N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-1352

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	January 31

Date of reporting period:	April 30, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Equity-Income Fund

April 30, 2009

1.800336.105

EQU-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.4%
Auto Components - 1.4%
Gentex Corp.	1,938,064		$ 25,912
Johnson Controls, Inc.	5,082,390		96,616
Magna International, Inc. Class A	766,000		26,300
The Goodyear Tire & Rubber Co. (a)	7,809,000		85,821
			234,649
Automobiles - 0.7%
Fiat SpA	3,298,000		32,234
Ford Motor Co. (a)	3,044,566		18,207
Harley-Davidson, Inc. (e)	2,829,950		62,712
Winnebago Industries, Inc.	487,426		4,294
			117,447
Diversified Consumer Services - 0.6%
H&R Block, Inc.	6,305,134		95,460
Hotels, Restaurants & Leisure - 0.8%
Las Vegas Sands Corp. unit	388,000		51,387
Starbucks Corp. (a)	4,724,100		68,310
Starwood Hotels & Resorts Worldwide, Inc.	846,000		17,648
			137,345
Household Durables - 1.9%
Black & Decker Corp.	935,400		37,697
Centex Corp.	3,164,600		34,621
KB Home	566,900		10,244
Lennar Corp. Class A	1,173,500		11,430
Newell Rubbermaid, Inc.	5,775,380		60,353
Pulte Homes, Inc.	2,569,449		29,574
The Stanley Works	958,435		36,449
Whirlpool Corp.	1,861,248		84,054
			304,422
Internet & Catalog Retail - 0.1%
Liberty Media Corp. - Interactive Series A (a)	2,934,464		15,553
Leisure Equipment & Products - 0.1%
Brunswick Corp.	3,531,000		21,115
Media - 3.1%
Ascent Media Corp. (a)	232,886		5,999
Belo Corp. Series A	3,009,286		5,116
CC Media Holdings, Inc. Class A (a)	2,159,142		3,778
Comcast Corp. Class A	7,646,255		118,211
Informa PLC	4,412,400		19,278
Interpublic Group of Companies, Inc. (a)	3,087,600		19,328
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Liberty Global, Inc. Class A (a)	1,417,610		$ 23,376
Scripps Networks Interactive, Inc. Class A	2,599,886		71,341
The Walt Disney Co.	3,522,410		77,141
Time Warner, Inc.	5,369,329		117,212
Viacom, Inc. Class B (non-vtg.) (a)	1,511,800		29,087
Virgin Media, Inc.	3,126,863		24,139
			514,006
Multiline Retail - 2.4%
JCPenney Co., Inc.	1,071,200		32,875
Kohl's Corp. (a)	3,611,247		163,770
Macy's, Inc.	2,925,100		40,015
Target Corp.	3,437,400		141,827
Tuesday Morning Corp. (a)	1,513,113		5,160
			383,647
Specialty Retail - 3.2%
Home Depot, Inc.	8,171,600		215,077
Lowe's Companies, Inc.	3,160,022		67,940
OfficeMax, Inc.	1,415,127		10,543
RadioShack Corp.	1,246,800		17,555
Staples, Inc.	6,232,255		128,509
Tiffany & Co., Inc.	1,947,755		56,368
Williams-Sonoma, Inc.	2,331,900		32,647
			528,639
Textiles, Apparel & Luxury Goods - 0.1%
Liz Claiborne, Inc.	2,337,100		11,078
TOTAL CONSUMER DISCRETIONARY			2,363,361
CONSUMER STAPLES - 5.6%
Beverages - 1.1%
Carlsberg AS Series B (e)	1,760,389		84,635
The Coca-Cola Co.	2,228,053		95,918
			180,553
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	2,041,795		64,888
Wal-Mart Stores, Inc.	2,159,937		108,861
Walgreen Co.	451,000		14,175
Winn-Dixie Stores, Inc. (a)	1,485,086		17,019
			204,943
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - 0.9%
Marine Harvest ASA (a)(e)	53,809,600		$ 24,243
Nestle SA (Reg.)	2,174,945		70,877
Tyson Foods, Inc. Class A	5,132,873		54,100
			149,220
Household Products - 1.1%
Kimberly-Clark Corp.	1,618,600		79,538
Procter & Gamble Co.	2,007,817		99,266
			178,804
Personal Products - 0.4%
Avon Products, Inc.	2,959,300		67,354
Tobacco - 0.8%
Philip Morris International, Inc.	3,482,895		126,081
TOTAL CONSUMER STAPLES			906,955
ENERGY - 16.2%
Energy Equipment & Services - 2.7%
BJ Services Co.	1,329,376		18,465
Halliburton Co.	2,817,600		56,972
Nabors Industries Ltd. (a)	3,229,551		49,121
Noble Corp.	4,655,144		127,225
Pride International, Inc. (a)	1,390,500		31,564
Schlumberger Ltd. (NY Shares)	3,247,963		159,118
			442,465
Oil, Gas & Consumable Fuels - 13.5%
Anadarko Petroleum Corp.	616,500		26,546
Apache Corp.	1,292,710		94,187
Boardwalk Pipeline Partners, LP	933,770		19,142
Chesapeake Energy Corp.	1,473,400		29,041
Chevron Corp.	7,867,895		520,068
ConocoPhillips	6,868,190		281,596
CONSOL Energy, Inc.	762,010		23,836
Devon Energy Corp.	500,500		25,951
El Paso Corp.	673,300		4,646
EOG Resources, Inc.	1,599,000		101,505
Exxon Mobil Corp.	8,508,880		567,287
Hess Corp.	1,546,400		84,727
Marathon Oil Corp.	1,691,155		50,227
Occidental Petroleum Corp.	2,295,100		129,191
Peabody Energy Corp.	730,639		19,282
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Royal Dutch Shell PLC:
Class A sponsored ADR	3,519,000		$ 160,748
Class B ADR	805,400		36,646
Williams Companies, Inc.	2,698,800		38,053
			2,212,679
TOTAL ENERGY			2,655,144
FINANCIALS - 20.9%
Capital Markets - 5.2%
Bank of New York Mellon Corp.	8,410,949		214,311
Credit Suisse Group sponsored ADR	2,304,700		88,224
Goldman Sachs Group, Inc.	2,023,506		260,021
KKR Private Equity Investors, LP Restricted Depositary Units (a)(h)	1,714,600		5,830
Morgan Stanley	6,479,483		153,175
State Street Corp.	1,254,320		42,810
T. Rowe Price Group, Inc.	852,800		32,850
UBS AG (NY Shares)	3,824,500		52,166
			849,387
Commercial Banks - 5.3%
Associated Banc-Corp.	3,960,222		61,265
KeyCorp	5,118,700		31,480
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	12,303,275		66,684
PNC Financial Services Group, Inc.	4,611,909		183,093
Sterling Financial Corp., Washington (e)	2,430,424		7,753
U.S. Bancorp, Delaware	3,935,802		71,710
Wells Fargo & Co.	22,189,585		444,014
			865,999
Consumer Finance - 0.7%
Capital One Financial Corp.	1,221,200		20,443
Discover Financial Services	8,563,961		69,625
Promise Co. Ltd.	1,134,050		14,989
SLM Corp. (a)	3,039,268		14,680
			119,737
Diversified Financial Services - 5.8%
Bank of America Corp.	28,904,695		258,119
CIT Group, Inc.	4,661,915		10,349
Citigroup, Inc. (e)	7,056,501		21,522
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
CME Group, Inc.	112,966		$ 25,005
JPMorgan Chase & Co.	19,134,649		631,443
			946,438
Insurance - 2.7%
ACE Ltd.	2,292,101		106,170
Hartford Financial Services Group, Inc.	2,057,600		23,601
MBIA, Inc. (a)(e)	2,018,700		9,548
MetLife, Inc.	1,711,280		50,911
Montpelier Re Holdings Ltd.	3,835,478		47,790
PartnerRe Ltd.	1,142,726		77,922
Reinsurance Group of America, Inc.	55,908		1,777
The Travelers Companies, Inc.	2,476,740		101,893
XL Capital Ltd. Class A	1,935,398		18,406
			438,018
Real Estate Investment Trusts - 0.7%
Annaly Capital Management, Inc.	2,103,000		29,589
Developers Diversified Realty Corp.	1,539,542		6,358
HCP, Inc.	1,961,300		43,051
Senior Housing Properties Trust (SBI)	1,657,268		27,163
			106,161
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	7,334,751		55,011
Thrifts & Mortgage Finance - 0.2%
New York Community Bancorp, Inc. (e)	2,977,482		33,675
Washington Mutual, Inc.	7,134,514		784
			34,459
TOTAL FINANCIALS			3,415,210
HEALTH CARE - 8.1%
Biotechnology - 0.6%
Amgen, Inc. (a)	1,950,778		94,554
Health Care Equipment & Supplies - 0.7%
Boston Scientific Corp. (a)	7,103,738		59,742
Covidien Ltd.	1,775,790		58,566
			118,308
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 0.2%
Brookdale Senior Living, Inc.	2,284,099		$ 23,549
UnitedHealth Group, Inc.	357,540		8,409
			31,958
Pharmaceuticals - 6.6%
Abbott Laboratories	677,100		28,337
Bristol-Myers Squibb Co.	3,493,600		67,077
Johnson & Johnson	4,235,071		221,748
Merck & Co., Inc.	4,971,700		120,514
Pfizer, Inc.	19,136,600		255,665
Schering-Plough Corp.	4,749,840		109,341
Wyeth	6,627,800		281,019
			1,083,701
TOTAL HEALTH CARE			1,328,521
INDUSTRIALS - 9.2%
Aerospace & Defense - 2.7%
General Dynamics Corp.	584,200		30,186
Honeywell International, Inc.	5,345,650		166,838
Spirit AeroSystems Holdings, Inc. Class A (a)	2,637,318		33,626
The Boeing Co.	1,719,016		68,847
United Technologies Corp.	2,763,860		134,987
			434,484
Building Products - 0.2%
Masco Corp.	4,327,747		38,344
Commercial Services & Supplies - 0.2%
Avery Dennison Corp.	1,399,885		40,233
Electrical Equipment - 0.1%
Rockwell Automation, Inc.	505,600		15,972
Industrial Conglomerates - 3.1%
3M Co.	955,430		55,033
General Electric Co.	15,147,163		191,612
Rheinmetall AG (e)	1,007,867		42,202
Siemens AG sponsored ADR	1,829,000		122,415
Textron, Inc.	4,552,400		48,847
Tyco International Ltd.	2,128,290		50,568
			510,677
Machinery - 2.3%
Briggs & Stratton Corp. (e)(f)	3,687,785		54,874
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Caterpillar, Inc.	506,300		$ 18,014
Cummins, Inc.	1,422,400		48,362
Danaher Corp.	1,015,100		59,322
Eaton Corp.	1,339,100		58,653
Illinois Tool Works, Inc.	1,012,100		33,197
Ingersoll-Rand Co. Ltd. Class A	2,051,792		44,668
Kennametal, Inc.	1,527,109		31,229
SPX Corp.	690,685		31,889
			380,208
Professional Services - 0.2%
Equifax, Inc.	860,219		25,084
Road & Rail - 0.4%
Burlington Northern Santa Fe Corp.	309,500		20,885
Union Pacific Corp.	908,400		44,639
			65,524
TOTAL INDUSTRIALS			1,510,526
INFORMATION TECHNOLOGY - 9.5%
Communications Equipment - 1.1%
Cisco Systems, Inc. (a)	7,613,820		147,099
Motorola, Inc.	7,292,070		40,325
			187,424
Computers & Peripherals - 1.7%
Dell, Inc. (a)	1,296,400		15,064
EMC Corp. (a)	1,100,400		13,788
Hewlett-Packard Co.	4,016,307		144,507
International Business Machines Corp.	972,200		100,341
Seagate Technology	903,800		7,375
			281,075
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	2,894,200		65,814
Avnet, Inc. (a)	3,546,891		77,641
Tyco Electronics Ltd.	4,059,090		70,791
			214,246
IT Services - 0.5%
MoneyGram International, Inc. (a)	2,437,904		3,706
The Western Union Co.	4,151,683		69,541
			73,247
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Office Electronics - 0.1%
Xerox Corp.	3,524,498		$ 21,535
Semiconductors & Semiconductor Equipment - 3.4%
Analog Devices, Inc.	2,969,300		63,187
Applied Materials, Inc.	7,126,200		87,011
Atmel Corp. (a)	2,613,756		10,037
Intel Corp.	12,215,360		192,758
Micron Technology, Inc. (a)	5,111,800		24,946
National Semiconductor Corp.	5,811,662		71,890
Novellus Systems, Inc. (a)	2,451,327		44,271
Teradyne, Inc. (a)	5,682,400		33,753
Varian Semiconductor Equipment Associates, Inc. (a)	1,013,700		25,941
			553,794
Software - 1.4%
Microsoft Corp.	4,990,427		101,106
Oracle Corp.	2,981,892		57,670
Symantec Corp. (a)	3,608,900		62,254
			221,030
TOTAL INFORMATION TECHNOLOGY			1,552,351
MATERIALS - 1.8%
Chemicals - 1.1%
Airgas, Inc.	112,400		4,847
Celanese Corp. Class A	1,413,700		29,462
Dow Chemical Co.	620,100		9,922
E.I. du Pont de Nemours & Co.	2,740,400		76,457
H.B. Fuller Co.	1,303,423		23,018
Linde AG	425,979		33,586
			177,292
Metals & Mining - 0.7%
Alcoa, Inc.	4,230,421		38,370
Commercial Metals Co.	1,734,745		25,813
Freeport-McMoRan Copper & Gold, Inc. Class B	451,000		19,235
Nucor Corp.	854,900		34,786
			118,204
TOTAL MATERIALS			295,496
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - 7.1%
Diversified Telecommunication Services - 6.4%
AT&T, Inc.	24,656,850		$ 631,698
Qwest Communications International, Inc.	26,843,000		104,419
Verizon Communications, Inc.	10,282,849		311,982
			1,048,099
Wireless Telecommunication Services - 0.7%
Sprint Nextel Corp. (a)	12,743,503		55,562
Vodafone Group PLC sponsored ADR	3,021,625		55,447
			111,009
TOTAL TELECOMMUNICATION SERVICES			1,159,108
UTILITIES - 3.3%
Electric Utilities - 1.7%
Allegheny Energy, Inc.	3,682,703		95,456
Entergy Corp.	1,317,000		85,302
Exelon Corp.	2,029,000		93,598
			274,356
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	7,895,427		55,821
Multi-Utilities - 1.3%
Public Service Enterprise Group, Inc.	4,336,200		129,392
Wisconsin Energy Corp.	2,180,900		87,149
			216,541
TOTAL UTILITIES			546,718
TOTAL COMMON STOCKS (Cost $18,796,057)		15,733,390
Convertible Preferred Stocks - 1.7%

CONSUMER DISCRETIONARY - 0.2%
Auto Components - 0.2%
Johnson Controls, Inc. 11.50%	225,500		21,715
Automobiles - 0.0%
General Motors Corp. Series C, 6.25%	1,678,867		3,610
TOTAL CONSUMER DISCRETIONARY			25,325
Convertible Preferred Stocks - continued
	Shares		Value (000s)
FINANCIALS - 0.9%
Capital Markets - 0.2%
Legg Mason, Inc. 7.00%	1,846,900		$ 40,253
Commercial Banks - 0.2%
Fifth Third Bancorp 8.50%	125,600		7,242
Huntington Bancshares, Inc. 8.50%	26,000		13,260
Wells Fargo & Co. 7.50%	9,600		5,933
			26,435
Diversified Financial Services - 0.4%
Bank of America Corp. Series L, 7.25%	48,800		28,182
CIT Group, Inc. Series C, 8.75%	238,000		3,623
Citigroup, Inc. Series T, 6.50%	1,303,998		41,157
			72,962
Insurance - 0.1%
American International Group, Inc. Series A, 8.50%	1,489,600		7,999
Thrifts & Mortgage Finance - 0.0%
Fannie Mae 8.75%	1,576,700		1,892
TOTAL FINANCIALS			149,541
HEALTH CARE - 0.3%
Pharmaceuticals - 0.3%
Schering-Plough Corp. 6.00%	260,400		54,877
MATERIALS - 0.3%
Chemicals - 0.0%
Celanese Corp. 4.25%	384,300		10,749
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	651,000		44,887
TOTAL MATERIALS			55,636
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $604,717)		285,379

Corporate Bonds - 1.8%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 1.7%
CONSUMER DISCRETIONARY - 0.8%
Auto Components - 0.1%
Johnson Controls, Inc. 6.5% 9/30/12	$ 11,740		$ 21,122
Diversified Consumer Services - 0.0%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	4,350		6,054
Household Durables - 0.1%
Newell Rubbermaid, Inc. 5.5% 3/15/14	5,000		7,291
Media - 0.6%
Liberty Media Corp.:
3.5% 1/15/31	7,121		3,453
4% 11/15/29 (g)	13,232		3,970
3.5% 1/15/31 (g)	20,197		9,791
News America, Inc. liquid yield option note:
0% 2/28/21 (g)	57,550		33,632
0% 2/28/21	16,370		9,567
Virgin Media, Inc. 6.5% 11/15/16 (g)	49,396		35,708
			96,121
TOTAL CONSUMER DISCRETIONARY			130,588
FINANCIALS - 0.0%
Thrifts & Mortgage Finance - 0.0%
MGIC Investment Corp. 9% 4/1/63 (d)(g)	36,072		8,928
INDUSTRIALS - 0.2%
Airlines - 0.1%
UAL Corp.:
4.5% 6/30/21 (g)	20,550		8,015
4.5% 6/30/21	3,320		1,295
			9,310
Electrical Equipment - 0.1%
Sunpower Corp. 4.75% 4/15/14	10,410		12,256
Industrial Conglomerates - 0.0%
Textron, Inc. 4.5% 5/1/13	6,510		7,059
TOTAL INDUSTRIALS			28,625
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc.:
6% 5/1/15 (g)	$ 39,060		$ 15,917
6% 5/1/15	13,020		5,306
Micron Technology, Inc.:
1.875% 6/1/14	7,430		4,275
4.25% 10/15/13	6,330		7,374
			32,872
MATERIALS - 0.3%
Metals & Mining - 0.3%
Alcoa, Inc. 5.25% 3/15/14	11,060		17,447
ArcelorMittal SA 5% 5/15/14	9,070		9,366
United States Steel Corp. 4% 5/15/14	15,120		16,141
			42,954
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.2%
Level 3 Communications, Inc.:
5.25% 12/15/11 (g)	28,080		17,247
5.25% 12/15/11	15,880		9,754
			27,001
TOTAL CONVERTIBLE BONDS			270,968
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Chemicals - 0.1%
Hercules, Inc. 6.5% 6/30/29 unit	31,600		15,411
TOTAL CORPORATE BONDS (Cost $381,611)		286,379

Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.53% (b)	56,102,276		$ 56,102
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	131,751,626		131,752
TOTAL MONEY MARKET FUNDS (Cost $187,854)		187,854
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $19,970,239)			16,493,002
NET OTHER ASSETS - (0.8)%			(128,467)
NET ASSETS - 100%		$ 16,364,535

Legend

(a) Non-income producing

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

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

(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 $133,208,000 or 0.8% of net assets.

