUMER DISCRETIONARY			2,639,171
CONSUMER STAPLES - 4.2%
Beverages - 0.9%
Carlsberg AS Series B	643,189		51,986
The Coca-Cola Co.	1,810,953		96,795
			148,781
Food & Staples Retailing - 1.0%
CVS Caremark Corp.	1,571,595		58,039
Kroger Co.	2,968,300		65,985
Walgreen Co.	949,200		33,364
Winn-Dixie Stores, Inc. (a)	1,988,618		25,076
			182,464
Food Products - 0.9%
Bunge Ltd.	722,500		38,256
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Marine Harvest ASA (a)	32,604,600		$ 30,258
Nestle SA	1,710,887		83,719
			152,233
Household Products - 0.6%
Procter & Gamble Co.	1,551,617		96,449
Personal Products - 0.1%
Avon Products, Inc.	573,399		18,538
Herbalife Ltd.	161,300		7,783
			26,321
Tobacco - 0.7%
Philip Morris International, Inc.	2,417,895		118,670
TOTAL CONSUMER STAPLES			724,918
ENERGY - 15.4%
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.	1,887,151		93,905
Halliburton Co.	1,911,600		58,591
Nabors Industries Ltd. (a)	2,405,151		51,879
Noble Corp.	2,507,458		99,020
Pride International, Inc. (a)	1,064,600		32,289
Schlumberger Ltd.	1,559,487		111,379
			447,063
Oil, Gas & Consumable Fuels - 12.8%
Anadarko Petroleum Corp.	1,425,800		88,628
Apache Corp.	619,810		63,072
Chevron Corp.	5,008,395		407,884
Cloud Peak Energy, Inc.	621,600		9,946
ConocoPhillips	3,805,190		225,229
CONSOL Energy, Inc.	1,600,010		71,488
Devon Energy Corp.	554,600		37,341
EOG Resources, Inc.	1,026,900		115,136
Exxon Mobil Corp.	8,257,086		560,243
Marathon Oil Corp.	1,844,745		59,309
Occidental Petroleum Corp.	1,602,591		142,086
Reliance Industries Ltd.	1,321,537		30,619
Royal Dutch Shell PLC:
Class A sponsored ADR	4,422,900		277,537
Class B ADR	616,400		37,403
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Southwestern Energy Co. (a)	1,899,270		$ 75,363
Ultra Petroleum Corp. (a)	212,800		10,165
			2,211,449
TOTAL ENERGY			2,658,512
FINANCIALS - 26.6%
Capital Markets - 4.7%
Bank of New York Mellon Corp.	4,111,349		127,986
Bank Sarasin & Co. Ltd. Series B (Reg.)	212,793		8,277
Credit Suisse Group sponsored ADR	321,900		14,711
Goldman Sachs Group, Inc.	1,171,806		170,146
Morgan Stanley	8,245,490		249,179
Nomura Holdings, Inc.	2,173,400		15,024
State Street Corp.	2,445,089		106,361
T. Rowe Price Group, Inc.	557,342		32,053
UBS AG (a)	1,773,827		27,482
UBS AG (NY Shares) (a)	3,575,944		55,141
			806,360
Commercial Banks - 9.0%
Associated Banc-Corp.	5,209,562		75,695
Barclays PLC	2,659,996		13,662
BB&T Corp.	704,300		23,411
Comerica, Inc.	1,379,600		57,943
Huntington Bancshares, Inc.	5,371,500		36,365
KeyCorp	8,135,000		73,378
Marshall & Ilsley Corp.	1,396,500		12,708
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	10,002,075		51,711
PNC Financial Services Group, Inc.	6,107,520		410,486
Standard Chartered PLC (United Kingdom)	1,120,740		29,891
Sumitomo Mitsui Financial Group, Inc.	365,500		12,088
SunTrust Banks, Inc.	660,600		19,554
U.S. Bancorp, Delaware	4,051,802		108,467
Wells Fargo & Co.	18,744,085		620,616
			1,545,975
Consumer Finance - 1.9%
American Express Co.	1,786,156		82,378
Capital One Financial Corp.	1,928,800		83,729
Discover Financial Services	7,724,561		119,422
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Consumer Finance - continued
Promise Co. Ltd. (a)(d)	1,134,050		$ 10,842
SLM Corp. (a)	2,463,468		30,153
			326,524
Diversified Financial Services - 7.8%
Bank of America Corp.	32,003,188		570,617
Citigroup, Inc. (a)	27,156,752		118,675
CME Group, Inc.	48,266		15,851
JPMorgan Chase & Co.	13,567,649		577,710
Moody's Corp.	2,847,670		70,394
			1,353,247
Insurance - 1.5%
ACE Ltd.	605,971		32,232
Allstate Corp.	589,400		19,256
Berkshire Hathaway, Inc. Class B (a)	317,600		24,455
Hartford Financial Services Group, Inc.	1,126,200		32,176
Montpelier Re Holdings Ltd.	3,303,078		54,831
The First American Corp.	801,730		27,716
The Travelers Companies, Inc.	1,102,171		55,924
Unum Group	841,800		20,599
			267,189
Real Estate Investment Trusts - 0.8%
Boston Properties, Inc.	159,612		12,587
Developers Diversified Realty Corp.	1,668,937		20,511
HCP, Inc.	2,550,411		81,919
Segro PLC	3,671,200		17,455
Simon Property Group, Inc.	54,200		4,825
			137,297
Real Estate Management & Development - 0.9%
Allgreen Properties Ltd.	9,620,000		8,769
CB Richard Ellis Group, Inc. Class A (a)	6,495,151		112,496
Indiabulls Real Estate Ltd. (a)	8,048,819		30,394
Unite Group PLC (a)	2,005,196		6,694
			158,353
TOTAL FINANCIALS			4,594,945
HEALTH CARE - 6.3%
Biotechnology - 0.8%
Amgen, Inc. (a)	1,402,678		80,458
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Biogen Idec, Inc. (a)	637,100		$ 33,926
Cephalon, Inc. (a)	377,100		24,210
			138,594
Health Care Equipment & Supplies - 0.6%
C. R. Bard, Inc.	403,800		34,941
CareFusion Corp. (a)	2,344,457		64,660
			99,601
Health Care Providers & Services - 0.4%
UnitedHealth Group, Inc.	2,085,600		63,215
Pharmaceuticals - 4.5%
Johnson & Johnson	1,488,066		95,683
Merck & Co., Inc.	6,885,032		241,252
Pfizer, Inc.	21,338,469		356,779
Sanofi-Aventis	1,219,714		83,216
			776,930
TOTAL HEALTH CARE			1,078,340
INDUSTRIALS - 9.7%
Aerospace & Defense - 2.8%
Goodrich Corp.	53,200		3,946
Honeywell International, Inc.	3,088,988		146,634
Lockheed Martin Corp.	244,200		20,730
Orbital Sciences Corp. (a)	45,218		831
Raytheon Co.	435,500		25,390
Spirit AeroSystems Holdings, Inc. Class A (a)	1,979,018		43,895
The Boeing Co.	1,249,616		90,510
United Technologies Corp.	1,918,660		143,804
			475,740
Building Products - 0.4%
Armstrong World Industries, Inc. (a)	228,548		9,953
Masco Corp.	3,670,047		59,565
			69,518
Commercial Services & Supplies - 0.1%
Pitney Bowes, Inc.	372,400		9,459
Construction & Engineering - 0.3%
Fluor Corp.	653,500		34,531
KBR, Inc.	835,497		18,448
			52,979
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.1%
Schneider Electric SA (d)	230,646		$ 26,188
Industrial Conglomerates - 2.9%
General Electric Co.	10,831,263		204,278
Rheinmetall AG	880,067		61,357
Siemens AG sponsored ADR	1,277,900		124,774
Textron, Inc.	2,387,000		54,519
Tyco International Ltd.	1,263,790		49,022
			493,950
Machinery - 2.5%
Briggs & Stratton Corp. (e)	3,687,785		87,548
Caterpillar, Inc.	290,300		19,767
Cummins, Inc.	1,043,300		75,358
Eaton Corp.	706,400		54,506
Ingersoll-Rand Co. Ltd.	1,971,792		72,917
Kennametal, Inc.	1,446,309		47,526
Navistar International Corp. (a)	696,800		33,683
SPX Corp.	212,800		14,870
Vallourec SA	139,300		27,749
			433,924
Road & Rail - 0.6%
CSX Corp.	1,029,400		57,698
Union Pacific Corp.	681,600		51,570
			109,268
TOTAL INDUSTRIALS			1,671,026
INFORMATION TECHNOLOGY - 7.2%
Communications Equipment - 0.7%
Cisco Systems, Inc. (a)	2,817,991		75,860
Comverse Technology, Inc. (a)	1,283,800		11,785
Motorola, Inc. (a)	5,272,270		37,275
			124,920
Computers & Peripherals - 0.9%
Hewlett-Packard Co.	2,698,007		140,215
International Business Machines Corp.	99,111		12,785
			153,000
Electronic Equipment & Components - 1.8%
Agilent Technologies, Inc. (a)	2,008,647		72,834
Arrow Electronics, Inc. (a)	2,103,900		64,169
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Avnet, Inc. (a)	2,578,291		$ 82,428
Tyco Electronics Ltd.	2,950,690		94,776
			314,207
IT Services - 0.3%
Hewitt Associates, Inc. Class A (a)	1,069,447		43,837
MoneyGram International, Inc. (a)	1,220,754		3,723
			47,560
Office Electronics - 0.2%
Xerox Corp.	3,136,598		34,189
Semiconductors & Semiconductor Equipment - 3.1%
Applied Materials, Inc.	5,180,400		71,386
Intel Corp.	8,412,260		192,052
Micron Technology, Inc. (a)	4,793,700		44,821
National Semiconductor Corp.	4,224,862		62,443
Novellus Systems, Inc. (a)	1,839,127		48,185
Samsung Electronics Co. Ltd.	30,165		22,933
Teradyne, Inc. (a)	4,907,000		60,013
Varian Semiconductor Equipment Associates, Inc. (a)	944,100		31,099
			532,932
Software - 0.2%
Microsoft Corp.	1,410,827		43,087
TOTAL INFORMATION TECHNOLOGY			1,249,895
MATERIALS - 2.3%
Chemicals - 1.5%
Celanese Corp. Class A	1,340,018		42,867
Clariant AG (Reg.) (a)	3,121,781		43,074
Dow Chemical Co.	1,125,100		34,687
E.I. du Pont de Nemours & Co.	2,174,000		86,612
Monsanto Co.	575,100		36,266
Wacker Chemie AG	107,200		15,709
			259,215
Metals & Mining - 0.6%
Alcoa, Inc.	3,130,821		42,078
Commercial Metals Co.	983,620		14,636
Nucor Corp.	1,092,100		49,494
			106,208
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.2%
Weyerhaeuser Co.	769,800		$ 38,120
TOTAL MATERIALS			403,543
TELECOMMUNICATION SERVICES - 4.8%
Diversified Telecommunication Services - 4.4%
AT&T, Inc.	14,440,194		376,311
Qwest Communications International, Inc.	20,040,400		104,811
Verizon Communications, Inc.	9,496,849		274,364
			755,486
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp. (a)	18,465,003		78,476
TOTAL TELECOMMUNICATION SERVICES			833,962
UTILITIES - 3.3%
Electric Utilities - 2.2%
Allegheny Energy, Inc.	3,471,216		75,603
American Electric Power Co., Inc.	3,768,876		129,272
Entergy Corp.	939,300		76,356
FirstEnergy Corp.	2,699,226		102,220
			383,451
Independent Power Producers & Energy Traders - 0.8%
AES Corp.	8,161,127		94,179
Constellation Energy Group, Inc.	1,181,994		41,783
			135,962
Multi-Utilities - 0.3%
Alliant Energy Corp.	797,972		27,291
CMS Energy Corp.	1,583,376		25,746
			53,037
TOTAL UTILITIES			572,450
TOTAL COMMON STOCKS (Cost $13,344,609)		16,426,762
Preferred Stocks - 1.2%
	Shares		Value (000s)
Convertible Preferred Stocks - 1.1%
FINANCIALS - 0.7%
Commercial Banks - 0.1%
Huntington Bancshares, Inc. 8.50%	26,000		$ 26,027
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	273,000		35,987
Insurance - 0.4%
Hartford Financial Services Group, Inc. Series F 7.25% (a)	879,600		23,292
XL Capital Ltd. 10.75%	1,625,900		43,590
			66,882
TOTAL FINANCIALS			128,896
MATERIALS - 0.4%
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	632,300		65,399
TOTAL CONVERTIBLE PREFERRED STOCKS			194,295
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Insurance - 0.1%
Fondiaria-Sai SpA (Risparmio Shares)	1,712,220		16,707
TOTAL PREFERRED STOCKS (Cost $205,896)		211,002

Corporate Bonds - 2.4%
	Principal Amount (000s)
Convertible Bonds - 2.3%
CONSUMER DISCRETIONARY - 1.3%
Automobiles - 0.3%
Ford Motor Co. 4.25% 11/15/16	$ 33,640		52,277
Hotels, Restaurants & Leisure - 0.1%
MGM Mirage, Inc. 4.25% 4/15/15 (f)	19,980		21,728
Leisure Equipment & Products - 0.1%
Eastman Kodak Co. 7% 4/1/17 (f)	6,840		7,894
Media - 0.8%
Liberty Global, Inc. 4.5% 11/15/16 (f)	11,360		14,001
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Media - continued
Liberty Media Corp.:
3.5% 1/15/31	$ 7,068		$ 4,724
4% 11/15/29	13,232		7,278
3.5% 1/15/31 (f)	20,046		13,398
News America, Inc. liquid yield option note:
0% 2/28/21 (f)	57,550		38,723
0% 2/28/21	16,370		11,015
Virgin Media, Inc. 6.5% 11/15/16	42,136		52,337
			141,476
TOTAL CONSUMER DISCRETIONARY			223,375
FINANCIALS - 0.2%
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (a)(f)	36,072		41,077
INDUSTRIALS - 0.2%
Airlines - 0.2%
AMR Corp. 6.25% 10/15/14	6,510		6,886
UAL Corp.:
4.5% 6/30/21 (f)	20,550		20,729
4.5% 6/30/21	3,320		3,349
			30,964
INFORMATION TECHNOLOGY - 0.4%
Semiconductors & Semiconductor Equipment - 0.4%
Advanced Micro Devices, Inc.:
6% 5/1/15 (f)	34,770		33,424
6% 5/1/15	17,310		16,640
Micron Technology, Inc. 1.875% 6/1/14	18,790		17,299
			67,363
MATERIALS - 0.2%
Metals & Mining - 0.2%
United States Steel Corp. 4% 5/15/14	13,110		24,335
TOTAL CONVERTIBLE BONDS			387,114
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	$ 31,600		$ 23,285
TOTAL CORPORATE BONDS (Cost $351,270)		410,399

Money Market Funds - 1.7%
	Shares
Fidelity Cash Central Fund, 0.21% (b)	212,561,233		212,561
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	82,784,100		82,784
TOTAL MONEY MARKET FUNDS (Cost $295,345)		295,345
Cash Equivalents - 0.1%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 0.19%, dated 4/30/10 due 5/3/10 (Collateralized by U.S. Treasury Obligations) # (Cost $4,630)	$ 4,630		4,630
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $14,201,750)			17,348,138

NET OTHER ASSETS - (0.5)%				(77,968)
NET ASSETS - 100%			$ 17,270,170

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 $190,974,000 or 1.1% of net assets.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value (Amounts in thousands)
$4,630,000 due 5/03/10 at 0.19%
BNP Paribas Securities Corp.	$ 1,764
Banc of America Securities LLC	677
Barclays Capital, Inc.	1,251
Societe Generale, New York Branch	938
	$ 4,630

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	$ 62
Fidelity Securities Lending Cash Central Fund	258
Total	$ 320

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:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Briggs & Stratton Corp.	$ 60,959	$ -	$ -	$ 406	$ 87,548
Total	$ 60,959	$ -	$ -	$ 406	$ 87,548

Other Information

The following is a summary of the inputs used, as of April 30, 2010, involving the Fund's assets and liabilities 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:
Equities:
Consumer Discretionary	$ 2,639,171	$ 2,286,114	$ 353,057	$ -
Consumer Staples	724,918	558,955	165,963	-
Energy	2,658,512	2,627,893	30,619	-
Financials	4,740,548	4,468,799	271,749	-
Health Care	1,078,340	995,124	83,216	-
Industrials	1,671,026	1,555,732	115,294	-
Information Technology	1,249,895	1,226,962	22,933	-
Materials	468,942	344,760	124,182	-
Telecommunication Services	833,962	833,962	-	-
Utilities	572,450	572,450	-	-
Corporate Bonds	410,399	-	410,399	-
Money Market Funds	295,345	295,345	-	-
Cash Equivalents	4,630	-	4,630	-
Total Investments in Securities:	$ 17,348,138	$ 15,766,096	$ 1,582,042	$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $14,424,582,000. Net unrealized appreciation aggregated $2,923,556,000, of which $4,258,902,000 related to appreciated investment securities and $1,335,346,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 and are categorized as Level 1 in the hierarchy. 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 or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For corporate bonds, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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, 2010

