N-Q 1 main.htm Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited) Investments April 30, 2015 (Unaudited)

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)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(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, 2015

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Series
Equity-Income Fund

April 30, 2015

1.950996.102

EDT-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Hotels, Restaurants & Leisure - 2.3%
Darden Restaurants, Inc.	435,483		$ 27,770,751
Dunkin' Brands Group, Inc.	580,200		30,234,222
McDonald's Corp.	1,234,169		119,159,017
Texas Roadhouse, Inc. Class A	233,190		7,835,184
Yum! Brands, Inc.	1,234,929		106,154,497
			291,153,671
Household Durables - 0.5%
M.D.C. Holdings, Inc. (d)	904,300		24,271,412
Tupperware Brands Corp.	500,300		33,450,058
			57,721,470
Leisure Products - 0.5%
Mattel, Inc.	2,446,400		68,890,624
Media - 2.0%
Comcast Corp. Class A	3,460,003		199,849,773
Sinclair Broadcast Group, Inc. Class A	654,409		20,051,092
Viacom, Inc. Class B (non-vtg.)	373,800		25,960,410
			245,861,275
Multiline Retail - 2.1%
Kohl's Corp.	613,635		43,966,948
Macy's, Inc.	1,011,200		65,353,856
Target Corp.	2,037,147		160,588,298
			269,909,102
Specialty Retail - 0.9%
Foot Locker, Inc.	1,181,400		70,234,230
GNC Holdings, Inc.	937,200		40,346,460
			110,580,690
TOTAL CONSUMER DISCRETIONARY			1,044,116,832
CONSUMER STAPLES - 9.5%
Beverages - 1.1%
Anheuser-Busch InBev SA NV ADR	284,900		34,199,396
Molson Coors Brewing Co. Class B	1,043,300		76,692,983
The Coca-Cola Co.	608,500		24,680,760
			135,573,139
Food & Staples Retailing - 2.3%
CVS Health Corp.	1,534,443		152,354,845
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Wal-Mart Stores, Inc.	686,400		$ 53,573,520
Walgreens Boots Alliance, Inc.	1,117,535		92,677,178
			298,605,543
Food Products - 1.0%
B&G Foods, Inc. Class A	551,079		16,752,802
Kellogg Co.	1,600,897		101,384,807
Sanderson Farms, Inc. (d)	107,100		8,045,352
			126,182,961
Household Products - 2.6%
Procter & Gamble Co.	4,079,700		324,376,947
Personal Products - 0.3%
Avon Products, Inc.	4,438,900		36,265,813
Tobacco - 2.2%
Lorillard, Inc.	1,563,524		109,227,787
Philip Morris International, Inc.	1,242,933		103,747,618
Reynolds American, Inc. (e)	870,000		63,771,000
			276,746,405
TOTAL CONSUMER STAPLES			1,197,750,808
ENERGY - 10.1%
Energy Equipment & Services - 0.8%
Ensco PLC Class A	1,331,456		36,322,120
National Oilwell Varco, Inc.	659,565		35,886,932
Oceaneering International, Inc.	443,500		24,441,285
			96,650,337
Oil, Gas & Consumable Fuels - 9.3%
Anadarko Petroleum Corp.	756,291		71,166,983
Apache Corp.	1,444,241		98,786,084
Chevron Corp. (e)	4,944,903		549,180,927
CONSOL Energy, Inc.	1,158,701		37,634,608
Foresight Energy LP	871,550		12,088,399
HollyFrontier Corp.	127,906		4,960,195
Kinder Morgan, Inc.	1,472,200		63,230,990
Legacy Reserves LP	1,862,300		24,079,539
Markwest Energy Partners LP	1,044,537		70,464,466
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
The Williams Companies, Inc.	3,778,333		$ 193,412,866
Williams Partners LP	976,385		48,233,419
			1,173,238,476
TOTAL ENERGY			1,269,888,813
FINANCIALS - 27.8%
Banks - 14.7%
Bank of America Corp.	6,587,800		104,943,654
BB&T Corp.	360,300		13,795,887
CIT Group, Inc.	202,000		9,096,060
Comerica, Inc.	1,828,700		86,698,667
First Niagara Financial Group, Inc.	3,578,000		32,541,910
FirstMerit Corp.	2,235,335		43,298,439
JPMorgan Chase & Co.	8,234,330		520,903,716
KeyCorp	3,120,400		45,089,780
M&T Bank Corp.	1,645,700		196,940,919
PNC Financial Services Group, Inc.	290,000		26,601,700
Regions Financial Corp.	5,985,600		58,838,448
SunTrust Banks, Inc.	2,536,600		105,268,900
TCF Financial Corp.	318,800		4,992,408
U.S. Bancorp	3,884,400		166,524,228
Wells Fargo & Co.	7,766,400		427,928,640
			1,843,463,356
Capital Markets - 5.7%
Apollo Investment Corp. (d)	6,146,845		49,174,760
Ares Capital Corp.	3,285,119		55,912,725
Ares Management LP	1,307,852		23,685,200
Carlyle Group LP	450,600		13,603,614
Greenhill & Co., Inc.	254,900		10,081,295
KKR & Co. LP	5,450,920		122,700,209
Morgan Stanley	2,087,200		77,873,432
Pershing Square Holdings Ltd. (a)	183,370		4,886,133
State Street Corp.	1,255,200		96,801,024
The Blackstone Group LP	6,050,539		247,830,077
TPG Specialty Lending, Inc.	749,300		13,607,288
			716,155,757
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 5.1%
ACE Ltd.	993,618		$ 106,307,190
Allied World Assurance Co.	710,900		29,246,426
MetLife, Inc.	4,346,511		222,932,549
Prudential Financial, Inc.	1,247,609		101,804,894
The Chubb Corp.	1,082,800		106,493,380
The Travelers Companies, Inc.	742,289		75,052,841
			641,837,280
Real Estate Investment Trusts - 2.2%
American Capital Agency Corp.	2,803,025		57,840,421
Annaly Capital Management, Inc.	5,618,204		56,575,314
Coresite Realty Corp.	180,055		8,657,044
Cousins Properties, Inc.	1,633,800		15,913,212
Duke Realty LP	1,415,400		28,039,074
First Potomac Realty Trust	1,899,775		20,365,588
Home Properties, Inc.	276,176		20,315,507
Piedmont Office Realty Trust, Inc. Class A	1,019,037		17,812,767
Retail Properties America, Inc.	610,150		9,219,367
Sabra Health Care REIT, Inc.	418,900		12,516,732
Two Harbors Investment Corp.	2,080,969		21,850,175
Ventas, Inc.	113,400		7,813,260
			276,918,461
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.	818,392		14,616,481
TOTAL FINANCIALS			3,492,991,335
HEALTH CARE - 9.7%
Biotechnology - 0.5%
Amgen, Inc.	377,277		59,575,811
Health Care Equipment & Supplies - 2.1%
Baxter International, Inc.	841,376		57,836,186
DENTSPLY International, Inc.	545,700		27,830,700
Medtronic PLC	1,902,702		141,656,164
Meridian Bioscience, Inc.	761,200		13,488,464
St. Jude Medical, Inc.	366,315		25,660,366
			266,471,880
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.3%
Anthem, Inc.	32		$ 4,830
UnitedHealth Group, Inc.	330,527		36,820,708
			36,825,538
Pharmaceuticals - 6.8%
AbbVie, Inc.	531,400		34,360,324
Johnson & Johnson (e)	5,721,400		567,562,877
Merck & Co., Inc.	884,398		52,674,745
Pfizer, Inc.	5,798,677		196,749,111
			851,347,057
TOTAL HEALTH CARE			1,214,220,286
INDUSTRIALS - 11.8%
Aerospace & Defense - 1.7%
The Boeing Co.	680,800		97,585,872
United Technologies Corp.	1,014,500		115,399,375
			212,985,247
Air Freight & Logistics - 2.5%
C.H. Robinson Worldwide, Inc.	439,517		28,300,500
United Parcel Service, Inc. Class B	2,841,900		285,696,207
			313,996,707
Commercial Services & Supplies - 0.5%
KAR Auction Services, Inc.	1,291,300		48,049,273
Republic Services, Inc.	322,407		13,099,396
			61,148,669
Electrical Equipment - 1.0%
Eaton Corp. PLC	1,171,400		80,510,322
Emerson Electric Co.	896,040		52,714,033
			133,224,355
Industrial Conglomerates - 4.4%
General Electric Co.	20,523,977		555,789,297
Machinery - 1.1%
Cummins, Inc.	253,900		35,104,214
Deere & Co.	653,600		59,163,872
Stanley Black & Decker, Inc.	406,233		40,095,197
			134,363,283
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Professional Services - 0.1%
Acacia Research Corp.	1,135,094		$ 12,508,736
Trading Companies & Distributors - 0.5%
Watsco, Inc.	492,900		59,290,941
TOTAL INDUSTRIALS			1,483,307,235
INFORMATION TECHNOLOGY - 11.8%
Communications Equipment - 3.1%
Cisco Systems, Inc.	10,152,649		292,700,871
QUALCOMM, Inc.	1,346,680		91,574,240
			384,275,111
Electronic Equipment & Components - 0.4%
TE Connectivity Ltd.	800,308		53,260,497
Internet Software & Services - 0.8%
Google, Inc. Class A (a)	78,000		42,804,060
Yahoo!, Inc. (a)	1,454,500		61,910,793
			104,714,853
IT Services - 2.8%
IBM Corp.	1,391,145		238,289,227
Paychex, Inc.	2,452,238		118,663,797
			356,953,024
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.	4,716,171		93,333,024
Broadcom Corp. Class A	2,764,672		122,212,326
Maxim Integrated Products, Inc.	1,214,800		39,881,884
Xilinx, Inc.	165,800		7,189,088
			262,616,322
Software - 1.7%
Microsoft Corp. (e)	4,472,100		217,522,944
Technology Hardware, Storage & Peripherals - 0.9%
EMC Corp.	3,625,900		97,572,969
Seagate Technology LLC	230,500		13,534,960
			111,107,929
TOTAL INFORMATION TECHNOLOGY			1,490,450,680
Common Stocks - continued
	Shares		Value
MATERIALS - 1.0%
Chemicals - 0.4%
LyondellBasell Industries NV Class A	355,400		$ 36,791,008
Tronox Ltd. Class A	807,500		16,917,125
			53,708,133
Metals & Mining - 0.6%
Freeport-McMoRan, Inc.	1,684,666		39,202,178
Nucor Corp.	592,600		28,954,436
SunCoke Energy Partners LP	250,714		5,548,301
			73,704,915
TOTAL MATERIALS			127,413,048
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 3.4%
AT&T, Inc.	4,243,008		146,977,797
Verizon Communications, Inc.	5,553,939		280,140,683
			427,118,480
UTILITIES - 2.6%
Electric Utilities - 2.5%
American Electric Power Co., Inc.	696,601		39,615,699
Exelon Corp.	3,160,300		107,513,406
PPL Corp. (e)	1,758,200		59,831,546
Southern Co. (e)	2,381,438		105,497,703
			312,458,354
Independent Power and Renewable Electricity Producers - 0.1%
Abengoa Yield PLC (d)	440,400		14,933,964
TOTAL UTILITIES			327,392,318
TOTAL COMMON STOCKS (Cost $10,566,453,945)		12,074,649,835
Money Market Funds - 4.2%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	462,549,326		$ 462,549,326
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	64,709,100		64,709,100
TOTAL MONEY MARKET FUNDS (Cost $527,258,426)		527,258,426
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $11,093,712,371)			12,601,908,261
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(24,250,607)
NET ASSETS - 100%		$ 12,577,657,654

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Chevron Corp.	6/19/15 - $120.00	11,141	$ 1,415,909	$ (373,224)
Johnson & Johnson	7/17/15 - $105.00	26,524	3,262,378	(1,405,772)
Microsoft Corp.	5/15/15 - $45.00	10,229	809,455	(3,810,302)
PPL Corp.	7/17/15 - $35.00	7,663	318,007	(402,308)
Reynolds American, Inc.	5/15/15 - $67.50	4,543	903,537	(2,839,375)
Southern Co.	5/15/15 - $47.00	10,933	383,202	(32,799)

TOTAL WRITTEN OPTIONS

$ 7,092,488

$ (8,863,780)

Legend

(a) Non-income producing

(b) Affiliated fund that is generally 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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(e) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $544,414,451.

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	$ 183,121
Fidelity Securities Lending Cash Central Fund	89,220
Total	$ 272,341

Other Information

The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,044,116,832	$ 1,044,116,832	$ -	$ -
Consumer Staples	1,197,750,808	1,197,750,808	-	-
Energy	1,269,888,813	1,269,888,813	-	-
Financials	3,492,991,335	3,488,105,202	4,886,133	-
Health Care	1,214,220,286	1,214,220,286	-	-
Industrials	1,483,307,235	1,483,307,235	-	-
Information Technology	1,490,450,680	1,490,450,680	-	-
Materials	127,413,048	127,413,048	-	-
Telecommunication Services	427,118,480	427,118,480	-	-
Utilities	327,392,318	327,392,318	-	-
Money Market Funds	527,258,426	527,258,426	-	-
Total Investments in Securities:	$ 12,601,908,261	$ 12,597,022,128	$ 4,886,133	$ -
Derivative Instruments:
Liabilities
Written Options	$ (8,863,780)	$ (8,863,780)	$ -	$ -

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $11,107,564,785. Net unrealized appreciation aggregated $1,494,343,476, of which $1,744,338,086 related to appreciated investment securities and $249,994,610 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 a third party pricing vendor 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 market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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.

