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)

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

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:	January 31

Date of reporting period:	October 31, 2013

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Equity-Income Fund

October 31, 2013

1.809096.110

EQU-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 7.3%
Auto Components - 0.2%
Gentex Corp.	869,673		$ 25,603
Diversified Consumer Services - 0.2%
H&R Block, Inc.	402,200		11,439
Strayer Education, Inc. (e)	203,450		8,042
			19,481
Hotels, Restaurants & Leisure - 1.5%
McDonald's Corp.	808,687		78,054
Texas Roadhouse, Inc. Class A	787,367		21,590
Wynn Resorts Ltd.	44,100		7,332
Yum! Brands, Inc.	578,779		39,137
			146,113
Household Durables - 0.1%
Coway Co. Ltd.	107,895		6,161
Internet & Catalog Retail - 0.1%
Liberty Media Corp. Interactive Series A (a)	338,700		9,131
Media - 2.7%
Comcast Corp. Class A	3,022,279		143,800
Sinclair Broadcast Group, Inc. Class A	414,716		13,296
Time Warner, Inc.	1,593,311		109,524
			266,620
Multiline Retail - 1.6%
Kohl's Corp.	784,863		44,580
Target Corp.	1,751,785		113,498
			158,078
Specialty Retail - 0.8%
Adastria Holdings Co. Ltd.	110,320		5,166
American Eagle Outfitters, Inc.	1,073,892		16,635
Dunelm Group PLC	1,087,500		15,432
Foot Locker, Inc.	518,435		17,990
Staples, Inc.	1,277,404		20,592
			75,815
Textiles, Apparel & Luxury Goods - 0.1%
Coach, Inc.	259,806		13,167
TOTAL CONSUMER DISCRETIONARY			720,169
CONSUMER STAPLES - 9.4%
Beverages - 1.3%
Molson Coors Brewing Co. Class B	702,095		37,913
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	427,509		$ 35,949
The Coca-Cola Co.	1,446,646		57,244
			131,106
Food & Staples Retailing - 2.1%
CVS Caremark Corp.	638,400		39,747
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.	241,904		13,103
Wal-Mart Stores, Inc.	590,391		45,313
Walgreen Co.	1,758,548		104,176
			202,339
Food Products - 1.2%
Astral Foods Ltd.	1,272,540		12,803
Hilton Food Group PLC	2,686,432		18,436
Kellogg Co.	1,366,591		86,437
			117,676
Household Products - 2.0%
Procter & Gamble Co.	2,435,397		196,658
Tobacco - 2.8%
Altria Group, Inc.	1,765,539		65,731
British American Tobacco PLC:
(United Kingdom)	439,600		24,254
sponsored ADR	206,472		22,813
Imperial Tobacco Group PLC	179,996		6,722
Japan Tobacco, Inc.	432,900		15,664
Lorillard, Inc.	1,470,071		74,988
Philip Morris International, Inc.	748,323		66,691
			276,863
TOTAL CONSUMER STAPLES			924,642
ENERGY - 13.0%
Energy Equipment & Services - 1.8%
Ensco PLC Class A	671,218		38,696
Halliburton Co.	52,988		2,810
National Oilwell Varco, Inc.	482,224		39,147
Noble Corp.	950,402		35,830
Schlumberger Ltd.	484,543		45,411
Trinidad Drilling Ltd.	1,782,400		17,266
			179,160
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 11.2%
Access Midstream Partners LP	190,299		$ 10,189
Apache Corp.	872,449		77,473
BG Group PLC	232,000		4,737
Canadian Natural Resources Ltd.	1,214,600		38,547
Chevron Corp.	2,251,472		270,087
ConocoPhillips Co.	125,400		9,192
CONSOL Energy, Inc.	721,371		26,330
EV Energy Partners LP	604,797		22,275
Exxon Mobil Corp.	2,414,084		216,350
Holly Energy Partners LP	438,344		13,957
HollyFrontier Corp.	534,864		24,636
Legacy Reserves LP	438,900		11,697
Markwest Energy Partners LP	664,988		49,395
Occidental Petroleum Corp.	805,200		77,364
Penn West Petroleum Ltd.	1,690,045		18,867
Royal Dutch Shell PLC Class A sponsored ADR	670,413		44,690
Scorpio Tankers, Inc.	476,084		5,494
Southcross Energy Partners LP	197,500		3,990
Suncor Energy, Inc.	1,557,700		56,607
The Williams Companies, Inc.	2,524,043		90,134
Tsakos Energy Navigation Ltd.	1,084,750		5,435
Western Gas Equity Partners LP	61,267		2,310
Western Gas Partners LP	122,000		7,333
Williams Partners LP	232,900		11,976
			1,099,065
TOTAL ENERGY			1,278,225
FINANCIALS - 19.6%
Capital Markets - 3.3%
Aberdeen Asset Management PLC	362,200		2,572
Apollo Investment Corp.	2,789,902		23,798
Ashmore Group PLC	4,260,795		27,634
AURELIUS AG	358,690		12,243
BlackRock, Inc. Class A	77,523		23,320
Carlyle Group LP	330,300		10,213
Charles Schwab Corp.	1,665,553		37,725
Greenhill & Co., Inc.	273,783		14,045
KKR & Co. LP	3,064,700		67,270
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	1,434,531		$ 41,214
The Blackstone Group LP	2,639,432		69,364
			329,398
Commercial Banks - 5.3%
CIT Group, Inc.	271,200		13,061
Comerica, Inc.	496,300		21,490
M&T Bank Corp.	503,978		56,713
National Penn Bancshares, Inc.	425,529		4,413
PNC Financial Services Group, Inc.	264,000		19,412
Standard Chartered PLC (United Kingdom)	1,331,084		32,003
Svenska Handelsbanken AB (A Shares)	482,200		21,848
U.S. Bancorp	2,148,122		80,254
Wells Fargo & Co.	6,467,850		276,113
			525,307
Diversified Financial Services - 4.2%
Inversiones La Construccion SA	348,025		5,225
JPMorgan Chase & Co.	6,687,182		344,650
KKR Financial Holdings LLC	6,009,345		59,553
			409,428
Insurance - 4.4%
ACE Ltd.	777,227		74,179
AFLAC, Inc.	311,900		20,267
esure Group PLC	2,656,000		9,646
FBD Holdings PLC	597,003		12,888
MetLife, Inc.	4,213,139		199,324
MetLife, Inc. unit	464,700		13,365
Prudential Financial, Inc.	442,377		36,005
Sampo Oyj (A Shares)	266,800		12,639
Validus Holdings Ltd.	1,263,691		49,891
			428,204
Real Estate Investment Trusts - 2.2%
American Capital Agency Corp.	2,079,263		45,162
American Tower Corp.	51,600		4,094
Annaly Capital Management, Inc.	3,516,413		41,459
Coresite Realty Corp.	219,053		7,106
First Potomac Realty Trust	1,481,192		18,204
Home Properties, Inc.	450,900		27,194
Rayonier, Inc.	373,055		17,541
Retail Properties America, Inc.	1,553,071		22,224
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
Two Harbors Investment Corp.	2,155,278		$ 20,109
Ventas, Inc.	161,403		10,530
			213,623
Real Estate Management & Development - 0.1%
Beazer Pre-Owned Rental Homes, Inc. (a)(j)	393,400		8,096
Thrifts & Mortgage Finance - 0.1%
Radian Group, Inc.	438,145		6,384
TOTAL FINANCIALS			1,920,440
HEALTH CARE - 11.7%
Biotechnology - 0.7%
Amgen, Inc.	468,109		54,301
Grifols SA ADR	439,244		13,248
			67,549
Health Care Equipment & Supplies - 0.7%
Baxter International, Inc.	250,100		16,474
Covidien PLC	415,600		26,644
Hologic, Inc. (a)	127,542		2,856
St. Jude Medical, Inc.	343,777		19,729
			65,703
Health Care Providers & Services - 1.5%
Aetna, Inc.	534,347		33,504
Quest Diagnostics, Inc.	374,872		22,459
UnitedHealth Group, Inc.	694,120		47,381
WellPoint, Inc. (h)	567,294		48,107
			151,451
Health Care Technology - 0.1%
Quality Systems, Inc.	448,008		10,224
Pharmaceuticals - 8.7%
AbbVie, Inc.	844,544		40,918
Actavis PLC (a)	353,888		54,704
AstraZeneca PLC sponsored ADR	1,542,000		81,510
Eli Lilly & Co.	857,341		42,713
Johnson & Johnson (h)	2,576,648		238,623
Merck & Co., Inc.	4,097,391		184,751
Pfizer, Inc.	3,620,179		111,067
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sanofi SA	466,173		$ 49,705
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,252,780		46,466
			850,457
TOTAL HEALTH CARE			1,145,384
INDUSTRIALS - 10.3%
Aerospace & Defense - 1.0%
United Technologies Corp.	948,315		100,758
Air Freight & Logistics - 2.0%
C.H. Robinson Worldwide, Inc.	953,556		56,965
Royal Mail PLC	15,000		135
United Parcel Service, Inc. Class B	1,401,565		137,690
			194,790
Airlines - 0.1%
Copa Holdings SA Class A	84,500		12,636
Commercial Services & Supplies - 1.2%
Intrum Justitia AB	1,358,855		36,173
Republic Services, Inc.	2,437,967		81,599
			117,772
Electrical Equipment - 0.6%
Eaton Corp. PLC	203,300		14,345
Emerson Electric Co.	290,487		19,454
Hubbell, Inc. Class B	224,049		24,094
			57,893
Industrial Conglomerates - 2.6%
General Electric Co.	9,060,260		236,835
Reunert Ltd.	1,168,600		8,207
Siemens AG	78,159		9,988
			255,030
Machinery - 1.6%
Cummins, Inc.	283,928		36,065
Douglas Dynamics, Inc.	848,483		12,871
Harsco Corp.	741,718		20,679
Illinois Tool Works, Inc.	219,728		17,312
Stanley Black & Decker, Inc.	876,478		69,321
			156,248
Marine - 0.2%
Irish Continental Group PLC unit	382,400		13,403
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 0.6%
Acacia Research Corp.	906,291		$ 13,676
Dun & Bradstreet Corp.	118,100		12,848
Michael Page International PLC	4,120,783		32,019
			58,543
Road & Rail - 0.3%
Union Pacific Corp.	167,376		25,341
Trading Companies & Distributors - 0.1%
Wolseley PLC	245,231		13,216
TOTAL INDUSTRIALS			1,005,630
INFORMATION TECHNOLOGY - 10.1%
Communications Equipment - 2.1%
Cisco Systems, Inc.	9,196,786		206,928
Computers & Peripherals - 0.8%
Apple, Inc.	143,137		74,768
IT Services - 3.8%
Accenture PLC Class A	796,358		58,532
IBM Corp.	783,512		140,413
Paychex, Inc.	4,138,723		174,902
			373,847
Semiconductors & Semiconductor Equipment - 1.7%
Applied Materials, Inc.	3,586,382		64,017
Broadcom Corp. Class A	2,281,629		60,965
Chipbond Technology Corp.	1,647,000		3,324
KLA-Tencor Corp.	255,435		16,757
Siliconware Precision Industries Co. Ltd. sponsored ADR	3,774,148		22,607
			167,670
Software - 1.7%
CA Technologies, Inc.	699,000		22,200
Exact Holdings NV	21,415		567
Microsoft Corp.	4,190,837		148,146
			170,913
TOTAL INFORMATION TECHNOLOGY			994,126
MATERIALS - 0.8%
Chemicals - 0.4%
RPM International, Inc.	699,100		27,069
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR	321,088		$ 8,865
Tronox Ltd. Class A	188,735		4,358
			40,292
Metals & Mining - 0.4%
Commercial Metals Co.	1,092,066		20,050
Freeport-McMoRan Copper & Gold, Inc.	613,192		22,541
			42,591
TOTAL MATERIALS			82,883
TELECOMMUNICATION SERVICES - 4.0%
Diversified Telecommunication Services - 2.9%
AT&T, Inc.	2,780,709		100,662
CenturyLink, Inc.	1,675,224		56,723
Verizon Communications, Inc.	2,545,719		128,584
			285,969
Wireless Telecommunication Services - 1.1%
Mobile TeleSystems OJSC	1,411,400		14,857
Vodafone Group PLC	24,347,446		89,179
			104,036
TOTAL TELECOMMUNICATION SERVICES			390,005
UTILITIES - 3.7%
Electric Utilities - 2.9%
American Electric Power Co., Inc.	523,982		24,543
FirstEnergy Corp.	834,392		31,598
Hawaiian Electric Industries, Inc.	829,915		22,051
NextEra Energy, Inc.	567,167		48,067
Northeast Utilities	552,235		23,685
PPL Corp.	1,915,886		58,684
Southern Co.	1,368,187		55,973
Xcel Energy, Inc.	818,935		23,634
			288,235
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.	981,021		$ 24,133
Sempra Energy	580,443		52,902
			77,035
TOTAL UTILITIES			365,270
TOTAL COMMON STOCKS (Cost $7,174,669)		8,826,774
Preferred Stocks - 2.0%