1.800355.106

LCG-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.6%
Auto Components - 0.7%
Johnson Controls, Inc.	24,400		$ 819,596
Automobiles - 0.2%
Ford Motor Co. (a)	22,100		287,742
Hotels, Restaurants & Leisure - 2.9%
Burger King Holdings, Inc.	11,500		242,650
McDonald's Corp.	19,800		1,397,682
O'Charleys, Inc. (a)	6,300		60,165
Starbucks Corp.	40,000		1,039,200
Starwood Hotels & Resorts Worldwide, Inc.	8,000		436,080
Wyndham Worldwide Corp.	12,800		343,168
			3,518,945
Household Durables - 2.1%
iRobot Corp. (a)	13,800		278,484
Sealy Corp., Inc. (a)	49,300		184,382
Tempur-Pedic International, Inc. (a)	60,000		2,022,000
			2,484,866
Internet & Catalog Retail - 2.2%
Amazon.com, Inc. (a)	19,200		2,631,552
Leisure Equipment & Products - 0.5%
Hasbro, Inc.	17,100		655,956
Specialty Retail - 1.4%
Best Buy Co., Inc.	13,900		633,840
Sally Beauty Holdings, Inc. (a)	69,300		661,815
Staples, Inc.	14,300		336,479
			1,632,134
Textiles, Apparel & Luxury Goods - 1.6%
Deckers Outdoor Corp. (a)	4,100		576,378
Phillips-Van Heusen Corp.	10,200		642,702
Polo Ralph Lauren Corp. Class A	8,000		719,200
			1,938,280
TOTAL CONSUMER DISCRETIONARY			13,969,071
CONSUMER STAPLES - 13.3%
Beverages - 2.8%
Anheuser-Busch InBev SA NV (d)	11,393		552,754
Dr Pepper Snapple Group, Inc.	8,800		288,024
Grupo Modelo SAB de CV Series C	51,400		283,544
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	10,400		$ 678,288
The Coca-Cola Co.	29,100		1,555,395
			3,358,005
Food & Staples Retailing - 3.9%
Costco Wholesale Corp.	11,800		697,144
Safeway, Inc.	18,100		427,160
Wal-Mart Stores, Inc.	40,600		2,178,190
Walgreen Co.	20,000		703,000
Whole Foods Market, Inc. (a)	18,700		729,674
			4,735,168
Food Products - 2.6%
Calavo Growers, Inc.	16,900		293,046
Danone (d)	9,764		575,363
Mead Johnson Nutrition Co. Class A	11,100		572,871
Nestle SA sponsored ADR	11,800		577,020
Smithfield Foods, Inc. (a)	22,400		419,776
The J.M. Smucker Co.	9,200		561,844
Tingyi (Cayman Island) Holding Corp.	66,000		163,959
			3,163,879
Household Products - 2.0%
Procter & Gamble Co.	39,300		2,442,888
Personal Products - 2.0%
BaWang International (Group) Holding Ltd.	187,000		137,644
Estee Lauder Companies, Inc. Class A	12,400		817,408
Hengan International Group Co. Ltd.	24,000		184,245
Herbalife Ltd.	25,500		1,230,375
			2,369,672
TOTAL CONSUMER STAPLES			16,069,612
ENERGY - 4.3%
Energy Equipment & Services - 1.2%
Complete Production Services, Inc. (a)	24,000		362,160
Newpark Resources, Inc. (a)	23,400		156,312
Schlumberger Ltd.	12,400		885,608
			1,404,080
Oil, Gas & Consumable Fuels - 3.1%
Arch Coal, Inc.	8,200		221,400
Atlas Pipeline Partners, LP	12,100		174,603
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Chesapeake Energy Corp.	9,100		$ 216,580
Exxon Mobil Corp.	29,400		1,994,790
Massey Energy Co.	9,000		329,670
Occidental Petroleum Corp.	4,400		390,104
Range Resources Corp.	5,600		267,456
Southwestern Energy Co. (a)	3,800		150,784
			3,745,387
TOTAL ENERGY			5,149,467
FINANCIALS - 5.9%
Capital Markets - 1.1%
Bank of New York Mellon Corp.	19,300		600,809
Morgan Stanley	22,300		673,906
Northern Trust Corp.	2,200		120,956
			1,395,671
Commercial Banks - 2.0%
M&T Bank Corp. (d)	2,300		200,905
PNC Financial Services Group, Inc.	10,000		672,100
Regions Financial Corp.	69,400		613,496
Wells Fargo & Co.	27,700		917,147
			2,403,648
Consumer Finance - 0.8%
American Express Co.	16,100		742,532
SLM Corp. (a)	22,500		275,400
			1,017,932
Diversified Financial Services - 1.1%
Bank of America Corp.	17,000		303,110
Citigroup, Inc. (a)	49,400		215,878
CME Group, Inc.	1,400		459,774
JPMorgan Chase & Co.	7,600		323,608
			1,302,370
Real Estate Management & Development - 0.9%
Henderson Land Development Co. Ltd.	14,000		88,240
Henderson Land Development Co. Ltd. warrants 6/1/11 (a)	2,800		1,594
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Jones Lang LaSalle, Inc.	10,900		$ 859,792
Yanlord Land Group Ltd.	70,000		86,452
			1,036,078
TOTAL FINANCIALS			7,155,699
HEALTH CARE - 13.8%
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc. (a)	7,400		406,112
AMAG Pharmaceuticals, Inc. (a)	6,400		218,560
Amgen, Inc. (a)	12,700		728,472
Amicus Therapeutics, Inc. (a)	18,000		58,500
Amylin Pharmaceuticals, Inc. (a)	1,000		20,640
ARIAD Pharmaceuticals, Inc. (a)	50,200		176,704
Biogen Idec, Inc. (a)	18,500		985,125
BioMarin Pharmaceutical, Inc. (a)	15,100		352,887
Nanosphere, Inc. (a)	8,800		55,440
United Therapeutics Corp. (a)	5,600		318,584
			3,321,024
Health Care Equipment & Supplies - 1.7%
Covidien PLC	12,900		619,071
Edwards Lifesciences Corp. (a)	600		61,848
ev3, Inc. (a)	9,800		187,474
Inverness Medical Innovations, Inc. (a)	22,500		895,050
Mako Surgical Corp. (a)	2,400		33,672
Orthovita, Inc. (a)	31,100		124,400
RTI Biologics, Inc. (a)	40,800		156,264
			2,077,779
Health Care Providers & Services - 2.3%
BioScrip, Inc. (a)	58,300		521,202
Express Scripts, Inc. (a)	9,000		901,170
Health Net, Inc. (a)	16,100		354,522
Medco Health Solutions, Inc. (a)	16,800		989,856
Team Health Holdings, Inc.	3,700		58,164
			2,824,914
Health Care Technology - 1.6%
Cerner Corp. (a)	22,300		1,893,493
Life Sciences Tools & Services - 2.3%
Covance, Inc. (a)	9,800		559,972
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Life Technologies Corp. (a)	14,600		$ 798,766
QIAGEN NV (a)	24,900		568,965
Thermo Fisher Scientific, Inc. (a)	14,300		790,504
			2,718,207
Pharmaceuticals - 3.2%
Allergan, Inc.	15,400		980,826
Ardea Biosciences, Inc. (a)	1,700		43,180
Cadence Pharmaceuticals, Inc. (a)(d)	32,900		322,420
Cardiome Pharma Corp. (a)	29,100		245,411
Johnson & Johnson	16,600		1,067,380
King Pharmaceuticals, Inc. (a)	200		1,960
Shire PLC sponsored ADR	4,300		283,112
Teva Pharmaceutical Industries Ltd. sponsored ADR	10,100		593,173
Valeant Pharmaceuticals International (a)	3,000		135,000
ViroPharma, Inc. (a)	12,700		161,544
			3,834,006
TOTAL HEALTH CARE			16,669,423
INDUSTRIALS - 10.5%
Aerospace & Defense - 4.0%
Alliant Techsystems, Inc. (a)	4,000		323,640
DigitalGlobe, Inc.	13,800		366,528
Precision Castparts Corp.	10,100		1,296,234
Raytheon Co.	18,500		1,078,550
United Technologies Corp.	24,000		1,798,800
			4,863,752
Airlines - 1.0%
AMR Corp. (a)	32,300		238,374
Delta Air Lines, Inc. (a)	28,500		344,280
Southwest Airlines Co.	48,700		641,866
			1,224,520
Building Products - 0.2%
Masco Corp.	17,200		279,156
Commercial Services & Supplies - 0.4%
Interface, Inc. Class A	1,900		24,852
Steelcase, Inc. Class A	15,200		124,792
Viad Corp.	12,700		297,180
			446,824
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.2%
Fluor Corp.	18,700		$ 988,108
Jacobs Engineering Group, Inc. (a)	9,700		467,734
			1,455,842
Electrical Equipment - 0.6%
American Superconductor Corp. (a)	22,500		656,550
Machinery - 1.5%
Bucyrus International, Inc. Class A	3,000		189,030
Cummins, Inc.	6,700		483,941
Duoyuan Global Water, Inc. ADR	11,200		298,816
Ingersoll-Rand Co. Ltd.	21,200		783,976
			1,755,763
Professional Services - 0.3%
Robert Half International, Inc.	12,600		344,988
Road & Rail - 0.8%
Union Pacific Corp.	13,400		1,013,844
Trading Companies & Distributors - 0.5%
WESCO International, Inc. (a)	14,800		601,176
TOTAL INDUSTRIALS			12,642,415
INFORMATION TECHNOLOGY - 34.4%
Communications Equipment - 5.5%
Cisco Systems, Inc. (a)	125,500		3,378,460
Juniper Networks, Inc. (a)	62,800		1,784,148
QUALCOMM, Inc.	17,700		685,698
Research In Motion Ltd. (a)	11,400		811,566
			6,659,872
Computers & Peripherals - 7.0%
Apple, Inc. (a)	23,100		6,031,871
Hewlett-Packard Co.	35,500		1,844,935
Seagate Technology (a)	22,000		404,140
Western Digital Corp. (a)	5,800		238,322
			8,519,268
Electronic Equipment & Components - 2.3%
Agilent Technologies, Inc. (a)	24,600		891,996
FLIR Systems, Inc. (a)	12,900		394,611
Ingram Micro, Inc. Class A (a)	66,800		1,213,088
Vishay Intertechnology, Inc. (a)	32,200		335,202
			2,834,897
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 4.9%
Baidu.com, Inc. sponsored ADR (a)	1,300		$ 896,090
eBay, Inc. (a)	69,800		1,661,938
Google, Inc. Class A (a)	4,900		2,574,656
NetEase.com, Inc. sponsored ADR (a)	9,400		327,778
Tencent Holdings Ltd.	20,400		421,872
			5,882,334
IT Services - 1.6%
Cognizant Technology Solutions Corp. Class A (a)	25,500		1,305,090
Hewitt Associates, Inc. Class A (a)	15,900		651,741
			1,956,831
Semiconductors & Semiconductor Equipment - 4.1%
Intel Corp.	83,200		1,899,456
LTX-Credence Corp. (a)	36,200		122,718
Marvell Technology Group Ltd. (a)	20,300		419,195
NVIDIA Corp. (a)	48,900		768,708
Omnivision Technologies, Inc. (a)	15,000		263,400
Skyworks Solutions, Inc. (a)	36,600		616,344
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	28,100		297,579
Teradyne, Inc. (a)	42,200		516,106
			4,903,506
Software - 9.0%
Adobe Systems, Inc. (a)	10,700		359,413
BMC Software, Inc. (a)	14,900		586,464
Citrix Systems, Inc. (a)	15,800		742,600
Informatica Corp. (a)	12,000		300,120
MICROS Systems, Inc. (a)	44,000		1,635,040
Microsoft Corp.	155,500		4,748,970
Nuance Communications, Inc. (a)	74,600		1,362,942
Red Hat, Inc. (a)	16,300		486,881
Sybase, Inc. (a)	6,500		281,970
VMware, Inc. Class A (a)	5,200		320,528
			10,824,928
TOTAL INFORMATION TECHNOLOGY			41,581,636
MATERIALS - 3.8%
Chemicals - 1.6%
Air Products & Chemicals, Inc.	7,300		560,494
Cabot Corp.	11,400		370,956
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Dow Chemical Co.	17,400		$ 536,442
The Mosaic Co.	10,100		516,514
			1,984,406
Construction Materials - 0.6%
Martin Marietta Materials, Inc.	5,900		565,692
Vulcan Materials Co.	2,300		131,744
			697,436
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	19,700		698,168
Metals & Mining - 1.0%
AngloGold Ashanti Ltd. sponsored ADR	8,400		351,624
Newmont Mining Corp.	15,300		858,024
			1,209,648
TOTAL MATERIALS			4,589,658
TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	22,100		901,901
Sprint Nextel Corp. (a)	148,100		629,425
			1,531,326
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp.	11,100		128,094
TOTAL COMMON STOCKS (Cost $105,273,296)		119,486,401
Money Market Funds - 2.3%
	Shares		Value
Fidelity Cash Central Fund, 0.21% (b)	1,643,248		$ 1,643,248
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	1,209,800		1,209,800
TOTAL MONEY MARKET FUNDS (Cost $2,853,048)		2,853,048
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $108,126,344)			122,339,449
NET OTHER ASSETS - (1.3)%			(1,608,538)
NET ASSETS - 100%		$ 120,730,911

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	$ 645
Fidelity Securities Lending Cash Central Fund	1,843
Total	$ 2,488

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 13,969,071	$ 13,969,071	$ -	$ -
Consumer Staples	16,069,612	14,455,647	1,613,965	-
Energy	5,149,467	5,149,467	-	-
Financials	7,155,699	6,979,413	176,286	-
Health Care	16,669,423	16,669,423	-	-
Industrials	12,642,415	12,642,415	-	-
Information Technology	41,581,636	41,159,764	421,872	-
Materials	4,589,658	4,589,658	-	-
Telecommunication Services	1,531,326	1,531,326	-	-
Utilities	128,094	128,094	-	-
Money Market Funds	2,853,048	2,853,048	-	-
Total Investments in Securities:	$ 122,339,449	$ 120,127,326	$ 2,212,123	$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $108,418,443. Net unrealized appreciation aggregated $13,921,006, of which $15,315,427 related to appreciated investment securities and $1,394,421 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