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 ® Series All-Sector
Equity Fund

April 30, 2015

1.884782.103

ASE-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 12.7%
Hotels, Restaurants & Leisure - 3.4%
McDonald's Corp.	1,226,900		$ 118,457,195
Panera Bread Co. Class A (a)	582,593		106,311,571
Starbucks Corp.	2,495,088		123,706,463
Wynn Resorts Ltd.	178,700		19,848,209
			368,323,438
Internet & Catalog Retail - 2.6%
Liberty Interactive Corp. Series A (a)	5,140,552		147,842,276
Priceline Group, Inc. (a)	107,500		133,064,575
			280,906,851
Media - 3.3%
DreamWorks Animation SKG, Inc. Class A (a)(d)	1,682,790		43,853,507
Legend Pictures LLC (a)(f)(g)	3,706		9,284,419
Liberty Media Corp. Class C (a)	2,708,222		102,777,025
The Madison Square Garden Co. Class A (a)	1,732,422		139,113,487
Twenty-First Century Fox, Inc. Class A	1,779,391		60,641,645
			355,670,083
Multiline Retail - 1.4%
Dollar General Corp.	2,034,972		147,962,814
Specialty Retail - 0.9%
Michaels Companies, Inc.	1,250,105		32,327,715
TJX Companies, Inc.	975,890		62,983,941
			95,311,656
Textiles, Apparel & Luxury Goods - 1.1%
NIKE, Inc. Class B	1,194,520		118,066,357
TOTAL CONSUMER DISCRETIONARY			1,366,241,199
CONSUMER STAPLES - 8.7%
Beverages - 1.9%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	502,804		58,295,096
Monster Beverage Corp. (a)	163,700		22,444,907
The Coca-Cola Co.	2,945,792		119,481,324
			200,221,327
Food & Staples Retailing - 2.0%
CVS Health Corp.	1,004,781		99,764,705
Kroger Co.	838,500		57,781,035
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Walgreens Boots Alliance, Inc.	588,182		$ 48,777,933
Whole Foods Market, Inc.	264,000		12,608,640
			218,932,313
Food Products - 1.1%
Bunge Ltd.	313,152		27,046,938
Keurig Green Mountain, Inc.	212,721		24,754,343
Mead Johnson Nutrition Co. Class A	531,300		50,962,296
The Hershey Co.	95,000		8,732,400
			111,495,977
Household Products - 1.0%
Colgate-Palmolive Co.	1,616,584		108,763,772
Personal Products - 0.1%
Nu Skin Enterprises, Inc. Class A	235,000		13,289,250
Tobacco - 2.6%
Altria Group, Inc.	2,086,430		104,425,822
Philip Morris International, Inc.	2,111,998		176,288,473
			280,714,295
TOTAL CONSUMER STAPLES			933,416,934
ENERGY - 7.9%
Energy Equipment & Services - 1.5%
Baker Hughes, Inc.	240,400		16,457,784
Halliburton Co.	979,440		47,943,588
Oceaneering International, Inc.	228,500		12,592,635
Schlumberger Ltd.	903,100		85,442,291
			162,436,298
Oil, Gas & Consumable Fuels - 6.4%
Anadarko Petroleum Corp.	821,681		77,320,182
Apache Corp.	409,100		27,982,440
Cabot Oil & Gas Corp.	936,000		31,655,520
Cheniere Energy, Inc. (a)	289,600		22,151,504
Chevron Corp.	1,312,629		145,780,577
Cimarex Energy Co.	251,093		31,235,969
Cobalt International Energy, Inc. (a)	1,243,000		13,300,100
CONSOL Energy, Inc.	418,400		13,589,632
Continental Resources, Inc. (a)	369,788		19,461,942
EOG Resources, Inc.	497,500		49,227,625
Exxon Mobil Corp.	750,724		65,590,756
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Golar LNG Ltd.	236,100		$ 8,498,420
Gulfport Energy Corp. (a)	301,800		14,770,092
Kinder Morgan, Inc.	948,900		40,755,255
Noble Energy, Inc.	1,218,324		61,793,393
Phillips 66 Co.	682,000		54,089,420
SM Energy Co.	227,600		13,193,972
			690,396,799
TOTAL ENERGY			852,833,097
FINANCIALS - 16.9%
Banks - 7.4%
Bank of America Corp.	10,290,587		163,929,051
Citigroup, Inc.	3,610,084		192,489,679
Huntington Bancshares, Inc.	2,124,557		23,072,689
JPMorgan Chase & Co.	2,783,334		176,073,709
M&T Bank Corp.	313,400		37,504,578
Regions Financial Corp.	3,170,000		31,161,100
Synovus Financial Corp.	587,651		16,254,427
U.S. Bancorp	1,798,478		77,100,752
Wells Fargo & Co.	1,351,700		74,478,670
			792,064,655
Capital Markets - 2.0%
Ameriprise Financial, Inc.	134,900		16,900,272
BlackRock, Inc. Class A	125,018		45,499,051
E*TRADE Financial Corp. (a)	1,367,652		39,374,701
Goldman Sachs Group, Inc.	261,600		51,383,472
Invesco Ltd.	618,800		25,630,696
Northern Trust Corp.	312,800		22,881,320
State Street Corp.	248,300		19,148,896
			220,818,408
Consumer Finance - 2.6%
Capital One Financial Corp.	2,657,580		214,865,343
Navient Corp.	1,906,046		37,244,139
SLM Corp. (a)	2,659,546		27,100,774
			279,210,256
Diversified Financial Services - 0.9%
Berkshire Hathaway, Inc.:
Class A (a)	157		33,503,800
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
Berkshire Hathaway, Inc.: - continued
Class B (a)	264,703		$ 37,378,711
IntercontinentalExchange Group, Inc.	101,000		22,677,530
			93,560,041
Insurance - 1.7%
ACE Ltd.	261,831		28,013,299
Marsh & McLennan Companies, Inc.	894,300		50,223,888
MetLife, Inc.	907,741		46,558,036
Principal Financial Group, Inc.	430,600		22,012,272
The Chubb Corp.	261,500		25,718,525
Unum Group	395,400		13,506,864
			186,032,884
Real Estate Investment Trusts - 1.9%
Alexandria Real Estate Equities, Inc.	172,200		15,907,836
Boston Properties, Inc.	428,600		56,708,066
Digital Realty Trust, Inc.	470,200		29,815,382
Duke Realty LP	1,641,700		32,522,077
Equity Lifestyle Properties, Inc.	399,000		21,075,180
Extra Space Storage, Inc.	379,900		25,046,807
Kite Realty Group Trust	342,000		8,960,400
Senior Housing Properties Trust (SBI)	179,900		3,682,553
The Macerich Co.	150,618		12,314,528
			206,032,829
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	1,165,700		44,692,938
TOTAL FINANCIALS			1,822,412,011
HEALTH CARE - 13.6%
Biotechnology - 4.1%
Alexion Pharmaceuticals, Inc. (a)	217,600		36,824,448
Amgen, Inc.	523,565		82,676,149
Biogen, Inc. (a)	195,924		73,261,861
BioMarin Pharmaceutical, Inc. (a)	343,900		38,533,995
Celgene Corp. (a)	610,500		65,970,630
Gilead Sciences, Inc. (a)	1,052,792		105,816,124
Vertex Pharmaceuticals, Inc. (a)	267,500		32,977,400
			436,060,607
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 2.7%
Boston Scientific Corp. (a)	4,525,900		$ 80,651,538
Edwards Lifesciences Corp. (a)	167,500		21,213,875
Medtronic PLC	1,515,378		112,819,892
The Cooper Companies, Inc.	198,815		35,402,987
Zimmer Holdings, Inc.	356,700		39,179,928
			289,268,220
Health Care Providers & Services - 2.8%
Cigna Corp.	566,934		70,662,654
HCA Holdings, Inc. (a)	638,900		47,284,989
Henry Schein, Inc. (a)	224,187		30,736,038
McKesson Corp.	393,854		87,986,984
UnitedHealth Group, Inc.	555,000		61,827,000
			298,497,665
Life Sciences Tools & Services - 0.8%
Agilent Technologies, Inc.	821,100		33,968,907
Thermo Fisher Scientific, Inc.	450,500		56,618,840
			90,587,747
Pharmaceuticals - 3.2%
AbbVie, Inc.	407,900		26,374,814
Actavis PLC (a)	465,404		131,644,175
Bristol-Myers Squibb Co.	1,446,800		92,204,564
Endo Health Solutions, Inc. (a)	340,000		28,582,100
Mallinckrodt PLC (a)	27,865		3,153,761
Merck & Co., Inc.	480,646		28,627,276
Perrigo Co. PLC	40,000		7,331,200
Pfizer, Inc.	909,209		30,849,461
			348,767,351
TOTAL HEALTH CARE			1,463,181,590
INDUSTRIALS - 10.6%
Aerospace & Defense - 3.3%
General Dynamics Corp.	331,100		45,466,652
Honeywell International, Inc.	741,005		74,782,225
Raytheon Co.	442,700		46,040,800
The Boeing Co.	525,800		75,368,172
United Technologies Corp.	967,448		110,047,210
			351,705,059
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 0.8%
FedEx Corp.	500,700		$ 84,903,699
Airlines - 0.6%
American Airlines Group, Inc.	1,424,600		68,786,811
Building Products - 0.5%
A.O. Smith Corp.	776,000		49,586,400
Commercial Services & Supplies - 0.3%
KAR Auction Services, Inc.	715,600		26,627,476
Electrical Equipment - 0.2%
AMETEK, Inc.	345,500		18,111,110
Industrial Conglomerates - 0.8%
Danaher Corp.	1,079,296		88,372,756
Machinery - 1.8%
Deere & Co.	579,500		52,456,340
IDEX Corp.	117,800		8,836,178
Ingersoll-Rand PLC	662,300		43,605,832
Manitowoc Co., Inc.	1,249,904		24,660,606
Pall Corp.	600,827		58,472,484
			188,031,440
Professional Services - 0.5%
Towers Watson & Co.	168,848		21,427,655
Verisk Analytics, Inc. (a)	494,400		37,099,776
			58,527,431
Road & Rail - 1.3%
J.B. Hunt Transport Services, Inc.	630,450		54,975,240
Union Pacific Corp.	841,400		89,381,922
			144,357,162
Trading Companies & Distributors - 0.5%
HD Supply Holdings, Inc. (a)	1,718,000		56,694,000
TOTAL INDUSTRIALS			1,135,703,344
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 2.0%
Cisco Systems, Inc.	2,957,100		85,253,193
QUALCOMM, Inc.	1,950,300		132,620,400
			217,873,593
Electronic Equipment & Components - 0.4%
Trimble Navigation Ltd. (a)	1,592,300		40,492,189
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 4.0%
Facebook, Inc. Class A (a)	1,156,500		$ 91,097,505
Google, Inc. Class C (a)	389,066		209,060,724
HomeAway, Inc. (a)	591,277		16,526,192
LinkedIn Corp. Class A (a)	48,800		12,303,944
Rackspace Hosting, Inc. (a)	55,329		2,982,233
Twitter, Inc. (a)	510,700		19,896,872
Yahoo!, Inc. (a)	1,782,900		75,889,139
			427,756,609
IT Services - 1.3%
Cognizant Technology Solutions Corp. Class A (a)	337,600		19,763,104
Sabre Corp.	2,320,343		57,753,337
Total System Services, Inc.	496,300		19,633,628
Vantiv, Inc. (a)	765,800		29,942,780
Visa, Inc. Class A	155,500		10,270,775
			137,363,624
Semiconductors & Semiconductor Equipment - 2.1%
Altera Corp.	414,400		17,272,192
Analog Devices, Inc.	445,600		27,555,904
Atmel Corp.	1,952,300		14,798,434
Avago Technologies Ltd.	125,800		14,703,504
Marvell Technology Group Ltd.	7,181,710		100,615,757
Maxim Integrated Products, Inc.	327,600		10,755,108
Micron Technology, Inc. (a)	678,200		19,077,766
NVIDIA Corp.	427,780		9,494,577
ON Semiconductor Corp. (a)	882,300		10,164,096
Skyworks Solutions, Inc.	63,900		5,894,775
			230,332,113
Software - 4.1%
Activision Blizzard, Inc.	1,101,900		25,139,849
Adobe Systems, Inc. (a)	1,191,500		90,625,490
Autodesk, Inc. (a)	378,800		21,527,204
Citrix Systems, Inc. (a)	150,100		10,080,716
Electronic Arts, Inc. (a)	180,400		10,479,436
Intuit, Inc.	530,500		53,225,065
Microsoft Corp.	2,243,500		109,123,840
Oracle Corp.	1,406,600		61,355,892
Salesforce.com, Inc. (a)	848,778		61,808,014
			443,365,506
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - 5.0%
Apple, Inc.	3,391,342		$ 424,426,447
Hewlett-Packard Co.	2,470,800		81,462,276
SanDisk Corp.	216,000		14,459,040
Western Digital Corp.	146,800		14,348,232
			534,695,995
TOTAL INFORMATION TECHNOLOGY			2,031,879,629
MATERIALS - 3.5%
Chemicals - 2.5%
Airgas, Inc.	253,000		25,623,840
CF Industries Holdings, Inc.	89,400		25,699,818
E.I. du Pont de Nemours & Co.	726,300		53,165,160
Eastman Chemical Co.	444,803		33,902,885
Ecolab, Inc.	289,400		32,407,012
LyondellBasell Industries NV Class A	271,579		28,113,858
Monsanto Co.	402,700		45,891,692
W.R. Grace & Co. (a)	275,300		26,627,016
			271,431,281
Construction Materials - 0.2%
Eagle Materials, Inc.	300,300		25,042,017
Containers & Packaging - 0.5%
Rock-Tenn Co. Class A	506,160		31,877,957
Sealed Air Corp.	453,300		20,670,480
			52,548,437
Metals & Mining - 0.3%
Nucor Corp.	517,700		25,294,822
TOTAL MATERIALS			374,316,557
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.6%
CenturyLink, Inc.	191,086		6,871,453
Level 3 Communications, Inc. (a)	535,230		29,940,766
Verizon Communications, Inc.	2,690,693		135,718,555
			172,530,774
Wireless Telecommunication Services - 0.6%
SBA Communications Corp. Class A (a)	226,400		26,221,648
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
T-Mobile U.S., Inc. (a)	825,463		$ 28,098,761
Telephone & Data Systems, Inc.	253,008		6,757,844
			61,078,253
TOTAL TELECOMMUNICATION SERVICES			233,609,027
UTILITIES - 2.9%
Electric Utilities - 1.5%
American Electric Power Co., Inc.	319,972		18,196,808
Edison International	397,873		24,246,381
Exelon Corp.	914,900		31,124,898
FirstEnergy Corp.	183,500		6,589,485
NextEra Energy, Inc.	544,700		54,976,571
OGE Energy Corp.	272,385		8,901,542
PPL Corp.	646,600		22,003,798
			166,039,483
Independent Power and Renewable Electricity Producers - 0.3%
Calpine Corp. (a)	514,700		11,225,607
NRG Energy, Inc.	908,118		22,920,898
			34,146,505
Multi-Utilities - 1.1%
Dominion Resources, Inc.	438,000		31,395,840
NiSource, Inc.	478,336		20,769,349
PG&E Corp.	308,567		16,329,366
Public Service Enterprise Group, Inc.	45,200		1,877,608
Sempra Energy	440,044		46,719,471
			117,091,634
TOTAL UTILITIES			317,277,622
TOTAL COMMON STOCKS (Cost $8,039,160,168)		10,530,871,010

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 6/18/15 to 7/9/15 (e) (Cost $4,979,745)	$ 4,980,000	4,980,015

Money Market Funds - 2.0%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	193,285,577		$ 193,285,577
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	21,756,400		21,756,400
TOTAL MONEY MARKET FUNDS (Cost $215,041,977)		215,041,977
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $8,259,181,890)			10,750,893,002
NET OTHER ASSETS (LIABILITIES) - 0.0%			1,020,642
NET ASSETS - 100%		$ 10,751,913,644

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
865 CME E-mini S&P 500 Index Contracts (United States)	June 2015	$ 89,912,425	$ 1,083,099

The face value of futures purchased as a percentage of net assets is 0.8%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $4,194,007.