Convertible Preferred Stocks - 1.5%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
General Motors Co. 4.75%	332,016		17,039
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
Weyerhaeuser Co. Series A, 6.375%	166,500		9,172
HEALTH CARE - 0.4%
Health Care Equipment & Supplies - 0.1%
Alere, Inc. 3.00%	44,000		12,205
Health Care Providers & Services - 0.3%
HealthSouth Corp. Series A, 6.50%	16,900		22,202
TOTAL HEALTH CARE			34,407
INDUSTRIALS - 0.2%
Aerospace & Defense - 0.2%
United Technologies Corp. 7.50%	268,300		16,978
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle International Corp. Series A, 4.50% (a)	136,400		13,948
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
UTILITIES - 0.5%
Electric Utilities - 0.2%
NextEra Energy, Inc.:
5.889%	136,549		$ 7,729
Series E, 5.599%	233,300		13,212
			20,941
Multi-Utilities - 0.3%
CenterPoint Energy, Inc. 2.00% ZENS	274,400		14,303
Dominion Resources, Inc.:
Series A, 6.125%	168,100		9,106
Series B, 6.00%	168,100		9,116
			32,525
TOTAL UTILITIES			53,466
TOTAL CONVERTIBLE PREFERRED STOCKS			145,010
Nonconvertible Preferred Stocks - 0.5%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	69,709		17,718
FINANCIALS - 0.3%
Consumer Finance - 0.3%
Ally Financial, Inc.:
7.00% (g)	32,565		31,100
Series A, 8.50%	181,464		4,900
			36,000
TOTAL NONCONVERTIBLE PREFERRED STOCKS			53,718
TOTAL PREFERRED STOCKS (Cost $178,007)		198,728

Corporate Bonds - 3.0%
		Principal Amount (000s) (d)		Value (000s)
Convertible Bonds - 2.9%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Volkswagen International Finance NV 5.5% 11/9/15 (g)	EUR	9,200		$ 14,575
ENERGY - 0.6%
Oil, Gas & Consumable Fuels - 0.6%
Alpha Natural Resources, Inc. 3.75% 12/15/17		18,480		18,896
Amyris, Inc. 3% 2/27/17		2,101		1,562
Chesapeake Energy Corp. 2.5% 5/15/37		12,300		12,487
Cobalt International Energy, Inc. 2.625% 12/1/19		8,870		9,058
Ship Finance International Ltd. 3.25% 2/1/18		13,980		14,522
				56,525
FINANCIALS - 0.4%
Insurance - 0.2%
Fidelity National Financial, Inc. 4.25% 8/15/18		14,420		21,306
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (g)		17,382		19,916
TOTAL FINANCIALS				41,222
HEALTH CARE - 0.7%
Biotechnology - 0.1%
Theravance, Inc. 2.125% 1/15/23		7,010		10,576
Health Care Equipment & Supplies - 0.2%
Teleflex, Inc. 3.875% 8/1/17		12,760		19,807
Health Care Providers & Services - 0.4%
WellPoint, Inc. 2.75% 10/15/42 (g)		28,630		37,188
TOTAL HEALTH CARE				67,571
INDUSTRIALS - 0.3%
Commercial Services & Supplies - 0.2%
Covanta Holding Corp. 3.25% 6/1/14		14,160		16,036
Corporate Bonds - continued
		Principal Amount (000s) (d)		Value (000s)
Convertible Bonds - continued
INDUSTRIALS - continued
Construction & Engineering - 0.1%
MasTec, Inc.:
4% 6/15/14		$ 5,720		$ 11,655
4.25% 12/15/14		1,040		2,180
				13,835
TOTAL INDUSTRIALS				29,871
INFORMATION TECHNOLOGY - 0.8%
Communications Equipment - 0.2%
InterDigital, Inc. 2.5% 3/15/16		17,090		18,244
Liberty Interactive LLC 0.75% 3/30/43 (g)		3,000		3,589
				21,833
Computers & Peripherals - 0.2%
EMC Corp. 1.75% 12/1/13		13,960		20,994
Semiconductors & Semiconductor Equipment - 0.4%
GT Advanced Technologies, Inc. 3% 10/1/17		17,730		21,919
Micron Technology, Inc. 3.125% 5/1/32		5,320		10,191
				32,110
TOTAL INFORMATION TECHNOLOGY				74,937
TOTAL CONVERTIBLE BONDS				284,701
Nonconvertible Bonds - 0.1%
MATERIALS - 0.1%
Metals & Mining - 0.1%
Walter Energy, Inc. 8.5% 4/15/21 (g)		7,720		6,543
TOTAL CORPORATE BONDS (Cost $256,247)			291,244
Other - 0.4%
		Principal Amount (000s) (d)		Value (000s)
ENERGY - 0.4%
Oil, Gas & Consumable Fuels - 0.4%
EQTY ER Holdings, LLC 12% 1/28/18 (f)(i)(j)		$ 22,667		$ 22,667
		Shares
EQTY ER Holdings, LLC (f)(i)(j)		11,333,334		11,333
TOTAL OTHER (Cost $34,000)			34,000

