N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1352

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	January 31

Date of reporting period:	October 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

October 31, 2010

1.809096.106

EQU-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 13.6%
Auto Components - 1.5%
Johnson Controls, Inc.	3,180,375		$ 111,695
Michelin CGDE Series B	462,699		36,794
The Goodyear Tire & Rubber Co. (a)	4,337,200		44,326
			192,815
Automobiles - 1.4%
Daimler AG (Germany) (a)	629,865		41,569
Fiat SpA	722,600		12,226
Harley-Davidson, Inc.	3,142,950		96,426
Thor Industries, Inc.	560,600		17,653
Winnebago Industries, Inc. (a)	1,134,026		11,340
			179,214
Diversified Consumer Services - 0.4%
H&R Block, Inc.	3,984,134		46,973
Hotels, Restaurants & Leisure - 0.7%
Las Vegas Sands Corp. unit	97,500		75,136
Sands China Ltd.	6,093,600		13,286
			88,422
Household Durables - 2.6%
KB Home	993,700		10,444
Lennar Corp. Class A	1,966,134		28,529
Newell Rubbermaid, Inc.	3,768,606		66,516
PulteGroup, Inc. (a)	5,432,334		42,644
Stanley Black & Decker, Inc.	1,608,049		99,651
Techtronic Industries Co. Ltd.	10,378,500		10,511
Toll Brothers, Inc. (a)	459,963		8,252
Whirlpool Corp.	828,152		62,799
			329,346
Internet & Catalog Retail - 0.2%
Liberty Media Corp. Interactive Series A (a)	1,875,334		27,680
Leisure Equipment & Products - 0.4%
Brunswick Corp.	2,937,900		46,478
Media - 2.4%
Belo Corp. Series A (a)	2,589,186		14,991
CC Media Holdings, Inc. Class A (a)	2,159,142		14,358
Comcast Corp.:
Class A	2,382,755		49,037
Class A (special) (non-vtg.)	2,024,700		39,137
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
The Walt Disney Co.	3,131,806		$ 113,090
Time Warner, Inc.	2,147,729		69,823
			300,436
Multiline Retail - 1.5%
Kohl's Corp. (a)	936,935		47,971
Macy's, Inc.	2,389,500		56,488
Target Corp.	1,518,754		78,884
Tuesday Morning Corp. (a)	1,558,613		7,466
			190,809
Specialty Retail - 2.1%
Home Depot, Inc.	4,103,100		126,704
Lowe's Companies, Inc.	2,351,022		50,147
OfficeMax, Inc. (a)	1,249,327		22,113
RadioShack Corp.	1,273,200		25,630
Staples, Inc.	2,028,239		41,518
			266,112
Textiles, Apparel & Luxury Goods - 0.4%
Phillips-Van Heusen Corp.	429,446		26,342
Warnaco Group, Inc. (a)	390,341		20,731
			47,073
TOTAL CONSUMER DISCRETIONARY			1,715,358
CONSUMER STAPLES - 4.5%
Beverages - 0.8%
Carlsberg AS Series B	312,086		34,126
The Coca-Cola Co.	1,048,310		64,282
			98,408
Food & Staples Retailing - 1.2%
CVS Caremark Corp.	946,811		28,518
Kroger Co.	2,365,700		52,045
Walgreen Co.	1,732,071		58,683
Winn-Dixie Stores, Inc. (a)	1,699,918		11,389
			150,635
Food Products - 0.5%
Nestle SA	1,009,357		55,269
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 1.2%
Kimberly-Clark Corp.	241,878		$ 15,321
Procter & Gamble Co.	2,212,172		140,628
			155,949
Tobacco - 0.8%
Philip Morris International, Inc.	1,735,995		101,556
TOTAL CONSUMER STAPLES			561,817
ENERGY - 14.0%
Energy Equipment & Services - 2.5%
Baker Hughes, Inc.	2,054,551		95,187
Halliburton Co.	1,744,913		55,593
Noble Corp.	2,620,702		90,493
Pride International, Inc. (a)	1,641,027		49,756
Transocean Ltd. (a)	301,579		19,108
			310,137
Oil, Gas & Consumable Fuels - 11.5%
Anadarko Petroleum Corp.	1,040,700		64,076
Apache Corp.	454,110		45,874
BP PLC sponsored ADR	2,730,365		111,481
Chevron Corp.	3,595,695		297,040
ConocoPhillips	2,574,790		152,943
CONSOL Energy, Inc.	1,172,510		43,101
Devon Energy Corp.	426,900		27,757
Exxon Mobil Corp.	4,316,182		286,897
Marathon Oil Corp.	1,799,735		64,017
Occidental Petroleum Corp.	1,058,891		83,261
Royal Dutch Shell PLC Class A sponsored ADR (e)	3,175,700		206,198
Southwestern Energy Co. (a)	1,576,370		53,360
Ultra Petroleum Corp. (a)	531,597		21,875
			1,457,880
TOTAL ENERGY			1,768,017
FINANCIALS - 25.1%
Capital Markets - 4.6%
Bank of New York Mellon Corp.	3,745,149		93,853
Bank Sarasin & Co. Ltd. Series B (Reg.)	579,654		21,199
Goldman Sachs Group, Inc.	817,406		131,561
Morgan Stanley	6,404,190		159,272
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	1,935,589		$ 80,830
UBS AG (a)	1,497,787		25,436
UBS AG (NY Shares) (a)	3,762,744		64,042
			576,193
Commercial Banks - 8.0%
Associated Banc-Corp.	5,321,203		67,420
Barclays PLC	11,259,484		49,473
BB&T Corp.	2,853,691		66,805
Comerica, Inc.	1,019,400		36,474
Huntington Bancshares, Inc.	4,735,300		26,849
KeyCorp	6,293,200		51,541
Marshall & Ilsley Corp.	2,202,823		13,019
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	7,391,075		34,442
Mizuho Financial Group, Inc.	8,150,800		11,821
PNC Financial Services Group, Inc.	4,385,120		236,358
U.S. Bancorp, Delaware	2,908,902		70,337
Wells Fargo & Co.	13,528,685		352,828
			1,017,367
Consumer Finance - 1.6%
American Express Co.	1,175,569		48,739
Capital One Financial Corp.	833,000		31,046
Discover Financial Services	5,873,061		103,660
SLM Corp. (a)	2,069,268		24,624
			208,069
Diversified Financial Services - 7.2%
Bank of America Corp.	23,986,688		274,408
Citigroup, Inc. (a)	37,053,173		154,512
CME Group, Inc.	92,656		26,838
JPMorgan Chase & Co.	9,741,149		366,561
Moody's Corp. (e)	3,107,886		84,099
			906,418
Insurance - 1.4%
Berkshire Hathaway, Inc. Class B (a)	266,800		21,227
First American Financial Corp.	1,421,296		19,955
Hartford Financial Services Group, Inc.	1,241,950		29,782
Marsh & McLennan Companies, Inc.	1,155,579		28,866
Unum Group	2,609,950		58,515
XL Capital Ltd. Class A	1,016,900		21,507
			179,852
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 1.5%
Boston Properties, Inc.	311,929		$ 26,885
Camden Property Trust (SBI)	244,399		12,120
HCP, Inc.	1,591,307		57,303
ProLogis Trust	790,000		10,784
Rayonier, Inc.	177,940		9,288
Segro PLC	3,557,200		16,892
Ventas, Inc.	538,000		28,815
Weyerhaeuser Co.	1,555,696		25,233
			187,320
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	3,388,823		62,185
Indiabulls Real Estate Ltd. (a)	6,637,842		28,663
Unite Group PLC (a)	2,005,196		6,682
			97,530
TOTAL FINANCIALS			3,172,749
HEALTH CARE - 8.6%
Biotechnology - 1.4%
Amgen, Inc. (a)	1,570,678		89,827
Cephalon, Inc. (a)	372,200		24,729
Gilead Sciences, Inc. (a)	1,521,369		60,353
			174,909
Health Care Equipment & Supplies - 1.4%
C. R. Bard, Inc.	463,500		38,526
CareFusion Corp. (a)	2,493,757		60,199
Covidien PLC	634,510		25,298
Stryker Corp.	1,026,000		50,777
			174,800
Health Care Providers & Services - 0.4%
UnitedHealth Group, Inc.	1,516,100		54,655
Pharmaceuticals - 5.4%
Johnson & Johnson	2,002,240		127,483
Merck & Co., Inc.	5,251,032		190,507
Pfizer, Inc.	16,639,219		289,522
Sanofi-Aventis	1,034,769		72,479
			679,991
TOTAL HEALTH CARE			1,084,355
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 10.7%
Aerospace & Defense - 2.7%
Goodrich Corp.	311,400		$ 25,557
Honeywell International, Inc.	2,122,288		99,981
Spirit AeroSystems Holdings, Inc. Class A (a)	1,225,439		26,518
The Boeing Co.	897,116		63,372
United Technologies Corp.	1,598,611		119,528
			334,956
Building Products - 0.3%
Armstrong World Industries, Inc. (a)	307,222		12,827
Masco Corp.	2,766,747		29,494
			42,321
Commercial Services & Supplies - 0.3%
Pitney Bowes, Inc.	913,500		20,042
Republic Services, Inc.	595,800		17,761
			37,803
Construction & Engineering - 0.7%
Fluor Corp.	749,306		36,109
KBR, Inc.	2,137,310		54,288
			90,397
Industrial Conglomerates - 3.5%
General Electric Co.	12,265,037		196,486
Koninklijke Philips Electronics NV unit	1,005,000		30,602
Rheinmetall AG	653,767		47,085
Siemens AG sponsored ADR	917,600		104,891
Textron, Inc.	1,763,900		36,724
Tyco International Ltd.	816,390		31,251
			447,039
Machinery - 2.5%
Briggs & Stratton Corp. (f)	3,231,085		56,867
Caterpillar, Inc.	266,400		20,939
Cummins, Inc.	749,000		65,987
Ingersoll-Rand Co. Ltd.	1,971,792		77,511
Kennametal, Inc.	904,209		30,870
Navistar International Corp. (a)	676,500		32,594
SPX Corp.	354,400		23,766
			308,534
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 0.7%
CSX Corp.	760,800		$ 46,751
Union Pacific Corp.	503,700		44,164
			90,915
TOTAL INDUSTRIALS			1,351,965
INFORMATION TECHNOLOGY - 7.1%
Communications Equipment - 0.7%
Cisco Systems, Inc. (a)	1,901,291		43,406
Comverse Technology, Inc. (a)	4,077,352		32,619
Motorola, Inc. (a)	1,664,300		13,564
			89,589
Computers & Peripherals - 1.0%
Hewlett-Packard Co.	2,876,315		120,978
Electronic Equipment & Components - 1.7%
Agilent Technologies, Inc. (a)	1,460,347		50,820
Arrow Electronics, Inc. (a)	1,554,700		46,035
Avnet, Inc. (a)	1,874,191		55,813
Tyco Electronics Ltd.	2,118,390		67,111
			219,779
IT Services - 0.4%
CoreLogic, Inc. (a)	755,630		13,276
MoneyGram International, Inc. (a)	1,220,754		2,942
Visa, Inc. Class A	512,355		40,051
			56,269
Office Electronics - 0.4%
Xerox Corp.	4,094,312		47,903
Semiconductors & Semiconductor Equipment - 2.9%
Analog Devices, Inc.	666,481		22,440
Applied Materials, Inc.	3,765,700		46,544
Intel Corp.	6,039,860		121,220
Micron Technology, Inc. (a)	4,333,200		35,836
National Semiconductor Corp.	3,071,262		42,076
Samsung Electronics Co. Ltd.	32,058		21,239
Teradyne, Inc. (a)	3,711,000		41,712
Varian Semiconductor Equipment Associates, Inc. (a)	1,072,880		35,051
			366,118
TOTAL INFORMATION TECHNOLOGY			900,636
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 2.7%
Chemicals - 1.9%
Celanese Corp. Class A	1,010,118		$ 36,011
Clariant AG (Reg.) (a)	3,167,981		53,553
Dow Chemical Co.	1,510,700		46,575
E.I. du Pont de Nemours & Co.	1,695,200		80,149
Wacker Chemie AG	87,800		18,112
			234,400
Construction Materials - 0.2%
HeidelbergCement AG	472,300		24,700
Metals & Mining - 0.6%
Alcoa, Inc.	2,409,521		31,637
Commercial Metals Co.	1,186,820		16,473
Freeport-McMoRan Copper & Gold, Inc.	307,466		29,111
			77,221
TOTAL MATERIALS			336,321
TELECOMMUNICATION SERVICES - 5.1%
Diversified Telecommunication Services - 4.7%
AT&T, Inc.	10,267,344		292,619
Frontier Communications Corp.	979,369		8,599
Qwest Communications International, Inc.	13,719,500		90,549
Verizon Communications, Inc.	5,990,784		194,521
			586,288
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp. (a)	13,257,403		54,621
TOTAL TELECOMMUNICATION SERVICES			640,909
UTILITIES - 3.9%
Electric Utilities - 2.4%
Allegheny Energy, Inc.	2,046,592		47,481
American Electric Power Co., Inc.	2,962,976		110,934
Entergy Corp.	653,820		48,729
FirstEnergy Corp.	2,429,316		88,233
PPL Corp.	412,200		11,088
			306,465
Independent Power Producers & Energy Traders - 0.7%
AES Corp. (a)	6,909,627		82,501
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 0.8%
Alliant Energy Corp.	758,608		$ 27,712
CMS Energy Corp.	367,670		6,758
PG&E Corp.	684,398		32,728
Public Service Enterprise Group, Inc.	1,074,875		34,772
			101,970
TOTAL UTILITIES			490,936
TOTAL COMMON STOCKS (Cost $9,812,809)		12,023,063
Preferred Stocks - 1.5%

Convertible Preferred Stocks - 1.3%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Apache Corp. 6.00%	283,900		16,523
FINANCIALS - 1.0%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	26,000		27,690
Diversified Financial Services - 0.3%
Citigroup, Inc. 7.50%	273,000		33,726
Insurance - 0.5%
Hartford Financial Services Group, Inc. Series F 7.25%	879,600		21,633
XL Capital Ltd. 10.75%	1,625,900		48,549
			70,182
TOTAL FINANCIALS			131,598
UTILITIES - 0.2%
Electric Utilities - 0.2%
PPL Corp. 9.50%	322,100		18,115
TOTAL CONVERTIBLE PREFERRED STOCKS			166,236
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	201,006		$ 30,206
TOTAL PREFERRED STOCKS (Cost $168,894)		196,442

Corporate Bonds - 2.9%
	Principal Amount (000s)
Convertible Bonds - 2.7%
CONSUMER DISCRETIONARY - 1.9%
Automobiles - 0.5%
Ford Motor Co. 4.25% 11/15/16	$ 33,640		58,423
Hotels, Restaurants & Leisure - 0.2%
MGM Mirage, Inc. 4.25% 4/15/15 (g)	32,560		31,034
Leisure Equipment & Products - 0.0%
Eastman Kodak Co. 7% 4/1/17 (g)	6,840		6,786
Media - 1.2%
Liberty Media Corp.:
3.5% 1/15/31	7,041		5,080
4% 11/15/29	13,232		7,840
3.5% 1/15/31 (g)	19,969		14,408
News America, Inc. liquid yield option note:
0% 2/28/21 (g)	57,550		40,522
0% 2/28/21	16,370		11,526
Virgin Media, Inc. 6.5% 11/15/16	42,136		67,295
			146,671
TOTAL CONSUMER DISCRETIONARY			242,914
FINANCIALS - 0.3%
Thrifts & Mortgage Finance - 0.3%
MGIC Investment Corp. 9% 4/1/63 (d)(g)	36,072		37,695
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INDUSTRIALS - 0.2%
Airlines - 0.2%
UAL Corp.:
4.5% 6/30/21 (g)	$ 20,550		$ 22,102
4.5% 6/30/21	3,320		3,571
			25,673
INFORMATION TECHNOLOGY - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Advanced Micro Devices, Inc.:
6% 5/1/15 (g)	16,574		16,465
6% 5/1/15	8,251		8,197
Micron Technology, Inc. 1.875% 6/1/27	13,266		12,669
			37,331
TOTAL CONVERTIBLE BONDS			343,613
Nonconvertible Bonds - 0.2%
MATERIALS - 0.2%
Chemicals - 0.2%
Hercules, Inc. 6.5% 6/30/29 unit	31,600		23,759
TOTAL CORPORATE BONDS (Cost $304,265)		367,372

Money Market Funds - 0.1%
	Shares
Fidelity Cash Central Fund, 0.23% (b)	14,302,250		14,302
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	525,675		526
TOTAL MONEY MARKET FUNDS (Cost $14,828)		14,828
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $10,300,796)			12,601,705
NET OTHER ASSETS (LIABILITIES) - 0.2%			19,490
NET ASSETS - 100%		$ 12,621,195

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

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

(f) Affiliated company

(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 $169,012,000 or 1.3% of net assets.

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	$ 116
Fidelity Securities Lending Cash Central Fund	1,553
Total	$ 1,669

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Briggs & Stratton Corp.	$ 60,959	$ -	$ 8,386	$ 1,217	$ 56,867
Total	$ 60,959	$ -	$ 8,386	$ 1,217	$ 56,867

Other Information

The following is a summary of the inputs used, as of October 31, 2010, 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 (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,745,564	$ 1,670,428	$ 75,136	$ -
Consumer Staples	561,817	561,817	-	-
Energy	1,784,540	1,784,540	-	-
Financials	3,304,347	3,134,568	169,779	-
Health Care	1,084,355	1,011,876	72,479	-
Industrials	1,351,965	1,351,965	-	-
Information Technology	900,636	900,636	-	-
Materials	336,321	336,321	-	-
Telecommunication Services	640,909	640,909	-	-
Utilities	509,051	490,936	18,115	-
Corporate Bonds	367,372	-	367,372	-
Money Market Funds	14,828	14,828	-	-
Total Investments in Securities:	$ 12,601,705	$ 11,898,824	$ 702,881	$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $10,521,994,000. Net unrealized appreciation aggregated $2,079,711,000, of which $3,170,990,000 related to appreciated investment securities and $1,091,279,000 related to depreciated investment securities.

Investment Valuation

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

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts, futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

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

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

Quarterly Report

see the fund's most recent prospectus and annual report.