(f) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes and is owned by the Fund.

(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 $9,284,419 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Legend Pictures LLC	9/23/10	$ 2,779,500

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	$ 72,508
Fidelity Securities Lending Cash Central Fund	88,539
Total	$ 161,047

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,366,241,199	$ 1,356,956,780	$ -	$ 9,284,419
Consumer Staples	933,416,934	933,416,934	-	-
Energy	852,833,097	852,833,097	-	-
Financials	1,822,412,011	1,822,412,011	-	-
Health Care	1,463,181,590	1,463,181,590	-	-
Industrials	1,135,703,344	1,135,703,344	-	-
Information Technology	2,031,879,629	2,031,879,629	-	-
Materials	374,316,557	374,316,557	-	-
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Telecommunication Services	$ 233,609,027	$ 233,609,027	$ -	$ -
Utilities	317,277,622	317,277,622	-	-
U.S. Government and Government Agency Obligations	4,980,015	-	4,980,015	-
Money Market Funds	215,041,977	215,041,977	-	-
Total Investments in Securities:	$ 10,750,893,002	$ 10,736,628,568	$ 4,980,015	$ 9,284,419
Derivative Instruments:
Assets
Futures Contracts	$ 1,083,099	$ 1,083,099	$ -	$ -

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $8,273,385,223. Net unrealized appreciation aggregated $2,477,507,779, of which $2,618,095,783 related to appreciated investment securities and $140,588,004 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Equity-Income Fund

April 30, 2015

1.800336.111

EQU-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 7.9%
Automobiles - 0.1%
Ford Motor Co.	393,860		$ 6,223
Diversified Consumer Services - 0.1%
H&R Block, Inc.	402,200		12,163
Hotels, Restaurants & Leisure - 2.1%
Darden Restaurants, Inc.	493,700		31,483
Dunkin' Brands Group, Inc.	391,800		20,417
McDonald's Corp.	658,987		63,625
Texas Roadhouse, Inc. Class A	282,665		9,498
Yum! Brands, Inc.	760,679		65,388
			190,411
Household Durables - 0.5%
M.D.C. Holdings, Inc.	616,800		16,555
Qingdao Haier Co. Ltd.	2,331,600		10,191
Tupperware Brands Corp.	330,500		22,097
			48,843
Leisure Products - 0.4%
Mattel, Inc.	1,332,400		37,520
Media - 1.9%
Atresmedia Corporacion de Medios de Comunicacion SA	344,564		5,565
Comcast Corp. Class A	2,211,179		127,718
Daiichikosho Co. Ltd.	206,700		6,666
ITV PLC	2,978,300		11,563
Sinclair Broadcast Group, Inc. Class A	450,620		13,807
Time Warner Cable, Inc.	29,700		4,619
			169,938
Multiline Retail - 1.6%
Kohl's Corp.	271,924		19,483
Macy's, Inc.	662,200		42,798
Target Corp.	1,114,609		87,865
			150,146
Specialty Retail - 0.9%
AutoZone, Inc. (a)	15,600		10,493
Foot Locker, Inc.	581,635		34,578
GNC Holdings, Inc.	615,200		26,484
Lewis Group Ltd.	804,500		5,850
			77,405
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.3%
Japan Tobacco, Inc.	833,900		$ 29,121
TOTAL CONSUMER DISCRETIONARY			721,770
CONSUMER STAPLES - 8.4%
Beverages - 1.1%
Anheuser-Busch InBev SA NV ADR	194,500		23,348
Constellation Brands, Inc. Class A (sub. vtg.) (a)	56,000		6,493
Dr. Pepper Snapple Group, Inc.	54,400		4,057
Molson Coors Brewing Co. Class B	634,495		46,642
PepsiCo, Inc.	58,600		5,574
The Coca-Cola Co.	406,100		16,471
			102,585
Food & Staples Retailing - 2.2%
CVS Health Corp.	972,900		96,599
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.	190,904		7,766
Tesco PLC	2,726,000		9,188
Wal-Mart Stores, Inc.	543,191		42,396
Walgreens Boots Alliance, Inc.	596,420		49,461
			205,410
Food Products - 0.9%
B&G Foods, Inc. Class A	407,967		12,402
Hilton Food Group PLC	1,250,632		8,242
Kellogg Co.	838,591		53,108
Sanderson Farms, Inc. (f)	73,400		5,514
			79,266
Household Products - 2.2%
Procter & Gamble Co.	2,548,197		202,607
Personal Products - 0.3%
Avon Products, Inc.	2,913,800		23,806
Tobacco - 1.7%
British American Tobacco PLC (United Kingdom)	155,200		8,527
Lorillard, Inc.	858,871		60,001
Philip Morris International, Inc.	607,478		50,706
Reynolds American, Inc. (i)	548,741		40,223
			159,457
TOTAL CONSUMER STAPLES			773,131
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 9.6%
Energy Equipment & Services - 0.6%
Ensco PLC Class A	926,406		$ 25,272
National Oilwell Varco, Inc.	320,924		17,461
Oceaneering International, Inc.	223,400		12,312
			55,045
Oil, Gas & Consumable Fuels - 9.0%
Anadarko Petroleum Corp.	532,132		50,074
Apache Corp.	836,201		57,196
BG Group PLC	1,992,300		36,088
Cameco Corp.	467,800		8,228
Chevron Corp. (i)	2,301,172		255,568
CONSOL Energy, Inc.	790,534		25,677
Foresight Energy LP	658,100		9,128
HollyFrontier Corp.	220,732		8,560
Kinder Morgan, Inc.	1,008,100		43,298
Legacy Reserves LP	1,421,500		18,380
Markwest Energy Partners LP	871,777		58,810
Suncor Energy, Inc.	2,734,900		89,063
The Williams Companies, Inc.	2,415,443		123,647
Williams Partners LP	859,069		42,438
			826,155
TOTAL ENERGY			881,200
FINANCIALS - 26.1%
Banks - 13.1%
Bank of America Corp.	5,041,700		80,314
BB&T Corp.	247,900		9,492
Capitec Bank Holdings Ltd.	244,200		11,495
CIT Group, Inc.	271,200		12,212
Comerica, Inc.	891,672		42,274
First Niagara Financial Group, Inc.	2,571,500		23,388
FirstMerit Corp.	1,660,822		32,170
JPMorgan Chase & Co.	6,127,982		387,659
KeyCorp	2,061,700		29,792
Lakeland Financial Corp.	216,400		8,450
M&T Bank Corp.	809,478		96,870
Nordea Bank AB	502,000		6,378
PNC Financial Services Group, Inc.	264,700		24,281
Regions Financial Corp.	3,962,500		38,951
Standard Chartered PLC (United Kingdom)	1,597,879		26,161
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Banks - continued
SunTrust Banks, Inc.	1,675,700		$ 69,542
Svenska Handelsbanken AB (A Shares)	209,800		9,684
TCF Financial Corp.	240,300		3,763
U.S. Bancorp	2,534,622		108,659
Wells Fargo & Co.	3,261,350		179,700
			1,201,235
Capital Markets - 6.0%
Apollo Investment Corp.	3,665,941		29,328
Ares Capital Corp.	2,129,674		36,247
Ares Management LP	963,870		17,456
AURELIUS AG	259,590		12,447
Carlyle Group LP	434,200		13,108
Greenhill & Co., Inc.	271,183		10,725
KKR & Co. LP	6,344,665		142,818
Morgan Stanley	959,831		35,811
Pershing Square Holdings Ltd. (a)	126,488		3,370
State Street Corp.	908,399		70,056
The Blackstone Group LP	4,114,132		168,515
TPG Specialty Lending, Inc.	603,919		10,967
			550,848
Consumer Finance - 0.1%
Capital One Financial Corp.	79,900		6,460
Diversified Financial Services - 0.2%
McGraw Hill Financial, Inc.	128,300		13,382
Insurance - 4.3%
ACE Ltd.	713,127		76,297
Allied World Assurance Co.	505,100		20,780
MetLife, Inc.	2,480,838		127,242
Prudential Financial, Inc.	514,177		41,957
The Chubb Corp.	750,563		73,818
The Travelers Companies, Inc.	524,200		53,002
			393,096
Real Estate Investment Trusts - 2.3%
American Capital Agency Corp.	1,696,663		35,011
American Homes 4 Rent (g)	400,011		6,756
American Tower Corp.	110,800		10,474
Annaly Capital Management, Inc.	3,085,713		31,073
Coresite Realty Corp.	228,564		10,989
Cousins Properties, Inc.	1,207,500		11,761
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
Duke Realty LP	923,700		$ 18,298
First Potomac Realty Trust	1,796,025		19,253
Home Properties, Inc.	208,915		15,368
Piedmont Office Realty Trust, Inc. Class A	696,500		12,175
Retail Properties America, Inc.	948,471		14,331
Sabra Health Care REIT, Inc.	255,600		7,637
Two Harbors Investment Corp.	1,240,378		13,024
Ventas, Inc.	118,803		8,186
			214,336
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.	642,527		11,476
TOTAL FINANCIALS			2,390,833
HEALTH CARE - 10.0%
Biotechnology - 0.5%
Amgen, Inc.	276,300		43,631
Health Care Equipment & Supplies - 1.7%
Baxter International, Inc.	499,900		34,363
DENTSPLY International, Inc.	293,900		14,989
Medtronic PLC	1,046,956		77,946
Meridian Bioscience, Inc.	550,700		9,758
St. Jude Medical, Inc.	239,377		16,768
			153,824
Health Care Providers & Services - 0.2%
Al Noor Hospitals Group PLC	12,675		175
UnitedHealth Group, Inc.	213,820		23,820
			23,995
Pharmaceuticals - 7.6%
AbbVie, Inc.	353,100		22,831
Astellas Pharma, Inc.	1,893,800		29,488
GlaxoSmithKline PLC	3,248,700		75,034
Johnson & Johnson (i)	3,607,348		357,849
Merck & Co., Inc.	554,794		33,044
Pfizer, Inc.	3,569,479		121,112
Roche Holding AG (participation certificate)	30,417		8,704
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sanofi SA	366,684		$ 37,325
Teva Pharmaceutical Industries Ltd. sponsored ADR	212,200		12,821
			698,208
TOTAL HEALTH CARE			919,658
INDUSTRIALS - 11.6%
Aerospace & Defense - 1.8%
The Boeing Co.	412,900		59,185
United Technologies Corp.	945,620		107,564
			166,749
Air Freight & Logistics - 2.5%
C.H. Robinson Worldwide, Inc.	293,256		18,883
PostNL NV (a)	6,366,400		31,616
United Parcel Service, Inc. Class B	1,810,373		181,997
			232,496
Airlines - 0.2%
Copa Holdings SA Class A	153,300		16,999
Commercial Services & Supplies - 0.4%
KAR Auction Services, Inc.	764,500		28,447
Republic Services, Inc.	225,267		9,153
			37,600
Electrical Equipment - 1.1%
Eaton Corp. PLC	697,600		47,946
Emerson Electric Co.	802,787		47,228
Vestas Wind Systems A/S	134,100		6,082
			101,256
Industrial Conglomerates - 3.9%
Danaher Corp.	113,300		9,277
General Electric Co.	12,293,560		332,910
Roper Industries, Inc.	55,600		9,350
Siemens AG	9		1
			351,538
Machinery - 0.9%
Cummins, Inc.	114,500		15,831
Deere & Co.	405,100		36,670
Stanley Black & Decker, Inc.	301,478		29,756
			82,257
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 0.2%
Acacia Research Corp. (f)	931,091		$ 10,261
Bureau Veritas SA	392,327		9,238
			19,499
Road & Rail - 0.2%
Daqin Railway Co. Ltd. (A Shares)	7,284,700		16,407
Trading Companies & Distributors - 0.4%
Watsco, Inc.	296,700		35,690
TOTAL INDUSTRIALS			1,060,491
INFORMATION TECHNOLOGY - 11.4%
Communications Equipment - 2.7%
Cisco Systems, Inc.	6,555,086		188,983
QUALCOMM, Inc.	863,816		58,739
			247,722
Electronic Equipment & Components - 0.6%
Hitachi Ltd.	1,939,000		13,230
Hoya Corp.	218,100		8,406
TE Connectivity Ltd.	478,832		31,866
			53,502
Internet Software & Services - 0.7%
Google, Inc. Class A (a)	45,300		24,859
Yahoo!, Inc. (a)	946,800		40,301
			65,160
IT Services - 2.6%
IBM Corp.	905,734		155,143
Paychex, Inc.	1,748,757		84,622
			239,765
Semiconductors & Semiconductor Equipment - 1.5%
Applied Materials, Inc.	2,350,282		46,512
Broadcom Corp. Class A	1,346,429		59,519
GT Advanced Technologies, Inc. rights	3,132,372		0
Maxim Integrated Products, Inc.	800,600		26,284
Xilinx, Inc.	115,700		5,017
			137,332
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - 1.8%
Micro Focus International PLC	535,466		$ 10,306
Microsoft Corp. (i)	3,142,716		152,862
			163,168
Technology Hardware, Storage & Peripherals - 1.5%
EMC Corp.	2,574,700		69,285
First Data Holdings, Inc. Class B (k)	9,280,230		43,803
NEC Corp.	2,060,000		6,854
Samsung Electronics Co. Ltd.	5,356		7,011
Seagate Technology LLC	154,000		9,043
			135,996
TOTAL INFORMATION TECHNOLOGY			1,042,645
MATERIALS - 1.4%
Chemicals - 0.8%
E.I. du Pont de Nemours & Co.	90,400		6,617
LyondellBasell Industries NV Class A	239,700		24,814
Potash Corp. of Saskatchewan, Inc.	935,900		30,563
Tronox Ltd. Class A	677,135		14,186
			76,180
Metals & Mining - 0.6%
Freeport-McMoRan, Inc.	1,222,792		28,454
Nucor Corp.	373,000		18,225
SunCoke Energy Partners LP	164,954		3,650
			50,329
TOTAL MATERIALS			126,509
TELECOMMUNICATION SERVICES - 3.6%
Diversified Telecommunication Services - 2.9%
AT&T, Inc.	2,516,089		87,157
Bezeq The Israel Telecommunication Corp. Ltd.	3,169,500		6,010
TDC A/S	2,925,700		22,275
Verizon Communications, Inc.	2,935,449		148,064
			263,506
Wireless Telecommunication Services - 0.7%
Vodafone Group PLC	18,873,527		66,495
TOTAL TELECOMMUNICATION SERVICES			330,001
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 2.5%
Electric Utilities - 2.4%
American Electric Power Co., Inc.	713,582		$ 40,581
Exelon Corp.	2,150,400		73,157
PPL Corp. (i)	976,100		33,217
Southern Co. (i)	1,537,277		68,101
			215,056
Independent Power and Renewable Electricity Producers - 0.1%
Abengoa Yield PLC	319,300		10,827
TOTAL UTILITIES			225,883
TOTAL COMMON STOCKS (Cost $7,008,767)		8,472,121
Preferred Stocks - 1.1%