(h) 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 $5,830,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
KKR Private Equity Investors, LP Restricted Depositary Units	5/3/06 - 7/12/06	$ 42,362

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	$ 85
Fidelity Securities Lending Cash Central Fund	1,874
Total	$ 1,959

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.	$ 54,542	$ -	$ -	$ 811	$ 54,874
Total	$ 54,542	$ -	$ -	$ 811	$ 54,874

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 16,493,002	$ 15,567,006	$ 925,996	$ -

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

(Amounts in thousands)	Investments in Securities
Beginning Balance	$ 33,174
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	18,213
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	(51,387)
Ending Balance	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $20,080,920,000. Net unrealized depreciation aggregated $3,587,918,000, of which $2,521,544,000 related to appreciated investment securities and $6,109,462,000 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.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Large Cap Growth Fund

April 30, 2009

1.800355.105

LCG-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Diversified Consumer Services - 3.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	19,800		$ 1,246,410
H&R Block, Inc.	171,400		2,594,996
			3,841,406
Media - 3.4%
DISH Network Corp. Class A (a)	77,200		1,022,900
Interpublic Group of Companies, Inc. (a)	197,900		1,238,854
Time Warner, Inc.	52,700		1,150,441
			3,412,195
Multiline Retail - 1.5%
Dollar Tree, Inc. (a)	36,600		1,549,644
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	22,600		988,750
AutoZone, Inc. (a)	8,300		1,381,037
			2,369,787
TOTAL CONSUMER DISCRETIONARY			11,173,032
CONSUMER STAPLES - 12.4%
Food & Staples Retailing - 7.3%
Costco Wholesale Corp.	32,500		1,579,500
Kroger Co.	97,000		2,097,140
Wal-Mart Stores, Inc.	73,900		3,724,560
			7,401,200
Food Products - 1.9%
General Mills, Inc.	32,600		1,652,494
Kellogg Co.	6,500		273,715
			1,926,209
Household Products - 2.5%
Kimberly-Clark Corp.	52,100		2,560,194
Personal Products - 0.7%
Herbalife Ltd.	32,400		642,168
TOTAL CONSUMER STAPLES			12,529,771
ENERGY - 8.5%
Energy Equipment & Services - 4.3%
ENSCO International, Inc.	8,000		226,240
Global Industries Ltd. (a)	94,800		613,356
Halliburton Co.	16,400		331,608
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Nabors Industries Ltd. (a)	72,900		$ 1,108,809
Pride International, Inc. (a)	42,300		960,210
Rowan Companies, Inc.	70,400		1,098,944
			4,339,167
Oil, Gas & Consumable Fuels - 4.2%
Chesapeake Energy Corp.	29,900		589,329
Mariner Energy, Inc. (a)	53,700		611,106
Sunoco, Inc.	76,100		2,017,411
Tesoro Corp.	67,200		1,024,800
			4,242,646
TOTAL ENERGY			8,581,813
FINANCIALS - 4.2%
Capital Markets - 2.2%
Charles Schwab Corp.	32,700		604,296
Northern Trust Corp.	15,900		864,324
TD Ameritrade Holding Corp. (a)	48,500		771,635
			2,240,255
Insurance - 2.0%
Axis Capital Holdings Ltd.	24,500		603,680
W.R. Berkley Corp.	58,800		1,405,908
			2,009,588
TOTAL FINANCIALS			4,249,843
HEALTH CARE - 12.8%
Biotechnology - 5.0%
Amgen, Inc. (a)	52,800		2,559,216
Biogen Idec, Inc. (a)	51,700		2,499,178
			5,058,394
Health Care Equipment & Supplies - 2.3%
Baxter International, Inc.	47,800		2,318,300
Health Care Providers & Services - 2.3%
Express Scripts, Inc. (a)	35,600		2,277,332
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 3.2%
Abbott Laboratories	33,000		$ 1,381,050
Johnson & Johnson	36,400		1,905,904
			3,286,954
TOTAL HEALTH CARE			12,940,980
INDUSTRIALS - 13.0%
Aerospace & Defense - 8.1%
Honeywell International, Inc.	21,200		661,652
ITT Corp.	30,400		1,246,704
Lockheed Martin Corp.	30,900		2,426,577
Northrop Grumman Corp.	5,900		285,265
Precision Castparts Corp.	8,300		621,338
Raytheon Co.	50,300		2,275,069
United Technologies Corp.	14,100		688,644
			8,205,249
Construction & Engineering - 2.0%
Fluor Corp.	27,200		1,030,064
Jacobs Engineering Group, Inc. (a)	17,300		658,092
KBR, Inc.	21,100		329,582
			2,017,738
Industrial Conglomerates - 0.5%
Carlisle Companies, Inc.	19,800		450,450
Machinery - 1.3%
Joy Global, Inc.	25,500		650,250
Toro Co. (d)	22,100		671,398
			1,321,648
Professional Services - 0.8%
Dun & Bradstreet Corp.	10,400		846,560
Road & Rail - 0.3%
Landstar System, Inc.	8,600		306,246
TOTAL INDUSTRIALS			13,147,891
INFORMATION TECHNOLOGY - 31.9%
Communications Equipment - 5.1%
Cisco Systems, Inc. (a)	269,500		5,206,740
Computers & Peripherals - 9.1%
Apple, Inc. (a)	29,000		3,649,070
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
International Business Machines Corp.	34,000		$ 3,509,140
NCR Corp. (a)	96,000		974,400
SanDisk Corp. (a)	39,700		624,084
Western Digital Corp. (a)	17,000		399,840
			9,156,534
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	12,600		286,524
Avnet, Inc. (a)	45,700		1,000,373
			1,286,897
Internet Software & Services - 1.7%
eBay, Inc. (a)	26,600		438,102
Sohu.com, Inc. (a)(d)	23,800		1,241,170
			1,679,272
IT Services - 10.0%
Accenture Ltd. Class A	115,600		3,402,108
Affiliated Computer Services, Inc. Class A (a)	27,200		1,315,936
Broadridge Financial Solutions, Inc.	77,100		1,491,885
Fidelity National Information Services, Inc.	139,400		2,488,290
Genpact Ltd. (a)	163,500		1,464,960
			10,163,179
Semiconductors & Semiconductor Equipment - 2.6%
Novellus Systems, Inc. (a)	57,600		1,040,256
Texas Instruments, Inc.	90,800		1,639,848
			2,680,104
Software - 2.1%
Microsoft Corp.	104,200		2,111,092
TOTAL INFORMATION TECHNOLOGY			32,283,818
MATERIALS - 3.5%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	4,000		263,600
E.I. du Pont de Nemours & Co.	8,600		239,940
Monsanto Co.	3,300		280,137
Praxair, Inc.	3,400		253,674
The Mosaic Co.	6,500		262,925
			1,300,276
Construction Materials - 0.2%
Vulcan Materials Co.	4,900		232,995
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 2.0%
AK Steel Holding Corp.	19,900		$ 258,899
Alcoa, Inc.	27,800		252,146
Allegheny Technologies, Inc.	8,100		265,113
Cliffs Natural Resources, Inc.	12,000		276,720
Freeport-McMoRan Copper & Gold, Inc. Class B	6,200		264,430
Nucor Corp.	6,300		256,347
Southern Copper Corp.	13,300		246,981
United States Steel Corp. (d)	8,400		223,020
			2,043,656
TOTAL MATERIALS			3,576,927
TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
American Tower Corp. Class A (a)	7,500		238,200
Clearwire Corp. Class A (a)	44,000		243,760
			481,960
UTILITIES - 1.3%
Electric Utilities - 0.3%
Exelon Corp.	5,700		262,941
Gas Utilities - 0.3%
EQT Corp.	7,600		255,588
Independent Power Producers & Energy Traders - 0.5%
Calpine Corp. (a)	30,800		249,788
Mirant Corp. (a)	19,400		246,962
			496,750
Multi-Utilities - 0.2%
Public Service Enterprise Group, Inc.	8,500		253,640
TOTAL UTILITIES			1,268,919
TOTAL COMMON STOCKS (Cost $104,130,226)		100,234,954
Money Market Funds - 1.5%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	632,966		$ 632,966
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	932,250		932,250
TOTAL MONEY MARKET FUNDS (Cost $1,565,216)		1,565,216
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $105,695,442)			101,800,170
NET OTHER ASSETS - (0.7)%			(749,677)
NET ASSETS - 100%		$ 101,050,493

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,362
Fidelity Securities Lending Cash Central Fund	2,634
Total	$ 3,996

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 101,800,170	$ 101,800,170	$ -	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $107,355,858. Net unrealized depreciation aggregated $5,555,688, of which $4,916,132 related to appreciated investment securities and $10,471,820 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.847927.102

ALCG-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 11.1%
Diversified Consumer Services - 3.8%
Apollo Group, Inc. Class A (non-vtg.) (a)	19,800		$ 1,246,410
H&R Block, Inc.	171,400		2,594,996
			3,841,406
Media - 3.4%
DISH Network Corp. Class A (a)	77,200		1,022,900
Interpublic Group of Companies, Inc. (a)	197,900		1,238,854
Time Warner, Inc.	52,700		1,150,441
			3,412,195
Multiline Retail - 1.5%
Dollar Tree, Inc. (a)	36,600		1,549,644
Specialty Retail - 2.4%
Advance Auto Parts, Inc.	22,600		988,750
AutoZone, Inc. (a)	8,300		1,381,037
			2,369,787
TOTAL CONSUMER DISCRETIONARY			11,173,032
CONSUMER STAPLES - 12.4%
Food & Staples Retailing - 7.3%
Costco Wholesale Corp.	32,500		1,579,500
Kroger Co.	97,000		2,097,140
Wal-Mart Stores, Inc.	73,900		3,724,560
			7,401,200
Food Products - 1.9%
General Mills, Inc.	32,600		1,652,494
Kellogg Co.	6,500		273,715
			1,926,209
Household Products - 2.5%
Kimberly-Clark Corp.	52,100		2,560,194
Personal Products - 0.7%
Herbalife Ltd.	32,400		642,168
TOTAL CONSUMER STAPLES			12,529,771
ENERGY - 8.5%
Energy Equipment & Services - 4.3%
ENSCO International, Inc.	8,000		226,240
Global Industries Ltd. (a)	94,800		613,356
Halliburton Co.	16,400		331,608
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Nabors Industries Ltd. (a)	72,900		$ 1,108,809
Pride International, Inc. (a)	42,300		960,210
Rowan Companies, Inc.	70,400		1,098,944
			4,339,167
Oil, Gas & Consumable Fuels - 4.2%
Chesapeake Energy Corp.	29,900		589,329
Mariner Energy, Inc. (a)	53,700		611,106
Sunoco, Inc.	76,100		2,017,411
Tesoro Corp.	67,200		1,024,800
			4,242,646
TOTAL ENERGY			8,581,813
FINANCIALS - 4.2%
Capital Markets - 2.2%
Charles Schwab Corp.	32,700		604,296
Northern Trust Corp.	15,900		864,324
TD Ameritrade Holding Corp. (a)	48,500		771,635
			2,240,255
Insurance - 2.0%
Axis Capital Holdings Ltd.	24,500		603,680
W.R. Berkley Corp.	58,800		1,405,908
			2,009,588
TOTAL FINANCIALS			4,249,843
HEALTH CARE - 12.8%
Biotechnology - 5.0%
Amgen, Inc. (a)	52,800		2,559,216
Biogen Idec, Inc. (a)	51,700		2,499,178
			5,058,394
Health Care Equipment & Supplies - 2.3%
Baxter International, Inc.	47,800		2,318,300
Health Care Providers & Services - 2.3%
Express Scripts, Inc. (a)	35,600		2,277,332
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 3.2%
Abbott Laboratories	33,000		$ 1,381,050
Johnson & Johnson	36,400		1,905,904
			3,286,954
TOTAL HEALTH CARE			12,940,980
INDUSTRIALS - 13.0%
Aerospace & Defense - 8.1%
Honeywell International, Inc.	21,200		661,652
ITT Corp.	30,400		1,246,704
Lockheed Martin Corp.	30,900		2,426,577
Northrop Grumman Corp.	5,900		285,265
Precision Castparts Corp.	8,300		621,338
Raytheon Co.	50,300		2,275,069
United Technologies Corp.	14,100		688,644
			8,205,249
Construction & Engineering - 2.0%
Fluor Corp.	27,200		1,030,064
Jacobs Engineering Group, Inc. (a)	17,300		658,092
KBR, Inc.	21,100		329,582
			2,017,738
Industrial Conglomerates - 0.5%
Carlisle Companies, Inc.	19,800		450,450
Machinery - 1.3%
Joy Global, Inc.	25,500		650,250
Toro Co. (d)	22,100		671,398
			1,321,648
Professional Services - 0.8%
Dun & Bradstreet Corp.	10,400		846,560
Road & Rail - 0.3%
Landstar System, Inc.	8,600		306,246
TOTAL INDUSTRIALS			13,147,891
INFORMATION TECHNOLOGY - 31.9%
Communications Equipment - 5.1%
Cisco Systems, Inc. (a)	269,500		5,206,740
Computers & Peripherals - 9.1%
Apple, Inc. (a)	29,000		3,649,070
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
International Business Machines Corp.	34,000		$ 3,509,140
NCR Corp. (a)	96,000		974,400
SanDisk Corp. (a)	39,700		624,084
Western Digital Corp. (a)	17,000		399,840
			9,156,534
Electronic Equipment & Components - 1.3%
Arrow Electronics, Inc. (a)	12,600		286,524
Avnet, Inc. (a)	45,700		1,000,373
			1,286,897
Internet Software & Services - 1.7%
eBay, Inc. (a)	26,600		438,102
Sohu.com, Inc. (a)(d)	23,800		1,241,170
			1,679,272
IT Services - 10.0%
Accenture Ltd. Class A	115,600		3,402,108
Affiliated Computer Services, Inc. Class A (a)	27,200		1,315,936
Broadridge Financial Solutions, Inc.	77,100		1,491,885
Fidelity National Information Services, Inc.	139,400		2,488,290
Genpact Ltd. (a)	163,500		1,464,960
			10,163,179
Semiconductors & Semiconductor Equipment - 2.6%
Novellus Systems, Inc. (a)	57,600		1,040,256
Texas Instruments, Inc.	90,800		1,639,848
			2,680,104
Software - 2.1%
Microsoft Corp.	104,200		2,111,092
TOTAL INFORMATION TECHNOLOGY			32,283,818
MATERIALS - 3.5%
Chemicals - 1.3%
Air Products & Chemicals, Inc.	4,000		263,600
E.I. du Pont de Nemours & Co.	8,600		239,940
Monsanto Co.	3,300		280,137
Praxair, Inc.	3,400		253,674
The Mosaic Co.	6,500		262,925
			1,300,276
Construction Materials - 0.2%
Vulcan Materials Co.	4,900		232,995
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 2.0%
AK Steel Holding Corp.	19,900		$ 258,899
Alcoa, Inc.	27,800		252,146
Allegheny Technologies, Inc.	8,100		265,113
Cliffs Natural Resources, Inc.	12,000		276,720
Freeport-McMoRan Copper & Gold, Inc. Class B	6,200		264,430
Nucor Corp.	6,300		256,347
Southern Copper Corp.	13,300		246,981
United States Steel Corp. (d)	8,400		223,020
			2,043,656
TOTAL MATERIALS			3,576,927
TELECOMMUNICATION SERVICES - 0.5%
Wireless Telecommunication Services - 0.5%
American Tower Corp. Class A (a)	7,500		238,200
Clearwire Corp. Class A (a)	44,000		243,760
			481,960
UTILITIES - 1.3%
Electric Utilities - 0.3%
Exelon Corp.	5,700		262,941
Gas Utilities - 0.3%
EQT Corp.	7,600		255,588
Independent Power Producers & Energy Traders - 0.5%
Calpine Corp. (a)	30,800		249,788
Mirant Corp. (a)	19,400		246,962
			496,750
Multi-Utilities - 0.2%
Public Service Enterprise Group, Inc.	8,500		253,640
TOTAL UTILITIES			1,268,919
TOTAL COMMON STOCKS (Cost $104,130,226)		100,234,954
Money Market Funds - 1.5%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	632,966		$ 632,966
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	932,250		932,250
TOTAL MONEY MARKET FUNDS (Cost $1,565,216)		1,565,216
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $105,695,442)			101,800,170
NET OTHER ASSETS - (0.7)%			(749,677)
NET ASSETS - 100%		$ 101,050,493