Money Market Funds - 4.5%

Fidelity Cash Central Fund, 0.09% (b)	437,031,210		437,031
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	4,693,350		4,693
TOTAL MONEY MARKET FUNDS (Cost $441,724)		441,724
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $8,084,647)			9,792,470
NET OTHER ASSETS (LIABILITIES) - 0.2%			20,219
NET ASSETS - 100%		$ 9,812,689

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium (000s)
Call Options
Johnson & Johnson	11/16/13 - $90.00	6,442	$ 721	(1,881)
WellPoint, Inc.	11/16/13 - $90.00	3,685	879	(39)
TOTAL WRITTEN OPTIONS			1,600	(1,920)

Currency Abbreviations
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

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

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $112,911,000 or 1.2% of net assets.

(h) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $90,908,000.

(i) Investments represent a non-operating interest in oil and gas wells through an entity owned by the fund that is treated as a corporation for U.S. tax purposes.

(j) 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 $42,096,000 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Beazer Pre-Owned Rental Homes, Inc.	5/3/12 - 10/23/12	$ 7,868
EQTY ER Holdings, LLC 12% 1/28/18	1/29/13	$ 22,667
EQTY ER Holdings, LLC	1/29/13	$ 11,333

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	$ 364
Fidelity Securities Lending Cash Central Fund	925
Total	$ 1,289

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
EQTY ER Holdings, LLC 12% 1/28/18	$ 22,667	$ -	$ -	$ -	$ 22,667
EQTY ER Holdings, LLC	11,333	-	-	-	11,333
Manning & Napier, Inc. Class A	9,577	-	13,431	109	-
Total	$ 43,577	$ -	$ 13,431	$ 109	$ 34,000

Other Information

The following is a summary of the inputs used, as of October 31, 2013, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 754,926	$ 749,760	$ 5,166	$ -
Consumer Staples	924,642	884,724	39,918	-
Energy	1,278,225	1,278,225	-	-
Financials	1,965,612	1,903,879	53,637	8,096
Health Care	1,179,791	1,107,884	71,907	-
Industrials	1,022,608	1,012,620	9,988	-
Information Technology	994,126	994,126	-	-
Materials	82,883	82,883	-	-
Telecommunication Services	403,953	300,826	103,127	-
Utilities	418,736	396,704	22,032	-
Corporate Bonds	291,244	-	289,682	1,562
Other/Energy	34,000	-	-	34,000
Money Market Funds	441,724	441,724	-	-
Total Investments in Securities:	$ 9,792,470	$ 9,153,355	$ 595,457	$ 43,658
Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Derivative Instruments:
Liabilities
Written Options	$ (1,920)	$ (1,920)	$ -	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $8,103,855,000. Net unrealized appreciation aggregated $1,688,615,000, of which $1,832,456,000 related to appreciated investment securities and $143,841,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For corporate bonds, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