1.847927.103

ALCG-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSUMER DISCRETIONARY - 11.6%
Auto Components - 0.7%
Johnson Controls, Inc.	24,400		$ 819,596
Automobiles - 0.2%
Ford Motor Co. (a)	22,100		287,742
Hotels, Restaurants & Leisure - 2.9%
Burger King Holdings, Inc.	11,500		242,650
McDonald's Corp.	19,800		1,397,682
O'Charleys, Inc. (a)	6,300		60,165
Starbucks Corp.	40,000		1,039,200
Starwood Hotels & Resorts Worldwide, Inc.	8,000		436,080
Wyndham Worldwide Corp.	12,800		343,168
			3,518,945
Household Durables - 2.1%
iRobot Corp. (a)	13,800		278,484
Sealy Corp., Inc. (a)	49,300		184,382
Tempur-Pedic International, Inc. (a)	60,000		2,022,000
			2,484,866
Internet & Catalog Retail - 2.2%
Amazon.com, Inc. (a)	19,200		2,631,552
Leisure Equipment & Products - 0.5%
Hasbro, Inc.	17,100		655,956
Specialty Retail - 1.4%
Best Buy Co., Inc.	13,900		633,840
Sally Beauty Holdings, Inc. (a)	69,300		661,815
Staples, Inc.	14,300		336,479
			1,632,134
Textiles, Apparel & Luxury Goods - 1.6%
Deckers Outdoor Corp. (a)	4,100		576,378
Phillips-Van Heusen Corp.	10,200		642,702
Polo Ralph Lauren Corp. Class A	8,000		719,200
			1,938,280
TOTAL CONSUMER DISCRETIONARY			13,969,071
CONSUMER STAPLES - 13.3%
Beverages - 2.8%
Anheuser-Busch InBev SA NV (d)	11,393		552,754
Dr Pepper Snapple Group, Inc.	8,800		288,024
Grupo Modelo SAB de CV Series C	51,400		283,544
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	10,400		$ 678,288
The Coca-Cola Co.	29,100		1,555,395
			3,358,005
Food & Staples Retailing - 3.9%
Costco Wholesale Corp.	11,800		697,144
Safeway, Inc.	18,100		427,160
Wal-Mart Stores, Inc.	40,600		2,178,190
Walgreen Co.	20,000		703,000
Whole Foods Market, Inc. (a)	18,700		729,674
			4,735,168
Food Products - 2.6%
Calavo Growers, Inc.	16,900		293,046
Danone (d)	9,764		575,363
Mead Johnson Nutrition Co. Class A	11,100		572,871
Nestle SA sponsored ADR	11,800		577,020
Smithfield Foods, Inc. (a)	22,400		419,776
The J.M. Smucker Co.	9,200		561,844
Tingyi (Cayman Island) Holding Corp.	66,000		163,959
			3,163,879
Household Products - 2.0%
Procter & Gamble Co.	39,300		2,442,888
Personal Products - 2.0%
BaWang International (Group) Holding Ltd.	187,000		137,644
Estee Lauder Companies, Inc. Class A	12,400		817,408
Hengan International Group Co. Ltd.	24,000		184,245
Herbalife Ltd.	25,500		1,230,375
			2,369,672
TOTAL CONSUMER STAPLES			16,069,612
ENERGY - 4.3%
Energy Equipment & Services - 1.2%
Complete Production Services, Inc. (a)	24,000		362,160
Newpark Resources, Inc. (a)	23,400		156,312
Schlumberger Ltd.	12,400		885,608
			1,404,080
Oil, Gas & Consumable Fuels - 3.1%
Arch Coal, Inc.	8,200		221,400
Atlas Pipeline Partners, LP	12,100		174,603
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Chesapeake Energy Corp.	9,100		$ 216,580
Exxon Mobil Corp.	29,400		1,994,790
Massey Energy Co.	9,000		329,670
Occidental Petroleum Corp.	4,400		390,104
Range Resources Corp.	5,600		267,456
Southwestern Energy Co. (a)	3,800		150,784
			3,745,387
TOTAL ENERGY			5,149,467
FINANCIALS - 5.9%
Capital Markets - 1.1%
Bank of New York Mellon Corp.	19,300		600,809
Morgan Stanley	22,300		673,906
Northern Trust Corp.	2,200		120,956
			1,395,671
Commercial Banks - 2.0%
M&T Bank Corp. (d)	2,300		200,905
PNC Financial Services Group, Inc.	10,000		672,100
Regions Financial Corp.	69,400		613,496
Wells Fargo & Co.	27,700		917,147
			2,403,648
Consumer Finance - 0.8%
American Express Co.	16,100		742,532
SLM Corp. (a)	22,500		275,400
			1,017,932
Diversified Financial Services - 1.1%
Bank of America Corp.	17,000		303,110
Citigroup, Inc. (a)	49,400		215,878
CME Group, Inc.	1,400		459,774
JPMorgan Chase & Co.	7,600		323,608
			1,302,370
Real Estate Management & Development - 0.9%
Henderson Land Development Co. Ltd.	14,000		88,240
Henderson Land Development Co. Ltd. warrants 6/1/11 (a)	2,800		1,594
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Jones Lang LaSalle, Inc.	10,900		$ 859,792
Yanlord Land Group Ltd.	70,000		86,452
			1,036,078
TOTAL FINANCIALS			7,155,699
HEALTH CARE - 13.8%
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc. (a)	7,400		406,112
AMAG Pharmaceuticals, Inc. (a)	6,400		218,560
Amgen, Inc. (a)	12,700		728,472
Amicus Therapeutics, Inc. (a)	18,000		58,500
Amylin Pharmaceuticals, Inc. (a)	1,000		20,640
ARIAD Pharmaceuticals, Inc. (a)	50,200		176,704
Biogen Idec, Inc. (a)	18,500		985,125
BioMarin Pharmaceutical, Inc. (a)	15,100		352,887
Nanosphere, Inc. (a)	8,800		55,440
United Therapeutics Corp. (a)	5,600		318,584
			3,321,024
Health Care Equipment & Supplies - 1.7%
Covidien PLC	12,900		619,071
Edwards Lifesciences Corp. (a)	600		61,848
ev3, Inc. (a)	9,800		187,474
Inverness Medical Innovations, Inc. (a)	22,500		895,050
Mako Surgical Corp. (a)	2,400		33,672
Orthovita, Inc. (a)	31,100		124,400
RTI Biologics, Inc. (a)	40,800		156,264
			2,077,779
Health Care Providers & Services - 2.3%
BioScrip, Inc. (a)	58,300		521,202
Express Scripts, Inc. (a)	9,000		901,170
Health Net, Inc. (a)	16,100		354,522
Medco Health Solutions, Inc. (a)	16,800		989,856
Team Health Holdings, Inc.	3,700		58,164
			2,824,914
Health Care Technology - 1.6%
Cerner Corp. (a)	22,300		1,893,493
Life Sciences Tools & Services - 2.3%
Covance, Inc. (a)	9,800		559,972
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Life Technologies Corp. (a)	14,600		$ 798,766
QIAGEN NV (a)	24,900		568,965
Thermo Fisher Scientific, Inc. (a)	14,300		790,504
			2,718,207
Pharmaceuticals - 3.2%
Allergan, Inc.	15,400		980,826
Ardea Biosciences, Inc. (a)	1,700		43,180
Cadence Pharmaceuticals, Inc. (a)(d)	32,900		322,420
Cardiome Pharma Corp. (a)	29,100		245,411
Johnson & Johnson	16,600		1,067,380
King Pharmaceuticals, Inc. (a)	200		1,960
Shire PLC sponsored ADR	4,300		283,112
Teva Pharmaceutical Industries Ltd. sponsored ADR	10,100		593,173
Valeant Pharmaceuticals International (a)	3,000		135,000
ViroPharma, Inc. (a)	12,700		161,544
			3,834,006
TOTAL HEALTH CARE			16,669,423
INDUSTRIALS - 10.5%
Aerospace & Defense - 4.0%
Alliant Techsystems, Inc. (a)	4,000		323,640
DigitalGlobe, Inc.	13,800		366,528
Precision Castparts Corp.	10,100		1,296,234
Raytheon Co.	18,500		1,078,550
United Technologies Corp.	24,000		1,798,800
			4,863,752
Airlines - 1.0%
AMR Corp. (a)	32,300		238,374
Delta Air Lines, Inc. (a)	28,500		344,280
Southwest Airlines Co.	48,700		641,866
			1,224,520
Building Products - 0.2%
Masco Corp.	17,200		279,156
Commercial Services & Supplies - 0.4%
Interface, Inc. Class A	1,900		24,852
Steelcase, Inc. Class A	15,200		124,792
Viad Corp.	12,700		297,180
			446,824
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.2%
Fluor Corp.	18,700		$ 988,108
Jacobs Engineering Group, Inc. (a)	9,700		467,734
			1,455,842
Electrical Equipment - 0.6%
American Superconductor Corp. (a)	22,500		656,550
Machinery - 1.5%
Bucyrus International, Inc. Class A	3,000		189,030
Cummins, Inc.	6,700		483,941
Duoyuan Global Water, Inc. ADR	11,200		298,816
Ingersoll-Rand Co. Ltd.	21,200		783,976
			1,755,763
Professional Services - 0.3%
Robert Half International, Inc.	12,600		344,988
Road & Rail - 0.8%
Union Pacific Corp.	13,400		1,013,844
Trading Companies & Distributors - 0.5%
WESCO International, Inc. (a)	14,800		601,176
TOTAL INDUSTRIALS			12,642,415
INFORMATION TECHNOLOGY - 34.4%
Communications Equipment - 5.5%
Cisco Systems, Inc. (a)	125,500		3,378,460
Juniper Networks, Inc. (a)	62,800		1,784,148
QUALCOMM, Inc.	17,700		685,698
Research In Motion Ltd. (a)	11,400		811,566
			6,659,872
Computers & Peripherals - 7.0%
Apple, Inc. (a)	23,100		6,031,871
Hewlett-Packard Co.	35,500		1,844,935
Seagate Technology (a)	22,000		404,140
Western Digital Corp. (a)	5,800		238,322
			8,519,268
Electronic Equipment & Components - 2.3%
Agilent Technologies, Inc. (a)	24,600		891,996
FLIR Systems, Inc. (a)	12,900		394,611
Ingram Micro, Inc. Class A (a)	66,800		1,213,088
Vishay Intertechnology, Inc. (a)	32,200		335,202
			2,834,897
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 4.9%
Baidu.com, Inc. sponsored ADR (a)	1,300		$ 896,090
eBay, Inc. (a)	69,800		1,661,938
Google, Inc. Class A (a)	4,900		2,574,656
NetEase.com, Inc. sponsored ADR (a)	9,400		327,778
Tencent Holdings Ltd.	20,400		421,872
			5,882,334
IT Services - 1.6%
Cognizant Technology Solutions Corp. Class A (a)	25,500		1,305,090
Hewitt Associates, Inc. Class A (a)	15,900		651,741
			1,956,831
Semiconductors & Semiconductor Equipment - 4.1%
Intel Corp.	83,200		1,899,456
LTX-Credence Corp. (a)	36,200		122,718
Marvell Technology Group Ltd. (a)	20,300		419,195
NVIDIA Corp. (a)	48,900		768,708
Omnivision Technologies, Inc. (a)	15,000		263,400
Skyworks Solutions, Inc. (a)	36,600		616,344
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	28,100		297,579
Teradyne, Inc. (a)	42,200		516,106
			4,903,506
Software - 9.0%
Adobe Systems, Inc. (a)	10,700		359,413
BMC Software, Inc. (a)	14,900		586,464
Citrix Systems, Inc. (a)	15,800		742,600
Informatica Corp. (a)	12,000		300,120
MICROS Systems, Inc. (a)	44,000		1,635,040
Microsoft Corp.	155,500		4,748,970
Nuance Communications, Inc. (a)	74,600		1,362,942
Red Hat, Inc. (a)	16,300		486,881
Sybase, Inc. (a)	6,500		281,970
VMware, Inc. Class A (a)	5,200		320,528
			10,824,928
TOTAL INFORMATION TECHNOLOGY			41,581,636
MATERIALS - 3.8%
Chemicals - 1.6%
Air Products & Chemicals, Inc.	7,300		560,494
Cabot Corp.	11,400		370,956
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Dow Chemical Co.	17,400		$ 536,442
The Mosaic Co.	10,100		516,514
			1,984,406
Construction Materials - 0.6%
Martin Marietta Materials, Inc.	5,900		565,692
Vulcan Materials Co.	2,300		131,744
			697,436
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	19,700		698,168
Metals & Mining - 1.0%
AngloGold Ashanti Ltd. sponsored ADR	8,400		351,624
Newmont Mining Corp.	15,300		858,024
			1,209,648
TOTAL MATERIALS			4,589,658
TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	22,100		901,901
Sprint Nextel Corp. (a)	148,100		629,425
			1,531,326
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp.	11,100		128,094
TOTAL COMMON STOCKS (Cost $105,273,296)		119,486,401
Money Market Funds - 2.3%
	Shares		Value
Fidelity Cash Central Fund, 0.21% (b)	1,643,248		$ 1,643,248
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	1,209,800		1,209,800
TOTAL MONEY MARKET FUNDS (Cost $2,853,048)		2,853,048
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $108,126,344)			122,339,449
NET OTHER ASSETS - (1.3)%			(1,608,538)
NET ASSETS - 100%		$ 120,730,911

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	$ 645
Fidelity Securities Lending Cash Central Fund	1,843
Total	$ 2,488

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 13,969,071	$ 13,969,071	$ -	$ -
Consumer Staples	16,069,612	14,455,647	1,613,965	-
Energy	5,149,467	5,149,467	-	-
Financials	7,155,699	6,979,413	176,286	-
Health Care	16,669,423	16,669,423	-	-
Industrials	12,642,415	12,642,415	-	-
Information Technology	41,581,636	41,159,764	421,872	-
Materials	4,589,658	4,589,658	-	-
Telecommunication Services	1,531,326	1,531,326	-	-
Utilities	128,094	128,094	-	-
Money Market Funds	2,853,048	2,853,048	-	-
Total Investments in Securities:	$ 122,339,449	$ 120,127,326	$ 2,212,123	$ -

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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, 2010

1.800356.106

LCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CONSUMER DISCRETIONARY - 10.9%
Auto Components - 0.5%
TRW Automotive Holdings Corp. (a)	172,200		$ 5,546,562
Hotels, Restaurants & Leisure - 1.1%
Darden Restaurants, Inc.	111,400		4,985,150
Wyndham Worldwide Corp.	213,200		5,715,892
			10,701,042
Household Durables - 0.6%
Whirlpool Corp.	58,600		6,379,782
Media - 4.7%
Comcast Corp. Class A	748,900		14,783,286
The Walt Disney Co.	42,900		1,580,436
Time Warner, Inc.	539,500		17,846,660
Viacom, Inc. Class B (non-vtg.) (a)	387,300		13,683,309
			47,893,691
Multiline Retail - 1.8%
Macy's, Inc.	416,900		9,672,080
Target Corp.	145,400		8,268,898
			17,940,978
Specialty Retail - 1.7%
Best Buy Co., Inc.	256,200		11,682,720
Penske Automotive Group, Inc. (a)	345,200		5,171,096
			16,853,816
Textiles, Apparel & Luxury Goods - 0.5%
Hanesbrands, Inc. (a)	179,900		5,121,753
TOTAL CONSUMER DISCRETIONARY			110,437,624
CONSUMER STAPLES - 4.8%
Beverages - 1.2%
Dr Pepper Snapple Group, Inc.	203,700		6,667,101
Molson Coors Brewing Co. Class B	135,600		6,015,216
			12,682,317
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	179,000		6,610,470
Safeway, Inc.	280,600		6,622,160
			13,232,630
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.1%
Archer Daniels Midland Co.	208,400		$ 5,822,696
Ralcorp Holdings, Inc. (a)	83,000		5,523,650
			11,346,346
Household Products - 0.7%
Energizer Holdings, Inc. (a)	84,300		5,150,730
Procter & Gamble Co.	25,400		1,578,864
			6,729,594
Personal Products - 0.5%
NBTY, Inc. (a)	119,429		4,858,372
TOTAL CONSUMER STAPLES			48,849,259
ENERGY - 18.3%
Energy Equipment & Services - 3.9%
Atwood Oceanics, Inc. (a)	146,400		5,330,424
Nabors Industries Ltd. (a)	577,200		12,450,204
National Oilwell Varco, Inc.	308,200		13,570,046
Transocean Ltd. (a)	120,500		8,730,225
			40,080,899
Oil, Gas & Consumable Fuels - 14.4%
Alpha Natural Resources, Inc. (a)	108,900		5,127,012
Apache Corp.	155,000		15,772,800
Chesapeake Energy Corp.	436,900		10,398,220
Chevron Corp.	495,400		40,345,376
ConocoPhillips	403,800		23,900,922
Exxon Mobil Corp.	496,900		33,714,665
Marathon Oil Corp.	461,300		14,830,795
Occidental Petroleum Corp.	25,800		2,287,428
			146,377,218
TOTAL ENERGY			186,458,117
FINANCIALS - 26.0%
Capital Markets - 2.3%
BlackRock, Inc. Class A	30,700		5,648,800
Goldman Sachs Group, Inc.	49,500		7,187,400
Morgan Stanley	358,300		10,827,826
			23,664,026
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 8.1%
BB&T Corp.	276,000		$ 9,174,240
Comerica, Inc.	154,700		6,497,400
Marshall & Ilsley Corp.	654,700		5,957,770
PNC Financial Services Group, Inc.	262,300		17,629,183
SunTrust Banks, Inc.	374,500		11,085,200
Wells Fargo & Co.	968,000		32,050,480
			82,394,273
Consumer Finance - 1.2%
Capital One Financial Corp.	267,200		11,599,152
Diversified Financial Services - 9.0%
Bank of America Corp.	2,294,700		40,914,500
Citigroup, Inc. (a)	3,285,900		14,359,383
JPMorgan Chase & Co.	860,600		36,644,348
			91,918,231
Insurance - 4.0%
Genworth Financial, Inc. Class A (a)	536,300		8,859,676
Lincoln National Corp.	325,700		9,963,163
The Travelers Companies, Inc.	277,600		14,085,424
Unum Group	307,200		7,517,184
			40,425,447
Real Estate Investment Trusts - 1.4%
ProLogis Trust	267,035		3,516,851
SL Green Realty Corp.	99,100		6,161,047
The Macerich Co. (d)	110,953		4,960,709
			14,638,607
TOTAL FINANCIALS			264,639,736
HEALTH CARE - 7.8%
Health Care Equipment & Supplies - 1.1%
CareFusion Corp. (a)	228,200		6,293,756
Covidien PLC	103,500		4,966,965
			11,260,721
Health Care Providers & Services - 1.4%
CIGNA Corp.	253,500		8,127,210
Humana, Inc. (a)	136,000		6,217,920
			14,345,130
Pharmaceuticals - 5.3%
Endo Pharmaceuticals Holdings, Inc. (a)	245,400		5,374,260
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
King Pharmaceuticals, Inc. (a)	521,600		$ 5,111,680
Merck & Co., Inc.	529,000		18,536,160
Pfizer, Inc.	1,094,500		18,300,040
Watson Pharmaceuticals, Inc. (a)	143,000		6,123,260
			53,445,400
TOTAL HEALTH CARE			79,051,251
INDUSTRIALS - 11.3%
Aerospace & Defense - 1.6%
Precision Castparts Corp.	40,900		5,249,106
Raytheon Co.	195,600		11,403,480
			16,652,586
Airlines - 0.9%
Alaska Air Group, Inc. (a)	134,400		5,565,504
Continental Airlines, Inc. Class B (a)	175,000		3,911,250
			9,476,754
Building Products - 0.6%
Owens Corning (a)	172,800		6,009,984
Construction & Engineering - 0.7%
KBR, Inc.	306,700		6,771,936
Industrial Conglomerates - 4.3%
General Electric Co.	1,963,100		37,024,066
Textron, Inc.	284,400		6,495,696
			43,519,762
Machinery - 1.5%
Ingersoll-Rand Co. Ltd.	249,300		9,219,114
Navistar International Corp. (a)	122,900		5,940,986
			15,160,100
Road & Rail - 1.7%
CSX Corp.	158,400		8,878,320
Union Pacific Corp.	110,400		8,352,864
			17,231,184
TOTAL INDUSTRIALS			114,822,306
INFORMATION TECHNOLOGY - 5.2%
Computers & Peripherals - 3.5%
Dell, Inc. (a)	351,800		5,692,124
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Hewlett-Packard Co.	289,600		$ 15,050,512
Lexmark International, Inc. Class A (a)	147,800		5,475,990
Seagate Technology (a)	262,500		4,822,125
Western Digital Corp. (a)	119,600		4,914,364
			35,955,115
Office Electronics - 1.0%
Xerox Corp.	975,200		10,629,680
Semiconductors & Semiconductor Equipment - 0.7%
Micron Technology, Inc. (a)	713,165		6,668,093
TOTAL INFORMATION TECHNOLOGY			53,252,888
MATERIALS - 4.4%
Chemicals - 3.1%
Ashland, Inc.	113,100		6,736,236
Dow Chemical Co.	447,700		13,802,591
FMC Corp.	87,200		5,549,408
Lubrizol Corp.	56,300		5,086,142
			31,174,377
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	182,800		6,478,432
Metals & Mining - 0.7%
Freeport-McMoRan Copper & Gold, Inc.	92,700		7,001,631
TOTAL MATERIALS			44,654,440
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 3.6%
AT&T, Inc.	833,162		21,712,202
Qwest Communications International, Inc.	1,251,900		6,547,437
Verizon Communications, Inc.	306,300		8,849,007
			37,108,646
Wireless Telecommunication Services - 1.3%
Sprint Nextel Corp. (a)	3,005,600		12,773,800
TOTAL TELECOMMUNICATION SERVICES			49,882,446
Common Stocks - continued
	Shares		Value
UTILITIES - 5.8%
Electric Utilities - 1.8%
Entergy Corp.	130,200		$ 10,583,958
FirstEnergy Corp.	189,900		7,191,513
			17,775,471
Independent Power Producers & Energy Traders - 1.2%
Constellation Energy Group, Inc.	154,700		5,468,645
NRG Energy, Inc. (a)	286,700		6,929,539
			12,398,184
Multi-Utilities - 2.8%
PG&E Corp.	242,900		10,639,020
Public Service Enterprise Group, Inc.	258,600		8,308,818
Sempra Energy	196,800		9,678,624
			28,626,462
TOTAL UTILITIES			58,800,117
TOTAL COMMON STOCKS (Cost $912,325,649)		1,010,848,184
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.21% (b)	6,238,761		6,238,761
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	784,044		784,044
TOTAL MONEY MARKET FUNDS (Cost $7,022,805)		7,022,805
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $919,348,454)			1,017,870,989
NET OTHER ASSETS - (0.1)%			(996,743)
NET ASSETS - 100%		$ 1,016,874,246

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	$ 1,722
Fidelity Securities Lending Cash Central Fund	888
Total	$ 2,610

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $963,250,331. Net unrealized appreciation aggregated $54,620,658, of which $127,592,602 related to appreciated investment securities and $72,971,944 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Large Cap Value Fund
Class A
Class T
Class B
Class C
Institutional Class

