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)

Eric D. Roiter, 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, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity® Equity-Income Fund

April 30, 2007

1.800336.103

EQU-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.2%

Auto Components - 0.4%

American Axle & Manufacturing Holdings, Inc.

1,419,552

$ 39,676

Gentex Corp.

1,170,024

20,826

The Goodyear Tire & Rubber Co. (a)

1,931,600

64,245

124,747

Automobiles - 1.0%

General Motors Corp.

173,900

5,431

Hyundai Motor Co.

516,290

32,653

Monaco Coach Corp.

1,176,409

18,034

Peugeot Citroen SA

721,900

58,899

Renault SA (d)

308,633

40,313

Toyota Motor Corp. sponsored ADR

1,069,300

129,834

Winnebago Industries, Inc.

881,737

28,268

313,432

Diversified Consumer Services - 0.3%

H&R Block, Inc.

1,681,650

38,022

Service Corp. International

4,055,800

49,278

87,300

Hotels, Restaurants & Leisure - 0.2%

McDonald's Corp.

906,100

43,747

Wyndham Worldwide Corp. (a)

1,123,260

38,865

82,612

Household Durables - 1.6%

Beazer Homes USA, Inc.

1,474,400

49,215

Black & Decker Corp.

604,400

54,831

Centex Corp.

463,200

20,737

KB Home

566,900

25,006

Lennar Corp. Class A

1,404,500

59,986

Newell Rubbermaid, Inc.

2,306,500

70,740

The Stanley Works

937,141

54,617

Whirlpool Corp.

1,833,548

194,411

529,543

Internet & Catalog Retail - 0.2%

Liberty Media Holding Corp. - Interactive Series A (a)

2,176,764

54,484

Leisure Equipment & Products - 0.5%

Brunswick Corp.

1,872,900

61,356

Eastman Kodak Co.

3,585,200

89,307

150,663

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - 3.7%

Clear Channel Communications, Inc.

7,554,600

$ 267,659

Comcast Corp. Class A (a)

6,345,355

169,167

Gannett Co., Inc.

1,300,900

74,229

McGraw-Hill Companies, Inc.

101,700

6,664

The McClatchy Co. Class A

2,077,233

60,032

The New York Times Co. Class A (d)

2,846,055

66,598

The Walt Disney Co.

1,805,210

63,146

Time Warner Cable, Inc. (a)

869,100

32,000

Time Warner, Inc.

14,189,390

292,727

Viacom, Inc. Class B (non-vtg.) (a)

2,861,359

118,031

Virgin Media, Inc.

1,979,250

49,936

1,200,189

Multiline Retail - 0.8%

Family Dollar Stores, Inc.

1,922,800

61,222

Federated Department Stores, Inc.

2,695,600

118,391

Retail Ventures, Inc. (a)

542,200

11,050

Sears Holdings Corp. (a)

259,700

49,579

Tuesday Morning Corp.

1,396,013

19,488

259,730

Specialty Retail - 1.5%

AnnTaylor Stores Corp. (a)

721,959

27,781

Chico's FAS, Inc. (a)(d)

2,966,200

78,189

Gap, Inc.

2,362,100

42,400

Home Depot, Inc.

5,815,300

220,225

RadioShack Corp.

4,197,600

122,024

Williams-Sonoma, Inc.

347,300

12,232

502,851

TOTAL CONSUMER DISCRETIONARY

3,305,551

CONSUMER STAPLES - 5.3%

Beverages - 0.5%

Anheuser-Busch Companies, Inc.

2,904,000

142,848

SABMiller PLC

1,492,500

35,512

178,360

Food & Staples Retailing - 1.6%

CVS Corp.

2,970,400

107,647

Rite Aid Corp.

5,390,832

33,100

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

7,456,000

$ 357,292

Winn-Dixie Stores, Inc. (a)

927,383

16,090

514,129

Food Products - 0.7%

Hershey Co.

1,352,700

74,344

Kraft Foods, Inc. Class A

1,883,640

63,045

Marine Harvest ASA (a)

11,425,000

12,367

Tyson Foods, Inc. Class A

3,053,600

64,003

213,759

Household Products - 1.0%

Colgate-Palmolive Co.

2,650,500

179,545

Kimberly-Clark Corp.

777,200

55,313

Procter & Gamble Co.

1,368,817

88,029

322,887

Personal Products - 0.8%

Avon Products, Inc.

6,286,300

250,195

Tobacco - 0.7%

Altria Group, Inc.

3,452,395

237,939

TOTAL CONSUMER STAPLES

1,717,269

ENERGY - 13.7%

Energy Equipment & Services - 3.0%

Baker Hughes, Inc.

3,652,600

293,633

Halliburton Co.

3,863,200

122,734

Nabors Industries Ltd. (a)

3,023,251

97,107

Noble Corp.

1,526,280

128,528

Schlumberger Ltd. (NY Shares)

4,563,063

336,891

978,893

Oil, Gas & Consumable Fuels - 10.7%

Apache Corp.

1,444,810

104,749

BP PLC sponsored ADR

116,000

7,809

Chevron Corp.

5,981,482

465,299

ConocoPhillips

4,779,000

331,424

EOG Resources, Inc.

1,810,200

132,941

Exxon Mobil Corp.

21,357,474

1,695,361

Hess Corp.

1,969,300

111,758

Lukoil Oil Co. sponsored ADR

671,400

52,067

Occidental Petroleum Corp.

2,794,500

141,681

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Spectra Energy Corp.

1,106,050

$ 28,868

Total SA sponsored ADR

2,657,602

195,839

Valero Energy Corp.

2,036,900

143,051

Williams Companies, Inc.

1,365,500

40,282

3,451,129

TOTAL ENERGY

4,430,022

FINANCIALS - 27.2%

Capital Markets - 4.0%

Ameriprise Financial, Inc.

1,208,000

71,840

Ares Capital Corp.

715,900

12,858

Bank of New York Co., Inc.

6,243,534

252,738

KKR Private Equity Investors, LP

1,641,400

40,050

KKR Private Equity Investors, LP Restricted Depositary Units (f)

1,714,600

41,836

Mellon Financial Corp.

3,239,600

139,076

Merrill Lynch & Co., Inc.

3,023,300

272,792

Morgan Stanley

4,325,660

363,399

State Street Corp.

1,192,097

82,100

1,276,689

Commercial Banks - 4.8%

Barclays PLC Sponsored ADR

1,695,300

98,395

Fifth Third Bancorp

1,037,812

42,125

HSBC Holdings PLC sponsored ADR

1,614,000

149,069

KeyCorp

1,768,000

63,082

Lloyds TSB Group PLC

5,140,501

59,716

Marshall & Ilsley Corp.

1,141,900

54,834

PNC Financial Services Group, Inc.

1,732,900

128,408

Royal Bank of Scotland Group PLC

1,452,309

56,044

U.S. Bancorp, Delaware

3,674,302

126,212

Wachovia Corp.

7,859,518

436,518

Wells Fargo & Co.

9,838,636

353,109

1,567,512

Consumer Finance - 0.4%

American Express Co.

1,641,800

99,608

Capital One Financial Corp.

570,500

42,365

141,973

Diversified Financial Services - 7.9%

Bank of America Corp.

18,836,545

958,780

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

Citigroup, Inc.

14,806,685

$ 793,934

FirstRand Ltd.

17,393,445

62,231

JPMorgan Chase & Co.

14,442,649

752,462

2,567,407

Insurance - 7.3%

ACE Ltd.

4,672,246

277,812

AFLAC, Inc.

676,600

34,737

Allianz AG sponsored ADR (d)

2,574,300

57,201

Allstate Corp.

2,564,700

159,832

American International Group, Inc.

11,620,857

812,414

Hartford Financial Services Group, Inc.

2,077,900

210,283

MetLife, Inc. unit

2,020,300

66,448

Montpelier Re Holdings Ltd.

3,376,178

61,649

PartnerRe Ltd.

1,456,926

104,928

Swiss Reinsurance Co. (Reg.) (d)

780,344

73,780

The Travelers Companies, Inc.

6,001,490

324,681

Willis Group Holdings Ltd.

2,278,600

93,468

XL Capital Ltd. Class A

969,380

75,592

2,352,825

Real Estate Investment Trusts - 0.5%

Annaly Capital Management, Inc.

1,445,500

22,998

Developers Diversified Realty Corp.

934,400

60,829

Health Care Property Investors, Inc.

1,961,300

69,410

153,237

Thrifts & Mortgage Finance - 2.3%

Countrywide Financial Corp.

1,220,800

45,267

Fannie Mae

6,655,700

392,154

Freddie Mac

2,986,300

193,453

MGIC Investment Corp.

1,442,500

88,872

New York Community Bancorp, Inc.

1,043,600

18,221

People's United Financial, Inc.

625,000

12,444

750,411

TOTAL FINANCIALS

8,810,054

HEALTH CARE - 7.1%

Biotechnology - 0.4%

Amgen, Inc. (a)

2,078,778

133,333

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Equipment & Supplies - 0.4%

Baxter International, Inc.

2,339,797

$ 132,503

Medtronic, Inc.

116,000

6,140

138,643

Health Care Providers & Services - 0.3%

Henry Schein, Inc. (a)

208,746

10,882

Omnicare, Inc.

796,400

26,417

UnitedHealth Group, Inc.

1,075,466

57,064

94,363

Pharmaceuticals - 6.0%

Bristol-Myers Squibb Co.

5,175,000

149,351

Eli Lilly & Co.

463,800

27,424

Johnson & Johnson

4,592,700

294,943

Merck & Co., Inc.

5,347,800

275,091

Pfizer, Inc.

23,262,700

615,531

Schering-Plough Corp.

8,155,800

258,784

Wyeth

5,529,000

306,860

1,927,984

TOTAL HEALTH CARE

2,294,323

INDUSTRIALS - 9.8%

Aerospace & Defense - 2.3%

General Dynamics Corp.

756,000

59,346

Honeywell International, Inc.

6,349,750

344,029

Lockheed Martin Corp.

1,303,600

125,328

Northrop Grumman Corp.

521,200

38,381

The Boeing Co.

291,700

27,128

United Technologies Corp.

2,097,060

140,776

734,988

Air Freight & Logistics - 0.2%

United Parcel Service, Inc. Class B

738,200

51,991

Building Products - 0.2%

Masco Corp.

2,836,447

77,180

Commercial Services & Supplies - 0.3%

Equifax, Inc.

289,819

11,535

Waste Management, Inc.

2,144,300

80,218

91,753

Electrical Equipment - 0.3%

Emerson Electric Co.

2,476,100

116,352

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 3.3%

3M Co.

2,469,670

$ 204,415

General Electric Co.

11,749,150

433,074

Siemens AG sponsored ADR

104,100

12,593

Textron, Inc.

609,500

61,968

Tyco International Ltd.

11,060,761

360,913

1,072,963

Machinery - 2.4%

Briggs & Stratton Corp. (e)

2,563,885

76,070

Bucyrus International, Inc. Class A

116,000

7,278

Caterpillar, Inc.

957,800

69,555

Deere & Co.

329,400

36,036

Dover Corp.

2,835,500

136,444

Eaton Corp.

599,400

53,472

Illinois Tool Works, Inc.

853,100

43,773

Ingersoll-Rand Co. Ltd. Class A

2,286,192

102,078

Navistar International Corp. (a)

1,095,400

60,828

SPX Corp.

2,705,085

191,736

777,270

Road & Rail - 0.8%

Burlington Northern Santa Fe Corp.

2,034,900

178,135

Laidlaw International, Inc.

519,500

17,793

Union Pacific Corp.

658,400

75,222

271,150

TOTAL INDUSTRIALS

3,193,647

INFORMATION TECHNOLOGY - 9.6%

Communications Equipment - 1.3%

Alcatel-Lucent SA sponsored ADR

7,991,199

105,883

Cisco Systems, Inc. (a)

5,547,900

148,351

Harris Corp.

1,171,000

60,131

Lucent Technologies, Inc. warrants 12/10/07 (a)

17,513

2

Motorola, Inc.

4,315,570

74,789

Nortel Networks Corp. (a)

777,980

17,748

406,904

Computers & Peripherals - 2.6%

EMC Corp. (a)

7,692,400

116,771

Hewlett-Packard Co.

7,236,061

304,928

Imation Corp.

1,127,096

41,601

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

International Business Machines Corp.

3,316,200

$ 338,949

Sun Microsystems, Inc. (a)

8,842,600

46,158

848,407

Electronic Equipment & Instruments - 1.1%

Agilent Technologies, Inc. (a)

2,247,100

77,233

Arrow Electronics, Inc. (a)

1,876,900

74,175

Avnet, Inc. (a)

3,310,700

135,408

Solectron Corp. (a)

13,619,800

45,626

Tektronix, Inc.

1,183,958

34,797

367,239

Internet Software & Services - 0.2%

Google, Inc. Class A (sub. vtg.) (a)

89,420

42,151

VeriSign, Inc. (a)

629,942

17,229

59,380

IT Services - 0.3%

MoneyGram International, Inc.

2,184,309

62,100

The Western Union Co.

1,222,400

25,732

Unisys Corp. (a)

2,073,300

16,255

104,087

Office Electronics - 0.6%

Xerox Corp. (a)

9,675,398

178,995

Semiconductors & Semiconductor Equipment - 2.5%

Analog Devices, Inc.

3,369,600

130,134

Applied Materials, Inc.

6,382,900

122,679

Intel Corp.

12,825,160

275,741

LSI Logic Corp. (a)

3,709,200

31,528

Micron Technology, Inc. (a)

3,482,100

39,940

National Semiconductor Corp.

5,507,364

144,844

Teradyne, Inc. (a)

2,862,600

49,952

Verigy Ltd.

746,225

18,857

813,675

Software - 1.0%

Microsoft Corp.

7,959,900

238,319

Oracle Corp. (a)

1,750,300

32,906

Symantec Corp. (a)

3,608,900

63,517

334,742

TOTAL INFORMATION TECHNOLOGY

3,113,429

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 3.2%

Chemicals - 1.7%

Air Products & Chemicals, Inc.

1,542,600

$ 118,009

Arkema (a)

29,314

1,762

Arkema sponsored ADR (a)

582,570

34,925

Ashland, Inc.

163,300

9,790

Bayer AG sponsored ADR

650,800

44,502

Celanese Corp. Class A

1,635,400

54,246

Chemtura Corp.

7,174,364

79,133

Dow Chemical Co.

1,748,000

77,978

E.I. du Pont de Nemours & Co.

1,296,200

63,734

Georgia Gulf Corp. (e)

1,882,760

30,068

PolyOne Corp. (a)

2,729,700

17,907

Rohm & Haas Co.

404,344

20,690

Tronox, Inc. Class B

448,347

6,219

558,963

Containers & Packaging - 0.3%

Smurfit-Stone Container Corp.

6,838,121

82,399

Metals & Mining - 0.8%

Alcan, Inc.

1,482,700

87,300

Alcoa, Inc.

4,895,621

173,746

261,046

Paper & Forest Products - 0.4%

International Paper Co.

1,843,900

69,552

Weyerhaeuser Co. (d)

853,200

67,591

137,143

TOTAL MATERIALS

1,039,551

TELECOMMUNICATION SERVICES - 6.6%

Diversified Telecommunication Services - 5.8%

AT&T, Inc.

33,176,750

1,284,604

Qwest Communications International, Inc. (a)

14,506,400

128,817

Telkom SA Ltd. sponsored ADR

829,700

80,713

Verizon Communications, Inc.

9,988,144

381,347

1,875,481

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - 0.8%

Sprint Nextel Corp.

9,275,300

$ 185,784

Vodafone Group PLC sponsored ADR

3,098,925

89,032

274,816

TOTAL TELECOMMUNICATION SERVICES

2,150,297

UTILITIES - 3.4%

Electric Utilities - 1.2%

Duke Energy Corp.

2,212,100

45,392

Entergy Corp.

1,628,500

184,248

Exelon Corp.

1,700,700

128,250

PPL Corp.

347,600

15,159

373,049

Gas Utilities - 0.0%

AGL Resources, Inc.

324,050

14,109

Independent Power Producers & Energy Traders - 0.7%

AES Corp. (a)

4,063,600

89,359

TXU Corp.

1,958,622

128,446

217,805

Multi-Utilities - 1.5%

Dominion Resources, Inc. (d)

1,550,600

141,415

Public Service Enterprise Group, Inc.

2,333,000

201,688

Wisconsin Energy Corp.

3,012,500

146,980

490,083

TOTAL UTILITIES

1,095,046

TOTAL COMMON STOCKS

(Cost $21,245,110)

31,149,189

Convertible Preferred Stocks - 0.7%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.2%

Ford Motor Co. Capital Trust II 6.50%

1,122,600

40,200

General Motors Corp.:

Series B, 5.25%

997,300

20,864

Series C, 6.25%

694,000

16,018

77,082

Convertible Preferred Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - 0.1%

Six Flags, Inc. 7.25% PIERS

970,400

$ 23,654

TOTAL CONSUMER DISCRETIONARY

100,736

FINANCIALS - 0.1%

Insurance - 0.1%

Conseco, Inc. Series B, 5.50%

323,900

7,764

XL Capital Ltd. 6.50%

1,137,200

28,908

36,672

HEALTH CARE - 0.1%

Pharmaceuticals - 0.1%

Schering-Plough Corp. 6.00%

429,200

30,980

MATERIALS - 0.2%

Chemicals - 0.0%

Celanese Corp. 4.25%

157,200

6,837

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc. 6.75%

579,600

62,805

TOTAL MATERIALS

69,642

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $239,432)

238,030

Corporate Bonds - 0.9%

Principal Amount (000s)

Convertible Bonds - 0.8%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.1%

Ford Motor Co. 4.25% 12/15/36

$ 24,760

27,823

Hotels, Restaurants & Leisure - 0.0%

Six Flags, Inc. 4.5% 5/15/15

8,460

9,740

Media - 0.2%

Liberty Media Corp.:

4% 11/15/29 (f)

4,550

3,037

Corporate Bonds - continued

Principal Amount (000s)

Value (000s)

Convertible Bonds - continued

CONSUMER DISCRETIONARY - continued

Media - continued

Liberty Media Corp.: - continued

3.5% 1/15/31 (f)

$ 20,482

$ 20,114

News America, Inc. liquid yield option note 0% 2/28/21 (f)

57,550

34,242

57,393

TOTAL CONSUMER DISCRETIONARY

94,956

INDUSTRIALS - 0.1%

Airlines - 0.1%

UAL Corp. 4.5% 6/30/21 (f)

21,090

25,264

Industrial Conglomerates - 0.0%

Tyco International Group SA yankee 3.125% 1/15/23

11,750

18,385

TOTAL INDUSTRIALS

43,649

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

Advanced Micro Devices, Inc. 6% 5/1/15 (f)

34,770

33,944

TELECOMMUNICATION SERVICES - 0.3%

Diversified Telecommunication Services - 0.3%

Level 3 Communications, Inc.:

3.5% 6/15/12

15,130

18,611

5.25% 12/15/11 (f)

28,080

43,429

5.25% 12/15/11

9,750

15,079

77,119

TOTAL CONVERTIBLE BONDS

249,668

Nonconvertible Bonds - 0.1%

MATERIALS - 0.1%

Chemicals - 0.1%

Hercules, Inc. 6.5% 6/30/29 unit

31,600

27,243

TOTAL CORPORATE BONDS

(Cost $250,576)

276,911

Money Market Funds - 3.0%

Shares

Value (000s)

Fidelity Cash Central Fund, 5.29% (b)

699,801,084

$ 699,801

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

267,444,325

267,444

TOTAL MONEY MARKET FUNDS

(Cost $967,245)

967,245

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $22,702,363)

32,631,375

NET OTHER ASSETS - (0.7)%

(233,434)

NET ASSETS - 100%

$ 32,397,941

Security Type Abbreviation

PIERS - Preferred Income Equity
Redeemable Securities

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $201,866,000 or 0.6% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 10,792

Fidelity Securities Lending Cash Central Fund

1,323

Total

$ 12,115

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Briggs & Stratton
Corp.