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Growth Fund

October 31, 2010

1.809091.106

LCG-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 15.6%
Auto Components - 0.3%
TRW Automotive Holdings Corp. (a)	7,600		$ 347,244
Automobiles - 0.8%
Ford Motor Co. (a)	56,900		803,997
Hyundai Motor Co.	760		114,895
			918,892
Household Durables - 2.4%
Beazer Homes USA, Inc. (a)(d)	36,100		146,566
iRobot Corp. (a)	13,800		288,144
La-Z-Boy, Inc. (a)	33,600		261,072
Meritage Homes Corp. (a)	11,800		216,058
Ryland Group, Inc.	9,400		140,812
Tempur-Pedic International, Inc. (a)	50,700		1,749,150
			2,801,802
Internet & Catalog Retail - 2.7%
Amazon.com, Inc. (a)	13,800		2,278,932
Expedia, Inc.	15,800		457,410
Netflix, Inc. (a)	2,400		416,400
			3,152,742
Leisure Equipment & Products - 1.0%
Hasbro, Inc.	27,100		1,253,375
Media - 2.1%
DIRECTV (a)	29,900		1,299,454
The Walt Disney Co.	15,400		556,094
Virgin Media, Inc.	24,600		625,578
			2,481,126
Specialty Retail - 4.8%
Best Buy Co., Inc.	20,100		863,898
DSW, Inc. Class A (a)	39,600		1,317,492
Sally Beauty Holdings, Inc. (a)	99,700		1,213,349
TJX Companies, Inc.	36,100		1,656,629
Urban Outfitters, Inc. (a)	19,100		587,707
			5,639,075
Textiles, Apparel & Luxury Goods - 1.5%
Deckers Outdoor Corp. (a)	5,800		336,980
Phillips-Van Heusen Corp.	10,200		625,668
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Polo Ralph Lauren Corp. Class A	8,600		$ 833,168
Vera Bradley, Inc. (a)	100		2,735
			1,798,551
TOTAL CONSUMER DISCRETIONARY			18,392,807
CONSUMER STAPLES - 7.9%
Beverages - 3.0%
Anheuser-Busch InBev SA NV	10,484		656,969
Dr Pepper Snapple Group, Inc.	19,500		712,725
The Coca-Cola Co.	34,200		2,097,144
			3,466,838
Food & Staples Retailing - 0.8%
Drogasil SA	2,400		60,705
Kroger Co.	26,900		591,800
Wal-Mart de Mexico SA de CV Series V	93,300		255,186
			907,691
Food Products - 1.4%
Danone	4,664		295,120
Mead Johnson Nutrition Co. Class A	5,500		323,510
Nestle SA sponsored ADR	10,100		553,985
The J.M. Smucker Co.	4,600		295,688
Tingyi (Cayman Islands) Holding Corp.	40,000		108,886
Want Want China Holdings Ltd. ADR	2,600		119,922
			1,697,111
Household Products - 0.5%
Procter & Gamble Co.	10,000		635,700
Personal Products - 2.2%
BaWang International (Group) Holding Ltd.	187,000		78,648
Estee Lauder Companies, Inc. Class A	6,600		469,722
Hengan International Group Co. Ltd.	24,000		226,028
Herbalife Ltd.	22,300		1,424,078
Schiff Nutrition International, Inc.	51,000		412,080
			2,610,556
TOTAL CONSUMER STAPLES			9,317,896
Common Stocks - continued
	Shares		Value
ENERGY - 10.4%
Energy Equipment & Services - 2.4%
Baker Hughes, Inc.	8,000		$ 370,640
Complete Production Services, Inc. (a)	5,900		138,237
Halliburton Co.	31,100		990,846
Schlumberger Ltd.	14,700		1,027,383
Weatherford International Ltd. (a)	17,300		290,813
			2,817,919
Oil, Gas & Consumable Fuels - 8.0%
Arch Coal, Inc.	8,200		201,638
Atlas Pipeline Partners, LP	13,600		269,144
Chesapeake Energy Corp.	9,100		197,470
Chevron Corp.	5,500		454,355
Exxon Mobil Corp.	105,900		7,039,171
Holly Corp.	9,500		310,935
Massey Energy Co.	7,800		328,146
Southwestern Energy Co. (a)	13,600		460,360
Whiting Petroleum Corp. (a)	2,000		200,880
			9,462,099
TOTAL ENERGY			12,280,018
FINANCIALS - 5.6%
Capital Markets - 2.0%
Bank of New York Mellon Corp.	17,200		431,032
Charles Schwab Corp.	34,300		528,220
Goldman Sachs Group, Inc.	1,900		305,805
Morgan Stanley	34,800		865,476
TD Ameritrade Holding Corp.	11,500		196,535
			2,327,068
Commercial Banks - 1.1%
Regions Financial Corp.	46,200		291,060
SunTrust Banks, Inc.	21,800		545,436
Wells Fargo & Co.	19,200		500,736
Zions Bancorporation	1,900		39,254
			1,376,486
Consumer Finance - 0.2%
SLM Corp. (a)	17,000		202,300
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 1.7%
Citigroup, Inc. (a)	333,500		$ 1,390,695
JPMorgan Chase & Co.	15,800		594,554
			1,985,249
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	17,800		326,630
Henderson Land Development Co. Ltd.	14,085		100,033
Jones Lang LaSalle, Inc.	4,000		312,240
			738,903
TOTAL FINANCIALS			6,630,006
HEALTH CARE - 9.2%
Biotechnology - 3.8%
Alexion Pharmaceuticals, Inc. (a)	6,100		416,630
Amgen, Inc. (a)	4,100		234,479
Amicus Therapeutics, Inc. (a)	41,700		172,221
Amylin Pharmaceuticals, Inc. (a)	3,100		40,393
ARIAD Pharmaceuticals, Inc. (a)	85,700		315,376
ArQule, Inc. (a)	14,500		80,040
Biogen Idec, Inc. (a)	4,900		307,279
BioMarin Pharmaceutical, Inc. (a)	15,100		395,016
Gilead Sciences, Inc. (a)	24,800		983,816
Keryx Biopharmaceuticals, Inc. (a)	15,700		81,012
Nanosphere, Inc. (a)	13,000		59,020
SIGA Technologies, Inc. (a)(d)	43,700		579,025
Theravance, Inc. (a)	15,100		307,738
United Therapeutics Corp. (a)	5,600		336,000
Vertex Pharmaceuticals, Inc. (a)	3,000		114,990
			4,423,035
Health Care Equipment & Supplies - 1.3%
Alere, Inc. (a)	19,100		564,405
Edwards Lifesciences Corp. (a)	6,500		415,415
Hologic, Inc. (a)	30,200		483,804
Mako Surgical Corp. (a)	2,400		25,872
Orthovita, Inc. (a)	31,100		67,798
			1,557,294
Health Care Providers & Services - 1.4%
Express Scripts, Inc. (a)	10,400		504,608
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	19,200		$ 1,008,576
Team Health Holdings, Inc.	7,700		102,795
			1,615,979
Health Care Technology - 1.6%
Allscripts-Misys Healthcare Solutions, Inc. (a)	32,200		614,698
Cerner Corp. (a)	14,700		1,291,101
			1,905,799
Pharmaceuticals - 1.1%
Ardea Biosciences, Inc. (a)	1,700		36,244
Cadence Pharmaceuticals, Inc. (a)(d)	32,900		292,152
GlaxoSmithKline PLC	19,400		378,787
Teva Pharmaceutical Industries Ltd. sponsored ADR	5,000		259,500
Valeant Pharmaceuticals International, Inc.	11,041		305,498
			1,272,181
TOTAL HEALTH CARE			10,774,288
INDUSTRIALS - 11.3%
Aerospace & Defense - 4.9%
Alliant Techsystems, Inc. (a)	7,500		571,800
DigitalGlobe, Inc. (a)	30,100		982,765
Precision Castparts Corp.	11,100		1,516,038
Raytheon Co.	12,700		585,216
United Technologies Corp.	28,400		2,123,468
			5,779,287
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	7,100		500,408
Airlines - 0.3%
Southwest Airlines Co.	25,000		344,000
Building Products - 0.2%
Quanex Building Products Corp.	12,900		232,458
Commercial Services & Supplies - 0.6%
Stericycle, Inc. (a)	9,700		695,878
Construction & Engineering - 0.8%
Fluor Corp.	5,600		269,864
Jacobs Engineering Group, Inc. (a)	9,000		347,490
KBR, Inc.	12,700		322,580
			939,934
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.7%
American Superconductor Corp. (a)(d)	19,300		$ 649,445
Satcon Technology Corp. (a)(d)	44,700		179,694
			829,139
Industrial Conglomerates - 0.5%
Textron, Inc.	30,800		641,256
Machinery - 1.4%
Cummins, Inc.	5,000		440,500
Ingersoll-Rand Co. Ltd.	21,200		833,372
PACCAR, Inc.	6,600		338,316
			1,612,188
Road & Rail - 0.9%
Old Dominion Freight Lines, Inc. (a)	11,100		311,355
Union Pacific Corp.	8,300		727,744
			1,039,099
Trading Companies & Distributors - 0.6%
WESCO International, Inc. (a)	15,500		663,710
TOTAL INDUSTRIALS			13,277,357
INFORMATION TECHNOLOGY - 32.7%
Communications Equipment - 5.3%
Cisco Systems, Inc. (a)	95,900		2,189,397
Juniper Networks, Inc. (a)	45,800		1,483,462
Motorola, Inc. (a)	69,200		563,980
QUALCOMM, Inc.	44,400		2,003,772
			6,240,611
Computers & Peripherals - 7.2%
Apple, Inc. (a)	22,400		6,739,488
Hewlett-Packard Co.	21,800		916,908
SanDisk Corp. (a)	11,600		435,928
Western Digital Corp. (a)	10,300		329,806
			8,422,130
Electronic Equipment & Components - 0.3%
Vishay Intertechnology, Inc. (a)	37,100		419,230
Internet Software & Services - 6.5%
Baidu.com, Inc. sponsored ADR (a)	5,600		616,056
eBay, Inc. (a)	53,600		1,597,816
Google, Inc. Class A (a)	7,500		4,597,425
NetEase.com, Inc. sponsored ADR (a)	9,000		376,200
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
OpenTable, Inc. (a)	3,400		$ 208,590
Rackspace Hosting, Inc. (a)	9,304		232,228
			7,628,315
IT Services - 3.3%
Cognizant Technology Solutions Corp. Class A (a)	22,100		1,440,699
International Business Machines Corp.	16,700		2,398,120
			3,838,819
Office Electronics - 0.1%
Xerox Corp.	10,400		121,680
Semiconductors & Semiconductor Equipment - 3.1%
Broadcom Corp. Class A	8,000		325,920
GT Solar International, Inc. (a)	6,900		56,787
LTX-Credence Corp. (a)	38,933		247,225
Marvell Technology Group Ltd. (a)	48,600		938,466
NVIDIA Corp. (a)	34,800		418,644
Power Integrations, Inc.	8,000		273,280
Skyworks Solutions, Inc. (a)	30,900		707,919
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	26,700		291,297
Varian Semiconductor Equipment Associates, Inc. (a)	10,900		356,103
			3,615,641
Software - 6.9%
Autonomy Corp. PLC (a)	19,100		447,388
BMC Software, Inc. (a)	14,800		672,808
CA, Inc.	29,000		673,090
Check Point Software Technologies Ltd. (a)	8,800		376,200
Citrix Systems, Inc. (a)	6,500		416,455
Informatica Corp. (a)	16,600		675,454
Intuit, Inc. (a)	23,800		1,142,400
MICROS Systems, Inc. (a)	21,200		962,268
Red Hat, Inc. (a)	16,100		680,386
Salesforce.com, Inc. (a)	3,400		394,638
Solera Holdings, Inc.	20,300		975,415
Symantec Corp. (a)	22,600		365,668
VMware, Inc. Class A (a)	4,800		367,008
			8,149,178
TOTAL INFORMATION TECHNOLOGY			38,435,604
Common Stocks - continued
	Shares		Value
MATERIALS - 5.4%
Chemicals - 3.5%
Ashland, Inc.	6,600		$ 340,758
Cabot Corp.	11,400		387,828
CF Industries Holdings, Inc.	6,200		759,686
Dow Chemical Co.	10,400		320,632
LyondellBasell Industries NV Class A (a)	23,900		641,954
Praxair, Inc.	9,000		822,060
The Mosaic Co.	10,800		790,128
			4,063,046
Metals & Mining - 1.9%
AngloGold Ashanti Ltd. sponsored ADR	12,400		584,164
Freeport-McMoRan Copper & Gold, Inc.	5,600		530,208
Newmont Mining Corp.	18,900		1,150,443
			2,264,815
TOTAL MATERIALS			6,327,861
TELECOMMUNICATION SERVICES - 1.5%
Wireless Telecommunication Services - 1.5%
American Tower Corp. Class A (a)	31,800		1,641,198
Sprint Nextel Corp. (a)	26,100		107,532
			1,748,730
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	11,100		132,534
TOTAL COMMON STOCKS (Cost $101,119,229)		117,317,101
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (b)	667,193		$ 667,193
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	1,785,000		1,785,000
TOTAL MONEY MARKET FUNDS (Cost $2,452,193)		2,452,193
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $103,571,422)			119,769,294
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(2,080,160)
NET ASSETS - 100%		$ 117,689,134

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,292
Fidelity Securities Lending Cash Central Fund	13,452
Total	$ 14,744

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 18,392,807	$ 18,392,807	$ -	$ -
Consumer Staples	9,317,896	9,317,896	-	-
Energy	12,280,018	12,280,018	-	-
Financials	6,630,006	6,630,006	-	-
Health Care	10,774,288	10,395,501	378,787	-
Industrials	13,277,357	13,277,357	-	-
Information Technology	38,435,604	38,435,604	-	-
Materials	6,327,861	6,327,861	-	-
Telecommunication Services	1,748,730	1,748,730	-	-
Utilities	132,534	132,534	-	-
Money Market Funds	2,452,193	2,452,193	-	-
Total Investments in Securities:	$ 119,769,294	$ 119,390,507	$ 378,787	$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $103,652,412. Net unrealized appreciation aggregated $16,116,882, of which $17,998,214 related to appreciated investment securities and $1,881,332 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