April 30, 2010

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

1.847928.103

ALCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CONSUMER DISCRETIONARY - 10.9%
Auto Components - 0.5%
TRW Automotive Holdings Corp. (a)	172,200		$ 5,546,562
Hotels, Restaurants & Leisure - 1.1%
Darden Restaurants, Inc.	111,400		4,985,150
Wyndham Worldwide Corp.	213,200		5,715,892
			10,701,042
Household Durables - 0.6%
Whirlpool Corp.	58,600		6,379,782
Media - 4.7%
Comcast Corp. Class A	748,900		14,783,286
The Walt Disney Co.	42,900		1,580,436
Time Warner, Inc.	539,500		17,846,660
Viacom, Inc. Class B (non-vtg.) (a)	387,300		13,683,309
			47,893,691
Multiline Retail - 1.8%
Macy's, Inc.	416,900		9,672,080
Target Corp.	145,400		8,268,898
			17,940,978
Specialty Retail - 1.7%
Best Buy Co., Inc.	256,200		11,682,720
Penske Automotive Group, Inc. (a)	345,200		5,171,096
			16,853,816
Textiles, Apparel & Luxury Goods - 0.5%
Hanesbrands, Inc. (a)	179,900		5,121,753
TOTAL CONSUMER DISCRETIONARY			110,437,624
CONSUMER STAPLES - 4.8%
Beverages - 1.2%
Dr Pepper Snapple Group, Inc.	203,700		6,667,101
Molson Coors Brewing Co. Class B	135,600		6,015,216
			12,682,317
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	179,000		6,610,470
Safeway, Inc.	280,600		6,622,160
			13,232,630
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.1%
Archer Daniels Midland Co.	208,400		$ 5,822,696
Ralcorp Holdings, Inc. (a)	83,000		5,523,650
			11,346,346
Household Products - 0.7%
Energizer Holdings, Inc. (a)	84,300		5,150,730
Procter & Gamble Co.	25,400		1,578,864
			6,729,594
Personal Products - 0.5%
NBTY, Inc. (a)	119,429		4,858,372
TOTAL CONSUMER STAPLES			48,849,259
ENERGY - 18.3%
Energy Equipment & Services - 3.9%
Atwood Oceanics, Inc. (a)	146,400		5,330,424
Nabors Industries Ltd. (a)	577,200		12,450,204
National Oilwell Varco, Inc.	308,200		13,570,046
Transocean Ltd. (a)	120,500		8,730,225
			40,080,899
Oil, Gas & Consumable Fuels - 14.4%
Alpha Natural Resources, Inc. (a)	108,900		5,127,012
Apache Corp.	155,000		15,772,800
Chesapeake Energy Corp.	436,900		10,398,220
Chevron Corp.	495,400		40,345,376
ConocoPhillips	403,800		23,900,922
Exxon Mobil Corp.	496,900		33,714,665
Marathon Oil Corp.	461,300		14,830,795
Occidental Petroleum Corp.	25,800		2,287,428
			146,377,218
TOTAL ENERGY			186,458,117
FINANCIALS - 26.0%
Capital Markets - 2.3%
BlackRock, Inc. Class A	30,700		5,648,800
Goldman Sachs Group, Inc.	49,500		7,187,400
Morgan Stanley	358,300		10,827,826
			23,664,026
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 8.1%
BB&T Corp.	276,000		$ 9,174,240
Comerica, Inc.	154,700		6,497,400
Marshall & Ilsley Corp.	654,700		5,957,770
PNC Financial Services Group, Inc.	262,300		17,629,183
SunTrust Banks, Inc.	374,500		11,085,200
Wells Fargo & Co.	968,000		32,050,480
			82,394,273
Consumer Finance - 1.2%
Capital One Financial Corp.	267,200		11,599,152
Diversified Financial Services - 9.0%
Bank of America Corp.	2,294,700		40,914,500
Citigroup, Inc. (a)	3,285,900		14,359,383
JPMorgan Chase & Co.	860,600		36,644,348
			91,918,231
Insurance - 4.0%
Genworth Financial, Inc. Class A (a)	536,300		8,859,676
Lincoln National Corp.	325,700		9,963,163
The Travelers Companies, Inc.	277,600		14,085,424
Unum Group	307,200		7,517,184
			40,425,447
Real Estate Investment Trusts - 1.4%
ProLogis Trust	267,035		3,516,851
SL Green Realty Corp.	99,100		6,161,047
The Macerich Co. (d)	110,953		4,960,709
			14,638,607
TOTAL FINANCIALS			264,639,736
HEALTH CARE - 7.8%
Health Care Equipment & Supplies - 1.1%
CareFusion Corp. (a)	228,200		6,293,756
Covidien PLC	103,500		4,966,965
			11,260,721
Health Care Providers & Services - 1.4%
CIGNA Corp.	253,500		8,127,210
Humana, Inc. (a)	136,000		6,217,920
			14,345,130
Pharmaceuticals - 5.3%
Endo Pharmaceuticals Holdings, Inc. (a)	245,400		5,374,260
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
King Pharmaceuticals, Inc. (a)	521,600		$ 5,111,680
Merck & Co., Inc.	529,000		18,536,160
Pfizer, Inc.	1,094,500		18,300,040
Watson Pharmaceuticals, Inc. (a)	143,000		6,123,260
			53,445,400
TOTAL HEALTH CARE			79,051,251
INDUSTRIALS - 11.3%
Aerospace & Defense - 1.6%
Precision Castparts Corp.	40,900		5,249,106
Raytheon Co.	195,600		11,403,480
			16,652,586
Airlines - 0.9%
Alaska Air Group, Inc. (a)	134,400		5,565,504
Continental Airlines, Inc. Class B (a)	175,000		3,911,250
			9,476,754
Building Products - 0.6%
Owens Corning (a)	172,800		6,009,984
Construction & Engineering - 0.7%
KBR, Inc.	306,700		6,771,936
Industrial Conglomerates - 4.3%
General Electric Co.	1,963,100		37,024,066
Textron, Inc.	284,400		6,495,696
			43,519,762
Machinery - 1.5%
Ingersoll-Rand Co. Ltd.	249,300		9,219,114
Navistar International Corp. (a)	122,900		5,940,986
			15,160,100
Road & Rail - 1.7%
CSX Corp.	158,400		8,878,320
Union Pacific Corp.	110,400		8,352,864
			17,231,184
TOTAL INDUSTRIALS			114,822,306
INFORMATION TECHNOLOGY - 5.2%
Computers & Peripherals - 3.5%
Dell, Inc. (a)	351,800		5,692,124
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Hewlett-Packard Co.	289,600		$ 15,050,512
Lexmark International, Inc. Class A (a)	147,800		5,475,990
Seagate Technology (a)	262,500		4,822,125
Western Digital Corp. (a)	119,600		4,914,364
			35,955,115
Office Electronics - 1.0%
Xerox Corp.	975,200		10,629,680
Semiconductors & Semiconductor Equipment - 0.7%
Micron Technology, Inc. (a)	713,165		6,668,093
TOTAL INFORMATION TECHNOLOGY			53,252,888
MATERIALS - 4.4%
Chemicals - 3.1%
Ashland, Inc.	113,100		6,736,236
Dow Chemical Co.	447,700		13,802,591
FMC Corp.	87,200		5,549,408
Lubrizol Corp.	56,300		5,086,142
			31,174,377
Containers & Packaging - 0.6%
Owens-Illinois, Inc. (a)	182,800		6,478,432
Metals & Mining - 0.7%
Freeport-McMoRan Copper & Gold, Inc.	92,700		7,001,631
TOTAL MATERIALS			44,654,440
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 3.6%
AT&T, Inc.	833,162		21,712,202
Qwest Communications International, Inc.	1,251,900		6,547,437
Verizon Communications, Inc.	306,300		8,849,007
			37,108,646
Wireless Telecommunication Services - 1.3%
Sprint Nextel Corp. (a)	3,005,600		12,773,800
TOTAL TELECOMMUNICATION SERVICES			49,882,446
Common Stocks - continued
	Shares		Value
UTILITIES - 5.8%
Electric Utilities - 1.8%
Entergy Corp.	130,200		$ 10,583,958
FirstEnergy Corp.	189,900		7,191,513
			17,775,471
Independent Power Producers & Energy Traders - 1.2%
Constellation Energy Group, Inc.	154,700		5,468,645
NRG Energy, Inc. (a)	286,700		6,929,539
			12,398,184
Multi-Utilities - 2.8%
PG&E Corp.	242,900		10,639,020
Public Service Enterprise Group, Inc.	258,600		8,308,818
Sempra Energy	196,800		9,678,624
			28,626,462
TOTAL UTILITIES			58,800,117
TOTAL COMMON STOCKS (Cost $912,325,649)		1,010,848,184
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.21% (b)	6,238,761		6,238,761
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	784,044		784,044
TOTAL MONEY MARKET FUNDS (Cost $7,022,805)		7,022,805
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $919,348,454)			1,017,870,989
NET OTHER ASSETS - (0.1)%			(996,743)
NET ASSETS - 100%		$ 1,016,874,246

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	$ 1,722
Fidelity Securities Lending Cash Central Fund	888
Total	$ 2,610

Other Information

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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, 2010

1.800358.106

MCG-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 15.9%
Diversified Consumer Services - 2.0%
DeVry, Inc.	40,900		$ 2,551,751
Strayer Education, Inc.	11,400		2,771,568
			5,323,319
Hotels, Restaurants & Leisure - 3.4%
International Game Technology	65,000		1,370,200
Las Vegas Sands Corp. (a)(d)	206,700		5,138,562
Starbucks Corp.	96,900		2,517,462
			9,026,224
Household Durables - 1.1%
Harman International Industries, Inc. (a)	74,500		2,941,260
Internet & Catalog Retail - 0.9%
Expedia, Inc.	104,000		2,455,440
Media - 1.3%
Discovery Communications, Inc. (a)	75,000		2,902,500
Focus Media Holding Ltd. ADR (a)	22,300		374,194
			3,276,694
Multiline Retail - 1.1%
Dollar General Corp.	101,500		2,899,855
Specialty Retail - 4.0%
Abercrombie & Fitch Co. Class A	58,300		2,549,459
Ross Stores, Inc.	43,600		2,441,600
TJX Companies, Inc.	56,800		2,632,112
Urban Outfitters, Inc. (a)	72,300		2,711,973
			10,335,144
Textiles, Apparel & Luxury Goods - 2.1%
Hanesbrands, Inc. (a)	99,900		2,844,153
Polo Ralph Lauren Corp. Class A	28,200		2,535,180
			5,379,333
TOTAL CONSUMER DISCRETIONARY			41,637,269
CONSUMER STAPLES - 3.1%
Beverages - 2.4%
Heckmann Corp. (a)(d)	1,053,600		6,321,600
Food Products - 0.7%
Origin Agritech Ltd. (a)(d)	199,069		1,743,844
TOTAL CONSUMER STAPLES			8,065,444
Common Stocks - continued
	Shares		Value
ENERGY - 9.7%
Energy Equipment & Services - 5.8%
Dresser-Rand Group, Inc. (a)	36,800		$ 1,298,304
Exterran Holdings, Inc. (a)	103,100		3,005,365
Helix Energy Solutions Group, Inc. (a)	260,500		3,798,090
Helmerich & Payne, Inc.	70,800		2,875,896
Weatherford International Ltd. (a)	231,700		4,196,087
			15,173,742
Oil, Gas & Consumable Fuels - 3.9%
Denbury Resources, Inc. (a)	163,200		3,125,280
EXCO Resources, Inc.	165,000		3,060,750
Legacy Oil + Gas, Inc. (a)	204,100		2,627,069
Penn West Energy Trust	64,700		1,303,296
			10,116,395
TOTAL ENERGY			25,290,137
FINANCIALS - 8.6%
Capital Markets - 2.1%
Charles Schwab Corp.	136,900		2,640,801
Stifel Financial Corp. (a)	48,000		2,751,840
			5,392,641
Commercial Banks - 4.1%
Regions Financial Corp.	590,300		5,218,252
SunTrust Banks, Inc.	185,900		5,502,640
			10,720,892
Diversified Financial Services - 0.9%
MSCI, Inc. Class A (a)	71,400		2,474,010
Insurance - 0.5%
Hanover Insurance Group, Inc.	30,000		1,351,500
Real Estate Management & Development - 1.0%
Indiabulls Real Estate Ltd. (a)	693,368		2,618,271
TOTAL FINANCIALS			22,557,314
HEALTH CARE - 13.9%
Biotechnology - 2.8%
Alexion Pharmaceuticals, Inc. (a)	40,000		2,195,200
Dendreon Corp. (a)(d)	32,500		1,762,150
Human Genome Sciences, Inc. (a)	42,000		1,162,980
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Isis Pharmaceuticals, Inc. (a)	105,000		$ 1,128,750
Vertex Pharmaceuticals, Inc. (a)	30,700		1,190,239
			7,439,319
Health Care Equipment & Supplies - 10.1%
ArthroCare Corp. (a)	355,379		10,991,873
Cyberonics, Inc. (a)	281,700		5,501,601
Edwards Lifesciences Corp. (a)	24,900		2,566,692
Hill-Rom Holdings, Inc.	45,000		1,426,950
NuVasive, Inc. (a)(d)	80,900		3,365,440
St. Jude Medical, Inc. (a)	63,300		2,583,906
			26,436,462
Health Care Technology - 1.0%
Cerner Corp. (a)	29,400		2,496,354
TOTAL HEALTH CARE			36,372,135
INDUSTRIALS - 19.1%
Aerospace & Defense - 2.0%
Precision Castparts Corp.	41,200		5,287,608
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	45,000		2,713,500
Building Products - 2.1%
Lennox International, Inc.	118,400		5,358,784
Commercial Services & Supplies - 0.5%
Stericycle, Inc. (a)	24,000		1,413,600
Construction & Engineering - 2.8%
Fluor Corp.	80,700		4,264,188
Jacobs Engineering Group, Inc. (a)	64,900		3,129,478
			7,393,666
Electrical Equipment - 1.5%
Belden, Inc.	47,000		1,290,620
Cooper Industries PLC Class A	52,400		2,572,840
			3,863,460
Machinery - 7.2%
AGCO Corp. (a)	67,100		2,349,842
Bucyrus International, Inc. Class A	40,900		2,577,109
Cummins, Inc.	35,800		2,585,834
Flowserve Corp.	24,300		2,784,294
IDEX Corp.	37,500		1,260,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Ingersoll-Rand Co. Ltd.	106,000		$ 3,919,880
Joy Global, Inc.	56,400		3,204,084
			18,681,043
Road & Rail - 2.0%
CSX Corp.	90,800		5,089,340
TOTAL INDUSTRIALS			49,801,001
INFORMATION TECHNOLOGY - 22.1%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	180,500		5,128,005
Computers & Peripherals - 1.7%
SanDisk Corp. (a)	111,700		4,455,713
Electronic Equipment & Components - 4.2%
Agilent Technologies, Inc. (a)	158,900		5,761,714
Avnet, Inc. (a)	80,100		2,560,797
Digital Ally, Inc. (a)(d)	569,596		1,139,192
Maxwell Technologies, Inc. (a)(d)	109,600		1,581,528
			11,043,231
Internet Software & Services - 1.0%
Akamai Technologies, Inc. (a)	69,800		2,710,334
IT Services - 0.5%
Genpact Ltd. (a)	80,000		1,350,400
Semiconductors & Semiconductor Equipment - 8.9%
Altera Corp.	97,300		2,467,528
ASM International NV (NASDAQ) (a)	95,000		2,470,950
ASML Holding NV (NY Shares)	75,600		2,469,096
KLA-Tencor Corp.	72,576		2,471,939
Lam Research Corp. (a)	33,639		1,364,061
Marvell Technology Group Ltd. (a)	135,300		2,793,945
National Semiconductor Corp.	130,300		1,925,834
NVIDIA Corp. (a)	155,600		2,446,032
Teradyne, Inc. (a)	210,000		2,568,300
Xilinx, Inc.	90,100		2,322,778
			23,300,463
Software - 3.8%
Adobe Systems, Inc. (a)	68,500		2,300,915
ANSYS, Inc. (a)	54,400		2,448,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Autonomy Corp. PLC (a)	93,300		$ 2,559,001
Informatica Corp. (a)	99,300		2,483,493
			9,791,409
TOTAL INFORMATION TECHNOLOGY			57,779,555
MATERIALS - 5.4%
Chemicals - 5.4%
CF Industries Holdings, Inc.	72,900		6,099,543
Intrepid Potash, Inc. (a)(d)	102,200		2,683,772
The Mosaic Co.	103,800		5,308,332
			14,091,647
TOTAL COMMON STOCKS (Cost $215,480,294)		255,594,502
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 0.21% (b)	4,829,703		4,829,703
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	13,975,325		13,975,325
TOTAL MONEY MARKET FUNDS (Cost $18,805,028)		18,805,028
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $234,285,322)			274,399,530
NET OTHER ASSETS - (5.0)%			(13,035,145)
NET ASSETS - 100%		$ 261,364,385

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	$ 1,438
Fidelity Securities Lending Cash Central Fund	39,284
Total	$ 40,722

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 41,637,269	$ 41,637,269	$ -	$ -
Consumer Staples	8,065,444	8,065,444	-	-
Energy	25,290,137	25,290,137	-	-
Financials	22,557,314	19,939,043	2,618,271	-
Health Care	36,372,135	36,372,135	-	-
Industrials	49,801,001	49,801,001	-	-
Information Technology	57,779,555	55,220,554	2,559,001	-
Materials	14,091,647	14,091,647	-	-
Money Market Funds	18,805,028	18,805,028	-	-
Total Investments in Securities:	$ 274,399,530	$ 269,222,258	$ 5,177,272	$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $234,690,493. Net unrealized appreciation aggregated $39,709,037, of which $45,203,866 related to appreciated investment securities and $5,494,829 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