$ 71,205

$ 4,934

$ -

$ 529

$ 76,070

Georgia Gulf Corp.

39,180

-

-

151

30,068

Total

$ 110,385

$ 4,934

$ -

$ 680

$ 106,138

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $22,714,421,000. Net unrealized appreciation aggregated $9,916,954,000, of which $10,526,951,000 related to appreciated investment securities and $609,997,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, 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 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 do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Large Cap Growth Fund

April 30, 2007

1.800355.103

LCG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value

CONSUMER DISCRETIONARY - 12.1%

Hotels, Restaurants & Leisure - 1.5%

Las Vegas Sands Corp. (a)

31,300

$ 2,666,447

Household Durables - 5.9%

D.R. Horton, Inc.

96,100

2,131,498

KB Home (d)

79,200

3,493,512

Lennar Corp. Class A

64,100

2,737,711

Ryland Group, Inc. (d)

49,900

2,210,570

10,573,291

Media - 0.6%

News Corp. Class A

44,510

996,579

Multiline Retail - 1.9%

JCPenney Co., Inc.

6,700

529,903

Nordstrom, Inc.

51,600

2,833,872

3,363,775

Specialty Retail - 1.9%

AutoZone, Inc. (a)

5,600

745,024

Best Buy Co., Inc.

7,600

354,540

OfficeMax, Inc.

22,800

1,122,216

The Men's Wearhouse, Inc.

28,800

1,246,176

3,467,956

Textiles, Apparel & Luxury Goods - 0.3%

NIKE, Inc. Class B

9,700

522,442

TOTAL CONSUMER DISCRETIONARY

21,590,490

CONSUMER STAPLES - 8.1%

Beverages - 2.1%

Molson Coors Brewing Co. Class B

40,048

3,775,725

Food & Staples Retailing - 1.6%

CVS Corp.

31,700

1,148,808

Wal-Mart Stores, Inc.

35,700

1,710,744

2,859,552

Food Products - 1.7%

Archer-Daniels-Midland Co.

20,700

801,090

Corn Products International, Inc.

30,700

1,222,474

Kellogg Co.

7,600

402,116

Kraft Foods, Inc. Class A

19,351

647,678

3,073,358

Household Products - 0.4%

Procter & Gamble Co.

10,700

688,117

Personal Products - 0.3%

NBTY, Inc. (a)

8,700

429,867

Tobacco - 2.0%

Altria Group, Inc.

27,200

1,874,624

Loews Corp. - Carolina Group

22,200

1,698,966

3,573,590

TOTAL CONSUMER STAPLES

14,400,209

Shares

Value

ENERGY - 6.0%

Energy Equipment & Services - 3.3%

Baker Hughes, Inc.

17,400

$ 1,398,786

National Oilwell Varco, Inc. (a)

41,500

3,521,275

Transocean, Inc. (a)

11,100

956,820

5,876,881

Oil, Gas & Consumable Fuels - 2.7%

Exxon Mobil Corp.

8,500

674,730

Southwestern Energy Co. (a)

21,100

886,200

Tesoro Corp.

27,600

3,345,120

4,906,050

TOTAL ENERGY

10,782,931

FINANCIALS - 8.1%

Capital Markets - 3.5%

Goldman Sachs Group, Inc.

25,900

5,661,999

Morgan Stanley

7,400

621,674

6,283,673

Commercial Banks - 1.0%

PNC Financial Services Group, Inc.

24,300

1,800,630

Diversified Financial Services - 0.8%

Chicago Mercantile Exchange Holdings, Inc. Class A (d)

2,800

1,446,900

Insurance - 2.8%

HCC Insurance Holdings, Inc.

55,822

1,711,503

Loews Corp.

9,600

454,272

The Chubb Corp.

19,400

1,044,302

The Travelers Companies, Inc.

30,700

1,660,870

4,870,947

TOTAL FINANCIALS

14,402,150

HEALTH CARE - 17.0%

Biotechnology - 9.4%

Amgen, Inc. (a)

66,427

4,260,628

Amylin Pharmaceuticals, Inc. (a)

82,886

3,425,678

Biogen Idec, Inc. (a)

96,300

4,546,323

Celgene Corp. (a)

16,300

996,908

Genentech, Inc. (a)

24,200

1,935,758

Gilead Sciences, Inc. (a)

18,200

1,487,304

Theravance, Inc. (a)

1,200

39,756

16,692,355

Health Care Equipment & Supplies - 0.6%

Baxter International, Inc.

16,400

928,732

Hologic, Inc. (a)

1,600

92,080

1,020,812

Health Care Providers & Services - 0.6%

UnitedHealth Group, Inc.

21,600

1,146,096

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - 3.4%

Pharmaceutical Product Development, Inc.

77,400

$ 2,791,818

Thermo Fisher Scientific, Inc. (a)

63,800

3,321,428

6,113,246

Pharmaceuticals - 3.0%

Johnson & Johnson

28,800

1,849,536

Merck & Co., Inc.

66,400

3,415,616

5,265,152

TOTAL HEALTH CARE

30,237,661

INDUSTRIALS - 14.4%

Aerospace & Defense - 5.1%

BE Aerospace, Inc. (a)

82,000

3,005,300

Lockheed Martin Corp.

9,800

942,172

Precision Castparts Corp.

20,300

2,113,433

Raytheon Co.

56,300

3,014,302

9,075,207

Airlines - 2.4%

AMR Corp.

62,700

1,635,843

US Airways Group, Inc. (a)

69,700

2,574,718

4,210,561

Commercial Services & Supplies - 0.6%

Cenveo, Inc. (a)

20,553

527,184

Teletech Holdings, Inc. (a)

14,000

528,220

1,055,404

Electrical Equipment - 3.2%

Belden CDT, Inc.

28,000

1,564,640

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

118,800

4,206,708

5,771,348

Machinery - 3.1%

Manitowoc Co., Inc.

42,100

2,872,483

Terex Corp. (a)

34,095

2,654,296

5,526,779

TOTAL INDUSTRIALS

25,639,299

INFORMATION TECHNOLOGY - 27.5%

Communications Equipment - 2.3%

Cisco Systems, Inc. (a)

95,900

2,564,366

Corning, Inc. (a)

62,244

1,476,428

4,040,794

Computers & Peripherals - 9.9%

Apple, Inc. (a)

67,000

6,686,599

Brocade Communications Systems, Inc. (a)

424,600

4,148,342

Hewlett-Packard Co.

112,800

4,753,392

Shares

Value

Seagate Technology

39,445

$ 873,707

Sun Microsystems, Inc. (a)

133,700

697,914

Western Digital Corp. (a)

26,100

461,448

17,621,402

Internet Software & Services - 0.4%

eBay, Inc. (a)

12,800

434,432

Google, Inc. Class A (sub. vtg.) (a)

700

329,966

764,398

IT Services - 1.3%

Alliance Data Systems Corp. (a)

28,356

1,805,143

Cognizant Technology Solutions Corp. Class A (a)

6,200

554,280

2,359,423

Semiconductors & Semiconductor Equipment - 9.9%

Applied Materials, Inc.

129,500

2,488,990

Cymer, Inc. (a)

99,300

4,022,643

Cypress Semiconductor Corp. (a)

25,500

581,910

Intersil Corp. Class A

9,900

294,921

LSI Logic Corp. (a)

127,700

1,085,450

MEMC Electronic Materials, Inc. (a)

82,700

4,538,576

Texas Instruments, Inc.

134,500

4,622,765

17,635,255

Software - 3.7%

Activision, Inc. (a)

128,400

2,568,000

Microsoft Corp.

75,800

2,269,452

Oracle Corp. (a)

56,300

1,058,440

Take-Two Interactive Software, Inc. (a)

37,800

724,626

6,620,518

TOTAL INFORMATION TECHNOLOGY

49,041,790

MATERIALS - 4.7%

Metals & Mining - 4.7%

Allegheny Technologies, Inc.

51,300

5,621,454

RTI International Metals, Inc. (a)

19,756

1,862,398

Titanium Metals Corp.

28,150

972,020

8,455,872

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

NII Holdings, Inc. (a)

13,700

1,051,475

UTILITIES - 1.4%

Independent Power Producers & Energy Traders - 0.9%

AES Corp. (a)

50,000

1,099,500

Constellation Energy Group, Inc.

5,500

490,160

1,589,660

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.5%

Public Service Enterprise Group, Inc.

10,100

$ 873,145

TOTAL UTILITIES

2,462,805

TOTAL COMMON STOCKS

(Cost $164,363,128)

178,064,682

Money Market Funds - 6.0%

Fidelity Cash Central Fund, 5.29% (b)

3,298,161

3,298,161

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

7,449,600

7,449,600

TOTAL MONEY MARKET FUNDS

(Cost $10,747,761)

10,747,761

TOTAL INVESTMENT PORTFOLIO - 105.9%

(Cost $175,110,889)

188,812,443

NET OTHER ASSETS - (5.9)%

(10,472,253)

NET ASSETS - 100%

$ 178,340,190

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 21,716

Fidelity Securities Lending Cash Central Fund

18,047

Total

$ 39,763

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $175,663,257. Net unrealized appreciation aggregated $13,149,186, of which $19,151,246 related to appreciated investment securities and $6,002,060 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.847927.100

ALCG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%

Shares

Value

CONSUMER DISCRETIONARY - 12.1%

Hotels, Restaurants & Leisure - 1.5%

Las Vegas Sands Corp. (a)

31,300

$ 2,666,447

Household Durables - 5.9%

D.R. Horton, Inc.

96,100

2,131,498

KB Home (d)

79,200

3,493,512

Lennar Corp. Class A

64,100

2,737,711

Ryland Group, Inc. (d)

49,900

2,210,570

10,573,291

Media - 0.6%

News Corp. Class A

44,510

996,579

Multiline Retail - 1.9%

JCPenney Co., Inc.

6,700

529,903

Nordstrom, Inc.

51,600

2,833,872

3,363,775

Specialty Retail - 1.9%

AutoZone, Inc. (a)

5,600

745,024

Best Buy Co., Inc.

7,600

354,540

OfficeMax, Inc.

22,800

1,122,216

The Men's Wearhouse, Inc.

28,800

1,246,176

3,467,956

Textiles, Apparel & Luxury Goods - 0.3%

NIKE, Inc. Class B

9,700

522,442

TOTAL CONSUMER DISCRETIONARY

21,590,490

CONSUMER STAPLES - 8.1%

Beverages - 2.1%

Molson Coors Brewing Co. Class B

40,048

3,775,725

Food & Staples Retailing - 1.6%

CVS Corp.

31,700

1,148,808

Wal-Mart Stores, Inc.

35,700

1,710,744

2,859,552

Food Products - 1.7%

Archer-Daniels-Midland Co.

20,700

801,090

Corn Products International, Inc.

30,700

1,222,474

Kellogg Co.

7,600

402,116

Kraft Foods, Inc. Class A

19,351

647,678

3,073,358

Household Products - 0.4%

Procter & Gamble Co.

10,700

688,117

Personal Products - 0.3%

NBTY, Inc. (a)

8,700

429,867

Tobacco - 2.0%

Altria Group, Inc.

27,200

1,874,624

Loews Corp. - Carolina Group

22,200

1,698,966

3,573,590

TOTAL CONSUMER STAPLES

14,400,209

Shares

Value

ENERGY - 6.0%

Energy Equipment & Services - 3.3%

Baker Hughes, Inc.

17,400

$ 1,398,786

National Oilwell Varco, Inc. (a)

41,500

3,521,275

Transocean, Inc. (a)

11,100

956,820

5,876,881

Oil, Gas & Consumable Fuels - 2.7%

Exxon Mobil Corp.

8,500

674,730

Southwestern Energy Co. (a)

21,100

886,200

Tesoro Corp.

27,600

3,345,120

4,906,050

TOTAL ENERGY

10,782,931

FINANCIALS - 8.1%

Capital Markets - 3.5%

Goldman Sachs Group, Inc.

25,900

5,661,999

Morgan Stanley

7,400

621,674

6,283,673

Commercial Banks - 1.0%

PNC Financial Services Group, Inc.

24,300

1,800,630

Diversified Financial Services - 0.8%

Chicago Mercantile Exchange Holdings, Inc. Class A (d)

2,800

1,446,900

Insurance - 2.8%

HCC Insurance Holdings, Inc.

55,822

1,711,503

Loews Corp.

9,600

454,272

The Chubb Corp.

19,400

1,044,302

The Travelers Companies, Inc.

30,700

1,660,870

4,870,947

TOTAL FINANCIALS

14,402,150

HEALTH CARE - 17.0%

Biotechnology - 9.4%

Amgen, Inc. (a)

66,427

4,260,628

Amylin Pharmaceuticals, Inc. (a)

82,886

3,425,678

Biogen Idec, Inc. (a)

96,300

4,546,323

Celgene Corp. (a)

16,300

996,908

Genentech, Inc. (a)

24,200

1,935,758

Gilead Sciences, Inc. (a)

18,200

1,487,304

Theravance, Inc. (a)

1,200

39,756

16,692,355

Health Care Equipment & Supplies - 0.6%

Baxter International, Inc.

16,400

928,732

Hologic, Inc. (a)

1,600

92,080

1,020,812

Health Care Providers & Services - 0.6%

UnitedHealth Group, Inc.

21,600

1,146,096

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Life Sciences Tools & Services - 3.4%

Pharmaceutical Product Development, Inc.

77,400

$ 2,791,818

Thermo Fisher Scientific, Inc. (a)

63,800

3,321,428

6,113,246

Pharmaceuticals - 3.0%

Johnson & Johnson

28,800

1,849,536

Merck & Co., Inc.

66,400

3,415,616

5,265,152

TOTAL HEALTH CARE

30,237,661

INDUSTRIALS - 14.4%

Aerospace & Defense - 5.1%

BE Aerospace, Inc. (a)

82,000

3,005,300

Lockheed Martin Corp.

9,800

942,172

Precision Castparts Corp.

20,300

2,113,433

Raytheon Co.

56,300

3,014,302

9,075,207

Airlines - 2.4%

AMR Corp.

62,700

1,635,843

US Airways Group, Inc. (a)

69,700

2,574,718

4,210,561

Commercial Services & Supplies - 0.6%

Cenveo, Inc. (a)

20,553

527,184

Teletech Holdings, Inc. (a)

14,000

528,220

1,055,404

Electrical Equipment - 3.2%

Belden CDT, Inc.

28,000

1,564,640

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

118,800

4,206,708

5,771,348

Machinery - 3.1%

Manitowoc Co., Inc.

42,100

2,872,483

Terex Corp. (a)

34,095

2,654,296

5,526,779

TOTAL INDUSTRIALS

25,639,299

INFORMATION TECHNOLOGY - 27.5%

Communications Equipment - 2.3%

Cisco Systems, Inc. (a)

95,900

2,564,366

Corning, Inc. (a)

62,244

1,476,428

4,040,794

Computers & Peripherals - 9.9%

Apple, Inc. (a)

67,000

6,686,599

Brocade Communications Systems, Inc. (a)

424,600

4,148,342

Hewlett-Packard Co.

112,800

4,753,392

Shares

Value

Seagate Technology

39,445

$ 873,707

Sun Microsystems, Inc. (a)

133,700

697,914

Western Digital Corp. (a)

26,100

461,448

17,621,402

Internet Software & Services - 0.4%

eBay, Inc. (a)

12,800

434,432

Google, Inc. Class A (sub. vtg.) (a)

700

329,966

764,398

IT Services - 1.3%

Alliance Data Systems Corp. (a)

28,356

1,805,143

Cognizant Technology Solutions Corp. Class A (a)

6,200

554,280

2,359,423

Semiconductors & Semiconductor Equipment - 9.9%

Applied Materials, Inc.

129,500

2,488,990

Cymer, Inc. (a)

99,300

4,022,643

Cypress Semiconductor Corp. (a)

25,500

581,910

Intersil Corp. Class A

9,900

294,921

LSI Logic Corp. (a)

127,700

1,085,450

MEMC Electronic Materials, Inc. (a)

82,700

4,538,576

Texas Instruments, Inc.

134,500

4,622,765

17,635,255

Software - 3.7%

Activision, Inc. (a)

128,400

2,568,000

Microsoft Corp.

75,800

2,269,452

Oracle Corp. (a)

56,300

1,058,440

Take-Two Interactive Software, Inc. (a)

37,800

724,626

6,620,518

TOTAL INFORMATION TECHNOLOGY

49,041,790

MATERIALS - 4.7%

Metals & Mining - 4.7%

Allegheny Technologies, Inc.

51,300

5,621,454

RTI International Metals, Inc. (a)

19,756

1,862,398

Titanium Metals Corp.

28,150

972,020

8,455,872

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

NII Holdings, Inc. (a)

13,700

1,051,475

UTILITIES - 1.4%

Independent Power Producers & Energy Traders - 0.9%

AES Corp. (a)

50,000

1,099,500

Constellation Energy Group, Inc.

5,500

490,160

1,589,660

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.5%

Public Service Enterprise Group, Inc.

10,100

$ 873,145

TOTAL UTILITIES

2,462,805

TOTAL COMMON STOCKS

(Cost $164,363,128)

178,064,682

Money Market Funds - 6.0%

Fidelity Cash Central Fund, 5.29% (b)

3,298,161

3,298,161

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

7,449,600

7,449,600

TOTAL MONEY MARKET FUNDS

(Cost $10,747,761)

10,747,761

TOTAL INVESTMENT PORTFOLIO - 105.9%

(Cost $175,110,889)

188,812,443

NET OTHER ASSETS - (5.9)%

(10,472,253)

NET ASSETS - 100%

$ 178,340,190

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 21,716

Fidelity Securities Lending Cash Central Fund

18,047

Total

$ 39,763

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $175,663,257. Net unrealized appreciation aggregated $13,149,186, of which $19,151,246 related to appreciated investment securities and $6,002,060 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Large Cap Value Fund

April 30, 2007

1.800356.103

LCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 7.9%

Hotels, Restaurants & Leisure - 1.3%

McDonald's Corp.

432,400

$ 20,876,272

Leisure Equipment & Products - 1.0%

Eastman Kodak Co. (d)

393,300

9,797,103

Mattel, Inc.

216,900

6,138,270

15,935,373

Media - 3.5%

Comcast Corp. Class A (a)

372,000

9,917,520

The Walt Disney Co.

746,400

26,109,072

Time Warner, Inc.

942,700

19,447,901

55,474,493

Multiline Retail - 1.7%

Federated Department Stores, Inc.

601,900

26,435,448

Specialty Retail - 0.4%

Sherwin-Williams Co.

114,000

7,269,780

TOTAL CONSUMER DISCRETIONARY

125,991,366

CONSUMER STAPLES - 7.7%

Beverages - 0.5%

Molson Coors Brewing Co. Class B

90,100

8,494,628

Food & Staples Retailing - 2.0%

Kroger Co.

662,800

19,559,228

Safeway, Inc.

351,000

12,741,300

32,300,528

Food Products - 1.3%

Corn Products International, Inc.

204,900

8,159,118

General Mills, Inc.

201,100

12,045,890

20,205,008

Household Products - 2.3%

Energizer Holdings, Inc. (a)

91,200

8,862,816

Procter & Gamble Co.

434,800

27,961,988

36,824,804

Tobacco - 1.6%

Altria Group, Inc.

132,900

9,159,468

UST, Inc.

283,900

16,091,452

25,250,920

TOTAL CONSUMER STAPLES

123,075,888

ENERGY - 14.6%

Energy Equipment & Services - 1.5%

SEACOR Holdings, Inc. (a)

77,900

7,422,312

Tidewater, Inc.

265,100

16,756,971

24,179,283

Oil, Gas & Consumable Fuels - 13.1%

Chevron Corp.