1.859107.103

ALCG-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 15.6%
Auto Components - 0.3%
TRW Automotive Holdings Corp. (a)	7,600		$ 347,244
Automobiles - 0.8%
Ford Motor Co. (a)	56,900		803,997
Hyundai Motor Co.	760		114,895
			918,892
Household Durables - 2.4%
Beazer Homes USA, Inc. (a)(d)	36,100		146,566
iRobot Corp. (a)	13,800		288,144
La-Z-Boy, Inc. (a)	33,600		261,072
Meritage Homes Corp. (a)	11,800		216,058
Ryland Group, Inc.	9,400		140,812
Tempur-Pedic International, Inc. (a)	50,700		1,749,150
			2,801,802
Internet & Catalog Retail - 2.7%
Amazon.com, Inc. (a)	13,800		2,278,932
Expedia, Inc.	15,800		457,410
Netflix, Inc. (a)	2,400		416,400
			3,152,742
Leisure Equipment & Products - 1.0%
Hasbro, Inc.	27,100		1,253,375
Media - 2.1%
DIRECTV (a)	29,900		1,299,454
The Walt Disney Co.	15,400		556,094
Virgin Media, Inc.	24,600		625,578
			2,481,126
Specialty Retail - 4.8%
Best Buy Co., Inc.	20,100		863,898
DSW, Inc. Class A (a)	39,600		1,317,492
Sally Beauty Holdings, Inc. (a)	99,700		1,213,349
TJX Companies, Inc.	36,100		1,656,629
Urban Outfitters, Inc. (a)	19,100		587,707
			5,639,075
Textiles, Apparel & Luxury Goods - 1.5%
Deckers Outdoor Corp. (a)	5,800		336,980
Phillips-Van Heusen Corp.	10,200		625,668
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
Polo Ralph Lauren Corp. Class A	8,600		$ 833,168
Vera Bradley, Inc. (a)	100		2,735
			1,798,551
TOTAL CONSUMER DISCRETIONARY			18,392,807
CONSUMER STAPLES - 7.9%
Beverages - 3.0%
Anheuser-Busch InBev SA NV	10,484		656,969
Dr Pepper Snapple Group, Inc.	19,500		712,725
The Coca-Cola Co.	34,200		2,097,144
			3,466,838
Food & Staples Retailing - 0.8%
Drogasil SA	2,400		60,705
Kroger Co.	26,900		591,800
Wal-Mart de Mexico SA de CV Series V	93,300		255,186
			907,691
Food Products - 1.4%
Danone	4,664		295,120
Mead Johnson Nutrition Co. Class A	5,500		323,510
Nestle SA sponsored ADR	10,100		553,985
The J.M. Smucker Co.	4,600		295,688
Tingyi (Cayman Islands) Holding Corp.	40,000		108,886
Want Want China Holdings Ltd. ADR	2,600		119,922
			1,697,111
Household Products - 0.5%
Procter & Gamble Co.	10,000		635,700
Personal Products - 2.2%
BaWang International (Group) Holding Ltd.	187,000		78,648
Estee Lauder Companies, Inc. Class A	6,600		469,722
Hengan International Group Co. Ltd.	24,000		226,028
Herbalife Ltd.	22,300		1,424,078
Schiff Nutrition International, Inc.	51,000		412,080
			2,610,556
TOTAL CONSUMER STAPLES			9,317,896
Common Stocks - continued
	Shares		Value
ENERGY - 10.4%
Energy Equipment & Services - 2.4%
Baker Hughes, Inc.	8,000		$ 370,640
Complete Production Services, Inc. (a)	5,900		138,237
Halliburton Co.	31,100		990,846
Schlumberger Ltd.	14,700		1,027,383
Weatherford International Ltd. (a)	17,300		290,813
			2,817,919
Oil, Gas & Consumable Fuels - 8.0%
Arch Coal, Inc.	8,200		201,638
Atlas Pipeline Partners, LP	13,600		269,144
Chesapeake Energy Corp.	9,100		197,470
Chevron Corp.	5,500		454,355
Exxon Mobil Corp.	105,900		7,039,171
Holly Corp.	9,500		310,935
Massey Energy Co.	7,800		328,146
Southwestern Energy Co. (a)	13,600		460,360
Whiting Petroleum Corp. (a)	2,000		200,880
			9,462,099
TOTAL ENERGY			12,280,018
FINANCIALS - 5.6%
Capital Markets - 2.0%
Bank of New York Mellon Corp.	17,200		431,032
Charles Schwab Corp.	34,300		528,220
Goldman Sachs Group, Inc.	1,900		305,805
Morgan Stanley	34,800		865,476
TD Ameritrade Holding Corp.	11,500		196,535
			2,327,068
Commercial Banks - 1.1%
Regions Financial Corp.	46,200		291,060
SunTrust Banks, Inc.	21,800		545,436
Wells Fargo & Co.	19,200		500,736
Zions Bancorporation	1,900		39,254
			1,376,486
Consumer Finance - 0.2%
SLM Corp. (a)	17,000		202,300
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 1.7%
Citigroup, Inc. (a)	333,500		$ 1,390,695
JPMorgan Chase & Co.	15,800		594,554
			1,985,249
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	17,800		326,630
Henderson Land Development Co. Ltd.	14,085		100,033
Jones Lang LaSalle, Inc.	4,000		312,240
			738,903
TOTAL FINANCIALS			6,630,006
HEALTH CARE - 9.2%
Biotechnology - 3.8%
Alexion Pharmaceuticals, Inc. (a)	6,100		416,630
Amgen, Inc. (a)	4,100		234,479
Amicus Therapeutics, Inc. (a)	41,700		172,221
Amylin Pharmaceuticals, Inc. (a)	3,100		40,393
ARIAD Pharmaceuticals, Inc. (a)	85,700		315,376
ArQule, Inc. (a)	14,500		80,040
Biogen Idec, Inc. (a)	4,900		307,279
BioMarin Pharmaceutical, Inc. (a)	15,100		395,016
Gilead Sciences, Inc. (a)	24,800		983,816
Keryx Biopharmaceuticals, Inc. (a)	15,700		81,012
Nanosphere, Inc. (a)	13,000		59,020
SIGA Technologies, Inc. (a)(d)	43,700		579,025
Theravance, Inc. (a)	15,100		307,738
United Therapeutics Corp. (a)	5,600		336,000
Vertex Pharmaceuticals, Inc. (a)	3,000		114,990
			4,423,035
Health Care Equipment & Supplies - 1.3%
Alere, Inc. (a)	19,100		564,405
Edwards Lifesciences Corp. (a)	6,500		415,415
Hologic, Inc. (a)	30,200		483,804
Mako Surgical Corp. (a)	2,400		25,872
Orthovita, Inc. (a)	31,100		67,798
			1,557,294
Health Care Providers & Services - 1.4%
Express Scripts, Inc. (a)	10,400		504,608
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Medco Health Solutions, Inc. (a)	19,200		$ 1,008,576
Team Health Holdings, Inc.	7,700		102,795
			1,615,979
Health Care Technology - 1.6%
Allscripts-Misys Healthcare Solutions, Inc. (a)	32,200		614,698
Cerner Corp. (a)	14,700		1,291,101
			1,905,799
Pharmaceuticals - 1.1%
Ardea Biosciences, Inc. (a)	1,700		36,244
Cadence Pharmaceuticals, Inc. (a)(d)	32,900		292,152
GlaxoSmithKline PLC	19,400		378,787
Teva Pharmaceutical Industries Ltd. sponsored ADR	5,000		259,500
Valeant Pharmaceuticals International, Inc.	11,041		305,498
			1,272,181
TOTAL HEALTH CARE			10,774,288
INDUSTRIALS - 11.3%
Aerospace & Defense - 4.9%
Alliant Techsystems, Inc. (a)	7,500		571,800
DigitalGlobe, Inc. (a)	30,100		982,765
Precision Castparts Corp.	11,100		1,516,038
Raytheon Co.	12,700		585,216
United Technologies Corp.	28,400		2,123,468
			5,779,287
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.	7,100		500,408
Airlines - 0.3%
Southwest Airlines Co.	25,000		344,000
Building Products - 0.2%
Quanex Building Products Corp.	12,900		232,458
Commercial Services & Supplies - 0.6%
Stericycle, Inc. (a)	9,700		695,878
Construction & Engineering - 0.8%
Fluor Corp.	5,600		269,864
Jacobs Engineering Group, Inc. (a)	9,000		347,490
KBR, Inc.	12,700		322,580
			939,934
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 0.7%
American Superconductor Corp. (a)(d)	19,300		$ 649,445
Satcon Technology Corp. (a)(d)	44,700		179,694
			829,139
Industrial Conglomerates - 0.5%
Textron, Inc.	30,800		641,256
Machinery - 1.4%
Cummins, Inc.	5,000		440,500
Ingersoll-Rand Co. Ltd.	21,200		833,372
PACCAR, Inc.	6,600		338,316
			1,612,188
Road & Rail - 0.9%
Old Dominion Freight Lines, Inc. (a)	11,100		311,355
Union Pacific Corp.	8,300		727,744
			1,039,099
Trading Companies & Distributors - 0.6%
WESCO International, Inc. (a)	15,500		663,710
TOTAL INDUSTRIALS			13,277,357
INFORMATION TECHNOLOGY - 32.7%
Communications Equipment - 5.3%
Cisco Systems, Inc. (a)	95,900		2,189,397
Juniper Networks, Inc. (a)	45,800		1,483,462
Motorola, Inc. (a)	69,200		563,980
QUALCOMM, Inc.	44,400		2,003,772
			6,240,611
Computers & Peripherals - 7.2%
Apple, Inc. (a)	22,400		6,739,488
Hewlett-Packard Co.	21,800		916,908
SanDisk Corp. (a)	11,600		435,928
Western Digital Corp. (a)	10,300		329,806
			8,422,130
Electronic Equipment & Components - 0.3%
Vishay Intertechnology, Inc. (a)	37,100		419,230
Internet Software & Services - 6.5%
Baidu.com, Inc. sponsored ADR (a)	5,600		616,056
eBay, Inc. (a)	53,600		1,597,816
Google, Inc. Class A (a)	7,500		4,597,425
NetEase.com, Inc. sponsored ADR (a)	9,000		376,200
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
OpenTable, Inc. (a)	3,400		$ 208,590
Rackspace Hosting, Inc. (a)	9,304		232,228
			7,628,315
IT Services - 3.3%
Cognizant Technology Solutions Corp. Class A (a)	22,100		1,440,699
International Business Machines Corp.	16,700		2,398,120
			3,838,819
Office Electronics - 0.1%
Xerox Corp.	10,400		121,680
Semiconductors & Semiconductor Equipment - 3.1%
Broadcom Corp. Class A	8,000		325,920
GT Solar International, Inc. (a)	6,900		56,787
LTX-Credence Corp. (a)	38,933		247,225
Marvell Technology Group Ltd. (a)	48,600		938,466
NVIDIA Corp. (a)	34,800		418,644
Power Integrations, Inc.	8,000		273,280
Skyworks Solutions, Inc. (a)	30,900		707,919
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	26,700		291,297
Varian Semiconductor Equipment Associates, Inc. (a)	10,900		356,103
			3,615,641
Software - 6.9%
Autonomy Corp. PLC (a)	19,100		447,388
BMC Software, Inc. (a)	14,800		672,808
CA, Inc.	29,000		673,090
Check Point Software Technologies Ltd. (a)	8,800		376,200
Citrix Systems, Inc. (a)	6,500		416,455
Informatica Corp. (a)	16,600		675,454
Intuit, Inc. (a)	23,800		1,142,400
MICROS Systems, Inc. (a)	21,200		962,268
Red Hat, Inc. (a)	16,100		680,386
Salesforce.com, Inc. (a)	3,400		394,638
Solera Holdings, Inc.	20,300		975,415
Symantec Corp. (a)	22,600		365,668
VMware, Inc. Class A (a)	4,800		367,008
			8,149,178
TOTAL INFORMATION TECHNOLOGY			38,435,604
Common Stocks - continued
	Shares		Value
MATERIALS - 5.4%
Chemicals - 3.5%
Ashland, Inc.	6,600		$ 340,758
Cabot Corp.	11,400		387,828
CF Industries Holdings, Inc.	6,200		759,686
Dow Chemical Co.	10,400		320,632
LyondellBasell Industries NV Class A (a)	23,900		641,954
Praxair, Inc.	9,000		822,060
The Mosaic Co.	10,800		790,128
			4,063,046
Metals & Mining - 1.9%
AngloGold Ashanti Ltd. sponsored ADR	12,400		584,164
Freeport-McMoRan Copper & Gold, Inc.	5,600		530,208
Newmont Mining Corp.	18,900		1,150,443
			2,264,815
TOTAL MATERIALS			6,327,861
TELECOMMUNICATION SERVICES - 1.5%
Wireless Telecommunication Services - 1.5%
American Tower Corp. Class A (a)	31,800		1,641,198
Sprint Nextel Corp. (a)	26,100		107,532
			1,748,730
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	11,100		132,534
TOTAL COMMON STOCKS (Cost $101,119,229)		117,317,101
Money Market Funds - 2.1%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (b)	667,193		$ 667,193
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	1,785,000		1,785,000
TOTAL MONEY MARKET FUNDS (Cost $2,452,193)		2,452,193
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $103,571,422)			119,769,294
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(2,080,160)
NET ASSETS - 100%		$ 117,689,134

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,292
Fidelity Securities Lending Cash Central Fund	13,452
Total	$ 14,744

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 18,392,807	$ 18,392,807	$ -	$ -
Consumer Staples	9,317,896	9,317,896	-	-
Energy	12,280,018	12,280,018	-	-
Financials	6,630,006	6,630,006	-	-
Health Care	10,774,288	10,395,501	378,787	-
Industrials	13,277,357	13,277,357	-	-
Information Technology	38,435,604	38,435,604	-	-
Materials	6,327,861	6,327,861	-	-
Telecommunication Services	1,748,730	1,748,730	-	-
Utilities	132,534	132,534	-	-
Money Market Funds	2,452,193	2,452,193	-	-
Total Investments in Securities:	$ 119,769,294	$ 119,390,507	$ 378,787	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Large Cap Value Fund

October 31, 2010

1.809080.106

LCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.1%
Auto Components - 0.6%
TRW Automotive Holdings Corp. (a)	120,100		$ 5,487,369
Automobiles - 1.1%
Ford Motor Co. (a)	653,600		9,235,368
Hotels, Restaurants & Leisure - 0.6%
Wyndham Worldwide Corp.	189,700		5,453,875
Media - 3.1%
Comcast Corp. Class A	642,100		13,214,418
The Walt Disney Co.	42,900		1,549,119
Viacom, Inc. Class B (non-vtg.)	309,900		11,959,041
			26,722,578
Multiline Retail - 1.0%
Macy's, Inc.	355,000		8,392,200
Specialty Retail - 1.1%
Best Buy Co., Inc.	214,900		9,236,402
Textiles, Apparel & Luxury Goods - 0.6%
VF Corp.	67,500		5,618,700
TOTAL CONSUMER DISCRETIONARY			70,146,492
CONSUMER STAPLES - 10.3%
Beverages - 1.6%
Dr Pepper Snapple Group, Inc.	190,500		6,962,775
Molson Coors Brewing Co. Class B	154,100		7,278,143
			14,240,918
Food & Staples Retailing - 0.8%
Kroger Co.	301,200		6,626,400
Food Products - 2.4%
Archer Daniels Midland Co.	292,600		9,749,432
Ralcorp Holdings, Inc. (a)	81,800		5,076,508
The J.M. Smucker Co.	88,400		5,682,352
			20,508,292
Household Products - 3.8%
Energizer Holdings, Inc. (a)	105,800		7,911,724
Kimberly-Clark Corp.	138,500		8,772,590
Procter & Gamble Co.	261,500		16,623,555
			33,307,869
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.7%
Altria Group, Inc.	306,900		$ 7,801,398
Philip Morris International, Inc.	120,100		7,025,850
			14,827,248
TOTAL CONSUMER STAPLES			89,510,727
ENERGY - 11.6%
Energy Equipment & Services - 3.6%
Dresser-Rand Group, Inc. (a)	119,700		4,096,134
Halliburton Co.	136,300		4,342,518
National Oilwell Varco, Inc.	141,800		7,623,168
Noble Corp.	193,400		6,678,102
Transocean Ltd. (a)	136,500		8,648,640
			31,388,562
Oil, Gas & Consumable Fuels - 8.0%
Chevron Corp.	408,100		33,713,140
ConocoPhillips	205,500		12,206,700
Marathon Oil Corp.	397,000		14,121,290
Sunoco, Inc.	256,600		9,614,802
			69,655,932
TOTAL ENERGY			101,044,494
FINANCIALS - 26.3%
Capital Markets - 1.9%
Goldman Sachs Group, Inc.	102,000		16,416,900
Commercial Banks - 5.4%
PNC Financial Services Group, Inc.	158,000		8,516,200
Regions Financial Corp.	778,600		4,905,180
SunTrust Banks, Inc.	245,000		6,129,900
Wells Fargo & Co.	1,036,600		27,034,528
			46,585,808
Consumer Finance - 0.8%
Capital One Financial Corp.	179,900		6,704,873
Diversified Financial Services - 7.1%
Bank of America Corp.	679,600		7,774,624
Citigroup, Inc. (a)	5,689,800		23,726,466
JPMorgan Chase & Co.	808,600		30,427,618
			61,928,708
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 8.4%
ACE Ltd.	187,000		$ 11,111,540
Allstate Corp.	346,600		10,567,834
Berkshire Hathaway, Inc. Class B (a)	145,500		11,575,980
Genworth Financial, Inc. Class A (a)	524,200		5,944,428
Lincoln National Corp.	386,400		9,459,072
MetLife, Inc.	225,800		9,106,514
Unum Group	342,400		7,676,608
XL Capital Ltd. Class A	351,500		7,434,225
			72,876,201
Real Estate Investment Trusts - 2.7%
AvalonBay Communities, Inc.	51,000		5,421,810
ProLogis Trust	136,300		1,860,495
SL Green Realty Corp.	74,200		4,876,424
Vornado Realty Trust	70,300		6,143,517
Weyerhaeuser Co.	351,200		5,696,464
			23,998,710
TOTAL FINANCIALS			228,511,200
HEALTH CARE - 13.1%
Biotechnology - 0.9%
Cephalon, Inc. (a)	115,900		7,700,396
Health Care Equipment & Supplies - 2.0%
Cooper Companies, Inc.	136,400		6,729,976
Hill-Rom Holdings, Inc.	125,600		4,867,000
Zimmer Holdings, Inc. (a)	114,200		5,417,648
			17,014,624
Health Care Providers & Services - 1.9%
CIGNA Corp.	283,300		9,969,327
Humana, Inc. (a)	113,400		6,610,086
			16,579,413
Pharmaceuticals - 8.3%
Johnson & Johnson	205,100		13,058,717
Merck & Co., Inc.	695,100		25,218,228
Pfizer, Inc.	1,531,600		26,649,840
Watson Pharmaceuticals, Inc. (a)	157,400		7,342,710
			72,269,495
TOTAL HEALTH CARE			113,563,928
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 8.9%
Aerospace & Defense - 1.3%
Raytheon Co.	246,900		$ 11,377,152
Airlines - 0.8%
United Continental Holdings, Inc. (a)	243,230		7,063,399
Commercial Services & Supplies - 0.6%
Republic Services, Inc.	174,500		5,201,845
Construction & Engineering - 0.9%
KBR, Inc.	294,000		7,467,600
Industrial Conglomerates - 1.8%
General Electric Co.	679,300		10,882,386
Textron, Inc.	234,200		4,876,044
			15,758,430
Machinery - 2.5%
Cummins, Inc.	49,600		4,369,760
Ingersoll-Rand Co. Ltd.	167,700		6,592,287
Navistar International Corp. (a)	96,600		4,654,188
Timken Co.	157,100		6,507,082
			22,123,317
Road & Rail - 1.0%
CSX Corp.	136,500		8,387,925
TOTAL INDUSTRIALS			77,379,668
INFORMATION TECHNOLOGY - 6.5%
Computers & Peripherals - 2.4%
Hewlett-Packard Co.	204,300		8,592,858
Lexmark International, Inc. Class A (a)	129,600		4,928,688
Western Digital Corp. (a)	234,500		7,508,690
			21,030,236
Electronic Equipment & Components - 0.7%
Avnet, Inc. (a)	200,500		5,970,890
IT Services - 0.5%
International Business Machines Corp.	30,900		4,437,240
Office Electronics - 1.2%
Xerox Corp.	914,800		10,703,160
Semiconductors & Semiconductor Equipment - 0.9%
Micron Technology, Inc. (a)	950,665		7,862,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 0.8%
CA, Inc.	238,400		$ 5,533,264
Microsoft Corp.	34,800		927,072
			6,460,336
TOTAL INFORMATION TECHNOLOGY			56,463,862
MATERIALS - 3.1%
Chemicals - 1.6%
Ashland, Inc.	100,300		5,178,489
E.I. du Pont de Nemours & Co.	186,000		8,794,080
			13,972,569
Metals & Mining - 1.5%
Cliffs Natural Resources, Inc.	68,300		4,453,160
Freeport-McMoRan Copper & Gold, Inc.	45,500		4,307,940
Newmont Mining Corp.	67,900		4,133,073
			12,894,173
TOTAL MATERIALS			26,866,742
TELECOMMUNICATION SERVICES - 4.7%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	698,762		19,914,717
Qwest Communications International, Inc.	1,299,800		8,578,680
Verizon Communications, Inc.	141,500		4,594,505
			33,087,902
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp. (a)	1,838,300		7,573,796
TOTAL TELECOMMUNICATION SERVICES			40,661,698
UTILITIES - 6.8%
Electric Utilities - 3.4%
American Electric Power Co., Inc.	194,400		7,278,336
Entergy Corp.	107,300		7,997,069
NextEra Energy, Inc.	138,500		7,623,040
PPL Corp.	243,500		6,550,150
			29,448,595
Multi-Utilities - 3.4%
PG&E Corp.	228,100		10,907,742
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Public Service Enterprise Group, Inc.	328,700		$ 10,633,445
Sempra Energy	158,400		8,471,232
			30,012,419
TOTAL UTILITIES			59,461,014
TOTAL COMMON STOCKS (Cost $818,470,726)		863,609,825
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.23% (b) (Cost $5,903,235)	5,903,235		5,903,235
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $824,373,961)		869,513,060
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(1,144,282)
NET ASSETS - 100%		$ 868,368,778