October 31, 2013

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

1.859109.107

AMCV-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 9.0%
Hotels, Restaurants & Leisure - 1.0%
Wyndham Worldwide Corp.	209,900		$ 13,937,360
Household Durables - 1.0%
PulteGroup, Inc.	125,400		2,213,310
Whirlpool Corp.	84,000		12,264,840
			14,478,150
Media - 0.8%
Sinclair Broadcast Group, Inc. Class A	383,300		12,288,598
Multiline Retail - 1.2%
Macy's, Inc.	392,200		18,084,342
Specialty Retail - 3.5%
AutoZone, Inc. (a)	36,000		15,648,840
Best Buy Co., Inc.	88,900		3,804,920
GameStop Corp. Class A	131,400		7,203,348
Murphy U.S.A., Inc.	152,000		6,168,160
Staples, Inc.	1,158,700		18,678,244
			51,503,512
Textiles, Apparel & Luxury Goods - 1.5%
Coach, Inc.	235,500		11,935,140
Deckers Outdoor Corp. (a)(d)	135,400		9,319,582
			21,254,722
TOTAL CONSUMER DISCRETIONARY			131,546,684
CONSUMER STAPLES - 2.6%
Beverages - 1.0%
Molson Coors Brewing Co. Class B	278,100		15,017,400
Food & Staples Retailing - 0.4%
Kroger Co.	136,900		5,864,796
Food Products - 1.2%
Bunge Ltd.	81,500		6,693,595
Kellogg Co.	94,500		5,977,125
Tyson Foods, Inc. Class A	172,900		4,784,143
			17,454,863
TOTAL CONSUMER STAPLES			38,337,059
ENERGY - 6.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	183,100		10,044,866
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Ensco PLC Class A	303,300		$ 17,485,245
National Oilwell Varco, Inc.	143,000		11,608,740
			39,138,851
Oil, Gas & Consumable Fuels - 4.2%
Cimarex Energy Co.	75,600		7,964,460
Energen Corp.	122,400		9,586,368
HollyFrontier Corp.	64,100		2,952,446
Marathon Oil Corp.	333,400		11,755,684
Peabody Energy Corp.	628,600		12,245,128
Rosetta Resources, Inc. (a)	34,400		2,061,936
Tesoro Corp.	150,200		7,343,278
Valero Energy Corp.	38,500		1,585,045
Whiting Petroleum Corp. (a)	92,600		6,194,014
			61,688,359
TOTAL ENERGY			100,827,210
FINANCIALS - 31.5%
Capital Markets - 5.8%
Apollo Global Management LLC Class A	482,600		15,568,676
Carlyle Group LP	308,200		9,529,544
Invesco Ltd.	672,800		22,707,000
KKR & Co. LP	809,300		17,764,135
The Blackstone Group LP	716,600		18,832,248
			84,401,603
Commercial Banks - 6.0%
BB&T Corp.	497,900		16,913,663
Fifth Third Bancorp	1,256,657		23,914,183
Huntington Bancshares, Inc.	1,619,200		14,248,960
M&T Bank Corp. (d)	229,800		25,859,393
U.S. Bancorp	194,600		7,270,256
			88,206,455
Consumer Finance - 1.6%
SLM Corp.	935,000		23,720,950
Diversified Financial Services - 0.8%
The NASDAQ Stock Market, Inc.	328,200		11,628,126
Insurance - 7.5%
Allied World Assurance Co. Holdings Ltd.	163,400		17,694,586
Everest Re Group Ltd.	125,300		19,263,622
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Fidelity National Financial, Inc. Class A	793,500		$ 22,337,025
Hanover Insurance Group, Inc.	177,600		10,396,704
Hartford Financial Services Group, Inc.	658,000		22,174,600
ProAssurance Corp.	177,100		8,026,172
Symetra Financial Corp.	554,749		10,390,449
			110,283,158
Real Estate Investment Trusts - 9.4%
American Capital Agency Corp.	832,000		18,071,040
American Tower Corp.	128,400		10,188,540
Camden Property Trust (SBI)	126,700		8,134,140
CBL & Associates Properties, Inc.	950,900		18,837,329
Cousins Properties, Inc.	732,300		8,296,959
Equity Lifestyle Properties, Inc.	497,800		18,911,422
MFA Financial, Inc.	1,480,200		10,968,282
NorthStar Realty Finance Corp.	1,975,000		18,426,750
Pennsylvania Real Estate Investment Trust (SBI)	560,700		10,165,491
RLJ Lodging Trust	582,600		14,716,476
			136,716,429
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	248,600		5,774,978
TOTAL FINANCIALS			460,731,699
HEALTH CARE - 8.8%
Biotechnology - 0.9%
United Therapeutics Corp. (a)	146,000		12,923,920
Health Care Equipment & Supplies - 1.4%
C.R. Bard, Inc.	37,800		5,149,116
Sirona Dental Systems, Inc. (a)	21,000		1,517,250
St. Jude Medical, Inc.	234,300		13,446,477
			20,112,843
Health Care Providers & Services - 4.5%
AmerisourceBergen Corp.	56,200		3,671,546
Cardinal Health, Inc.	122,300		7,174,118
CIGNA Corp.	266,800		20,538,264
Community Health Systems, Inc.	202,200		8,821,986
HCA Holdings, Inc.	294,600		13,887,444
Omnicare, Inc.	232,800		12,838,920
			66,932,278
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 2.0%
Actavis PLC (a)	91,100		$ 14,082,238
Mylan, Inc. (a)	229,700		8,698,739
Teva Pharmaceutical Industries Ltd. sponsored ADR	180,400		6,691,036
			29,472,013
TOTAL HEALTH CARE			129,441,054
INDUSTRIALS - 9.2%
Aerospace & Defense - 1.2%
Esterline Technologies Corp. (a)	173,100		13,875,696
Meggitt PLC	409,600		3,759,909
			17,635,605
Air Freight & Logistics - 0.2%
C.H. Robinson Worldwide, Inc. (d)	60,100		3,590,374
Commercial Services & Supplies - 0.9%
Tetra Tech, Inc. (a)	512,500		13,391,625
Construction & Engineering - 2.1%
AECOM Technology Corp. (a)	478,000		15,190,840
URS Corp.	275,803		14,954,039
			30,144,879
Electrical Equipment - 0.7%
EnerSys	110,600		7,338,310
Rockwell Automation, Inc.	26,100		2,881,701
			10,220,011
Machinery - 1.5%
Cummins, Inc.	40,900		5,195,118
Dover Corp.	60,200		5,525,758
Terex Corp. (a)	165,100		5,770,245
Valmont Industries, Inc.	37,300		5,240,650
			21,731,771
Professional Services - 1.3%
Dun & Bradstreet Corp.	171,500		18,657,485
Trading Companies & Distributors - 1.3%
WESCO International, Inc. (a)	218,300		18,655,918
TOTAL INDUSTRIALS			134,027,668
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 12.5%
Communications Equipment - 0.6%
Plantronics, Inc.	206,400		$ 8,862,816
Computers & Peripherals - 1.5%
EMC Corp.	493,300		11,873,731
Western Digital Corp.	137,200		9,553,236
			21,426,967
Electronic Equipment & Components - 2.1%
Arrow Electronics, Inc. (a)	198,200		9,517,564
Avnet, Inc.	226,600		8,996,020
Jabil Circuit, Inc.	602,900		12,576,494
			31,090,078
IT Services - 3.2%
Amdocs Ltd.	320,700		12,330,915
Cognizant Technology Solutions Corp. Class A (a)	99,500		8,649,535
Leidos Holdings, Inc. (d)	102,125		4,809,066
The Western Union Co.	435,400		7,410,508
Total System Services, Inc.	440,300		13,134,149
			46,334,173
Semiconductors & Semiconductor Equipment - 1.6%
Avago Technologies Ltd.	188,900		8,581,727
Broadcom Corp. Class A	267,500		7,147,600
Skyworks Solutions, Inc. (a)	295,600		7,620,568
			23,349,895
Software - 3.5%
CA Technologies, Inc.	480,700		15,267,032
Check Point Software Technologies Ltd. (a)	188,500		10,936,770
Symantec Corp.	673,700		15,319,938
Synopsys, Inc. (a)	288,300		10,508,535
			52,032,275
TOTAL INFORMATION TECHNOLOGY			183,096,204
MATERIALS - 5.6%
Chemicals - 2.6%
Cabot Corp.	184,200		8,585,562
CF Industries Holdings, Inc.	66,700		14,380,520
Eastman Chemical Co.	193,200		15,222,228
			38,188,310
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.8%
Graphic Packaging Holding Co. (a)	1,314,700		$ 11,043,480
Silgan Holdings, Inc.	28,600		1,289,002
			12,332,482
Metals & Mining - 1.2%
Reliance Steel & Aluminum Co.	215,200		15,772,008
Steel Dynamics, Inc.	122,000		2,192,340
			17,964,348
Paper & Forest Products - 1.0%
International Paper Co.	318,100		14,190,441
TOTAL MATERIALS			82,675,581
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Telephone & Data Systems, Inc.	52,200		1,627,596
UTILITIES - 11.7%
Electric Utilities - 4.8%
Edison International	511,500		25,078,845
IDACORP, Inc.	351,000		18,111,600
PNM Resources, Inc.	517,300		12,373,816
Xcel Energy, Inc.	526,800		15,203,448
			70,767,709
Gas Utilities - 1.0%
Atmos Energy Corp.	332,500		14,719,775
Independent Power Producers & Energy Traders - 0.9%
The AES Corp.	914,700		12,888,123
Multi-Utilities - 5.0%
Ameren Corp.	639,000		23,119,020
CMS Energy Corp.	682,500		18,741,450
DTE Energy Co.	266,100		18,398,154
NiSource, Inc.	398,300		12,554,416
			72,813,040
TOTAL UTILITIES			171,188,647
TOTAL COMMON STOCKS (Cost $1,287,727,757)		1,433,499,402
Money Market Funds - 4.1%
	Shares		Value
Fidelity Cash Central Fund, 0.09% (b)	34,133,988		$ 34,133,988
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	26,059,750		26,059,750
TOTAL MONEY MARKET FUNDS (Cost $60,193,738)		60,193,738
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,347,921,495)			1,493,693,140
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(28,992,696)
NET ASSETS - 100%		$ 1,464,700,444

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,651
Fidelity Securities Lending Cash Central Fund	50,348
Total	$ 67,999

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $1,349,483,670. Net unrealized appreciation aggregated $144,209,470, of which $162,029,895 related to appreciated investment securities and $17,820,425 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Mid Cap Value Fund