Convertible Preferred Stocks - 1.0%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Southwestern Energy Co. Series B 6.25%	175,900		10,434
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
Crown Castle International Corp. 4.50%	67,600		7,078
HEALTH CARE - 0.2%
Health Care Equipment & Supplies - 0.1%
Alere, Inc. 3.00%	23,789		8,041
Pharmaceuticals - 0.1%
Actavis PLC 5.50%	4,300		4,303
TOTAL HEALTH CARE			12,344
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
United Technologies Corp. 7.50%	149,300		8,782
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
T-Mobile U.S., Inc. Series A 5.50% (a)	193,200		12,046
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
UTILITIES - 0.4%
Electric Utilities - 0.3%
Exelon Corp. 6.50%	181,700		$ 8,952
NextEra Energy, Inc. Series E, 5.599%	233,300		15,447
			24,399
Independent Power and Renewable Electricity Producers - 0.0%
Dynegy, Inc. 5.375% (a)	37,000		4,200
Multi-Utilities - 0.1%
CenterPoint Energy, Inc. 2.00% ZENS (a)	165,300		10,889
TOTAL UTILITIES			39,488
TOTAL CONVERTIBLE PREFERRED STOCKS			90,172
Nonconvertible Preferred Stocks - 0.1%
FINANCIALS - 0.1%
Consumer Finance - 0.1%
Ally Financial, Inc.:
7.00% (g)	4,830		4,921
Series A, 8.50%	233,580		6,190
			11,111
TOTAL PREFERRED STOCKS (Cost $86,493)		101,283

Corporate Bonds - 2.7%
		Principal (e) Amount (000s)
Convertible Bonds - 2.1%
CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.2%
Volkswagen International Finance NV 5.5% 11/9/15 (g)	EUR	9,200		13,930
Household Durables - 0.0%
Lennar Corp. 3.25% 11/15/21 (g)		$ 2,120		4,187
Media - 0.1%
Liberty Media Corp. 3.5% 1/15/31		11,170		6,027
TOTAL CONSUMER DISCRETIONARY				24,144
Corporate Bonds - continued
		Principal (e) Amount (000s)		Value (000s)
Convertible Bonds - continued
CONSUMER STAPLES - 0.1%
Tobacco - 0.1%
Vector Group Ltd. 2.5% 1/15/19 (j)		$ 6,250		$ 8,769
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
Amyris, Inc. 3% 2/27/17		2,101		1,829
Clean Energy Fuels Corp. 5.25% 10/1/18 (g)		2,110		1,825
Scorpio Tankers, Inc. 2.375% 7/1/19 (g)		12,510		12,870
Ship Finance International Ltd. 3.25% 2/1/18		5,410		5,585
				22,109
FINANCIALS - 0.3%
Insurance - 0.1%
FNF Group 4.25% 8/15/18		2,640		5,282
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (g)		17,382		22,365
TOTAL FINANCIALS				27,647
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
HealthSouth Corp. 2% 12/1/43		4,234		5,322
WellPoint, Inc. 2.75% 10/15/42		18,450		37,211
				42,533
Pharmaceuticals - 0.0%
Jazz Investments I Ltd. 1.875% 8/15/21 (g)		3,930		4,696
TOTAL HEALTH CARE				47,229
INFORMATION TECHNOLOGY - 0.6%
Communications Equipment - 0.2%
InterDigital, Inc. 1.5% 3/1/20 (g)		12,250		12,518
Liberty Interactive LLC 0.75% 3/30/43		3,730		5,399
				17,917
Semiconductors & Semiconductor Equipment - 0.3%
GT Advanced Technologies, Inc.:
3% 10/1/17 (d)		5,850		2,121
3% 12/15/20 (d)		8,460		3,067
Intel Corp. 3.25% 8/1/39		5,490		8,945
Corporate Bonds - continued
		Principal (e) Amount (000s)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Microchip Technology, Inc. 1.625% 2/15/25 (g)		$ 5,080		$ 5,194
Micron Technology, Inc. 3% 11/15/43		7,070		7,994
				27,321
Software - 0.1%
TiVo, Inc. 2% 10/1/21 (g)		5,630		5,398
Technology Hardware, Storage & Peripherals - 0.0%
SanDisk Corp. 1.5% 8/15/17		1,860		2,674
TOTAL INFORMATION TECHNOLOGY				53,310
UTILITIES - 0.1%
Electric Utilities - 0.1%
NRG Yield, Inc. 3.5% 2/1/19 (g)		7,420		8,533
TOTAL CONVERTIBLE BONDS				191,741
Nonconvertible Bonds - 0.6%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Altice SA 7.625% 2/15/25 (g)		11,260		11,387
CONSUMER STAPLES - 0.0%
Food Products - 0.0%
Post Holdings, Inc. 7.375% 2/15/22		4,700		4,876
ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
Western Refining, Inc. 6.25% 4/1/21		1,735		1,752
FINANCIALS - 0.0%
Capital Markets - 0.0%
Argos Merger Sub, Inc. 7.125% 3/15/23 (g)		4,350		4,568
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
HCA Holdings, Inc. 4.25% 10/15/19		5,095		5,324
Kindred Escrow Corp. II 8.75% 1/15/23 (g)		4,200		4,673
				9,997
Corporate Bonds - continued
		Principal (e) Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
INDUSTRIALS - 0.1%
Commercial Services & Supplies - 0.1%
APX Group, Inc. 8.75% 12/1/20		$ 6,765		$ 6,241
MATERIALS - 0.1%
Metals & Mining - 0.1%
JMC Steel Group, Inc. 8.25% 3/15/18 (g)		6,240		5,209
Walter Energy, Inc. 8.5% 4/15/21		7,720		627
				5,836
TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Sprint Capital Corp. 6.9% 5/1/19		3,500		3,604
Wireless Telecommunication Services - 0.0%
T-Mobile U.S.A., Inc. 6.5% 1/15/24		3,435		3,585
TOTAL TELECOMMUNICATION SERVICES				7,189
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Dynegy, Inc. 7.375% 11/1/22 (g)		5,045		5,373
TOTAL NONCONVERTIBLE BONDS				57,219
TOTAL CORPORATE BONDS (Cost $236,036)			248,960
Bank Loan Obligations - 0.2%

HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
HCA Holdings, Inc. Tranche B 4LN, term loan 3.0254% 5/1/18 (j)		5,140		5,140
INDUSTRIALS - 0.1%
Machinery - 0.1%
Generac Power Systems, Inc. Tranche B, term loan 3.25% 5/31/20 (j)		8,469		8,469
TOTAL BANK LOAN OBLIGATIONS (Cost $13,510)			13,609
Preferred Securities - 0.1%
		Principal (e) Amount (000s)		Value (000s)
FINANCIALS - 0.1%
Diversified Financial Services - 0.1%
Baggot Securities Ltd. 10.24% (e)(g)(h) (Cost $6,128)	EUR	3,990		$ 4,793

Money Market Funds - 3.1%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	284,009,286		284,009
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	2,760,425		2,760
TOTAL MONEY MARKET FUNDS (Cost $286,769)		286,769
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $7,637,703)			9,127,535
NET OTHER ASSETS (LIABILITIES) - 0.3%			29,323
NET ASSETS - 100%		$ 9,156,858

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium (000s)
Call Options
Chevron Corp.	6/19/15 - $120.00	5,607	$ 713	(188)
Johnson & Johnson	7/17/15 - $105.00	17,620	2,167	(934)
Microsoft Corp.	5/15/15 - $45.00	7,601	601	(2,831)
PPL Corp.	7/17/15 - $35.00	4,258	177	(224)
Written Options - continued
	Expiration Date/Exercise Price	Number of Contracts	Premium (000s)	Value (000s)
Call Options - continued
Reynolds American, Inc.	5/15/15 - $67.50	3,355	$ 667	$ (2,097)
Southern Co.	5/15/15 - $47.00	7,215	253	(22)
TOTAL WRITTEN OPTIONS			$ 4,578	$ (6,296)

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Non-income producing - Security is in default.

(e) Amount is stated in United States dollars unless otherwise noted.

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

(g) 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 $139,196,000 or 1.5% of net assets.

(h) Security is perpetual in nature with no stated maturity date.

(i) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $345,078,000.

(j) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(k) 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 $43,803,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
First Data Holdings, Inc. Class B	6/26/14	$ 37,121

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	$ 111
Fidelity Securities Lending Cash Central Fund	128
Total	$ 239

Other Information

The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair 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 (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 721,770	$ 668,855	$ 52,915	$ -
Consumer Staples	773,131	747,174	25,957	-
Energy	891,634	855,546	36,088	-
Financials	2,409,022	2,346,061	62,961	-
Health Care	932,002	781,276	150,726	-
Industrials	1,069,273	1,022,336	46,937	-
Information Technology	1,042,645	960,046	38,796	43,803
Materials	126,509	126,509	-	-
Telecommunication Services	342,047	253,277	88,770	-
Utilities	265,371	239,035	26,336	-
Corporate Bonds	248,960	-	248,960	-
Bank Loan Obligations	13,609	-	13,609	-
Preferred Securities	4,793	-	4,793	-
Money Market Funds	286,769	286,769	-	-
Total Investments in Securities:	$ 9,127,535	$ 8,286,884	$ 796,848	$ 43,803
Derivative Instruments:
Liabilities
Written Options	$ (6,296)	$ (6,296)	$ -	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total (000s)
Level 1 to Level 2	$ 114,864
Level 2 to Level 1	$ 23,600

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $7,655,050,000. Net unrealized appreciation aggregated $1,472,485,000, of which $1,756,494,000 related to appreciated investment securities and $284,009,000 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Value Fund