527,000

40,995,330

Exxon Mobil Corp.

1,249,300

99,169,433

Frontier Oil Corp.

247,300

8,737,109

Shares

Value

Marathon Oil Corp.

307,700

$ 31,246,935

Tesoro Corp.

237,700

28,809,240

208,958,047

TOTAL ENERGY

233,137,330

FINANCIALS - 34.4%

Capital Markets - 6.5%

Ameriprise Financial, Inc.

305,800

18,185,926

Bank of New York Co., Inc.

351,800

14,240,864

Goldman Sachs Group, Inc.

92,400

20,199,564

Merrill Lynch & Co., Inc.

189,400

17,089,562

Morgan Stanley

397,800

33,419,178

103,135,094

Diversified Financial Services - 8.4%

Bank of America Corp.

652,100

33,191,890

Citigroup, Inc.

922,160

49,446,219

JPMorgan Chase & Co.

982,400

51,183,040

133,821,149

Insurance - 18.2%

ACE Ltd.

275,300

16,369,338

Allstate Corp.

361,900

22,553,608

American Financial Group, Inc.

494,950

17,456,887

American International Group, Inc.

518,600

36,255,326

Assurant, Inc.

259,800

14,946,294

First American Corp., California

319,500

16,454,250

Genworth Financial, Inc. Class A (non-vtg.)

271,300

9,899,737

Hartford Financial Services Group, Inc.

293,000

29,651,600

Loews Corp.

344,800

16,315,936

MetLife, Inc.

263,560

17,315,892

Prudential Financial, Inc.

133,500

12,682,500

Reinsurance Group of America, Inc.

130,700

8,143,917

SAFECO Corp.

350,400

23,385,696

The Chubb Corp.

316,400

17,031,812

The Travelers Companies, Inc.

577,200

31,226,520

289,689,313

Real Estate Investment Trusts - 0.8%

Duke Realty LP

109,800

4,733,478

HRPT Properties Trust (SBI)

685,600

8,391,744

13,125,222

Thrifts & Mortgage Finance - 0.5%

People's United Financial, Inc.

406,560

8,094,610

TOTAL FINANCIALS

547,865,388

HEALTH CARE - 6.8%

Health Care Providers & Services - 2.9%

AmerisourceBergen Corp.

175,800

8,788,242

Humana, Inc. (a)

62,800

3,971,472

McKesson Corp.

217,300

12,783,759

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Medco Health Solutions, Inc. (a)

130,600

$ 10,189,412

Wellcare Health Plans, Inc. (a)

128,500

10,355,815

46,088,700

Pharmaceuticals - 3.9%

King Pharmaceuticals, Inc. (a)

431,200

8,818,040

Merck & Co., Inc.

436,700

22,463,848

Pfizer, Inc.

1,170,200

30,963,492

62,245,380

TOTAL HEALTH CARE

108,334,080

INDUSTRIALS - 7.5%

Aerospace & Defense - 3.9%

General Dynamics Corp.

123,200

9,671,200

Honeywell International, Inc.

346,500

18,773,370

Northrop Grumman Corp.

266,900

19,654,516

Raytheon Co.

265,900

14,236,286

62,335,372

Industrial Conglomerates - 1.1%

General Electric Co.

485,200

17,884,472

Machinery - 2.5%

AGCO Corp. (a)

281,283

11,737,940

Cummins, Inc.

206,400

19,021,824

Terex Corp. (a)

117,200

9,124,020

39,883,784

TOTAL INDUSTRIALS

120,103,628

INFORMATION TECHNOLOGY - 3.5%

Computers & Peripherals - 1.8%

Hewlett-Packard Co.

410,300

17,290,042

International Business Machines Corp.

106,100

10,844,481

28,134,523

Electronic Equipment & Instruments - 0.6%

Avnet, Inc. (a)

235,000

9,611,500

IT Services - 1.1%

Convergys Corp. (a)

326,300

8,242,338

Electronic Data Systems Corp.

348,200

10,181,368

18,423,706

TOTAL INFORMATION TECHNOLOGY

56,169,729

Shares

Value

MATERIALS - 4.1%

Chemicals - 1.6%

Albemarle Corp.

221,400

$ 9,398,430

FMC Corp.

162,000

12,462,660

Lubrizol Corp.

72,100

4,321,674

26,182,764

Metals & Mining - 2.5%

Freeport-McMoRan Copper & Gold, Inc. Class B

191,900

12,888,004

Nucor Corp.

210,600

13,364,676

United States Steel Corp.

131,400

13,342,356

39,595,036

TOTAL MATERIALS

65,777,800

TELECOMMUNICATION SERVICES - 6.2%

Diversified Telecommunication Services - 5.5%

AT&T, Inc.

1,415,762

54,818,305

CenturyTel, Inc.

349,500

16,094,475

Verizon Communications, Inc.

423,600

16,173,048

87,085,828

Wireless Telecommunication Services - 0.7%

Sprint Nextel Corp.

594,200

11,901,826

TOTAL TELECOMMUNICATION SERVICES

98,987,654

UTILITIES - 6.8%

Electric Utilities - 4.0%

American Electric Power Co., Inc.

274,600

13,790,412

Entergy Corp.

129,700

14,674,258

FirstEnergy Corp.

184,200

12,606,648

FPL Group, Inc.

254,600

16,388,602

Progress Energy, Inc.

130,600

6,601,830

64,061,750

Independent Power Producers & Energy Traders - 0.7%

Constellation Energy Group, Inc.

121,200

10,801,344

Multi-Utilities - 2.1%

OGE Energy Corp.

262,400

10,086,656

PG&E Corp. (d)

150,330

7,606,698

Sempra Energy

236,300

15,000,324

32,693,678

TOTAL UTILITIES

107,556,772

TOTAL COMMON STOCKS

(Cost $1,395,574,020)

1,586,999,635

Money Market Funds - 0.8%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

4,785,366

$ 4,785,366

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

7,412,525

7,412,525

TOTAL MONEY MARKET FUNDS

(Cost $12,197,891)

12,197,891

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,407,771,911)

1,599,197,526

NET OTHER ASSETS - (0.3)%

(4,139,087)

NET ASSETS - 100%

$ 1,595,058,439

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 178,130

Fidelity Securities Lending Cash Central Fund

3,874

Total

$ 182,004

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,409,354,274. Net unrealized appreciation aggregated $189,843,252, of which $198,066,359 related to appreciated investment securities and $8,223,107 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

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

1.847928.100

ALCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 7.9%

Hotels, Restaurants & Leisure - 1.3%

McDonald's Corp.

432,400

$ 20,876,272

Leisure Equipment & Products - 1.0%

Eastman Kodak Co. (d)

393,300

9,797,103

Mattel, Inc.

216,900

6,138,270

15,935,373

Media - 3.5%

Comcast Corp. Class A (a)

372,000

9,917,520

The Walt Disney Co.

746,400

26,109,072

Time Warner, Inc.

942,700

19,447,901

55,474,493

Multiline Retail - 1.7%

Federated Department Stores, Inc.

601,900

26,435,448

Specialty Retail - 0.4%

Sherwin-Williams Co.

114,000

7,269,780

TOTAL CONSUMER DISCRETIONARY

125,991,366

CONSUMER STAPLES - 7.7%

Beverages - 0.5%

Molson Coors Brewing Co. Class B

90,100

8,494,628

Food & Staples Retailing - 2.0%

Kroger Co.

662,800

19,559,228

Safeway, Inc.

351,000

12,741,300

32,300,528

Food Products - 1.3%

Corn Products International, Inc.

204,900

8,159,118

General Mills, Inc.

201,100

12,045,890

20,205,008

Household Products - 2.3%

Energizer Holdings, Inc. (a)

91,200

8,862,816

Procter & Gamble Co.

434,800

27,961,988

36,824,804

Tobacco - 1.6%

Altria Group, Inc.

132,900

9,159,468

UST, Inc.

283,900

16,091,452

25,250,920

TOTAL CONSUMER STAPLES

123,075,888

ENERGY - 14.6%

Energy Equipment & Services - 1.5%

SEACOR Holdings, Inc. (a)

77,900

7,422,312

Tidewater, Inc.

265,100

16,756,971

24,179,283

Oil, Gas & Consumable Fuels - 13.1%

Chevron Corp.

527,000

40,995,330

Exxon Mobil Corp.

1,249,300

99,169,433

Frontier Oil Corp.

247,300

8,737,109

Shares

Value

Marathon Oil Corp.

307,700

$ 31,246,935

Tesoro Corp.

237,700

28,809,240

208,958,047

TOTAL ENERGY

233,137,330

FINANCIALS - 34.4%

Capital Markets - 6.5%

Ameriprise Financial, Inc.

305,800

18,185,926

Bank of New York Co., Inc.

351,800

14,240,864

Goldman Sachs Group, Inc.

92,400

20,199,564

Merrill Lynch & Co., Inc.

189,400

17,089,562

Morgan Stanley

397,800

33,419,178

103,135,094

Diversified Financial Services - 8.4%

Bank of America Corp.

652,100

33,191,890

Citigroup, Inc.

922,160

49,446,219

JPMorgan Chase & Co.

982,400

51,183,040

133,821,149

Insurance - 18.2%

ACE Ltd.

275,300

16,369,338

Allstate Corp.

361,900

22,553,608

American Financial Group, Inc.

494,950

17,456,887

American International Group, Inc.

518,600

36,255,326

Assurant, Inc.

259,800

14,946,294

First American Corp., California

319,500

16,454,250

Genworth Financial, Inc. Class A (non-vtg.)

271,300

9,899,737

Hartford Financial Services Group, Inc.

293,000

29,651,600

Loews Corp.

344,800

16,315,936

MetLife, Inc.

263,560

17,315,892

Prudential Financial, Inc.

133,500

12,682,500

Reinsurance Group of America, Inc.

130,700

8,143,917

SAFECO Corp.

350,400

23,385,696

The Chubb Corp.

316,400

17,031,812

The Travelers Companies, Inc.

577,200

31,226,520

289,689,313

Real Estate Investment Trusts - 0.8%

Duke Realty LP

109,800

4,733,478

HRPT Properties Trust (SBI)

685,600

8,391,744

13,125,222

Thrifts & Mortgage Finance - 0.5%

People's United Financial, Inc.

406,560

8,094,610

TOTAL FINANCIALS

547,865,388

HEALTH CARE - 6.8%

Health Care Providers & Services - 2.9%

AmerisourceBergen Corp.

175,800

8,788,242

Humana, Inc. (a)

62,800

3,971,472

McKesson Corp.

217,300

12,783,759

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Providers & Services - continued

Medco Health Solutions, Inc. (a)

130,600

$ 10,189,412

Wellcare Health Plans, Inc. (a)

128,500

10,355,815

46,088,700

Pharmaceuticals - 3.9%

King Pharmaceuticals, Inc. (a)

431,200

8,818,040

Merck & Co., Inc.

436,700

22,463,848

Pfizer, Inc.

1,170,200

30,963,492

62,245,380

TOTAL HEALTH CARE

108,334,080

INDUSTRIALS - 7.5%

Aerospace & Defense - 3.9%

General Dynamics Corp.

123,200

9,671,200

Honeywell International, Inc.

346,500

18,773,370

Northrop Grumman Corp.

266,900

19,654,516

Raytheon Co.

265,900

14,236,286

62,335,372

Industrial Conglomerates - 1.1%

General Electric Co.

485,200

17,884,472

Machinery - 2.5%

AGCO Corp. (a)

281,283

11,737,940

Cummins, Inc.

206,400

19,021,824

Terex Corp. (a)

117,200

9,124,020

39,883,784

TOTAL INDUSTRIALS

120,103,628

INFORMATION TECHNOLOGY - 3.5%

Computers & Peripherals - 1.8%

Hewlett-Packard Co.

410,300

17,290,042

International Business Machines Corp.

106,100

10,844,481

28,134,523

Electronic Equipment & Instruments - 0.6%

Avnet, Inc. (a)

235,000

9,611,500

IT Services - 1.1%

Convergys Corp. (a)

326,300

8,242,338

Electronic Data Systems Corp.

348,200

10,181,368

18,423,706

TOTAL INFORMATION TECHNOLOGY

56,169,729

Shares

Value

MATERIALS - 4.1%

Chemicals - 1.6%

Albemarle Corp.

221,400

$ 9,398,430

FMC Corp.

162,000

12,462,660

Lubrizol Corp.

72,100

4,321,674

26,182,764

Metals & Mining - 2.5%

Freeport-McMoRan Copper & Gold, Inc. Class B

191,900

12,888,004

Nucor Corp.

210,600

13,364,676

United States Steel Corp.

131,400

13,342,356

39,595,036

TOTAL MATERIALS

65,777,800

TELECOMMUNICATION SERVICES - 6.2%

Diversified Telecommunication Services - 5.5%

AT&T, Inc.

1,415,762

54,818,305

CenturyTel, Inc.

349,500

16,094,475

Verizon Communications, Inc.

423,600

16,173,048

87,085,828

Wireless Telecommunication Services - 0.7%

Sprint Nextel Corp.

594,200

11,901,826

TOTAL TELECOMMUNICATION SERVICES

98,987,654

UTILITIES - 6.8%

Electric Utilities - 4.0%

American Electric Power Co., Inc.

274,600

13,790,412

Entergy Corp.

129,700

14,674,258

FirstEnergy Corp.

184,200

12,606,648

FPL Group, Inc.

254,600

16,388,602

Progress Energy, Inc.

130,600

6,601,830

64,061,750

Independent Power Producers & Energy Traders - 0.7%

Constellation Energy Group, Inc.

121,200

10,801,344

Multi-Utilities - 2.1%

OGE Energy Corp.

262,400

10,086,656

PG&E Corp. (d)

150,330

7,606,698

Sempra Energy

236,300

15,000,324

32,693,678

TOTAL UTILITIES

107,556,772

TOTAL COMMON STOCKS

(Cost $1,395,574,020)

1,586,999,635

Money Market Funds - 0.8%

Shares

Value

Fidelity Cash Central Fund, 5.29% (b)

4,785,366

$ 4,785,366

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

7,412,525

7,412,525

TOTAL MONEY MARKET FUNDS

(Cost $12,197,891)

12,197,891

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $1,407,771,911)

1,599,197,526

NET OTHER ASSETS - (0.3)%

(4,139,087)

NET ASSETS - 100%

$ 1,595,058,439

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 178,130

Fidelity Securities Lending Cash Central Fund

3,874

Total

$ 182,004

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,409,354,274. Net unrealized appreciation aggregated $189,843,252, of which $198,066,359 related to appreciated investment securities and $8,223,107 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Growth Fund

April 30, 2007

1.800358.103

MCG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 20.3%

Distributors - 0.3%

Building Materials Holding Corp. (d)

100,171

$ 1,454,483

Hotels, Restaurants & Leisure - 2.4%

Darden Restaurants, Inc.

10,600

439,688

Gaylord Entertainment Co. (a)

19,700

1,079,560

International Game Technology

105,700

4,031,398

Penn National Gaming, Inc. (a)

91,054

4,401,550

Pinnacle Entertainment, Inc. (a)

18,800

527,904

10,480,100

Household Durables - 7.2%

D.R. Horton, Inc.

278,266

6,171,940

KB Home

193,200

8,522,052

Lennar Corp. Class A

200,400

8,559,084

NVR, Inc. (a)

1,000

824,000

Ryland Group, Inc. (d)

169,900

7,526,570

31,603,646

Media - 0.3%

EchoStar Communications Corp. Class A (a)

26,357

1,226,391

Multiline Retail - 2.4%

JCPenney Co., Inc.

23,700

1,874,433

Nordstrom, Inc. (d)

158,500

8,704,820

10,579,253

Specialty Retail - 6.8%

Abercrombie & Fitch Co. Class A

12,400

1,012,584

AutoZone, Inc. (a)

50,300

6,691,912

Circuit City Stores, Inc.

11,000

191,950

DSW, Inc. Class A (a)(d)

25,752

998,148

Gamestop Corp. Class A (a)

26,500

879,005

Guess?, Inc.

102,080

4,021,952

OfficeMax, Inc.

118,800

5,847,336

Ross Stores, Inc.

16,200

537,030

Sherwin-Williams Co.

27,100

1,728,167

The Men's Wearhouse, Inc.

118,500

5,127,495

TJX Companies, Inc.

76,200

2,125,218

Tween Brands, Inc. (a)

11,900

466,004

29,626,801

Textiles, Apparel & Luxury Goods - 0.9%

Columbia Sportswear Co.

3,700

231,620

Polo Ralph Lauren Corp. Class A

41,700

3,840,987

4,072,607

TOTAL CONSUMER DISCRETIONARY

89,043,281

CONSUMER STAPLES - 4.2%

Beverages - 1.8%

Molson Coors Brewing Co. Class B

84,600

7,976,088

Food & Staples Retailing - 0.1%

Kroger Co.

15,700

463,307

Shares

Value

Food Products - 0.3%

Seaboard Corp.

480

$ 1,196,640

Personal Products - 0.9%

Bare Escentuals, Inc.

48,500

1,960,855

NBTY, Inc. (a)

41,800

2,065,338

4,026,193

Tobacco - 1.1%

Loews Corp. - Carolina Group

64,300

4,920,879

TOTAL CONSUMER STAPLES

18,583,107

ENERGY - 9.4%

Energy Equipment & Services - 4.4%

Baker Hughes, Inc.

10,500

844,095

Diamond Offshore Drilling, Inc.

6,000

513,600

National Oilwell Varco, Inc. (a)

143,500

12,175,975

Smith International, Inc.

25,100

1,316,244

Tidewater, Inc.

8,100

512,001

Transocean, Inc. (a)

45,900

3,956,580

19,318,495

Oil, Gas & Consumable Fuels - 5.0%

Frontier Oil Corp.

59,700

2,109,201

Holly Corp.

30,500

1,939,800

Newfield Exploration Co. (a)

64,100

2,804,375

Pioneer Natural Resources Co.

9,700

486,940

Southwestern Energy Co. (a)

73,300

3,078,600

Tesoro Corp.

92,200

11,174,640

21,593,556

TOTAL ENERGY

40,912,051

FINANCIALS - 8.0%

Capital Markets - 1.1%

SEI Investments Co.

66,500

4,058,495

T. Rowe Price Group, Inc.

17,500

869,400

4,927,895

Commercial Banks - 0.9%

PNC Financial Services Group, Inc.

41,000

3,038,100

Synovus Financial Corp.

28,700

905,772

3,943,872

Diversified Financial Services - 0.7%

Chicago Mercantile Exchange Holdings, Inc. Class A (d)

5,900

3,048,825

Insurance - 3.4%

CNA Financial Corp. (a)

50,080

2,337,234

HCC Insurance Holdings, Inc.

156,300

4,792,158

Philadelphia Consolidated Holdings Corp. (a)

92,000

3,992,800

Reinsurance Group of America, Inc.

2,500

155,775

The Chubb Corp.

66,600

3,585,078

14,863,045

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 1.6%

AMB Property Corp. (SBI)

29,800

$ 1,815,118

Archstone-Smith Trust

63,300

3,298,563

Equity One, Inc.

32,700

913,311

SL Green Realty Corp.

7,600

1,070,840

7,097,832

Real Estate Management & Development - 0.1%

CB Richard Ellis Group, Inc. Class A (a)

6,100

206,485

Thrifts & Mortgage Finance - 0.2%

Provident Financial Services, Inc.

45,100

773,014

TOTAL FINANCIALS

34,860,968

HEALTH CARE - 13.2%

Biotechnology - 6.0%

Amylin Pharmaceuticals, Inc. (a)(d)

206,400

8,530,512

Biogen Idec, Inc. (a)

191,600

9,045,436

Celgene Corp. (a)

127,900

7,822,364

Gilead Sciences, Inc. (a)

10,300

841,716

26,240,028

Health Care Equipment & Supplies - 0.7%

Hologic, Inc. (a)

7,185

413,497

Immucor, Inc. (a)

77,200

2,519,036

2,932,533

Health Care Providers & Services - 1.4%

CIGNA Corp.