Legend

(a) Non-income producing

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	$ 4,936
Fidelity Securities Lending Cash Central Fund	1,633
Total	$ 6,569

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 October 31, 2010, the cost of investment securities for income tax purposes was $852,630,592. Net unrealized appreciation aggregated $16,882,468, of which $80,017,056 related to appreciated investment securities and $63,134,588 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor Large Cap
Value Fund

Class A
Class T
Class B
Class C
Institutional Class

October 31, 2010

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

1.859111.103

ALCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
CONSUMER DISCRETIONARY - 8.1%
Auto Components - 0.6%
TRW Automotive Holdings Corp. (a)	120,100		$ 5,487,369
Automobiles - 1.1%
Ford Motor Co. (a)	653,600		9,235,368
Hotels, Restaurants & Leisure - 0.6%
Wyndham Worldwide Corp.	189,700		5,453,875
Media - 3.1%
Comcast Corp. Class A	642,100		13,214,418
The Walt Disney Co.	42,900		1,549,119
Viacom, Inc. Class B (non-vtg.)	309,900		11,959,041
			26,722,578
Multiline Retail - 1.0%
Macy's, Inc.	355,000		8,392,200
Specialty Retail - 1.1%
Best Buy Co., Inc.	214,900		9,236,402
Textiles, Apparel & Luxury Goods - 0.6%
VF Corp.	67,500		5,618,700
TOTAL CONSUMER DISCRETIONARY			70,146,492
CONSUMER STAPLES - 10.3%
Beverages - 1.6%
Dr Pepper Snapple Group, Inc.	190,500		6,962,775
Molson Coors Brewing Co. Class B	154,100		7,278,143
			14,240,918
Food & Staples Retailing - 0.8%
Kroger Co.	301,200		6,626,400
Food Products - 2.4%
Archer Daniels Midland Co.	292,600		9,749,432
Ralcorp Holdings, Inc. (a)	81,800		5,076,508
The J.M. Smucker Co.	88,400		5,682,352
			20,508,292
Household Products - 3.8%
Energizer Holdings, Inc. (a)	105,800		7,911,724
Kimberly-Clark Corp.	138,500		8,772,590
Procter & Gamble Co.	261,500		16,623,555
			33,307,869
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 1.7%
Altria Group, Inc.	306,900		$ 7,801,398
Philip Morris International, Inc.	120,100		7,025,850
			14,827,248
TOTAL CONSUMER STAPLES			89,510,727
ENERGY - 11.6%
Energy Equipment & Services - 3.6%
Dresser-Rand Group, Inc. (a)	119,700		4,096,134
Halliburton Co.	136,300		4,342,518
National Oilwell Varco, Inc.	141,800		7,623,168
Noble Corp.	193,400		6,678,102
Transocean Ltd. (a)	136,500		8,648,640
			31,388,562
Oil, Gas & Consumable Fuels - 8.0%
Chevron Corp.	408,100		33,713,140
ConocoPhillips	205,500		12,206,700
Marathon Oil Corp.	397,000		14,121,290
Sunoco, Inc.	256,600		9,614,802
			69,655,932
TOTAL ENERGY			101,044,494
FINANCIALS - 26.3%
Capital Markets - 1.9%
Goldman Sachs Group, Inc.	102,000		16,416,900
Commercial Banks - 5.4%
PNC Financial Services Group, Inc.	158,000		8,516,200
Regions Financial Corp.	778,600		4,905,180
SunTrust Banks, Inc.	245,000		6,129,900
Wells Fargo & Co.	1,036,600		27,034,528
			46,585,808
Consumer Finance - 0.8%
Capital One Financial Corp.	179,900		6,704,873
Diversified Financial Services - 7.1%
Bank of America Corp.	679,600		7,774,624
Citigroup, Inc. (a)	5,689,800		23,726,466
JPMorgan Chase & Co.	808,600		30,427,618
			61,928,708
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 8.4%
ACE Ltd.	187,000		$ 11,111,540
Allstate Corp.	346,600		10,567,834
Berkshire Hathaway, Inc. Class B (a)	145,500		11,575,980
Genworth Financial, Inc. Class A (a)	524,200		5,944,428
Lincoln National Corp.	386,400		9,459,072
MetLife, Inc.	225,800		9,106,514
Unum Group	342,400		7,676,608
XL Capital Ltd. Class A	351,500		7,434,225
			72,876,201
Real Estate Investment Trusts - 2.7%
AvalonBay Communities, Inc.	51,000		5,421,810
ProLogis Trust	136,300		1,860,495
SL Green Realty Corp.	74,200		4,876,424
Vornado Realty Trust	70,300		6,143,517
Weyerhaeuser Co.	351,200		5,696,464
			23,998,710
TOTAL FINANCIALS			228,511,200
HEALTH CARE - 13.1%
Biotechnology - 0.9%
Cephalon, Inc. (a)	115,900		7,700,396
Health Care Equipment & Supplies - 2.0%
Cooper Companies, Inc.	136,400		6,729,976
Hill-Rom Holdings, Inc.	125,600		4,867,000
Zimmer Holdings, Inc. (a)	114,200		5,417,648
			17,014,624
Health Care Providers & Services - 1.9%
CIGNA Corp.	283,300		9,969,327
Humana, Inc. (a)	113,400		6,610,086
			16,579,413
Pharmaceuticals - 8.3%
Johnson & Johnson	205,100		13,058,717
Merck & Co., Inc.	695,100		25,218,228
Pfizer, Inc.	1,531,600		26,649,840
Watson Pharmaceuticals, Inc. (a)	157,400		7,342,710
			72,269,495
TOTAL HEALTH CARE			113,563,928
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 8.9%
Aerospace & Defense - 1.3%
Raytheon Co.	246,900		$ 11,377,152
Airlines - 0.8%
United Continental Holdings, Inc. (a)	243,230		7,063,399
Commercial Services & Supplies - 0.6%
Republic Services, Inc.	174,500		5,201,845
Construction & Engineering - 0.9%
KBR, Inc.	294,000		7,467,600
Industrial Conglomerates - 1.8%
General Electric Co.	679,300		10,882,386
Textron, Inc.	234,200		4,876,044
			15,758,430
Machinery - 2.5%
Cummins, Inc.	49,600		4,369,760
Ingersoll-Rand Co. Ltd.	167,700		6,592,287
Navistar International Corp. (a)	96,600		4,654,188
Timken Co.	157,100		6,507,082
			22,123,317
Road & Rail - 1.0%
CSX Corp.	136,500		8,387,925
TOTAL INDUSTRIALS			77,379,668
INFORMATION TECHNOLOGY - 6.5%
Computers & Peripherals - 2.4%
Hewlett-Packard Co.	204,300		8,592,858
Lexmark International, Inc. Class A (a)	129,600		4,928,688
Western Digital Corp. (a)	234,500		7,508,690
			21,030,236
Electronic Equipment & Components - 0.7%
Avnet, Inc. (a)	200,500		5,970,890
IT Services - 0.5%
International Business Machines Corp.	30,900		4,437,240
Office Electronics - 1.2%
Xerox Corp.	914,800		10,703,160
Semiconductors & Semiconductor Equipment - 0.9%
Micron Technology, Inc. (a)	950,665		7,862,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 0.8%
CA, Inc.	238,400		$ 5,533,264
Microsoft Corp.	34,800		927,072
			6,460,336
TOTAL INFORMATION TECHNOLOGY			56,463,862
MATERIALS - 3.1%
Chemicals - 1.6%
Ashland, Inc.	100,300		5,178,489
E.I. du Pont de Nemours & Co.	186,000		8,794,080
			13,972,569
Metals & Mining - 1.5%
Cliffs Natural Resources, Inc.	68,300		4,453,160
Freeport-McMoRan Copper & Gold, Inc.	45,500		4,307,940
Newmont Mining Corp.	67,900		4,133,073
			12,894,173
TOTAL MATERIALS			26,866,742
TELECOMMUNICATION SERVICES - 4.7%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	698,762		19,914,717
Qwest Communications International, Inc.	1,299,800		8,578,680
Verizon Communications, Inc.	141,500		4,594,505
			33,087,902
Wireless Telecommunication Services - 0.9%
Sprint Nextel Corp. (a)	1,838,300		7,573,796
TOTAL TELECOMMUNICATION SERVICES			40,661,698
UTILITIES - 6.8%
Electric Utilities - 3.4%
American Electric Power Co., Inc.	194,400		7,278,336
Entergy Corp.	107,300		7,997,069
NextEra Energy, Inc.	138,500		7,623,040
PPL Corp.	243,500		6,550,150
			29,448,595
Multi-Utilities - 3.4%
PG&E Corp.	228,100		10,907,742
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Public Service Enterprise Group, Inc.	328,700		$ 10,633,445
Sempra Energy	158,400		8,471,232
			30,012,419
TOTAL UTILITIES			59,461,014
TOTAL COMMON STOCKS (Cost $818,470,726)		863,609,825
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.23% (b) (Cost $5,903,235)	5,903,235		5,903,235
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $824,373,961)		869,513,060
NET OTHER ASSETS (LIABILITIES) - (0.1)%		(1,144,282)
NET ASSETS - 100%		$ 868,368,778

Legend

(a) Non-income producing

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	$ 4,936
Fidelity Securities Lending Cash Central Fund	1,633
Total	$ 6,569

Other Information

Income Tax Information

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Growth Fund

October 31, 2010

1.809081.1065

MCG-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 17.6%
Hotels, Restaurants & Leisure - 2.3%
Las Vegas Sands Corp. (a)	71,300		$ 3,271,244
Starbucks Corp.	93,600		2,665,728
			5,936,972
Household Durables - 0.5%
Jarden Corp.	42,000		1,346,520
Internet & Catalog Retail - 2.1%
Expedia, Inc.	193,000		5,587,350
Media - 1.2%
Discovery Communications, Inc. (a)	68,100		3,037,941
Multiline Retail - 2.1%
Dollar General Corp.	192,400		5,423,756
Specialty Retail - 4.9%
Abercrombie & Fitch Co. Class A	93,300		3,998,838
CarMax, Inc. (a)	102,500		3,176,475
Monro Muffler Brake, Inc.	23,100		1,102,794
Urban Outfitters, Inc. (a)	153,500		4,723,195
			13,001,302
Textiles, Apparel & Luxury Goods - 4.5%
Hanesbrands, Inc. (a)	169,100		4,193,680
Polo Ralph Lauren Corp. Class A	44,400		4,301,472
Warnaco Group, Inc. (a)	62,500		3,319,375
			11,814,527
TOTAL CONSUMER DISCRETIONARY			46,148,368
CONSUMER STAPLES - 4.6%
Beverages - 1.8%
Heckmann Corp. (a)	1,188,600		4,861,374
Food Products - 1.8%
Mead Johnson Nutrition Co. Class A	51,000		2,999,820
Origin Agritech Ltd. (a)	199,069		1,733,891
			4,733,711
Personal Products - 1.0%
Estee Lauder Companies, Inc. Class A	37,000		2,633,290
TOTAL CONSUMER STAPLES			12,228,375
Common Stocks - continued
	Shares		Value
ENERGY - 7.1%
Energy Equipment & Services - 3.9%
Dresser-Rand Group, Inc. (a)	119,600		$ 4,092,712
Exterran Holdings, Inc. (a)	55,900		1,407,003
Helmerich & Payne, Inc.	29,600		1,266,288
Weatherford International Ltd. (a)	207,400		3,486,394
			10,252,397
Oil, Gas & Consumable Fuels - 3.2%
Daylight Energy Ltd.	132,800		1,292,974
EXCO Resources, Inc.	291,000		4,315,530
Legacy Oil + Gas, Inc. (a)	104,100		1,253,405
Penn West Energy Trust	64,700		1,473,655
			8,335,564
TOTAL ENERGY			18,587,961
FINANCIALS - 5.7%
Capital Markets - 1.0%
Stifel Financial Corp. (a)	53,000		2,511,670
Commercial Banks - 2.0%
Marshall & Ilsley Corp.	125,000		738,750
Regions Financial Corp.	361,400		2,276,820
SunTrust Banks, Inc.	91,900		2,299,338
			5,314,908
Diversified Financial Services - 1.2%
MSCI, Inc. Class A (a)	87,800		3,147,630
Insurance - 0.5%
Hanover Insurance Group, Inc.	30,000		1,357,500
Real Estate Management & Development - 1.0%
Indiabulls Real Estate Ltd. (a)	594,642		2,567,727
TOTAL FINANCIALS			14,899,435
HEALTH CARE - 15.6%
Biotechnology - 4.2%
Alexion Pharmaceuticals, Inc. (a)	59,300		4,050,190
BioMarin Pharmaceutical, Inc. (a)	77,000		2,014,320
Celera Corp. (a)	180,000		1,026,000
Human Genome Sciences, Inc. (a)	42,000		1,128,960
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
InterMune, Inc. (a)	72,900		$ 957,906
United Therapeutics Corp. (a)	32,500		1,950,000
			11,127,376
Health Care Equipment & Supplies - 11.4%
American Medical Systems Holdings, Inc. (a)	56,500		1,141,300
ArthroCare Corp. (a)	305,379		8,330,739
Cyberonics, Inc. (a)	397,187		10,926,615
Edwards Lifesciences Corp. (a)	41,600		2,658,656
NuVasive, Inc. (a)(d)	258,031		6,760,412
			29,817,722
TOTAL HEALTH CARE			40,945,098
INDUSTRIALS - 15.0%
Aerospace & Defense - 1.1%
Precision Castparts Corp.	20,800		2,840,864
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	36,300		2,558,424
Building Products - 3.1%
Lennox International, Inc.	132,500		5,433,825
Owens Corning (a)	98,000		2,649,920
			8,083,745
Commercial Services & Supplies - 1.4%
Covanta Holding Corp.	80,000		1,262,400
Stericycle, Inc. (a)	35,000		2,510,900
			3,773,300
Construction & Engineering - 2.1%
Fluor Corp.	49,900		2,404,681
Jacobs Engineering Group, Inc. (a)	80,700		3,115,827
			5,520,508
Machinery - 6.3%
CNH Global NV (a)	70,900		2,814,021
Cummins, Inc.	49,100		4,325,710
Flowserve Corp.	26,300		2,630,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Ingersoll-Rand Co. Ltd.	99,300		$ 3,903,483
WABCO Holdings, Inc. (a)	64,500		2,994,090
			16,667,304
TOTAL INDUSTRIALS			39,444,145
INFORMATION TECHNOLOGY - 22.0%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	123,300		3,993,687
Riverbed Technology, Inc. (a)	23,000		1,323,420
			5,317,107
Computers & Peripherals - 2.2%
NetApp, Inc. (a)	83,000		4,419,750
SanDisk Corp. (a)	34,700		1,304,026
			5,723,776
Electronic Equipment & Components - 2.0%
Avnet, Inc. (a)	80,100		2,385,378
Digital Ally, Inc. (a)	569,596		1,076,536
Maxwell Technologies, Inc. (a)(d)	109,600		1,777,712
			5,239,626
Internet Software & Services - 2.1%
Akamai Technologies, Inc. (a)	105,400		5,446,018
IT Services - 0.9%
Paychex, Inc.	90,000		2,493,000
Semiconductors & Semiconductor Equipment - 4.8%
ASM International NV unit (a)	64,300		1,642,865
ASML Holding NV	95,500		3,169,645
Ceva, Inc. (a)	9,500		175,845
Marvell Technology Group Ltd. (a)	234,900		4,535,919
Teradyne, Inc. (a)	274,900		3,089,876
			12,614,150
Software - 8.0%
ANSYS, Inc. (a)	77,000		3,484,250
Autodesk, Inc. (a)	40,000		1,447,200
Autonomy Corp. PLC (a)	276,200		6,469,552
Fortinet, Inc.	47,100		1,413,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	105,800		$ 4,305,002
Nuance Communications, Inc. (a)	251,100		3,944,781
			21,063,785
TOTAL INFORMATION TECHNOLOGY			57,897,462
MATERIALS - 7.3%
Chemicals - 6.9%
CF Industries Holdings, Inc.	77,000		9,434,810
Ecolab, Inc.	52,100		2,569,572
Intrepid Potash, Inc. (a)(d)	92,000		3,158,360
The Mosaic Co.	40,500		2,962,980
			18,125,722
Metals & Mining - 0.4%
Vallar PLC	77,800		1,143,639
TOTAL MATERIALS			19,269,361
TELECOMMUNICATION SERVICES - 1.4%
Wireless Telecommunication Services - 1.4%
NII Holdings, Inc. (a)	88,200		3,687,642
TOTAL COMMON STOCKS (Cost $225,287,573)		253,107,847
Nonconvertible Preferred Stocks - 1.0%

CONSUMER DISCRETIONARY - 1.0%
Automobiles - 1.0%
Porsche Automobil Holding SE (Cost $2,349,243)	49,900		2,556,189
Money Market Funds - 6.3%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (b)	5,214,789		$ 5,214,789
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	11,323,875		11,323,875
TOTAL MONEY MARKET FUNDS (Cost $16,538,664)		16,538,664
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $244,175,480)			272,202,700
NET OTHER ASSETS (LIABILITIES) - (3.6)%			(9,554,035)
NET ASSETS - 100%		$ 262,648,665

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	$ 8,547
Fidelity Securities Lending Cash Central Fund	70,720
Total	$ 79,267

Other Information

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $244,644,421. Net unrealized appreciation aggregated $27,558,279, of which $38,373,446 related to appreciated investment securities and $10,815,167 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