October 31, 2013

1.809074.110

MCV-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
CONSUMER DISCRETIONARY - 9.0%
Hotels, Restaurants & Leisure - 1.0%
Wyndham Worldwide Corp.	209,900		$ 13,937,360
Household Durables - 1.0%
PulteGroup, Inc.	125,400		2,213,310
Whirlpool Corp.	84,000		12,264,840
			14,478,150
Media - 0.8%
Sinclair Broadcast Group, Inc. Class A	383,300		12,288,598
Multiline Retail - 1.2%
Macy's, Inc.	392,200		18,084,342
Specialty Retail - 3.5%
AutoZone, Inc. (a)	36,000		15,648,840
Best Buy Co., Inc.	88,900		3,804,920
GameStop Corp. Class A	131,400		7,203,348
Murphy U.S.A., Inc.	152,000		6,168,160
Staples, Inc.	1,158,700		18,678,244
			51,503,512
Textiles, Apparel & Luxury Goods - 1.5%
Coach, Inc.	235,500		11,935,140
Deckers Outdoor Corp. (a)(d)	135,400		9,319,582
			21,254,722
TOTAL CONSUMER DISCRETIONARY			131,546,684
CONSUMER STAPLES - 2.6%
Beverages - 1.0%
Molson Coors Brewing Co. Class B	278,100		15,017,400
Food & Staples Retailing - 0.4%
Kroger Co.	136,900		5,864,796
Food Products - 1.2%
Bunge Ltd.	81,500		6,693,595
Kellogg Co.	94,500		5,977,125
Tyson Foods, Inc. Class A	172,900		4,784,143
			17,454,863
TOTAL CONSUMER STAPLES			38,337,059
ENERGY - 6.9%
Energy Equipment & Services - 2.7%
Cameron International Corp. (a)	183,100		10,044,866
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Ensco PLC Class A	303,300		$ 17,485,245
National Oilwell Varco, Inc.	143,000		11,608,740
			39,138,851
Oil, Gas & Consumable Fuels - 4.2%
Cimarex Energy Co.	75,600		7,964,460
Energen Corp.	122,400		9,586,368
HollyFrontier Corp.	64,100		2,952,446
Marathon Oil Corp.	333,400		11,755,684
Peabody Energy Corp.	628,600		12,245,128
Rosetta Resources, Inc. (a)	34,400		2,061,936
Tesoro Corp.	150,200		7,343,278
Valero Energy Corp.	38,500		1,585,045
Whiting Petroleum Corp. (a)	92,600		6,194,014
			61,688,359
TOTAL ENERGY			100,827,210
FINANCIALS - 31.5%
Capital Markets - 5.8%
Apollo Global Management LLC Class A	482,600		15,568,676
Carlyle Group LP	308,200		9,529,544
Invesco Ltd.	672,800		22,707,000
KKR & Co. LP	809,300		17,764,135
The Blackstone Group LP	716,600		18,832,248
			84,401,603
Commercial Banks - 6.0%
BB&T Corp.	497,900		16,913,663
Fifth Third Bancorp	1,256,657		23,914,183
Huntington Bancshares, Inc.	1,619,200		14,248,960
M&T Bank Corp. (d)	229,800		25,859,393
U.S. Bancorp	194,600		7,270,256
			88,206,455
Consumer Finance - 1.6%
SLM Corp.	935,000		23,720,950
Diversified Financial Services - 0.8%
The NASDAQ Stock Market, Inc.	328,200		11,628,126
Insurance - 7.5%
Allied World Assurance Co. Holdings Ltd.	163,400		17,694,586
Everest Re Group Ltd.	125,300		19,263,622
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Fidelity National Financial, Inc. Class A	793,500		$ 22,337,025
Hanover Insurance Group, Inc.	177,600		10,396,704
Hartford Financial Services Group, Inc.	658,000		22,174,600
ProAssurance Corp.	177,100		8,026,172
Symetra Financial Corp.	554,749		10,390,449
			110,283,158
Real Estate Investment Trusts - 9.4%
American Capital Agency Corp.	832,000		18,071,040
American Tower Corp.	128,400		10,188,540
Camden Property Trust (SBI)	126,700		8,134,140
CBL & Associates Properties, Inc.	950,900		18,837,329
Cousins Properties, Inc.	732,300		8,296,959
Equity Lifestyle Properties, Inc.	497,800		18,911,422
MFA Financial, Inc.	1,480,200		10,968,282
NorthStar Realty Finance Corp.	1,975,000		18,426,750
Pennsylvania Real Estate Investment Trust (SBI)	560,700		10,165,491
RLJ Lodging Trust	582,600		14,716,476
			136,716,429
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	248,600		5,774,978
TOTAL FINANCIALS			460,731,699
HEALTH CARE - 8.8%
Biotechnology - 0.9%
United Therapeutics Corp. (a)	146,000		12,923,920
Health Care Equipment & Supplies - 1.4%
C.R. Bard, Inc.	37,800		5,149,116
Sirona Dental Systems, Inc. (a)	21,000		1,517,250
St. Jude Medical, Inc.	234,300		13,446,477
			20,112,843
Health Care Providers & Services - 4.5%
AmerisourceBergen Corp.	56,200		3,671,546
Cardinal Health, Inc.	122,300		7,174,118
CIGNA Corp.	266,800		20,538,264
Community Health Systems, Inc.	202,200		8,821,986
HCA Holdings, Inc.	294,600		13,887,444
Omnicare, Inc.	232,800		12,838,920
			66,932,278
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 2.0%
Actavis PLC (a)	91,100		$ 14,082,238
Mylan, Inc. (a)	229,700		8,698,739
Teva Pharmaceutical Industries Ltd. sponsored ADR	180,400		6,691,036
			29,472,013
TOTAL HEALTH CARE			129,441,054
INDUSTRIALS - 9.2%
Aerospace & Defense - 1.2%
Esterline Technologies Corp. (a)	173,100		13,875,696
Meggitt PLC	409,600		3,759,909
			17,635,605
Air Freight & Logistics - 0.2%
C.H. Robinson Worldwide, Inc. (d)	60,100		3,590,374
Commercial Services & Supplies - 0.9%
Tetra Tech, Inc. (a)	512,500		13,391,625
Construction & Engineering - 2.1%
AECOM Technology Corp. (a)	478,000		15,190,840
URS Corp.	275,803		14,954,039
			30,144,879
Electrical Equipment - 0.7%
EnerSys	110,600		7,338,310
Rockwell Automation, Inc.	26,100		2,881,701
			10,220,011
Machinery - 1.5%
Cummins, Inc.	40,900		5,195,118
Dover Corp.	60,200		5,525,758
Terex Corp. (a)	165,100		5,770,245
Valmont Industries, Inc.	37,300		5,240,650
			21,731,771
Professional Services - 1.3%
Dun & Bradstreet Corp.	171,500		18,657,485
Trading Companies & Distributors - 1.3%
WESCO International, Inc. (a)	218,300		18,655,918
TOTAL INDUSTRIALS			134,027,668
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 12.5%
Communications Equipment - 0.6%
Plantronics, Inc.	206,400		$ 8,862,816
Computers & Peripherals - 1.5%
EMC Corp.	493,300		11,873,731
Western Digital Corp.	137,200		9,553,236
			21,426,967
Electronic Equipment & Components - 2.1%
Arrow Electronics, Inc. (a)	198,200		9,517,564
Avnet, Inc.	226,600		8,996,020
Jabil Circuit, Inc.	602,900		12,576,494
			31,090,078
IT Services - 3.2%
Amdocs Ltd.	320,700		12,330,915
Cognizant Technology Solutions Corp. Class A (a)	99,500		8,649,535
Leidos Holdings, Inc. (d)	102,125		4,809,066
The Western Union Co.	435,400		7,410,508
Total System Services, Inc.	440,300		13,134,149
			46,334,173
Semiconductors & Semiconductor Equipment - 1.6%
Avago Technologies Ltd.	188,900		8,581,727
Broadcom Corp. Class A	267,500		7,147,600
Skyworks Solutions, Inc. (a)	295,600		7,620,568
			23,349,895
Software - 3.5%
CA Technologies, Inc.	480,700		15,267,032
Check Point Software Technologies Ltd. (a)	188,500		10,936,770
Symantec Corp.	673,700		15,319,938
Synopsys, Inc. (a)	288,300		10,508,535
			52,032,275
TOTAL INFORMATION TECHNOLOGY			183,096,204
MATERIALS - 5.6%
Chemicals - 2.6%
Cabot Corp.	184,200		8,585,562
CF Industries Holdings, Inc.	66,700		14,380,520
Eastman Chemical Co.	193,200		15,222,228
			38,188,310
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.8%
Graphic Packaging Holding Co. (a)	1,314,700		$ 11,043,480
Silgan Holdings, Inc.	28,600		1,289,002
			12,332,482
Metals & Mining - 1.2%
Reliance Steel & Aluminum Co.	215,200		15,772,008
Steel Dynamics, Inc.	122,000		2,192,340
			17,964,348
Paper & Forest Products - 1.0%
International Paper Co.	318,100		14,190,441
TOTAL MATERIALS			82,675,581
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Telephone & Data Systems, Inc.	52,200		1,627,596
UTILITIES - 11.7%
Electric Utilities - 4.8%
Edison International	511,500		25,078,845
IDACORP, Inc.	351,000		18,111,600
PNM Resources, Inc.	517,300		12,373,816
Xcel Energy, Inc.	526,800		15,203,448
			70,767,709
Gas Utilities - 1.0%
Atmos Energy Corp.	332,500		14,719,775
Independent Power Producers & Energy Traders - 0.9%
The AES Corp.	914,700		12,888,123
Multi-Utilities - 5.0%
Ameren Corp.	639,000		23,119,020
CMS Energy Corp.	682,500		18,741,450
DTE Energy Co.	266,100		18,398,154
NiSource, Inc.	398,300		12,554,416
			72,813,040
TOTAL UTILITIES			171,188,647
TOTAL COMMON STOCKS (Cost $1,287,727,757)		1,433,499,402
Money Market Funds - 4.1%
	Shares		Value
Fidelity Cash Central Fund, 0.09% (b)	34,133,988		$ 34,133,988
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	26,059,750		26,059,750
TOTAL MONEY MARKET FUNDS (Cost $60,193,738)		60,193,738
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $1,347,921,495)			1,493,693,140
NET OTHER ASSETS (LIABILITIES) - (2.0)%			(28,992,696)
NET ASSETS - 100%		$ 1,464,700,444