1.847929.103

AMCG-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%
	Shares		Value
CONSUMER DISCRETIONARY - 15.9%
Diversified Consumer Services - 2.0%
DeVry, Inc.	40,900		$ 2,551,751
Strayer Education, Inc.	11,400		2,771,568
			5,323,319
Hotels, Restaurants & Leisure - 3.4%
International Game Technology	65,000		1,370,200
Las Vegas Sands Corp. (a)(d)	206,700		5,138,562
Starbucks Corp.	96,900		2,517,462
			9,026,224
Household Durables - 1.1%
Harman International Industries, Inc. (a)	74,500		2,941,260
Internet & Catalog Retail - 0.9%
Expedia, Inc.	104,000		2,455,440
Media - 1.3%
Discovery Communications, Inc. (a)	75,000		2,902,500
Focus Media Holding Ltd. ADR (a)	22,300		374,194
			3,276,694
Multiline Retail - 1.1%
Dollar General Corp.	101,500		2,899,855
Specialty Retail - 4.0%
Abercrombie & Fitch Co. Class A	58,300		2,549,459
Ross Stores, Inc.	43,600		2,441,600
TJX Companies, Inc.	56,800		2,632,112
Urban Outfitters, Inc. (a)	72,300		2,711,973
			10,335,144
Textiles, Apparel & Luxury Goods - 2.1%
Hanesbrands, Inc. (a)	99,900		2,844,153
Polo Ralph Lauren Corp. Class A	28,200		2,535,180
			5,379,333
TOTAL CONSUMER DISCRETIONARY			41,637,269
CONSUMER STAPLES - 3.1%
Beverages - 2.4%
Heckmann Corp. (a)(d)	1,053,600		6,321,600
Food Products - 0.7%
Origin Agritech Ltd. (a)(d)	199,069		1,743,844
TOTAL CONSUMER STAPLES			8,065,444
Common Stocks - continued
	Shares		Value
ENERGY - 9.7%
Energy Equipment & Services - 5.8%
Dresser-Rand Group, Inc. (a)	36,800		$ 1,298,304
Exterran Holdings, Inc. (a)	103,100		3,005,365
Helix Energy Solutions Group, Inc. (a)	260,500		3,798,090
Helmerich & Payne, Inc.	70,800		2,875,896
Weatherford International Ltd. (a)	231,700		4,196,087
			15,173,742
Oil, Gas & Consumable Fuels - 3.9%
Denbury Resources, Inc. (a)	163,200		3,125,280
EXCO Resources, Inc.	165,000		3,060,750
Legacy Oil + Gas, Inc. (a)	204,100		2,627,069
Penn West Energy Trust	64,700		1,303,296
			10,116,395
TOTAL ENERGY			25,290,137
FINANCIALS - 8.6%
Capital Markets - 2.1%
Charles Schwab Corp.	136,900		2,640,801
Stifel Financial Corp. (a)	48,000		2,751,840
			5,392,641
Commercial Banks - 4.1%
Regions Financial Corp.	590,300		5,218,252
SunTrust Banks, Inc.	185,900		5,502,640
			10,720,892
Diversified Financial Services - 0.9%
MSCI, Inc. Class A (a)	71,400		2,474,010
Insurance - 0.5%
Hanover Insurance Group, Inc.	30,000		1,351,500
Real Estate Management & Development - 1.0%
Indiabulls Real Estate Ltd. (a)	693,368		2,618,271
TOTAL FINANCIALS			22,557,314
HEALTH CARE - 13.9%
Biotechnology - 2.8%
Alexion Pharmaceuticals, Inc. (a)	40,000		2,195,200
Dendreon Corp. (a)(d)	32,500		1,762,150
Human Genome Sciences, Inc. (a)	42,000		1,162,980
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Isis Pharmaceuticals, Inc. (a)	105,000		$ 1,128,750
Vertex Pharmaceuticals, Inc. (a)	30,700		1,190,239
			7,439,319
Health Care Equipment & Supplies - 10.1%
ArthroCare Corp. (a)	355,379		10,991,873
Cyberonics, Inc. (a)	281,700		5,501,601
Edwards Lifesciences Corp. (a)	24,900		2,566,692
Hill-Rom Holdings, Inc.	45,000		1,426,950
NuVasive, Inc. (a)(d)	80,900		3,365,440
St. Jude Medical, Inc. (a)	63,300		2,583,906
			26,436,462
Health Care Technology - 1.0%
Cerner Corp. (a)	29,400		2,496,354
TOTAL HEALTH CARE			36,372,135
INDUSTRIALS - 19.1%
Aerospace & Defense - 2.0%
Precision Castparts Corp.	41,200		5,287,608
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	45,000		2,713,500
Building Products - 2.1%
Lennox International, Inc.	118,400		5,358,784
Commercial Services & Supplies - 0.5%
Stericycle, Inc. (a)	24,000		1,413,600
Construction & Engineering - 2.8%
Fluor Corp.	80,700		4,264,188
Jacobs Engineering Group, Inc. (a)	64,900		3,129,478
			7,393,666
Electrical Equipment - 1.5%
Belden, Inc.	47,000		1,290,620
Cooper Industries PLC Class A	52,400		2,572,840
			3,863,460
Machinery - 7.2%
AGCO Corp. (a)	67,100		2,349,842
Bucyrus International, Inc. Class A	40,900		2,577,109
Cummins, Inc.	35,800		2,585,834
Flowserve Corp.	24,300		2,784,294
IDEX Corp.	37,500		1,260,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Ingersoll-Rand Co. Ltd.	106,000		$ 3,919,880
Joy Global, Inc.	56,400		3,204,084
			18,681,043
Road & Rail - 2.0%
CSX Corp.	90,800		5,089,340
TOTAL INDUSTRIALS			49,801,001
INFORMATION TECHNOLOGY - 22.1%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	180,500		5,128,005
Computers & Peripherals - 1.7%
SanDisk Corp. (a)	111,700		4,455,713
Electronic Equipment & Components - 4.2%
Agilent Technologies, Inc. (a)	158,900		5,761,714
Avnet, Inc. (a)	80,100		2,560,797
Digital Ally, Inc. (a)(d)	569,596		1,139,192
Maxwell Technologies, Inc. (a)(d)	109,600		1,581,528
			11,043,231
Internet Software & Services - 1.0%
Akamai Technologies, Inc. (a)	69,800		2,710,334
IT Services - 0.5%
Genpact Ltd. (a)	80,000		1,350,400
Semiconductors & Semiconductor Equipment - 8.9%
Altera Corp.	97,300		2,467,528
ASM International NV (NASDAQ) (a)	95,000		2,470,950
ASML Holding NV (NY Shares)	75,600		2,469,096
KLA-Tencor Corp.	72,576		2,471,939
Lam Research Corp. (a)	33,639		1,364,061
Marvell Technology Group Ltd. (a)	135,300		2,793,945
National Semiconductor Corp.	130,300		1,925,834
NVIDIA Corp. (a)	155,600		2,446,032
Teradyne, Inc. (a)	210,000		2,568,300
Xilinx, Inc.	90,100		2,322,778
			23,300,463
Software - 3.8%
Adobe Systems, Inc. (a)	68,500		2,300,915
ANSYS, Inc. (a)	54,400		2,448,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Autonomy Corp. PLC (a)	93,300		$ 2,559,001
Informatica Corp. (a)	99,300		2,483,493
			9,791,409
TOTAL INFORMATION TECHNOLOGY			57,779,555
MATERIALS - 5.4%
Chemicals - 5.4%
CF Industries Holdings, Inc.	72,900		6,099,543
Intrepid Potash, Inc. (a)(d)	102,200		2,683,772
The Mosaic Co.	103,800		5,308,332
			14,091,647
TOTAL COMMON STOCKS (Cost $215,480,294)		255,594,502
Money Market Funds - 7.2%

Fidelity Cash Central Fund, 0.21% (b)	4,829,703		4,829,703
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	13,975,325		13,975,325
TOTAL MONEY MARKET FUNDS (Cost $18,805,028)		18,805,028
TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $234,285,322)			274,399,530
NET OTHER ASSETS - (5.0)%			(13,035,145)
NET ASSETS - 100%		$ 261,364,385

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	$ 1,438
Fidelity Securities Lending Cash Central Fund	39,284
Total	$ 40,722

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 41,637,269	$ 41,637,269	$ -	$ -
Consumer Staples	8,065,444	8,065,444	-	-
Energy	25,290,137	25,290,137	-	-
Financials	22,557,314	19,939,043	2,618,271	-
Health Care	36,372,135	36,372,135	-	-
Industrials	49,801,001	49,801,001	-	-
Information Technology	57,779,555	55,220,554	2,559,001	-
Materials	14,091,647	14,091,647	-	-
Money Market Funds	18,805,028	18,805,028	-	-
Total Investments in Securities:	$ 274,399,530	$ 269,222,258	$ 5,177,272	$ -

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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, 2010

1.800359.106

MCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 1.6%
Dana Holding Corp. (a)	225,700		$ 3,015,352
TRW Automotive Holdings Corp. (a)	195,300		6,290,613
			9,305,965
Hotels, Restaurants & Leisure - 2.1%
Darden Restaurants, Inc.	128,600		5,754,850
Wyndham Worldwide Corp.	256,500		6,876,765
			12,631,615
Household Durables - 1.0%
Whirlpool Corp.	52,200		5,683,014
Media - 1.1%
CBS Corp. Class B	404,300		6,553,703
Multiline Retail - 1.5%
Macy's, Inc.	396,200		9,191,840
Specialty Retail - 3.9%
GameStop Corp. Class A (a)(d)	252,600		6,140,706
Penske Automotive Group, Inc. (a)	283,400		4,245,332
RadioShack Corp.	298,400		6,430,520
Signet Jewelers Ltd. (a)	209,400		6,704,988
			23,521,546
Textiles, Apparel & Luxury Goods - 2.1%
Hanesbrands, Inc. (a)	196,900		5,605,743
Phillips-Van Heusen Corp.	112,600		7,094,926
			12,700,669
TOTAL CONSUMER DISCRETIONARY			79,588,352
CONSUMER STAPLES - 6.0%
Beverages - 3.0%
Coca-Cola Enterprises, Inc.	124,600		3,455,158
Constellation Brands, Inc. Class A (sub. vtg.) (a)	221,900		4,054,113
Dr Pepper Snapple Group, Inc.	177,200		5,799,756
Molson Coors Brewing Co. Class B	109,700		4,866,292
			18,175,319
Food & Staples Retailing - 1.0%
Safeway, Inc.	248,100		5,855,160
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.5%
Smithfield Foods, Inc. (a)	201,000		$ 3,766,740
The J.M. Smucker Co.	88,100		5,380,267
			9,147,007
Personal Products - 0.5%
NBTY, Inc. (a)	71,400		2,904,552
TOTAL CONSUMER STAPLES			36,082,038
ENERGY - 9.4%
Energy Equipment & Services - 5.6%
Atwood Oceanics, Inc. (a)	82,900		3,018,389
Helix Energy Solutions Group, Inc. (a)	225,400		3,286,332
Helmerich & Payne, Inc.	167,100		6,787,602
Nabors Industries Ltd. (a)	384,400		8,291,508
Oil States International, Inc. (a)	140,900		6,806,879
Unit Corp. (a)	114,200		5,455,334
			33,646,044
Oil, Gas & Consumable Fuels - 3.8%
Cimarex Energy Co.	75,200		5,119,616
Holly Corp.	236,400		6,382,800
Massey Energy Co.	75,800		2,776,554
Newfield Exploration Co. (a)	99,800		5,807,362
Southern Union Co.	105,700		2,761,941
			22,848,273
TOTAL ENERGY			56,494,317
FINANCIALS - 28.5%
Commercial Banks - 7.3%
Comerica, Inc.	201,900		8,479,800
Fifth Third Bancorp	667,800		9,956,898
Marshall & Ilsley Corp.	502,500		4,572,750
Regions Financial Corp.	1,097,500		9,701,900
SunTrust Banks, Inc.	380,600		11,265,760
			43,977,108
Consumer Finance - 2.0%
Capital One Financial Corp.	137,400		5,964,534
Discover Financial Services	365,671		5,653,274
			11,617,808
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 10.5%
Assurant, Inc.	217,000		$ 7,905,310
Conseco, Inc. (a)	1,015,000		5,988,500
Delphi Financial Group, Inc. Class A	226,200		6,220,500
Endurance Specialty Holdings Ltd.	77,400		2,852,190
Everest Re Group Ltd.	56,700		4,346,055
Genworth Financial, Inc. Class A (a)	418,400		6,911,968
Lincoln National Corp.	265,400		8,118,586
RenaissanceRe Holdings Ltd.	72,400		4,050,780
Unum Group	356,900		8,733,343
XL Capital Ltd. Class A	432,600		7,700,280
			62,827,512
Real Estate Investment Trusts - 8.1%
Alexandria Real Estate Equities, Inc.	52,500		3,717,525
Kilroy Realty Corp.	87,900		3,081,774
ProLogis Trust	589,800		7,767,666
SL Green Realty Corp.	121,300		7,541,221
The Macerich Co. (d)	169,034		7,557,510
Ventas, Inc.	178,700		8,440,001
Vornado Realty Trust	125,100		10,429,587
			48,535,284
Thrifts & Mortgage Finance - 0.6%
First Niagara Financial Group, Inc.	266,700		3,707,130
TOTAL FINANCIALS			170,664,842
HEALTH CARE - 3.8%
Health Care Equipment & Supplies - 1.0%
Cooper Companies, Inc.	78,100		3,037,309
Kinetic Concepts, Inc. (a)	64,900		2,810,170
			5,847,479
Health Care Providers & Services - 1.3%
CIGNA Corp.	132,800		4,257,568
Humana, Inc. (a)	75,200		3,438,144
			7,695,712
Pharmaceuticals - 1.5%
Endo Pharmaceuticals Holdings, Inc. (a)	173,300		3,795,270
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
King Pharmaceuticals, Inc. (a)	242,900		$ 2,380,420
Mylan, Inc. (a)(d)	137,200		3,022,516
			9,198,206
TOTAL HEALTH CARE			22,741,397
INDUSTRIALS - 11.5%
Aerospace & Defense - 1.5%
Alliant Techsystems, Inc. (a)	35,500		2,872,305
Precision Castparts Corp.	22,700		2,913,318
Spirit AeroSystems Holdings, Inc. Class A (a)	153,100		3,395,758
			9,181,381
Airlines - 0.9%
Alaska Air Group, Inc. (a)	71,300		2,952,533
Continental Airlines, Inc. Class B (a)	95,000		2,123,250
			5,075,783
Building Products - 1.2%
Owens Corning (a)	211,200		7,345,536
Commercial Services & Supplies - 0.9%
R.R. Donnelley & Sons Co.	250,700		5,387,543
Construction & Engineering - 0.7%
KBR, Inc.	185,200		4,089,216
Electrical Equipment - 0.8%
General Cable Corp. (a)	173,900		4,968,323
Industrial Conglomerates - 0.8%
Textron, Inc.	220,600		5,038,504
Machinery - 3.7%
Cummins, Inc.	87,500		6,320,125
Ingersoll-Rand Co. Ltd.	83,500		3,087,830
Navistar International Corp. (a)	130,400		6,303,536
Timken Co.	178,000		6,262,040
			21,973,531
Road & Rail - 1.0%
Kansas City Southern (a)	140,200		5,685,110
TOTAL INDUSTRIALS			68,744,927
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 0.7%
CommScope, Inc. (a)	128,100		$ 4,173,498
Computers & Peripherals - 1.8%
SanDisk Corp. (a)	122,400		4,882,536
Seagate Technology (a)	165,100		3,032,887
Western Digital Corp. (a)	77,100		3,168,039
			11,083,462
Electronic Equipment & Components - 1.1%
Jabil Circuit, Inc.	213,300		3,267,756
Vishay Intertechnology, Inc. (a)	327,900		3,413,439
			6,681,195
IT Services - 0.9%
Computer Sciences Corp. (a)	104,800		5,490,472
Office Electronics - 1.2%
Xerox Corp.	636,400		6,936,760
Semiconductors & Semiconductor Equipment - 1.4%
Fairchild Semiconductor International, Inc. (a)	298,300		3,346,926
Micron Technology, Inc. (a)	524,200		4,901,270
			8,248,196
TOTAL INFORMATION TECHNOLOGY			42,613,583
MATERIALS - 7.9%
Chemicals - 3.8%
Ashland, Inc.	123,100		7,331,836
FMC Corp.	55,400		3,525,656
Lubrizol Corp.	33,400		3,017,356
Solutia, Inc. (a)	261,300		4,598,880
W.R. Grace & Co. (a)	152,600		4,408,614
			22,882,342
Containers & Packaging - 2.6%
Ball Corp.	59,300		3,155,353
Owens-Illinois, Inc. (a)	176,700		6,262,248
Pactiv Corp. (a)	239,900		6,095,859
			15,513,460
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.5%
Cliffs Natural Resources, Inc.	82,000		$ 5,127,460
Reliance Steel & Aluminum Co.	77,200		3,768,132
			8,895,592
TOTAL MATERIALS			47,291,394
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.4%
Qwest Communications International, Inc.	1,661,600		8,690,168
Wireless Telecommunication Services - 0.5%
U.S. Cellular Corp. (a)	72,300		3,042,384
TOTAL TELECOMMUNICATION SERVICES			11,732,552
UTILITIES - 9.9%
Gas Utilities - 2.8%
Energen Corp.	113,600		5,551,632
Questar Corp.	149,300		7,158,935
UGI Corp.	149,700		4,115,253
			16,825,820
Independent Power Producers & Energy Traders - 2.9%
AES Corp.	381,900		4,407,126
Constellation Energy Group, Inc.	166,500		5,885,775
NRG Energy, Inc. (a)	288,400		6,970,628
			17,263,529
Multi-Utilities - 4.2%
CMS Energy Corp. (d)	367,800		5,980,428
Integrys Energy Group, Inc. (d)	81,600		4,048,176
PG&E Corp.	66,200		2,899,560
Sempra Energy	165,200		8,124,536
TECO Energy, Inc.	253,000		4,283,290
			25,335,990
TOTAL UTILITIES			59,425,339
TOTAL COMMON STOCKS (Cost $493,371,752)		595,378,741
Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.21% (b)	4,456,465		$ 4,456,465
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	13,440,454		13,440,454
TOTAL MONEY MARKET FUNDS (Cost $17,896,919)		17,896,919
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $511,268,671)			613,275,660
NET OTHER ASSETS - (2.3)%			(14,024,805)
NET ASSETS - 100%		$ 599,250,855

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	$ 1,850
Fidelity Securities Lending Cash Central Fund	5,378
Total	$ 7,228

Other Information

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $516,621,919. Net unrealized appreciation aggregated $96,653,741, of which $107,821,397 related to appreciated investment securities and $11,167,656 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2010