1.859112.103

AMCG-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
CONSUMER DISCRETIONARY - 17.6%
Hotels, Restaurants & Leisure - 2.3%
Las Vegas Sands Corp. (a)	71,300		$ 3,271,244
Starbucks Corp.	93,600		2,665,728
			5,936,972
Household Durables - 0.5%
Jarden Corp.	42,000		1,346,520
Internet & Catalog Retail - 2.1%
Expedia, Inc.	193,000		5,587,350
Media - 1.2%
Discovery Communications, Inc. (a)	68,100		3,037,941
Multiline Retail - 2.1%
Dollar General Corp.	192,400		5,423,756
Specialty Retail - 4.9%
Abercrombie & Fitch Co. Class A	93,300		3,998,838
CarMax, Inc. (a)	102,500		3,176,475
Monro Muffler Brake, Inc.	23,100		1,102,794
Urban Outfitters, Inc. (a)	153,500		4,723,195
			13,001,302
Textiles, Apparel & Luxury Goods - 4.5%
Hanesbrands, Inc. (a)	169,100		4,193,680
Polo Ralph Lauren Corp. Class A	44,400		4,301,472
Warnaco Group, Inc. (a)	62,500		3,319,375
			11,814,527
TOTAL CONSUMER DISCRETIONARY			46,148,368
CONSUMER STAPLES - 4.6%
Beverages - 1.8%
Heckmann Corp. (a)	1,188,600		4,861,374
Food Products - 1.8%
Mead Johnson Nutrition Co. Class A	51,000		2,999,820
Origin Agritech Ltd. (a)	199,069		1,733,891
			4,733,711
Personal Products - 1.0%
Estee Lauder Companies, Inc. Class A	37,000		2,633,290
TOTAL CONSUMER STAPLES			12,228,375
Common Stocks - continued
	Shares		Value
ENERGY - 7.1%
Energy Equipment & Services - 3.9%
Dresser-Rand Group, Inc. (a)	119,600		$ 4,092,712
Exterran Holdings, Inc. (a)	55,900		1,407,003
Helmerich & Payne, Inc.	29,600		1,266,288
Weatherford International Ltd. (a)	207,400		3,486,394
			10,252,397
Oil, Gas & Consumable Fuels - 3.2%
Daylight Energy Ltd.	132,800		1,292,974
EXCO Resources, Inc.	291,000		4,315,530
Legacy Oil + Gas, Inc. (a)	104,100		1,253,405
Penn West Energy Trust	64,700		1,473,655
			8,335,564
TOTAL ENERGY			18,587,961
FINANCIALS - 5.7%
Capital Markets - 1.0%
Stifel Financial Corp. (a)	53,000		2,511,670
Commercial Banks - 2.0%
Marshall & Ilsley Corp.	125,000		738,750
Regions Financial Corp.	361,400		2,276,820
SunTrust Banks, Inc.	91,900		2,299,338
			5,314,908
Diversified Financial Services - 1.2%
MSCI, Inc. Class A (a)	87,800		3,147,630
Insurance - 0.5%
Hanover Insurance Group, Inc.	30,000		1,357,500
Real Estate Management & Development - 1.0%
Indiabulls Real Estate Ltd. (a)	594,642		2,567,727
TOTAL FINANCIALS			14,899,435
HEALTH CARE - 15.6%
Biotechnology - 4.2%
Alexion Pharmaceuticals, Inc. (a)	59,300		4,050,190
BioMarin Pharmaceutical, Inc. (a)	77,000		2,014,320
Celera Corp. (a)	180,000		1,026,000
Human Genome Sciences, Inc. (a)	42,000		1,128,960
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
InterMune, Inc. (a)	72,900		$ 957,906
United Therapeutics Corp. (a)	32,500		1,950,000
			11,127,376
Health Care Equipment & Supplies - 11.4%
American Medical Systems Holdings, Inc. (a)	56,500		1,141,300
ArthroCare Corp. (a)	305,379		8,330,739
Cyberonics, Inc. (a)	397,187		10,926,615
Edwards Lifesciences Corp. (a)	41,600		2,658,656
NuVasive, Inc. (a)(d)	258,031		6,760,412
			29,817,722
TOTAL HEALTH CARE			40,945,098
INDUSTRIALS - 15.0%
Aerospace & Defense - 1.1%
Precision Castparts Corp.	20,800		2,840,864
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	36,300		2,558,424
Building Products - 3.1%
Lennox International, Inc.	132,500		5,433,825
Owens Corning (a)	98,000		2,649,920
			8,083,745
Commercial Services & Supplies - 1.4%
Covanta Holding Corp.	80,000		1,262,400
Stericycle, Inc. (a)	35,000		2,510,900
			3,773,300
Construction & Engineering - 2.1%
Fluor Corp.	49,900		2,404,681
Jacobs Engineering Group, Inc. (a)	80,700		3,115,827
			5,520,508
Machinery - 6.3%
CNH Global NV (a)	70,900		2,814,021
Cummins, Inc.	49,100		4,325,710
Flowserve Corp.	26,300		2,630,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Ingersoll-Rand Co. Ltd.	99,300		$ 3,903,483
WABCO Holdings, Inc. (a)	64,500		2,994,090
			16,667,304
TOTAL INDUSTRIALS			39,444,145
INFORMATION TECHNOLOGY - 22.0%
Communications Equipment - 2.0%
Juniper Networks, Inc. (a)	123,300		3,993,687
Riverbed Technology, Inc. (a)	23,000		1,323,420
			5,317,107
Computers & Peripherals - 2.2%
NetApp, Inc. (a)	83,000		4,419,750
SanDisk Corp. (a)	34,700		1,304,026
			5,723,776
Electronic Equipment & Components - 2.0%
Avnet, Inc. (a)	80,100		2,385,378
Digital Ally, Inc. (a)	569,596		1,076,536
Maxwell Technologies, Inc. (a)(d)	109,600		1,777,712
			5,239,626
Internet Software & Services - 2.1%
Akamai Technologies, Inc. (a)	105,400		5,446,018
IT Services - 0.9%
Paychex, Inc.	90,000		2,493,000
Semiconductors & Semiconductor Equipment - 4.8%
ASM International NV unit (a)	64,300		1,642,865
ASML Holding NV	95,500		3,169,645
Ceva, Inc. (a)	9,500		175,845
Marvell Technology Group Ltd. (a)	234,900		4,535,919
Teradyne, Inc. (a)	274,900		3,089,876
			12,614,150
Software - 8.0%
ANSYS, Inc. (a)	77,000		3,484,250
Autodesk, Inc. (a)	40,000		1,447,200
Autonomy Corp. PLC (a)	276,200		6,469,552
Fortinet, Inc.	47,100		1,413,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	105,800		$ 4,305,002
Nuance Communications, Inc. (a)	251,100		3,944,781
			21,063,785
TOTAL INFORMATION TECHNOLOGY			57,897,462
MATERIALS - 7.3%
Chemicals - 6.9%
CF Industries Holdings, Inc.	77,000		9,434,810
Ecolab, Inc.	52,100		2,569,572
Intrepid Potash, Inc. (a)(d)	92,000		3,158,360
The Mosaic Co.	40,500		2,962,980
			18,125,722
Metals & Mining - 0.4%
Vallar PLC	77,800		1,143,639
TOTAL MATERIALS			19,269,361
TELECOMMUNICATION SERVICES - 1.4%
Wireless Telecommunication Services - 1.4%
NII Holdings, Inc. (a)	88,200		3,687,642
TOTAL COMMON STOCKS (Cost $225,287,573)		253,107,847
Nonconvertible Preferred Stocks - 1.0%

CONSUMER DISCRETIONARY - 1.0%
Automobiles - 1.0%
Porsche Automobil Holding SE (Cost $2,349,243)	49,900		2,556,189
Money Market Funds - 6.3%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (b)	5,214,789		$ 5,214,789
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	11,323,875		11,323,875
TOTAL MONEY MARKET FUNDS (Cost $16,538,664)		16,538,664
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $244,175,480)			272,202,700
NET OTHER ASSETS (LIABILITIES) - (3.6)%			(9,554,035)
NET ASSETS - 100%		$ 262,648,665

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	$ 8,547
Fidelity Securities Lending Cash Central Fund	70,720
Total	$ 79,267

Other Information

Income Tax Information

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Value Fund

October 31, 2010

1.809074.106

MCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 2.2%
Autoliv, Inc.	93,100		$ 6,638,030
TRW Automotive Holdings Corp. (a)	158,500		7,241,865
			13,879,895
Hotels, Restaurants & Leisure - 1.8%
Darden Restaurants, Inc.	98,700		4,511,577
Wyndham Worldwide Corp.	228,700		6,575,125
			11,086,702
Media - 1.2%
Virgin Media, Inc.	303,400		7,715,462
Multiline Retail - 1.8%
Big Lots, Inc. (a)	94,300		2,958,191
Macy's, Inc.	346,000		8,179,440
			11,137,631
Specialty Retail - 2.0%
GameStop Corp. Class A (a)(d)	201,300		3,957,558
RadioShack Corp. (d)	188,900		3,802,557
Signet Jewelers Ltd. (a)	128,700		4,527,666
			12,287,781
Textiles, Apparel & Luxury Goods - 1.4%
Hanesbrands, Inc. (a)	118,400		2,936,320
Phillips-Van Heusen Corp.	100,100		6,140,134
			9,076,454
TOTAL CONSUMER DISCRETIONARY			65,183,925
CONSUMER STAPLES - 6.8%
Beverages - 3.4%
Coca-Cola Enterprises, Inc.	171,100		4,108,111
Constellation Brands, Inc. Class A (sub. vtg.) (a)	285,600		5,634,888
Dr Pepper Snapple Group, Inc.	185,100		6,765,405
Molson Coors Brewing Co. Class B	106,200		5,015,826
			21,524,230
Food & Staples Retailing - 0.5%
Kroger Co.	142,900		3,143,800
Food Products - 2.4%
Del Monte Foods Co.	275,900		3,956,406
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Smithfield Foods, Inc. (a)	229,100		$ 3,837,425
The J.M. Smucker Co.	113,800		7,315,064
			15,108,895
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	97,700		2,989,620
TOTAL CONSUMER STAPLES			42,766,545
ENERGY - 11.1%
Energy Equipment & Services - 5.6%
Atwood Oceanics, Inc. (a)	116,900		3,800,419
Dresser-Rand Group, Inc. (a)	167,800		5,742,116
Noble Corp.	179,800		6,208,494
Oil States International, Inc. (a)	149,700		7,652,664
Rowan Companies, Inc. (a)	178,100		5,859,490
Superior Energy Services, Inc. (a)	203,400		5,617,908
			34,881,091
Oil, Gas & Consumable Fuels - 5.5%
Cimarex Energy Co.	89,600		6,876,800
Murphy Oil Corp.	128,600		8,379,576
Southern Union Co.	158,600		3,985,618
Sunoco, Inc.	204,900		7,677,603
Whiting Petroleum Corp. (a)	77,500		7,784,100
			34,703,697
TOTAL ENERGY			69,584,788
FINANCIALS - 28.9%
Commercial Banks - 6.6%
City National Corp.	131,100		6,760,827
Comerica, Inc.	145,700		5,213,146
KeyCorp	1,056,400		8,651,916
M&T Bank Corp. rights 11/30/10 (a)	24,000		1,791,120
Regions Financial Corp.	1,395,900		8,794,170
SunTrust Banks, Inc.	411,500		10,295,730
			41,506,909
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 2.9%
Discover Financial Services	542,900		$ 9,582,185
SLM Corp. (a)	691,700		8,231,230
			17,813,415
Insurance - 9.6%
Assurant, Inc.	111,600		4,412,664
Axis Capital Holdings Ltd.	211,000		7,176,110
CNO Financial Group, Inc. (a)	1,141,800		6,211,392
Delphi Financial Group, Inc. Class A	244,900		6,629,443
Endurance Specialty Holdings Ltd.	116,625		4,828,275
Genworth Financial, Inc. Class A (a)	444,400		5,039,496
Lincoln National Corp.	350,600		8,582,688
Unum Group	393,100		8,813,302
XL Capital Ltd. Class A	395,300		8,360,595
			60,053,965
Real Estate Investment Trusts - 9.1%
AvalonBay Communities, Inc.	53,700		5,708,847
Colonial Properties Trust (SBI)	345,400		6,193,022
Host Hotels & Resorts, Inc.	410,100		6,516,489
ProLogis Trust	98,000		1,337,700
SL Green Realty Corp.	116,200		7,636,664
The Macerich Co.	113,134		5,046,908
Ventas, Inc.	158,600		8,494,616
Vornado Realty Trust	117,400		10,259,586
Weyerhaeuser Co.	363,100		5,889,482
			57,083,314
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	249,300		4,574,655
TOTAL FINANCIALS			181,032,258
HEALTH CARE - 5.4%
Biotechnology - 0.8%
Cephalon, Inc. (a)	71,700		4,763,748
Health Care Equipment & Supplies - 1.5%
Cooper Companies, Inc.	75,200		3,710,368
Hill-Rom Holdings, Inc.	49,700		1,925,875
Kinetic Concepts, Inc. (a)	102,700		3,905,681
			9,541,924
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.1%
CIGNA Corp.	173,500		$ 6,105,465
Humana, Inc. (a)	117,500		6,849,075
			12,954,540
Pharmaceuticals - 1.0%
Watson Pharmaceuticals, Inc. (a)	140,600		6,558,990
TOTAL HEALTH CARE			33,819,202
INDUSTRIALS - 10.4%
Aerospace & Defense - 0.9%
Goodrich Corp.	68,700		5,638,209
Airlines - 1.1%
United Continental Holdings, Inc. (a)	236,050		6,854,892
Construction & Engineering - 2.0%
Fluor Corp.	144,800		6,977,912
KBR, Inc.	233,300		5,925,820
			12,903,732
Electrical Equipment - 0.9%
General Cable Corp. (a)	193,400		5,403,596
Industrial Conglomerates - 0.9%
Textron, Inc.	275,300		5,731,746
Machinery - 4.0%
Cummins, Inc.	70,400		6,202,240
Ingersoll-Rand Co. Ltd.	74,600		2,932,526
Navistar International Corp. (a)	127,900		6,162,222
Oshkosh Co. (a)	107,700		3,178,227
Timken Co.	160,300		6,639,626
			25,114,841
Professional Services - 0.6%
Towers Watson & Co.	72,900		3,748,518
TOTAL INDUSTRIALS			65,395,534
INFORMATION TECHNOLOGY - 7.2%
Computers & Peripherals - 3.2%
Lexmark International, Inc. Class A (a)	136,300		5,183,489
NCR Corp. (a)	224,800		3,084,256
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
SanDisk Corp. (a)	124,300		$ 4,671,194
Western Digital Corp. (a)	224,100		7,175,682
			20,114,621
Electronic Equipment & Components - 0.7%
Vishay Intertechnology, Inc. (a)	412,800		4,664,640
Office Electronics - 1.7%
Xerox Corp.	889,600		10,408,320
Semiconductors & Semiconductor Equipment - 1.0%
Micron Technology, Inc. (a)	745,300		6,163,631
Software - 0.6%
CA, Inc.	170,300		3,952,663
TOTAL INFORMATION TECHNOLOGY			45,303,875
MATERIALS - 5.5%
Chemicals - 3.8%
Ashland, Inc.	116,200		5,999,406
Ferro Corp. (a)	226,600		3,108,952
Huntsman Corp.	430,900		5,967,965
Solutia, Inc. (a)	277,419		5,024,058
W.R. Grace & Co. (a)	106,200		3,404,772
			23,505,153
Containers & Packaging - 1.0%
Ball Corp.	100,500		6,468,180
Metals & Mining - 0.7%
Cliffs Natural Resources, Inc.	69,700		4,544,440
TOTAL MATERIALS			34,517,773
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.1%
Qwest Communications International, Inc.	1,064,700		7,027,020
Wireless Telecommunication Services - 0.6%
MetroPCS Communications, Inc. (a)	348,500		3,627,885
TOTAL TELECOMMUNICATION SERVICES			10,654,905
Common Stocks - continued
	Shares		Value
UTILITIES - 12.2%
Electric Utilities - 2.8%
Great Plains Energy, Inc.	372,100		$ 7,081,063
PPL Corp.	387,100		10,412,990
			17,494,053
Gas Utilities - 2.1%
Questar Corp.	331,800		5,630,646
UGI Corp.	251,600		7,570,644
			13,201,290
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	481,800		5,752,692
Multi-Utilities - 6.4%
Alliant Energy Corp.	212,200		7,751,666
CMS Energy Corp.	416,300		7,651,594
Integrys Energy Group, Inc.	143,900		7,654,041
Sempra Energy	198,000		10,589,040
TECO Energy, Inc.	342,300		6,021,057
			39,667,398
TOTAL UTILITIES			76,115,433
TOTAL COMMON STOCKS (Cost $547,977,037)		624,374,238
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.23% (b)	6,084,714		6,084,714
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	6,036,000		6,036,000
TOTAL MONEY MARKET FUNDS (Cost $12,120,714)		12,120,714
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $560,097,751)			636,494,952
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(9,441,188)
NET ASSETS - 100%		$ 627,053,764

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	$ 5,391
Fidelity Securities Lending Cash Central Fund	10,736
Total	$ 16,127

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 65,183,925	$ 65,183,925	$ -	$ -
Consumer Staples	42,766,545	42,766,545	-	-
Energy	69,584,788	69,584,788	-	-
Financials	181,032,258	179,241,138	1,791,120	-
Health Care	33,819,202	33,819,202	-	-
Industrials	65,395,534	65,395,534	-	-
Information Technology	45,303,875	45,303,875	-	-
Materials	34,517,773	34,517,773	-	-
Telecommunication Services	10,654,905	10,654,905	-	-
Utilities	76,115,433	76,115,433	-	-
Money Market Funds	12,120,714	12,120,714	-	-
Total Investments in Securities:	$ 636,494,952	$ 634,703,832	$ 1,791,120	$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $561,842,448. Net unrealized appreciation aggregated $74,652,504, of which $85,276,542 related to appreciated investment securities and $10,624,038 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