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 17,651
Fidelity Securities Lending Cash Central Fund	50,348
Total	$ 67,999

Other Information

Income Tax Information

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series All-Sector
Equity Fund

October 31, 2013

1.884778.109

ASE-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 13.1%
Hotels, Restaurants & Leisure - 2.0%
Starbucks Corp.	596,456		$ 48,342,759
Wynn Resorts Ltd.	376,100		62,526,625
Yum! Brands, Inc.	1,450,007		98,049,473
			208,918,857
Internet & Catalog Retail - 1.5%
Liberty Media Corp. Interactive Series A (a)	4,499,925		121,317,978
priceline.com, Inc. (a)	34,817		36,691,199
			158,009,177
Media - 5.5%
DIRECTV (a)	1,462,406		91,385,751
Legend Pictures LLC (a)(d)(e)	3,706		6,681,918
Liberty Global PLC Class A (a)	736,800		57,743,016
Liberty Media Corp. Class A (a)	238,800		36,514,908
The Walt Disney Co.	1,460,500		100,175,695
Time Warner, Inc.	1,926,700		132,441,358
Twenty-First Century Fox, Inc. Class A	4,368,453		148,876,878
			573,819,524
Multiline Retail - 1.0%
Dollar General Corp. (a)	1,834,111		105,974,934
Specialty Retail - 1.6%
Lowe's Companies, Inc.	1,178,874		58,684,348
TJX Companies, Inc.	1,791,790		108,922,914
			167,607,262
Textiles, Apparel & Luxury Goods - 1.5%
Fossil Group, Inc. (a)	257,500		32,687,050
NIKE, Inc. Class B	778,500		58,979,160
PVH Corp.	370,076		46,100,367
Under Armour, Inc. Class A (sub. vtg.) (a)	217,813		17,675,525
			155,442,102
TOTAL CONSUMER DISCRETIONARY			1,369,771,856
CONSUMER STAPLES - 9.2%
Beverages - 2.2%
Brown-Forman Corp. Class B (non-vtg.)	231,350		16,883,923
Constellation Brands, Inc. Class A (sub. vtg.) (a)	321,804		21,013,801
Molson Coors Brewing Co. Class B	557,424		30,100,896
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Beverages - continued
Monster Beverage Corp. (a)	267,200		$ 15,291,856
The Coca-Cola Co.	3,795,792		150,199,489
			233,489,965
Food & Staples Retailing - 2.1%
CVS Caremark Corp.	1,316,281		81,951,655
Kroger Co.	1,542,700		66,089,268
Walgreen Co.	1,215,982		72,034,774
			220,075,697
Food Products - 0.9%
Bunge Ltd.	301,252		24,741,827
Green Mountain Coffee Roasters, Inc. (a)	213,680		13,421,241
Mead Johnson Nutrition Co. Class A	692,300		56,533,218
			94,696,286
Household Products - 1.1%
Colgate-Palmolive Co.	1,636,584		105,936,082
Energizer Holdings, Inc.	129,500		12,705,245
			118,641,327
Personal Products - 0.2%
Estee Lauder Companies, Inc. Class A	240,156		17,041,470
Tobacco - 2.7%
Altria Group, Inc.	2,637,930		98,210,134
Philip Morris International, Inc.	1,988,998		177,259,502
			275,469,636
TOTAL CONSUMER STAPLES			959,414,381
ENERGY - 9.2%
Energy Equipment & Services - 1.6%
Cameron International Corp. (a)	656,282		36,003,631
Halliburton Co.	1,093,940		58,011,638
National Oilwell Varco, Inc.	581,374		47,195,941
Oil States International, Inc. (a)	133,700		14,523,831
Rowan Companies PLC (a)	485,683		17,523,443
			173,258,484
Oil, Gas & Consumable Fuels - 7.6%
Anadarko Petroleum Corp.	881,981		84,043,969
Cabot Oil & Gas Corp.	564,000		19,920,480
Chevron Corp.	834,529		100,110,099
Cobalt International Energy, Inc. (a)	619,800		14,385,558
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Concho Resources, Inc. (a)	216,231		$ 23,917,311
ConocoPhillips Co.	1,541,000		112,955,300
Continental Resources, Inc. (a)	220,694		25,137,047
EOG Resources, Inc.	237,300		42,334,320
Exxon Mobil Corp.	1,538,224		137,855,635
Marathon Oil Corp.	1,386,489		48,887,602
Noble Energy, Inc.	662,124		49,612,951
Occidental Petroleum Corp.	268,925		25,838,314
Phillips 66 Co.	859,200		55,358,256
Spectra Energy Corp.	653,835		23,256,911
Teekay Corp.	262,046		11,380,658
The Williams Companies, Inc.	408,700		14,594,677
			789,589,088
TOTAL ENERGY			962,847,572
FINANCIALS - 16.6%
Capital Markets - 2.4%
Ameriprise Financial, Inc.	447,600		45,001,704
BlackRock, Inc. Class A	190,618		57,339,801
E*TRADE Financial Corp. (a)	1,491,252		25,217,071
Invesco Ltd.	1,138,500		38,424,375
Morgan Stanley	1,260,700		36,219,911
Northern Trust Corp.	327,400		18,471,908
State Street Corp.	147,400		10,328,318
TD Ameritrade Holding Corp.	594,900		16,216,974
			247,220,062
Commercial Banks - 2.2%
CIT Group, Inc.	233,233		11,232,501
Huntington Bancshares, Inc.	2,157,357		18,984,742
PNC Financial Services Group, Inc.	105,100		7,728,003
Synovus Financial Corp.	3,945,660		12,823,395
U.S. Bancorp	4,314,378		161,185,162
Wells Fargo & Co.	418,492		17,865,423
			229,819,226
Consumer Finance - 2.8%
Capital One Financial Corp.	3,002,180		206,159,701
Discover Financial Services	462,532		23,996,160
SLM Corp.	2,599,246		65,942,871
			296,098,732
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 5.4%
Bank of America Corp.	11,281,687		$ 157,492,351
Berkshire Hathaway, Inc.:
Class A (a)	166		28,717,137
Class B (a)	339,303		39,046,989
Citigroup, Inc.	2,701,084		131,758,878
IntercontinentalExchange, Inc. (a)	111,000		21,393,030
JPMorgan Chase & Co.	3,652,634		188,256,756
			566,665,141
Insurance - 1.8%
ACE Ltd.	429,231		40,965,807
AFLAC, Inc.	174,000		11,306,520
Hartford Financial Services Group, Inc.	376,642		12,692,835
Marsh & McLennan Companies, Inc.	970,100		44,430,580
MetLife, Inc.	852,341		40,324,253
The Travelers Companies, Inc.	314,073		27,104,500
Validus Holdings Ltd.	441,961		17,448,620
			194,273,115
Real Estate Investment Trusts - 1.6%
Camden Property Trust (SBI)	188,042		12,072,296
CBL & Associates Properties, Inc.	981,500		19,443,515
Cousins Properties, Inc.	1,908,100		21,618,773
DDR Corp.	1,160,200		19,665,390
Equity Lifestyle Properties, Inc.	1,180,300		44,839,597
Prologis, Inc.	657,800		26,279,110
The Macerich Co.	339,118		20,079,177
			163,997,858
Real Estate Management & Development - 0.4%
CBRE Group, Inc. (a)	1,630,500		37,876,515
TOTAL FINANCIALS			1,735,950,649
HEALTH CARE - 12.7%
Biotechnology - 3.0%
Alexion Pharmaceuticals, Inc. (a)	346,200		42,565,290
Amgen, Inc.	793,665		92,065,140
ARIAD Pharmaceuticals, Inc. (a)	1,053,200		2,317,040
Biogen Idec, Inc. (a)	243,624		59,490,545
Gilead Sciences, Inc. (a)	1,636,492		116,174,567
			312,612,582
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.9%
Boston Scientific Corp. (a)	4,684,400		$ 54,760,636
Covidien PLC	877,151		56,234,151
Stryker Corp.	628,200		46,398,852
The Cooper Companies, Inc.	306,015		39,540,198
			196,933,837
Health Care Providers & Services - 1.9%
CIGNA Corp.	770,534		59,315,707
HCA Holdings, Inc.	239,500		11,290,030
Henry Schein, Inc. (a)	417,587		46,949,306
McKesson Corp.	359,854		56,259,574
MEDNAX, Inc. (a)	224,600		24,485,892
			198,300,509
Health Care Technology - 0.4%