14,600

2,271,614

Health Net, Inc. (a)

45,200

2,443,512

Medco Health Solutions, Inc. (a)

16,900

1,318,538

6,033,664

Life Sciences Tools & Services - 4.7%

Advanced Magnetics, Inc. (a)

13,618

896,064

Pharmaceutical Product Development, Inc.

242,200

8,736,154

Thermo Fisher Scientific, Inc. (a)

215,100

11,198,106

20,830,324

Pharmaceuticals - 0.4%

Barr Pharmaceuticals, Inc. (a)

4,600

222,456

Endo Pharmaceuticals Holdings, Inc. (a)

6,700

207,298

Forest Laboratories, Inc. (a)

16,500

877,965

Sepracor, Inc. (a)

8,800

472,384

1,780,103

TOTAL HEALTH CARE

57,816,652

INDUSTRIALS - 15.2%

Aerospace & Defense - 4.5%

BE Aerospace, Inc. (a)

323,644

11,861,553

Precision Castparts Corp.

22,100

2,300,831

Shares

Value

Raytheon Co.

83,700

$ 4,481,298

Spirit AeroSystems Holdings, Inc. Class A

34,700

1,097,561

19,741,243

Airlines - 2.5%

AMR Corp.

154,100

4,020,469

US Airways Group, Inc. (a)

188,400

6,959,496

10,979,965

Commercial Services & Supplies - 1.0%

Cenveo, Inc. (a)

48,800

1,251,720

Corrections Corp. of America (a)

41,400

2,351,520

Teletech Holdings, Inc. (a)

22,900

864,017

4,467,257

Construction & Engineering - 0.0%

Jacobs Engineering Group, Inc. (a)

2,400

121,032

Electrical Equipment - 3.9%

Belden CDT, Inc.

105,600

5,900,928

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

308,620

10,928,234

16,829,162

Machinery - 3.3%

Joy Global, Inc.

7,800

394,914

Manitowoc Co., Inc.

96,670

6,595,794

Terex Corp. (a)

93,800

7,302,330

14,293,038

TOTAL INDUSTRIALS

66,431,697

INFORMATION TECHNOLOGY - 17.1%

Computers & Peripherals - 5.5%

Apple, Inc. (a)

62,300

6,217,540

Brocade Communications Systems, Inc. (a)

1,121,100

10,953,147

Palm, Inc. (a)

73,700

1,244,056

Seagate Technology

120,691

2,673,306

Western Digital Corp. (a)

180,900

3,198,312

24,286,361

Electronic Equipment & Instruments - 0.1%

Sunpower Corp. Class A (a)

5,390

327,065

IT Services - 1.7%

Alliance Data Systems Corp. (a)

83,800

5,334,708

Cognizant Technology Solutions Corp. Class A (a)

21,200

1,895,280

7,229,988

Semiconductors & Semiconductor Equipment - 6.9%

Cymer, Inc. (a)(d)

254,600

10,313,846

Cypress Semiconductor Corp. (a)

62,200

1,419,404

Integrated Device Technology, Inc. (a)

17,600

263,648

Intersil Corp. Class A

11,300

336,627

LSI Logic Corp. (a)

444,400

3,777,400

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

MEMC Electronic Materials, Inc. (a)

189,800

$ 10,416,224

Varian Semiconductor Equipment Associates, Inc. (a)

57,400

3,809,064

30,336,213

Software - 2.9%

Activision, Inc. (a)

273,600

5,472,000

Electronic Arts, Inc. (a)

53,700

2,707,017

FactSet Research Systems, Inc.

4,900

301,399

Informatica Corp. (a)

91,850

1,352,032

Nuance Communications, Inc. (a)

31,300

482,333

Take-Two Interactive Software, Inc. (a)(d)

126,600

2,426,922

12,741,703

TOTAL INFORMATION TECHNOLOGY

74,921,330

MATERIALS - 6.3%

Metals & Mining - 6.3%

Allegheny Technologies, Inc.

126,418

13,852,884

RTI International Metals, Inc. (a)

68,240

6,432,985

Titanium Metals Corp.

205,600

7,099,368

27,385,237

TELECOMMUNICATION SERVICES - 1.6%

Diversified Telecommunication Services - 0.3%

Citizens Communications Co.

36,300

565,191

Time Warner Telecom, Inc. Class A
(sub. vtg.) (a)

38,200

783,100

1,348,291

Wireless Telecommunication Services - 1.3%

American Tower Corp. Class A (a)

78,705

2,990,790

Dobson Communications Corp. Class A

23,350

212,719

NII Holdings, Inc. (a)

33,491

2,570,434

5,773,943

TOTAL TELECOMMUNICATION SERVICES

7,122,234

UTILITIES - 2.2%

Electric Utilities - 0.3%

Allegheny Energy, Inc. (a)

22,700

1,213,542

Gas Utilities - 0.2%

Equitable Resources, Inc.

3,600

187,236

Questar Corp.

6,700

650,771

838,007

Shares

Value

Independent Power Producers & Energy Traders - 1.4%

AES Corp. (a)

240,600

$ 5,290,794

Constellation Energy Group, Inc.

8,900

793,168

6,083,962

Multi-Utilities - 0.3%

Public Service Enterprise Group, Inc.

16,600

1,435,070

TOTAL UTILITIES

9,570,581

TOTAL COMMON STOCKS

(Cost $388,875,218)

426,647,138

Money Market Funds - 11.2%

Fidelity Cash Central Fund, 5.29% (b)

7,811,212

7,811,212

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

41,205,050

41,205,050

TOTAL MONEY MARKET FUNDS

(Cost $49,016,262)

49,016,262

TOTAL INVESTMENT PORTFOLIO - 108.7%

(Cost $437,891,480)

475,663,400

NET OTHER ASSETS - (8.7)%

(37,929,815)

NET ASSETS - 100%

$ 437,733,585

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 94,852

Fidelity Securities Lending Cash Central Fund

58,952

Total

$ 153,804

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $438,894,402. Net unrealized appreciation aggregated $36,768,998, of which $56,058,262 related to appreciated investment securities and $19,289,264 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.847929.100

AMCG-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%

Shares

Value

CONSUMER DISCRETIONARY - 20.3%

Distributors - 0.3%

Building Materials Holding Corp. (d)

100,171

$ 1,454,483

Hotels, Restaurants & Leisure - 2.4%

Darden Restaurants, Inc.

10,600

439,688

Gaylord Entertainment Co. (a)

19,700

1,079,560

International Game Technology

105,700

4,031,398

Penn National Gaming, Inc. (a)

91,054

4,401,550

Pinnacle Entertainment, Inc. (a)

18,800

527,904

10,480,100

Household Durables - 7.2%

D.R. Horton, Inc.

278,266

6,171,940

KB Home

193,200

8,522,052

Lennar Corp. Class A

200,400

8,559,084

NVR, Inc. (a)

1,000

824,000

Ryland Group, Inc. (d)

169,900

7,526,570

31,603,646

Media - 0.3%

EchoStar Communications Corp. Class A (a)

26,357

1,226,391

Multiline Retail - 2.4%

JCPenney Co., Inc.

23,700

1,874,433

Nordstrom, Inc. (d)

158,500

8,704,820

10,579,253

Specialty Retail - 6.8%

Abercrombie & Fitch Co. Class A

12,400

1,012,584

AutoZone, Inc. (a)

50,300

6,691,912

Circuit City Stores, Inc.

11,000

191,950

DSW, Inc. Class A (a)(d)

25,752

998,148

Gamestop Corp. Class A (a)

26,500

879,005

Guess?, Inc.

102,080

4,021,952

OfficeMax, Inc.

118,800

5,847,336

Ross Stores, Inc.

16,200

537,030

Sherwin-Williams Co.

27,100

1,728,167

The Men's Wearhouse, Inc.

118,500

5,127,495

TJX Companies, Inc.

76,200

2,125,218

Tween Brands, Inc. (a)

11,900

466,004

29,626,801

Textiles, Apparel & Luxury Goods - 0.9%

Columbia Sportswear Co.

3,700

231,620

Polo Ralph Lauren Corp. Class A

41,700

3,840,987

4,072,607

TOTAL CONSUMER DISCRETIONARY

89,043,281

CONSUMER STAPLES - 4.2%

Beverages - 1.8%

Molson Coors Brewing Co. Class B

84,600

7,976,088

Food & Staples Retailing - 0.1%

Kroger Co.

15,700

463,307

Shares

Value

Food Products - 0.3%

Seaboard Corp.

480

$ 1,196,640

Personal Products - 0.9%

Bare Escentuals, Inc.

48,500

1,960,855

NBTY, Inc. (a)

41,800

2,065,338

4,026,193

Tobacco - 1.1%

Loews Corp. - Carolina Group

64,300

4,920,879

TOTAL CONSUMER STAPLES

18,583,107

ENERGY - 9.4%

Energy Equipment & Services - 4.4%

Baker Hughes, Inc.

10,500

844,095

Diamond Offshore Drilling, Inc.

6,000

513,600

National Oilwell Varco, Inc. (a)

143,500

12,175,975

Smith International, Inc.

25,100

1,316,244

Tidewater, Inc.

8,100

512,001

Transocean, Inc. (a)

45,900

3,956,580

19,318,495

Oil, Gas & Consumable Fuels - 5.0%

Frontier Oil Corp.

59,700

2,109,201

Holly Corp.

30,500

1,939,800

Newfield Exploration Co. (a)

64,100

2,804,375

Pioneer Natural Resources Co.

9,700

486,940

Southwestern Energy Co. (a)

73,300

3,078,600

Tesoro Corp.

92,200

11,174,640

21,593,556

TOTAL ENERGY

40,912,051

FINANCIALS - 8.0%

Capital Markets - 1.1%

SEI Investments Co.

66,500

4,058,495

T. Rowe Price Group, Inc.

17,500

869,400

4,927,895

Commercial Banks - 0.9%

PNC Financial Services Group, Inc.

41,000

3,038,100

Synovus Financial Corp.

28,700

905,772

3,943,872

Diversified Financial Services - 0.7%

Chicago Mercantile Exchange Holdings, Inc. Class A (d)

5,900

3,048,825

Insurance - 3.4%

CNA Financial Corp. (a)

50,080

2,337,234

HCC Insurance Holdings, Inc.

156,300

4,792,158

Philadelphia Consolidated Holdings Corp. (a)

92,000

3,992,800

Reinsurance Group of America, Inc.

2,500

155,775

The Chubb Corp.

66,600

3,585,078

14,863,045

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - 1.6%

AMB Property Corp. (SBI)

29,800

$ 1,815,118

Archstone-Smith Trust

63,300

3,298,563

Equity One, Inc.

32,700

913,311

SL Green Realty Corp.

7,600

1,070,840

7,097,832

Real Estate Management & Development - 0.1%

CB Richard Ellis Group, Inc. Class A (a)

6,100

206,485

Thrifts & Mortgage Finance - 0.2%

Provident Financial Services, Inc.

45,100

773,014

TOTAL FINANCIALS

34,860,968

HEALTH CARE - 13.2%

Biotechnology - 6.0%

Amylin Pharmaceuticals, Inc. (a)(d)

206,400

8,530,512

Biogen Idec, Inc. (a)

191,600

9,045,436

Celgene Corp. (a)

127,900

7,822,364

Gilead Sciences, Inc. (a)

10,300

841,716

26,240,028

Health Care Equipment & Supplies - 0.7%

Hologic, Inc. (a)

7,185

413,497

Immucor, Inc. (a)

77,200

2,519,036

2,932,533

Health Care Providers & Services - 1.4%

CIGNA Corp.

14,600

2,271,614

Health Net, Inc. (a)

45,200

2,443,512

Medco Health Solutions, Inc. (a)

16,900

1,318,538

6,033,664

Life Sciences Tools & Services - 4.7%

Advanced Magnetics, Inc. (a)

13,618

896,064

Pharmaceutical Product Development, Inc.

242,200

8,736,154

Thermo Fisher Scientific, Inc. (a)

215,100

11,198,106

20,830,324

Pharmaceuticals - 0.4%

Barr Pharmaceuticals, Inc. (a)

4,600

222,456

Endo Pharmaceuticals Holdings, Inc. (a)

6,700

207,298

Forest Laboratories, Inc. (a)

16,500

877,965

Sepracor, Inc. (a)

8,800

472,384

1,780,103

TOTAL HEALTH CARE

57,816,652

INDUSTRIALS - 15.2%

Aerospace & Defense - 4.5%

BE Aerospace, Inc. (a)

323,644

11,861,553

Precision Castparts Corp.

22,100

2,300,831

Shares

Value

Raytheon Co.

83,700

$ 4,481,298

Spirit AeroSystems Holdings, Inc. Class A

34,700

1,097,561

19,741,243

Airlines - 2.5%

AMR Corp.

154,100

4,020,469

US Airways Group, Inc. (a)

188,400

6,959,496

10,979,965

Commercial Services & Supplies - 1.0%

Cenveo, Inc. (a)

48,800

1,251,720

Corrections Corp. of America (a)

41,400

2,351,520

Teletech Holdings, Inc. (a)

22,900

864,017

4,467,257

Construction & Engineering - 0.0%

Jacobs Engineering Group, Inc. (a)

2,400

121,032

Electrical Equipment - 3.9%

Belden CDT, Inc.

105,600

5,900,928

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

308,620

10,928,234

16,829,162

Machinery - 3.3%

Joy Global, Inc.

7,800

394,914

Manitowoc Co., Inc.

96,670

6,595,794

Terex Corp. (a)

93,800

7,302,330

14,293,038

TOTAL INDUSTRIALS

66,431,697

INFORMATION TECHNOLOGY - 17.1%

Computers & Peripherals - 5.5%

Apple, Inc. (a)

62,300

6,217,540

Brocade Communications Systems, Inc. (a)

1,121,100

10,953,147

Palm, Inc. (a)

73,700

1,244,056

Seagate Technology

120,691

2,673,306

Western Digital Corp. (a)

180,900

3,198,312

24,286,361

Electronic Equipment & Instruments - 0.1%

Sunpower Corp. Class A (a)

5,390

327,065

IT Services - 1.7%

Alliance Data Systems Corp. (a)

83,800

5,334,708

Cognizant Technology Solutions Corp. Class A (a)

21,200

1,895,280

7,229,988

Semiconductors & Semiconductor Equipment - 6.9%

Cymer, Inc. (a)(d)

254,600

10,313,846

Cypress Semiconductor Corp. (a)

62,200

1,419,404

Integrated Device Technology, Inc. (a)

17,600

263,648

Intersil Corp. Class A

11,300

336,627

LSI Logic Corp. (a)

444,400

3,777,400

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

MEMC Electronic Materials, Inc. (a)

189,800

$ 10,416,224

Varian Semiconductor Equipment Associates, Inc. (a)

57,400

3,809,064

30,336,213

Software - 2.9%

Activision, Inc. (a)

273,600

5,472,000

Electronic Arts, Inc. (a)

53,700

2,707,017

FactSet Research Systems, Inc.

4,900

301,399

Informatica Corp. (a)

91,850

1,352,032

Nuance Communications, Inc. (a)

31,300

482,333

Take-Two Interactive Software, Inc. (a)(d)

126,600

2,426,922

12,741,703

TOTAL INFORMATION TECHNOLOGY

74,921,330

MATERIALS - 6.3%

Metals & Mining - 6.3%

Allegheny Technologies, Inc.

126,418

13,852,884

RTI International Metals, Inc. (a)

68,240

6,432,985

Titanium Metals Corp.

205,600

7,099,368

27,385,237

TELECOMMUNICATION SERVICES - 1.6%

Diversified Telecommunication Services - 0.3%

Citizens Communications Co.

36,300

565,191

Time Warner Telecom, Inc. Class A
(sub. vtg.) (a)

38,200

783,100

1,348,291

Wireless Telecommunication Services - 1.3%

American Tower Corp. Class A (a)

78,705

2,990,790

Dobson Communications Corp. Class A

23,350

212,719

NII Holdings, Inc. (a)

33,491

2,570,434

5,773,943

TOTAL TELECOMMUNICATION SERVICES

7,122,234

UTILITIES - 2.2%

Electric Utilities - 0.3%

Allegheny Energy, Inc. (a)

22,700

1,213,542

Gas Utilities - 0.2%

Equitable Resources, Inc.

3,600

187,236

Questar Corp.

6,700

650,771

838,007

Shares

Value

Independent Power Producers & Energy Traders - 1.4%

AES Corp. (a)

240,600

$ 5,290,794

Constellation Energy Group, Inc.

8,900

793,168

6,083,962

Multi-Utilities - 0.3%

Public Service Enterprise Group, Inc.

16,600

1,435,070

TOTAL UTILITIES

9,570,581

TOTAL COMMON STOCKS

(Cost $388,875,218)

426,647,138

Money Market Funds - 11.2%

Fidelity Cash Central Fund, 5.29% (b)

7,811,212

7,811,212

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

41,205,050

41,205,050

TOTAL MONEY MARKET FUNDS

(Cost $49,016,262)

49,016,262

TOTAL INVESTMENT PORTFOLIO - 108.7%

(Cost $437,891,480)

475,663,400

NET OTHER ASSETS - (8.7)%

(37,929,815)

NET ASSETS - 100%

$ 437,733,585

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 94,852

Fidelity Securities Lending Cash Central Fund

58,952

Total

$ 153,804

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $438,894,402. Net unrealized appreciation aggregated $36,768,998, of which $56,058,262 related to appreciated investment securities and $19,289,264 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Mid Cap Value Fund

April 30, 2007

1.800359.103

MCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

CONSUMER DISCRETIONARY - 12.8%

Distributors - 0.6%

Genuine Parts Co.

127,700

$ 6,309,657

Hotels, Restaurants & Leisure - 1.2%

Wyndham Worldwide Corp. (a)

329,800

11,411,080

Household Durables - 2.0%

Black & Decker Corp.

29,200

2,649,024

Newell Rubbermaid, Inc.

133,500

4,094,445

Snap-On, Inc.

229,600

12,513,200

19,256,669

Leisure Equipment & Products - 2.7%

Eastman Kodak Co. (d)

520,900

12,975,619

Mattel, Inc.

446,400

12,633,120

25,608,739

Multiline Retail - 3.6%

Big Lots, Inc. (a)

441,100

14,203,420

Dillard's, Inc. Class A

165,900

5,745,117

Dollar Tree Stores, Inc. (a)

372,900

14,662,428

34,610,965

Specialty Retail - 2.7%

Aeropostale, Inc. (a)

226,100

9,304,015

Rent-A-Center, Inc. (a)

170,400

4,743,936

Sherwin-Williams Co.

186,300

11,880,351

25,928,302

TOTAL CONSUMER DISCRETIONARY

123,125,412

CONSUMER STAPLES - 7.1%

Beverages - 1.0%

Molson Coors Brewing Co. Class B

106,100

10,003,108

Food & Staples Retailing - 3.3%

Kroger Co.

600,000

17,706,000

Safeway, Inc.

395,000

14,338,500

32,044,500

Food Products - 0.6%

Corn Products International, Inc.

148,200

5,901,324

Household Products - 1.0%

Energizer Holdings, Inc. (a)

94,400

9,173,792

Tobacco - 1.2%

UST, Inc.

195,900

11,103,612

TOTAL CONSUMER STAPLES

68,226,336

ENERGY - 5.5%

Energy Equipment & Services - 2.6%

National Oilwell Varco, Inc. (a)

57,800

4,904,330

SEACOR Holdings, Inc. (a)

104,300

9,937,704

Tidewater, Inc.

158,700

10,031,427

24,873,461

Shares

Value

Oil, Gas & Consumable Fuels - 2.9%

Frontier Oil Corp.

196,000

$ 6,924,680

Holly Corp.