April 30, 2015

1.800359.111

MCV-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONSUMER DISCRETIONARY - 9.9%
Auto Components - 1.7%
Delphi Automotive PLC	576,200		$ 47,824,600
Tenneco, Inc. (a)	300,300		17,552,535
			65,377,135
Diversified Consumer Services - 1.2%
Houghton Mifflin Harcourt Co. (a)	1,039,600		23,765,256
ServiceMaster Global Holdings, Inc.	659,800		22,802,688
			46,567,944
Hotels, Restaurants & Leisure - 1.2%
Wyndham Worldwide Corp.	529,500		45,219,300
Household Durables - 0.4%
Whirlpool Corp.	89,400		15,698,640
Media - 1.2%
Liberty Global PLC Class A (a)	221,800		11,564,652
Omnicom Group, Inc.	424,300		32,144,968
			43,709,620
Multiline Retail - 0.9%
Dillard's, Inc. Class A	126,900		16,698,771
Macy's, Inc.	251,400		16,247,982
			32,946,753
Specialty Retail - 3.3%
AutoZone, Inc. (a)	58,500		39,350,610
Foot Locker, Inc.	340,200		20,224,890
GameStop Corp. Class A (d)	1,062,950		40,966,093
GNC Holdings, Inc.	405,300		17,448,165
Staples, Inc.	411,400		6,714,048
			124,703,806
TOTAL CONSUMER DISCRETIONARY			374,223,198
CONSUMER STAPLES - 2.7%
Beverages - 0.8%
Molson Coors Brewing Co. Class B	415,000		30,506,650
Food Products - 1.4%
Bunge Ltd.	398,800		34,444,356
The J.M. Smucker Co.	151,200		17,527,104
			51,971,460
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - 0.5%
Energizer Holdings, Inc.	128,500		$ 17,555,670
TOTAL CONSUMER STAPLES			100,033,780
ENERGY - 3.0%
Energy Equipment & Services - 0.5%
Nabors Industries Ltd.	330,000		5,511,000
Unit Corp. (a)	331,200		11,539,008
			17,050,008
Oil, Gas & Consumable Fuels - 2.5%
Cimarex Energy Co.	199,300		24,792,920
Cobalt International Energy, Inc. (a)	726,700		7,775,690
EQT Corp.	272,400		24,499,656
HollyFrontier Corp.	239,500		9,287,810
Marathon Petroleum Corp.	300,800		29,649,856
			96,005,932
TOTAL ENERGY			113,055,940
FINANCIALS - 33.9%
Banks - 5.5%
Comerica, Inc.	213,600		10,126,776
Fifth Third Bancorp	1,600,857		32,017,140
PNC Financial Services Group, Inc.	385,500		35,361,915
Prosperity Bancshares, Inc.	524,800		27,992,832
Regions Financial Corp.	2,823,400		27,754,022
SunTrust Banks, Inc.	1,142,700		47,422,050
U.S. Bancorp	574,800		24,641,676
			205,316,411
Capital Markets - 5.6%
Ameriprise Financial, Inc.	24,399		3,056,707
E*TRADE Financial Corp. (a)	209,900		6,043,021
Fortress Investment Group LLC	2,673,100		21,705,572
Invesco Ltd.	658,500		27,275,070
KKR & Co. LP	749,900		16,880,249
Lazard Ltd. Class A	267,500		14,185,525
Northern Trust Corp.	406,600		29,742,790
NorthStar Asset Management Group, Inc.	440,950		9,273,179
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Raymond James Financial, Inc.	381,300		$ 21,554,889
The Blackstone Group LP	1,504,500		61,624,320
			211,341,322
Consumer Finance - 5.1%
Capital One Financial Corp.	902,800		72,991,377
Discover Financial Services	1,081,800		62,711,946
Navient Corp.	2,218,800		43,355,352
Springleaf Holdings, Inc. (a)	298,400		14,920,000
			193,978,675
Diversified Financial Services - 0.5%
PHH Corp. (a)(d)	776,800		19,513,216
Insurance - 9.7%
ACE Ltd.	422,700		45,224,673
Allied World Assurance Co.	578,700		23,807,718
Allstate Corp.	844,076		58,798,334
AmTrust Financial Services, Inc. (d)	751,555		44,694,976
Arthur J. Gallagher & Co.	517,500		24,752,025
Brown & Brown, Inc.	1,498,100		47,864,295
Everest Re Group Ltd.	63,200		11,307,112
FNF Group	1,044,500		37,591,555
FNFV Group (a)	53,479		799,511
Principal Financial Group, Inc.	575,000		29,394,000
Progressive Corp.	1,279,100		34,100,806
Unum Group	174,500		5,960,920
			364,295,925
Real Estate Investment Trusts - 7.2%
American Capital Agency Corp.	1,658,700		34,227,275
Equity Lifestyle Properties, Inc.	1,013,800		53,548,916
FelCor Lodging Trust, Inc.	820,290		9,113,422
Lamar Advertising Co. Class A	581,200		33,686,352
MFA Financial, Inc.	4,742,000		36,845,340
NorthStar Realty Finance Corp. (d)	3,255,750		61,077,870
RLJ Lodging Trust	548,900		16,285,863
Weyerhaeuser Co.	830,200		26,159,602
			270,944,640
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.3%
Realogy Holdings Corp. (a)	265,000		$ 12,563,650
TOTAL FINANCIALS			1,277,953,839
HEALTH CARE - 9.4%
Biotechnology - 0.4%
United Therapeutics Corp. (a)	92,300		14,739,387
Health Care Equipment & Supplies - 1.4%
Boston Scientific Corp. (a)	1,120,200		19,961,964
Medtronic PLC	438,950		32,679,828
			52,641,792
Health Care Providers & Services - 4.3%
Cardinal Health, Inc.	499,900		42,161,566
Cigna Corp.	240,200		29,938,528
DaVita HealthCare Partners, Inc. (a)	244,700		19,845,170
HCA Holdings, Inc. (a)	603,400		44,657,634
Omnicare, Inc.	294,900		25,945,302
			162,548,200
Pharmaceuticals - 3.3%
Actavis PLC (a)	133,600		37,790,096
Hospira, Inc. (a)	208,400		18,191,236
Mallinckrodt PLC (a)	201,700		22,828,406
Teva Pharmaceutical Industries Ltd. sponsored ADR	746,100		45,079,362
			123,889,100
TOTAL HEALTH CARE			353,818,479
INDUSTRIALS - 7.5%
Aerospace & Defense - 1.1%
United Technologies Corp.	361,900		41,166,125
Airlines - 0.3%
American Airlines Group, Inc.	217,500		10,501,988
Construction & Engineering - 1.9%
AECOM Technology Corp. (a)	1,160,170		36,614,968
Jacobs Engineering Group, Inc. (a)	818,600		35,085,196
			71,700,164
Electrical Equipment - 1.5%
Babcock & Wilcox Co.	422,770		13,663,926
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
EnerSys	338,500		$ 22,984,150
Regal Beloit Corp.	248,400		19,424,880
			56,072,956
Industrial Conglomerates - 1.0%
Danaher Corp.	458,600		37,550,168
Machinery - 1.7%
AGCO Corp. (d)	146,500		7,546,215
Cummins, Inc.	41,900		5,793,094
Stanley Black & Decker, Inc.	261,300		25,790,310
Valmont Industries, Inc.	220,300		27,762,206
			66,891,825
TOTAL INDUSTRIALS			283,883,226
INFORMATION TECHNOLOGY - 13.1%
Communications Equipment - 2.4%
Brocade Communications Systems, Inc.	2,453,200		27,721,160
Harris Corp.	250,169		20,073,561
Juniper Networks, Inc.	741,900		19,608,417
Plantronics, Inc.	317,300		16,902,571
QUALCOMM, Inc.	110,000		7,480,000
			91,785,709
Electronic Equipment & Components - 1.3%
Ingram Micro, Inc. Class A (a)	546,000		13,737,360
TE Connectivity Ltd.	555,200		36,948,560
			50,685,920
Internet Software & Services - 0.7%
Google, Inc. Class A (a)	50,800		27,877,516
IT Services - 1.8%
Computer Sciences Corp.	330,700		21,313,615
Science Applications International Corp.	555,100		27,810,510
Total System Services, Inc.	427,100		16,896,076
			66,020,201
Semiconductors & Semiconductor Equipment - 2.1%
Broadcom Corp. Class A	716,600		31,677,303
Marvell Technology Group Ltd.	1,423,700		19,946,037
NXP Semiconductors NV (a)	39,200		3,767,904
Qorvo, Inc. (a)	387,535		25,542,432
			80,933,676
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 2.2%
Citrix Systems, Inc. (a)	157,400		$ 10,570,984
Symantec Corp.	1,138,600		28,379,605
Synopsys, Inc. (a)	922,000		43,223,360
			82,173,949
Technology Hardware, Storage & Peripherals - 2.6%
EMC Corp.	937,300		25,222,743
NCR Corp. (a)	180,300		4,947,432
SanDisk Corp.	303,000		20,282,820
Western Digital Corp.	466,300		45,576,162
			96,029,157
TOTAL INFORMATION TECHNOLOGY			495,506,128
MATERIALS - 6.9%
Chemicals - 4.4%
Agrium, Inc.	252,700		26,181,102
CF Industries Holdings, Inc.	249,500		71,723,765
LyondellBasell Industries NV Class A	468,900		48,540,528
Sigma Aldrich Corp.	145,700		20,240,644
			166,686,039
Containers & Packaging - 1.8%
Graphic Packaging Holding Co.	1,316,000		18,555,600
Rock-Tenn Co. Class A	756,168		47,623,461
			66,179,061
Metals & Mining - 0.7%
Steel Dynamics, Inc.	1,145,500		25,349,915
TOTAL MATERIALS			258,215,015
UTILITIES - 9.7%
Electric Utilities - 6.8%
American Electric Power Co., Inc.	605,300		34,423,411
Edison International	401,300		24,455,222
Entergy Corp.	665,100		51,332,418
Exelon Corp.	1,719,500		58,497,390
Great Plains Energy, Inc.	795,600		20,828,808
IDACORP, Inc.	461,600		27,848,328
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
PPL Corp.	741,800		$ 25,243,454
Xcel Energy, Inc.	456,200		15,469,742
			258,098,773
Gas Utilities - 0.7%
Atmos Energy Corp.	496,200		26,794,800
Multi-Utilities - 2.2%
CMS Energy Corp.	1,034,700		35,107,371
DTE Energy Co.	119,800		9,539,674
NiSource, Inc.	862,400		37,445,408
			82,092,453
TOTAL UTILITIES			366,986,026
TOTAL COMMON STOCKS (Cost $3,234,156,704)		3,623,675,631
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 0.15% (b)	165,086,503		165,086,503
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	99,944,497		99,944,497
TOTAL MONEY MARKET FUNDS (Cost $265,031,000)		265,031,000
TOTAL INVESTMENT PORTFOLIO - 103.1% (Cost $3,499,187,704)		3,888,706,631
NET OTHER ASSETS (LIABILITIES) - (3.1)%			(117,872,138)
NET ASSETS - 100%		$ 3,770,834,493

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	$ 47,453
Fidelity Securities Lending Cash Central Fund	517,656
Total	$ 565,109

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, 2015, the cost of investment securities for income tax purposes was $3,504,133,269. Net unrealized appreciation aggregated $384,573,362, of which $428,184,111 related to appreciated investment securities and $43,610,749 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Series Equity-Income Fund