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,362
Fidelity Securities Lending Cash Central Fund	2,634
Total	$ 3,996

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 101,800,170	$ 101,800,170	$ -	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Large Cap Value Fund

April 30, 2009

1.800356.105

LCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 9.4%
Hotels, Restaurants & Leisure - 2.1%
Brinker International, Inc.	265,800		$ 4,709,976
Darden Restaurants, Inc.	118,900		4,395,733
McDonald's Corp.	108,300		5,771,307
Wyndham Worldwide Corp.	451,100		5,268,848
			20,145,864
Household Durables - 1.2%
Mohawk Industries, Inc. (a)	114,900		5,435,919
Whirlpool Corp.	133,200		6,015,312
			11,451,231
Internet & Catalog Retail - 0.1%
Liberty Media Corp. - Interactive Series A (a)	92,900		492,370
Media - 1.5%
Comcast Corp. Class A (special) (non-vtg.)	870,400		12,777,472
Time Warner Cable, Inc.	49,300		1,588,939
			14,366,411
Multiline Retail - 1.2%
Macy's, Inc.	482,300		6,597,864
Target Corp.	121,900		5,029,594
			11,627,458
Specialty Retail - 2.8%
AutoZone, Inc. (a)	28,600		4,758,754
Best Buy Co., Inc.	123,500		4,739,930
Home Depot, Inc.	591,800		15,576,176
Sherwin-Williams Co.	33,500		1,897,440
			26,972,300
Textiles, Apparel & Luxury Goods - 0.5%
Polo Ralph Lauren Corp. Class A	95,600		5,147,104
TOTAL CONSUMER DISCRETIONARY			90,202,738
CONSUMER STAPLES - 8.9%
Beverages - 1.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	343,800		3,984,642
Dr Pepper Snapple Group, Inc. (a)	296,800		6,146,728
Molson Coors Brewing Co. Class B	147,800		5,653,350
			15,784,720
Food & Staples Retailing - 1.0%
CVS Caremark Corp.	312,100		9,918,538
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 3.0%
Archer Daniels Midland Co.	530,700		$ 13,065,834
Dean Foods Co. (a)	242,100		5,011,470
Kraft Foods, Inc. Class A	454,100		10,625,940
			28,703,244
Household Products - 1.9%
Energizer Holdings, Inc. (a)	85,700		4,910,610
Procter & Gamble Co.	262,900		12,997,776
			17,908,386
Tobacco - 1.3%
Altria Group, Inc.	411,100		6,713,263
Lorillard, Inc.	96,000		6,060,480
			12,773,743
TOTAL CONSUMER STAPLES			85,088,631
ENERGY - 16.6%
Energy Equipment & Services - 1.6%
Pride International, Inc. (a)	349,100		7,924,570
Transocean Ltd. (a)	115,700		7,807,436
			15,732,006
Oil, Gas & Consumable Fuels - 15.0%
Chesapeake Energy Corp.	329,800		6,500,358
Chevron Corp.	576,400		38,100,040
ConocoPhillips	144,000		5,904,000
Exxon Mobil Corp.	839,100		55,942,798
Foundation Coal Holdings, Inc.	238,500		3,873,240
Frontier Oil Corp.	363,500		4,620,085
Marathon Oil Corp.	488,600		14,511,420
Sunoco, Inc.	275,500		7,303,505
Tesoro Corp.	496,300		7,568,575
			144,324,021
TOTAL ENERGY			160,056,027
FINANCIALS - 21.5%
Capital Markets - 2.9%
Goldman Sachs Group, Inc.	153,400		19,711,900
Morgan Stanley	339,500		8,025,780
			27,737,680
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 4.6%
Associated Banc-Corp.	195,800		$ 3,029,026
PNC Financial Services Group, Inc.	246,400		9,782,080
TCF Financial Corp. (d)	371,200		5,163,392
Wells Fargo & Co.	1,332,600		26,665,326
			44,639,824
Diversified Financial Services - 6.5%
Bank of America Corp.	2,068,300		18,469,919
IntercontinentalExchange, Inc. (a)	54,800		4,800,480
JPMorgan Chase & Co.	1,178,900		38,903,700
			62,174,099
Insurance - 7.3%
ACE Ltd.	104,600		4,845,072
Axis Capital Holdings Ltd.	196,200		4,834,368
Berkshire Hathaway, Inc. Class B (a)	1,580		4,842,700
Everest Re Group Ltd.	80,900		6,038,376
Fidelity National Financial, Inc. Class A	304,300		5,516,959
Hartford Financial Services Group, Inc.	539,100		6,183,477
MetLife, Inc.	283,400		8,431,150
RenaissanceRe Holdings Ltd.	110,600		5,381,796
The Travelers Companies, Inc.	319,100		13,127,774
Unum Group	509,500		8,325,230
XL Capital Ltd. Class A	262,200		2,493,522
			70,020,424
Real Estate Investment Trusts - 0.2%
SL Green Realty Corp.	138,000		2,437,080
TOTAL FINANCIALS			207,009,107
HEALTH CARE - 12.6%
Biotechnology - 0.3%
Amgen, Inc. (a)	57,300		2,777,331
Health Care Equipment & Supplies - 1.8%
Cooper Companies, Inc.	177,400		5,100,250
Hospira, Inc. (a)	179,100		5,887,017
Inverness Medical Innovations, Inc. (a)	177,400		5,728,246
			16,715,513
Health Care Providers & Services - 2.9%
Health Management Associates, Inc. Class A (a)	1,092,400		5,101,508
Humana, Inc. (a)	186,400		5,364,592
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
LifePoint Hospitals, Inc. (a)	119,800		$ 3,096,830
Omnicare, Inc.	202,600		5,208,846
WellPoint, Inc. (a)	219,800		9,398,648
			28,170,424
Pharmaceuticals - 7.6%
Johnson & Johnson	315,400		16,514,344
Merck & Co., Inc.	164,300		3,982,632
Mylan, Inc. (a)(d)	561,400		7,438,550
Pfizer, Inc.	1,974,100		26,373,976
Watson Pharmaceuticals, Inc. (a)	177,100		5,479,474
Wyeth	319,600		13,551,040
			73,340,016
TOTAL HEALTH CARE			121,003,284
INDUSTRIALS - 8.8%
Aerospace & Defense - 4.1%
Goodrich Corp.	116,200		5,145,336
Honeywell International, Inc.	232,400		7,253,204
Northrop Grumman Corp.	159,000		7,687,650
Raytheon Co.	165,900		7,503,657
United Technologies Corp.	247,800		12,102,552
			39,692,399
Airlines - 0.5%
Delta Air Lines, Inc. (a)	844,200		5,208,714
Building Products - 0.6%
Owens Corning (a)	314,500		5,629,550
Electrical Equipment - 1.3%
Cooper Industries Ltd. Class A	186,200		6,105,498
Thomas & Betts Corp. (a)	189,600		5,900,352
			12,005,850
Industrial Conglomerates - 2.3%
General Electric Co.	1,754,500		22,194,425
TOTAL INDUSTRIALS			84,730,938
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 4.2%
Communications Equipment - 1.1%
Juniper Networks, Inc. (a)	206,800		$ 4,477,220
Tellabs, Inc. (a)	1,145,400		6,001,896
			10,479,116
Computers & Peripherals - 2.0%
Dell, Inc. (a)	464,300		5,395,166
EMC Corp. (a)	517,700		6,486,781
Hewlett-Packard Co.	205,900		7,408,282
			19,290,229
IT Services - 1.1%
Affiliated Computer Services, Inc. Class A (a)	110,700		5,355,666
Fidelity National Information Services, Inc.	273,300		4,878,405
			10,234,071
TOTAL INFORMATION TECHNOLOGY			40,003,416
MATERIALS - 4.6%
Chemicals - 2.1%
Ashland, Inc.	260,700		5,724,972
Dow Chemical Co.	398,900		6,382,400
Lubrizol Corp.	112,300		4,853,606
Terra Industries, Inc.	118,700		3,145,550
			20,106,528
Containers & Packaging - 1.6%
Owens-Illinois, Inc. (a)	206,000		5,024,340
Pactiv Corp. (a)	248,800		5,438,768
Rock-Tenn Co. Class A	123,000		4,644,480
			15,107,588
Metals & Mining - 0.9%
Nucor Corp.	134,800		5,485,012
Reliance Steel & Aluminum Co.	103,800		3,656,874
			9,141,886
TOTAL MATERIALS			44,356,002
TELECOMMUNICATION SERVICES - 6.4%
Diversified Telecommunication Services - 5.6%
AT&T, Inc.	1,043,262		26,728,372
Embarq Corp.	83,100		3,038,136
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Qwest Communications International, Inc.	2,000,300		$ 7,781,167
Verizon Communications, Inc.	524,000		15,898,160
			53,445,835
Wireless Telecommunication Services - 0.8%
Sprint Nextel Corp. (a)	1,858,700		8,103,932
TOTAL TELECOMMUNICATION SERVICES			61,549,767
UTILITIES - 6.1%
Electric Utilities - 2.5%
Entergy Corp.	86,100		5,576,697
Exelon Corp.	224,600		10,360,798
FirstEnergy Corp.	186,500		7,627,850
			23,565,345
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	308,600		2,181,802
NRG Energy, Inc. (a)	214,400		3,854,912
			6,036,714
Multi-Utilities - 3.0%
PG&E Corp.	324,400		12,041,728
Public Service Enterprise Group, Inc.	234,300		6,991,512
Sempra Energy	216,100		9,944,922
			28,978,162
TOTAL UTILITIES			58,580,221
TOTAL COMMON STOCKS (Cost $1,011,481,792)		952,580,131
Money Market Funds - 1.1%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	1,968,842		$ 1,968,842
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	9,080,250		9,080,250
TOTAL MONEY MARKET FUNDS (Cost $11,049,092)		11,049,092
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $1,022,530,884)			963,629,223
NET OTHER ASSETS - (0.2)%			(2,093,929)
NET ASSETS - 100%		$ 961,535,294

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	$ 8,348
Fidelity Securities Lending Cash Central Fund	15,153
Total	$ 23,501

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 963,629,223	$ 963,629,223	$ -	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $1,089,594,657. Net unrealized depreciation aggregated $125,965,434, of which $55,655,396 related to appreciated investment securities and $181,620,830 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

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

1.847928.102

ALCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%
	Shares		Value
CONSUMER DISCRETIONARY - 9.4%
Hotels, Restaurants & Leisure - 2.1%
Brinker International, Inc.	265,800		$ 4,709,976
Darden Restaurants, Inc.	118,900		4,395,733
McDonald's Corp.	108,300		5,771,307
Wyndham Worldwide Corp.	451,100		5,268,848
			20,145,864
Household Durables - 1.2%
Mohawk Industries, Inc. (a)	114,900		5,435,919
Whirlpool Corp.	133,200		6,015,312
			11,451,231
Internet & Catalog Retail - 0.1%
Liberty Media Corp. - Interactive Series A (a)	92,900		492,370
Media - 1.5%
Comcast Corp. Class A (special) (non-vtg.)	870,400		12,777,472
Time Warner Cable, Inc.	49,300		1,588,939
			14,366,411
Multiline Retail - 1.2%
Macy's, Inc.	482,300		6,597,864
Target Corp.	121,900		5,029,594
			11,627,458
Specialty Retail - 2.8%
AutoZone, Inc. (a)	28,600		4,758,754
Best Buy Co., Inc.	123,500		4,739,930
Home Depot, Inc.	591,800		15,576,176
Sherwin-Williams Co.	33,500		1,897,440
			26,972,300
Textiles, Apparel & Luxury Goods - 0.5%
Polo Ralph Lauren Corp. Class A	95,600		5,147,104
TOTAL CONSUMER DISCRETIONARY			90,202,738
CONSUMER STAPLES - 8.9%
Beverages - 1.7%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	343,800		3,984,642
Dr Pepper Snapple Group, Inc. (a)	296,800		6,146,728
Molson Coors Brewing Co. Class B	147,800		5,653,350
			15,784,720
Food & Staples Retailing - 1.0%
CVS Caremark Corp.	312,100		9,918,538
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food Products - 3.0%
Archer Daniels Midland Co.	530,700		$ 13,065,834
Dean Foods Co. (a)	242,100		5,011,470
Kraft Foods, Inc. Class A	454,100		10,625,940
			28,703,244
Household Products - 1.9%
Energizer Holdings, Inc. (a)	85,700		4,910,610
Procter & Gamble Co.	262,900		12,997,776
			17,908,386
Tobacco - 1.3%
Altria Group, Inc.	411,100		6,713,263
Lorillard, Inc.	96,000		6,060,480
			12,773,743
TOTAL CONSUMER STAPLES			85,088,631
ENERGY - 16.6%
Energy Equipment & Services - 1.6%
Pride International, Inc. (a)	349,100		7,924,570
Transocean Ltd. (a)	115,700		7,807,436
			15,732,006
Oil, Gas & Consumable Fuels - 15.0%
Chesapeake Energy Corp.	329,800		6,500,358
Chevron Corp.	576,400		38,100,040
ConocoPhillips	144,000		5,904,000
Exxon Mobil Corp.	839,100		55,942,798
Foundation Coal Holdings, Inc.	238,500		3,873,240
Frontier Oil Corp.	363,500		4,620,085
Marathon Oil Corp.	488,600		14,511,420
Sunoco, Inc.	275,500		7,303,505
Tesoro Corp.	496,300		7,568,575
			144,324,021
TOTAL ENERGY			160,056,027
FINANCIALS - 21.5%
Capital Markets - 2.9%
Goldman Sachs Group, Inc.	153,400		19,711,900
Morgan Stanley	339,500		8,025,780
			27,737,680
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - 4.6%
Associated Banc-Corp.	195,800		$ 3,029,026
PNC Financial Services Group, Inc.	246,400		9,782,080
TCF Financial Corp. (d)	371,200		5,163,392
Wells Fargo & Co.	1,332,600		26,665,326
			44,639,824
Diversified Financial Services - 6.5%
Bank of America Corp.	2,068,300		18,469,919
IntercontinentalExchange, Inc. (a)	54,800		4,800,480
JPMorgan Chase & Co.	1,178,900		38,903,700
			62,174,099
Insurance - 7.3%
ACE Ltd.	104,600		4,845,072
Axis Capital Holdings Ltd.	196,200		4,834,368
Berkshire Hathaway, Inc. Class B (a)	1,580		4,842,700
Everest Re Group Ltd.	80,900		6,038,376
Fidelity National Financial, Inc. Class A	304,300		5,516,959
Hartford Financial Services Group, Inc.	539,100		6,183,477
MetLife, Inc.	283,400		8,431,150
RenaissanceRe Holdings Ltd.	110,600		5,381,796
The Travelers Companies, Inc.	319,100		13,127,774
Unum Group	509,500		8,325,230
XL Capital Ltd. Class A	262,200		2,493,522
			70,020,424
Real Estate Investment Trusts - 0.2%
SL Green Realty Corp.	138,000		2,437,080
TOTAL FINANCIALS			207,009,107
HEALTH CARE - 12.6%
Biotechnology - 0.3%
Amgen, Inc. (a)	57,300		2,777,331
Health Care Equipment & Supplies - 1.8%
Cooper Companies, Inc.	177,400		5,100,250
Hospira, Inc. (a)	179,100		5,887,017
Inverness Medical Innovations, Inc. (a)	177,400		5,728,246
			16,715,513
Health Care Providers & Services - 2.9%
Health Management Associates, Inc. Class A (a)	1,092,400		5,101,508
Humana, Inc. (a)	186,400		5,364,592
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
LifePoint Hospitals, Inc. (a)	119,800		$ 3,096,830
Omnicare, Inc.	202,600		5,208,846
WellPoint, Inc. (a)	219,800		9,398,648
			28,170,424
Pharmaceuticals - 7.6%
Johnson & Johnson	315,400		16,514,344
Merck & Co., Inc.	164,300		3,982,632
Mylan, Inc. (a)(d)	561,400		7,438,550
Pfizer, Inc.	1,974,100		26,373,976
Watson Pharmaceuticals, Inc. (a)	177,100		5,479,474
Wyeth	319,600		13,551,040
			73,340,016
TOTAL HEALTH CARE			121,003,284
INDUSTRIALS - 8.8%
Aerospace & Defense - 4.1%
Goodrich Corp.	116,200		5,145,336
Honeywell International, Inc.	232,400		7,253,204
Northrop Grumman Corp.	159,000		7,687,650
Raytheon Co.	165,900		7,503,657
United Technologies Corp.	247,800		12,102,552
			39,692,399
Airlines - 0.5%
Delta Air Lines, Inc. (a)	844,200		5,208,714
Building Products - 0.6%
Owens Corning (a)	314,500		5,629,550
Electrical Equipment - 1.3%
Cooper Industries Ltd. Class A	186,200		6,105,498
Thomas & Betts Corp. (a)	189,600		5,900,352
			12,005,850
Industrial Conglomerates - 2.3%
General Electric Co.	1,754,500		22,194,425
TOTAL INDUSTRIALS			84,730,938
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 4.2%
Communications Equipment - 1.1%
Juniper Networks, Inc. (a)	206,800		$ 4,477,220
Tellabs, Inc. (a)	1,145,400		6,001,896
			10,479,116
Computers & Peripherals - 2.0%
Dell, Inc. (a)	464,300		5,395,166
EMC Corp. (a)	517,700		6,486,781
Hewlett-Packard Co.	205,900		7,408,282
			19,290,229
IT Services - 1.1%
Affiliated Computer Services, Inc. Class A (a)	110,700		5,355,666
Fidelity National Information Services, Inc.	273,300		4,878,405
			10,234,071
TOTAL INFORMATION TECHNOLOGY			40,003,416
MATERIALS - 4.6%
Chemicals - 2.1%
Ashland, Inc.	260,700		5,724,972
Dow Chemical Co.	398,900		6,382,400
Lubrizol Corp.	112,300		4,853,606
Terra Industries, Inc.	118,700		3,145,550
			20,106,528
Containers & Packaging - 1.6%
Owens-Illinois, Inc. (a)	206,000		5,024,340
Pactiv Corp. (a)	248,800		5,438,768
Rock-Tenn Co. Class A	123,000		4,644,480
			15,107,588
Metals & Mining - 0.9%
Nucor Corp.	134,800		5,485,012
Reliance Steel & Aluminum Co.	103,800		3,656,874
			9,141,886
TOTAL MATERIALS			44,356,002
TELECOMMUNICATION SERVICES - 6.4%
Diversified Telecommunication Services - 5.6%
AT&T, Inc.	1,043,262		26,728,372
Embarq Corp.	83,100		3,038,136
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Qwest Communications International, Inc.	2,000,300		$ 7,781,167
Verizon Communications, Inc.	524,000		15,898,160
			53,445,835
Wireless Telecommunication Services - 0.8%
Sprint Nextel Corp. (a)	1,858,700		8,103,932
TOTAL TELECOMMUNICATION SERVICES			61,549,767
UTILITIES - 6.1%
Electric Utilities - 2.5%
Entergy Corp.	86,100		5,576,697
Exelon Corp.	224,600		10,360,798
FirstEnergy Corp.	186,500		7,627,850
			23,565,345
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	308,600		2,181,802
NRG Energy, Inc. (a)	214,400		3,854,912
			6,036,714
Multi-Utilities - 3.0%
PG&E Corp.	324,400		12,041,728
Public Service Enterprise Group, Inc.	234,300		6,991,512
Sempra Energy	216,100		9,944,922
			28,978,162
TOTAL UTILITIES			58,580,221
TOTAL COMMON STOCKS (Cost $1,011,481,792)		952,580,131
Money Market Funds - 1.1%
	Shares		Value
Fidelity Cash Central Fund, 0.53% (b)	1,968,842		$ 1,968,842
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	9,080,250		9,080,250
TOTAL MONEY MARKET FUNDS (Cost $11,049,092)		11,049,092
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $1,022,530,884)			963,629,223
NET OTHER ASSETS - (0.2)%			(2,093,929)
NET ASSETS - 100%		$ 961,535,294