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

1.859109.103

AMCV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%
	Shares		Value
CONSUMER DISCRETIONARY - 10.4%
Auto Components - 2.2%
Autoliv, Inc.	93,100		$ 6,638,030
TRW Automotive Holdings Corp. (a)	158,500		7,241,865
			13,879,895
Hotels, Restaurants & Leisure - 1.8%
Darden Restaurants, Inc.	98,700		4,511,577
Wyndham Worldwide Corp.	228,700		6,575,125
			11,086,702
Media - 1.2%
Virgin Media, Inc.	303,400		7,715,462
Multiline Retail - 1.8%
Big Lots, Inc. (a)	94,300		2,958,191
Macy's, Inc.	346,000		8,179,440
			11,137,631
Specialty Retail - 2.0%
GameStop Corp. Class A (a)(d)	201,300		3,957,558
RadioShack Corp. (d)	188,900		3,802,557
Signet Jewelers Ltd. (a)	128,700		4,527,666
			12,287,781
Textiles, Apparel & Luxury Goods - 1.4%
Hanesbrands, Inc. (a)	118,400		2,936,320
Phillips-Van Heusen Corp.	100,100		6,140,134
			9,076,454
TOTAL CONSUMER DISCRETIONARY			65,183,925
CONSUMER STAPLES - 6.8%
Beverages - 3.4%
Coca-Cola Enterprises, Inc.	171,100		4,108,111
Constellation Brands, Inc. Class A (sub. vtg.) (a)	285,600		5,634,888
Dr Pepper Snapple Group, Inc.	185,100		6,765,405
Molson Coors Brewing Co. Class B	106,200		5,015,826
			21,524,230
Food & Staples Retailing - 0.5%
Kroger Co.	142,900		3,143,800
Food Products - 2.4%
Del Monte Foods Co.	275,900		3,956,406
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - continued
Smithfield Foods, Inc. (a)	229,100		$ 3,837,425
The J.M. Smucker Co.	113,800		7,315,064
			15,108,895
Personal Products - 0.5%
Nu Skin Enterprises, Inc. Class A	97,700		2,989,620
TOTAL CONSUMER STAPLES			42,766,545
ENERGY - 11.1%
Energy Equipment & Services - 5.6%
Atwood Oceanics, Inc. (a)	116,900		3,800,419
Dresser-Rand Group, Inc. (a)	167,800		5,742,116
Noble Corp.	179,800		6,208,494
Oil States International, Inc. (a)	149,700		7,652,664
Rowan Companies, Inc. (a)	178,100		5,859,490
Superior Energy Services, Inc. (a)	203,400		5,617,908
			34,881,091
Oil, Gas & Consumable Fuels - 5.5%
Cimarex Energy Co.	89,600		6,876,800
Murphy Oil Corp.	128,600		8,379,576
Southern Union Co.	158,600		3,985,618
Sunoco, Inc.	204,900		7,677,603
Whiting Petroleum Corp. (a)	77,500		7,784,100
			34,703,697
TOTAL ENERGY			69,584,788
FINANCIALS - 28.9%
Commercial Banks - 6.6%
City National Corp.	131,100		6,760,827
Comerica, Inc.	145,700		5,213,146
KeyCorp	1,056,400		8,651,916
M&T Bank Corp. rights 11/30/10 (a)	24,000		1,791,120
Regions Financial Corp.	1,395,900		8,794,170
SunTrust Banks, Inc.	411,500		10,295,730
			41,506,909
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 2.9%
Discover Financial Services	542,900		$ 9,582,185
SLM Corp. (a)	691,700		8,231,230
			17,813,415
Insurance - 9.6%
Assurant, Inc.	111,600		4,412,664
Axis Capital Holdings Ltd.	211,000		7,176,110
CNO Financial Group, Inc. (a)	1,141,800		6,211,392
Delphi Financial Group, Inc. Class A	244,900		6,629,443
Endurance Specialty Holdings Ltd.	116,625		4,828,275
Genworth Financial, Inc. Class A (a)	444,400		5,039,496
Lincoln National Corp.	350,600		8,582,688
Unum Group	393,100		8,813,302
XL Capital Ltd. Class A	395,300		8,360,595
			60,053,965
Real Estate Investment Trusts - 9.1%
AvalonBay Communities, Inc.	53,700		5,708,847
Colonial Properties Trust (SBI)	345,400		6,193,022
Host Hotels & Resorts, Inc.	410,100		6,516,489
ProLogis Trust	98,000		1,337,700
SL Green Realty Corp.	116,200		7,636,664
The Macerich Co.	113,134		5,046,908
Ventas, Inc.	158,600		8,494,616
Vornado Realty Trust	117,400		10,259,586
Weyerhaeuser Co.	363,100		5,889,482
			57,083,314
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	249,300		4,574,655
TOTAL FINANCIALS			181,032,258
HEALTH CARE - 5.4%
Biotechnology - 0.8%
Cephalon, Inc. (a)	71,700		4,763,748
Health Care Equipment & Supplies - 1.5%
Cooper Companies, Inc.	75,200		3,710,368
Hill-Rom Holdings, Inc.	49,700		1,925,875
Kinetic Concepts, Inc. (a)	102,700		3,905,681
			9,541,924
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.1%
CIGNA Corp.	173,500		$ 6,105,465
Humana, Inc. (a)	117,500		6,849,075
			12,954,540
Pharmaceuticals - 1.0%
Watson Pharmaceuticals, Inc. (a)	140,600		6,558,990
TOTAL HEALTH CARE			33,819,202
INDUSTRIALS - 10.4%
Aerospace & Defense - 0.9%
Goodrich Corp.	68,700		5,638,209
Airlines - 1.1%
United Continental Holdings, Inc. (a)	236,050		6,854,892
Construction & Engineering - 2.0%
Fluor Corp.	144,800		6,977,912
KBR, Inc.	233,300		5,925,820
			12,903,732
Electrical Equipment - 0.9%
General Cable Corp. (a)	193,400		5,403,596
Industrial Conglomerates - 0.9%
Textron, Inc.	275,300		5,731,746
Machinery - 4.0%
Cummins, Inc.	70,400		6,202,240
Ingersoll-Rand Co. Ltd.	74,600		2,932,526
Navistar International Corp. (a)	127,900		6,162,222
Oshkosh Co. (a)	107,700		3,178,227
Timken Co.	160,300		6,639,626
			25,114,841
Professional Services - 0.6%
Towers Watson & Co.	72,900		3,748,518
TOTAL INDUSTRIALS			65,395,534
INFORMATION TECHNOLOGY - 7.2%
Computers & Peripherals - 3.2%
Lexmark International, Inc. Class A (a)	136,300		5,183,489
NCR Corp. (a)	224,800		3,084,256
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
SanDisk Corp. (a)	124,300		$ 4,671,194
Western Digital Corp. (a)	224,100		7,175,682
			20,114,621
Electronic Equipment & Components - 0.7%
Vishay Intertechnology, Inc. (a)	412,800		4,664,640
Office Electronics - 1.7%
Xerox Corp.	889,600		10,408,320
Semiconductors & Semiconductor Equipment - 1.0%
Micron Technology, Inc. (a)	745,300		6,163,631
Software - 0.6%
CA, Inc.	170,300		3,952,663
TOTAL INFORMATION TECHNOLOGY			45,303,875
MATERIALS - 5.5%
Chemicals - 3.8%
Ashland, Inc.	116,200		5,999,406
Ferro Corp. (a)	226,600		3,108,952
Huntsman Corp.	430,900		5,967,965
Solutia, Inc. (a)	277,419		5,024,058
W.R. Grace & Co. (a)	106,200		3,404,772
			23,505,153
Containers & Packaging - 1.0%
Ball Corp.	100,500		6,468,180
Metals & Mining - 0.7%
Cliffs Natural Resources, Inc.	69,700		4,544,440
TOTAL MATERIALS			34,517,773
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.1%
Qwest Communications International, Inc.	1,064,700		7,027,020
Wireless Telecommunication Services - 0.6%
MetroPCS Communications, Inc. (a)	348,500		3,627,885
TOTAL TELECOMMUNICATION SERVICES			10,654,905
Common Stocks - continued
	Shares		Value
UTILITIES - 12.2%
Electric Utilities - 2.8%
Great Plains Energy, Inc.	372,100		$ 7,081,063
PPL Corp.	387,100		10,412,990
			17,494,053
Gas Utilities - 2.1%
Questar Corp.	331,800		5,630,646
UGI Corp.	251,600		7,570,644
			13,201,290
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	481,800		5,752,692
Multi-Utilities - 6.4%
Alliant Energy Corp.	212,200		7,751,666
CMS Energy Corp.	416,300		7,651,594
Integrys Energy Group, Inc.	143,900		7,654,041
Sempra Energy	198,000		10,589,040
TECO Energy, Inc.	342,300		6,021,057
			39,667,398
TOTAL UTILITIES			76,115,433
TOTAL COMMON STOCKS (Cost $547,977,037)		624,374,238
Money Market Funds - 1.9%

Fidelity Cash Central Fund, 0.23% (b)	6,084,714		6,084,714
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	6,036,000		6,036,000
TOTAL MONEY MARKET FUNDS (Cost $12,120,714)		12,120,714
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $560,097,751)			636,494,952
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(9,441,188)
NET ASSETS - 100%		$ 627,053,764

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	$ 5,391
Fidelity Securities Lending Cash Central Fund	10,736
Total	$ 16,127

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 65,183,925	$ 65,183,925	$ -	$ -
Consumer Staples	42,766,545	42,766,545	-	-
Energy	69,584,788	69,584,788	-	-
Financials	181,032,258	179,241,138	1,791,120	-
Health Care	33,819,202	33,819,202	-	-
Industrials	65,395,534	65,395,534	-	-
Information Technology	45,303,875	45,303,875	-	-
Materials	34,517,773	34,517,773	-	-
Telecommunication Services	10,654,905	10,654,905	-	-
Utilities	76,115,433	76,115,433	-	-
Money Market Funds	12,120,714	12,120,714	-	-
Total Investments in Securities:	$ 636,494,952	$ 634,703,832	$ 1,791,120	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