42,000

2,671,200

Tesoro Corp.

152,800

18,519,360

28,115,240

TOTAL ENERGY

52,988,701

FINANCIALS - 28.7%

Capital Markets - 3.1%

A.G. Edwards, Inc.

88,500

6,411,825

Ameriprise Financial, Inc.

294,000

17,484,180

Raymond James Financial, Inc.

194,200

5,958,056

29,854,061

Commercial Banks - 2.4%

BOK Financial Corp.

83,000

4,260,390

KeyCorp

257,500

9,187,600

Synovus Financial Corp.

295,700

9,332,292

22,780,282

Insurance - 13.1%

ACE Ltd.

156,900

9,329,274

American Financial Group, Inc.

406,800

14,347,836

Assurant, Inc.

240,400

13,830,212

First American Corp., California

268,400

13,822,600

Genworth Financial, Inc. Class A (non-vtg.)

171,500

6,258,035

MBIA, Inc.

67,400

4,688,344

Nationwide Financial Services, Inc.
Class A (sub. vtg.)

275,400

15,733,602

Philadelphia Consolidated Holdings Corp. (a)

179,200

7,777,280

Reinsurance Group of America, Inc.

182,600

11,377,806

SAFECO Corp.

234,400

15,643,856

The Chubb Corp.

172,760

9,299,671

W.R. Berkley Corp.

117,050

3,802,955

125,911,471

Real Estate Investment Trusts - 7.2%

AMB Property Corp. (SBI)

114,000

6,943,740

Archstone-Smith Trust

122,600

6,388,686

AvalonBay Communities, Inc.

37,600

4,596,976

Developers Diversified Realty Corp.

116,900

7,610,190

Duke Realty LP

217,600

9,380,736

HRPT Properties Trust (SBI)

1,068,800

13,082,112

iStar Financial, Inc.

153,600

7,360,512

Taubman Centers, Inc.

110,400

6,187,920

Vornado Realty Trust

62,200

7,378,786

68,929,658

Real Estate Management & Development - 0.6%

Jones Lang LaSalle, Inc.

53,900

5,793,711

Thrifts & Mortgage Finance - 2.3%

Hudson City Bancorp, Inc.

317,700

4,231,764

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

People's United Financial, Inc.

583,510

$ 11,617,684

Radian Group, Inc.

118,000

6,856,980

22,706,428

TOTAL FINANCIALS

275,975,611

HEALTH CARE - 3.5%

Health Care Providers & Services - 3.0%

AmerisourceBergen Corp.

135,100

6,753,649

CIGNA Corp.

61,100

9,506,549

Express Scripts, Inc. (a)

25,600

2,446,080

McKesson Corp.

89,200

5,247,636

Wellcare Health Plans, Inc. (a)

57,900

4,666,161

28,620,075

Pharmaceuticals - 0.5%

King Pharmaceuticals, Inc. (a)

228,500

4,672,825

TOTAL HEALTH CARE

33,292,900

INDUSTRIALS - 8.7%

Aerospace & Defense - 1.3%

Precision Castparts Corp.

49,800

5,184,678

Rockwell Collins, Inc.

107,700

7,072,659

12,257,337

Commercial Services & Supplies - 1.5%

Allied Waste Industries, Inc.

603,600

8,070,132

Manpower, Inc.

79,000

6,339,750

14,409,882

Industrial Conglomerates - 0.5%

Textron, Inc.

50,200

5,103,834

Machinery - 4.6%

AGCO Corp. (a)

350,900

14,643,057

Cummins, Inc.

149,900

13,814,784

ITT Corp.

36,600

2,335,446

Terex Corp. (a)

174,200

13,561,470

44,354,757

Trading Companies & Distributors - 0.8%

W.W. Grainger, Inc.

93,500

7,724,970

TOTAL INDUSTRIALS

83,850,780

INFORMATION TECHNOLOGY - 6.9%

Electronic Equipment & Instruments - 2.5%

Avnet, Inc. (a)

311,400

12,736,260

Ingram Micro, Inc. Class A (a)

349,200

6,851,304

Vishay Intertechnology, Inc. (a)

273,800

4,558,770

24,146,334

IT Services - 3.1%

Computer Sciences Corp. (a)

155,400

8,630,916

Shares

Value

Convergys Corp. (a)

349,000

$ 8,815,740

Electronic Data Systems Corp.

411,800

12,041,032

29,487,688

Semiconductors & Semiconductor Equipment - 0.6%

Atmel Corp. (a)

1,021,200

5,432,784

Software - 0.7%

Cadence Design Systems, Inc. (a)(d)

319,800

7,099,560

TOTAL INFORMATION TECHNOLOGY

66,166,366

MATERIALS - 8.0%

Chemicals - 3.3%

Airgas, Inc.

55,900

2,490,345

Albemarle Corp.

162,300

6,889,635

FMC Corp.

143,900

11,070,227

Lubrizol Corp.

193,900

11,622,366

32,072,573

Metals & Mining - 4.7%

Carpenter Technology Corp.

31,700

3,847,429

Freeport-McMoRan Copper & Gold, Inc. Class B

219,500

14,741,620

Steel Dynamics, Inc.

187,300

8,299,263

United States Steel Corp.

181,600

18,439,664

45,327,976

TOTAL MATERIALS

77,400,549

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 1.3%

CenturyTel, Inc.

150,400

6,925,920

Embarq Corp.

94,800

5,691,792

12,617,712

Wireless Telecommunication Services - 0.8%

Telephone & Data Systems, Inc.

89,600

5,102,720

U.S. Cellular Corp.

34,900

2,530,250

7,632,970

TOTAL TELECOMMUNICATION SERVICES

20,250,682

UTILITIES - 16.3%

Electric Utilities - 7.8%

American Electric Power Co., Inc.

350,000

17,577,000

Edison International

248,300

12,998,505

Entergy Corp.

188,600

21,338,203

Pepco Holdings, Inc.

333,400

9,841,968

Progress Energy, Inc.

259,300

13,107,615

74,863,291

Independent Power Producers & Energy Traders - 1.0%

Constellation Energy Group, Inc.

110,700

9,865,584

Multi-Utilities - 7.5%

CMS Energy Corp.

307,800

5,700,456

DTE Energy Co.

142,800

7,224,252

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - continued

OGE Energy Corp.

229,400

$ 8,818,136

PG&E Corp. (d)

226,100

11,440,660

Sempra Energy

288,800

18,333,024

Wisconsin Energy Corp.

172,100

8,396,759

Xcel Energy, Inc.

529,000

12,743,610

72,656,897

TOTAL UTILITIES

157,385,772

TOTAL COMMON STOCKS

(Cost $847,698,459)

958,663,109

Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.29% (b)

13,758,071

13,758,071

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

19,633,025

19,633,025

TOTAL MONEY MARKET FUNDS

(Cost $33,391,096)

33,391,096

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $881,089,555)

992,054,205

NET OTHER ASSETS - (3.1)%

(29,630,203)

NET ASSETS - 100%

$ 962,424,002

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 145,799

Fidelity Securities Lending Cash Central Fund

15,179

Total

$ 160,978

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $881,575,827. Net unrealized appreciation aggregated $110,478,378, of which $119,345,799 related to appreciated investment securities and $8,867,421 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

April 30, 2007

1.847930.100

AMCV-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%

Shares

Value

CONSUMER DISCRETIONARY - 12.8%

Distributors - 0.6%

Genuine Parts Co.

127,700

$ 6,309,657

Hotels, Restaurants & Leisure - 1.2%

Wyndham Worldwide Corp. (a)

329,800

11,411,080

Household Durables - 2.0%

Black & Decker Corp.

29,200

2,649,024

Newell Rubbermaid, Inc.

133,500

4,094,445

Snap-On, Inc.

229,600

12,513,200

19,256,669

Leisure Equipment & Products - 2.7%

Eastman Kodak Co. (d)

520,900

12,975,619

Mattel, Inc.

446,400

12,633,120

25,608,739

Multiline Retail - 3.6%

Big Lots, Inc. (a)

441,100

14,203,420

Dillard's, Inc. Class A

165,900

5,745,117

Dollar Tree Stores, Inc. (a)

372,900

14,662,428

34,610,965

Specialty Retail - 2.7%

Aeropostale, Inc. (a)

226,100

9,304,015

Rent-A-Center, Inc. (a)

170,400

4,743,936

Sherwin-Williams Co.

186,300

11,880,351

25,928,302

TOTAL CONSUMER DISCRETIONARY

123,125,412

CONSUMER STAPLES - 7.1%

Beverages - 1.0%

Molson Coors Brewing Co. Class B

106,100

10,003,108

Food & Staples Retailing - 3.3%

Kroger Co.

600,000

17,706,000

Safeway, Inc.

395,000

14,338,500

32,044,500

Food Products - 0.6%

Corn Products International, Inc.

148,200

5,901,324

Household Products - 1.0%

Energizer Holdings, Inc. (a)

94,400

9,173,792

Tobacco - 1.2%

UST, Inc.

195,900

11,103,612

TOTAL CONSUMER STAPLES

68,226,336

ENERGY - 5.5%

Energy Equipment & Services - 2.6%

National Oilwell Varco, Inc. (a)

57,800

4,904,330

SEACOR Holdings, Inc. (a)

104,300

9,937,704

Tidewater, Inc.

158,700

10,031,427

24,873,461

Shares

Value

Oil, Gas & Consumable Fuels - 2.9%

Frontier Oil Corp.

196,000

$ 6,924,680

Holly Corp.

42,000

2,671,200

Tesoro Corp.

152,800

18,519,360

28,115,240

TOTAL ENERGY

52,988,701

FINANCIALS - 28.7%

Capital Markets - 3.1%

A.G. Edwards, Inc.

88,500

6,411,825

Ameriprise Financial, Inc.

294,000

17,484,180

Raymond James Financial, Inc.

194,200

5,958,056

29,854,061

Commercial Banks - 2.4%

BOK Financial Corp.

83,000

4,260,390

KeyCorp

257,500

9,187,600

Synovus Financial Corp.

295,700

9,332,292

22,780,282

Insurance - 13.1%

ACE Ltd.

156,900

9,329,274

American Financial Group, Inc.

406,800

14,347,836

Assurant, Inc.

240,400

13,830,212

First American Corp., California

268,400

13,822,600

Genworth Financial, Inc. Class A (non-vtg.)

171,500

6,258,035

MBIA, Inc.

67,400

4,688,344

Nationwide Financial Services, Inc.
Class A (sub. vtg.)

275,400

15,733,602

Philadelphia Consolidated Holdings Corp. (a)

179,200

7,777,280

Reinsurance Group of America, Inc.

182,600

11,377,806

SAFECO Corp.

234,400

15,643,856

The Chubb Corp.

172,760

9,299,671

W.R. Berkley Corp.

117,050

3,802,955

125,911,471

Real Estate Investment Trusts - 7.2%

AMB Property Corp. (SBI)

114,000

6,943,740

Archstone-Smith Trust

122,600

6,388,686

AvalonBay Communities, Inc.

37,600

4,596,976

Developers Diversified Realty Corp.

116,900

7,610,190

Duke Realty LP

217,600

9,380,736

HRPT Properties Trust (SBI)

1,068,800

13,082,112

iStar Financial, Inc.

153,600

7,360,512

Taubman Centers, Inc.

110,400

6,187,920

Vornado Realty Trust

62,200

7,378,786

68,929,658

Real Estate Management & Development - 0.6%

Jones Lang LaSalle, Inc.

53,900

5,793,711

Thrifts & Mortgage Finance - 2.3%

Hudson City Bancorp, Inc.

317,700

4,231,764

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Thrifts & Mortgage Finance - continued

People's United Financial, Inc.

583,510

$ 11,617,684

Radian Group, Inc.

118,000

6,856,980

22,706,428

TOTAL FINANCIALS

275,975,611

HEALTH CARE - 3.5%

Health Care Providers & Services - 3.0%

AmerisourceBergen Corp.

135,100

6,753,649

CIGNA Corp.

61,100

9,506,549

Express Scripts, Inc. (a)

25,600

2,446,080

McKesson Corp.

89,200

5,247,636

Wellcare Health Plans, Inc. (a)

57,900

4,666,161

28,620,075

Pharmaceuticals - 0.5%

King Pharmaceuticals, Inc. (a)

228,500

4,672,825

TOTAL HEALTH CARE

33,292,900

INDUSTRIALS - 8.7%

Aerospace & Defense - 1.3%

Precision Castparts Corp.

49,800

5,184,678

Rockwell Collins, Inc.

107,700

7,072,659

12,257,337

Commercial Services & Supplies - 1.5%

Allied Waste Industries, Inc.

603,600

8,070,132

Manpower, Inc.

79,000

6,339,750

14,409,882

Industrial Conglomerates - 0.5%

Textron, Inc.

50,200

5,103,834

Machinery - 4.6%

AGCO Corp. (a)

350,900

14,643,057

Cummins, Inc.

149,900

13,814,784

ITT Corp.

36,600

2,335,446

Terex Corp. (a)

174,200

13,561,470

44,354,757

Trading Companies & Distributors - 0.8%

W.W. Grainger, Inc.

93,500

7,724,970

TOTAL INDUSTRIALS

83,850,780

INFORMATION TECHNOLOGY - 6.9%

Electronic Equipment & Instruments - 2.5%

Avnet, Inc. (a)

311,400

12,736,260

Ingram Micro, Inc. Class A (a)

349,200

6,851,304

Vishay Intertechnology, Inc. (a)

273,800

4,558,770

24,146,334

IT Services - 3.1%

Computer Sciences Corp. (a)

155,400

8,630,916

Shares

Value

Convergys Corp. (a)

349,000

$ 8,815,740

Electronic Data Systems Corp.

411,800

12,041,032

29,487,688

Semiconductors & Semiconductor Equipment - 0.6%

Atmel Corp. (a)

1,021,200

5,432,784

Software - 0.7%

Cadence Design Systems, Inc. (a)(d)

319,800

7,099,560

TOTAL INFORMATION TECHNOLOGY

66,166,366

MATERIALS - 8.0%

Chemicals - 3.3%

Airgas, Inc.

55,900

2,490,345

Albemarle Corp.

162,300

6,889,635

FMC Corp.

143,900

11,070,227

Lubrizol Corp.

193,900

11,622,366

32,072,573

Metals & Mining - 4.7%

Carpenter Technology Corp.

31,700

3,847,429

Freeport-McMoRan Copper & Gold, Inc. Class B

219,500

14,741,620

Steel Dynamics, Inc.

187,300

8,299,263

United States Steel Corp.

181,600

18,439,664

45,327,976

TOTAL MATERIALS

77,400,549

TELECOMMUNICATION SERVICES - 2.1%

Diversified Telecommunication Services - 1.3%

CenturyTel, Inc.

150,400

6,925,920

Embarq Corp.

94,800

5,691,792

12,617,712

Wireless Telecommunication Services - 0.8%

Telephone & Data Systems, Inc.

89,600

5,102,720

U.S. Cellular Corp.

34,900

2,530,250

7,632,970

TOTAL TELECOMMUNICATION SERVICES

20,250,682

UTILITIES - 16.3%

Electric Utilities - 7.8%

American Electric Power Co., Inc.

350,000

17,577,000

Edison International

248,300

12,998,505

Entergy Corp.

188,600

21,338,203

Pepco Holdings, Inc.

333,400

9,841,968

Progress Energy, Inc.

259,300

13,107,615

74,863,291

Independent Power Producers & Energy Traders - 1.0%

Constellation Energy Group, Inc.

110,700

9,865,584

Multi-Utilities - 7.5%

CMS Energy Corp.

307,800

5,700,456

DTE Energy Co.

142,800

7,224,252

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - continued

OGE Energy Corp.

229,400

$ 8,818,136

PG&E Corp. (d)

226,100

11,440,660

Sempra Energy

288,800

18,333,024

Wisconsin Energy Corp.

172,100

8,396,759

Xcel Energy, Inc.

529,000

12,743,610

72,656,897

TOTAL UTILITIES

157,385,772

TOTAL COMMON STOCKS

(Cost $847,698,459)

958,663,109

Money Market Funds - 3.5%

Fidelity Cash Central Fund, 5.29% (b)

13,758,071

13,758,071

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

19,633,025

19,633,025

TOTAL MONEY MARKET FUNDS

(Cost $33,391,096)

33,391,096

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $881,089,555)

992,054,205

NET OTHER ASSETS - (3.1)%

(29,630,203)

NET ASSETS - 100%

$ 962,424,002

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 145,799

Fidelity Securities Lending Cash Central Fund

15,179

Total

$ 160,978

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $881,575,827. Net unrealized appreciation aggregated $110,478,378, of which $119,345,799 related to appreciated investment securities and $8,867,421 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Tax-Free Bond Fund

April 30, 2007

1.800354.103

SFB-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.6%

Principal Amount

Value

Alabama - 0.3%

Birmingham Wtrwks. & Swr. Board Wtr. & Swr. Rev. Series B, 5% 1/1/43 (Pre-Refunded to 1/1/13
@ 100) (f)

$ 1,880,000

$ 2,000,752

Arizona - 2.1%

Arizona Ctfs. of Prtn. Series B, 5.5% 9/1/10 (FSA Insured)

2,200,000

2,319,988

Glendale Indl. Dev. Auth. Hosp. Rev. (John C. Lincoln Health Network Proj.) 5% 12/1/35

750,000

765,173

Maricopa County Hosp. Rev. (Sun Health Corp. Proj.) 5% 4/1/12

1,000,000

1,039,630

Maricopa County Indl. Dev. Auth. Health Facilities Rev. (Catholic Healthcare West Proj.):

5% 7/1/16

1,000,000

1,057,920

5% 7/1/17

1,495,000

1,582,861

5% 7/1/18

1,695,000

1,788,886

Phoenix Civic Impt. Corp. Wtr. Sys. Rev. 5% 7/1/29 (MBIA Insured)

1,000,000

1,059,700

Pinal County Indl. Dev. Auth. Correctional Facilities Contract Rev. (Florence West Prison Expansion, LLC Proj.) Series A, 5.25% 10/1/15 (American Cap. Access Corp. Insured)

1,335,000

1,421,735

Univ. of Arizona Univ. Revs. Series 2005 A, 5% 6/1/28 (AMBAC Insured)

1,285,000

1,361,984

12,397,877

Arkansas - 0.2%

Arkansas Gen. Oblig. (College Savings Prog.) Series 2001 A, 0% 6/1/12

1,415,000

1,156,649

California - 15.7%

Cabrillo Cmnty. College District Series B, 0% 8/1/21 (FGIC Insured)

2,155,000

1,170,682

California Dept. of Wtr. Resources Pwr. Supply Rev. Series A:

5.25% 5/1/11 (FSA Insured)

2,140,000

2,269,470

5.5% 5/1/15 (AMBAC Insured)

600,000

653,550

6% 5/1/14 (MBIA Insured)

1,500,000

1,674,315

California Econ. Recovery:

Series 2004 A, 5.25% 7/1/13

1,000,000

1,082,930

Series A:

5% 7/1/15 (MBIA Insured)

1,000,000

1,077,170

5.25% 7/1/13 (MBIA Insured)

1,600,000

1,737,264

5.25% 7/1/14 (FGIC Insured)

400,000

438,144

Municipal Bonds - continued

Principal Amount

Value

California - continued

California Gen. Oblig.:

5% 2/1/11

$ 1,000,000

$ 1,045,010

5% 12/1/11 (MBIA Insured)

2,000,000

2,116,280

5% 9/1/12

1,000,000

1,059,810

5% 10/1/12

4,400,000

4,666,948

5% 3/1/15

1,000,000

1,074,930

5% 8/1/20

5,900,000

6,312,882

5% 6/1/26

1,385,000

1,453,419

5% 6/1/27 (AMBAC Insured)

500,000

526,710

5% 9/1/27

1,200,000

1,265,808

5% 2/1/31 (MBIA Insured)