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	$ 8,348
Fidelity Securities Lending Cash Central Fund	15,153
Total	$ 23,501

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 963,629,223	$ 963,629,223	$ -	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Growth Fund

April 30, 2009

1.800347.105

MCG-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 20.5%
Auto Components - 1.0%
Johnson Controls, Inc.	90,000		$ 1,710,900
Hotels, Restaurants & Leisure - 4.7%
Royal Caribbean Cruises Ltd.	142,000		2,091,660
Starwood Hotels & Resorts Worldwide, Inc.	109,000		2,273,740
Wendy's/Arby's Group, Inc.	692,500		3,462,500
			7,827,900
Household Durables - 2.4%
Black & Decker Corp.	44,000		1,773,200
Mohawk Industries, Inc. (a)	47,800		2,261,418
			4,034,618
Media - 0.5%
The DIRECTV Group, Inc. (a)	34,000		840,820
Multiline Retail - 1.5%
Kohl's Corp. (a)	57,000		2,584,950
Specialty Retail - 6.9%
Abercrombie & Fitch Co. Class A	102,000		2,760,120
Best Buy Co., Inc.	77,600		2,978,288
Gamestop Corp. Class A (a)	85,000		2,563,600
Urban Outfitters, Inc. (a)	95,000		1,851,550
Zumiez, Inc. (a)	109,000		1,314,540
			11,468,098
Textiles, Apparel & Luxury Goods - 3.5%
Coach, Inc.	145,000		3,552,500
Polo Ralph Lauren Corp. Class A	42,000		2,261,280
			5,813,780
TOTAL CONSUMER DISCRETIONARY			34,281,066
CONSUMER STAPLES - 2.0%
Beverages - 2.0%
Heckmann Corp. (a)	636,300		3,353,301
ENERGY - 6.3%
Energy Equipment & Services - 2.9%
Dril-Quip, Inc. (a)	47,000		1,615,860
Helmerich & Payne, Inc.	55,500		1,710,510
Noble Corp.	59,600		1,628,868
			4,955,238
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 3.4%
Continental Resources, Inc. (a)	35,000		$ 817,250
Denbury Resources, Inc. (a)	91,700		1,492,876
Hess Corp.	30,500		1,671,095
Marathon Oil Corp.	56,000		1,663,200
			5,644,421
TOTAL ENERGY			10,599,659
FINANCIALS - 6.6%
Capital Markets - 1.0%
Greenhill & Co., Inc.	21,200		1,643,636
Diversified Financial Services - 4.0%
BM&F BOVESPA SA	425,000		1,749,011
CME Group, Inc.	7,000		1,549,450
IntercontinentalExchange, Inc. (a)	39,000		3,416,400
			6,714,861
Real Estate Investment Trusts - 0.6%
Host Hotels & Resorts, Inc.	122,100		938,949
Real Estate Management & Development - 1.0%
China Overseas Land & Investment Ltd.	950,000		1,654,629
TOTAL FINANCIALS			10,952,075
HEALTH CARE - 22.7%
Biotechnology - 2.1%
Dendreon Corp. (a)	39,500		837,400
Isis Pharmaceuticals, Inc. (a)	57,600		903,168
Vertex Pharmaceuticals, Inc. (a)	55,000		1,695,100
			3,435,668
Health Care Equipment & Supplies - 11.3%
ArthroCare Corp. (a)	1,214,438		9,776,226
Cyberonics, Inc. (a)	123,100		1,629,844
Edwards Lifesciences Corp. (a)	27,500		1,742,950
Masimo Corp. (a)	27,100		783,190
NuVasive, Inc. (a)	44,000		1,667,600
St. Jude Medical, Inc. (a)	73,500		2,463,720
Wright Medical Group, Inc. (a)	60,000		825,000
			18,888,530
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.5%
CardioNet, Inc. (a)	41,500		$ 861,125
Life Sciences Tools & Services - 7.4%
AMAG Pharmaceuticals, Inc. (a)	216,400		9,705,540
Illumina, Inc. (a)	45,500		1,699,425
QIAGEN NV (a)	56,900		937,712
			12,342,677
Pharmaceuticals - 1.4%
Allergan, Inc.	52,000		2,426,320
TOTAL HEALTH CARE			37,954,320
INDUSTRIALS - 13.6%
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	46,000		2,445,360
Airlines - 1.1%
Allegiant Travel Co. (a)	36,900		1,920,276
Construction & Engineering - 1.4%
Quanta Services, Inc. (a)	99,600		2,263,908
Electrical Equipment - 2.5%
First Solar, Inc. (a)	10,000		1,872,900
Rockwell Automation, Inc.	73,500		2,321,865
			4,194,765
Industrial Conglomerates - 0.2%
Textron, Inc.	23,900		256,447
Machinery - 3.0%
AGCO Corp. (a)	67,000		1,628,100
Navistar International Corp. (a)	45,300		1,712,340
Toro Co. (d)	56,900		1,728,622
			5,069,062
Professional Services - 1.8%
IHS, Inc. Class A (a)	73,900		3,056,504
Road & Rail - 2.1%
Knight Transportation, Inc.	105,000		1,856,400
Old Dominion Freight Lines, Inc. (a)	59,000		1,660,850
			3,517,250
TOTAL INDUSTRIALS			22,723,572
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 22.3%
Communications Equipment - 2.9%
Corning, Inc.	105,100		$ 1,536,562
Juniper Networks, Inc. (a)	155,200		3,360,080
			4,896,642
Electronic Equipment & Components - 1.8%
BYD Co. Ltd. (H Shares)	700,000		1,838,940
Digital Ally, Inc. (a)(d)	569,596		1,065,145
			2,904,085
Internet Software & Services - 3.6%
Equinix, Inc. (a)	24,000		1,685,520
NetEase.com, Inc. sponsored ADR (a)	28,000		845,040
Omniture, Inc. (a)	211,900		2,610,608
Tencent Holdings Ltd.	97,000		857,346
			5,998,514
Semiconductors & Semiconductor Equipment - 8.6%
Broadcom Corp. Class A (a)	141,900		3,290,661
Marvell Technology Group Ltd. (a)	305,200		3,351,096
MEMC Electronic Materials, Inc. (a)	171,200		2,773,440
National Semiconductor Corp.	140,000		1,731,800
NVIDIA Corp. (a)	274,400		3,150,112
			14,297,109
Software - 5.4%
Activision Blizzard, Inc. (a)	165,000		1,777,050
Ansys, Inc. (a)	60,000		1,657,200
Autonomy Corp. PLC (a)	76,000		1,593,819
BMC Software, Inc. (a)	67,000		2,322,890
Electronic Arts, Inc. (a)	85,000		1,729,750
			9,080,709
TOTAL INFORMATION TECHNOLOGY			37,177,059
MATERIALS - 4.3%
Chemicals - 2.8%
Rockwood Holdings, Inc. (a)	87,700		1,078,710
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	52,300		1,647,973
Terra Industries, Inc.	71,400		1,892,100
			4,618,783
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.5%
Freeport-McMoRan Copper & Gold, Inc. Class B	40,000		$ 1,706,000
United States Steel Corp.	32,000		849,600
			2,555,600
TOTAL MATERIALS			7,174,383
TELECOMMUNICATION SERVICES - 1.4%
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp. (a)	522,500		2,278,100
TOTAL COMMON STOCKS (Cost $149,837,727)		166,493,535
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.53% (b)	543,564		543,564
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	369,000		369,000
TOTAL MONEY MARKET FUNDS (Cost $912,564)		912,564
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $150,750,291)			167,406,099
NET OTHER ASSETS - (0.3)%			(455,970)
NET ASSETS - 100%		$ 166,950,129

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	$ 4,628
Fidelity Securities Lending Cash Central Fund	22,821
Total	$ 27,449

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 167,406,099	$ 161,461,365	$ 5,944,734	$ -

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

	Investments in Securities
Beginning Balance	$ 1,479,150
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	250,850
Cost of Purchases	-
Proceeds of Sales	(1,730,000)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $154,769,095. Net unrealized appreciation aggregated $12,637,004, of which $20,876,022 related to appreciated investment securities and $8,239,018 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

1.847929.102

AMCG-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value
CONSUMER DISCRETIONARY - 20.5%
Auto Components - 1.0%
Johnson Controls, Inc.	90,000		$ 1,710,900
Hotels, Restaurants & Leisure - 4.7%
Royal Caribbean Cruises Ltd.	142,000		2,091,660
Starwood Hotels & Resorts Worldwide, Inc.	109,000		2,273,740
Wendy's/Arby's Group, Inc.	692,500		3,462,500
			7,827,900
Household Durables - 2.4%
Black & Decker Corp.	44,000		1,773,200
Mohawk Industries, Inc. (a)	47,800		2,261,418
			4,034,618
Media - 0.5%
The DIRECTV Group, Inc. (a)	34,000		840,820
Multiline Retail - 1.5%
Kohl's Corp. (a)	57,000		2,584,950
Specialty Retail - 6.9%
Abercrombie & Fitch Co. Class A	102,000		2,760,120
Best Buy Co., Inc.	77,600		2,978,288
Gamestop Corp. Class A (a)	85,000		2,563,600
Urban Outfitters, Inc. (a)	95,000		1,851,550
Zumiez, Inc. (a)	109,000		1,314,540
			11,468,098
Textiles, Apparel & Luxury Goods - 3.5%
Coach, Inc.	145,000		3,552,500
Polo Ralph Lauren Corp. Class A	42,000		2,261,280
			5,813,780
TOTAL CONSUMER DISCRETIONARY			34,281,066
CONSUMER STAPLES - 2.0%
Beverages - 2.0%
Heckmann Corp. (a)	636,300		3,353,301
ENERGY - 6.3%
Energy Equipment & Services - 2.9%
Dril-Quip, Inc. (a)	47,000		1,615,860
Helmerich & Payne, Inc.	55,500		1,710,510
Noble Corp.	59,600		1,628,868
			4,955,238
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 3.4%
Continental Resources, Inc. (a)	35,000		$ 817,250
Denbury Resources, Inc. (a)	91,700		1,492,876
Hess Corp.	30,500		1,671,095
Marathon Oil Corp.	56,000		1,663,200
			5,644,421
TOTAL ENERGY			10,599,659
FINANCIALS - 6.6%
Capital Markets - 1.0%
Greenhill & Co., Inc.	21,200		1,643,636
Diversified Financial Services - 4.0%
BM&F BOVESPA SA	425,000		1,749,011
CME Group, Inc.	7,000		1,549,450
IntercontinentalExchange, Inc. (a)	39,000		3,416,400
			6,714,861
Real Estate Investment Trusts - 0.6%
Host Hotels & Resorts, Inc.	122,100		938,949
Real Estate Management & Development - 1.0%
China Overseas Land & Investment Ltd.	950,000		1,654,629
TOTAL FINANCIALS			10,952,075
HEALTH CARE - 22.7%
Biotechnology - 2.1%
Dendreon Corp. (a)	39,500		837,400
Isis Pharmaceuticals, Inc. (a)	57,600		903,168
Vertex Pharmaceuticals, Inc. (a)	55,000		1,695,100
			3,435,668
Health Care Equipment & Supplies - 11.3%
ArthroCare Corp. (a)	1,214,438		9,776,226
Cyberonics, Inc. (a)	123,100		1,629,844
Edwards Lifesciences Corp. (a)	27,500		1,742,950
Masimo Corp. (a)	27,100		783,190
NuVasive, Inc. (a)	44,000		1,667,600
St. Jude Medical, Inc. (a)	73,500		2,463,720
Wright Medical Group, Inc. (a)	60,000		825,000
			18,888,530
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 0.5%
CardioNet, Inc. (a)	41,500		$ 861,125
Life Sciences Tools & Services - 7.4%
AMAG Pharmaceuticals, Inc. (a)	216,400		9,705,540
Illumina, Inc. (a)	45,500		1,699,425
QIAGEN NV (a)	56,900		937,712
			12,342,677
Pharmaceuticals - 1.4%
Allergan, Inc.	52,000		2,426,320
TOTAL HEALTH CARE			37,954,320
INDUSTRIALS - 13.6%
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	46,000		2,445,360
Airlines - 1.1%
Allegiant Travel Co. (a)	36,900		1,920,276
Construction & Engineering - 1.4%
Quanta Services, Inc. (a)	99,600		2,263,908
Electrical Equipment - 2.5%
First Solar, Inc. (a)	10,000		1,872,900
Rockwell Automation, Inc.	73,500		2,321,865
			4,194,765
Industrial Conglomerates - 0.2%
Textron, Inc.	23,900		256,447
Machinery - 3.0%
AGCO Corp. (a)	67,000		1,628,100
Navistar International Corp. (a)	45,300		1,712,340
Toro Co. (d)	56,900		1,728,622
			5,069,062
Professional Services - 1.8%
IHS, Inc. Class A (a)	73,900		3,056,504
Road & Rail - 2.1%
Knight Transportation, Inc.	105,000		1,856,400
Old Dominion Freight Lines, Inc. (a)	59,000		1,660,850
			3,517,250
TOTAL INDUSTRIALS			22,723,572
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 22.3%
Communications Equipment - 2.9%
Corning, Inc.	105,100		$ 1,536,562
Juniper Networks, Inc. (a)	155,200		3,360,080
			4,896,642
Electronic Equipment & Components - 1.8%
BYD Co. Ltd. (H Shares)	700,000		1,838,940
Digital Ally, Inc. (a)(d)	569,596		1,065,145
			2,904,085
Internet Software & Services - 3.6%
Equinix, Inc. (a)	24,000		1,685,520
NetEase.com, Inc. sponsored ADR (a)	28,000		845,040
Omniture, Inc. (a)	211,900		2,610,608
Tencent Holdings Ltd.	97,000		857,346
			5,998,514
Semiconductors & Semiconductor Equipment - 8.6%
Broadcom Corp. Class A (a)	141,900		3,290,661
Marvell Technology Group Ltd. (a)	305,200		3,351,096
MEMC Electronic Materials, Inc. (a)	171,200		2,773,440
National Semiconductor Corp.	140,000		1,731,800
NVIDIA Corp. (a)	274,400		3,150,112
			14,297,109
Software - 5.4%
Activision Blizzard, Inc. (a)	165,000		1,777,050
Ansys, Inc. (a)	60,000		1,657,200
Autonomy Corp. PLC (a)	76,000		1,593,819
BMC Software, Inc. (a)	67,000		2,322,890
Electronic Arts, Inc. (a)	85,000		1,729,750
			9,080,709
TOTAL INFORMATION TECHNOLOGY			37,177,059
MATERIALS - 4.3%
Chemicals - 2.8%
Rockwood Holdings, Inc. (a)	87,700		1,078,710
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	52,300		1,647,973
Terra Industries, Inc.	71,400		1,892,100
			4,618,783
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - 1.5%
Freeport-McMoRan Copper & Gold, Inc. Class B	40,000		$ 1,706,000
United States Steel Corp.	32,000		849,600
			2,555,600
TOTAL MATERIALS			7,174,383
TELECOMMUNICATION SERVICES - 1.4%
Wireless Telecommunication Services - 1.4%
Sprint Nextel Corp. (a)	522,500		2,278,100
TOTAL COMMON STOCKS (Cost $149,837,727)		166,493,535
Money Market Funds - 0.6%