1.884778.102

ASE-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%
	Shares		Value
CONSUMER DISCRETIONARY - 10.0%
Auto Components - 0.4%
Johnson Controls, Inc.	890,300		$ 31,267,336
TRW Automotive Holdings Corp. (a)	225,623		10,308,715
			41,576,051
Automobiles - 0.5%
BYD Co. Ltd. (H Shares) (d)	1,083,500		6,604,790
Ford Motor Co. (a)	3,186,535		45,025,740
			51,630,530
Distributors - 0.1%
Li & Fung Ltd.	2,081,000		10,993,962
Hotels, Restaurants & Leisure - 1.3%
Bravo Brio Restaurant Group, Inc.	159,653		2,873,754
Darden Restaurants, Inc.	457,100		20,894,041
Las Vegas Sands Corp. (a)	251,600		11,543,408
Marriott International, Inc. Class A	548,239		20,312,255
McDonald's Corp.	394,200		30,656,934
Royal Caribbean Cruises Ltd. (a)	267,000		10,557,180
Starwood Hotels & Resorts Worldwide, Inc.	483,200		26,160,448
			122,998,020
Household Durables - 0.7%
D.R. Horton, Inc.	861,097		8,989,853
Garmin Ltd.	351,542		11,544,639
M.D.C. Holdings, Inc.	306,120		7,882,590
Stanley Black & Decker, Inc.	418,299		25,921,989
Whirlpool Corp.	222,100		16,841,843
			71,180,914
Internet & Catalog Retail - 0.3%
Expedia, Inc.	754,900		21,854,355
Rakuten, Inc.	7,316		5,636,784
			27,491,139
Leisure Equipment & Products - 0.1%
Brunswick Corp.	350,397		5,543,281
Eastman Kodak Co. (a)(d)	1,557,100		7,333,941
			12,877,222
Media - 3.7%
Comcast Corp. Class A	3,076,800		63,320,544
DIRECTV (a)	1,241,300		53,946,898
DreamWorks Animation SKG, Inc. Class A (a)	283,240		9,998,372
Lamar Advertising Co. Class A (a)	106,682		3,626,121
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Legend Pictures Holdings LLC unit (g)	3,706		$ 2,779,500
Liberty Global, Inc. Class A (a)(d)	406,305		15,354,266
Naspers Ltd. Class N	147,900		7,765,909
The Walt Disney Co.	2,198,390		79,383,863
Time Warner Cable, Inc.	594,633		34,411,412
Time Warner, Inc.	1,660,131		53,970,859
Viacom, Inc. Class B (non-vtg.)	1,019,200		39,330,928
			363,888,672
Multiline Retail - 0.8%
Nordstrom, Inc.	620,317		23,888,408
Target Corp.	981,100		50,958,334
			74,846,742
Specialty Retail - 1.9%
Best Buy Co., Inc.	577,861		24,836,466
Hengdeli Holdings Ltd.	12,624,000		7,003,154
Home Depot, Inc.	2,008,300		62,016,304
Lowe's Companies, Inc.	2,047,500		43,673,175
Sally Beauty Holdings, Inc. (a)	1,009,176		12,281,672
Staples, Inc.	99,008		2,026,694
TJX Companies, Inc.	583,800		26,790,582
Urban Outfitters, Inc. (a)	331,800		10,209,486
			188,837,533
Textiles, Apparel & Luxury Goods - 0.2%
LVMH Moet Hennessy - Louis Vuitton	83,053		13,012,517
Ports Design Ltd.	579,500		1,402,538
Trinity Ltd.	5,214,000		5,213,159
			19,628,214
TOTAL CONSUMER DISCRETIONARY			985,948,999
CONSUMER STAPLES - 10.6%
Beverages - 3.6%
Anheuser-Busch InBev SA NV	423,382		26,530,789
Coca-Cola Bottling Co. Consolidated	103,540		5,520,753
Coca-Cola FEMSA SAB de CV sponsored ADR	66,353		5,273,073
Coca-Cola Icecek AS	219,464		2,815,407
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	41,142		5,728,612
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,521,847		30,026,041
Diageo PLC sponsored ADR	423,152		31,313,248
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Embotelladora Andina SA sponsored ADR (d)	184,597		$ 5,405,000
Molson Coors Brewing Co. Class B	692,509		32,707,200
PepsiCo, Inc.	686,082		44,801,155
The Coca-Cola Co.	2,714,614		166,460,130
			356,581,408
Food & Staples Retailing - 2.0%
BJ's Wholesale Club, Inc. (a)	146,064		6,095,251
CVS Caremark Corp.	1,780,432		53,626,612
Kroger Co.	1,403,273		30,872,006
Safeway, Inc.	759,465		17,391,749
Susser Holdings Corp. (a)	73,796		1,008,791
United Natural Foods, Inc. (a)	77,940		2,787,134
Wal-Mart Stores, Inc.	740,683		40,122,798
Walgreen Co.	1,427,787		48,373,424
			200,277,765
Food Products - 1.1%
Archer Daniels Midland Co.	572,962		19,091,094
Bunge Ltd.	135,438		8,135,761
Dean Foods Co. (a)	953,483		9,916,223
Green Mountain Coffee Roasters, Inc. (a)	474,373		15,649,565
Nestle SA	475,571		26,040,816
Unilever NV unit	955,761		28,376,544
Viterra, Inc. (a)	296,100		2,836,452
			110,046,455
Household Products - 2.3%
Colgate-Palmolive Co.	735,346		56,709,884
Procter & Gamble Co.	2,697,896		171,505,249
			228,215,133
Personal Products - 0.3%
Avon Products, Inc.	829,574		25,260,528
Tobacco - 1.3%
Altria Group, Inc.	1,054,341		26,801,348
British American Tobacco PLC sponsored ADR	747,175		56,957,150
Philip Morris International, Inc.	718,724		42,045,354
Souza Cruz Industria Comerico	52,200		2,682,108
			128,485,960
TOTAL CONSUMER STAPLES			1,048,867,249
Common Stocks - continued
	Shares		Value
ENERGY - 10.8%
Energy Equipment & Services - 2.9%
Aker Solutions ASA	131,100		$ 1,995,822
Baker Hughes, Inc.	1,638,434		75,908,647
Cameron International Corp. (a)	244,618		10,702,038
Dresser-Rand Group, Inc. (a)	55,082		1,884,906
Ensco International Ltd. ADR	400,645		18,565,889
Halliburton Co.	2,758,003		87,869,976
National Oilwell Varco, Inc.	196,424		10,559,754
Newpark Resources, Inc. (a)	25,700		151,116
Noble Corp.	756,757		26,130,819
Oceaneering International, Inc. (a)	181,675		11,240,232
Pride International, Inc. (a)	117,037		3,548,562
Saipem SpA	217,707		9,672,504
Schlumberger Ltd.	176,026		12,302,457
Transocean Ltd. (a)	240,992		15,269,253
Vantage Drilling Co. (a)	1,058,100		1,819,932
Weatherford International Ltd. (a)	22,156		372,442
			287,994,349
Oil, Gas & Consumable Fuels - 7.9%
Alpha Natural Resources, Inc. (a)	423,800		19,143,046
Anadarko Petroleum Corp.	379,598		23,371,849
Apache Corp.	532,829		53,826,386
BG Group PLC	439,323		8,555,435
BP PLC	643,600		4,374,111
BP PLC sponsored ADR	770,169		31,446,000
Chesapeake Energy Corp.	477,083		10,352,701
Chevron Corp.	1,208,101		99,801,224
Cimarex Energy Co.	165,555		12,706,346
Concho Resources, Inc. (a)	169,254		11,622,672
Concho Resources, Inc. (a)(g)	86,347		5,336,504
Denbury Resources, Inc. (a)	1,661,799		28,283,819
EXCO Resources, Inc.	151,700		2,249,711
Exxon Mobil Corp.	1,515,704		100,748,845
Falkland Oil & Gas Ltd. (a)	677,900		1,113,250
Frontier Oil Corp.	321,700		4,262,525
Holly Corp.	327,168		10,708,209
Imperial Oil Ltd.	95,400		3,668,583
InterOil Corp. (a)(d)	89,900		6,399,082
Marathon Oil Corp.	1,246,667		44,343,945
Mariner Energy, Inc. (a)	107,900		2,688,868
Massey Energy Co.	250,300		10,530,121
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Murphy Oil Corp.	279,896		$ 18,238,023
Niko Resources Ltd.	33,500		3,195,951
Occidental Petroleum Corp.	663,267		52,152,684
OPTI Canada, Inc. (a)	577,700		396,500
Peabody Energy Corp.	86,600		4,581,140
PetroBakken Energy Ltd. Class A	273,800		6,045,667
Petrobank Energy & Resources Ltd. (a)	431,797		17,184,665
Petrohawk Energy Corp. (a)	684,259		11,639,246
Rodinia Oil Corp.	330,500		567,090
Royal Dutch Shell PLC Class B ADR	1,156,100		74,360,352
Southwestern Energy Co. (a)	813,591		27,540,055
Suncor Energy, Inc.	114,100		3,656,033
Talisman Energy, Inc.	1,556,700		28,221,770
Whiting Petroleum Corp. (a)	268,486		26,966,734
Williams Companies, Inc.	248,200		5,341,264
			775,620,406
TOTAL ENERGY			1,063,614,755
FINANCIALS - 15.3%
Capital Markets - 2.6%
Ameriprise Financial, Inc.	244,365		12,631,227
Charles Schwab Corp.	475,833		7,327,828
Credit Suisse Group	626,836		25,942,231
E*TRADE Financial Corp. (a)	972,149		13,901,731
Evercore Partners, Inc. Class A	119,300		3,621,948
Franklin Resources, Inc.	173,906		19,947,018
Invesco Ltd.	750,249		17,255,727
MF Global Holdings Ltd. (a)	1,057,600		8,281,008
Morgan Stanley	2,142,145		53,275,146
State Street Corp.	1,547,679		64,631,075
TD Ameritrade Holding Corp.	717,882		12,268,603
UBS AG (a)	1,046,690		17,775,273
			256,858,815
Commercial Banks - 4.4%
Banco do Brasil SA	713,000		13,872,737
Banco Macro SA sponsored ADR	111,800		5,573,230
BB&T Corp.	520,756		12,190,898
CIT Group, Inc. (a)	285,100		12,353,383
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Comerica, Inc.	283,694		$ 10,150,571
DnB NOR ASA	540,064		7,410,637
Fifth Third Bancorp	246,987		3,102,157
FirstMerit Corp.	657,678		11,298,908
HDFC Bank Ltd.	126,777		6,534,939
Huntington Bancshares, Inc.	2,994,930		16,981,253
Industrial & Commercial Bank of China Ltd. (H Shares)	20,252,000		16,303,497
KeyCorp	1,560,941		12,784,107
M&T Bank Corp.	24,800		1,853,800
Marshall & Ilsley Corp.	1,709,417		10,102,654
PNC Financial Services Group, Inc.	562,280		30,306,892
PT Bank Rakyat Indonesia Tbk	4,925,000		6,281,952
Regions Financial Corp.	1,657,301		10,440,996
Standard Chartered PLC:
rights 11/5/10 (a)	46,879		394,688
(United Kingdom)	424,628		12,283,137
SunTrust Banks, Inc.	1,141,391		28,557,603
Turkiye Garanti Bankasi AS	2,161,000		13,258,593
U.S. Bancorp, Delaware	2,644,844		63,952,328
Wells Fargo & Co.	5,076,409		132,392,747
			438,381,707
Consumer Finance - 0.6%
Capital One Financial Corp.	906,068		33,769,154
Discover Financial Services	1,475,459		26,041,851
Promise Co. Ltd. (d)	412,050		1,725,623
			61,536,628
Diversified Financial Services - 4.1%
African Bank Investments Ltd.	2,661,848		13,656,836
Citigroup, Inc. (a)	39,164,594		163,316,357
ING Groep NV (Certificaten Van Aandelen) unit (a)	734,800		7,859,424
IntercontinentalExchange, Inc. (a)	209,579		24,074,340
JPMorgan Chase & Co.	4,909,032		184,726,874
NBH Holdings Corp. Class A (a)(e)	361,500		7,049,250
			400,683,081
Insurance - 2.1%
Allstate Corp.	703,208		21,440,812
Aon Corp.	452,491		17,986,517
CNO Financial Group, Inc. (a)	2,167,173		11,789,421
Fairfax Financial Holdings Ltd. (sub. vtg.)	29,300		11,985,162
Genworth Financial, Inc. Class A (a)	535,262		6,069,871
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Marsh & McLennan Companies, Inc.	820,467		$ 20,495,266
MetLife, Inc.	2,331,827		94,042,583
Protective Life Corp.	292,500		7,011,225
Unum Group	747,200		16,752,224
			207,573,081
Real Estate Investment Trusts - 1.0%
ProLogis Trust	2,740,199		37,403,716
Public Storage	205,620		20,401,616
The Macerich Co.	421,400		18,798,654
U-Store-It Trust	830,079		7,146,980
Weyerhaeuser Co.	826,747		13,409,836
			97,160,802
Real Estate Management & Development - 0.3%
BR Malls Participacoes SA	1,583,000		15,120,944
Indiabulls Real Estate Ltd. (a)	3,250,946		14,037,926
			29,158,870
Thrifts & Mortgage Finance - 0.2%
Housing Development Finance Corp. Ltd.	424,286		6,582,775
Ocwen Financial Corp. (a)	1,183,317		10,212,026
People's United Financial, Inc.	496,000		6,105,760
			22,900,561
TOTAL FINANCIALS			1,514,253,545
HEALTH CARE - 10.5%
Biotechnology - 1.9%
Acorda Therapeutics, Inc. (a)	26,692		721,752
AMAG Pharmaceuticals, Inc. (a)	73,240		1,165,248
Amgen, Inc. (a)	422,406		24,157,399
AVEO Pharmaceuticals, Inc.	300,800		4,572,160
AVEO Pharmaceuticals, Inc. (g)	61,752		844,212
Biogen Idec, Inc. (a)	555,965		34,864,565
BioMarin Pharmaceutical, Inc. (a)	617,578		16,155,840
Genzyme Corp. (a)	463,321		33,419,344
Gilead Sciences, Inc. (a)	1,616,026		64,107,751
Human Genome Sciences, Inc. (a)	179,042		4,812,649
			184,820,920
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.5%
American Medical Systems Holdings, Inc. (a)	380,857		$ 7,693,311
C. R. Bard, Inc.	293,326		24,381,257
Cooper Companies, Inc.	222,500		10,978,150
Covidien PLC	905,723		36,111,176
Edwards Lifesciences Corp. (a)	482,552		30,839,898
Mako Surgical Corp. (a)	596,325		6,428,384
Microport Scientific Corp.	1,402,000		1,428,905
Quidel Corp. (a)(d)	663,379		7,668,661
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	2,020,000		5,355,394
William Demant Holding AS (a)	188,044		14,095,142
			144,980,278
Health Care Providers & Services - 2.5%
CIGNA Corp.	727,036		25,584,397
Diagnosticos da America SA	582,800		7,194,216
Express Scripts, Inc. (a)	590,016		28,627,576
Fresenius Medical Care AG & Co. KGaA	155,050		9,874,618
Henry Schein, Inc. (a)	634,287		35,615,215
McKesson Corp.	510,275		33,667,945
Medco Health Solutions, Inc. (a)	769,230		40,407,652
UnitedHealth Group, Inc.	1,761,202		63,491,332
			244,462,951
Health Care Technology - 0.0%
Allscripts-Misys Healthcare Solutions, Inc. (a)	228,305		4,358,342
Life Sciences Tools & Services - 0.5%
Charles River Laboratories International, Inc. (a)(d)	235,244		7,708,946
Covance, Inc. (a)	177,200		8,326,628
Illumina, Inc. (a)	388,492		21,099,001
Lonza Group AG	130,120		11,388,061
			48,522,636
Pharmaceuticals - 4.1%
Abbott Laboratories	401,377		20,598,668
Allergan, Inc.	438,499		31,751,713
GlaxoSmithKline PLC sponsored ADR	329,000		12,844,160
Johnson & Johnson	512,869		32,654,369
Lupin Ltd.	522,954		5,171,139
Merck & Co., Inc.	3,453,099		125,278,432
Novo Nordisk AS Series B	268,516		28,189,422
Pfizer, Inc.	5,268,642		91,674,371
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Shire PLC sponsored ADR	387,267		$ 27,147,417
Valeant Pharmaceuticals International, Inc.	1,090,295		30,167,786
			405,477,477
TOTAL HEALTH CARE			1,032,622,604
INDUSTRIALS - 10.8%
Aerospace & Defense - 2.3%
Goodrich Corp.	510,378		41,886,722
Precision Castparts Corp.	357,067		48,768,211
The Boeing Co.	899,136		63,514,967
United Technologies Corp.	1,017,165		76,053,427
			230,223,327
Air Freight & Logistics - 0.2%
C.H. Robinson Worldwide, Inc.	217,700		15,343,496
Airlines - 0.2%
Southwest Airlines Co.	1,492,680		20,539,277
Building Products - 0.2%
Armstrong World Industries, Inc. (a)	215,102		8,980,509
Owens Corning (a)	348,629		9,426,928
			18,407,437
Commercial Services & Supplies - 0.4%
Republic Services, Inc.	624,163		18,606,299
Stericycle, Inc. (a)	325,706		23,366,148
			41,972,447
Construction & Engineering - 0.2%
Fluor Corp.	412,914		19,898,326
Electrical Equipment - 1.2%
Cooper Industries PLC Class A	533,105		27,945,364
Emerson Electric Co.	991,477		54,432,087
Regal-Beloit Corp.	459,074		26,493,161
Saft Groupe SA	203,395		7,768,734
			116,639,346
Industrial Conglomerates - 1.9%
General Electric Co.	9,818,084		157,285,706
Textron, Inc.	1,251,760		26,061,643
Tyco International Ltd.	180,412		6,906,171
			190,253,520
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 2.8%
Caterpillar, Inc.	1,008,912		$ 79,300,483
Cummins, Inc.	571,655		50,362,806
Danaher Corp.	1,183,000		51,294,880
Deere & Co.	284,893		21,879,782
Dover Corp.	288,300		15,308,730
Ingersoll-Rand Co. Ltd.	469,100		18,440,321
Navistar International Corp. (a)	494,903		23,844,427
NSK Ltd.	658,000		4,974,773
Vallourec SA	80,990		8,403,557
			273,809,759
Road & Rail - 1.4%
CSX Corp.	1,016,700		62,476,215
Union Pacific Corp.	893,783		78,366,893
			140,843,108
TOTAL INDUSTRIALS			1,067,930,043
INFORMATION TECHNOLOGY - 18.8%
Communications Equipment - 1.5%
Aruba Networks, Inc. (a)(d)	462,021		10,122,880
Meru Networks, Inc. (a)(d)	498,647		7,559,489
QUALCOMM, Inc.	2,675,899		120,763,322
ViaSat, Inc. (a)	145,723		5,999,416
			144,445,107
Computers & Peripherals - 5.1%
Apple, Inc. (a)	1,319,499		396,997,660
Dell, Inc. (a)	1,984,197		28,532,753
EMC Corp. (a)	923,107		19,394,478
Imagination Technologies Group PLC (a)	495,649		3,448,000
NetApp, Inc. (a)	460,709		24,532,754
SanDisk Corp. (a)	826,293		31,052,091
			503,957,736
Electronic Equipment & Components - 0.6%
Agilent Technologies, Inc. (a)	1,049,173		36,511,220
HLS Systems International Ltd. (a)	136,100		1,720,304
Wintek Corp. (a)	10,999,000		18,544,303
			56,775,827
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 2.3%
Akamai Technologies, Inc. (a)	301,470		$ 15,576,955
eBay, Inc. (a)	641,600		19,126,096
Google, Inc. Class A (a)	228,282		139,934,583
TPK Holdings Co.	14,000		231,008
WebMD Health Corp. (a)	1,007,227		52,657,828
			227,526,470
IT Services - 0.2%
CoreLogic, Inc. (a)	182,581		3,207,948
Visa, Inc. Class A	286,600		22,403,522
			25,611,470
Semiconductors & Semiconductor Equipment - 7.2%
Advanced Micro Devices, Inc. (a)	379,400		2,781,002
Analog Devices, Inc.	1,874,650		63,119,466
Applied Materials, Inc.	6,680,040		82,565,294
Applied Micro Circuits Corp. (a)	606,709		6,109,560
ASML Holding NV	3,453,802		114,631,688
ATMI, Inc. (a)	853,658		15,084,137
Broadcom Corp. Class A	1,556,375		63,406,718
Inotera Memories, Inc. (a)	33,646,470		16,490,673
Intersil Corp. Class A	1,797,298		23,526,631
KLA-Tencor Corp.	872,755		31,174,809
Lam Research Corp. (a)	1,337,299		61,234,921
Marvell Technology Group Ltd. (a)	2,832,481		54,695,208
Micron Technology, Inc. (a)	10,341,015		85,520,194
Nanya Technology Corp. (a)	13,630,000		8,172,211
Photronics, Inc. (a)	886,515		5,567,314
Powertech Technology, Inc.	2,700,000		8,910,309
Samsung Electronics Co. Ltd.	36,712		24,322,309
Skyworks Solutions, Inc. (a)	76,037		1,742,008
Varian Semiconductor Equipment Associates, Inc. (a)	1,255,102		41,004,182
			710,058,634
Software - 1.9%
CA, Inc.	340,000		7,891,400
Check Point Software Technologies Ltd. (a)	525,032		22,445,118
Citrix Systems, Inc. (a)	149,917		9,605,182
Microsoft Corp.	4,654,196		123,987,781
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Nuance Communications, Inc. (a)	529,530		$ 8,318,916
Oracle Corp.	538,545		15,833,223
			188,081,620
TOTAL INFORMATION TECHNOLOGY			1,856,456,864
MATERIALS - 3.3%
Chemicals - 2.0%
Air Products & Chemicals, Inc.	132,900		11,292,513
Albemarle Corp.	244,800		12,271,824
CF Industries Holdings, Inc.	102,976		12,617,649
Clariant AG (Reg.) (a)	403,470		6,820,481
Dow Chemical Co.	1,057,664		32,607,781
E.I. du Pont de Nemours & Co.	297,000		14,042,160
Ecolab, Inc.	178,300		8,793,756
LyondellBasell Industries NV:
Class A (a)	345,383		9,276,987
Class B (a)	88,092		2,368,794
Monsanto Co.	440,368		26,166,667
Praxair, Inc.	294,800		26,927,032
Solutia, Inc. (a)	689,000		12,477,790
The Mosaic Co.	181,146		13,252,641
Wacker Chemie AG	50,624		10,442,843
			199,358,918
Construction Materials - 0.0%
HeidelbergCement AG	72,539		3,793,619
Containers & Packaging - 0.3%
Ball Corp.	273,100		17,576,716
Owens-Illinois, Inc. (a)	247,138		6,927,278
			24,503,994
Metals & Mining - 1.0%
AngloGold Ashanti Ltd. sponsored ADR	621,581		29,282,681
Carpenter Technology Corp.	195,624		6,975,952
Freeport-McMoRan Copper & Gold, Inc.	416,058		39,392,371
Globe Specialty Metals, Inc. (a)	95,000		1,476,300
Ivanhoe Mines Ltd. (a)	121,400		2,906,744
Pan American Silver Corp.	63,800		2,036,496
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Reliance Steel & Aluminum Co.	258,100		$ 10,801,485
Walter Energy, Inc.	79,755		7,015,250
			99,887,279
TOTAL MATERIALS			327,543,810
TELECOMMUNICATION SERVICES - 3.3%
Diversified Telecommunication Services - 2.0%
Qwest Communications International, Inc.	17,246,543		113,827,184
Telefonica SA	115,680		3,125,178
Telefonica SA sponsored ADR	77,300		6,272,122
Verizon Communications, Inc.	2,171,965		70,523,704
			193,748,188
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	1,447,217		74,690,869
Clearwire Corp. Class A (a)	2,598,786		18,425,393
NII Holdings, Inc. (a)	101,047		4,224,775
Sprint Nextel Corp. (a)	4,056,101		16,711,136
Vivo Participacoes SA sponsored ADR	103,500		2,964,240
Vodafone Group PLC	3,759,600		10,275,973
Vodafone Group PLC sponsored ADR	115,800		3,185,658
			130,478,044
TOTAL TELECOMMUNICATION SERVICES			324,226,232
UTILITIES - 3.5%
Electric Utilities - 1.7%
American Electric Power Co., Inc.	613,666		22,975,655
Edison International	608,643		22,458,927
NextEra Energy, Inc.	1,526,441		84,015,313
PPL Corp.	1,601,889		43,090,814
			172,540,709
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	656,270		7,835,864
Multi-Utilities - 1.7%
National Grid PLC	1,606,452		15,189,444
NiSource, Inc.	793,200		13,730,292
PG&E Corp.	1,081,927		51,737,749
Public Service Enterprise Group, Inc.	1,038,915		33,608,900
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Sempra Energy	878,136		$ 46,962,713
Veolia Environnement	120,621		3,546,142
			164,775,240
TOTAL UTILITIES			345,151,813
TOTAL COMMON STOCKS (Cost $7,968,860,805)		9,566,615,914
Nonconvertible Preferred Stocks - 0.3%

CONSUMER DISCRETIONARY - 0.3%
Automobiles - 0.3%
Porsche Automobil Holding SE	152,740		7,824,295
Volkswagen AG	106,868		16,059,760
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,025,052)		23,884,055

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.14% to 0.14% 11/4/10 to 11/26/10 (f) (Cost $19,598,462)	$ 19,600,000	19,598,668

Money Market Funds - 3.4%
	Shares		Value
Fidelity Cash Central Fund, 0.23% (b)	312,651,994		$ 312,651,994
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	26,047,135		26,047,135
TOTAL MONEY MARKET FUNDS (Cost $338,699,129)		338,699,129
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $8,347,183,448)			9,948,797,766
NET OTHER ASSETS (LIABILITIES) - (0.8)%			(75,412,621)
NET ASSETS - 100%		$ 9,873,385,145

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
1,336 CME E-mini S&P 500 Index Contracts	Dec. 2010	$ 78,803,960	$ 2,967,530

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 exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,049,250 or 0.1% of net assets.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,699,799.

(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 $8,960,215 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
AVEO Pharmaceuticals, Inc.	10/28/10	$ 833,652
Concho Resources, Inc.	7/20/10	$ 3,911,520
Legend Pictures Holdings LLC unit	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	$ 391,483
Fidelity Securities Lending Cash Central Fund	697,662
Total	$ 1,089,145

Other Information

The following is a summary of the inputs used, as of October 31, 2010, 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	$ 1,009,833,054	$ 1,007,053,554	$ -	$ 2,779,500
Consumer Staples	1,048,867,249	1,048,867,249	-	-
Energy	1,063,614,755	1,053,904,140	9,710,615	-
Financials	1,514,253,545	1,449,092,428	58,111,867	7,049,250
Health Care	1,032,622,604	993,714,352	38,908,252	-
Industrials	1,067,930,043	1,062,955,270	4,974,773	-
Information Technology	1,856,456,864	1,856,456,864	-	-
Materials	327,543,810	327,543,810	-	-
Telecommunication Services	324,226,232	310,825,081	13,401,151	-
Utilities	345,151,813	326,416,227	18,735,586	-
U.S. Government and Government Agency Obligations	19,598,668	-	19,598,668	-
Money Market Funds	338,699,129	338,699,129	-	-
Total Investments in Securities:	$ 9,948,797,766	$ 9,775,528,104	$ 163,440,912	$ 9,828,750
Derivative Instruments:
Assets
Futures Contracts	$ 2,967,530	$ 2,967,530	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 7,230,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(180,750)
Cost of Purchases	2,779,500
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 9,828,750
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2010	$ (180,750)

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

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $8,389,486,134. Net unrealized appreciation aggregated $1,559,311,632, of which $1,679,078,261 related to appreciated investment securities and $119,766,629 related to depreciated investment securities.