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

1.847930.103

AMCV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CONSUMER DISCRETIONARY - 13.3%
Auto Components - 1.6%
Dana Holding Corp. (a)	225,700		$ 3,015,352
TRW Automotive Holdings Corp. (a)	195,300		6,290,613
			9,305,965
Hotels, Restaurants & Leisure - 2.1%
Darden Restaurants, Inc.	128,600		5,754,850
Wyndham Worldwide Corp.	256,500		6,876,765
			12,631,615
Household Durables - 1.0%
Whirlpool Corp.	52,200		5,683,014
Media - 1.1%
CBS Corp. Class B	404,300		6,553,703
Multiline Retail - 1.5%
Macy's, Inc.	396,200		9,191,840
Specialty Retail - 3.9%
GameStop Corp. Class A (a)(d)	252,600		6,140,706
Penske Automotive Group, Inc. (a)	283,400		4,245,332
RadioShack Corp.	298,400		6,430,520
Signet Jewelers Ltd. (a)	209,400		6,704,988
			23,521,546
Textiles, Apparel & Luxury Goods - 2.1%
Hanesbrands, Inc. (a)	196,900		5,605,743
Phillips-Van Heusen Corp.	112,600		7,094,926
			12,700,669
TOTAL CONSUMER DISCRETIONARY			79,588,352
CONSUMER STAPLES - 6.0%
Beverages - 3.0%
Coca-Cola Enterprises, Inc.	124,600		3,455,158
Constellation Brands, Inc. Class A (sub. vtg.) (a)	221,900		4,054,113
Dr Pepper Snapple Group, Inc.	177,200		5,799,756
Molson Coors Brewing Co. Class B	109,700		4,866,292
			18,175,319
Food & Staples Retailing - 1.0%
Safeway, Inc.	248,100		5,855,160
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 1.5%
Smithfield Foods, Inc. (a)	201,000		$ 3,766,740
The J.M. Smucker Co.	88,100		5,380,267
			9,147,007
Personal Products - 0.5%
NBTY, Inc. (a)	71,400		2,904,552
TOTAL CONSUMER STAPLES			36,082,038
ENERGY - 9.4%
Energy Equipment & Services - 5.6%
Atwood Oceanics, Inc. (a)	82,900		3,018,389
Helix Energy Solutions Group, Inc. (a)	225,400		3,286,332
Helmerich & Payne, Inc.	167,100		6,787,602
Nabors Industries Ltd. (a)	384,400		8,291,508
Oil States International, Inc. (a)	140,900		6,806,879
Unit Corp. (a)	114,200		5,455,334
			33,646,044
Oil, Gas & Consumable Fuels - 3.8%
Cimarex Energy Co.	75,200		5,119,616
Holly Corp.	236,400		6,382,800
Massey Energy Co.	75,800		2,776,554
Newfield Exploration Co. (a)	99,800		5,807,362
Southern Union Co.	105,700		2,761,941
			22,848,273
TOTAL ENERGY			56,494,317
FINANCIALS - 28.5%
Commercial Banks - 7.3%
Comerica, Inc.	201,900		8,479,800
Fifth Third Bancorp	667,800		9,956,898
Marshall & Ilsley Corp.	502,500		4,572,750
Regions Financial Corp.	1,097,500		9,701,900
SunTrust Banks, Inc.	380,600		11,265,760
			43,977,108
Consumer Finance - 2.0%
Capital One Financial Corp.	137,400		5,964,534
Discover Financial Services	365,671		5,653,274
			11,617,808
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 10.5%
Assurant, Inc.	217,000		$ 7,905,310
Conseco, Inc. (a)	1,015,000		5,988,500
Delphi Financial Group, Inc. Class A	226,200		6,220,500
Endurance Specialty Holdings Ltd.	77,400		2,852,190
Everest Re Group Ltd.	56,700		4,346,055
Genworth Financial, Inc. Class A (a)	418,400		6,911,968
Lincoln National Corp.	265,400		8,118,586
RenaissanceRe Holdings Ltd.	72,400		4,050,780
Unum Group	356,900		8,733,343
XL Capital Ltd. Class A	432,600		7,700,280
			62,827,512
Real Estate Investment Trusts - 8.1%
Alexandria Real Estate Equities, Inc.	52,500		3,717,525
Kilroy Realty Corp.	87,900		3,081,774
ProLogis Trust	589,800		7,767,666
SL Green Realty Corp.	121,300		7,541,221
The Macerich Co. (d)	169,034		7,557,510
Ventas, Inc.	178,700		8,440,001
Vornado Realty Trust	125,100		10,429,587
			48,535,284
Thrifts & Mortgage Finance - 0.6%
First Niagara Financial Group, Inc.	266,700		3,707,130
TOTAL FINANCIALS			170,664,842
HEALTH CARE - 3.8%
Health Care Equipment & Supplies - 1.0%
Cooper Companies, Inc.	78,100		3,037,309
Kinetic Concepts, Inc. (a)	64,900		2,810,170
			5,847,479
Health Care Providers & Services - 1.3%
CIGNA Corp.	132,800		4,257,568
Humana, Inc. (a)	75,200		3,438,144
			7,695,712
Pharmaceuticals - 1.5%
Endo Pharmaceuticals Holdings, Inc. (a)	173,300		3,795,270
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
King Pharmaceuticals, Inc. (a)	242,900		$ 2,380,420
Mylan, Inc. (a)(d)	137,200		3,022,516
			9,198,206
TOTAL HEALTH CARE			22,741,397
INDUSTRIALS - 11.5%
Aerospace & Defense - 1.5%
Alliant Techsystems, Inc. (a)	35,500		2,872,305
Precision Castparts Corp.	22,700		2,913,318
Spirit AeroSystems Holdings, Inc. Class A (a)	153,100		3,395,758
			9,181,381
Airlines - 0.9%
Alaska Air Group, Inc. (a)	71,300		2,952,533
Continental Airlines, Inc. Class B (a)	95,000		2,123,250
			5,075,783
Building Products - 1.2%
Owens Corning (a)	211,200		7,345,536
Commercial Services & Supplies - 0.9%
R.R. Donnelley & Sons Co.	250,700		5,387,543
Construction & Engineering - 0.7%
KBR, Inc.	185,200		4,089,216
Electrical Equipment - 0.8%
General Cable Corp. (a)	173,900		4,968,323
Industrial Conglomerates - 0.8%
Textron, Inc.	220,600		5,038,504
Machinery - 3.7%
Cummins, Inc.	87,500		6,320,125
Ingersoll-Rand Co. Ltd.	83,500		3,087,830
Navistar International Corp. (a)	130,400		6,303,536
Timken Co.	178,000		6,262,040
			21,973,531
Road & Rail - 1.0%
Kansas City Southern (a)	140,200		5,685,110
TOTAL INDUSTRIALS			68,744,927
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 0.7%
CommScope, Inc. (a)	128,100		$ 4,173,498
Computers & Peripherals - 1.8%
SanDisk Corp. (a)	122,400		4,882,536
Seagate Technology (a)	165,100		3,032,887
Western Digital Corp. (a)	77,100		3,168,039
			11,083,462
Electronic Equipment & Components - 1.1%
Jabil Circuit, Inc.	213,300		3,267,756
Vishay Intertechnology, Inc. (a)	327,900		3,413,439
			6,681,195
IT Services - 0.9%
Computer Sciences Corp. (a)	104,800		5,490,472
Office Electronics - 1.2%
Xerox Corp.	636,400		6,936,760
Semiconductors & Semiconductor Equipment - 1.4%
Fairchild Semiconductor International, Inc. (a)	298,300		3,346,926
Micron Technology, Inc. (a)	524,200		4,901,270
			8,248,196
TOTAL INFORMATION TECHNOLOGY			42,613,583
MATERIALS - 7.9%
Chemicals - 3.8%
Ashland, Inc.	123,100		7,331,836
FMC Corp.	55,400		3,525,656
Lubrizol Corp.	33,400		3,017,356
Solutia, Inc. (a)	261,300		4,598,880
W.R. Grace & Co. (a)	152,600		4,408,614
			22,882,342
Containers & Packaging - 2.6%
Ball Corp.	59,300		3,155,353
Owens-Illinois, Inc. (a)	176,700		6,262,248
Pactiv Corp. (a)	239,900		6,095,859
			15,513,460
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.5%
Cliffs Natural Resources, Inc.	82,000		$ 5,127,460
Reliance Steel & Aluminum Co.	77,200		3,768,132
			8,895,592
TOTAL MATERIALS			47,291,394
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 1.4%
Qwest Communications International, Inc.	1,661,600		8,690,168
Wireless Telecommunication Services - 0.5%
U.S. Cellular Corp. (a)	72,300		3,042,384
TOTAL TELECOMMUNICATION SERVICES			11,732,552
UTILITIES - 9.9%
Gas Utilities - 2.8%
Energen Corp.	113,600		5,551,632
Questar Corp.	149,300		7,158,935
UGI Corp.	149,700		4,115,253
			16,825,820
Independent Power Producers & Energy Traders - 2.9%
AES Corp.	381,900		4,407,126
Constellation Energy Group, Inc.	166,500		5,885,775
NRG Energy, Inc. (a)	288,400		6,970,628
			17,263,529
Multi-Utilities - 4.2%
CMS Energy Corp. (d)	367,800		5,980,428
Integrys Energy Group, Inc. (d)	81,600		4,048,176
PG&E Corp.	66,200		2,899,560
Sempra Energy	165,200		8,124,536
TECO Energy, Inc.	253,000		4,283,290
			25,335,990
TOTAL UTILITIES			59,425,339
TOTAL COMMON STOCKS (Cost $493,371,752)		595,378,741
Money Market Funds - 3.0%
	Shares		Value
Fidelity Cash Central Fund, 0.21% (b)	4,456,465		$ 4,456,465
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	13,440,454		13,440,454
TOTAL MONEY MARKET FUNDS (Cost $17,896,919)		17,896,919
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $511,268,671)			613,275,660
NET OTHER ASSETS - (2.3)%			(14,024,805)
NET ASSETS - 100%		$ 599,250,855

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	$ 1,850
Fidelity Securities Lending Cash Central Fund	5,378
Total	$ 7,228

Other Information

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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® Series All-Sector
Equity Fund -
Series All-Sector Equity
Class F