Fidelity Cash Central Fund, 0.53% (b)	543,564		543,564
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	369,000		369,000
TOTAL MONEY MARKET FUNDS (Cost $912,564)		912,564
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $150,750,291)			167,406,099
NET OTHER ASSETS - (0.3)%			(455,970)
NET ASSETS - 100%		$ 166,950,129

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	$ 4,628
Fidelity Securities Lending Cash Central Fund	22,821
Total	$ 27,449

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 167,406,099	$ 161,461,365	$ 5,944,734	$ -

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

	Investments in Securities
Beginning Balance	$ 1,479,150
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	250,850
Cost of Purchases	-
Proceeds of Sales	(1,730,000)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Value Fund

April 30, 2009

1.800359.105

MCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CONSUMER DISCRETIONARY - 15.6%
Auto Components - 0.6%
Federal-Mogul Corp. Class A (a)	210,802		$ 2,339,902
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	159,500		2,826,340
Darden Restaurants, Inc.	51,900		1,918,743
Wyndham Worldwide Corp.	404,700		4,726,896
			9,471,979
Household Durables - 2.3%
Mohawk Industries, Inc. (a)	86,500		4,092,315
Whirlpool Corp.	120,300		5,432,748
			9,525,063
Internet & Catalog Retail - 0.8%
Liberty Media Corp. - Interactive Series A (a)	637,400		3,378,220
Leisure Equipment & Products - 0.6%
Hasbro, Inc.	100,200		2,671,332
Media - 1.9%
Discovery Communications, Inc. Class C (a)	221,600		3,882,432
Interpublic Group of Companies, Inc. (a)	570,200		3,569,452
Time Warner Cable, Inc.	18,500		596,255
			8,048,139
Multiline Retail - 1.0%
Macy's, Inc.	315,200		4,311,936
Specialty Retail - 2.9%
AutoNation, Inc. (a)(d)	172,100		3,047,891
Gymboree Corp. (a)	61,600		2,119,040
RadioShack Corp.	196,500		2,766,720
Sherwin-Williams Co.	14,000		792,960
Signet Jewelers Ltd. (d)	217,600		3,453,312
			12,179,923
Textiles, Apparel & Luxury Goods - 3.2%
Coach, Inc.	92,200		2,258,900
Fossil, Inc. (a)	106,200		2,140,992
Hanesbrands, Inc. (a)	243,000		3,999,780
Phillips-Van Heusen Corp.	108,200		3,141,046
Polo Ralph Lauren Corp. Class A	38,400		2,067,456
			13,608,174
TOTAL CONSUMER DISCRETIONARY			65,534,668
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.9%
Beverages - 3.0%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	242,800		$ 2,814,052
Dr Pepper Snapple Group, Inc. (a)	298,860		6,189,391
Molson Coors Brewing Co. Class B	96,100		3,675,825
			12,679,268
Food Products - 2.7%
Bunge Ltd.	88,300		4,239,283
Dean Foods Co. (a)	214,100		4,431,870
Del Monte Foods Co.	350,300		2,644,765
			11,315,918
Household Products - 0.8%
Energizer Holdings, Inc. (a)	54,500		3,122,850
Tobacco - 1.4%
Lorillard, Inc.	95,800		6,047,854
TOTAL CONSUMER STAPLES			33,165,890
ENERGY - 6.1%
Energy Equipment & Services - 3.5%
Helmerich & Payne, Inc.	67,100		2,068,022
Nabors Industries Ltd. (a)	272,600		4,146,246
Oil States International, Inc. (a)	155,600		2,940,840
Pride International, Inc. (a)	124,300		2,821,610
Tidewater, Inc.	64,900		2,806,925
			14,783,643
Oil, Gas & Consumable Fuels - 2.6%
Alpha Natural Resources, Inc. (a)	103,700		2,123,776
Foundation Coal Holdings, Inc.	99,900		1,622,376
Frontier Oil Corp.	151,200		1,921,752
Sunoco, Inc.	93,000		2,465,430
Tesoro Corp.	170,600		2,601,650
			10,734,984
TOTAL ENERGY			25,518,627
FINANCIALS - 26.1%
Capital Markets - 3.0%
Ameriprise Financial, Inc.	158,700		4,181,745
Investment Technology Group, Inc. (a)	90,700		2,066,146
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
MF Global Ltd. (a)	616,600		$ 3,761,260
Raymond James Financial, Inc. (d)	154,600		2,425,674
			12,434,825
Commercial Banks - 5.3%
Associated Banc-Corp.	233,600		3,613,792
BancorpSouth, Inc. (d)	197,900		4,601,175
City National Corp.	71,600		2,620,560
Comerica, Inc.	219,900		4,613,502
Cullen/Frost Bankers, Inc.	65,100		3,065,559
TCF Financial Corp. (d)	269,600		3,750,136
			22,264,724
Diversified Financial Services - 0.6%
The NASDAQ Stock Market, Inc. (a)	125,800		2,419,134
Insurance - 11.7%
Allied World Assurance Co. Holdings Ltd.	94,200		3,498,588
Aon Corp.	101,700		4,291,740
Assurant, Inc.	119,300		2,915,692
Axis Capital Holdings Ltd.	178,000		4,385,920
CNA Financial Corp.	182,700		2,186,919
Endurance Specialty Holdings Ltd.	124,500		3,256,920
Everest Re Group Ltd.	49,300		3,679,752
Fidelity National Financial, Inc. Class A	230,800		4,184,404
Lincoln National Corp.	304,900		3,427,076
PartnerRe Ltd.	50,700		3,457,233
RenaissanceRe Holdings Ltd.	65,100		3,167,766
Unum Group	394,800		6,451,032
W.R. Berkley Corp.	131,300		3,139,383
XL Capital Ltd. Class A	123,200		1,171,632
			49,214,057
Real Estate Investment Trusts - 5.5%
Annaly Capital Management, Inc.	325,800		4,584,006
Digital Realty Trust, Inc.	91,600		3,298,516
HRPT Properties Trust (SBI)	758,700		3,269,997
ProLogis Trust	231,700		2,110,787
Public Storage	62,600		4,185,436
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
SL Green Realty Corp. (d)	167,400		$ 2,956,284
Vornado Realty Trust	49,809		2,435,162
			22,840,188
TOTAL FINANCIALS			109,172,928
HEALTH CARE - 4.9%
Health Care Equipment & Supplies - 1.2%
Cooper Companies, Inc.	85,700		2,463,875
Inverness Medical Innovations, Inc. (a)	78,800		2,544,452
			5,008,327
Health Care Providers & Services - 2.0%
Community Health Systems, Inc. (a)	121,300		2,770,492
Humana, Inc. (a)	99,500		2,863,610
Omnicare, Inc.	108,600		2,792,106
			8,426,208
Pharmaceuticals - 1.7%
Endo Pharmaceuticals Holdings, Inc. (a)	84,600		1,399,284
Mylan, Inc. (a)(d)	234,000		3,100,500
Watson Pharmaceuticals, Inc. (a)	85,800		2,654,652
			7,154,436
TOTAL HEALTH CARE			20,588,971
INDUSTRIALS - 7.8%
Aerospace & Defense - 2.4%
Alliant Techsystems, Inc. (a)	36,500		2,907,225
Goodrich Corp.	81,800		3,622,104
Precision Castparts Corp.	47,500		3,555,850
			10,085,179
Airlines - 0.6%
Delta Air Lines, Inc. (a)	427,558		2,638,033
Building Products - 0.9%
Owens Corning (a)	201,500		3,606,850
Electrical Equipment - 1.7%
Cooper Industries Ltd. Class A	85,200		2,793,708
Thomas & Betts Corp. (a)	131,300		4,086,056
			6,879,764
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.5%
Textron, Inc.	198,000		$ 2,124,540
Machinery - 1.7%
Navistar International Corp. (a)	94,200		3,560,760
Toro Co. (d)	122,000		3,706,360
			7,267,120
TOTAL INDUSTRIALS			32,601,486
INFORMATION TECHNOLOGY - 7.9%
Communications Equipment - 1.6%
ADC Telecommunications, Inc. (a)	198,800		1,463,168
Tellabs, Inc. (a)	770,900		4,039,516
ViaSat, Inc. (a)	47,178		1,084,622
			6,587,306
Computers & Peripherals - 1.6%
NCR Corp. (a)	202,800		2,058,420
QLogic Corp. (a)	190,200		2,697,036
Western Digital Corp. (a)	90,500		2,128,560
			6,884,016
Electronic Equipment & Components - 0.7%
Jabil Circuit, Inc.	363,700		2,945,970
Internet Software & Services - 0.4%
IAC/InterActiveCorp (a)	90,700		1,453,014
IT Services - 2.6%
Affiliated Computer Services, Inc. Class A (a)	83,500		4,039,730
Computer Sciences Corp. (a)	108,800		4,021,248
Fidelity National Information Services, Inc.	158,400		2,827,440
			10,888,418
Software - 1.0%
Sybase, Inc. (a)	64,600		2,193,816
Symantec Corp. (a)	115,300		1,988,925
			4,182,741
TOTAL INFORMATION TECHNOLOGY			32,941,465
MATERIALS - 7.7%
Chemicals - 2.8%
Ashland, Inc.	197,400		4,334,904
CF Industries Holdings, Inc.	26,100		1,880,505
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Lubrizol Corp.	88,100		$ 3,807,682
Terra Industries, Inc.	62,500		1,656,250
			11,679,341
Construction Materials - 0.7%
Eagle Materials, Inc.	77,300		2,148,940
Martin Marietta Materials, Inc.	12,200		1,025,166
			3,174,106
Containers & Packaging - 3.5%
Owens-Illinois, Inc. (a)	207,200		5,053,608
Pactiv Corp. (a)	185,900		4,063,774
Rock-Tenn Co. Class A	54,962		2,075,365
Sealed Air Corp.	186,500		3,554,690
			14,747,437
Metals & Mining - 0.7%
Reliance Steel & Aluminum Co.	81,300		2,864,199
TOTAL MATERIALS			32,465,083
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.7%
CenturyTel, Inc.	75,700		2,055,255
Embarq Corp.	55,500		2,029,080
Qwest Communications International, Inc.	763,300		2,969,237
			7,053,572
UTILITIES - 13.2%
Electric Utilities - 2.7%
Allegheny Energy, Inc.	81,000		2,099,520
Edison International	119,500		3,406,945
NV Energy, Inc.	270,000		2,767,500
Pinnacle West Capital Corp.	112,400		3,077,512
			11,351,477
Gas Utilities - 0.9%
Energen Corp.	110,600		3,994,872
Independent Power Producers & Energy Traders - 1.7%
AES Corp. (a)	544,900		3,852,443
NRG Energy, Inc. (a)	171,500		3,083,570
			6,936,013
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 7.9%
CenterPoint Energy, Inc.	184,000		$ 1,957,760
CMS Energy Corp.	340,200		4,089,204
NSTAR	94,600		2,971,386
OGE Energy Corp.	116,000		2,982,360
PG&E Corp.	222,500		8,259,200
Sempra Energy	171,700		7,901,634
Wisconsin Energy Corp.	118,700		4,743,252
			32,904,796
TOTAL UTILITIES			55,187,158
TOTAL COMMON STOCKS (Cost $414,353,022)		414,229,848
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.53% (b)	2,750,561		2,750,561
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	18,201,425		18,201,425
TOTAL MONEY MARKET FUNDS (Cost $20,951,986)		20,951,986
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $435,305,008)			435,181,834
NET OTHER ASSETS - (3.9)%			(16,339,925)
NET ASSETS - 100%		$ 418,841,909

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	$ 2,737
Fidelity Securities Lending Cash Central Fund	32,227
Total	$ 34,964

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 435,181,834	$ 435,181,834	$ -	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $443,886,358. Net unrealized depreciation aggregated $8,704,524, of which $41,513,464 related to appreciated investment securities and $50,217,988 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2009

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

1.847930.102

AMCV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CONSUMER DISCRETIONARY - 15.6%
Auto Components - 0.6%
Federal-Mogul Corp. Class A (a)	210,802		$ 2,339,902
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	159,500		2,826,340
Darden Restaurants, Inc.	51,900		1,918,743
Wyndham Worldwide Corp.	404,700		4,726,896
			9,471,979
Household Durables - 2.3%
Mohawk Industries, Inc. (a)	86,500		4,092,315
Whirlpool Corp.	120,300		5,432,748
			9,525,063
Internet & Catalog Retail - 0.8%
Liberty Media Corp. - Interactive Series A (a)	637,400		3,378,220
Leisure Equipment & Products - 0.6%
Hasbro, Inc.	100,200		2,671,332
Media - 1.9%
Discovery Communications, Inc. Class C (a)	221,600		3,882,432
Interpublic Group of Companies, Inc. (a)	570,200		3,569,452
Time Warner Cable, Inc.	18,500		596,255
			8,048,139
Multiline Retail - 1.0%
Macy's, Inc.	315,200		4,311,936
Specialty Retail - 2.9%
AutoNation, Inc. (a)(d)	172,100		3,047,891
Gymboree Corp. (a)	61,600		2,119,040
RadioShack Corp.	196,500		2,766,720
Sherwin-Williams Co.	14,000		792,960
Signet Jewelers Ltd. (d)	217,600		3,453,312
			12,179,923
Textiles, Apparel & Luxury Goods - 3.2%
Coach, Inc.	92,200		2,258,900
Fossil, Inc. (a)	106,200		2,140,992
Hanesbrands, Inc. (a)	243,000		3,999,780
Phillips-Van Heusen Corp.	108,200		3,141,046
Polo Ralph Lauren Corp. Class A	38,400		2,067,456
			13,608,174
TOTAL CONSUMER DISCRETIONARY			65,534,668
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.9%
Beverages - 3.0%
Constellation Brands, Inc. Class A (sub. vtg.) (a)	242,800		$ 2,814,052
Dr Pepper Snapple Group, Inc. (a)	298,860		6,189,391
Molson Coors Brewing Co. Class B	96,100		3,675,825
			12,679,268
Food Products - 2.7%
Bunge Ltd.	88,300		4,239,283
Dean Foods Co. (a)	214,100		4,431,870
Del Monte Foods Co.	350,300		2,644,765
			11,315,918
Household Products - 0.8%
Energizer Holdings, Inc. (a)	54,500		3,122,850
Tobacco - 1.4%
Lorillard, Inc.	95,800		6,047,854
TOTAL CONSUMER STAPLES			33,165,890
ENERGY - 6.1%
Energy Equipment & Services - 3.5%
Helmerich & Payne, Inc.	67,100		2,068,022
Nabors Industries Ltd. (a)	272,600		4,146,246
Oil States International, Inc. (a)	155,600		2,940,840
Pride International, Inc. (a)	124,300		2,821,610
Tidewater, Inc.	64,900		2,806,925
			14,783,643
Oil, Gas & Consumable Fuels - 2.6%
Alpha Natural Resources, Inc. (a)	103,700		2,123,776
Foundation Coal Holdings, Inc.	99,900		1,622,376
Frontier Oil Corp.	151,200		1,921,752
Sunoco, Inc.	93,000		2,465,430
Tesoro Corp.	170,600		2,601,650
			10,734,984
TOTAL ENERGY			25,518,627
FINANCIALS - 26.1%
Capital Markets - 3.0%
Ameriprise Financial, Inc.	158,700		4,181,745
Investment Technology Group, Inc. (a)	90,700		2,066,146
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
MF Global Ltd. (a)	616,600		$ 3,761,260
Raymond James Financial, Inc. (d)	154,600		2,425,674
			12,434,825
Commercial Banks - 5.3%
Associated Banc-Corp.	233,600		3,613,792
BancorpSouth, Inc. (d)	197,900		4,601,175
City National Corp.	71,600		2,620,560
Comerica, Inc.	219,900		4,613,502
Cullen/Frost Bankers, Inc.	65,100		3,065,559
TCF Financial Corp. (d)	269,600		3,750,136
			22,264,724
Diversified Financial Services - 0.6%
The NASDAQ Stock Market, Inc. (a)	125,800		2,419,134
Insurance - 11.7%
Allied World Assurance Co. Holdings Ltd.	94,200		3,498,588
Aon Corp.	101,700		4,291,740
Assurant, Inc.	119,300		2,915,692
Axis Capital Holdings Ltd.	178,000		4,385,920
CNA Financial Corp.	182,700		2,186,919
Endurance Specialty Holdings Ltd.	124,500		3,256,920
Everest Re Group Ltd.	49,300		3,679,752
Fidelity National Financial, Inc. Class A	230,800		4,184,404
Lincoln National Corp.	304,900		3,427,076
PartnerRe Ltd.	50,700		3,457,233
RenaissanceRe Holdings Ltd.	65,100		3,167,766
Unum Group	394,800		6,451,032
W.R. Berkley Corp.	131,300		3,139,383
XL Capital Ltd. Class A	123,200		1,171,632
			49,214,057
Real Estate Investment Trusts - 5.5%
Annaly Capital Management, Inc.	325,800		4,584,006
Digital Realty Trust, Inc.	91,600		3,298,516
HRPT Properties Trust (SBI)	758,700		3,269,997
ProLogis Trust	231,700		2,110,787
Public Storage	62,600		4,185,436
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
SL Green Realty Corp. (d)	167,400		$ 2,956,284
Vornado Realty Trust	49,809		2,435,162
			22,840,188
TOTAL FINANCIALS			109,172,928
HEALTH CARE - 4.9%
Health Care Equipment & Supplies - 1.2%
Cooper Companies, Inc.	85,700		2,463,875
Inverness Medical Innovations, Inc. (a)	78,800		2,544,452
			5,008,327
Health Care Providers & Services - 2.0%
Community Health Systems, Inc. (a)	121,300		2,770,492
Humana, Inc. (a)	99,500		2,863,610
Omnicare, Inc.	108,600		2,792,106
			8,426,208
Pharmaceuticals - 1.7%
Endo Pharmaceuticals Holdings, Inc. (a)	84,600		1,399,284
Mylan, Inc. (a)(d)	234,000		3,100,500
Watson Pharmaceuticals, Inc. (a)	85,800		2,654,652
			7,154,436
TOTAL HEALTH CARE			20,588,971
INDUSTRIALS - 7.8%
Aerospace & Defense - 2.4%
Alliant Techsystems, Inc. (a)	36,500		2,907,225
Goodrich Corp.	81,800		3,622,104
Precision Castparts Corp.	47,500		3,555,850
			10,085,179
Airlines - 0.6%
Delta Air Lines, Inc. (a)	427,558		2,638,033
Building Products - 0.9%
Owens Corning (a)	201,500		3,606,850
Electrical Equipment - 1.7%
Cooper Industries Ltd. Class A	85,200		2,793,708
Thomas & Betts Corp. (a)	131,300		4,086,056
			6,879,764
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.5%
Textron, Inc.	198,000		$ 2,124,540
Machinery - 1.7%
Navistar International Corp. (a)	94,200		3,560,760
Toro Co. (d)	122,000		3,706,360
			7,267,120
TOTAL INDUSTRIALS			32,601,486
INFORMATION TECHNOLOGY - 7.9%
Communications Equipment - 1.6%
ADC Telecommunications, Inc. (a)	198,800		1,463,168
Tellabs, Inc. (a)	770,900		4,039,516
ViaSat, Inc. (a)	47,178		1,084,622
			6,587,306
Computers & Peripherals - 1.6%
NCR Corp. (a)	202,800		2,058,420
QLogic Corp. (a)	190,200		2,697,036
Western Digital Corp. (a)	90,500		2,128,560
			6,884,016
Electronic Equipment & Components - 0.7%
Jabil Circuit, Inc.	363,700		2,945,970
Internet Software & Services - 0.4%
IAC/InterActiveCorp (a)	90,700		1,453,014
IT Services - 2.6%
Affiliated Computer Services, Inc. Class A (a)	83,500		4,039,730
Computer Sciences Corp. (a)	108,800		4,021,248
Fidelity National Information Services, Inc.	158,400		2,827,440
			10,888,418
Software - 1.0%
Sybase, Inc. (a)	64,600		2,193,816
Symantec Corp. (a)	115,300		1,988,925
			4,182,741
TOTAL INFORMATION TECHNOLOGY			32,941,465
MATERIALS - 7.7%
Chemicals - 2.8%
Ashland, Inc.	197,400		4,334,904
CF Industries Holdings, Inc.	26,100		1,880,505
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Lubrizol Corp.	88,100		$ 3,807,682
Terra Industries, Inc.	62,500		1,656,250
			11,679,341
Construction Materials - 0.7%
Eagle Materials, Inc.	77,300		2,148,940
Martin Marietta Materials, Inc.	12,200		1,025,166
			3,174,106
Containers & Packaging - 3.5%
Owens-Illinois, Inc. (a)	207,200		5,053,608
Pactiv Corp. (a)	185,900		4,063,774
Rock-Tenn Co. Class A	54,962		2,075,365
Sealed Air Corp.	186,500		3,554,690
			14,747,437
Metals & Mining - 0.7%
Reliance Steel & Aluminum Co.	81,300		2,864,199
TOTAL MATERIALS			32,465,083
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 1.7%
CenturyTel, Inc.	75,700		2,055,255
Embarq Corp.	55,500		2,029,080
Qwest Communications International, Inc.	763,300		2,969,237
			7,053,572
UTILITIES - 13.2%
Electric Utilities - 2.7%
Allegheny Energy, Inc.	81,000		2,099,520
Edison International	119,500		3,406,945
NV Energy, Inc.	270,000		2,767,500
Pinnacle West Capital Corp.	112,400		3,077,512
			11,351,477
Gas Utilities - 0.9%
Energen Corp.	110,600		3,994,872
Independent Power Producers & Energy Traders - 1.7%
AES Corp. (a)	544,900		3,852,443
NRG Energy, Inc. (a)	171,500		3,083,570
			6,936,013
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 7.9%
CenterPoint Energy, Inc.	184,000		$ 1,957,760
CMS Energy Corp.	340,200		4,089,204
NSTAR	94,600		2,971,386
OGE Energy Corp.	116,000		2,982,360
PG&E Corp.	222,500		8,259,200
Sempra Energy	171,700		7,901,634
Wisconsin Energy Corp.	118,700		4,743,252
			32,904,796
TOTAL UTILITIES			55,187,158
TOTAL COMMON STOCKS (Cost $414,353,022)		414,229,848
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.53% (b)	2,750,561		2,750,561
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	18,201,425		18,201,425
TOTAL MONEY MARKET FUNDS (Cost $20,951,986)		20,951,986
TOTAL INVESTMENT PORTFOLIO - 103.9% (Cost $435,305,008)			435,181,834
NET OTHER ASSETS - (3.9)%			(16,339,925)
NET ASSETS - 100%		$ 418,841,909