Investment Valuation

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2010

1.884765.103

LPV-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CONSUMER DISCRETIONARY - 6.7%
Auto Components - 0.3%
TRW Automotive Holdings Corp. (a)	618,200		$ 28,245,558
Automobiles - 0.5%
Ford Motor Co. (a)	3,366,400		47,567,232
Hotels, Restaurants & Leisure - 0.3%
Wyndham Worldwide Corp.	1,002,292		28,815,895
Household Durables - 0.7%
D.R. Horton, Inc.	1,654,900		17,277,156
Garmin Ltd. (d)	1,311,505		43,069,824
			60,346,980
Media - 3.6%
Comcast Corp.:
Class A	3,410,500		70,188,090
Class A (special) (non-vtg.)	4,236,041		81,882,673
The Walt Disney Co.	222,500		8,034,475
Time Warner, Inc.	1,516,166		49,290,557
Viacom, Inc. Class B (non-vtg.)	1,607,977		62,051,832
Washington Post Co. Class B (d)	157,311		63,262,619
			334,710,246
Multiline Retail - 0.5%
Macy's, Inc.	1,833,700		43,348,668
Specialty Retail - 0.5%
Best Buy Co., Inc.	1,105,500		47,514,390
Textiles, Apparel & Luxury Goods - 0.3%
VF Corp.	344,200		28,651,208
TOTAL CONSUMER DISCRETIONARY			619,200,177
CONSUMER STAPLES - 8.5%
Beverages - 2.3%
Dr Pepper Snapple Group, Inc.	967,700		35,369,435
Grupo Modelo SAB de CV Series C	21,947,100		122,898,785
Molson Coors Brewing Co. Class B	823,474		38,892,677
The Coca-Cola Co.	281,030		17,232,760
			214,393,657
Food & Staples Retailing - 0.9%
CVS Caremark Corp.	1,698,401		51,155,838
Kroger Co.	1,560,900		34,339,800
			85,495,638
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 2.3%
Archer Daniels Midland Co.	1,504,700		$ 50,136,604
Dean Foods Co. (a)	4,002,658		41,627,643
Kraft Foods, Inc. Class A	1,275,400		41,157,158
Ralcorp Holdings, Inc. (a)	432,000		26,809,920
Smithfield Foods, Inc. (a)	1,346,104		22,547,242
The J.M. Smucker Co.	451,135		28,998,958
			211,277,525
Household Products - 2.2%
Energizer Holdings, Inc. (a)	542,900		40,598,062
Kimberly-Clark Corp.	730,000		46,238,200
Procter & Gamble Co.	1,802,313		114,573,037
			201,409,299
Tobacco - 0.8%
Altria Group, Inc.	1,578,100		40,115,302
Philip Morris International, Inc.	629,300		36,814,050
			76,929,352
TOTAL CONSUMER STAPLES			789,505,471
ENERGY - 13.2%
Energy Equipment & Services - 2.1%
Dresser-Rand Group, Inc. (a)	620,400		21,230,088
Halliburton Co.	708,200		22,563,252
National Oilwell Varco, Inc.	736,500		39,594,240
Noble Corp.	1,000,400		34,543,812
Transocean Ltd. (a)	1,193,173		75,599,441
			193,530,833
Oil, Gas & Consumable Fuels - 11.1%
Anadarko Petroleum Corp.	872,486		53,718,963
Apache Corp.	216,600		21,880,932
BP PLC sponsored ADR	2,654,846		108,397,362
Chevron Corp.	3,686,984		304,581,748
ConocoPhillips	1,808,755		107,440,047
Exxon Mobil Corp.	307,383		20,431,748
Marathon Oil Corp.	3,612,500		128,496,625
Massey Energy Co.	1,528,862		64,319,224
Occidental Petroleum Corp.	272,300		21,410,949
Suncor Energy, Inc.	1,401,160		44,896,469
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Sunoco, Inc.	3,465,781		$ 129,862,814
Total SA sponsored ADR	403,300		21,971,784
			1,027,408,665
TOTAL ENERGY			1,220,939,498
FINANCIALS - 24.9%
Capital Markets - 3.7%
Bank of New York Mellon Corp.	1,837,600		46,050,256
Goldman Sachs Group, Inc.	989,539		159,266,302
Invesco Ltd.	1,056,567		24,301,041
Morgan Stanley	1,272,300		31,642,101
Northern Trust Corp.	758,800		37,659,244
State Street Corp.	752,512		31,424,901
UBS AG (a)	435,952		7,403,497
			337,747,342
Commercial Banks - 4.5%
Aozora Bank Ltd.	7,000,000		11,743,507
KeyCorp	950,000		7,780,500
PNC Financial Services Group, Inc.	970,710		52,321,269
Regions Financial Corp.	4,128,500		26,009,550
Sumitomo Mitsui Financial Group, Inc.	1,693,300		50,541,187
SunTrust Banks, Inc.	1,583,900		39,629,178
Wells Fargo & Co.	8,828,206		230,239,612
			418,264,803
Consumer Finance - 0.8%
Capital One Financial Corp.	939,200		35,003,984
Discover Financial Services	1,919,500		33,879,175
			68,883,159
Diversified Financial Services - 6.7%
Bank of America Corp.	9,359,435		107,071,936
Citigroup, Inc. (a)	52,293,400		218,063,478
ING Groep NV (Certificaten Van Aandelen) unit (a)	1,694,668		18,126,176
JPMorgan Chase & Co.	7,402,486		278,555,548
			621,817,138
Insurance - 7.5%
ACE Ltd.	969,200		57,589,864
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Allstate Corp.	1,812,100		$ 55,250,929
Berkshire Hathaway, Inc. Class B (a)	1,610,011		128,092,475
Everest Re Group Ltd.	353,808		29,818,938
First American Financial Corp.	2,323,734		32,625,225
Genworth Financial, Inc. Class A (a)	2,571,582		29,161,740
Lincoln National Corp.	3,376,100		82,646,928
MetLife, Inc.	2,606,800		105,132,244
RenaissanceRe Holdings Ltd.	398,142		23,992,037
The Travelers Companies, Inc.	148,000		8,169,600
Unum Group	1,762,100		39,506,282
XL Capital Ltd. Class A	4,932,959		104,332,083
			696,318,345
Real Estate Investment Trusts - 1.5%
AvalonBay Communities, Inc.	263,000		27,959,530
ProLogis Trust	774,855		10,576,771
SL Green Realty Corp.	396,400		26,051,408
Vornado Realty Trust	364,300		31,836,177
Weyerhaeuser Co.	2,840,337		46,070,266
			142,494,152
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	2,767,835		21,007,868
TOTAL FINANCIALS			2,306,532,807
HEALTH CARE - 12.9%
Biotechnology - 1.2%
Cephalon, Inc. (a)	604,000		40,129,760
Gilead Sciences, Inc. (a)	1,679,429		66,622,948
			106,752,708
Health Care Equipment & Supplies - 1.4%
CareFusion Corp. (a)	964,001		23,270,984
Cooper Companies, Inc.	708,200		34,942,588
Covidien PLC	569,400		22,701,978
Hill-Rom Holdings, Inc.	625,900		24,253,625
Zimmer Holdings, Inc. (a)	586,500		27,823,560
			132,992,735
Health Care Providers & Services - 1.3%
CIGNA Corp.	1,465,700		51,577,983
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Humana, Inc. (a)	572,100		$ 33,347,709
UnitedHealth Group, Inc.	1,039,482		37,473,326
			122,399,018
Pharmaceuticals - 9.0%
Johnson & Johnson	3,055,600		194,550,052
Merck & Co., Inc.	5,856,750		212,482,890
Pfizer, Inc.	22,655,471		394,205,196
Watson Pharmaceuticals, Inc. (a)	795,800		37,124,070
			838,362,208
TOTAL HEALTH CARE			1,200,506,669
INDUSTRIALS - 8.9%
Aerospace & Defense - 1.2%
Raytheon Co.	1,295,600		59,701,248
United Technologies Corp.	657,700		49,176,229
			108,877,477
Airlines - 0.4%
United Continental Holdings, Inc. (a)	1,264,345		36,716,579
Building Products - 0.2%
Armstrong World Industries, Inc. (a)	488,730		20,404,478
Commercial Services & Supplies - 0.3%
Republic Services, Inc.	906,400		27,019,784
Construction & Engineering - 1.3%
Jacobs Engineering Group, Inc. (a)	1,286,590		49,675,240
KBR, Inc.	2,806,845		71,293,863
			120,969,103
Industrial Conglomerates - 3.4%
General Electric Co.	12,570,585		201,380,772
Siemens AG sponsored ADR	205,500		23,490,705
Textron, Inc.	4,521,445		94,136,485
			319,007,962
Machinery - 1.6%
Cummins, Inc.	255,600		22,518,360
Ingersoll-Rand Co. Ltd.	765,900		30,107,529
Navistar International Corp. (a)	1,213,300		58,456,794
Timken Co.	807,200		33,434,224
			144,516,907
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.5%
CSX Corp.	723,000		$ 44,428,350
TOTAL INDUSTRIALS			821,940,640
INFORMATION TECHNOLOGY - 9.4%
Communications Equipment - 0.8%
Comverse Technology, Inc. (a)	9,353,326		74,826,608
Computers & Peripherals - 3.6%
Dell, Inc. (a)	2,186,000		31,434,680
Hewlett-Packard Co.	1,094,300		46,026,258
Lexmark International, Inc. Class A (a)	668,000		25,404,040
Seagate Technology (a)	9,993,091		146,398,783
Western Digital Corp. (a)	2,510,215		80,377,084
			329,640,845
Electronic Equipment & Components - 0.9%
Avnet, Inc. (a)	2,581,384		76,873,616
Corning, Inc.	600,000		10,968,000
			87,841,616
Internet Software & Services - 0.5%
eBay, Inc. (a)	1,573,200		46,897,092
IT Services - 0.4%
CoreLogic, Inc. (a)	1,007,600		17,703,532
International Business Machines Corp.	160,700		23,076,520
			40,780,052
Office Electronics - 1.4%
Xerox Corp.	11,199,313		131,031,962
Semiconductors & Semiconductor Equipment - 0.7%
MEMC Electronic Materials, Inc. (a)	1,724,761		22,111,436
Micron Technology, Inc. (a)	5,014,849		41,472,801
			63,584,237
Software - 1.1%
CA, Inc.	1,215,200		28,204,792
Microsoft Corp.	2,770,125		73,796,130
			102,000,922
TOTAL INFORMATION TECHNOLOGY			876,603,334
Common Stocks - continued
	Shares		Value
MATERIALS - 2.7%
Chemicals - 1.5%
Ashland, Inc.	512,200		$ 26,444,886
Clariant AG (Reg.) (a)	1,925,000		32,541,271
Dow Chemical Co.	1,114,400		34,356,952
E.I. du Pont de Nemours & Co.	965,600		45,653,568
			138,996,677
Metals & Mining - 1.2%
Cliffs Natural Resources, Inc.	349,400		22,780,880
Freeport-McMoRan Copper & Gold, Inc.	239,300		22,656,924
Goldcorp, Inc.	1,014,200		45,285,487
Newmont Mining Corp.	367,700		22,381,899
			113,105,190
TOTAL MATERIALS			252,101,867
TELECOMMUNICATION SERVICES - 6.1%
Diversified Telecommunication Services - 3.4%
AT&T, Inc.	6,344,886		180,829,251
Qwest Communications International, Inc.	6,714,300		44,314,380
Verizon Communications, Inc.	2,854,283		92,678,569
			317,822,200
Wireless Telecommunication Services - 2.7%
Sprint Nextel Corp. (a)	48,670,778		200,523,605
Vodafone Group PLC sponsored ADR	1,819,200		50,046,192
			250,569,797
TOTAL TELECOMMUNICATION SERVICES			568,391,997
UTILITIES - 4.3%
Electric Utilities - 2.4%
American Electric Power Co., Inc.	1,017,200		38,083,968
Entergy Corp.	561,800		41,870,954
NextEra Energy, Inc.	1,349,500		74,276,480
PPL Corp.	2,530,200		68,062,380
			222,293,782
Independent Power Producers & Energy Traders - 0.2%
Calpine Corp. (a)	1,492,600		18,657,500
Multi-Utilities - 1.7%
PG&E Corp.	1,177,600		56,312,832
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Public Service Enterprise Group, Inc.	1,721,700		$ 55,696,995
Sempra Energy	818,294		43,762,363
			155,772,190
TOTAL UTILITIES			396,723,472
TOTAL COMMON STOCKS (Cost $7,763,044,024)		9,052,445,932
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 0.23% (b)	197,432,461		197,432,461
Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c)	70,902,935		70,902,935
TOTAL MONEY MARKET FUNDS (Cost $268,335,396)		268,335,396
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $8,031,379,420)		9,320,781,328
NET OTHER ASSETS (LIABILITIES) - (0.5)%		(48,527,180)
NET ASSETS - 100%		$ 9,272,254,148

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	$ 200,144
Fidelity Securities Lending Cash Central Fund	220,433
Total	$ 420,577

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 619,200,177	$ 619,200,177	$ -	$ -
Consumer Staples	789,505,471	789,505,471	-	-
Energy	1,220,939,498	1,220,939,498	-	-
Financials	2,306,532,807	2,230,461,947	76,070,860	-
Health Care	1,200,506,669	1,200,506,669	-	-
Industrials	821,940,640	821,940,640	-	-
Information Technology	876,603,334	876,603,334	-	-
Materials	252,101,867	252,101,867	-	-
Telecommunication Services	568,391,997	568,391,997	-	-
Utilities	396,723,472	396,723,472	-	-
Money Market Funds	268,335,396	268,335,396	-	-
Total Investments in Securities:	$ 9,320,781,328	$ 9,244,710,468	$ 76,070,860	$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $8,075,121,934. Net unrealized appreciation aggregated $1,245,659,394, of which $1,366,887,503 related to appreciated investment securities and $121,228,109 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Telecom and
Utilities Fund

October 31, 2010

1.809082.106

UIF-QTLY-1210

Investments October 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 3.0%
Media - 3.0%
Cablevision Systems Corp. - NY Group Class A	324,800		$ 8,685
Time Warner Cable, Inc.	147,700		8,547
Virgin Media, Inc.	348,800		8,870
			26,102
INFORMATION TECHNOLOGY - 0.3%
Internet Software & Services - 0.3%
Equinix, Inc. (a)	29,200		2,460
TELECOMMUNICATION SERVICES - 41.3%
Diversified Telecommunication Services - 28.3%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	1,175,900		16,463
Level 3 Communications, Inc. (a)	3,652,600		3,535
Qwest Communications International, Inc.	7,122,500		47,009
Telecom Corp. of New Zealand Ltd. sponsored ADR (d)	724,200		5,663
Telefonica SA	330,069		8,917
Telefonica SA sponsored ADR (d)	109,800		8,909
Verizon Communications, Inc.	4,694,400		152,429
			242,925
Wireless Telecommunication Services - 13.0%
American Tower Corp. Class A (a)	335,600		17,320
Leap Wireless International, Inc. (a)	400,100		4,565
NII Holdings, Inc. (a)	211,100		8,826
Sprint Nextel Corp. (a)	6,777,700		27,924
Vivo Participacoes SA sponsored ADR	522,800		14,973
Vodafone Group PLC	7,116,200		19,450
Vodafone Group PLC sponsored ADR	665,300		18,302
			111,360
TOTAL TELECOMMUNICATION SERVICES			354,285
UTILITIES - 55.1%
Electric Utilities - 31.0%
American Electric Power Co., Inc.	653,300		24,460
Edison International	831,500		30,682
ITC Holdings Corp.	338,200		21,175
NextEra Energy, Inc.	1,678,800		92,401
NV Energy, Inc.	3,032,500		41,424
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Pinnacle West Capital Corp.	497,800		$ 20,489
PPL Corp.	1,289,600		34,690
			265,321
Gas Utilities - 2.3%
National Fuel Gas Co. New Jersey	128,165		7,072
ONEOK, Inc.	259,647		12,936
			20,008
Independent Power Producers & Energy Traders - 6.0%
AES Corp. (a)	1,446,800		17,275
Calpine Corp. (a)	979,943		12,249
International Power PLC	1,360,791		9,098
Mirant Corp. (a)	675,200		7,164
RRI Energy, Inc. (a)	1,570,600		5,905
			51,691
Multi-Utilities - 15.8%
NiSource, Inc.	888,800		15,385
PG&E Corp.	874,300		41,809
Public Service Enterprise Group, Inc.	248,307		8,033
Sempra Energy	1,218,700		65,176
Xcel Energy, Inc.	207,800		4,958
			135,361
TOTAL UTILITIES			472,381
TOTAL COMMON STOCKS (Cost $794,420)		855,228
Money Market Funds - 0.9%

Fidelity Securities Lending Cash Central Fund, 0.24% (b)(c) (Cost $7,717)	7,716,900		7,717
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $802,137)			862,945
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(5,368)
NET ASSETS - 100%		$ 857,577

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 9
Fidelity Securities Lending Cash Central Fund	27
Total	$ 36

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 26,102	$ 26,102	$ -	$ -
Information Technology	2,460	2,460	-	-
Telecommunication Services	354,285	325,918	28,367	-
Utilities	472,381	472,381	-	-
Money Market Funds	7,717	7,717	-	-
Total Investments in Securities:	$ 862,945	$ 834,578	$ 28,367	$ -

Income Tax Information

At October 31, 2010, the cost of investment securities for income tax purposes was $804,924,000. Net unrealized appreciation aggregated $58,021,000, of which $68,795,000 related to appreciated investment securities and $10,774,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Devonshire Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Devonshire Trust

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

Date:	December 30, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date:	December 30, 2010

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

Date:	December 30, 2010