April 30, 2015

1.950933.102

AEDTI-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.3%
Hotels, Restaurants & Leisure - 2.3%
Darden Restaurants, Inc.	64,308		$ 4,100,921
Dunkin' Brands Group, Inc.	82,800		4,314,708
McDonald's Corp.	188,027		18,154,007
Texas Roadhouse, Inc. Class A	33,707		1,132,555
Yum! Brands, Inc.	188,181		16,176,039
			43,878,230
Household Durables - 0.4%
M.D.C. Holdings, Inc. (d)	133,200		3,575,088
Tupperware Brands Corp.	72,500		4,847,350
			8,422,438
Leisure Products - 0.5%
Mattel, Inc.	358,700		10,100,992
Media - 2.0%
Comcast Corp. Class A	526,828		30,429,585
Sinclair Broadcast Group, Inc. Class A	95,701		2,932,279
Viacom, Inc. Class B (non-vtg.)	55,100		3,826,695
			37,188,559
Multiline Retail - 2.2%
Kohl's Corp.	91,602		6,563,283
Macy's, Inc.	154,100		9,959,483
Target Corp.	311,797		24,578,958
			41,101,724
Specialty Retail - 0.9%
Foot Locker, Inc.	179,941		10,697,492
GNC Holdings, Inc.	142,800		6,147,540
			16,845,032
TOTAL CONSUMER DISCRETIONARY			157,536,975
CONSUMER STAPLES - 9.5%
Beverages - 1.0%
Anheuser-Busch InBev SA NV ADR	40,800		4,897,632
Molson Coors Brewing Co. Class B	155,300		11,416,103
The Coca-Cola Co.	91,600		3,715,296
			20,029,031
Food & Staples Retailing - 2.4%
CVS Health Corp.	233,787		23,212,711
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Wal-Mart Stores, Inc.	104,542		$ 8,159,503
Walgreens Boots Alliance, Inc.	166,286		13,790,098
			45,162,312
Food Products - 1.0%
B&G Foods, Inc. Class A	83,855		2,549,192
Kellogg Co.	243,903		15,446,377
Sanderson Farms, Inc. (d)	16,200		1,216,944
			19,212,513
Household Products - 2.6%
Procter & Gamble Co.	621,581		49,421,905
Personal Products - 0.3%
Avon Products, Inc.	644,300		5,263,931
Tobacco - 2.2%
Lorillard, Inc.	238,079		16,632,199
Philip Morris International, Inc.	184,931		15,436,191
Reynolds American, Inc. (e)	127,729		9,362,536
			41,430,926
TOTAL CONSUMER STAPLES			180,520,618
ENERGY - 10.1%
Energy Equipment & Services - 0.7%
Ensco PLC Class A	188,345		5,138,052
National Oilwell Varco, Inc.	93,700		5,098,217
Oceaneering International, Inc.	65,500		3,609,705
			13,845,974
Oil, Gas & Consumable Fuels - 9.4%
Anadarko Petroleum Corp.	112,659		10,601,212
Apache Corp.	214,895		14,698,818
Chevron Corp. (e)	753,369		83,669,161
CONSOL Energy, Inc.	170,106		5,525,043
Foresight Energy LP	133,500		1,851,645
HollyFrontier Corp.	18,724		726,117
Kinder Morgan, Inc.	219,100		9,410,345
Legacy Reserves LP	274,700		3,551,871
Markwest Energy Partners LP	155,447		10,486,455
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
The Williams Companies, Inc.	575,700		$ 29,470,083
Williams Partners LP	142,451		7,037,079
			177,027,829
TOTAL ENERGY			190,873,803
FINANCIALS - 27.9%
Banks - 14.7%
Bank of America Corp.	982,400		15,649,632
BB&T Corp.	54,500		2,086,805
CIT Group, Inc.	29,900		1,346,397
Comerica, Inc.	278,600		13,208,426
First Niagara Financial Group, Inc.	543,700		4,944,952
FirstMerit Corp.	346,930		6,720,034
JPMorgan Chase & Co.	1,254,530		79,361,568
KeyCorp	461,700		6,671,565
M&T Bank Corp.	250,770		30,009,646
PNC Financial Services Group, Inc.	40,800		3,742,584
Regions Financial Corp.	887,400		8,723,142
SunTrust Banks, Inc.	377,600		15,670,400
TCF Financial Corp.	50,500		790,830
U.S. Bancorp	591,821		25,371,366
Wells Fargo & Co.	1,182,549		65,158,450
			279,455,797
Capital Markets - 5.8%
Apollo Investment Corp. (d)	909,200		7,273,600
Ares Capital Corp.	500,352		8,515,991
Ares Management LP	201,700		3,652,787
Carlyle Group LP	71,300		2,152,547
Greenhill & Co., Inc.	38,191		1,510,454
KKR & Co. LP	852,028		19,179,150
Morgan Stanley	318,000		11,864,580
Pershing Square Holdings Ltd. (a)	27,730		738,902
State Street Corp.	191,200		14,745,344
The Blackstone Group LP	921,800		37,756,928
TPG Specialty Lending, Inc.	118,122		2,145,096
			109,535,379
Insurance - 5.1%
ACE Ltd.	151,400		16,198,286
Allied World Assurance Co.	104,100		4,282,674
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
MetLife, Inc.	662,251		$ 33,966,854
Prudential Financial, Inc.	185,692		15,152,467
The Chubb Corp.	164,970		16,224,800
The Travelers Companies, Inc.	110,468		11,169,419
			96,994,500
Real Estate Investment Trusts - 2.2%
American Capital Agency Corp.	417,073		8,606,301
Annaly Capital Management, Inc.	836,000		8,418,520
Coresite Realty Corp.	28,533		1,371,867
Cousins Properties, Inc.	247,200		2,407,728
Duke Realty LP	204,300		4,047,183
First Potomac Realty Trust	279,515		2,996,401
Home Properties, Inc.	39,645		2,916,286
Piedmont Office Realty Trust, Inc. Class A	155,000		2,709,400
Retail Properties America, Inc.	91,300		1,379,543
Sabra Health Care REIT, Inc.	63,800		1,906,344
Two Harbors Investment Corp.	314,500		3,302,250
Ventas, Inc.	15,600		1,074,840
			41,136,663
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.	106,562		1,903,197
TOTAL FINANCIALS			529,025,536
HEALTH CARE - 9.7%
Biotechnology - 0.5%
Amgen, Inc.	57,600		9,095,616
Health Care Equipment & Supplies - 2.1%
Baxter International, Inc.	128,224		8,814,118
DENTSPLY International, Inc.	78,700		4,013,700
Medtronic PLC	289,874		21,581,119
Meridian Bioscience, Inc.	114,000		2,020,080
St. Jude Medical, Inc.	53,600		3,754,680
			40,183,697
Health Care Providers & Services - 0.3%
Anthem, Inc.	36		5,433
UnitedHealth Group, Inc.	48,421		5,394,099
			5,399,532
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 6.8%
AbbVie, Inc.	78,500		$ 5,075,810
Johnson & Johnson (e)	871,693		86,471,947
Merck & Co., Inc.	131,553		7,835,297
Pfizer, Inc.	883,336		29,971,590
			129,354,644
TOTAL HEALTH CARE			184,033,489
INDUSTRIALS - 11.9%
Aerospace & Defense - 1.7%
The Boeing Co.	101,500		14,549,010
United Technologies Corp.	154,600		17,585,750
			32,134,760
Air Freight & Logistics - 2.5%
C.H. Robinson Worldwide, Inc.	66,943		4,310,460
United Parcel Service, Inc. Class B	433,000		43,529,490
			47,839,950
Commercial Services & Supplies - 0.5%
KAR Auction Services, Inc.	196,750		7,321,068
Republic Services, Inc.	41,100		1,669,893
			8,990,961
Electrical Equipment - 1.0%
Eaton Corp. PLC	174,200		11,972,766
Emerson Electric Co.	130,300		7,665,549
			19,638,315
Industrial Conglomerates - 4.5%
General Electric Co.	3,126,956		84,677,968
Machinery - 1.1%
Cummins, Inc.	36,400		5,032,664
Deere & Co.	99,600		9,015,792
Stanley Black & Decker, Inc.	61,877		6,107,260
			20,155,716
Professional Services - 0.1%
Acacia Research Corp.	172,106		1,896,608
Trading Companies & Distributors - 0.5%
Watsco, Inc.	75,100		9,033,779
TOTAL INDUSTRIALS			224,368,057
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 11.9%
Communications Equipment - 3.1%
Cisco Systems, Inc.	1,546,859		$ 44,595,945
QUALCOMM, Inc.	205,010		13,940,680
			58,536,625
Electronic Equipment & Components - 0.4%
TE Connectivity Ltd.	119,124		7,927,702
Internet Software & Services - 0.8%
Google, Inc. Class A (a)	11,900		6,530,363
Yahoo!, Inc. (a)	221,600		9,432,404
			15,962,767
IT Services - 2.9%
IBM Corp.	211,984		36,310,739
Paychex, Inc.	373,396		18,068,632
			54,379,371
Semiconductors & Semiconductor Equipment - 2.1%
Applied Materials, Inc.	701,886		13,890,324
Broadcom Corp. Class A	421,195		18,618,925
Maxim Integrated Products, Inc.	175,400		5,758,382
Xilinx, Inc.	25,100		1,088,336
			39,355,967
Software - 1.7%
Microsoft Corp. (e)	681,300		33,138,432
Technology Hardware, Storage & Peripherals - 0.9%
EMC Corp.	540,500		14,544,855
Seagate Technology LLC	34,800		2,043,456
			16,588,311
TOTAL INFORMATION TECHNOLOGY			225,889,175
MATERIALS - 1.0%
Chemicals - 0.4%
LyondellBasell Industries NV Class A	53,700		5,559,024
Tronox Ltd. Class A	125,800		2,635,510
			8,194,534
Metals & Mining - 0.6%
Freeport-McMoRan, Inc.	241,841		5,627,640
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Nucor Corp.	85,100		$ 4,157,986
SunCoke Energy Partners LP	37,914		839,037
			10,624,663
TOTAL MATERIALS			18,819,197
TELECOMMUNICATION SERVICES - 3.5%
Diversified Telecommunication Services - 3.5%
AT&T, Inc.	646,391		22,390,984
Verizon Communications, Inc.	846,190		42,681,824
			65,072,808
UTILITIES - 2.6%
Electric Utilities - 2.5%
American Electric Power Co., Inc.	102,445		5,826,047
Exelon Corp.	481,500		16,380,630
PPL Corp. (e)	267,900		9,116,637
Southern Co. (e)	362,834		16,073,546
			47,396,860
Independent Power and Renewable Electricity Producers - 0.1%
Abengoa Yield PLC	66,600		2,258,406
TOTAL UTILITIES			49,655,266
TOTAL COMMON STOCKS (Cost $1,607,432,151)		1,825,794,924
Money Market Funds - 3.9%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	64,994,220		$ 64,994,220
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	9,146,900		9,146,900
TOTAL MONEY MARKET FUNDS (Cost $74,141,120)		74,141,120
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $1,681,573,271)			1,899,936,044
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(6,112,986)
NET ASSETS - 100%		$ 1,893,823,058

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Chevron Corp.	6/19/15 - $120.00	1,699	$ 215,926	$ (56,917)
Johnson & Johnson	7/17/15 - $105.00	4,044	497,401	(214,332)
Microsoft Corp.	5/15/15 - $45.00	1,540	121,865	(573,650)
PPL Corp.	7/17/15 - $35.00	1,133	47,018	(59,483)
Reynolds American, Inc.	5/15/15 - $67.50	703	139,817	(439,375)
Southern Co.	5/15/15 - $47.00	1,664	58,323	(4,992)

TOTAL WRITTEN OPTIONS

$ 1,080,350

$ (1,348,749)

Legend

(a) Non-income producing

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

(e) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $82,856,243.

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	$ 26,076
Fidelity Securities Lending Cash Central Fund	14,677
Total	$ 40,753

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 157,536,975	$ 157,536,975	$ -	$ -
Consumer Staples	180,520,618	180,520,618	-	-
Energy	190,873,803	190,873,803	-	-
Financials	529,025,536	528,286,634	738,902	-
Health Care	184,033,489	184,033,489	-	-
Industrials	224,368,057	224,368,057	-	-
Information Technology	225,889,175	225,889,175	-	-
Materials	18,819,197	18,819,197	-	-
Telecommunication Services	65,072,808	65,072,808	-	-
Utilities	49,655,266	49,655,266	-	-
Money Market Funds	74,141,120	74,141,120	-	-
Total Investments in Securities:	$ 1,899,936,044	$ 1,899,197,142	$ 738,902	$ -
Derivative Instruments:
Liabilities
Written Options	$ (1,348,749)	$ (1,348,749)	$ -	$ -

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $1,683,340,112. Net unrealized appreciation aggregated $216,595,932, of which $254,089,492 related to appreciated investment securities and $37,493,560 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Series Stock Selector
Large Cap Value Fund

April 30, 2015

1.950918.102

ALDTI-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 6.1%
Auto Components - 0.6%
Delphi Automotive PLC	84,851		$ 7,042,633
Household Durables - 1.4%
Jarden Corp. (a)	161,500		8,265,570
Whirlpool Corp.	54,000		9,482,400
			17,747,970
Media - 2.6%
Liberty Broadband Corp. Class C (a)	87,506		4,748,076
Liberty Media Corp. Class C (a)	103,200		3,916,440
Omnicom Group, Inc.	98,600		7,469,936
Time Warner, Inc.	80,500		6,795,005
Twenty-First Century Fox, Inc. Class A	307,860		10,491,869
			33,421,326
Multiline Retail - 1.5%
Macy's, Inc.	120,435		7,783,714
Target Corp.	133,219		10,501,654
			18,285,368
TOTAL CONSUMER DISCRETIONARY			76,497,297
CONSUMER STAPLES - 7.1%
Beverages - 0.8%
Coca-Cola Enterprises, Inc.	72,400		3,215,284
Molson Coors Brewing Co. Class B	87,453		6,428,670
			9,643,954
Food & Staples Retailing - 2.4%
Wal-Mart Stores, Inc.	262,982		20,525,745
Walgreens Boots Alliance, Inc.	125,375		10,397,349
			30,923,094
Food Products - 1.6%
Bunge Ltd.	110,366		9,532,311
The J.M. Smucker Co.	94,336		10,935,429
			20,467,740
Household Products - 1.7%
Procter & Gamble Co.	265,485		21,108,712
Personal Products - 0.6%
Coty, Inc. Class A	324,563		7,760,301
TOTAL CONSUMER STAPLES			89,903,801
Common Stocks - continued
	Shares		Value
ENERGY - 11.4%
Energy Equipment & Services - 0.5%
Dril-Quip, Inc. (a)	82,700		$ 6,592,844
Oil, Gas & Consumable Fuels - 10.9%
Anadarko Petroleum Corp.	127,500		11,997,750
Cabot Oil & Gas Corp.	143,400		4,849,788
California Resources Corp.	395,500		3,678,150
Chevron Corp.	607,986		67,522,925
Cimarex Energy Co.	38,000		4,727,200
Imperial Oil Ltd.	262,900		11,588,083
Kinder Morgan, Inc.	282,200		12,120,490
Stone Energy Corp. (a)	124,000		2,116,680
Tesoro Corp.	225,200		19,328,916
			137,929,982
TOTAL ENERGY			144,522,826
FINANCIALS - 27.9%
Banks - 8.9%
Bank of America Corp.	646,800		10,303,524
CIT Group, Inc.	265,000		11,932,950
Citigroup, Inc.	6,600		351,912
JPMorgan Chase & Co.	112,200		7,097,772
PNC Financial Services Group, Inc.	192,600		17,667,198
Popular, Inc. (a)	164,474		5,333,892
U.S. Bancorp	518,008		22,207,003
Wells Fargo & Co.	692,275		38,144,353
			113,038,604
Capital Markets - 3.5%
Franklin Resources, Inc.	120,100		6,192,356
Goldman Sachs Group, Inc.	128,222		25,185,365
State Street Corp.	70,154		5,410,276
The Blackstone Group LP	191,400		7,839,744
			44,627,741
Consumer Finance - 2.4%
Capital One Financial Corp.	272,586		22,038,578
Discover Financial Services	143,900		8,341,883
			30,380,461
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 4.2%
Berkshire Hathaway, Inc. Class B (a)	316,839		$ 44,740,835
The NASDAQ OMX Group, Inc.	160,701		7,814,890
			52,555,725
Insurance - 6.9%
ACE Ltd.	163,420		17,484,306
AFLAC, Inc.	186,600		11,763,264
Axis Capital Holdings Ltd.	230,100		11,979,006
MetLife, Inc.	255,251		13,091,824
Reinsurance Group of America, Inc.	154,300		14,136,966
The Chubb Corp.	7,900		776,965
The Travelers Companies, Inc.	172,700		17,461,697
			86,694,028
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc.	664,035		6,686,832
Equity Residential (SBI)	22,950		1,695,087
General Growth Properties, Inc.	161,744		4,431,786
The Macerich Co.	18,879		1,543,547
			14,357,252
Real Estate Management & Development - 0.9%
CBRE Group, Inc. (a)	280,971		10,772,428
TOTAL FINANCIALS			352,426,239
HEALTH CARE - 13.3%
Biotechnology - 0.0%
Prothena Corp. PLC (a)	9		292
Health Care Equipment & Supplies - 2.7%
Abbott Laboratories	118,100		5,482,202
Boston Scientific Corp. (a)	611,000		10,888,020
Medtronic PLC	242,283		18,037,969
			34,408,191
Health Care Providers & Services - 3.3%
Aetna, Inc.	76,100		8,132,807
Anthem, Inc.	71,347		10,768,403
HCA Holdings, Inc. (a)	91,100		6,742,311
McKesson Corp.	22,239		4,968,193
UnitedHealth Group, Inc.	97,400		10,850,360
			41,462,074
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 7.3%
Endo Health Solutions, Inc. (a)	105,367		$ 8,857,677
Jazz Pharmaceuticals PLC (a)	103,568		18,507,602
Johnson & Johnson	238,005		23,610,096
Pfizer, Inc.	933,238		31,664,765
Shire PLC sponsored ADR	17,300		4,212,723
Teva Pharmaceutical Industries Ltd. sponsored ADR	99,300		5,999,706
			92,852,569
TOTAL HEALTH CARE			168,723,126
INDUSTRIALS - 10.1%
Aerospace & Defense - 1.4%
L-3 Communications Holdings, Inc.	82,258		9,452,267
Textron, Inc.	60,811		2,674,468
United Technologies Corp.	44,104		5,016,830
			17,143,565
Air Freight & Logistics - 1.1%
FedEx Corp.	80,841		13,708,208
Building Products - 1.3%
Allegion PlC	268,803		16,437,303
Construction & Engineering - 0.9%
AECOM Technology Corp. (a)	343,794		10,850,139
Industrial Conglomerates - 3.0%
Danaher Corp.	64,967		5,319,498
General Electric Co.	1,229,693		33,300,086
			38,619,584
Machinery - 0.9%
Deere & Co.	120,621		10,918,613
Road & Rail - 0.9%
CSX Corp.	333,300		12,028,797
Trading Companies & Distributors - 0.6%
MRC Global, Inc. (a)	565,400		8,254,840
TOTAL INDUSTRIALS			127,961,049
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 9.1%
Communications Equipment - 2.0%
Cisco Systems, Inc.	428,165		$ 12,343,997
QUALCOMM, Inc.	189,900		12,913,200
			25,257,197
Electronic Equipment & Components - 0.5%
Jabil Circuit, Inc.	284,421		6,405,161
Internet Software & Services - 0.9%
Google, Inc. Class A (a)	8,100		4,445,037
LendingClub Corp. (d)	9,400		164,030
Yahoo!, Inc. (a)	160,852		6,846,665
			11,455,732
Semiconductors & Semiconductor Equipment - 1.1%
Broadcom Corp. Class A	328,949		14,541,191
Software - 1.7%
Microsoft Corp.	278,700		13,555,968
Symantec Corp.	302,395		7,537,195
			21,093,163
Technology Hardware, Storage & Peripherals - 2.9%
EMC Corp.	567,003		15,258,051
Hewlett-Packard Co.	657,100		21,664,587
			36,922,638
TOTAL INFORMATION TECHNOLOGY			115,675,082
MATERIALS - 3.3%
Chemicals - 2.7%
Agrium, Inc.	77,000		7,977,621
Axiall Corp.	36,294		1,480,795
Eastman Chemical Co.	131,100		9,992,442
LyondellBasell Industries NV Class A	73,951		7,655,408
Methanex Corp.	121,700		7,324,191
			34,430,457
Metals & Mining - 0.6%
Freeport-McMoRan, Inc.	292,888		6,815,504
TOTAL MATERIALS			41,245,961
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.9%
AT&T, Inc.	597,535		$ 20,698,612
CenturyLink, Inc.	76,703		2,758,240
			23,456,852
Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc. (a)	73,000		2,484,920
TOTAL TELECOMMUNICATION SERVICES			25,941,772
UTILITIES - 5.9%
Electric Utilities - 3.4%
Edison International	120,700		7,355,458
Exelon Corp.	235,500		8,011,710
ITC Holdings Corp.	150,710		5,425,560
NextEra Energy, Inc.	112,700		11,374,811
OGE Energy Corp.	123,100		4,022,908
PPL Corp.	222,800		7,581,884
			43,772,331
Gas Utilities - 0.4%
National Fuel Gas Co.	71,400		4,601,730
Independent Power and Renewable Electricity Producers - 0.3%
Dynegy, Inc. (a)	105,300		3,503,331
Multi-Utilities - 1.8%
CMS Energy Corp.	180,900		6,137,937
NiSource, Inc.	192,000		8,336,640
Sempra Energy	80,432		8,539,465
			23,014,042
TOTAL UTILITIES			74,891,434
TOTAL COMMON STOCKS (Cost $1,005,750,321)		1,217,788,587