April 30, 2010

1.884778.103

ASE-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%
	Shares		Value
CONSUMER DISCRETIONARY - 10.6%
Auto Components - 0.4%
Johnson Controls, Inc.	944,400		$ 31,722,396
TRW Automotive Holdings Corp. (a)	209,223		6,739,073
			38,461,469
Automobiles - 0.4%
Daimler AG (United States)	147,700		7,523,838
Harley-Davidson, Inc.	583,200		19,729,656
Toyota Motor Corp. sponsored ADR	59,900		4,617,691
			31,871,185
Distributors - 0.1%
Li & Fung Ltd.	1,909,000		9,203,127
Diversified Consumer Services - 0.2%
Educomp Solutions Ltd.	1,056,982		16,172,192
Hotels, Restaurants & Leisure - 0.9%
Darden Restaurants, Inc.	211,700		9,473,575
Las Vegas Sands Corp. (a)(d)	483,600		12,022,296
Marriott International, Inc. Class A	478,539		17,591,094
Royal Caribbean Cruises Ltd. (a)	356,600		12,780,544
Starwood Hotels & Resorts Worldwide, Inc.	448,600		24,453,186
			76,320,695
Household Durables - 0.5%
D.R. Horton, Inc.	569,100		8,360,079
M.D.C. Holdings, Inc.	258,620		9,905,146
Newell Rubbermaid, Inc.	702,300		11,988,261
Stanley Black & Decker, Inc.	164,347		10,214,166
			40,467,652
Internet & Catalog Retail - 0.5%
Amazon.com, Inc. (a)	212,478		29,122,235
Expedia, Inc.	516,100		12,185,121
Rakuten, Inc.	4,192		3,253,453
			44,560,809
Leisure Equipment & Products - 0.1%
Brunswick Corp.	338,297		7,070,407
Media - 3.6%
Comcast Corp. Class A	3,000,665		59,233,127
DIRECTV (a)	1,082,700		39,226,221
Liberty Global, Inc. Class A (a)	363,600		9,966,276
McGraw-Hill Companies, Inc.	646,142		21,787,908
Naspers Ltd. Class N	54,100		2,197,252
The Walt Disney Co.	1,991,600		73,370,544
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Time Warner Cable, Inc.	617,533		$ 34,736,231
Time Warner, Inc.	1,341,931		44,391,077
Viacom, Inc. Class B (non-vtg.) (a)	956,500		33,793,145
			318,701,781
Multiline Retail - 0.6%
Target Corp.	933,600		53,093,832
Specialty Retail - 3.1%
Best Buy Co., Inc.	1,072,074		48,886,574
Hengdeli Holdings Ltd.	6,136,000		2,558,588
Home Depot, Inc.	2,034,100		71,702,025
Inditex SA	185,177		11,462,486
Lowe's Companies, Inc.	2,032,300		55,115,976
RadioShack Corp.	221,800		4,779,790
Ross Stores, Inc.	203,500		11,396,000
Sally Beauty Holdings, Inc. (a)	992,200		9,475,510
Staples, Inc.	359,800		8,466,094
Tiffany & Co., Inc.	206,700		10,020,816
TJX Companies, Inc.	667,800		30,945,852
Urban Outfitters, Inc. (a)	253,100		9,493,781
			274,303,492
Textiles, Apparel & Luxury Goods - 0.2%
LVMH Moet Hennessy - Louis Vuitton	69,590		8,009,399
Ports Design Ltd.	1,570,500		3,845,674
Trinity Ltd.	4,282,000		3,006,415
			14,861,488
TOTAL CONSUMER DISCRETIONARY			925,088,129
CONSUMER STAPLES - 10.4%
Beverages - 3.4%
Anheuser-Busch InBev SA NV (d)	470,639		22,833,986
Coca-Cola Bottling Co. Consolidated	67,015		3,691,186
Coca-Cola FEMSA SAB de CV sponsored ADR	67,753		4,742,710
Coca-Cola Icecek AS	255,246		2,520,229
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	50,398		4,928,924
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,259,946		23,019,213
Diageo PLC sponsored ADR	230,162		15,683,239
Embotelladora Andina SA sponsored ADR	230,697		5,045,343
Molson Coors Brewing Co. Class B	861,492		38,215,785
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	798,545		$ 52,081,105
The Coca-Cola Co.	2,317,080		123,847,926
			296,609,646
Food & Staples Retailing - 2.5%
BJ's Wholesale Club, Inc. (a)	355,028		13,590,472
CVS Caremark Corp.	1,575,123		58,169,292
Kroger Co.	758,519		16,861,877
Safeway, Inc.	791,031		18,668,332
Wal-Mart Stores, Inc.	1,025,190		55,001,444
Walgreen Co.	1,596,188		56,106,008
			218,397,425
Food Products - 1.1%
Archer Daniels Midland Co.	513,162		14,337,746
Ausnutria Dairy Hunan Co. Ltd. Class H	3,370,000		2,352,055
Bunge Ltd.	43,800		2,319,210
Dean Foods Co. (a)	1,535,820		24,112,374
Green Mountain Coffee Roasters, Inc. (a)	119,191		8,660,418
Nestle SA	407,029		19,917,228
Unilever NV (NY Shares) ADR	752,860		22,781,544
Viterra, Inc. (a)	273,400		2,313,757
			96,794,332
Household Products - 1.7%
Colgate-Palmolive Co.	118,218		9,942,134
Energizer Holdings, Inc. (a)	212,100		12,959,310
Procter & Gamble Co.	2,060,425		128,076,018
			150,977,462
Personal Products - 0.4%
Avon Products, Inc.	1,127,026		36,436,751
Tobacco - 1.3%
Altria Group, Inc.	1,394,283		29,544,857
British American Tobacco PLC sponsored ADR	741,917		47,074,634
Philip Morris International, Inc.	612,584		30,065,623
Souza Cruz Industria Comerico	69,000		2,675,911
			109,361,025
TOTAL CONSUMER STAPLES			908,576,641
Common Stocks - continued
	Shares		Value
ENERGY - 10.8%
Energy Equipment & Services - 2.6%
Baker Hughes, Inc.	1,400,478		$ 69,687,785
Cameron International Corp. (a)	61,731		2,435,905
Ensco International Ltd. ADR	229,652		10,834,981
Halliburton Co.	1,027,521		31,493,519
National Oilwell Varco, Inc.	166,300		7,322,189
Pride International, Inc. (a)	706,457		21,426,841
Saipem SpA	464,799		17,358,184
Schlumberger Ltd.	52,800		3,770,976
Smith International, Inc.	562,488		26,864,427
Transocean Ltd. (a)	184,800		13,388,760
Weatherford International Ltd. (a)	1,236,934		22,400,875
			226,984,442
Oil, Gas & Consumable Fuels - 8.2%
Alpha Natural Resources, Inc. (a)	75,000		3,531,000
Anadarko Petroleum Corp.	290,209		18,039,391
Arch Coal, Inc.	667,025		18,009,675
BG Group PLC	2,040,152		34,479,388
BP PLC	597,400		5,209,777
BP PLC sponsored ADR	67,500		3,520,125
Cabot Oil & Gas Corp.	125,900		4,548,767
Chesapeake Energy Corp.	286,300		6,813,940
Chevron Corp.	1,486,368		121,049,810
China Shenhua Energy Co. Ltd. (H Shares)	786,000		3,372,799
Concho Resources, Inc. (a)	247,129		14,041,870
ConocoPhillips	90,700		5,368,533
Denbury Resources, Inc. (a)	1,474,299		28,232,826
EXCO Resources, Inc.	368,635		6,838,179
Falkland Oil & Gas Ltd. (a)	790,500		1,741,822
Frontier Oil Corp.	295,900		4,497,680
Imperial Oil Ltd.	185,100		7,768,663
InterOil Corp. (a)	79,300		5,318,651
Marathon Oil Corp.	731,350		23,512,903
Massey Energy Co.	229,700		8,413,911
Occidental Petroleum Corp.	402,576		35,692,388
Peabody Energy Corp.	77,700		3,630,144
Petrobank Energy & Resources Ltd. (a)	336,700		16,974,160
Petrohawk Energy Corp. (a)	1,110,359		23,972,651
Pioneer Natural Resources Co.	58,900		3,777,257
Plains Exploration & Production Co. (a)	444,478		13,027,650
Range Resources Corp.	130,984		6,255,796
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Royal Dutch Shell PLC Class B ADR	1,612,600		$ 97,852,568
Southwestern Energy Co. (a)	848,072		33,651,497
Suncor Energy, Inc.	1,355,992		46,369,536
Talisman Energy, Inc.	1,312,200		22,326,253
Ultra Petroleum Corp. (a)	301,845		14,419,136
Whiting Petroleum Corp. (a)	268,186		24,225,241
XTO Energy, Inc.	1,032,300		49,054,896
			715,538,883
TOTAL ENERGY			942,523,325
FINANCIALS - 15.8%
Capital Markets - 2.7%
Ameriprise Financial, Inc.	470,209		21,798,889
Bank of New York Mellon Corp.	1,057,507		32,920,193
Broadpoint Gleacher Securities Group, Inc. (a)	869,982		3,723,523
Charles Schwab Corp.	1,350,622		26,053,498
Evercore Partners, Inc. Class A	78,900		2,827,776
Franklin Resources, Inc.	131,906		15,253,610
Invesco Ltd.	289,649		6,659,031
Morgan Stanley	2,607,942		78,812,007
Nomura Holdings, Inc.	1,105,900		7,644,514
Northern Trust Corp.	65,600		3,606,688
State Street Corp.	430,984		18,747,804
T. Rowe Price Group, Inc.	183,244		10,538,362
TD Ameritrade Holding Corp. (a)	281,300		5,631,626
			234,217,521
Commercial Banks - 5.0%
East West Bancorp, Inc. (g)	806,700		14,222,928
FirstMerit Corp.	215,378		5,061,383
Huntington Bancshares, Inc.	1,983,454		13,427,984
KeyCorp	1,152,467		10,395,252
Mitsubishi UFJ Financial Group, Inc.	3,657,700		19,061,416
PNC Financial Services Group, Inc.	1,620,878		108,939,210
Regions Financial Corp.	1,857,989		16,424,623
Sumitomo Mitsui Financial Group, Inc.	1,623,100		53,681,768
SunTrust Banks, Inc.	411,158		12,170,277
Wells Fargo & Co.	5,409,712		179,115,564
			432,500,405
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 1.0%
American Express Co.	1,216,667		$ 56,112,682
Capital One Financial Corp.	226,100		9,815,001
Discover Financial Services	1,029,159		15,910,798
Promise Co. Ltd. (a)(d)	834,700		7,979,992
			89,818,473
Diversified Financial Services - 3.3%
Bank of America Corp.	5,255,925		93,713,143
Citigroup, Inc. (a)	3,601,512		15,738,607
CME Group, Inc.	92,332		30,322,752
JPMorgan Chase & Co.	3,266,415		139,083,951
NBH Holdings Corp. Class A (a)(e)	361,500		7,139,625
			285,998,078
Insurance - 2.7%
Aegon NV (a)	593,500		4,151,407
Allstate Corp.	729,246		23,824,467
Berkshire Hathaway, Inc. Class B (a)	344,315		26,512,255
Conseco, Inc. (a)	1,918,573		11,319,581
Genworth Financial, Inc. Class A (a)	652,162		10,773,716
MetLife, Inc.	2,292,381		104,486,726
Progressive Corp.	304,114		6,109,650
Protective Life Corp.	343,400		8,265,638
Sony Financial Holdings, Inc.	2,933		10,585,404
The First American Corp.	368,564		12,741,257
Unum Group	776,500		19,000,955
			237,771,056
Real Estate Investment Trusts - 0.6%
Digital Realty Trust, Inc. (d)	129,600		7,607,520
ProLogis Trust	861,774		11,349,564
Simon Property Group, Inc.	19,400		1,726,988
SL Green Realty Corp.	124,033		7,711,132
Sunstone Hotel Investors, Inc. (a)	469,200		5,972,916
The Macerich Co.	25,800		1,153,518
U-Store-It Trust	851,079		7,336,301
Ventas, Inc.	275,600		13,016,588
			55,874,527
Real Estate Management & Development - 0.2%
BR Malls Participacoes SA (a)	701,700		8,898,684
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Forest City Enterprises, Inc. Class A (a)	126,284		$ 1,951,088
Indiabulls Real Estate Ltd. (a)	2,477,528		9,355,551
			20,205,323
Thrifts & Mortgage Finance - 0.3%
Ocwen Financial Corp. (a)	978,100		11,297,055
People's United Financial, Inc.	777,900		12,080,787
			23,377,842
TOTAL FINANCIALS			1,379,763,225
HEALTH CARE - 10.7%
Biotechnology - 1.6%
Acorda Therapeutics, Inc. (a)	109,896		4,258,470
AMAG Pharmaceuticals, Inc. (a)	171,700		5,863,555
Amgen, Inc. (a)	372,370		21,359,143
AVEO Pharmaceuticals, Inc.	249,900		2,364,054
Biogen Idec, Inc. (a)	623,579		33,205,582
BioMarin Pharmaceutical, Inc. (a)	591,478		13,822,841
Genzyme Corp. (a)	636,700		33,897,908
Gilead Sciences, Inc. (a)	251,967		9,995,531
Human Genome Sciences, Inc. (a)	192,542		5,331,488
United Therapeutics Corp. (a)	107,602		6,121,478
			136,220,050
Health Care Equipment & Supplies - 1.9%
C. R. Bard, Inc.	196,000		16,959,880
CareFusion Corp. (a)	687,657		18,965,580
Covidien PLC	850,696		40,824,901
Edwards Lifesciences Corp. (a)	242,926		25,040,812
ev3, Inc. (a)	584,216		11,176,052
Mako Surgical Corp. (a)	541,678		7,599,742
Quidel Corp. (a)(d)	611,579		9,014,674
Stryker Corp.	358,400		20,586,496
Varian Medical Systems, Inc. (a)	156,600		8,829,108
William Demant Holding AS (a)	142,544		9,723,190
			168,720,435
Health Care Providers & Services - 2.1%
CIGNA Corp.	729,536		23,388,924
Express Scripts, Inc. (a)	472,558		47,317,233
Health Net, Inc. (a)	44,338		976,323
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Henry Schein, Inc. (a)	445,087		$ 26,914,411
Medco Health Solutions, Inc. (a)	762,250		44,911,770
UnitedHealth Group, Inc.	1,313,402		39,809,215
			183,317,876
Health Care Technology - 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	798,275		16,101,207
Life Sciences Tools & Services - 0.8%
Covance, Inc. (a)	229,150		13,093,631
Illumina, Inc. (a)	392,887		16,450,179
Life Technologies Corp. (a)	419,292		22,939,465
QIAGEN NV (a)	672,453		15,365,551
			67,848,826
Pharmaceuticals - 4.1%
Abbott Laboratories	791,823		40,509,665
Allergan, Inc.	571,865		36,422,082
Johnson & Johnson	716,251		46,054,939
King Pharmaceuticals, Inc. (a)	874,319		8,568,326
Merck & Co., Inc.	2,393,014		83,851,211
Novo Nordisk AS Series B	182,655		15,029,541
Perrigo Co.	178,125		10,870,969
Pfizer, Inc.	6,019,779		100,650,705
Shire PLC sponsored ADR	228,500		15,044,440
			357,001,878
TOTAL HEALTH CARE			929,210,272
INDUSTRIALS - 11.8%
Aerospace & Defense - 2.5%
Goodrich Corp.	399,978		29,670,368
Honeywell International, Inc.	322,778		15,322,272
Precision Castparts Corp.	159,100		20,418,894
Raytheon Co.	656,600		38,279,780
The Boeing Co.	592,000		42,878,560
United Technologies Corp.	934,965		70,075,627
			216,645,501
Air Freight & Logistics - 0.4%
FedEx Corp.	352,400		31,719,524
Airlines - 0.2%
Southwest Airlines Co.	1,603,060		21,128,331
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Building Products - 0.4%
Armstrong World Industries, Inc. (a)	162,200		$ 7,063,810
Masco Corp.	758,200		12,305,586
Owens Corning (a)	315,329		10,967,143
			30,336,539
Construction & Engineering - 0.2%
Fluor Corp.	231,114		12,212,064
Jacobs Engineering Group, Inc. (a)	143,318		6,910,794
			19,122,858
Electrical Equipment - 1.8%
Canadian Solar, Inc. (a)(d)	196,500		3,403,380
Cooper Industries PLC Class A	476,705		23,406,216
First Solar, Inc. (a)(d)	494,545		70,991,935
JA Solar Holdings Co. Ltd. ADR (a)	2,371,301		14,488,649
Regal-Beloit Corp.	369,224		23,360,802
Saft Groupe SA	160,784		5,841,166
Solarfun Power Holdings Co. Ltd. ADR (a)(d)	963,709		8,326,446
SunPower Corp. Class B (a)	203,179		3,055,812
Vestas Wind Systems AS (a)	59,400		3,624,704
			156,499,110
Industrial Conglomerates - 2.3%
Carlisle Companies, Inc.	184,020		6,943,075
General Electric Co.	8,306,509		156,660,760
Textron, Inc.	813,495		18,580,226
Tyco International Ltd.	480,600		18,642,474
			200,826,535
Machinery - 2.8%
Caterpillar, Inc.	568,200		38,688,738
Cummins, Inc.	564,755		40,792,254
Danaher Corp.	522,300		44,019,444
Deere & Co.	599,900		35,886,018
Dover Corp.	164,900		8,611,078
Eaton Corp.	234,127		18,065,239
Ingersoll-Rand Co. Ltd.	469,100		17,347,318
Navistar International Corp. (a)	394,586		19,074,287
NSK Ltd.	308,000		2,349,569
Timken Co.	142,600		5,016,668
Toro Co.	179,454		10,218,111
Vallourec SA	32,224		6,419,203
			246,487,927
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 1.2%
CSX Corp.	792,000		$ 44,391,600
Union Pacific Corp.	753,100		56,979,546
			101,371,146
TOTAL INDUSTRIALS			1,024,137,471
INFORMATION TECHNOLOGY - 17.4%
Communications Equipment - 0.7%
Aruba Networks, Inc. (a)(d)	1,089,557		13,684,836
Ciena Corp. (a)(d)	833,503		15,411,470
CommScope, Inc. (a)	125,216		4,079,537
Juniper Networks, Inc. (a)	258,275		7,337,593
Meru Networks, Inc. (a)	249,928		4,341,249
Sycamore Networks, Inc.	465,516		9,212,562
Tellabs, Inc.	656,700		5,962,836
			60,030,083
Computers & Peripherals - 2.8%
A-DATA Technology Co. Ltd. (a)	2,047,000		5,133,117
Apple, Inc. (a)	556,712		145,368,637
HTC Corp.	131,000		1,756,086
SanDisk Corp. (a)	2,238,716		89,302,381
			241,560,221
Electronic Equipment & Components - 0.5%
Agilent Technologies, Inc. (a)	918,233		33,295,129
BYD Co. Ltd. (H Shares) (a)(d)	704,500		6,255,219
Tyco Electronics Ltd.	129,096		4,146,564
			43,696,912
Internet Software & Services - 1.3%
Baidu.com, Inc. sponsored ADR (a)	10,800		7,444,440
eBay, Inc. (a)	2,416,857		57,545,365
Monster Worldwide, Inc. (a)	404,869		7,056,867
WebMD Health Corp. (a)(d)	844,984		40,931,025
			112,977,697
IT Services - 0.0%
Heartland Payment Systems, Inc.	84,641		1,555,702
Semiconductors & Semiconductor Equipment - 9.1%
Analog Devices, Inc.	1,045,600		31,294,808
Applied Materials, Inc.	6,711,409		92,483,216
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Applied Micro Circuits Corp. (a)	101,000		$ 1,139,280
ASML Holding NV (NY Shares)	3,091,999		100,984,687
ATMI, Inc. (a)	811,341		14,709,612
Avago Technologies Ltd.	602,194		12,357,021
Broadcom Corp. Class A	430,551		14,849,704
Brooks Automation, Inc. (a)	1,290,331		12,542,017
Cymer, Inc. (a)	245,406		8,380,615
Entegris, Inc. (a)	1,766,440		10,934,264
Inotera Memories, Inc. (a)	35,687,470		25,199,876
Intel Corp.	3,804,086		86,847,283
KLA-Tencor Corp.	1,753,701		59,731,056
Lam Research Corp. (a)	1,337,299		54,227,474
LDK Solar Co. Ltd. sponsored ADR (a)(d)	467,600		3,637,928
Marvell Technology Group Ltd. (a)	1,660,543		34,290,213
Micron Technology, Inc. (a)	10,341,015		96,688,490
Nanya Technology Corp. (a)	3,833,000		3,363,413
Photronics, Inc. (a)	886,515		4,831,507
ReneSola Ltd. sponsored ADR (a)(d)	806,633		6,299,804
Samsung Electronics Co. Ltd.	122,765		93,330,369
Skyworks Solutions, Inc. (a)	212,000		3,570,080
Varian Semiconductor Equipment Associates, Inc. (a)	799,202		26,325,714
			798,018,431
Software - 3.0%
Microsoft Corp.	8,325,304		254,254,778
Nuance Communications, Inc. (a)	258,130		4,716,035
Oracle Corp.	141,399		3,653,750
			262,624,563
TOTAL INFORMATION TECHNOLOGY			1,520,463,609
MATERIALS - 3.5%
Chemicals - 1.9%
Air Products & Chemicals, Inc.	159,900		12,277,122
Albemarle Corp.	434,100		19,821,006
CF Industries Holdings, Inc.	34,500		2,886,615
Clariant AG (Reg.) (a)	364,250		5,025,862
Dow Chemical Co.	1,380,582		42,563,343
E.I. du Pont de Nemours & Co.	263,600		10,501,824
Lubrizol Corp.	15,600		1,409,304
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Lyondell Chemical Co. Class B (a)	73,704		$ 1,658,340
LyondellBasell Industries AF SCA Class A	80,379		1,792,452
Monsanto Co.	448,365		28,273,897
Praxair, Inc.	198,200		16,603,214
Solutia, Inc. (a)	578,100		10,174,560
The Mosaic Co.	125,746		6,430,650
Wacker Chemie AG	56,624		8,297,601
			167,715,790
Construction Materials - 0.1%
HeidelbergCement AG	66,439		4,116,621
Martin Marietta Materials, Inc. (d)	26,200		2,512,056
			6,628,677
Containers & Packaging - 0.3%
Ball Corp.	105,400		5,608,334
Owens-Illinois, Inc. (a)	373,538		13,238,187
Pactiv Corp. (a)	137,900		3,504,039
Rexam PLC	1,276,700		6,294,429
			28,644,989
Metals & Mining - 1.0%
AngloGold Ashanti Ltd. sponsored ADR	671,000		28,088,060
ArcelorMittal SA (NY Shares) Class A (a)	7,600		295,108
Carpenter Technology Corp.	181,800		7,139,286
Commercial Metals Co.	416,093		6,191,464
Freeport-McMoRan Copper & Gold, Inc.	326,200		24,637,886
Globe Specialty Metals, Inc.	651,708		8,146,350
Ivanhoe Mines Ltd. (a)	253,700		4,036,931
Nucor Corp.	191,150		8,662,918
			87,198,003
Paper & Forest Products - 0.2%
Weyerhaeuser Co.	279,800		13,855,696
TOTAL MATERIALS			304,043,155
TELECOMMUNICATION SERVICES - 2.9%
Diversified Telecommunication Services - 1.3%
AT&T, Inc.	1,214,600		31,652,476
Qwest Communications International, Inc.	15,331,743		80,185,016
			111,837,492
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 1.6%
America Movil SAB de CV Series L sponsored ADR	361,300		$ 18,599,724
American Tower Corp. Class A (a)	1,177,001		48,033,411
Clearwire Corp.:
rights 6/21/10 (a)	1,812,700		398,794
Class A (a)	1,812,800		13,994,816
NII Holdings, Inc. (a)	903,641		38,332,451
Sprint Nextel Corp. (a)	4,308,585		18,311,486
			137,670,682
TOTAL TELECOMMUNICATION SERVICES			249,508,174
UTILITIES - 3.5%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	1,200,100		41,163,430
Entergy Corp.	465,756		37,861,305
FPL Group, Inc.	943,191		49,093,092
Southern Co.	194,372		6,717,496
			134,835,323
Gas Utilities - 0.1%
Questar Corp.	198,444		9,515,390
Independent Power Producers & Energy Traders - 0.1%
AES Corp.	527,700		6,089,658
Constellation Energy Group, Inc.	99,239		3,508,099
			9,597,757
Multi-Utilities - 1.7%
CenterPoint Energy, Inc.	1,121,634		16,106,664
CMS Energy Corp.	1,059,544		17,228,185
PG&E Corp.	1,428,834		62,582,929
Sempra Energy	277,917		13,667,958
TECO Energy, Inc.	1,226,194		20,759,464
Wisconsin Energy Corp.	348,199		18,283,929
			148,629,129
TOTAL UTILITIES			302,577,599
TOTAL COMMON STOCKS (Cost $6,730,237,769)		8,485,891,600
Nonconvertible Preferred Stocks - 0.1%
	Shares		Value
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Porsche Automobil Holding SE	57,400		$ 3,322,317
Volkswagen AG (d)	54,968		5,283,046
			8,605,363
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $9,259,886)		8,605,363

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.1% to 0.16% 5/13/10 to 6/3/10 (f) (Cost $6,549,610)	$ 6,550,000	6,549,690

Money Market Funds - 4.2%
	Shares
Fidelity Cash Central Fund, 0.21% (b)	244,715,613		244,715,613
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	124,237,177		124,237,177
TOTAL MONEY MARKET FUNDS (Cost $368,952,790)		368,952,790
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.19%, dated 4/30/10 due 5/3/10 (Collateralized by U.S. Treasury Obligations) # (Cost $28,000)	$ 28,000		28,000
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $7,115,028,055)			8,870,027,443
NET OTHER ASSETS - (1.8)%			(160,931,918)
NET ASSETS - 100%		$ 8,709,095,525

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
684 CME E-mini S&P 500 Index Contracts	June 2010	$ 40,472,280	$ 298,115

The face value of futures purchased as a percentage of net assets - 0.5%

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,139,625 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $3,499,881.