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	$ 2,737
Fidelity Securities Lending Cash Central Fund	32,227
Total	$ 34,964

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 435,181,834	$ 435,181,834	$ -	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series All-Sector
Equity Fund

April 30, 2009

1.884778.101

ASE-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
CONSUMER DISCRETIONARY - 9.2%
Auto Components - 0.5%
BorgWarner, Inc.	166,500		$ 4,820,175
Gentex Corp.	516,200		6,901,594
Johnson Controls, Inc.	743,100		14,126,331
			25,848,100
Automobiles - 0.1%
Toyota Motor Corp. sponsored ADR	86,600		6,855,256
Distributors - 0.4%
Li & Fung Ltd.	6,594,000		18,525,270
Diversified Consumer Services - 0.1%
Regis Corp.	194,237		3,717,696
Service Corp. International	86,200		390,486
Sotheby's Class A (ltd. vtg.)	197,100		2,288,331
			6,396,513
Hotels, Restaurants & Leisure - 1.3%
Burger King Holdings, Inc.	259,200		4,235,328
McDonald's Corp.	776,400		41,374,356
Royal Caribbean Cruises Ltd.	355,100		5,230,623
Starwood Hotels & Resorts Worldwide, Inc.	374,600		7,814,156
Wendy's/Arby's Group, Inc.	417,300		2,086,500
			60,740,963
Household Durables - 0.6%
Centex Corp.	40,211		439,908
D.R. Horton, Inc.	226,700		2,958,435
Mohawk Industries, Inc. (a)	218,400		10,332,504
Newell Rubbermaid, Inc.	540,700		5,650,315
Pulte Homes, Inc.	125,500		1,444,505
Whirlpool Corp.	207,753		9,382,125
			30,207,792
Internet & Catalog Retail - 0.2%
Expedia, Inc. (a)	431,000		5,865,910
Priceline.com, Inc. (a)(d)	47,500		4,611,775
			10,477,685
Leisure Equipment & Products - 0.1%
Hasbro, Inc.	160,200		4,270,932
Media - 2.8%
Central European Media Enterprises Ltd. Class A (a)(d)	275,200		4,516,032
Comcast Corp.:
Class A	1,893,600		29,275,056
Class A (special) (non-vtg.)	410,000		6,018,800
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Discovery Communications, Inc. (a)	243,700		$ 4,627,863
Interpublic Group of Companies, Inc. (a)	587,300		3,676,498
Liberty Global, Inc. Class A (a)	283,600		4,676,564
The DIRECTV Group, Inc. (a)	1,058,000		26,164,340
The Walt Disney Co.	1,365,000		29,893,500
Time Warner Cable, Inc.	452,433		14,581,916
Viacom, Inc. Class B (non-vtg.) (a)	584,600		11,247,704
			134,678,273
Multiline Retail - 0.7%
Kohl's Corp. (a)	101,184		4,588,694
Target Corp.	672,000		27,726,720
			32,315,414
Specialty Retail - 2.2%
Home Depot, Inc.	1,106,600		29,125,712
Lowe's Companies, Inc.	1,258,900		27,066,350
MarineMax, Inc. (a)	103,111		469,155
Ross Stores, Inc.	170,500		6,468,770
Sally Beauty Holdings, Inc. (a)	520,601		3,852,447
Sherwin-Williams Co.	5,000		283,200
Staples, Inc.	574,400		11,844,128
Tiffany & Co., Inc.	158,500		4,586,990
TJX Companies, Inc.	555,800		15,545,726
Urban Outfitters, Inc. (a)	194,000		3,781,060
Zumiez, Inc. (a)	297,900		3,592,674
			106,616,212
Textiles, Apparel & Luxury Goods - 0.2%
Carter's, Inc. (a)	191,300		4,089,994
LVMH Moet Hennessy - Louis Vuitton	60,400		4,558,919
Ports Design Ltd.	1,120,000		1,700,791
			10,349,704
TOTAL CONSUMER DISCRETIONARY			447,282,114
CONSUMER STAPLES - 12.0%
Beverages - 3.8%
Anheuser-Busch InBev NV	578,320		17,698,961
Coca-Cola Enterprises, Inc.	660,800		11,273,248
Coca-Cola FEMSA SAB de CV sponsored ADR	71,700		2,820,678
Coca-Cola Icecek AS	307,246		1,449,591
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	25,696		$ 1,448,740
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,352,115		15,671,013
Diageo PLC sponsored ADR	149,265		7,142,330
Dr Pepper Snapple Group, Inc. (a)	222,786		4,613,898
Embotelladora Andina SA sponsored ADR	175,300		2,699,620
Fomento Economico Mexicano SAB de CV sponsored ADR	47,900		1,356,049
Molson Coors Brewing Co. Class B	526,500		20,138,625
Pepsi Bottling Group, Inc.	95,470		2,985,347
PepsiCo, Inc.	906,600		45,112,416
Pernod Ricard SA	62,954		3,717,524
Pernod Ricard SA rights 4/29/09 (a)	76,800		327,798
The Coca-Cola Co.	1,066,000		45,891,300
			184,347,138
Food & Staples Retailing - 2.9%
Costco Wholesale Corp.	188,700		9,170,820
CVS Caremark Corp.	1,614,059		51,294,795
Kroger Co.	364,800		7,886,976
Safeway, Inc.	817,941		16,154,335
Wal-Mart Stores, Inc.	777,403		39,181,111
Walgreen Co.	465,737		14,638,114
			138,326,151
Food Products - 1.9%
Archer Daniels Midland Co.	399,155		9,827,196
Bunge Ltd.	29,700		1,425,897
Cadbury PLC sponsored ADR	47,517		1,429,787
General Mills, Inc.	385,488		19,540,387
Green Mountain Coffee Roasters, Inc. (a)(d)	167,059		12,080,036
Kraft Foods, Inc. Class A	130,144		3,045,370
Nestle SA (Reg.) (d)	657,698		21,433,172
SLC Agricola SA	210,000		1,430,760
Tyson Foods, Inc. Class A	419,400		4,420,476
Unilever NV (NY Shares)	873,500		17,286,565
Viterra, Inc. (a)	184,100		1,342,275
			93,261,921
Household Products - 2.0%
Colgate-Palmolive Co.	305,067		17,998,953
Procter & Gamble Co.	1,615,207		79,855,834
			97,854,787
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.2%
Avon Products, Inc.	360,320		$ 8,200,883
Mead Johnson Nutrition Co. Class A	88,300		2,494,475
			10,695,358
Tobacco - 1.2%
Altria Group, Inc.	951,449		15,537,162
British American Tobacco PLC sponsored ADR	508,234		24,710,337
Philip Morris International, Inc.	367,216		13,293,219
Souza Cruz Industria Comerico	67,000		1,427,650
			54,968,368
TOTAL CONSUMER STAPLES			579,453,723
ENERGY - 11.6%
Energy Equipment & Services - 3.4%
Atwood Oceanics, Inc. (a)	292,256		6,523,154
BJ Services Co.	820,000		11,389,800
Global Industries Ltd. (a)	391,100		2,530,417
Halliburton Co.	218,200		4,412,004
Helmerich & Payne, Inc.	249,200		7,680,344
Nabors Industries Ltd. (a)	874,200		13,296,582
National Oilwell Varco, Inc. (a)	1,078,600		32,660,008
Noble Corp.	788,141		21,539,894
Pride International, Inc. (a)	414,400		9,406,880
Seadrill Ltd.	508,100		5,422,008
Smith International, Inc.	298,400		7,713,640
Weatherford International Ltd. (a)	2,375,200		39,499,576
			162,074,307
Oil, Gas & Consumable Fuels - 8.2%
Apache Corp.	133,600		9,734,096
Berry Petroleum Co. Class A	3,800		62,624
Cabot Oil & Gas Corp.	51,300		1,548,747
Canadian Natural Resources Ltd.	869,600		40,089,416
Chesapeake Energy Corp.	293,191		5,778,795
Chevron Corp.	532,100		35,171,810
Comstock Resources, Inc. (a)	141,994		4,893,113
Concho Resources, Inc. (a)	1,193,800		32,733,996
Continental Resources, Inc. (a)(d)	427,600		9,984,460
Denbury Resources, Inc. (a)	895,300		14,575,484
El Paso Corp.	2,656,179		18,327,635
Energy Resources of Australia Ltd.	173,356		2,634,385
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EXCO Resources, Inc. (a)	1,172,100		$ 13,807,338
Hess Corp.	240,953		13,201,815
Marathon Oil Corp.	442,900		13,154,130
Occidental Petroleum Corp.	236,400		13,306,956
OPTI Canada, Inc. (a)	91,400		147,833
Petro-Canada	214,500		6,769,805
Petrohawk Energy Corp. (a)	2,226,700		52,550,120
Plains Exploration & Production Co. (a)	1,037,600		19,579,512
Quicksilver Resources, Inc. (a)(d)	593,001		4,821,098
Range Resources Corp.	130,790		5,227,676
SandRidge Energy, Inc. (a)	169,500		1,383,120
Southern Union Co.	52,500		835,275
Southwestern Energy Co. (a)	921,700		33,052,162
StatoilHydro ASA sponsored ADR	395,300		7,352,580
Suncor Energy, Inc.	607,700		15,293,720
Ultra Petroleum Corp. (a)	405,097		17,338,152
Uranium One, Inc. (a)	313,100		865,896
			394,221,749
TOTAL ENERGY			556,296,056
FINANCIALS - 11.2%
Capital Markets - 1.3%
BlackRock, Inc. Class A	40,700		5,963,364
GFI Group, Inc.	140,200		572,016
Goldman Sachs Group, Inc.	374,500		48,123,250
Janus Capital Group, Inc.	148,068		1,485,122
Northern Trust Corp.	44,500		2,419,020
State Street Corp.	153,000		5,221,890
			63,784,662
Commercial Banks - 2.7%
Bangkok Bank Ltd. PCL (For. Reg.)	1,589,000		3,861,606
Comerica, Inc.	91,200		1,913,376
DnB Nor ASA	278,800		1,735,057
KeyCorp	221,700		1,363,455
PNC Financial Services Group, Inc.	833,159		33,076,412
Standard Chartered PLC (United Kingdom)	410,700		6,350,861
TCF Financial Corp.	285,900		3,976,869
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
U.S. Bancorp, Delaware	1,743,300		$ 31,762,926
Wells Fargo & Co.	2,384,890		47,721,649
			131,762,211
Consumer Finance - 0.6%
American Express Co.	432,500		10,907,650
Capital One Financial Corp.	943,102		15,787,527
Discover Financial Services	306,700		2,493,471
			29,188,648
Diversified Financial Services - 3.2%
Bank of America Corp.	2,625,959		23,449,814
BM&F BOVESPA SA	604,800		2,488,946
CIT Group, Inc.	50,100		111,222
CME Group, Inc.	32,900		7,282,415
Deutsche Boerse AG	27,100		1,983,317
Hong Kong Exchange & Clearing Ltd.	51,400		592,045
IntercontinentalExchange, Inc. (a)	20,200		1,769,520
JPMorgan Chase & Co.	3,444,000		113,652,000
			151,329,279
Insurance - 2.7%
ACE Ltd.	430,400		19,936,128
AFLAC, Inc.	29,100		840,699
Allstate Corp.	435,000		10,148,550
Everest Re Group Ltd.	21,400		1,597,296
Fidelity National Financial, Inc. Class A	210,900		3,823,617
Hartford Financial Services Group, Inc.	186,700		2,141,449
Marsh & McLennan Companies, Inc.	267,100		5,633,139
MetLife, Inc.	651,073		19,369,422
PartnerRe Ltd.	44,000		3,000,360
Principal Financial Group, Inc.	86,100		1,406,874
Prudential Financial, Inc.	186,400		5,383,232
Sony Financial Holdings, Inc.	3,101		9,758,919
The Travelers Companies, Inc.	785,400		32,311,356
Unum Group	326,500		5,335,010
W.R. Berkley Corp.	66,100		1,580,451
XL Capital Ltd. Class A	924,900		8,795,799
			131,062,301
Real Estate Investment Trusts - 0.6%
Developers Diversified Realty Corp.	79,667		329,025
Duke Realty LP	558,000		5,451,660
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Potlatch Corp.	38,900		$ 1,144,049
ProLogis Trust	1,511,700		13,771,587
Simon Property Group, Inc.	31,600		1,630,560
SL Green Realty Corp.	47,800		844,148
Vornado Realty Trust	128,006		6,258,213
			29,429,242
Real Estate Management & Development - 0.1%
China Overseas Land & Investment Ltd.	722,000		1,257,518
Forestar Group, Inc. (a)	124,262		1,598,009
Hang Lung Properties Ltd.	1,050,000		2,949,133
			5,804,660
TOTAL FINANCIALS			542,361,003
HEALTH CARE - 13.7%
Biotechnology - 1.8%
Alexion Pharmaceuticals, Inc. (a)	50,000		1,671,000
Amgen, Inc. (a)	317,100		15,369,837
Biogen Idec, Inc. (a)	430,179		20,794,853
Genzyme Corp. (a)	170,300		9,082,099
Gilead Sciences, Inc. (a)	593,168		27,167,094
Myriad Genetics, Inc. (a)	147,914		5,737,584
ONYX Pharmaceuticals, Inc. (a)	127,635		3,305,747
United Therapeutics Corp. (a)	56,595		3,554,732
			86,682,946
Health Care Equipment & Supplies - 2.2%
Baxter International, Inc.	523,800		25,404,300
Boston Scientific Corp. (a)	506,400		4,258,824
C.R. Bard, Inc.	181,604		13,008,295
Cooper Companies, Inc.	215,746		6,202,698
Covidien Ltd.	787,762		25,980,391
Edwards Lifesciences Corp. (a)	143,400		9,088,692
ev3, Inc. (a)	142,319		1,189,787
Mako Surgical Corp. (a)	222,643		1,491,708
Masimo Corp. (a)	149,334		4,315,753
Medtronic, Inc.	102,500		3,280,000
Orthofix International NV (a)	36,320		619,256
Quidel Corp. (a)	280,228		3,261,854
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	788,000		$ 1,482,910
St. Jude Medical, Inc. (a)	228,729		7,666,996
			107,251,464
Health Care Providers & Services - 2.1%
CardioNet, Inc. (a)	87,500		1,815,625
CIGNA Corp.	340,336		6,708,023
Community Health Systems, Inc. (a)	274,600		6,271,864
Express Scripts, Inc. (a)	319,500		20,438,415
Henry Schein, Inc. (a)	125,187		5,137,674
Medco Health Solutions, Inc. (a)	711,350		30,979,293
UnitedHealth Group, Inc.	862,682		20,290,281
WellPoint, Inc. (a)	160,151		6,848,057
			98,489,232
Health Care Technology - 0.3%
HLTH Corp. (a)	1,406,224		15,468,464
Life Sciences Tools & Services - 0.8%
Illumina, Inc. (a)	314,051		11,729,805
Life Technologies Corp. (a)	221,279		8,253,707
Millipore Corp. (a)	77,189		4,561,870
QIAGEN NV (a)	521,184		8,589,112
Waters Corp. (a)	68,800		3,038,896
			36,173,390
Pharmaceuticals - 6.5%
Abbott Laboratories	908,257		38,010,555
Allergan, Inc.	664,398		31,000,811
Bristol-Myers Squibb Co.	482,552		9,264,998
Cadence Pharmaceuticals, Inc. (a)	109,835		1,111,530
Elan Corp. PLC sponsored ADR (a)	284,600		1,681,986
Johnson & Johnson	923,921		48,376,504