Cerner Corp. (a)	699,000		39,164,970
Life Sciences Tools & Services - 0.9%
Illumina, Inc. (a)	499,200		46,680,192
Thermo Fisher Scientific, Inc.	529,400		51,764,732
			98,444,924
Pharmaceuticals - 4.6%
AbbVie, Inc.	1,740,200		84,312,690
Actavis PLC (a)	358,000		55,339,640
Bristol-Myers Squibb Co.	1,385,900		72,787,468
Merck & Co., Inc.	603,946		27,231,925
Perrigo Co.	314,000		43,297,460
Pfizer, Inc.	5,000,209		153,406,412
Zoetis, Inc. Class A	1,307,235		41,387,060
			477,762,655
TOTAL HEALTH CARE			1,323,219,477
INDUSTRIALS - 11.0%
Aerospace & Defense - 2.1%
Honeywell International, Inc.	717,105		62,194,517
Precision Castparts Corp.	211,890		53,703,521
United Technologies Corp.	962,248		102,238,850
			218,136,888
Air Freight & Logistics - 0.5%
FedEx Corp.	418,200		54,784,200
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.3%
Waste Connections, Inc.	739,305		$ 31,597,896
Construction & Engineering - 0.2%
URS Corp.	350,800		19,020,376
Electrical Equipment - 1.5%
Eaton Corp. PLC	761,100		53,703,216
Hubbell, Inc. Class B	461,200		49,597,448
Rockwell Automation, Inc.	450,300		49,717,623
			153,018,287
Industrial Conglomerates - 0.8%
Danaher Corp.	1,179,496		85,029,867
Machinery - 3.0%
Caterpillar, Inc.	850,100		70,864,336
Cummins, Inc.	322,282		40,936,260
Manitowoc Co., Inc.	1,545,800		30,081,268
Pall Corp.	537,227		43,257,518
Parker Hannifin Corp.	432,300		50,458,056
Valmont Industries, Inc.	267,194		37,540,757
Wabtec Corp.	665,500		43,383,945
			316,522,140
Professional Services - 1.3%
Nielsen Holdings B.V.	1,392,200		54,908,368
Towers Watson & Co.	416,748		47,846,838
Verisk Analytics, Inc. (a)	437,000		29,943,240
			132,698,446
Road & Rail - 1.0%
J.B. Hunt Transport Services, Inc.	515,650		38,689,220
Union Pacific Corp.	417,900		63,270,060
			101,959,280
Trading Companies & Distributors - 0.3%
W.W. Grainger, Inc.	122,074		32,834,244
TOTAL INDUSTRIALS			1,145,601,624
INFORMATION TECHNOLOGY - 17.5%
Communications Equipment - 2.5%
Cisco Systems, Inc.	3,928,700		88,395,750
F5 Networks, Inc. (a)	231,800		18,894,018
Juniper Networks, Inc. (a)	3,453,100		64,365,784
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Polycom, Inc. (a)	866,800		$ 9,014,720
QUALCOMM, Inc.	1,224,300		85,052,121
			265,722,393
Computers & Peripherals - 4.8%
Apple, Inc.	715,406		373,692,322
EMC Corp.	1,442,500		34,720,975
NCR Corp. (a)	2,490,551		91,029,639
			499,442,936
Electronic Equipment & Components - 0.3%
Jabil Circuit, Inc.	1,550,665		32,346,872
Internet Software & Services - 3.6%
Facebook, Inc. Class A (a)	1,624,800		81,662,448
Google, Inc. Class A (a)	150,900		155,514,522
IAC/InterActiveCorp	127,400		6,801,886
Yahoo!, Inc. (a)	4,156,200		136,863,666
			380,842,522
IT Services - 1.9%
Cognizant Technology Solutions Corp. Class A (a)	551,000		47,898,430
Fidelity National Information Services, Inc.	854,200		41,642,250
Fiserv, Inc. (a)	327,900		34,340,967
FleetCor Technologies, Inc. (a)	130,500		15,053,175
Global Payments, Inc.	230,700		13,722,036
Total System Services, Inc.	569,200		16,979,236
Visa, Inc. Class A	121,100		23,816,737
			193,452,831
Semiconductors & Semiconductor Equipment - 0.4%
Broadcom Corp. Class A	270,400		7,225,088
Micron Technology, Inc. (a)	1,045,800		18,489,744
Skyworks Solutions, Inc. (a)	422,331		10,887,693
			36,602,525
Software - 4.0%
Adobe Systems, Inc. (a)	980,400		53,137,680
Compuware Corp.	316,900		3,384,492
Electronic Arts, Inc. (a)	1,995,251		52,375,339
Microsoft Corp.	5,032,300		177,891,805
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Oracle Corp.	2,624,900		$ 87,934,150
salesforce.com, Inc. (a)	791,204		42,218,645
			416,942,111
TOTAL INFORMATION TECHNOLOGY			1,825,352,190
MATERIALS - 3.7%
Chemicals - 2.9%
Airgas, Inc.	219,200		23,908,144
Ashland, Inc.	310,100		28,699,755
Eastman Chemical Co.	471,803		37,173,358
Ecolab, Inc.	348,295		36,919,270
FMC Corp.	524,000		38,126,240
LyondellBasell Industries NV Class A	543,479		40,543,533
Monsanto Co.	450,500		47,248,440
Sigma Aldrich Corp.	311,600		26,931,588
The Mosaic Co.	426,500		19,555,025
			299,105,353
Construction Materials - 0.3%
Vulcan Materials Co.	511,200		27,374,760
Containers & Packaging - 0.2%
Rock-Tenn Co. Class A	238,130		25,482,291
Metals & Mining - 0.3%
Carpenter Technology Corp.	220,700		13,094,131
Southern Copper Corp.	562,300		15,716,285
			28,810,416
TOTAL MATERIALS			380,772,820
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 1.3%
Level 3 Communications, Inc. (a)	469,700		14,349,335
tw telecom, Inc. (a)	165,300		5,210,256
Verizon Communications, Inc.	2,366,693		119,541,663
			139,101,254
Wireless Telecommunication Services - 1.0%
Crown Castle International Corp. (a)	169,512		12,886,302
SBA Communications Corp. Class A (a)	705,600		61,718,832
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
T-Mobile U.S., Inc. (a)	857,463		$ 23,777,449
Telephone & Data Systems, Inc.	226,008		7,046,929
			105,429,512
TOTAL TELECOMMUNICATION SERVICES			244,530,766
UTILITIES - 3.3%
Electric Utilities - 1.3%
American Electric Power Co., Inc.	552,772		25,891,840
Duke Energy Corp.	865,731		62,098,885
Edison International	604,273		29,627,505
Entergy Corp.	103,100		6,672,632
OGE Energy Corp.	120,885		4,460,657
PPL Corp.	326,700		10,006,821
			138,758,340
Gas Utilities - 0.3%
National Fuel Gas Co.	201,236		14,398,436
ONEOK, Inc.	236,139		13,341,854
			27,740,290
Independent Power Producers & Energy Traders - 0.4%
NRG Energy, Inc.	1,092,618		31,172,392
The AES Corp.	831,964		11,722,373
			42,894,765
Multi-Utilities - 1.3%
Ameren Corp.	132,500		4,793,850
CenterPoint Energy, Inc.	1,437,456		35,361,418
Dominion Resources, Inc.	86,300		5,501,625
NiSource, Inc.	454,236		14,317,519
PG&E Corp.	739,167		30,934,139
Sempra Energy	448,344		40,862,072
			131,770,623
TOTAL UTILITIES			341,164,018
TOTAL COMMON STOCKS (Cost $8,059,387,037)		10,288,625,353

U.S. Treasury Obligations - 0.1%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.05% 11/7/13 to 1/2/14 (c) (Cost $3,569,925)	$ 3,570,000	$ 3,569,937

Money Market Funds - 1.1%
	Shares
Fidelity Cash Central Fund, 0.09% (b) (Cost $116,178,643)	116,178,643		116,178,643
TOTAL INVESTMENT PORTFOLIO - 99.8% (Cost $8,179,135,605)			10,408,373,933
NET OTHER ASSETS (LIABILITIES) - 0.2%			25,318,106
NET ASSETS - 100%		$ 10,433,692,039

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
305 CME E-mini S&P 500 Index Contracts (United States)	Dec. 2013	$ 26,702,750	$ 43,864

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

Legend

(a) Non-income producing

(c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,389,986.