(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 $14,222,928 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
East West Bancorp, Inc.	11/6/09	$ 7,287,279

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$28,000 due 5/03/10 at 0.19%
BNP Paribas Securities Corp.	$ 5,027
Bank of America, NA	5,857
Barclays Capital, Inc.	3,122
Credit Agricole Sec Usa Inc	1,951
Credit Suisse Securities (USA) LLC	297
Deutsche Bank Securities, Inc.	3,903
Mizuho Securities USA, Inc.	1,951
RBC Capital Markets Corp.	2,927
RBS Securities, Inc.	819
Societe Generale, New York Branch	1,951
Wachovia Capital Markets LLC	195
	$ 28,000

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	$ 98,693
Fidelity Securities Lending Cash Central Fund	227,523
Total	$ 326,216

Other Information

The following is a summary of the inputs used, as of April 30, 2010, involving the Fund's assets and liabilities 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 tables 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:
Equities:
Consumer Discretionary	$ 933,693,492	$ 870,830,248	$ 62,863,244	$ -
Consumer Staples	908,576,641	863,473,372	45,103,269	-
Energy	942,523,325	880,361,355	62,161,970	-
Financials	1,379,763,225	1,264,506,016	108,117,584	7,139,625
Health Care	929,210,272	904,457,541	24,752,731	-
Industrials	1,024,137,471	1,005,902,829	18,234,642	-
Information Technology	1,520,463,609	1,385,425,529	135,038,080	-
Materials	304,043,155	278,650,302	25,392,853	-
Telecommunication Services	249,508,174	249,508,174	-	-
Utilities	302,577,599	302,577,599	-	-
U.S. Government and Government Agency Obligations	6,549,690	-	6,549,690	-
Money Market Funds	368,952,790	368,952,790	-	-
Cash Equivalents	28,000	-	28,000	-
Total Investments in Securities:	$ 8,870,027,443	$ 8,374,645,755	$ 488,242,063	$ 7,139,625
Derivative Instruments:
Assets
Futures Contracts	$ 298,115	$ 298,115	$ -	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 7,230,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(90,375)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 7,139,625
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2010	$ (90,375)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $7,151,498,518. Net unrealized appreciation aggregated $1,718,528,925, of which $1,793,111,281 related to appreciated investment securities and $74,582,356 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. 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 and are categorized as Level 2 in the hierarchy.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Large Cap
Value Fund
Fidelity Series Large Cap Value Fund
Class F

April 30, 2010

1.884765.102

LPV-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 8.8%
Auto Components - 0.3%
TRW Automotive Holdings Corp. (a)	720,200		$ 23,197,642
Hotels, Restaurants & Leisure - 0.5%
Darden Restaurants, Inc.	467,000		20,898,250
Wyndham Worldwide Corp.	894,292		23,975,969
			44,874,219
Household Durables - 0.6%
D.R. Horton, Inc.	1,654,900		24,310,481
Whirlpool Corp.	244,100		26,575,167
			50,885,648
Media - 4.8%
Cablevision Systems Corp. - NY Group Class A	2,085,048		57,213,717
Comcast Corp.:
Class A	3,130,000		61,786,200
Class A (special) (non-vtg.)	5,336,041		100,584,373
Madison Square Garden, Inc. Class A (a)	660,012		13,695,249
The Walt Disney Co.	175,700		6,472,788
Time Warner, Inc.	3,814,266		126,175,919
Viacom, Inc. Class B (non-vtg.) (a)	1,629,077		57,555,290
			423,483,536
Multiline Retail - 0.9%
Macy's, Inc.	1,751,100		40,625,520
Target Corp.	606,100		34,468,907
			75,094,427
Specialty Retail - 1.5%
Best Buy Co., Inc.	1,075,000		49,020,000
Home Depot, Inc.	1,125,200		39,663,300
Penske Automotive Group, Inc. (a)	1,438,800		21,553,224
Staples, Inc.	920,800		21,666,424
			131,902,948
Textiles, Apparel & Luxury Goods - 0.2%
Hanesbrands, Inc. (a)	751,100		21,383,817
TOTAL CONSUMER DISCRETIONARY			770,822,237
CONSUMER STAPLES - 6.4%
Beverages - 1.7%
Anheuser-Busch InBev SA NV (d)	435,796		21,143,509
Dr Pepper Snapple Group, Inc.	856,800		28,043,064
Grupo Modelo SAB de CV Series C	7,385,100		40,739,338
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Molson Coors Brewing Co. Class B	589,974		$ 26,171,247
The Coca-Cola Co.	626,030		33,461,304
			149,558,462
Food & Staples Retailing - 1.5%
CVS Caremark Corp.	758,400		28,007,712
Safeway, Inc.	1,236,900		29,190,840
Wal-Mart Stores, Inc.	870,200		46,686,230
Walgreen Co.	610,000		21,441,500
			125,326,282
Food Products - 2.0%
Archer Daniels Midland Co.	878,000		24,531,320
Bunge Ltd.	440,025		23,299,324
Dean Foods Co. (a)	2,208,731		34,677,077
Kraft Foods, Inc. Class A	1,620,400		47,963,840
Ralcorp Holdings, Inc. (a)	371,700		24,736,635
Smithfield Foods, Inc. (a)	1,154,104		21,627,909
			176,836,105
Household Products - 1.0%
Energizer Holdings, Inc. (a)	365,800		22,350,380
Procter & Gamble Co.	1,052,013		65,393,128
			87,743,508
Personal Products - 0.2%
NBTY, Inc. (a)	468,000		19,038,240
TOTAL CONSUMER STAPLES			558,502,597
ENERGY - 17.6%
Energy Equipment & Services - 2.9%
Atwood Oceanics, Inc. (a)	601,700		21,907,897
Baker Hughes, Inc.	507,363		25,246,383
Nabors Industries Ltd. (a)	2,428,600		52,384,902
National Oilwell Varco, Inc.	1,333,600		58,718,408
Pride International, Inc. (a)	702,700		21,312,891
Transocean Ltd. (a)	946,500		68,573,925
			248,144,406
Oil, Gas & Consumable Fuels - 14.7%
Alpha Natural Resources, Inc. (a)	459,000		21,609,720
Anadarko Petroleum Corp.	835,600		51,940,896
Apache Corp.	648,900		66,032,064
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Arch Coal, Inc.	943,063		$ 25,462,701
BP PLC sponsored ADR	764,300		39,858,245
Chesapeake Energy Corp.	1,800,600		42,854,280
Chevron Corp.	2,864,584		233,291,721
ConocoPhillips	2,692,355		159,360,492
Exxon Mobil Corp.	2,859,300		194,003,505
Marathon Oil Corp.	3,375,100		108,509,465
Occidental Petroleum Corp.	720,500		63,879,530
Petrobank Energy & Resources Ltd. (a)	339,300		17,105,234
Royal Dutch Shell PLC Class A sponsored ADR	496,200		31,136,550
Southwestern Energy Co. (a)	708,900		28,129,152
Suncor Energy, Inc.	1,001,160		34,235,692
Sunoco, Inc.	391,400		12,830,092
Total SA sponsored ADR	403,300		21,931,454
XTO Energy, Inc.	2,854,780		135,659,146
			1,287,829,939
TOTAL ENERGY			1,535,974,345
FINANCIALS - 25.5%
Capital Markets - 3.8%
Bank of New York Mellon Corp.	1,277,600		39,771,688
BlackRock, Inc. Class A	140,800		25,907,200
Goldman Sachs Group, Inc.	382,180		55,492,536
Invesco Ltd.	1,116,567		25,669,875
Morgan Stanley	3,206,400		96,897,408
Nomura Holdings, Inc.	939,900		6,497,042
Northern Trust Corp.	693,800		38,145,124
State Street Corp.	752,512		32,734,272
UBS AG (a)	435,952		6,754,161
			327,869,306
Commercial Banks - 6.3%
Aozora Bank Ltd. (a)	6,000,000		8,623,443
BB&T Corp.	1,173,800		39,017,112
Comerica, Inc.	642,700		26,993,400
Marshall & Ilsley Corp.	2,740,200		24,935,820
PNC Financial Services Group, Inc.	1,927,400		129,540,554
Sumitomo Mitsui Financial Group, Inc.	1,333,300		44,097,037
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
SunTrust Banks, Inc.	1,868,100		$ 55,295,760
Wells Fargo & Co.	6,777,706		224,409,846
			552,912,972
Consumer Finance - 0.8%
Capital One Financial Corp.	1,122,800		48,740,748
Discover Financial Services	1,569,500		24,264,470
			73,005,218
Diversified Financial Services - 8.5%
Bank of America Corp.	17,148,235		305,753,030
Citigroup, Inc. (a)	23,269,500		101,687,715
ING Groep NV (Certificaten Van Aandelen) unit (a)	3,144,668		28,078,062
JPMorgan Chase & Co.	6,772,286		288,363,938
Moody's Corp. (d)	860,200		21,264,144
			745,146,889
Insurance - 5.3%
Assurant, Inc.	1,713,970		62,439,927
Berkshire Hathaway, Inc. Class B (a)	324,500		24,986,500
Everest Re Group Ltd.	437,500		33,534,375
Genworth Financial, Inc. Class A (a)	2,191,200		36,198,624
Lincoln National Corp.	2,668,000		81,614,120
RenaissanceRe Holdings Ltd.	398,142		22,276,045
The First American Corp.	937,600		32,412,832
The Travelers Companies, Inc.	1,895,732		96,189,442
Unum Group	1,285,600		31,458,632
XL Capital Ltd. Class A	2,198,759		39,137,910
			460,248,407
Real Estate Investment Trusts - 0.7%
ProLogis Trust	1,048,500		13,808,745
SL Green Realty Corp.	414,800		25,788,116
The Macerich Co.	484,936		21,681,489
			61,278,350
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	532,909		9,229,984
TOTAL FINANCIALS			2,229,691,126
Common Stocks - continued
	Shares		Value
HEALTH CARE - 8.3%
Health Care Equipment & Supplies - 1.0%
Boston Scientific Corp. (a)	2,307,382		$ 15,874,788
CareFusion Corp. (a)	954,700		26,330,626
Covidien PLC	1,012,300		48,580,277
			90,785,691
Health Care Providers & Services - 1.1%
CIGNA Corp.	1,053,000		33,759,180
Humana, Inc. (a)	571,800		26,142,696
UnitedHealth Group, Inc.	1,159,482		35,143,899
			95,045,775
Pharmaceuticals - 6.2%
Endo Pharmaceuticals Holdings, Inc. (a)	1,037,700		22,725,630
King Pharmaceuticals, Inc. (a)	2,295,046		22,491,451
Merck & Co., Inc.	4,547,750		159,353,160
Pfizer, Inc.	17,895,511		299,212,944
Sanofi-Aventis sponsored ADR	441,738		15,067,683
Watson Pharmaceuticals, Inc. (a)	594,200		25,443,644
			544,294,512
TOTAL HEALTH CARE			730,125,978
INDUSTRIALS - 10.2%
Aerospace & Defense - 1.3%
Precision Castparts Corp.	175,200		22,485,168
Raytheon Co.	821,100		47,870,130
United Technologies Corp.	542,700		40,675,365
			111,030,663
Airlines - 0.5%
Alaska Air Group, Inc. (a)	566,700		23,467,047
Continental Airlines, Inc. Class B (a)	764,000		17,075,400
			40,542,447
Building Products - 0.3%
Owens Corning (a)	721,466		25,092,587
Construction & Engineering - 0.7%
Jacobs Engineering Group, Inc. (a)	507,690		24,480,812
KBR, Inc.	1,735,200		38,313,216
			62,794,028
Electrical Equipment - 0.3%
AMETEK, Inc.	721,931		31,223,516
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 4.5%
General Electric Co.	16,160,185		$ 304,781,089
Siemens AG sponsored ADR	205,500		20,065,020
Textron, Inc.	2,933,214		66,994,608
			391,840,717
Machinery - 0.7%
Ingersoll-Rand Co. Ltd.	1,037,900		38,381,542
Navistar International Corp. (a)	501,400		24,237,676
			62,619,218
Road & Rail - 1.9%
CSX Corp.	1,365,600		76,541,880
Hertz Global Holdings, Inc. (a)(d)	1,239,900		17,928,954
Union Pacific Corp.	963,728		72,915,660
			167,386,494
TOTAL INDUSTRIALS			892,529,670
INFORMATION TECHNOLOGY - 7.2%
Communications Equipment - 0.7%
Cisco Systems, Inc. (a)	817,500		22,007,100
Comverse Technology, Inc. (a)	4,809,690		44,152,954
			66,160,054
Computers & Peripherals - 3.7%
Dell, Inc. (a)	3,644,278		58,964,418
Hewlett-Packard Co.	1,207,100		62,732,987
Lexmark International, Inc. Class A (a)	618,000		22,896,900
Seagate Technology (a)	8,864,367		162,838,422
Western Digital Corp. (a)	499,000		20,503,910
			327,936,637
Electronic Equipment & Components - 0.3%
Avnet, Inc. (a)	743,030		23,754,669
Internet Software & Services - 0.4%
eBay, Inc. (a)	956,200		22,767,122
VeriSign, Inc. (a)	335,800		9,157,266
			31,924,388
Office Electronics - 1.0%
Xerox Corp.	7,709,400		84,032,460
Semiconductors & Semiconductor Equipment - 0.8%
Intel Corp.	1,020,500		23,298,015
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
MEMC Electronic Materials, Inc. (a)	1,578,904		$ 20,478,385
Micron Technology, Inc. (a)	2,951,400		27,595,590
			71,371,990
Software - 0.3%
Electronic Arts, Inc. (a)	1,243,673		24,089,946
TOTAL INFORMATION TECHNOLOGY			629,270,144
MATERIALS - 3.6%
Chemicals - 2.2%
Ashland, Inc.	482,600		28,743,656
Clariant AG (Reg.) (a)	1,275,000		17,592,240
Dow Chemical Co.	3,335,500		102,833,465
FMC Corp.	361,300		22,993,132
Lubrizol Corp.	239,900		21,672,566
			193,835,059
Containers & Packaging - 0.3%
Owens-Illinois, Inc. (a)	759,900		26,930,856
Metals & Mining - 1.1%
ArcelorMittal SA (NY Shares) Class A (a)	270,900		10,519,047
Freeport-McMoRan Copper & Gold, Inc.	387,300		29,252,769
Goldcorp, Inc.	954,200		41,230,980
Reliance Steel & Aluminum Co.	338,293		16,512,081
			97,514,877
TOTAL MATERIALS			318,280,792
TELECOMMUNICATION SERVICES - 6.8%
Diversified Telecommunication Services - 4.0%
AT&T, Inc.	6,291,186		163,948,307
Qwest Communications International, Inc.	16,790,600		87,814,838
Verizon Communications, Inc.	3,224,183		93,146,647
			344,909,792
Wireless Telecommunication Services - 2.8%
Sprint Nextel Corp. (a)	48,500,753		206,128,200
Vodafone Group PLC sponsored ADR	1,904,200		42,273,240
			248,401,440
TOTAL TELECOMMUNICATION SERVICES			593,311,232
Common Stocks - continued
	Shares		Value
UTILITIES - 4.2%
Electric Utilities - 1.8%
Allegheny Energy, Inc.	3,520,163		$ 76,669,150
Entergy Corp.	539,800		43,880,342
FirstEnergy Corp.	1,036,105		39,237,296
			159,786,788
Independent Power Producers & Energy Traders - 1.0%
Calpine Corp. (a)	2,422,600		33,020,038
Constellation Energy Group, Inc.	622,000		21,987,700
NRG Energy, Inc. (a)	1,193,700		28,851,729
			83,859,467
Multi-Utilities - 1.4%
PG&E Corp.	1,020,100		44,680,380
Public Service Enterprise Group, Inc.	1,075,400		34,552,602
Sempra Energy	820,194		40,337,141
			119,570,123
TOTAL UTILITIES			363,216,378
TOTAL COMMON STOCKS (Cost $6,937,000,731)		8,621,724,499
Money Market Funds - 1.6%

Fidelity Cash Central Fund, 0.21% (b)	102,789,267		102,789,267
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	33,332,780		33,332,780
TOTAL MONEY MARKET FUNDS (Cost $136,122,047)		136,122,047
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.19%, dated 4/30/10 due 5/3/10 (Collateralized by U.S. Treasury Obligations) # (Cost $3,409,000)	$ 3,409,053		$ 3,409,000
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $7,076,531,778)			8,761,255,546
NET OTHER ASSETS - (0.2)%			(17,434,842)
NET ASSETS - 100%		$ 8,743,820,704

Legend

(a) Non-income producing

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

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$3,409,000 due 5/03/10 at 0.19%
BNP Paribas Securities Corp.	$ 1,298,785
Banc of America Securities LLC	498,114
Barclays Capital, Inc.	921,258
Societe Generale, New York Branch	690,843
	$ 3,409,000

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	$ 42,461
Fidelity Securities Lending Cash Central Fund	35,912
Total	$ 78,373

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 770,822,237	$ 770,822,237	$ -	$ -
Consumer Staples	558,502,597	537,359,088	21,143,509	-
Energy	1,535,974,345	1,535,974,345	-	-
Financials	2,229,691,126	2,144,264,824	85,426,302	-
Health Care	730,125,978	730,125,978	-	-
Industrials	892,529,670	892,529,670	-	-
Information Technology	629,270,144	629,270,144	-	-
Materials	318,280,792	300,688,552	17,592,240	-
Telecommunication Services	593,311,232	593,311,232	-	-
Utilities	363,216,378	363,216,378	-	-
Money Market Funds	136,122,047	136,122,047	-	-
Cash Equivalents	3,409,000	-	3,409,000	-
Total Investments in Securities:	$ 8,761,255,546	$ 8,633,684,495	$ 127,571,051	$ -

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $7,128,882,117. Net unrealized appreciation aggregated $1,632,373,429, of which $1,722,493,432 related to appreciated investment securities and $90,120,003 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Telecom and
Utilities Fund

April 30, 2010

1.800364.106

UIF-QTLY-0610

Investments April 30, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 2.6%
Media - 2.6%
DIRECTV (a)	532,100		$ 19,278
ENERGY - 3.6%
Oil, Gas & Consumable Fuels - 3.6%
Southern Union Co.	1,014,600		26,511
TELECOMMUNICATION SERVICES - 26.7%
Diversified Telecommunication Services - 20.0%
AT&T, Inc.	4,801,600		125,131
Qwest Communications International, Inc.	4,222,900		22,086
			147,217
Wireless Telecommunication Services - 6.7%
NII Holdings, Inc. (a)	653,600		27,726
Sprint Nextel Corp. (a)	5,149,500		21,885
			49,611
TOTAL TELECOMMUNICATION SERVICES			196,828
UTILITIES - 65.3%
Electric Utilities - 31.9%
American Electric Power Co., Inc.	1,745,400		59,867
Entergy Corp.	551,723		44,850
FPL Group, Inc.	687,800		35,800
ITC Holdings Corp.	338,200		18,882
NV Energy, Inc.	3,007,400		37,562
Pinnacle West Capital Corp.	98,200		3,667
Southern Co.	987,040		34,112
Westar Energy, Inc.	15,700		372
			235,112
Gas Utilities - 4.1%
ONEOK, Inc.	100		5
Questar Corp.	252,000		12,083
UGI Corp.	663,300		18,234
			30,322
Independent Power Producers & Energy Traders - 3.0%
AES Corp.	831,800		9,599
Calpine Corp. (a)	923,843		12,592
			22,191
Multi-Utilities - 25.1%
CenterPoint Energy, Inc.	2,052,297		29,471
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - continued
CMS Energy Corp. (d)	1,897,637		$ 30,856
NiSource, Inc.	67,800		1,105
PG&E Corp.	1,224,600		53,637
Sempra Energy	385,400		18,954
TECO Energy, Inc.	1,733,100		29,341
Wisconsin Energy Corp.	406,400		21,340
			184,704
Water Utilities - 1.2%
American Water Works Co., Inc.	413,800		9,013
TOTAL UTILITIES			481,342
TOTAL COMMON STOCKS (Cost $677,082)		723,959
Money Market Funds - 3.7%

Fidelity Cash Central Fund, 0.21% (b)	1,377,788		1,378
Fidelity Securities Lending Cash Central Fund, 0.22% (b)(c)	26,014,425		26,014
TOTAL MONEY MARKET FUNDS (Cost $27,392)		27,392
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $704,474)			751,351
NET OTHER ASSETS - (1.9)%			(14,040)
NET ASSETS - 100%		$ 737,311

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 3
Fidelity Securities Lending Cash Central Fund	6
Total	$ 9

Other Information

Income Tax Information

At April 30, 2010, the cost of investment securities for income tax purposes was $711,709,000. Net unrealized appreciation aggregated $39,642,000, of which $53,468,000 related to appreciated investment securities and $13,826,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. 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. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value calculation under these procedures may differ from published prices for the same securities. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows.

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 B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2010

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 B. Robins
	Kenneth B. Robins
	President and Treasurer

Date:	June 29, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	June 29, 2010