King Pharmaceuticals, Inc. (a)	323,800		2,551,544
Merck & Co., Inc.	1,191,272		28,876,433
Novo Nordisk AS Series B	159,000		7,564,954
Perrigo Co.	73,278		1,899,366
Pfizer, Inc.	3,616,600		48,317,776
Pronova BioPharma ASA (a)	94,300		236,517
Roche Holding AG (participation certificate)	54,994		6,933,148
Schering-Plough Corp.	1,344,267		30,945,026
Teva Pharmaceutical Industries Ltd. sponsored ADR	60,900		2,672,901
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Valeant Pharmaceuticals International (a)(d)	25,415		$ 425,955
Wyeth	1,226,106		51,986,894
			311,856,898
TOTAL HEALTH CARE			655,922,394
INDUSTRIALS - 10.4%
Aerospace & Defense - 1.8%
General Dynamics Corp.	105,100		5,430,517
Honeywell International, Inc.	614,800		19,187,908
Lockheed Martin Corp.	286,700		22,514,551
Raytheon Co.	366,100		16,558,703
The Boeing Co.	190,000		7,609,500
United Technologies Corp.	310,800		15,179,472
			86,480,651
Air Freight & Logistics - 1.5%
C.H. Robinson Worldwide, Inc.	549,500		29,211,420
FedEx Corp.	181,900		10,179,124
United Parcel Service, Inc. Class B	591,600		30,964,344
			70,354,888
Airlines - 0.0%
AMR Corp. (a)	251,100		1,195,236
Building Products - 0.1%
Masco Corp.	585,500		5,187,530
Commercial Services & Supplies - 0.3%
Stericycle, Inc. (a)	325,353		15,317,619
Construction & Engineering - 0.4%
MYR Group, Inc. (a)	57,900		863,289
Quanta Services, Inc. (a)	781,100		17,754,403
			18,617,692
Electrical Equipment - 0.9%
Alstom SA	185,400		11,554,307
Cooper Industries Ltd. Class A	179,505		5,885,969
Energy Conversion Devices, Inc. (a)	152,200		2,797,436
Regal-Beloit Corp.	106,815		4,339,893
Renewable Energy Corp. AS (a)(d)	760,300		6,867,115
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
Sunpower Corp.:
Class A (a)	69,100		$ 1,891,958
Class B (a)	427,271		10,835,593
			44,172,271
Industrial Conglomerates - 2.1%
General Electric Co.	5,511,834		69,724,700
Siemens AG sponsored ADR	172,800		11,565,504
Textron, Inc.	1,204,095		12,919,939
Tyco International Ltd.	242,900		5,771,304
			99,981,447
Machinery - 2.5%
Cummins, Inc.	659,300		22,416,200
Danaher Corp.	548,800		32,071,872
Deere & Co.	474,500		19,577,870
Eaton Corp.	376,200		16,477,560
Flowserve Corp.	17,600		1,195,040
Illinois Tool Works, Inc.	109,900		3,604,720
Ingersoll-Rand Co. Ltd. Class A	193,400		4,210,318
Navistar International Corp. (a)	210,386		7,952,591
PACCAR, Inc.	183,560		6,505,366
Parker Hannifin Corp.	11,700		530,595
Toro Co.	129,015		3,919,476
Trinity Industries, Inc.	75,000		1,095,750
Vallourec SA	20,800		2,272,872
			121,830,230
Professional Services - 0.2%
Manpower, Inc.	154,100		6,640,169
Monster Worldwide, Inc. (a)	181,000		2,497,800
			9,137,969
Road & Rail - 0.6%
CSX Corp.	163,800		4,846,842
Union Pacific Corp.	451,000		22,162,140
			27,008,982
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Trading Companies & Distributors - 0.0%
GATX Corp.	38,600		$ 1,162,246
WESCO International, Inc. (a)	19,900		517,400
			1,679,646
TOTAL INDUSTRIALS			500,964,161
INFORMATION TECHNOLOGY - 17.7%
Communications Equipment - 2.9%
Alcatel-Lucent SA sponsored ADR (a)	3,365,200		8,413,000
Ciena Corp. (a)	1,233,473		14,740,002
Juniper Networks, Inc. (a)	2,591,152		56,098,441
QUALCOMM, Inc.	831,099		35,172,110
Sycamore Networks, Inc. (a)	4,414,921		13,024,017
Tellabs, Inc. (a)	1,237,600		6,485,024
ZTE Corp. (H Shares)	1,259,440		4,246,061
			138,178,655
Computers & Peripherals - 1.1%
Acer, Inc.	761,000		1,453,969
Apple, Inc. (a)	108,100		13,602,223
Dell, Inc. (a)	910,100		10,575,362
SanDisk Corp. (a)	1,574,475		24,750,747
Seagate Technology	383,629		3,130,413
			53,512,714
IT Services - 0.0%
Visa, Inc.	29,000		1,883,840
Semiconductors & Semiconductor Equipment - 10.8%
Advanced Semiconductor Engineering, Inc. sponsored ADR (d)	1,097,200		3,324,516
Amkor Technology, Inc. (a)	699,993		3,016,970
Analog Devices, Inc.	1,632,000		34,728,960
Applied Materials, Inc.	3,754,849		45,846,706
Applied Micro Circuits Corp. (a)	101,000		550,450
ARM Holdings PLC sponsored ADR	591,500		3,140,865
ASML Holding NV (NY Shares)	3,568,999		75,484,329
ATMI, Inc. (a)	405,888		6,408,972
Brooks Automation, Inc. (a)	1,290,331		8,025,859
Cirrus Logic, Inc. (a)	561,829		2,612,505
Cymer, Inc. (a)	207,996		5,909,166
Global Unichip Corp.	342,000		1,563,163
Globe Specialty Metals, Inc. (Reg. S) (a)	413,108		1,428,527
Himax Technologies, Inc. sponsored ADR	381,000		1,032,510
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Inotera Memories, Inc. (a)	11,853,000		$ 6,220,113
Intel Corp.	3,438,516		54,259,782
Intersil Corp. Class A	474,100		5,499,560
KLA-Tencor Corp.	418,386		11,606,028
Kulicke & Soffa Industries, Inc. (a)	194,684		778,736
Lam Research Corp. (a)	585,972		16,336,899
Macronix International Co. Ltd.	2,299,000		956,712
Marvell Technology Group Ltd. (a)	2,912,000		31,973,760
Mattson Technology, Inc. (a)	246,522		283,500
MediaTek, Inc.	653,000		6,788,887
Micron Technology, Inc. (a)	7,570,700		36,945,016
Monolithic Power Systems, Inc. (a)	114,029		2,109,537
Novellus Systems, Inc. (a)	854,449		15,431,349
NVIDIA Corp. (a)	1,379,600		15,837,808
Photronics, Inc. (a)	185,405		309,626
PMC-Sierra, Inc. (a)	324,800		2,572,416
Richtek Technology Corp.	706,000		3,563,496
Samsung Electronics Co. Ltd.	83,009		38,451,762
Skyworks Solutions, Inc. (a)	1,801,600		15,926,144
Taiwan Semiconductor Manufacturing Co. Ltd.	3,365,000		5,692,415
Tokyo Electron Ltd.	844,600		38,633,003
Varian Semiconductor Equipment Associates, Inc. (a)	177,600		4,544,784
Verigy Ltd. (a)	791,300		8,704,300
Volterra Semiconductor Corp. (a)	77,110		885,994
			517,385,125
Software - 2.9%
BMC Software, Inc. (a)	320,700		11,118,669
Citrix Systems, Inc. (a)	121,500		3,466,395
Electronic Arts, Inc. (a)	140,700		2,863,245
Microsoft Corp.	5,927,370		120,088,514
			137,536,823
TOTAL INFORMATION TECHNOLOGY			848,497,157
MATERIALS - 3.0%
Chemicals - 1.8%
Air Products & Chemicals, Inc.	179,400		11,822,460
Airgas, Inc.	142,400		6,140,288
Albemarle Corp.	297,800		7,986,996
CF Industries Holdings, Inc.	19,300		1,390,565
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Dow Chemical Co.	415,400		$ 6,646,400
E.I. du Pont de Nemours & Co.	480,800		13,414,320
Ecolab, Inc.	11,400		439,470
FMC Corp.	70,600		3,440,338
Monsanto Co.	332,365		28,214,465
Praxair, Inc.	44,300		3,305,223
Solutia, Inc. (a)	204,600		769,296
Terra Industries, Inc.	76,800		2,035,200
			85,605,021
Containers & Packaging - 0.6%
Ball Corp.	95,100		3,587,172
Crown Holdings, Inc. (a)	122,460		2,700,243
Owens-Illinois, Inc. (a)	200,800		4,897,512
Rock-Tenn Co. Class A	150,900		5,697,984
Sealed Air Corp.	203,225		3,873,469
Temple-Inland, Inc.	720,900		8,607,546
			29,363,926
Metals & Mining - 0.5%
Agnico-Eagle Mines Ltd. (Canada)	130,400		5,764,593
Commercial Metals Co.	251,000		3,734,880
Freeport-McMoRan Copper & Gold, Inc. Class B	14,400		614,160
Impala Platinum Holdings Ltd.	40,600		775,975
Ivanhoe Mines Ltd. (a)	168,800		1,083,602
Newcrest Mining Ltd.	177,283		3,859,340
Nucor Corp.	105,400		4,288,726
United States Steel Corp.	29,800		791,190
Yamana Gold, Inc.	607,600		4,766,089
			25,678,555
Paper & Forest Products - 0.1%
Weyerhaeuser Co.	126,600		4,463,916
TOTAL MATERIALS			145,111,418
TELECOMMUNICATION SERVICES - 3.4%
Diversified Telecommunication Services - 2.9%
AT&T, Inc.	2,098,599		53,766,106
Embarq Corp.	151,498		5,538,767
Verizon Communications, Inc.	2,556,000		77,549,040
			136,853,913
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.5%
American Tower Corp. Class A (a)	273,827		$ 8,696,746
Clearwire Corp. Class A (a)(d)	953,100		5,280,174
MetroPCS Communications, Inc. (a)	174,900		2,989,041
Sprint Nextel Corp. (a)	1,249,500		5,447,820
			22,413,781
TOTAL TELECOMMUNICATION SERVICES			159,267,694
UTILITIES - 3.9%
Electric Utilities - 2.2%
Allegheny Energy, Inc.	286,900		7,436,448
American Electric Power Co., Inc.	907,100		23,929,298
Entergy Corp.	139,600		9,041,892
Exelon Corp.	393,021		18,130,059
FirstEnergy Corp.	446,783		18,273,425
FPL Group, Inc.	308,800		16,610,352
PPL Corp.	402,400		12,035,784
			105,457,258
Gas Utilities - 0.1%
EQT Corp.	55,300		1,859,739
Questar Corp.	145,500		4,324,260
			6,183,999
Independent Power Producers & Energy Traders - 0.4%
AES Corp. (a)	526,397		3,721,627
Calpine Corp. (a)	59,900		485,789
Constellation Energy Group, Inc.	332,002		7,994,608
Dynegy, Inc. Class A (a)	269,900		480,422
NRG Energy, Inc. (a)	279,800		5,030,804
			17,713,250
Multi-Utilities - 1.2%
CenterPoint Energy, Inc.	1,214,573		12,923,057
CMS Energy Corp.	611,700		7,352,634
OGE Energy Corp.	125,127		3,217,015
PG&E Corp.	312,000		11,581,440
Public Service Enterprise Group, Inc.	277,257		8,273,349
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
Sempra Energy	179,000		$ 8,237,580
TECO Energy, Inc.	478,161		5,063,725
			56,648,800
TOTAL UTILITIES			186,003,307
TOTAL COMMON STOCKS (Cost $4,305,275,645)		4,621,159,027
Convertible Preferred Stocks - 0.6%

ENERGY - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
SandRidge Energy, Inc. 8.50% (a)(e)	10,200		1,170,144
FINANCIALS - 0.5%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	3,900		1,989,000
Wells Fargo & Co. 7.50%	13,800		8,528,400
			10,517,400
Diversified Financial Services - 0.3%
Bank of America Corp. Series L, 7.25%	16,500		9,528,750
CIT Group, Inc. Series C, 8.75%	10,950		166,669
Citigroup, Inc. Series T, 6.50%	128,698		4,062,031
			13,757,450
TOTAL FINANCIALS			24,274,850
MATERIALS - 0.1%
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	53,200		3,668,193
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $27,266,680)		29,113,187

Nonconvertible Bonds - 0.1%
	Principal Amount		Value
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Elan Finance PLC/Elan Finance Corp.:
5.2344% 11/15/11 (g)	$ 465,000		$ 392,925
7.75% 11/15/11	50,000		44,250
Roche Holdings, Inc. 6% 3/1/19 (e)	2,335,000		2,427,826
			2,865,001
TOTAL NONCONVERTIBLE BONDS (Cost $2,684,412)		2,865,001
U.S. Treasury Obligations - 0.3%

U.S. Treasury Bills, yield at date of purchase 0.04% to 0.31% 5/7/09 to 6/4/09 (f) (Cost $14,298,717)	14,300,000		14,299,681

Money Market Funds - 4.6%
	Shares
Fidelity Cash Central Fund, 0.53% (b)	183,104,199		183,104,199
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	40,715,536		40,715,536
TOTAL MONEY MARKET FUNDS (Cost $223,819,735)		223,819,735
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.15%, dated 4/30/09 due 5/1/09 (Collateralized by U.S. Government Obligations) # (Cost $8,000)	$ 8,000		8,000
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $4,573,353,189)		4,891,264,631
NET OTHER ASSETS - (1.7)%		(83,597,680)
NET ASSETS - 100%		$ 4,807,666,951

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
857 CME E-mini S&P 500 Index Contracts	June 2009	$ 37,279,500	$ 207,821
TOTAL EQUITY INDEX CONTRACTS		$ 37,279,500	$ 207,821

The face value of futures purchased as a percentage of net assets - 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 $3,597,970 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 $2,809,934.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

Repurchase Agreement / Counterparty	Value
$8,000 due 5/01/09 at 0.15%
BNP Paribas Securities Corp.	$ 1,419
Barclays Capital, Inc.	227
Credit Suisse Securities (USA) LLC	295
Deutsche Bank Securities, Inc.	2,996
HSBC Securities (USA), Inc.	2,270
Mizuho Securities USA, Inc.	227
Societe Generale, New York Branch	566
	$ 8,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 270,390
Fidelity Securities Lending Cash Central Fund	135,335
Total	$ 405,725

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 4,891,264,631	$ 4,649,250,725	$ 242,013,906	$ -
Other Financial Instruments*	$ 207,821	$ 207,821	$ -	$ -

* Other financial instruments include Futures Contracts.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $4,650,965,801. Net unrealized appreciation aggregated $240,298,830, of which $471,731,818 related to appreciated investment securities and $231,432,988 related to depreciated investment securities.