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% 6/11/15 (e) (Cost $209,996)	$ 210,000	209,999

Money Market Funds - 3.8%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b)	47,722,034		$ 47,722,034
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	169,725		169,725
TOTAL MONEY MARKET FUNDS (Cost $47,891,759)		47,891,759
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $1,053,852,076)			1,265,890,345
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(835,310)
NET ASSETS - 100%		$ 1,265,055,035

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
36 ICE Russell 1000 Value Index Contracts (United States)	June 2015	$ 3,670,920	$ 20,313

The face value of futures purchased as a percentage of net assets is 0.3%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $101,999.

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	$ 20,266
Fidelity Securities Lending Cash Central Fund	5,282
Total	$ 25,548

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 76,497,297	$ 76,497,297	$ -	$ -
Consumer Staples	89,903,801	89,903,801	-	-
Energy	144,522,826	144,522,826	-	-
Financials	352,426,239	352,426,239	-	-
Health Care	168,723,126	168,723,126	-	-
Industrials	127,961,049	127,961,049	-	-
Information Technology	115,675,082	115,675,082	-	-
Materials	41,245,961	41,245,961	-	-
Telecommunication Services	25,941,772	25,941,772	-	-
Utilities	74,891,434	74,891,434	-	-
U.S. Government and Government Agency Obligations	209,999	-	209,999	-
Money Market Funds	47,891,759	47,891,759	-	-
Total Investments in Securities:	$ 1,265,890,345	$ 1,265,680,346	$ 209,999	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 20,313	$ 20,313	$ -	$ -

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $1,054,169,279. Net unrealized appreciation aggregated $211,721,066, of which $228,302,004 related to appreciated investment securities and $16,580,938 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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 ® Stock Selector Large Cap Value Fund

April 30, 2015

1.800356.111

LCV-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares		Value
CONSUMER DISCRETIONARY - 6.2%
Auto Components - 0.6%
Delphi Automotive PLC	57,000		$ 4,731,000
Household Durables - 1.4%
Jarden Corp. (a)	108,600		5,558,148
Whirlpool Corp.	36,300		6,374,280
			11,932,428
Media - 2.7%
Liberty Broadband Corp. Class C (a)	58,887		3,195,209
Liberty Media Corp. Class C (a)	69,800		2,648,910
Omnicom Group, Inc.	66,300		5,022,888
Time Warner, Inc.	54,100		4,566,581
Twenty-First Century Fox, Inc. Class A	206,900		7,051,152
			22,484,740
Multiline Retail - 1.5%
Macy's, Inc.	80,950		5,231,799
Target Corp.	89,434		7,050,082
			12,281,881
TOTAL CONSUMER DISCRETIONARY			51,430,049
CONSUMER STAPLES - 6.9%
Beverages - 0.7%
Coca-Cola Enterprises, Inc.	46,300		2,056,183
Molson Coors Brewing Co. Class B	55,900		4,109,209
			6,165,392
Food & Staples Retailing - 2.4%
Wal-Mart Stores, Inc.	167,945		13,108,107
Walgreens Boots Alliance, Inc.	80,040		6,637,717
			19,745,824
Food Products - 1.6%
Bunge Ltd.	70,535		6,092,108
The J.M. Smucker Co.	60,242		6,983,253
			13,075,361
Household Products - 1.6%
Procter & Gamble Co.	169,680		13,491,257
Personal Products - 0.6%
Coty, Inc. Class A	207,452		4,960,177
TOTAL CONSUMER STAPLES			57,438,011
Common Stocks - continued
	Shares		Value
ENERGY - 12.0%
Energy Equipment & Services - 0.7%
Dril-Quip, Inc. (a)	67,400		$ 5,373,128
Oil, Gas & Consumable Fuels - 11.3%
Cabot Oil & Gas Corp.	119,800		4,051,636
California Resources Corp.	508,200		4,726,260
Chevron Corp.	230,400		25,588,224
Imperial Oil Ltd.	408,400		18,001,419
PDC Energy, Inc. (a)	77,100		4,374,654
Stone Energy Corp. (a)	201,600		3,441,312
Suncor Energy, Inc.	524,800		17,090,254
Tesoro Corp.	125,600		10,780,248
Whiting Petroleum Corp. (a)	149,800		5,678,918
			93,732,925
TOTAL ENERGY			99,106,053
FINANCIALS - 28.3%
Banks - 10.6%
Bank of America Corp.	100,000		1,593,000
CIT Group, Inc.	180,900		8,145,927
Citigroup, Inc.	40,000		2,132,800
First Citizen Bancshares, Inc. (a)	27,200		6,537,248
First Niagara Financial Group, Inc.	300,000		2,728,500
Hilltop Holdings, Inc. (a)	50,169		1,008,899
Investors Bancorp, Inc.	502,300		5,947,232
JPMorgan Chase & Co.	80,000		5,060,800
PNC Financial Services Group, Inc.	97,100		8,906,983
Popular, Inc. (a)	98,280		3,187,220
Susquehanna Bancshares, Inc.	427,300		5,742,912
U.S. Bancorp	244,100		10,464,567
Wells Fargo & Co.	481,300		26,519,630
			87,975,718
Capital Markets - 4.8%
Fortress Investment Group LLC	565,000		4,587,800
Goldman Sachs Group, Inc.	80,000		15,713,600
Interactive Brokers Group, Inc.	320,900		10,894,555
Invesco Ltd.	180,800		7,488,736
LPL Financial	25,000		1,011,750
			39,696,441
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 0.6%
Discover Financial Services	25,000		$ 1,449,250
Enova International, Inc. (a)	31,175		577,049
EZCORP, Inc. (non-vtg.) Class A (a)	192,400		1,770,080
Navient Corp.	44,500		869,530
			4,665,909
Diversified Financial Services - 4.4%
Berkshire Hathaway, Inc. Class B (a)	248,457		35,084,613
Rescap Liquidating Trust	90,000		954,000
			36,038,613
Insurance - 5.1%
ACE Ltd.	109,500		11,715,405
AFLAC, Inc.	173,450		10,934,288
AMBAC Financial Group, Inc. (a)	180,000		4,141,800
Donegal Group, Inc. Class A	56,000		846,160
National Western Life Insurance Co. Class A	8,750		2,096,588
Old Republic International Corp.	148,700		2,273,623
StanCorp Financial Group, Inc.	55,500		4,000,440
Torchmark Corp.	114,525		6,425,998
			42,434,302
Real Estate Investment Trusts - 0.5%
Eurobank Properties Real Estate Investment Co.	389,162		3,092,987
FelCor Lodging Trust, Inc.	100,000		1,111,000
			4,203,987
Real Estate Management & Development - 1.1%
Consolidated-Tomoka Land Co. (e)	33,650		1,842,001
Kennedy-Wilson Holdings, Inc. (a)	285,500		7,074,690
			8,916,691
Thrifts & Mortgage Finance - 1.2%
Beneficial Bancorp, Inc. (a)	313,185		3,632,946
Meridian Bancorp, Inc. (a)	514,164		6,607,007
			10,239,953
TOTAL FINANCIALS			234,171,614
HEALTH CARE - 13.8%
Health Care Equipment & Supplies - 2.8%
Abbott Laboratories	106,200		4,929,804
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Boston Scientific Corp. (a)	351,800		$ 6,269,076
Medtronic PLC	160,994		11,986,003
			23,184,883
Health Care Providers & Services - 3.2%
Aetna, Inc.	45,700		4,883,959
Anthem, Inc.	40,901		6,173,188
HCA Holdings, Inc. (a)	64,000		4,736,640
McKesson Corp.	19,400		4,333,960
UnitedHealth Group, Inc.	60,800		6,773,120
			26,900,867
Pharmaceuticals - 7.8%
Actavis PLC (a)	25,500		7,212,930
Endo Health Solutions, Inc. (a)	54,000		4,539,510
GlaxoSmithKline PLC sponsored ADR	38,700		1,786,005
Jazz Pharmaceuticals PLC (a)	78,500		14,027,950
Johnson & Johnson	162,500		16,120,000
Pfizer, Inc.	545,200		18,498,636
Valeant Pharmaceuticals International (Canada) (a)	9,100		1,973,339
			64,158,370
TOTAL HEALTH CARE			114,244,120
INDUSTRIALS - 10.2%
Aerospace & Defense - 1.4%
L-3 Communications Holdings, Inc.	54,400		6,251,104
Textron, Inc.	40,200		1,767,996
United Technologies Corp.	29,200		3,321,500
			11,340,600
Air Freight & Logistics - 1.1%
FedEx Corp.	53,500		9,071,995
Building Products - 1.3%
Allegion PlC	177,919		10,879,747
Construction & Engineering - 0.9%
AECOM Technology Corp. (a)	227,756		7,187,983
Industrial Conglomerates - 3.1%
Danaher Corp.	43,000		3,520,840
General Electric Co.	814,200		22,048,536
			25,569,376
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 0.9%
Deere & Co.	79,850		$ 7,228,022
Road & Rail - 0.9%
CSX Corp.	220,700		7,965,063
Trading Companies & Distributors - 0.6%
MRC Global, Inc. (a)	374,300		5,464,780
TOTAL INDUSTRIALS			84,707,566
INFORMATION TECHNOLOGY - 9.0%
Communications Equipment - 3.0%
Cisco Systems, Inc.	393,500		11,344,605
QUALCOMM, Inc.	190,000		12,920,000
			24,264,605
Electronic Equipment & Components - 0.4%
Jabil Circuit, Inc.	147,248		3,316,025
Internet Software & Services - 0.4%
Yahoo!, Inc. (a)	83,200		3,541,408
Semiconductors & Semiconductor Equipment - 0.9%
Broadcom Corp. Class A	172,400		7,620,942
Software - 1.2%
Microsoft Corp.	115,000		5,593,600
Symantec Corp.	176,800		4,406,740
			10,000,340
Technology Hardware, Storage & Peripherals - 3.1%
EMC Corp.	305,100		8,210,241
Hewlett-Packard Co.	416,900		13,745,193
Samsung Electronics Co. Ltd.	2,927		3,831,614
			25,787,048
TOTAL INFORMATION TECHNOLOGY			74,530,368
MATERIALS - 3.2%
Chemicals - 2.6%
Agrium, Inc.	57,100		5,915,872
Axiall Corp.	30,700		1,252,560
Eastman Chemical Co.	75,500		5,754,610
LyondellBasell Industries NV Class A	35,220		3,645,974
Methanex Corp.	87,600		5,271,973
			21,840,989
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 0.6%
Freeport-McMoRan, Inc.	197,500		$ 4,595,825
TOTAL MATERIALS			26,436,814
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.9%
AT&T, Inc.	389,100		13,478,424
CenturyLink, Inc.	62,014		2,230,023
			15,708,447
Wireless Telecommunication Services - 0.3%
T-Mobile U.S., Inc. (a)	59,400		2,021,976
TOTAL TELECOMMUNICATION SERVICES			17,730,423
UTILITIES - 5.9%
Electric Utilities - 3.9%
Edison International	69,600		4,241,424
Exelon Corp.	151,900		5,167,638
ITC Holdings Corp.	105,700		3,805,200
NextEra Energy, Inc.	70,010		7,066,109
OGE Energy Corp.	78,100		2,552,308
PPL Corp.	147,300		5,012,619
Xcel Energy, Inc.	141,100		4,784,701
			32,629,999
Gas Utilities - 0.4%
National Fuel Gas Co.	48,200		3,106,490
Independent Power and Renewable Electricity Producers - 0.3%
Dynegy, Inc. (a)	76,800		2,555,136
Multi-Utilities - 1.3%
NiSource, Inc.	116,100		5,041,062
Sempra Energy	53,750		5,706,638
			10,747,700
TOTAL UTILITIES			49,039,325
TOTAL COMMON STOCKS (Cost $711,279,385)		808,834,343
Nonconvertible Preferred Stocks - 0.8%
	Shares		Value
FINANCIALS - 0.8%
Real Estate Investment Trusts - 0.8%
Equity Lifestyle Properties, Inc. Series C, 6.75% (Cost $5,890,714)	243,866		$ 6,389,289

U.S. Treasury Obligations - 0.0%
		Principal Amount (d)
U.S. Treasury Bills, yield at date of purchase 0.03% 6/25/15 (Cost $69,997)		$ 70,000	70,000
Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Baggot Securities Ltd. 10.24% (f)(g) (Cost $353,224)	EUR	230,000	276,168

Money Market Funds - 1.4%
	Shares
Fidelity Cash Central Fund, 0.15% (b)	10,635,014		10,635,014
Fidelity Securities Lending Cash Central Fund, 0.17% (b)(c)	607,675		607,675
TOTAL MONEY MARKET FUNDS (Cost $11,242,689)		11,242,689
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $728,836,009)			826,812,489
NET OTHER ASSETS (LIABILITIES) - 0.1%			919,467
NET ASSETS - 100%		$ 827,731,956

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) Amount is stated in United States dollars unless otherwise noted.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $276,168 or 0.0% of net assets.