500,000

521,235

5% 9/1/31

1,200,000

1,262,028

5% 12/1/31 (MBIA Insured)

1,000,000

1,047,890

5% 9/1/32

1,400,000

1,471,274

5% 8/1/33

1,100,000

1,150,336

5% 9/1/33

3,000,000

3,152,730

5% 8/1/35

2,100,000

2,195,067

5% 9/1/35

3,200,000

3,360,416

5.125% 11/1/24

400,000

423,168

5.25% 2/1/14

1,000,000

1,081,030

5.25% 2/1/15

1,240,000

1,336,894

5.25% 2/1/16

500,000

539,070

5.25% 2/1/27 (MBIA Insured)

400,000

424,988

5.25% 4/1/27

275,000

297,638

5.25% 2/1/28

500,000

530,230

5.25% 2/1/33

1,200,000

1,264,896

5.25% 12/1/33

3,300,000

3,556,212

5.25% 4/1/34

1,300,000

1,398,046

5.5% 3/1/11 (XL Cap. Assurance, Inc. Insured)

500,000

532,555

5.5% 4/1/30

90,000

98,876

5.5% 11/1/33

2,300,000

2,498,352

5.625% 5/1/20

40,000

42,382

6.6% 2/1/09

150,000

157,559

6.6% 2/1/10

2,215,000

2,380,416

6.75% 8/1/10

500,000

546,025

California Infrastructure & Econ. Dev. Bank Rev. (Clean Wtr. State Revolving Fund Proj.) 5% 10/1/15

2,160,000

2,300,854

California Pub. Works Board Lease Rev.:

(Butterfield State Office Complex Proj.) Series 2005 A, 5.25% 6/1/30

1,200,000

1,276,224

(Univ. of California Research Proj.) Series E, 5.25% 10/1/19

2,000,000

2,197,680

Municipal Bonds - continued

Principal Amount

Value

California - continued

California Pub. Works Board Lease Rev.: - continued

Series 2005 H, 5% 6/1/18

$ 1,000,000

$ 1,062,740

Series 2005 K, 5% 11/1/16

1,300,000

1,394,783

Series B, 5.25% 11/1/24 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,082,530

California Statewide Communities Dev. Auth. Poll. Cont. Rev. (Southern California Edison Co.) 4.1%, tender 4/1/13 (XL Cap. Assurance, Inc. Insured) (c)

1,000,000

1,011,490

California Statewide Communities Dev. Auth. Rev.:

(Kaiser Fund Hosp./Health Place, Inc. Proj.) Series 2002 C, 3.85%, tender 6/1/12 (c)

300,000

298,080

(Kaiser Permanente Health Sys. Proj.) Series 2004 G, 2.3%, tender 5/1/07 (Pre-Refunded to 5/1/07
@ 100) (c)(f)

1,000,000

1,000,000

4.3641% 4/1/36 (c)

2,500,000

2,499,900

Foothill/Eastern Trans. Corridor Agcy. Toll Road Rev.:

Series A, 5% 1/1/35 (MBIA Insured)

200,000

204,584

5% 1/15/16 (MBIA Insured)

200,000

208,896

5.75% 1/15/40

300,000

314,154

Golden State Tobacco Securitization Corp.:

Series 2003 A1, 6.75% 6/1/39 (Pre-Refunded to 6/1/13 @ 100) (f)

1,000,000

1,162,250

Series A, 5% 6/1/45

5,200,000

5,382,052

Series A1, 5% 6/1/33

400,000

398,328

Los Angeles Dept. of Wtr. & Pwr. Rev. Series A1, 5% 7/1/35 (FSA Insured)

1,300,000

1,372,995

Los Angeles Dept. of Wtr. & Pwr. Wtrwks. Rev. Series A, 5.125% 7/1/41 (MBIA Insured)

500,000

518,620

Marina Coast Wtr. District Ctfs. Prtn. 5% 6/1/31 (MBIA Insured)

1,500,000

1,582,800

Marina Gen. Oblig. 5.25% 8/1/35 (AMBAC Insured)

1,170,000

1,299,145

Merced Union High School District Series A, 0% 8/1/21 (FGIC Insured)

1,455,000

790,414

Metropolitan Wtr. District Southern California Wtrwks. Rev. Series 2005 A, 5% 7/1/35 (FSA Insured)

700,000

740,397

Monterey County Ctfs. of Prtn. 5% 8/1/19 (AMBAC Insured) (b)

1,000,000

1,082,440

Oxnard Fing. Auth. Wastewtr. Rev. (Redwood Trunk Swr. and Headworks Proj.) Series A, 5% 6/1/29 (FGIC Insured)

1,000,000

1,049,140

Municipal Bonds - continued

Principal Amount

Value

California - continued

Southern California Pub. Pwr. Auth. Rev. (Magnolia Pwr. Proj.) Series A, 5% 7/1/36 (AMBAC Insured)

$ 1,000,000

$ 1,044,080

Univ. of California Revs. Series K, 5% 5/15/18 (MBIA Insured) (b)

2,000,000

2,162,300

94,331,511

Colorado - 2.2%

Adams & Arapahoe Counties Joint School District #28J Aurora Series A, 5.125% 12/1/21 (FSA Insured)

1,300,000

1,391,572

Broomfield Coliseum City & County Ctfs. of Prtn. 6% 12/1/29 (AMBAC Insured)

1,750,000

1,841,875

Colorado Health Facilities Auth. Retirement Hsg. Rev. (Liberty Heights Proj.) 0% 7/15/22 (Escrowed to Maturity) (f)

6,000,000

3,124,080

Colorado Health Facilities Auth. Rev. (Volunteers of America Care Proj.) Series A:

5% 7/1/09

585,000

588,650

5% 7/1/13

710,000

713,415

5.3% 7/1/37

300,000

300,015

Colorado Wtr. Resources and Pwr. Dev. Auth. Wtr. Resources Rev. (Parker Wtr. and Sanitation District Proj.) Series D, 5.25% 9/1/43 (MBIA Insured)

1,800,000

1,921,554

Dawson Ridge Metropolitan District #1:

Series 1992 A, 0% 10/1/22 (Escrowed to Maturity) (f)

1,020,000

526,300

Series 1992 B, 0% 10/1/17 (Escrowed to Maturity) (f)

1,000,000

649,390

E-470 Pub. Hwy. Auth. Rev.:

Series 2000 A, 5.75% 9/1/29 (Pre-Refunded to 9/1/10 @ 102) (f)

1,000,000

1,082,260

Series B, 0% 9/1/13 (MBIA Insured)

1,415,000

1,099,285

13,238,396

District Of Columbia - 0.5%

District of Columbia Ctfs. of Prtn. (District's Pub. Safety and Emergency Preparedness Communications Ctr. and Related Technology Proj.) 5.5% 1/1/19 (AMBAC Insured)

1,565,000

1,701,953

District of Columbia Gen. Oblig. Series B, 0% 6/1/12 (MBIA Insured)

1,000,000

813,360

District of Columbia Rev. (George Washington Univ. Proj.) Series A, 5.75% 9/15/20 (MBIA Insured)

200,000

210,242

2,725,555

Municipal Bonds - continued

Principal Amount

Value

Florida - 3.5%

Brevard County School Board Ctfs. of Prtn. Series B, 5% 7/1/24 (AMBAC Insured)

$ 1,000,000

$ 1,057,920

Broward County School Board Series A, 5% 7/1/16 (FGIC Insured)

1,000,000

1,074,430

Escambia City Health Facilities Auth. Rev. (Ascension Health Cr. Group Proj.) Series 2002 C, 5.75% 11/15/32

500,000

541,360

Florida Board of Ed. Lottery Rev. Series B, 5% 7/1/20 (FGIC Insured)

1,965,000

2,060,833

Florida Gen. Oblig. (Dept. of Trans. Right of Way Proj.) Series A, 5% 7/1/33

100,000

104,709

Highlands County Health Facilities Auth. Rev.
(Adventist Health Sys. - Sunbelt Proj.):

Series A, 5% 11/15/16

800,000

837,888

Series G:

5% 11/15/16

100,000

106,069

5.125% 11/15/18

1,000,000

1,060,740

Series I, 5%, tender 11/16/09 (c)

1,000,000

1,024,600

3.95%, tender 9/1/12 (c)

1,500,000

1,486,425

Hillsborough County Indl. Dev. Auth. Poll. Cont. Rev. (Tampa Elec. Co. Proj.) 4%, tender 8/1/07 (c)

3,000,000

2,996,910

JEA Elec. Sys. Rev. Series 3A, 5% 10/1/41 (FSA Insured)

1,700,000

1,775,548

Miami-Dade County Aviation Rev. (Miami Int'l. Arpt. Proj.) Series B, 5% 10/1/37 (FGIC Insured)

1,650,000

1,721,511

Miami-Dade County School Board Ctfs. of Prtn. Series A, 5% 8/1/21 (AMBAC Insured) (b)

1,500,000

1,580,295

Orange County Sales Tax Rev. Series B, 5% 1/1/25 (FGIC Insured)

2,200,000

2,294,490

Seminole County School Board Ctfs. of Prtn. Series A, 5% 7/1/16 (MBIA Insured)

200,000

214,662

Volusia County School Board Ctfs. of Prtn. (School Board of Volusia County Master Lease Prog.) 5% 8/1/08 (FSA Insured)

1,000,000

1,015,610

20,954,000

Georgia - 3.2%

Atlanta Wtr. & Wastewtr. Rev.:

5% 11/1/37 (FSA Insured)

1,700,000

1,787,788

5% 11/1/43 (FSA Insured)

1,280,000

1,341,901

Augusta Wtr. & Swr. Rev. 5.25% 10/1/39 (FSA Insured)

1,500,000

1,620,180

Colquitt County Dev. Auth. Rev. Series A, 0% 12/1/21 (Escrowed to Maturity) (f)

4,120,000

2,212,728

Municipal Bonds - continued

Principal Amount

Value

Georgia - continued

Georgia State Series B, 5% 5/1/22 (Pre-Refunded to 5/1/12 @ 100) (f)

$ 10,000,000

$ 10,597,190

Savannah Econ. Dev. Auth. Rev. (Southern Care Corp. Proj.) Series C, 0% 12/1/21 (Escrowed to Maturity) (f)

1,595,000

856,627

Valdosta & Lowndes County Hosp. 5% 10/1/24

1,000,000

1,045,390

19,461,804

Illinois - 11.1%

Bolingbrook Gen. Oblig. Series A, 5.375% 1/1/38 (Pre-Refunded to 1/1/12 @ 100) (f)

3,000,000

3,211,860

Boone & Winnebago County Cmnty. Unit School District 200 0% 1/1/20 (FGIC Insured)

1,065,000

616,859

Chicago Board of Ed. (Westinghouse High School Proj.) Series C, 5.25% 12/1/19 (Pre-Refunded to 12/1/15 @ 100) (f)

1,000,000

1,105,260

Chicago Gen. Oblig.:

(City Colleges Proj.) 0% 1/1/30 (FGIC Insured)

1,750,000

635,548

(Neighborhoods Alive 21 Prog.) 5% 1/1/43 (AMBAC Insured)

1,080,000

1,119,528

Series 2004 A:

5% 1/1/34 (FSA Insured)

2,000,000

2,090,840

5.25% 1/1/29 (FSA Insured)

1,200,000

1,279,656

Series A:

5% 1/1/41 (Pre-Refunded to 1/1/15 @ 100) (f)

1,000,000

1,045,960

5.25% 1/1/33 (MBIA Insured)

490,000

512,491

5.25% 1/1/33 (Pre-Refunded to 1/1/11 @ 101) (f)

10,000

10,613

Chicago Motor Fuel Tax Rev.:

Series A, 5% 1/1/33 (AMBAC Insured)

2,000,000

2,076,060

6.125% 1/1/09 (AMBAC Insured)

1,000,000

1,038,500

Chicago Transit Auth. Cap. Grant Receipts Rev. 5% 6/1/21 (AMBAC Insured)

1,000,000

1,069,850

Coles, Cumberland, Moultrie & Shelby Counties Cmnty. Unit School District #2, Mattoon 5.35% 2/1/19 (Pre-Refunded to 2/1/11 @ 100) (f)

1,495,000

1,580,424

Cook County Gen. Oblig.:

Series B:

5% 11/15/18 (MBIA Insured) (b)

1,000,000

1,083,240

5.25% 11/15/26 (MBIA Insured)

300,000

323,571

Series C, 5% 11/15/25 (AMBAC Insured)

500,000

523,075

DuPage County Cmnty. High School District #108, Lake Park 5.6% 1/1/20 (FSA Insured)

3,175,000

3,463,481

Municipal Bonds - continued

Principal Amount

Value

Illinois - continued

Grundy, Kendall & Will County Cmnty. High School District #111 Gen. Oblig. Series A, 5.5% 5/1/15 (FGIC Insured)

$ 1,000,000

$ 1,112,610

Illinois Dev. Fin. Auth. Retirement Hsg. Regency Park Rev. 0% 7/15/23 (Escrowed to Maturity) (f)

1,700,000

837,267

Illinois Dev. Fin. Auth. Rev. (Adventist Health Sys. Proj.) Series 1997 A, 5.5% 11/15/13 (MBIA Insured)

1,000,000

1,087,870

Illinois Edl. Facilities Auth. Revs.:

(DePaul Univ. Proj.) 5.65% 10/1/13 (Pre-Refunded to 10/1/07 @ 102) (f)

100,000

102,781

(Northwestern Univ. Proj.) 5% 12/1/38

500,000

518,690

Illinois Fin. Auth. Rev.:

(Bradley Univ. Proj.) 5% 8/1/20 (XL Cap. Assurance, Inc. Insured)

1,440,000

1,537,488

(Newman Foundation, Inc. Proj.) 5% 2/1/27 (Radian Asset Assurance, Inc. Insured)

1,225,000

1,268,892

Illinois Gen. Oblig.:

First Series, 5.375% 7/1/11 (MBIA Insured)

1,500,000

1,596,000

Series 2006, 5.5% 1/1/31

1,000,000

1,200,460

5.5% 4/1/17 (MBIA Insured)

400,000

418,108

5.5% 4/1/25 (MBIA Insured)

1,000,000

1,042,470

5.6% 4/1/21 (MBIA Insured)

400,000

418,640

Illinois Health Facilities Auth. Rev. (Lake Forest Hosp. Proj.) Series A, 6% 7/1/17

2,700,000

2,925,828

Illinois Sales Tax Rev.:

First Series, 5.5% 6/15/15

1,200,000

1,276,068

5% 6/15/30 (FSA Insured)

3,000,000

3,161,370

6% 6/15/20

300,000

318,486

Illinois Toll Hwy. Auth. Toll Hwy. Rev. Series 2006 A2, 5% 1/1/31 (FSA Insured)

1,500,000

1,581,060

Jersey & Greene Counties Cmnty. Unit School District #100 0% 12/1/18 (FSA Insured)

1,100,000

674,454

Joliet School District #86 Gen. Oblig. Cap. Appreciation 0% 11/1/19 (FSA Insured)

2,260,000

1,328,157

Kane & DuPage Counties Cmnty. Unit School District #303, Saint Charles Series A, 5.5% 1/1/17
(Pre-Refunded to 1/1/12 @ 100) (f)

1,000,000

1,075,920

Kane, McHenry, Cook & DeKalb Counties Cmnty. Unit School District #300, Carpentersville:

0% 12/1/17 (AMBAC Insured)

1,000,000

642,920

6.5% 1/1/20 (AMBAC Insured)

900,000

1,113,642

Lake County Forest Preservation District Series 2007 A, 3.939% 12/15/13 (b)(c)

1,000,000

1,000,000

Municipal Bonds - continued

Principal Amount

Value

Illinois - continued

Lake County Warren Township High School District #121, Gurnee Series C, 5.5% 3/1/23 (AMBAC Insured)

$ 1,000,000

$ 1,103,360

Metropolitan Pier & Exposition Auth. Dedicated State Tax Rev.:

(McCormick Place Expansion Proj.):

Series 2002 A, 5.75% 6/15/41 (MBIA Insured)

1,400,000

1,527,792

Series A:

0% 6/15/15 (FGIC Insured)

5,250,000

3,773,543

0% 6/15/16 (FGIC Insured)

1,000,000

687,650

0% 12/15/16 (MBIA Insured)

1,935,000

1,302,332

Series 2002, 0% 6/15/10 (Escrowed to Maturity) (f)

5,000,000

4,442,400

Quincy Hosp. Rev. 5% 11/15/14 (b)

1,015,000

1,060,289

Will County Cmnty. Unit School District #201 0% 11/1/17 (FGIC Insured)

1,190,000

767,740

Will County Cmnty. Unit School District #365, Valley View 0% 11/1/18 (FSA Insured)

1,830,000

1,125,999

Winnebago County School District No. 122 Harlem-Loves Park Rev. 0% 1/1/15 (FSA Insured)

2,880,000

2,108,794

66,925,896

Indiana - 4.4%

Beech Grove School Bldg. Corp. 5.625% 7/5/24 (MBIA Insured)

2,875,000

3,301,506

Clark Pleasant Cmnty. School Bldg. Corp. 5.5% 7/15/16 (Pre-Refunded to 1/15/12 @ 100) (f)

685,000

737,396

Crown Point Multi-School Bldg. Corp. 5% 7/15/19 (FGIC Insured)

1,225,000

1,310,738

Franklin Cmnty. Multi-School Bldg. Corp. 5% 7/15/20 (FSA Insured)

1,525,000

1,641,022

Franklin Township Independent School Bldg. Corp., Marion County 5% 7/15/20 (AMBAC Insured)

3,540,000

3,783,906

Hamilton Southeastern Consolidated School Bldg. Corp. 5.5% 1/15/19 (Pre-Refunded to 7/15/11 @ 100) (f)

1,075,000

1,149,573

Hammond School Bldg. Corp. 5% 7/15/18 (MBIA Insured)

1,000,000

1,069,070

Hobart Bldg. Corp. 6.5% 1/15/29 (FGIC Insured)

1,500,000

1,860,270

Indiana Health & Edl. Facilities Fing. Auth. Hosp. Rev. (Clarian Health Partners, Inc. Proj.) Series B, 5% 2/15/09

1,175,000

1,197,807

Indiana Trans. Fin. Auth. Hwy. Series A, 0% 6/1/17 (AMBAC Insured)

1,000,000

655,840

Indianapolis Local Pub. Impt. Bond Bank (Wtrwks. Proj.) Series A, 5.5% 1/1/16 (MBIA Insured)

1,005,000

1,119,831

Municipal Bonds - continued

Principal Amount

Value

Indiana - continued

Muncie School Bldg. Corp. 5.25% 1/10/13 (MBIA Insured)

$ 1,630,000

$ 1,752,348

Petersburg Poll. Cont. Rev. 5.75% 8/1/21

3,000,000

3,199,800

Portage Township Multi-School Bldg. Corp. 5.25% 7/15/26 (Pre-Refunded to 7/15/15 @ 100) (f)

1,000,000

1,101,280

Rockport Poll. Cont. Rev.:

(AEP Generating Co. Proj.) Series 1995 A, 4.15%, tender 7/15/11 (AMBAC Insured) (c)

500,000

507,295

4.9%, tender 6/1/07 (c)

1,000,000

1,000,440

South Harrison School Bldg. Corp. Series A, 5.25% 1/15/25 (FSA Insured)

1,000,000

1,095,960

26,484,082

Iowa - 0.6%

Coralville Urban Renewal Rev. Series C, 5% 6/1/47 (b)

850,000

851,301

Tobacco Settlement Auth. Tobacco Settlement Rev. 5.3% 6/1/25 (Pre-Refunded to 6/1/11 @ 101) (f)

2,800,000

2,966,180

3,817,481

Kansas - 0.4%

Burlington Envir. Impt. Rev. (Kansas City Pwr. & Lt. Co. Proj.) Series A, 4.75%, tender 10/1/07 (c)