Investment Valuation

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

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Large Cap
Value Fund

April 30, 2009

1.884765.101

LPV-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value
CONSUMER DISCRETIONARY - 9.3%
Hotels, Restaurants & Leisure - 1.0%
Brinker International, Inc.	704,900		$ 12,490,828
Darden Restaurants, Inc.	332,200		12,281,434
McDonald's Corp.	297,900		15,875,091
Wyndham Worldwide Corp.	1,250,192		14,602,243
			55,249,596
Household Durables - 1.0%
D.R. Horton, Inc.	1,120,215		14,618,806
Leggett & Platt, Inc.	307,000		4,408,520
Mohawk Industries, Inc. (a)	388,200		18,365,742
Whirlpool Corp.	418,800		18,913,008
			56,306,076
Internet & Catalog Retail - 0.1%
Liberty Media Corp. - Interactive Series A (a)	530,153		2,809,811
Media - 4.0%
Cablevision Systems Corp. - NY Group Class A	3,259,100		55,926,156
Comcast Corp. Class A (special) (non-vtg.)	6,231,100		91,472,548
The DIRECTV Group, Inc. (a)	1,173,200		29,013,236
Time Warner Cable, Inc.	389,506		12,553,778
Time Warner, Inc.	1,516,166		33,097,904
			222,063,622
Multiline Retail - 0.6%
Macy's, Inc.	1,322,200		18,087,696
Target Corp.	376,300		15,526,138
			33,613,834
Specialty Retail - 2.3%
AutoZone, Inc. (a)	84,300		14,026,677
Best Buy Co., Inc.	362,600		13,916,588
Home Depot, Inc.	2,828,800		74,454,016
Sherwin-Williams Co.	91,130		5,161,603
Staples, Inc.	1,000,800		20,636,496
			128,195,380
Textiles, Apparel & Luxury Goods - 0.3%
Polo Ralph Lauren Corp. Class A	262,900		14,154,536
TOTAL CONSUMER DISCRETIONARY			512,392,855
CONSUMER STAPLES - 9.5%
Beverages - 2.5%
Anheuser-Busch InBev NV	1,357,400		41,541,999
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Constellation Brands, Inc. Class A (sub. vtg.) (a)	922,100		$ 10,687,139
Dr Pepper Snapple Group, Inc. (a)	858,700		17,783,677
Molson Coors Brewing Co. Class B	398,674		15,249,281
The Coca-Cola Co.	1,267,800		54,578,790
			139,840,886
Food & Staples Retailing - 2.0%
CVS Caremark Corp.	2,245,700		71,368,346
Wal-Mart Stores, Inc.	722,500		36,414,000
			107,782,346
Food Products - 2.6%
Archer Daniels Midland Co.	1,460,300		35,952,586
Dean Foods Co. (a)	676,000		13,993,200
Kraft Foods, Inc. Class A	2,973,400		69,577,560
Sara Lee Corp.	3,063,200		25,485,824
			145,009,170
Household Products - 0.9%
Energizer Holdings, Inc. (a)	229,504		13,150,579
Procter & Gamble Co.	739,700		36,570,768
			49,721,347
Tobacco - 1.5%
Altria Group, Inc.	1,157,981		18,909,830
Lorillard, Inc.	985,900		62,239,867
			81,149,697
TOTAL CONSUMER STAPLES			523,503,446
ENERGY - 15.8%
Energy Equipment & Services - 1.5%
BJ Services Co.	1,130,900		15,708,201
Pride International, Inc. (a)	974,000		22,109,800
Transocean Ltd. (a)	699,300		47,188,764
			85,006,765
Oil, Gas & Consumable Fuels - 14.3%
Anadarko Petroleum Corp.	536,500		23,101,690
BP PLC sponsored ADR	564,300		23,960,178
Canadian Natural Resources Ltd.	417,100		19,228,721
Chesapeake Energy Corp.	2,100,510		41,401,052
Chevron Corp.	1,610,684		106,466,212
ConocoPhillips	2,170,955		89,009,155
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Exxon Mobil Corp.	3,539,800		$ 235,998,468
Foundation Coal Holdings, Inc.	669,900		10,879,176
Frontier Oil Corp.	990,000		12,582,900
Hess Corp.	382,100		20,935,259
Marathon Oil Corp.	2,292,400		68,084,280
Petro-Canada	1,115,400		35,202,987
Royal Dutch Shell PLC Class A sponsored ADR	496,200		22,666,416
Sunoco, Inc.	1,226,600		32,517,166
Tesoro Corp.	1,382,600		21,084,650
Total SA sponsored ADR	403,300		20,052,076
Valero Energy Corp.	357,335		7,089,526
			790,259,912
TOTAL ENERGY			875,266,677
FINANCIALS - 21.2%
Capital Markets - 4.2%
Ameriprise Financial, Inc.	147,600		3,889,260
Bank of New York Mellon Corp.	1,424,000		36,283,520
Credit Suisse Group sponsored ADR	450,200		17,233,656
Goldman Sachs Group, Inc.	949,430		122,001,755
Invesco Ltd.	1,878,367		27,649,562
Morgan Stanley	916,400		21,663,696
Nomura Holdings, Inc. sponsored ADR (d)	534,900		3,214,749
			231,936,198
Commercial Banks - 3.9%
Associated Banc-Corp.	537,100		8,308,937
PNC Financial Services Group, Inc.	1,187,403		47,139,899
Sumitomo Mitsui Financial Group, Inc.	442,500		15,350,311
TCF Financial Corp. (d)	1,028,400		14,305,044
Wells Fargo & Co.	6,552,996		131,125,450
			216,229,641
Consumer Finance - 0.1%
Discover Financial Services	473,065		3,846,018
Diversified Financial Services - 5.4%
Bank of America Corp.	7,413,035		66,198,403
IntercontinentalExchange, Inc. (a)	150,700		13,201,320
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	6,238,086		$ 205,856,838
NYSE Euronext	628,400		14,560,028
			299,816,589
Insurance - 7.3%
ACE Ltd.	293,919		13,614,328
Assurant, Inc.	545,300		13,327,132
Axis Capital Holdings Ltd.	552,200		13,606,208
Berkshire Hathaway, Inc. Class B (a)	12,881		39,480,265
Everest Re Group Ltd.	614,666		45,878,670
Fidelity National Financial, Inc. Class A	826,100		14,977,193
Hartford Financial Services Group, Inc.	1,602,200		18,377,234
Marsh & McLennan Companies, Inc.	597,400		12,599,166
MetLife, Inc.	1,613,900		48,013,525
RenaissanceRe Holdings Ltd.	889,400		43,278,204
The Travelers Companies, Inc.	1,830,832		75,320,428
Unum Group	1,421,300		23,224,042
XL Capital Ltd. Class A	4,216,403		40,097,993
			401,794,388
Real Estate Investment Trusts - 0.3%
Duke Realty LP	1,154,600		11,280,442
SL Green Realty Corp.	371,480		6,560,337
			17,840,779
TOTAL FINANCIALS			1,171,463,613
HEALTH CARE - 12.2%
Biotechnology - 0.2%
Amgen, Inc. (a)	171,600		8,317,452
Health Care Equipment & Supplies - 1.3%
Boston Scientific Corp. (a)	3,088,700		25,975,967
Cooper Companies, Inc.	494,400		14,214,000
Hospira, Inc. (a)	491,660		16,160,864
Inverness Medical Innovations, Inc. (a)	481,500		15,547,635
			71,898,466
Health Care Providers & Services - 2.0%
Express Scripts, Inc. (a)	266,500		17,048,005
Health Management Associates, Inc. Class A (a)	3,064,200		14,309,814
Humana, Inc. (a)	518,500		14,922,430
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
LifePoint Hospitals, Inc. (a)	330,300		$ 8,538,255
Medco Health Solutions, Inc. (a)	372,600		16,226,730
Omnicare, Inc.	566,855		14,573,842
WellPoint, Inc. (a)	616,600		26,365,816
			111,984,892
Life Sciences Tools & Services - 0.3%
Waters Corp. (a)	423,235		18,694,290
Pharmaceuticals - 8.4%
Bristol-Myers Squibb Co.	275,100		5,281,920
Johnson & Johnson	902,945		47,278,200
Merck & Co., Inc.	2,899,300		70,279,032
Mylan, Inc. (a)(d)	1,569,800		20,799,850
Pfizer, Inc.	16,857,400		225,214,864
Sanofi-Aventis sponsored ADR (d)	465,600		13,372,032
Schering-Plough Corp.	1,321,000		30,409,420
Watson Pharmaceuticals, Inc. (a)	495,000		15,315,300
Wyeth	894,988		37,947,491
			465,898,109
TOTAL HEALTH CARE			676,793,209
INDUSTRIALS - 6.9%
Aerospace & Defense - 2.9%
Goodrich Corp.	339,600		15,037,488
Honeywell International, Inc.	669,000		20,879,490
Northrop Grumman Corp.	1,016,122		49,129,499
Raytheon Co.	462,305		20,910,055
United Technologies Corp.	1,067,500		52,136,700
			158,093,232
Air Freight & Logistics - 0.3%
FedEx Corp.	282,900		15,831,084
Airlines - 0.3%
Delta Air Lines, Inc. (a)	2,322,000		14,326,740
Building Products - 0.2%
Owens Corning (a)	679,900		12,170,210
Electrical Equipment - 0.6%
Cooper Industries Ltd. Class A	523,100		17,152,449
Thomas & Betts Corp. (a)	513,500		15,980,120
			33,132,569
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 2.5%
General Electric Co.	8,462,941		$ 107,056,204
Siemens AG sponsored ADR	247,500		16,565,175
Textron, Inc.	1,570,567		16,852,184
			140,473,563
Machinery - 0.1%
Navistar International Corp. (a)	62,500		2,362,500
TOTAL INDUSTRIALS			376,389,898
INFORMATION TECHNOLOGY - 5.8%
Communications Equipment - 1.3%
Cisco Systems, Inc. (a)	1,070,300		20,678,196
Juniper Networks, Inc. (a)	1,620,614		35,086,293
Tellabs, Inc. (a)	3,124,300		16,371,332
			72,135,821
Computers & Peripherals - 1.8%
Dell, Inc. (a)	3,767,278		43,775,770
EMC Corp. (a)	1,423,700		17,838,961
Hewlett-Packard Co.	589,300		21,203,014
Seagate Technology	1,951,500		15,924,240
			98,741,985
Internet Software & Services - 1.3%
eBay, Inc. (a)	1,633,500		26,903,745
IAC/InterActiveCorp (a)	1,628,800		26,093,376
VeriSign, Inc. (a)	991,900		20,413,302
			73,410,423
IT Services - 0.5%
Affiliated Computer Services, Inc. Class A (a)	311,111		15,051,550
Fidelity National Information Services, Inc.	768,000		13,708,800
			28,760,350
Semiconductors & Semiconductor Equipment - 0.9%
Lam Research Corp. (a)	235,200		6,557,376
Maxim Integrated Products, Inc.	1,410,500		19,112,275
MEMC Electronic Materials, Inc. (a)	831,900		13,476,780
Micron Technology, Inc. (a)	1,897,753		9,261,035
			48,407,466
TOTAL INFORMATION TECHNOLOGY			321,456,045
Common Stocks - continued
	Shares		Value
MATERIALS - 4.8%
Chemicals - 2.0%
Air Products & Chemicals, Inc.	256,900		$ 16,929,710
Ashland, Inc.	732,800		16,092,288
Dow Chemical Co.	2,176,700		34,827,200
Lubrizol Corp.	312,000		13,484,640
Terra Industries, Inc.	366,200		9,704,300
The Mosaic Co.	482,600		19,521,170
			110,559,308
Containers & Packaging - 1.0%
Owens-Illinois, Inc. (a)	1,124,300		27,421,677
Pactiv Corp. (a)	728,800		15,931,568
Rock-Tenn Co. Class A	335,440		12,666,214
			56,019,459
Metals & Mining - 1.8%
Freeport-McMoRan Copper & Gold, Inc. Class B	790,200		33,702,030
Goldcorp, Inc.	836,800		22,875,689
Nucor Corp.	377,400		15,356,406
Reliance Steel & Aluminum Co.	723,300		25,481,859
			97,415,984
TOTAL MATERIALS			263,994,751
TELECOMMUNICATION SERVICES - 7.7%
Diversified Telecommunication Services - 5.6%
AT&T, Inc.	6,078,786		155,738,497
Embarq Corp.	234,300		8,566,008
Qwest Communications International, Inc. (d)	11,462,500		44,589,125
Verizon Communications, Inc.	3,368,383		102,196,740
			311,090,370
Wireless Telecommunication Services - 2.1%
Sprint Nextel Corp. (a)	19,211,071		83,760,270
Vodafone Group PLC sponsored ADR	1,724,000		31,635,400
			115,395,670
TOTAL TELECOMMUNICATION SERVICES			426,486,040
UTILITIES - 5.1%
Electric Utilities - 3.0%
Allegheny Energy, Inc.	1,625,700		42,138,144
Entergy Corp.	234,500		15,188,565
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Exelon Corp.	1,704,334		$ 78,620,927
FirstEnergy Corp.	523,402		21,407,142
FPL Group, Inc.	180,700		9,719,853
			167,074,631
Independent Power Producers & Energy Traders - 0.3%
AES Corp. (a)	972,700		6,876,989
NRG Energy, Inc. (a)	591,500		10,635,170
			17,512,159
Multi-Utilities - 1.8%
OGE Energy Corp.	799,800		20,562,858
PG&E Corp.	907,800		33,697,536
Public Service Enterprise Group, Inc.	657,400		19,616,816
Sempra Energy	594,794		27,372,420
			101,249,630
TOTAL UTILITIES			285,836,420
TOTAL COMMON STOCKS (Cost $5,208,852,993)		5,433,582,954
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 0.53% (b)	133,905,993		133,905,993
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	30,307,050		30,307,050
TOTAL MONEY MARKET FUNDS (Cost $164,213,043)		164,213,043
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $5,373,066,036)			5,597,795,997
NET OTHER ASSETS - (1.3)%			(72,790,171)
NET ASSETS - 100%		$ 5,525,005,826

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	$ 162,190
Fidelity Securities Lending Cash Central Fund	73,748
Total	$ 235,938

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 5,597,795,997	$ 5,540,903,687	$ 56,892,310	$ -

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

	Investments in Securities
Beginning Balance	$ 2,351,250
Total Realized Gain (Loss)	(271,671)
Total Unrealized Gain (Loss)	398,750
Cost of Purchases	4,248,542
Proceeds of Sales	(6,726,871)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $5,435,483,528. Net unrealized appreciation aggregated $162,312,469, of which $411,307,299 related to appreciated investment securities and $248,994,830 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Telecom and
Utilities Fund

April 30, 2009

1.800364.105

UIF-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 4.3%
Media - 4.3%
Comcast Corp. Class A	1,031,000		$ 15,939
The DIRECTV Group, Inc. (a)	558,800		13,819
			29,758
ENERGY - 1.6%
Oil, Gas & Consumable Fuels - 1.6%
Southern Union Co.	469,800		7,475
Spectra Energy Corp.	260,000		3,770
			11,245
TELECOMMUNICATION SERVICES - 42.7%
Diversified Telecommunication Services - 39.4%
AT&T, Inc.	5,130,063		131,433
Embarq Corp.	365,900		13,377
Level 3 Communications, Inc. (a)	1,307,500		1,464
Verizon Communications, Inc.	4,231,341		128,379
			274,653
Wireless Telecommunication Services - 3.3%
MetroPCS Communications, Inc. (a)	233,500		3,991
NII Holdings, Inc. (a)	201,200		3,251
Sprint Nextel Corp. (a)	3,614,400		15,759
			23,001
TOTAL TELECOMMUNICATION SERVICES			297,654
UTILITIES - 46.8%
Electric Utilities - 25.7%
Allegheny Energy, Inc.	442,800		11,477
American Electric Power Co., Inc.	1,103,400		29,108
Entergy Corp.	250,302		16,212
Exelon Corp.	813,909		37,546
FirstEnergy Corp.	501,900		20,528
FPL Group, Inc.	561,900		30,225
NV Energy, Inc.	684,600		7,017
PPL Corp.	729,927		21,832
Westar Energy, Inc.	320,200		5,613
			179,558
Gas Utilities - 0.9%
Questar Corp.	219,900		6,535
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - 5.1%
AES Corp. (a)	857,200		$ 6,060
Black Hills Corp.	41,500		825
Calpine Corp. (a)	385,500		3,126
Constellation Energy Group, Inc.	923,169		22,230
Ormat Technologies, Inc.	102,500		3,608
			35,849
Multi-Utilities - 15.1%
CenterPoint Energy, Inc.	1,005,697		10,701
CMS Energy Corp.	858,900		10,324
OGE Energy Corp.	301,489		7,751
PG&E Corp.	573,800		21,299
Public Service Enterprise Group, Inc.	810,644		24,190
Sempra Energy	525,200		24,170
TECO Energy, Inc.	291,500		3,087
Wisconsin Energy Corp.	85,500		3,417
			104,939
TOTAL UTILITIES			326,881
TOTAL COMMON STOCKS (Cost $826,896)		665,538

Convertible Bonds - 0.3%
	Principal Amount (000s)
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
NII Holdings, Inc. 3.125% 6/15/12 (Cost $1,559)	$ 2,580	1,883

Money Market Funds - 0.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.53% (b) (Cost $4,546)	4,546,301		$ 4,546
TOTAL INVESTMENT PORTFOLIO - 96.3% (Cost $833,001)			671,967
NET OTHER ASSETS - 3.7%			25,678
NET ASSETS - 100%		$ 697,645

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 (Amounts in thousands)
Fidelity Cash Central Fund	$ 17
Fidelity Securities Lending Cash Central Fund	16
Total	$ 33

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 671,967	$ 670,084	$ 1,883	$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $859,214,000. Net unrealized depreciation aggregated $187,247,000, of which $10,814,000 related to appreciated investment securities and $198,061,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Devonshire Trust

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

Date:	June 29, 2009

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

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

Date:	June 29, 2009

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

Date:	June 29, 2009