(g) Security is perpetual in nature with no stated maturity date.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 9,068
Fidelity Securities Lending Cash Central Fund	9,719
Total	$ 18,787

Other Information

The following is a summary of the inputs used, as of April 30, 2015, involving the Fund's assets and liabilities carried at fair 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	$ 51,430,049	$ 51,430,049	$ -	$ -
Consumer Staples	57,438,011	57,438,011	-	-
Energy	99,106,053	99,106,053	-	-
Financials	240,560,903	237,467,916	3,092,987	-
Health Care	114,244,120	114,244,120	-	-
Industrials	84,707,566	84,707,566	-	-
Information Technology	74,530,368	74,530,368	-	-
Materials	26,436,814	26,436,814	-	-
Telecommunication Services	17,730,423	17,730,423	-	-
Utilities	49,039,325	49,039,325	-	-
U.S. Government and Government Agency Obligations	70,000	-	70,000	-
Preferred Securities	276,168	-	276,168	-
Money Market Funds	11,242,689	11,242,689	-	-
Total Investments in Securities:	$ 826,812,489	$ 823,373,334	$ 3,439,155	$ -

The following is a summary of transfers between Level 1 and Level 2 for the period ended
April 30, 2015. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this listing:

Transfers	Total
Level 1 to Level 2	$ 4,623,472
Level 2 to Level 1	$ 7,914,782

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $733,092,218. Net unrealized appreciation aggregated $93,720,271, of which $120,185,780 related to appreciated investment securities and $26,465,509 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices.

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Stock Selector
Large Cap Value Fund

April 30, 2015

1.950976.102

LDT-QTLY-0615

Investments April 30, 2015 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%
	Shares		Value
CONSUMER DISCRETIONARY - 6.0%
Auto Components - 0.6%
Delphi Automotive PLC	557,949		$ 46,309,767
Household Durables - 1.4%
Jarden Corp. (a)	1,062,450		54,376,191
Whirlpool Corp.	355,200		62,373,120
			116,749,311
Media - 2.6%
Liberty Broadband Corp. Class C (a)	575,711		31,238,079
Liberty Media Corp. Class C (a)	678,900		25,764,255
Omnicom Group, Inc.	648,500		49,130,360
Time Warner, Inc.	529,200		44,669,772
Twenty-First Century Fox, Inc. Class A	2,024,640		68,999,731
			219,802,197
Multiline Retail - 1.4%
Macy's, Inc.	791,989		51,186,249
Target Corp.	876,109		69,063,672
			120,249,921
TOTAL CONSUMER DISCRETIONARY			503,111,196
CONSUMER STAPLES - 7.1%
Beverages - 0.8%
Coca-Cola Enterprises, Inc.	476,800		21,174,688
Molson Coors Brewing Co. Class B	575,547		42,308,460
			63,483,148
Food & Staples Retailing - 2.4%
Wal-Mart Stores, Inc.	1,730,973		135,102,443
Walgreens Boots Alliance, Inc.	825,025		68,419,323
			203,521,766
Food Products - 1.6%
Bunge Ltd.	726,199		62,721,808
The J.M. Smucker Co.	620,442		71,921,637
			134,643,445
Household Products - 1.7%
Procter & Gamble Co.	1,747,215		138,921,065
Personal Products - 0.6%
Coty, Inc. Class A	2,136,376		51,080,750
TOTAL CONSUMER STAPLES			591,650,174
Common Stocks - continued
	Shares		Value
ENERGY - 11.3%
Energy Equipment & Services - 0.5%
Dril-Quip, Inc. (a)	542,400		$ 43,240,128
Oil, Gas & Consumable Fuels - 10.8%
Anadarko Petroleum Corp.	833,200		78,404,120
Cabot Oil & Gas Corp.	940,200		31,797,564
California Resources Corp.	2,585,700		24,047,010
Chevron Corp.	3,987,614		442,864,411
Cimarex Energy Co.	248,300		30,888,520
Imperial Oil Ltd.	1,724,100		75,994,727
Kinder Morgan, Inc.	1,850,700		79,487,565
Stone Energy Corp. (a)	767,200		13,096,104
Tesoro Corp.	1,476,800		126,753,744
			903,333,765
TOTAL ENERGY			946,573,893
FINANCIALS - 27.8%
Banks - 8.9%
Bank of America Corp.	4,253,200		67,753,476
CIT Group, Inc.	1,717,100		77,321,013
Citigroup, Inc.	43,400		2,314,088
JPMorgan Chase & Co.	737,800		46,673,228
PNC Financial Services Group, Inc.	1,266,200		116,148,526
Popular, Inc. (a)	1,111,243		36,037,610
U.S. Bancorp	3,406,292		146,027,738
Wells Fargo & Co.	4,552,625		250,849,638
			743,125,317
Capital Markets - 3.5%
Franklin Resources, Inc.	789,900		40,727,244
Goldman Sachs Group, Inc.	843,478		165,675,949
State Street Corp.	461,046		35,555,868
The Blackstone Group LP	1,258,600		51,552,256
			293,511,317
Consumer Finance - 2.4%
Capital One Financial Corp.	1,792,014		144,884,332
Discover Financial Services	946,100		54,845,417
			199,729,749
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 4.2%
Berkshire Hathaway, Inc. Class B (a)	2,083,861		$ 294,262,012
The NASDAQ OMX Group, Inc.	1,056,799		51,392,135
			345,654,147
Insurance - 6.8%
ACE Ltd.	1,060,880		113,503,551
AFLAC, Inc.	1,245,100		78,491,104
Axis Capital Holdings Ltd.	1,473,565		76,713,794
MetLife, Inc.	1,689,149		86,636,452
Reinsurance Group of America, Inc.	1,030,000		94,368,600
The Chubb Corp.	52,100		5,124,035
The Travelers Companies, Inc.	1,121,200		113,364,532
			568,202,068
Real Estate Investment Trusts - 1.1%
Annaly Capital Management, Inc.	4,366,865		43,974,331
Equity Residential (SBI)	152,050		11,230,413
General Growth Properties, Inc.	1,063,456		29,138,694
The Macerich Co.	124,421		10,172,661
			94,516,099
Real Estate Management & Development - 0.9%
CBRE Group, Inc. (a)	1,847,529		70,834,262
TOTAL FINANCIALS			2,315,572,959
HEALTH CARE - 13.6%
Health Care Equipment & Supplies - 2.9%
Abbott Laboratories	783,700		36,379,354
Boston Scientific Corp. (a)	4,017,100		71,584,722
Medtronic PLC	1,575,636		117,306,100
Teleflex, Inc.	104,500		12,849,320
			238,119,496
Health Care Providers & Services - 3.3%
Aetna, Inc.	500,200		53,456,374
Anthem, Inc.	471,853		71,216,773
HCA Holdings, Inc. (a)	599,100		44,339,391
McKesson Corp.	146,561		32,741,727
UnitedHealth Group, Inc.	640,300		71,329,420
			273,083,685
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 7.4%
Endo Health Solutions, Inc. (a)	693,113		$ 58,266,544
Jazz Pharmaceuticals PLC (a)	670,195		119,763,847
Johnson & Johnson	1,575,159		156,255,773
Pfizer, Inc.	6,135,698		208,184,233
Shire PLC sponsored ADR	114,050		27,772,316
Teva Pharmaceutical Industries Ltd. sponsored ADR	841,900		50,867,598
			621,110,311
TOTAL HEALTH CARE			1,132,313,492
INDUSTRIALS - 10.1%
Aerospace & Defense - 1.4%
L-3 Communications Holdings, Inc.	540,939		62,159,300
Textron, Inc.	399,800		17,583,204
United Technologies Corp.	290,500		33,044,375
			112,786,879
Air Freight & Logistics - 1.1%
FedEx Corp.	531,790		90,175,630
Building Products - 1.3%
Allegion PlC	1,768,221		108,126,714
Construction & Engineering - 0.9%
AECOM Technology Corp. (a)	2,262,744		71,412,191
Industrial Conglomerates - 3.0%
Danaher Corp.	427,200		34,979,136
General Electric Co.	8,089,656		219,067,884
			254,047,020
Machinery - 0.9%
Deere & Co.	793,200		71,800,464
Road & Rail - 0.9%
CSX Corp.	2,192,400		79,123,716
Trading Companies & Distributors - 0.6%
MRC Global, Inc. (a)	3,719,549		54,305,415
TOTAL INDUSTRIALS			841,778,029
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 9.1%
Communications Equipment - 2.0%
Cisco Systems, Inc.	2,818,835		$ 81,267,013
QUALCOMM, Inc.	1,250,000		85,000,000
			166,267,013
Electronic Equipment & Components - 0.5%
Jabil Circuit, Inc.	1,872,079		42,159,219
Internet Software & Services - 0.9%
Google, Inc. Class A (a)	53,700		29,468,949
Yahoo!, Inc. (a)	976,325		41,557,274
			71,026,223
Semiconductors & Semiconductor Equipment - 1.1%
Broadcom Corp. Class A	2,165,151		95,710,500
Software - 1.7%
Microsoft Corp.	1,835,000		89,254,400
Symantec Corp.	1,990,005		49,600,875
			138,855,275
Technology Hardware, Storage & Peripherals - 2.9%
EMC Corp.	3,732,797		100,449,567
Hewlett-Packard Co.	4,325,500		142,611,735
			243,061,302
TOTAL INFORMATION TECHNOLOGY			757,079,532
MATERIALS - 3.3%
Chemicals - 2.8%
Agrium, Inc.	511,900		53,035,640
Axiall Corp.	241,506		9,853,445
Eastman Chemical Co.	872,800		66,524,816
LyondellBasell Industries NV Class A	491,349		50,864,448
Methanex Corp.	808,700		48,669,463
			228,947,812
Metals & Mining - 0.5%
Freeport-McMoRan, Inc.	1,950,612		45,390,741
TOTAL MATERIALS			274,338,553
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 1.8%
AT&T, Inc.	3,959,465		$ 137,155,868
CenturyLink, Inc.	511,497		18,393,432
			155,549,300
Wireless Telecommunication Services - 0.2%
T-Mobile U.S., Inc. (a)	454,000		15,454,160
TOTAL TELECOMMUNICATION SERVICES			171,003,460
UTILITIES - 5.9%
Electric Utilities - 3.5%
Edison International	794,300		48,404,642
Exelon Corp.	1,550,000		52,731,000
ITC Holdings Corp.	993,590		35,769,240
NextEra Energy, Inc.	751,400		75,838,802
OGE Energy Corp.	810,000		26,470,800
PPL Corp.	1,475,400		50,207,862
			289,422,346
Gas Utilities - 0.3%
National Fuel Gas Co.	452,000		29,131,400
Independent Power and Renewable Electricity Producers - 0.3%
Dynegy, Inc. (a)	694,700		23,112,669
Multi-Utilities - 1.8%
CMS Energy Corp.	1,193,700		40,502,241
NiSource, Inc.	1,273,100		55,278,002
Sempra Energy	533,968		56,691,383
			152,471,626
TOTAL UTILITIES			494,138,041
TOTAL COMMON STOCKS (Cost $6,599,725,353)		8,027,559,329

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.05% 6/18/15 to 6/25/15 (c) (Cost $3,309,836)	$ 3,310,000	3,310,026

Money Market Funds - 3.6%
	Shares		Value
Fidelity Cash Central Fund, 0.15% (b) (Cost $302,847,055)	302,847,055		$ 302,847,055
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $6,905,882,244)			8,333,716,410
NET OTHER ASSETS (LIABILITIES) - 0.1%			8,389,362
NET ASSETS - 100%		$ 8,342,105,772

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
329 ICE Russell 1000 Value Index Contracts (United States)	June 2015	$ 33,548,130	$ 177,993

The face value of futures purchased as a percentage of net assets is 0.4%

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $923,003.

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	$ 140,554
Fidelity Securities Lending Cash Central Fund	33,300
Total	$ 173,854

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 503,111,196	$ 503,111,196	$ -	$ -
Consumer Staples	591,650,174	591,650,174	-	-
Energy	946,573,893	946,573,893	-	-
Financials	2,315,572,959	2,315,572,959	-	-
Health Care	1,132,313,492	1,132,313,492	-	-
Industrials	841,778,029	841,778,029	-	-
Information Technology	757,079,532	757,079,532	-	-
Materials	274,338,553	274,338,553	-	-
Telecommunication Services	171,003,460	171,003,460	-	-
Utilities	494,138,041	494,138,041	-	-
U.S. Government and Government Agency Obligations	3,310,026	-	3,310,026	-
Money Market Funds	302,847,055	302,847,055	-	-
Total Investments in Securities:	$ 8,333,716,410	$ 8,330,406,384	$ 3,310,026	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 177,993	$ 177,993	$ -	$ -

Income Tax Information

At April 30, 2015, the cost of investment securities for income tax purposes was $6,909,202,375. Net unrealized appreciation aggregated $1,424,514,035, of which $1,532,043,605 related to appreciated investment securities and $107,529,570 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 Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. 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, 2015

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, 2015
By:	/s/Howard J. Galligan III
	Howard J. Galligan III
	Chief Financial Officer

Date:	June 29, 2015