1,000,000

1,003,370

Kansas Dev. Fin. Auth. Health Facilities Rev. (Hays Med. Ctr. Proj.) Series 2005 L, 5.25% 11/15/14

650,000

695,845

Kansas Dev. Fin. Auth. Rev. (Sisters of Charity of Leavenworth Health Svcs. Corp. Proj.) 5.25% 12/1/09 (MBIA Insured)

225,000

230,567

Lawrence Hosp. Rev.:

5.125% 7/1/14

520,000

555,084

5.25% 7/1/15

200,000

215,518

2,700,384

Kentucky - 0.2%

Kentucky Property & Bldgs. Commission Revs. (#71 Proj.) 5.5% 8/1/09

750,000

777,630

Louisville & Jefferson County Metropolitan Swr. District Swr. & Drain Sys. Rev. Series A, 5.25% 5/15/37 (FGIC Insured)

500,000

538,260

1,315,890

Louisiana - 0.5%

Louisiana Military Dept. 5% 8/1/12

575,000

596,143

Municipal Bonds - continued

Principal Amount

Value

Louisiana - continued

Louisiana Pub. Facilities Auth. Rev. (Archdiocese of New Orleans Proj.):

5% 7/1/18 (CIFG North America Insured)

$ 900,000

$ 962,847

5% 7/1/22 (CIFG North America Insured)

630,000

666,490

Tobacco Settlement Fing. Corp. Series 2001 B, 5.5% 5/15/30

825,000

869,088

3,094,568

Maine - 0.7%

Maine Tpk. Auth. Tpk. Rev.:

Series 2000, 5.75% 7/1/28 (Pre-Refunded to 7/1/10 @ 101) (f)

2,725,000

2,916,867

5.25% 7/1/30 (FSA Insured)

1,000,000

1,073,890

3,990,757

Maryland - 0.4%

Baltimore Convention Ctr. Hotel Rev. Series A, 5.25% 9/1/39 (XL Cap. Assurance, Inc. Insured)

2,000,000

2,152,580

Massachusetts - 4.2%

Massachusetts Bay Trans. Auth. Series A, 7% 3/1/09

1,000,000

1,057,190

Massachusetts Fed. Hwy.:

Series 1998 A, 5.25% 6/15/12 (Pre-Refunded to 12/15/08 @ 101) (f)

2,610,000

2,696,574

Series 2000 A, 5.75% 6/15/13

1,000,000

1,067,710

Massachusetts Gen. Oblig.:

Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (f)

1,100,000

1,190,695

Series 2005 A, 5% 3/1/23 (Pre-Refunded to 3/1/15 @ 100) (f)

1,500,000

1,623,975

Series 2006 D, 5% 8/1/22

100,000

106,782

Series D, 5.25% 10/1/20 (Pre-Refunded to 10/1/13 @ 100) (f)

1,100,000

1,191,916

Series E:

5% 11/1/23 (AMBAC Insured)

3,600,000

3,852,684

5% 11/1/24 (AMBAC Insured)

400,000

427,104

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Series A, 5.1% 7/1/07 (Escrowed to Maturity) (f)

200,000

200,460

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A:

4.5% 8/15/35 (AMBAC Insured)

1,900,000

1,896,865

5% 8/15/23 (FSA Insured)

3,000,000

3,183,510

5% 8/15/30 (FSA Insured)

2,500,000

2,636,750

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A: - continued

5% 8/15/37 (AMBAC Insured)

$ 1,900,000

$ 2,024,127

Springfield Gen. Oblig. 5% 8/1/21 (MBIA Insured)

2,040,000

2,170,152

25,326,494

Michigan - 2.1%

Ann Arbor Bldg. Auth. Series 2000, 5.75% 3/1/15 (Pre-Refunded to 3/1/10 @ 100) (f)

20,000

21,101

Detroit City School District 5.375% 5/1/15
(Pre-Refunded to 5/1/09 @ 101) (f)

375,000

390,529

Detroit Swr. Disp. Rev.:

Series A, 5.875% 7/1/22 (Pre-Refunded to 1/1/10
@ 101) (f)

150,000

159,548

Series B, 5% 7/1/36 (FGIC Insured)

2,300,000

2,424,292

Detroit Wtr. Supply Sys. Rev. 5.25% 7/1/15 (MBIA Insured)

1,000,000

1,096,460

Ferris State Univ. Rev. 5% 10/1/18 (MBIA Insured)

1,395,000

1,481,825

Fowlerville Cmnty. School District 5.25% 5/1/16 (FGIC Insured)

1,100,000

1,192,939

Livonia Pub. School District Series II, 0% 5/1/21 (FGIC Insured) (Pre-Refunded to 5/1/07 @ 39.31) (f)

1,200,000

471,720

Michigan Muni. Bond Auth. Rev. (Detroit School District Proj.) Series B, 5% 6/1/12 (FSA Insured)

1,000,000

1,054,440

Michigan State Hosp. Fin. Auth. Rev. (Sparrow Hosp. Proj.) 5% 11/15/15

1,390,000

1,468,021

South Redford School District 5% 5/1/22 (MBIA Insured)

1,575,000

1,663,090

Sterling Heights Bldg. Auth. 5.75% 10/1/15 (Pre-Refunded to 10/1/08 @ 100.5) (f)

160,000

165,357

Willow Run Cmnty. Schools County of Washtenaw 5% 5/1/19 (FSA Insured)

1,000,000

1,062,920

12,652,242

Minnesota - 1.1%

Minnesota Higher Ed. Facilities Auth. Rev. (Macalester College Proj.) Series 6, 5% 3/1/20

2,190,000

2,353,505

North Saint Paul-Maplewood-Oakdale Independent School District 622 5% 8/1/18 (FSA Insured)

1,300,000

1,414,933

Saint Paul Hsg. & Redev. Auth. Health Care Facilities Rev. (HealthPartners Oblig. Group Proj.) 5.25% 5/15/36

1,000,000

1,034,860

Municipal Bonds - continued

Principal Amount

Value

Minnesota - continued

Saint Paul Port Auth. Lease Rev. (HealthEast Midway Campus Proj.) Series 2003 A, 5.75% 5/1/25

$ 700,000

$ 730,716

Spring Lake Park Independent School District #16
Series A, 5% 2/1/29 (FSA Insured)

1,000,000

1,060,230

6,594,244

Mississippi - 0.3%

Mississippi Hosp. Equip. & Facilities Auth. (Mississippi Baptist Med. Proj.) Series 2007 A, 5% 8/15/15

1,500,000

1,573,500

Missouri - 0.8%

Cape Girardeau County Indl. Dev. Auth. (Southeast Missouri Hosp. Proj.) 5% 6/1/10

1,050,000

1,075,505

Missouri Envir. Impt. & Energy Resources Auth. Wtr. Poll. Cont. & Drinking Wtr. Rev. (State Revolving Fund Prog.) Series 2003 A, 5.125% 1/1/21

1,000,000

1,062,160

Missouri Health & Edl. Facilities Auth. Edl. Facilities Rev. (Washington Univ. Proj.) Series A, 5% 1/15/37

1,200,000

1,276,752

Missouri Highways & Trans. Commission State Road Rev. Series 2001 A, 5.625% 2/1/13 (Pre-Refunded to 2/1/11 @ 100) (f)

500,000

533,875

Saint Louis Muni. Fin. Corp. Leasehold Rev. (Civil Courts Bldg. Proj.) Series A, 5% 8/1/11 (FSA Insured)

765,000

802,768

4,751,060

Montana - 0.3%

Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co. Proj.) Series A, 5.2%, tender 5/1/09 (c)

700,000

716,471

Montana Board of Regents Higher Ed. Rev. (Montana State Univ. Proj.) 5% 11/15/34 (AMBAC Insured)

1,000,000

1,053,830

1,770,301

Nebraska - 0.9%

Central Plains Energy Proj. Rev. (Nebraska Gas Proj.) 4.098% 12/1/17 (c)

1,000,000

1,002,420

Omaha Gen. Oblig. 5.75% 12/1/14

380,000

408,804

Omaha Pub. Pwr. District Elec. Rev. Series A:

5% 2/1/34

2,000,000

2,088,220

5% 2/1/46

2,000,000

2,072,780

5,572,224

Nevada - 0.5%

Clark County Hwy. Impt. Rev. (Motor Vehicle Fuel Tax) 5% 7/1/11 (AMBAC Insured)

1,000,000

1,048,480

Municipal Bonds - continued

Principal Amount

Value

Nevada - continued

Clark County School District:

Series 2000 A, 5.75% 6/15/17 (Pre-Refunded to 6/15/10 @ 100) (f)

$ 250,000

$ 265,095

Series F, 5.375% 6/15/11 (FSA Insured)

1,000,000

1,062,200

Las Vegas Valley Wtr. District Series B, 5.25% 6/1/17 (MBIA Insured)

500,000

535,600

2,911,375

New Hampshire - 0.2%

New Hampshire Health & Ed. Facilities Auth. Rev.
(Dartmouth-Hitchcock Proj.) 5.5% 8/1/27 (FSA Insured)

1,000,000

1,076,140

New Jersey - 1.9%

Garden State Preservation Trust Open Space & Farmland Preservation Series 2005 A, 5.8% 11/1/19 (FSA Insured)

600,000

681,756

New Jersey Econ. Dev. Auth. Rev. Series 2005 O:

5.125% 3/1/28

600,000

637,074

5.25% 3/1/21 (MBIA Insured)

1,000,000

1,082,550

5.25% 3/1/23

1,000,000

1,074,900

5.25% 3/1/25

800,000

858,256

5.25% 3/1/26

600,000

643,278

New Jersey Tpk. Auth. Tpk. Rev. Series A, 5% 1/1/25 (FSA Insured)

500,000

529,640

New Jersey Trans. Trust Fund Auth. Series B, 5.25% 12/15/22 (AMBAC Insured)

400,000

452,648

Tobacco Settlement Fing. Corp.:

4.375% 6/1/19 (Pre-Refunded to 6/1/13 @ 100) (f)

1,080,000

1,082,354

6.125% 6/1/24 (Pre-Refunded to 6/1/13 @ 100) (f)

2,355,000

2,519,191

6.375% 6/1/32 (Pre-Refunded to 6/1/13 @ 100) (f)

1,430,000

1,622,936

11,184,583

New York - 10.0%

Buffalo Muni. Wtr. Fin. Auth. Series B, 5% 7/1/15 (FSA Insured) (b)

500,000

532,130

Erie County Indl. Dev. Agcy. School Facility Rev.:

(Buffalo City School District Proj.):

Series 2003, 5.75% 5/1/16 (FSA Insured)

600,000

662,196

Series 2004:

5.75% 5/1/17 (FSA Insured)

1,400,000

1,566,306

5.75% 5/1/24 (FSA Insured)

2,225,000

2,467,681

5.75% 5/1/26 (FSA Insured)

525,000

581,926

Municipal Bonds - continued

Principal Amount

Value

New York - continued

Erie County Indl. Dev. Agcy. School Facility Rev.: - continued

(City of Buffalo Proj.) Series 2003, 5.75% 5/1/21 (FSA Insured)

$ 500,000

$ 543,265

Hudson Yards Infrastructure Corp.:

4.5% 2/15/47 (MBIA Insured)

1,300,000

1,285,661

5% 2/15/47

2,300,000

2,412,332

Long Island Pwr. Auth.:

Series A, 5% 12/1/26 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,058,280

Series C, 5% 9/1/35

1,000,000

1,053,260

Metropolitan Trans. Auth. Commuter Facilities Rev.:

Series 1992 B, 6.1% 7/1/09 (Escrowed to Maturity) (f)

25,000

26,292

Series 1997 E, 5% 7/1/16 (Pre-Refunded to 7/1/13 @ 100) (f)

10,000

10,738

Metropolitan Trans. Auth. Svc. Contract Rev. Series 7, 4.75% 7/1/19 (Pre-Refunded to 1/1/18 @ 100) (f)

35,000

37,731

New York City Gen. Oblig.:

Series 2005 G:

5% 8/1/15

2,800,000

3,007,032

5.625% 8/1/13 (MBIA Insured)

2,000,000

2,175,920

Series J, 5.5% 6/1/19

800,000

866,840

Subseries 2005 F1, 5.25% 9/1/14

700,000

760,158

New York City Indl. Dev. Agcy. Rev.:

(Queens Ballpark Co. LLC Proj.) 5% 1/1/22 (AMBAC Insured)

1,000,000

1,070,320

(Yankee Stadium Proj.):

5% 3/1/31 (FGIC Insured)

1,000,000

1,061,160

5% 3/1/36 (MBIA Insured)

600,000

636,222

New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev.:

Series 2002 A, 5.125% 6/15/34 (FSA Insured)

200,000

210,026

Series 2005 D, 5% 6/15/37

300,000

315,087

Series D, 5% 6/15/38

1,000,000

1,050,290

Series E, 5% 6/15/34

1,200,000

1,248,636

New York City Transitional Fin. Auth. Rev.:

Series 2004 C, 5% 2/1/33 (FGIC Insured)

1,000,000

1,053,100

Series A:

5.5% 11/1/26 (a)

1,000,000

1,070,480

6% 11/1/28 (a)

3,000,000

3,266,460

Municipal Bonds - continued

Principal Amount

Value

New York - continued

New York City Transitional Fin. Auth. Rev.: - continued

Series B:

5% 8/1/32

$ 4,200,000

$ 4,394,334

5.25% 2/1/29 (a)

1,605,000

1,686,566

5.75% 2/15/16 (Pre-Refunded to 2/15/10 @ 101) (f)

5,000

5,327

New York Dorm. Auth. Revs.:

(City Univ. Sys. Consolidation Proj.) Series A, 5.75% 7/1/13

1,000,000

1,080,280

(New York Univ. Hosp. Ctr. Proj.) Series A, 5% 7/1/16

2,000,000

2,090,700

5% 7/1/14

1,000,000

1,035,200

New York Metropolitan Transit Auth. Rev. Series B, 5% 11/15/35 (MBIA Insured)

1,100,000

1,163,360

New York State Envir. Facilities Corp. Clean Wtr. & Drinking Wtr. Rev. (New York City Muni. Wtr. Fin. Proj.) 5% 6/15/34

1,200,000

1,263,000

New York State Thruway Auth. Gen. Rev. Series 2005 G, 5.25% 1/1/27 (FSA Insured)

1,000,000

1,087,700

Sales Tax Asset Receivables Corp. Series A, 5.25% 10/15/27 (AMBAC Insured)

1,000,000

1,084,520

Tobacco Settlement Asset Securitization Corp. Series 1, 5.5% 7/15/24 (Pre-Refunded to 7/15/12 @ 100) (f)

970,000

1,026,503

Tobacco Settlement Fing. Corp.:

Series A1:

5.5% 6/1/14

700,000

724,101

5.5% 6/1/15

500,000

524,305

5.5% 6/1/16

1,800,000

1,884,834

5.5% 6/1/17

500,000

529,875

Series C1:

5.5% 6/1/14

300,000

310,026

5.5% 6/1/15

1,085,000

1,137,102

5.5% 6/1/17

900,000

953,775

5.5% 6/1/18

1,100,000

1,180,333

5.5% 6/1/19

1,100,000

1,191,905

5.5% 6/1/21

4,060,000

4,383,298

5.5% 6/1/22

1,100,000

1,185,745

59,952,318

North Carolina - 1.0%

Catawba County Ctfs. of Prtn. (Pub. School and Cmnty. College Proj.) 5.25% 6/1/19 (MBIA Insured)

1,800,000

1,946,664

Dare County Ctfs. of Prtn. 5.25% 6/1/21 (AMBAC Insured)

1,110,000

1,194,760

Municipal Bonds - continued

Principal Amount

Value

North Carolina - continued

North Carolina Cap. Facilities Fin. Agcy. Rev. (Duke Univ. Proj.) Series A, 5.125% 10/1/41

$ 185,000

$ 191,743

North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev.:

Series A, 5.5% 1/1/11

600,000

632,004

Series B, 6.125% 1/1/09

210,000

217,432

Series D, 5.375% 1/1/10

615,000

637,368

North Carolina Med. Care Cmnty. Health 5% 10/1/20

1,000,000

1,055,640

5,875,611

North Dakota - 0.2%

Ward County Health Care Facility Rev. (Trinity Med. Ctr. Proj.) 5.125% 7/1/21

1,065,000

1,102,318

Ohio - 0.6%

Cleveland Gen. Oblig. Series C:

5.25% 11/15/18 (FGIC Insured) (b)

1,090,000

1,223,460

5.25% 11/15/19 (FGIC Insured) (b)

1,050,000

1,181,681

Olentangy Local School District:

5.5% 12/1/17 (FSA Insured)

35,000

37,740

5.5% 12/1/17 (Pre-Refunded to 6/1/12 @ 100) (f)

1,260,000

1,364,076

3,806,957

Oklahoma - 0.4%

Oklahoma City Pub. Property Auth. Hotel Tax Rev. 5.5% 10/1/21 (FGIC Insured)

1,000,000

1,106,200

Tulsa County Indl. Auth. Health Care Rev. 5% 12/15/17

1,205,000

1,286,470

2,392,670

Oregon - 0.7%

Morrow County School District #1 5.625% 6/15/14 (Pre-Refunded to 6/15/11 @ 100) (f)

1,500,000

1,609,260

Oregon Gen. Oblig. Series A, 5% 8/1/28

1,400,000

1,475,502

Yamhill County School District #029J Newberg 5.5% 6/15/18 (FGIC Insured)

1,000,000

1,142,200

4,226,962

Pennsylvania - 1.7%

Annville-Cleona School District 5.5% 3/1/21 (FSA Insured)

1,200,000

1,333,512

Canon McMillan School District:

Series 2001 B, 5.75% 12/1/33 (FGIC Insured)

1,000,000

1,060,500

Series 2002 B, 5.75% 12/1/35 (FGIC Insured)

1,000,000

1,089,290

Easton Area School District Series 2006, 7.75% 4/1/25 (FSA Insured)

500,000

633,345

Municipal Bonds - continued

Principal Amount

Value

Pennsylvania - continued

Pennsylvania Higher Edl. Facilities Auth. Rev. (UPMC Health Sys. Proj.) Series 2001 A, 6% 1/15/22

$ 1,000,000

$ 1,084,990

Philadelphia Gas Works Rev.:

Fifth Series A1, 5% 9/1/33 (FSA Insured)

600,000

629,586

Series 17, 5.375% 7/1/20 (FSA Insured)

500,000

537,185

Seventh Series 1998, 5% 10/1/37 (AMBAC Insured) (b)

1,100,000

1,161,204

Philadelphia School District Series B, 5% 4/1/11 (AMBAC Insured)

1,000,000

1,045,790

Philadelphia Wtr. & Wastewtr. Rev. Series A, 5.25% 8/1/09 (AMBAC Insured)

450,000

460,634

Westmoreland County Muni. Auth. Muni. Svc. Rev. Series A, 0% 8/15/20 (FGIC Insured)

2,500,000

1,409,675

10,445,711

Puerto Rico - 0.7%

Puerto Rico Convention Ctr. District Auth. Hotel Occupancy Tax Rev. Series 2006 A, 5% 7/1/11

1,400,000

1,454,740

Puerto Rico Govt. Dev. Bank Series B, 5% 12/1/12

1,500,000

1,578,870

Puerto Rico Muni. Fin. Agcy. 5% 8/1/11

1,000,000

1,041,000

4,074,610

Rhode Island - 0.4%

Rhode Island Health & Edl. Bldg. Corp. Rev.:

(Lifespan Corp. Proj.) Series A, 5% 5/15/15 (FSA Insured)

1,000,000

1,072,370

Series A, 5.25% 9/15/19 (AMBAC Insured)

1,410,000

1,529,850

2,602,220

South Carolina - 2.2%

Anderson County Joint Muni. Wtr. Sys. Wtrwks. Sys. Rev. 5.5% 7/15/17 (FSA Insured)

1,790,000

1,947,216

Greenville County School District Installment Purp. Rev. 5% 12/1/13

3,450,000

3,676,458

Greenwood Fifty School Facilities Installment 5% 12/1/21

1,000,000

1,062,460

Scago Edl. Facilities Corp. for Colleton School District (School Proj.):

5% 12/1/16

1,000,000

1,074,770

5% 12/1/18

1,880,000

2,005,170

South Carolina Jobs Econ. Dev. Auth. Health Facilities Rev. (Bishop Gadsden Proj.) 5% 4/1/18

1,765,000

1,836,306

Municipal Bonds - continued

Principal Amount

Value

South Carolina - continued

Spartanburg County Health Svcs. District, Inc. Hosp. Rev. 5.5% 4/15/18 (FSA Insured)

$ 1,115,000

$ 1,200,298

Tobacco Settlement Rev. Mgmt. Auth. Series 2001 B, 6.375% 5/15/28

455,000

487,114

13,289,792

Tennessee - 1.7%

Clarksville Natural Gas Acquisition Corp. Gas Rev.:

5% 12/15/13

1,000,000

1,061,770

5% 12/15/15

2,525,000

2,699,806

Elizabethton Health & Edl. Facilities Board Rev. Series 2000 B:

6% 7/1/12 (MBIA Insured)

2,125,000

2,336,884

6.25% 7/1/13 (MBIA Insured)

2,255,000

2,539,987

Knox County Health Edl. & Hsg. Facilities Board Rev. (Univ. Health Sys. Proj.) 5% 4/1/16

1,700,000

1,771,910

10,410,357

Texas - 15.3%

Abilene Independent School District 5% 2/15/13

2,145,000

2,278,548

Alamo Cmnty. College District 5% 8/15/18 (FGIC Insured)

1,750,000

1,900,868

Austin Convention Enterprises, Inc. (Convention Ctr. Proj.) Series B, 5.75% 1/1/34

1,000,000

1,059,850

Austin Elec. Util. Sys. Rev. 7.25% 11/15/10 (FSA Insured)

1,000,000

1,112,700

Austin Independent School District 5.25% 8/1/14

1,000,000

1,089,030

Bexar Metropolitan Wtr. District Wtrwks. Sys. Rev.:

5.375% 5/1/19 (FSA Insured)

215,000

229,265

5.375% 5/1/19 (Pre-Refunded to 5/1/12 @ 100) (f)

1,425,000

1,532,260

Boerne Independent School District 5.25% 2/1/35

1,200,000

1,270,548

Comal Independent School District:

(School Bldg. Proj.) 5% 2/1/33

1,000,000

1,041,730

0% 2/1/16

2,235,000

1,552,587

Corpus Christi Util. Sys. Rev. 5.25% 7/15/20 (FSA Insured)

1,100,000

1,209,329

Crowley Independent School District 5.25% 8/1/33

500,000

540,640

Dallas Area Rapid Transit Sales Tax Rev. 5% 12/1/36 (AMBAC Insured)

1,000,000

1,056,860

Denton Independent School District 5% 8/15/33

1,100,000

1,139,655

Denton Util. Sys. Rev. Series A, 5% 12/1/19 (FSA Insured)

1,000,000

1,050,030

Municipal Bonds - continued

Principal Amount

Value

Texas - continued

East Central Independent School District 5.625% 8/15/17 (g)

$ 1,035,000

$ 1,120,977

Garland Independent School District 5.5% 2/15/19

515,000

537,469

Granbury Independent School District 0% 8/1/19

1,000,000

591,840

Grand Prairie Independent School District 3.05%, tender 7/31/07 (Liquidity Facility Dexia Cr. Local de France) (c)

4,000,000

3,991,200

Harris County Gen. Oblig.:

Series A, 5.25% 8/15/35 (FSA Insured)

1,200,000

1,253,544

0% 10/1/13 (MBIA Insured)

2,000,000

1,552,500

5.375% 8/15/23 (FSA Insured)

1,000,000

1,066,800

Harris County Health Facilities Dev. Corp. Rev. (Saint Luke's Episcopal Hosp. Proj.) 5.75% 2/15/20 (Pre-Refunded to 8/15/12 @ 100) (f)

1,235,000

1,353,548

Hidalgo County Gen. Oblig. 5.75% 8/15/17 (Pre-Refunded to 8/15/11 @ 100) (f)

1,535,000

1,657,232

Houston Arpt. Sys. Rev. Series B:

5.5% 7/1/19 (FSA Insured)

1,500,000

1,575,660

5.5% 7/1/30 (FSA Insured)

600,000

626,082

Kermit Independent School District 5.25% 12/15/32

600,000

651,078

La Joya Independent School District 5.75% 2/15/19 (Pre-Refunded to 2/15/10 @ 100) (f)

600,000

632,538

Lamar Consolidated Independent School District 5% 2/15/19 (b)

1,000,000

1,077,730

Lewisville Independent School District:

0% 8/15/18

1,025,000

639,856

5.25% 8/15/27

265,000

274,834

5.25% 8/15/27 (Pre-Refunded to 8/15/10 @ 100) (f)

735,000

770,339

Liberty Hill Independent School District (School Bldg. Proj.) 5.25% 8/1/35

1,000,000

1,076,870

Lubbock Gen. Oblig. (Wtrwks. Sys. Surplus Proj.) 5% 2/15/16 (FSA Insured)

1,260,000

1,352,194

Lubbock Health Facilities Dev. Corp. Rev. (Carillon, Inc. Proj.) Series A, 6.5% 7/1/29 (Pre-Refunded to 7/1/09 @ 102) (f)

1,000,000

1,076,710

Magnolia Independent School District 5.25% 8/15/29 (FGIC Insured)

1,300,000

1,404,026

Mansfield Independent School District:

5.5% 2/15/17

15,000

16,064

5.5% 2/15/17 (Pre-Refunded to 2/15/12 @ 100) (f)

1,635,000

1,762,105

McAllen Independent School District:

5% 2/15/15

2,000,000

2,151,920

Municipal Bonds - continued

Principal Amount

Value

Texas - continued

McAllen Independent School District: - continued

5% 2/15/16

$ 2,610,000

$ 2,800,974

McLennan County Jr. College District 5% 8/15/15 (FSA Insured)

1,120,000

1,200,326

Mercedes Independent School District Series 2000, 5.625% 8/15/15 (Pre-Refunded to 8/15/10
@ 100) (f)

275,000

291,385

North Forest Independent School District Series A, 5% 8/15/18

2,125,000

2,293,449

North Texas Muni. Wtr. District Wtr. Sys. Rev. 5% 9/1/35 (MBIA Insured)

1,000,000

1,055,620

North Texas Tollway Auth. Dallas North Tollway Sys. Rev. Series A, 5% 1/1/28 (AMBAC Insured)

1,000,000

1,041,410

Northwest Texas Independent School District 5% 2/15/15

1,145,000

1,231,974

Odessa Wtr. & Swr. Rev. 5.5% 4/1/11 (FSA Insured)

750,000

797,873

Pampa Independent School District 5% 8/15/36

1,000,000

1,057,620

Pflugerville Gen. Oblig. 5% 8/1/33 (FGIC Insured)

2,010,000

2,088,430

Prosper Independent School District 5.125% 8/15/30

400,000

423,912

Red River Ed. Fin. Corp. Ed. Rev. (Hockaday School Proj.) 5.75% 5/15/19 (Pre-Refunded to 5/15/10
@ 100) (f)

200,000

211,778

Sabine River Auth. Poll. Cont. Rev. (Texas Utils. Elec. Co. Proj.) Series A, 5.5%, tender 11/1/11 (c)

3,120,000

3,189,420

San Antonio Elec. & Gas Sys. Rev.:

Series B, 0% 2/1/10 (Escrowed to Maturity) (f)

5,000,000

4,505,600

5.375% 2/1/20 (Pre-Refunded to 2/1/12 @ 100) (f)

3,000,000

3,212,610

San Marcos Consolidated Independent School District 5% 8/1/13

1,090,000

1,162,038

Socorro Independent School District 5.375% 8/15/18

60,000

63,651

Tarrant County Cultural Ed. Facilities Fin. Corp. 5% 2/15/16 (b)

4,500,000

4,775,445

Texas Muni. Pwr. Agcy. Rev.:

0% 9/1/15 (MBIA Insured)

2,340,000

1,668,911

0% 9/1/16 (Escrowed to Maturity) (f)

15,000

10,329

0% 9/1/16 (MBIA Insured)

2,645,000

1,801,483

Texas Pub. Fin. Auth. Rev. (Texas Parks & Wildlife Dept. Projs.) 5.5% 2/1/12 (Pre-Refunded to 2/1/10
@ 100) (f)

150,000

157,056

Texas State Univ. Sys. Fing. Rev. 5% 3/15/12 (FSA Insured)

2,000,000

2,110,180

Texas Tpk. Auth. Central Tpk. Sys. Rev.:

5.5% 8/15/39 (AMBAC Insured)

1,875,000

2,009,475

Municipal Bonds - continued

Principal Amount

Value

Texas - continued

Texas Tpk. Auth. Central Tpk. Sys. Rev.: - continued

5.75% 8/15/38 (AMBAC Insured)

$ 1,225,000

$ 1,327,312

Texas Wtr. Dev. Board Rev. Series B, 5.375% 7/15/16

1,000,000

1,040,000

Tyler Health Facilities Dev. Corp. Hosp. Rev. (Mother Frances Hosp. Reg'l. Health Care Ctr. Proj.) 6% 7/1/27

1,000,000

1,070,710

Univ. of Texas Univ. Revs. (Fing. Sys. Proj.) Series A, 5.5% 8/15/09

100,000

103,834

Waller Consolidated Independent School District 6% 2/15/12 (Pre-Refunded to 2/15/11 @ 100) (f)

175,000

189,077

Weatherford Independent School District 0% 2/15/23 (Pre-Refunded to 2/15/10 @ 42.135) (f)

1,500,000

568,710

White Settlement Independent School District 5.75% 8/15/34

1,150,000

1,245,485

Williamson County Gen. Oblig. 5.5% 2/15/18 (FSA Insured)

5,000

5,289

Willis Independent School District 5% 2/15/13

1,040,000

1,104,750

92,093,132

Utah - 0.7%

Salt Lake City School District Series B, 5% 3/1/13

1,135,000

1,212,271

Salt Lake County Hosp. Rev. (IHC Health Svcs., Inc. Proj.) 5.5% 5/15/12 (AMBAC Insured)

3,100,000

3,317,124

4,529,395

Vermont - 0.5%

Univ. of Vermont and State Agricultural College 5.5% 10/1/19 (AMBAC Insured)

1,200,000

1,307,460

Vermont Edl. & Health Bldg. Fing. Agcy. Rev.:

(Fletcher Allen Health Care, Inc. Proj.) Series 2000 A:

5.75% 12/1/18 (AMBAC Insured)

200,000

213,496

6.125% 12/1/27 (AMBAC Insured)

300,000

323,649

(Middlebury College Proj. Series 2006 A, 5% 10/31/46

1,000,000

1,050,120

2,894,725

Washington - 2.9%

Chelan County Pub. Util. District #1 Columbia River-Rock Island Hydro-Elec. Sys. Rev. Series A, 0% 6/1/28 (MBIA Insured)

1,200,000

466,800

Clark County Pub. Util. District #1 Elec. Rev. Series A, 5.5% 1/1/17 (Pre-Refunded to 7/1/12 @ 100) (f)

1,570,000

1,700,812

Energy Northwest Elec. Rev. (#1 Proj.):

Series 2006 A, 5% 7/1/15

1,000,000

1,076,210

Municipal Bonds - continued

Principal Amount

Value

Washington - continued

Energy Northwest Elec. Rev. (#1 Proj.): - continued

Series 2006 B, 6% 7/1/17 (MBIA Insured)

$ 2,000,000

$ 2,201,380

Grant County Pub. Util. District #2 Wanapum Hydro Elec. Rev. Series A, 5% 1/1/18 (FGIC Insured)

1,095,000

1,161,390

Washington Gen. Oblig.:

Series 2001 C:

5.25% 1/1/16

1,000,000

1,048,370

5.25% 1/1/26 (FSA Insured)

500,000

523,840

Series B, 5% 7/1/28 (FSA Insured)

1,000,000

1,056,150

Series E, 5% 1/1/29 (MBIA Insured)

1,000,000

1,051,220

Washington Health Care Facilities Auth. Rev. (Providence Health Systems Proj.) Series 2001 A, 5.5% 10/1/13 (MBIA Insured)

1,750,000

1,863,138

Washington Pub. Pwr. Supply Sys. Nuclear Proj. #2 Rev.:

Series A, 5% 7/1/12 (FSA Insured)

3,000,000

3,100,230

5.4% 7/1/12 (FSA Insured)

1,000,000

1,074,290

Yakima County Gen. Oblig. 5.25% 12/1/15 (AMBAC Insured)

1,000,000

1,069,640

17,393,470

Wisconsin - 1.0%

Douglas County Gen. Oblig. 5.5% 2/1/18 (FGIC Insured)

605,000

647,870

Evansville Cmnty. School District 5% 4/1/16 (FSA Insured)

1,000,000

1,083,670

Wisconsin Gen. Oblig. Series 1, 5% 5/1/10 (MBIA Insured)

500,000

518,265

Wisconsin Health & Edl. Facilities Auth. Rev.:

(Marshfield Clinic Proj.) Series B, 6% 2/15/25

1,000,000

1,067,820

(Wheaton Franciscan Svcs., Inc. Proj.):

5.75% 8/15/30 (Pre-Refunded to 2/15/12
@ 101) (f)

1,000,000

1,096,060

6.25% 8/15/22 (Pre-Refunded to 2/15/12
@ 101) (f)

500,000

558,890

Series A, 5.375% 2/15/34

1,000,000

1,042,920

6,015,495

Wyoming - 0.3%

Gillette Spl. Purp. Wtr. & Swr. Utils. Sys. Rev. 7.7% 12/1/10 (Escrowed to Maturity) (f)

1,750,000

1,947,925

TOTAL MUNICIPAL BONDS

(Cost $585,959,976)

593,214,013

Money Market Funds - 1.8%

Shares

Value

Fidelity Tax-Free Cash Central Fund, 3.86% (d)(e)
(Cost $11,050,000)

11,050,000

$ 11,050,000

TOTAL INVESTMENT PORTFOLIO - 100.4%

(Cost $597,009,976)

604,264,013

NET OTHER ASSETS - (0.4)%

(2,481,304)

NET ASSETS - 100%

$ 601,782,709

Legend

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

(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.

(e) 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.

(f) Security collateralized by an amount sufficient to pay interest and principal.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,120,977 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

East Central Independent School District 5.625% 8/15/17

8/16/02

$ 1,140,280

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 Tax-Free Cash Central Fund

$ 64,502

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $597,020,902. Net unrealized appreciation aggregated $7,243,111, of which $8,634,576 related to appreciated investment securities and $1,391,465 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, 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 dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. 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.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Utilities Fund

April 30, 2007

1.800364.103

UIF-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.1%

Media - 6.1%

Cablevision Systems Corp. - NY Group Class A

294,500

$ 9,654

Comcast Corp. Class A (a)

4,113,500

109,666

119,320

ENERGY - 1.8%

Oil, Gas & Consumable Fuels - 1.8%

Cameco Corp.

257,100

11,976

Spectra Energy Corp.

850,735

22,204

34,180

MATERIALS - 0.3%

Chemicals - 0.3%

Zoltek Companies, Inc. (a)(d)

187,800

5,717

TELECOMMUNICATION SERVICES - 39.5%

Diversified Telecommunication Services - 30.7%

AT&T, Inc. (d)

9,536,858

369,264

Cincinnati Bell, Inc.

1,330,300

6,745

Level 3 Communications, Inc. (a)

2,189,300

12,173

NeuStar, Inc. Class A (a)

74,600

2,145

Qwest Communications International, Inc. (a)

3,790,600

33,661

Time Warner Telecom, Inc. Class A (sub. vtg.) (a)

317,000

6,499

Verizon Communications, Inc.

4,456,905

170,165

Windstream Corp.

40,020

585

601,237

Wireless Telecommunication Services - 8.8%

ALLTEL Corp.

555,700

34,837

Dobson Communications Corp. Class A

477,943

4,354

InPhonic, Inc. (a)

196,700

1,877

Leap Wireless International, Inc. (a)

133,180

10,166

NII Holdings, Inc. (a)

312,100

23,954

Sprint Nextel Corp.

4,480,001

89,734

Telephone & Data Systems, Inc.

116,100

6,612

171,534

TOTAL TELECOMMUNICATION SERVICES

772,771

UTILITIES - 50.9%

Electric Utilities - 23.2%

Allegheny Energy, Inc. (a)

236,800

12,659

American Electric Power Co., Inc.

982,100

49,321

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Electric Utilities - continued

Cleco Corp.

133,300

$ 3,740

DPL, Inc.

165,500

5,188

Duke Energy Corp.

1,706,171

35,011

Edison International

327,900

17,166

Entergy Corp.

478,500

54,137

Exelon Corp.

1,032,935

77,894

FirstEnergy Corp.

616,500

42,193

FPL Group, Inc.

560,700

36,092

Great Plains Energy, Inc.

109,000

3,558

ITC Holdings Corp.

260,800

10,974

Northeast Utilities

226,200

7,277

Pepco Holdings, Inc.

274,800

8,112

PPL Corp.

736,527

32,120

Progress Energy, Inc.

726,000

36,699

Reliant Energy, Inc. (a)

609,300

13,569

Sierra Pacific Resources (a)

431,700

7,883

453,593

Gas Utilities - 1.6%

Energen Corp.

81,600

4,574

Equitable Resources, Inc.

96,200

5,003

ONEOK, Inc.

172,600

8,356

Questar Corp.

101,100

9,820

Southern Union Co. (d)

99,800

3,040

30,793

Independent Power Producers & Energy Traders - 12.5%

AES Corp. (a)

3,457,384

76,028

Constellation Energy Group, Inc.

659,700

58,792

Dynegy, Inc. (a)

573,600

5,398

International Power PLC

424,840

3,740

Mirant Corp. (a)

488,773

21,931

NRG Energy, Inc.

311,100

24,564

TXU Corp.

818,767

53,695

244,148

Multi-Utilities - 13.6%

Alliant Energy Corp.

153,900

6,741

Ameren Corp.

317,200

16,675

CenterPoint Energy, Inc.

459,300

8,649

CMS Energy Corp.

1,378,700

25,534

Dominion Resources, Inc.

529,000

48,245

DTE Energy Co.

98,400

4,978

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - continued

Integrys Energy Group, Inc.

73,100

$ 4,101

MDU Resources Group, Inc.

284,700

8,626

NiSource, Inc.

419,900

10,325

Public Service Enterprise Group, Inc.

958,814

82,889

Puget Energy, Inc.

172,300

4,449

Sempra Energy

513,400

32,591

Wisconsin Energy Corp.

264,600

12,910

266,713

TOTAL UTILITIES

995,247

TOTAL COMMON STOCKS

(Cost $1,622,370)

1,927,235

Money Market Funds - 3.4%

Fidelity Cash Central Fund, 5.29% (b)

38,844,015

38,844

Fidelity Securities Lending Cash Central Fund, 5.31% (b)(c)

26,522,000

26,522

TOTAL MONEY MARKET FUNDS

(Cost $65,366)

65,366

TOTAL INVESTMENT PORTFOLIO - 102.0%

(Cost $1,687,736)

1,992,601

NET OTHER ASSETS - (2.0)%

(38,215)

NET ASSETS - 100%

$ 1,954,386

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 365

Fidelity Securities Lending Cash Central Fund

103

Total

$ 468

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,713,174,000. Net unrealized appreciation aggregated $279,427,000, of which $330,435,000 related to appreciated investment securities and $51,008,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Devonshire Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

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/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 22, 2007