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

(e) 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 $6,681,918 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 180,032
Fidelity Securities Lending Cash Central Fund	74,176
Total	$ 254,208

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,369,771,856	$ 1,363,089,938	$ -	$ 6,681,918
Consumer Staples	959,414,381	959,414,381	-	-
Energy	962,847,572	962,847,572	-	-
Financials	1,735,950,649	1,735,950,649	-	-
Health Care	1,323,219,477	1,323,219,477	-	-
Industrials	1,145,601,624	1,145,601,624	-	-
Information Technology	1,825,352,190	1,825,352,190	-	-
Materials	380,772,820	380,772,820	-	-
Telecommunication Services	244,530,766	244,530,766	-	-
Utilities	341,164,018	341,164,018	-	-
U.S. Government and Government Agency Obligations	3,569,937	-	3,569,937	-
Money Market Funds	116,178,643	116,178,643	-	-
Total Investments in Securities:	$ 10,408,373,933	$ 10,398,122,078	$ 3,569,937	$ 6,681,918
Derivative Instruments:
Assets
Futures Contracts	$ 43,864	$ 43,864	$ -	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $8,197,896,672. Net unrealized appreciation aggregated $2,210,477,261, of which $2,250,984,646 related to appreciated investment securities and $40,507,385 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series
Equity-Income Fund

October 31, 2013

1.950997.100

EDT-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value
CONSUMER DISCRETIONARY - 8.4%
Auto Components - 0.3%
Gentex Corp.	898,210		$ 26,443,302
Hotels, Restaurants & Leisure - 1.8%
McDonald's Corp.	810,969		78,274,728
Texas Roadhouse, Inc. Class A	457,972		12,557,592
Yum! Brands, Inc.	646,633		43,725,323
			134,557,643
Media - 2.8%
Comcast Corp. Class A	2,460,003		117,046,943
Sinclair Broadcast Group, Inc. Class A	355,900		11,410,154
Time Warner, Inc.	1,230,230		84,566,010
			213,023,107
Multiline Retail - 2.6%
Kohl's Corp.	1,109,400		63,013,920
Target Corp.	2,037,619		132,017,335
			195,031,255
Specialty Retail - 0.9%
American Eagle Outfitters, Inc.	1,406,760		21,790,712
Foot Locker, Inc.	707,200		24,539,840
Staples, Inc.	1,353,500		21,818,420
			68,148,972
TOTAL CONSUMER DISCRETIONARY			637,204,279
CONSUMER STAPLES - 10.6%
Beverages - 1.3%
Molson Coors Brewing Co. Class B	696,700		37,621,800
The Coca-Cola Co.	1,481,400		58,618,998
			96,240,798
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	627,343		39,058,375
Wal-Mart Stores, Inc.	457,200		35,090,100
Walgreen Co.	2,182,768		129,307,176
			203,455,651
Food Products - 1.3%
Kellogg Co.	1,616,897		102,268,735
Household Products - 2.5%
Procter & Gamble Co.	2,361,800		190,715,350
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 2.8%
Altria Group, Inc.	1,794,700		$ 66,816,681
Lorillard, Inc.	1,538,824		78,495,412
Philip Morris International, Inc.	724,833		64,597,117
			209,909,210
TOTAL CONSUMER STAPLES			802,589,744
ENERGY - 14.7%
Energy Equipment & Services - 1.5%
Ensco PLC Class A	424,700		24,483,955
Halliburton Co.	61,103		3,240,292
National Oilwell Varco, Inc.	500,265		40,611,513
Noble Corp.	740,600		27,920,620
Schlumberger Ltd.	196,100		18,378,492
			114,634,872
Oil, Gas & Consumable Fuels - 13.2%
Access Midstream Partners LP	129,887		6,954,150
Apache Corp.	805,241		71,505,401
Chevron Corp.	2,732,103		327,743,076
CONSOL Energy, Inc.	575,051		20,989,362
EV Energy Partners LP	573,900		21,136,737
Exxon Mobil Corp.	3,176,397		284,668,699
Hess Corp.	386,400		31,375,680
Holly Energy Partners LP	377,400		12,016,416
HollyFrontier Corp.	219,573		10,113,532
Legacy Reserves LP	275,000		7,328,750
Markwest Energy Partners LP	489,477		36,358,352
Occidental Petroleum Corp.	739,132		71,015,803
Scorpio Tankers, Inc.	331,650		3,827,241
The Williams Companies, Inc.	2,400,833		85,733,746
Tsakos Energy Navigation Ltd.	733,299		3,673,828
Williams Partners LP	145,700		7,491,894
			1,001,932,667
TOTAL ENERGY			1,116,567,539
Common Stocks - continued
	Shares		Value
FINANCIALS - 22.4%
Capital Markets - 2.9%
Apollo Investment Corp.	3,427,313		$ 29,234,980
BlackRock, Inc. Class A	73,478		22,102,917
Carlyle Group LP	217,100		6,712,732
Charles Schwab Corp.	1,527,107		34,588,974
Greenhill & Co., Inc.	147,000		7,541,100
KKR & Co. LP	1,659,679		36,429,954
Morgan Stanley	1,869,200		53,702,116
The Blackstone Group LP	1,106,839		29,087,729
			219,400,502
Commercial Banks - 7.0%
CIT Group, Inc.	150,000		7,224,000
Comerica, Inc.	852,100		36,895,930
M&T Bank Corp. (d)	705,400		79,378,662
PNC Financial Services Group, Inc.	182,000		13,382,460
U.S. Bancorp	1,945,800		72,695,088
Wells Fargo & Co.	7,602,900		324,567,801
			534,143,941
Diversified Financial Services - 4.4%
JPMorgan Chase & Co.	5,667,650		292,110,681
KKR Financial Holdings LLC	4,465,100		44,249,141
			336,359,822
Insurance - 5.5%
ACE Ltd.	663,218		63,297,526
AFLAC, Inc.	457,207		29,709,311
MetLife, Inc.	4,587,700		217,044,087
Prudential Financial, Inc.	845,400		68,807,106
Validus Holdings Ltd.	1,011,668		39,940,653
			418,798,683
Real Estate Investment Trusts - 2.4%
American Capital Agency Corp.	2,138,325		46,444,419
Annaly Capital Management, Inc.	3,912,904		46,133,138
Coresite Realty Corp.	98,203		3,185,705
First Potomac Realty Trust	938,071		11,528,893
Home Properties, Inc.	370,600		22,350,886
Rayonier, Inc.	383,500		18,032,170
Retail Properties America, Inc.	753,250		10,779,008
Two Harbors Investment Corp.	1,728,969		16,131,281
Ventas, Inc.	114,500		7,469,980
			182,055,480
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	818,392		$ 11,923,971
TOTAL FINANCIALS			1,702,682,399
HEALTH CARE - 10.6%
Biotechnology - 0.2%
Amgen, Inc.	140,477		16,295,332
Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.	482,676		31,793,868
Covidien PLC	306,700		19,662,537
Hologic, Inc. (a)	86,500		1,936,735
St. Jude Medical, Inc.	231,400		13,280,046
			66,673,186
Health Care Providers & Services - 1.8%
Aetna, Inc.	386,760		24,249,852
Quest Diagnostics, Inc.	420,316		25,181,132
UnitedHealth Group, Inc.	651,563		44,475,690
WellPoint, Inc. (e)	549,950		46,635,760
			140,542,434
Health Care Technology - 0.1%
Quality Systems, Inc.	408,725		9,327,105
Pharmaceuticals - 7.6%
AbbVie, Inc.	632,800		30,659,160
Actavis PLC (a)	302,212		46,715,931
Eli Lilly & Co.	895,543		44,615,952
Johnson & Johnson (e)	2,173,700		201,306,357
Merck & Co., Inc.	3,565,500		160,768,395
Pfizer, Inc.	2,999,977		92,039,294
			576,105,089
TOTAL HEALTH CARE			808,943,146
INDUSTRIALS - 9.4%
Aerospace & Defense - 0.6%
United Technologies Corp.	449,500		47,759,375
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Air Freight & Logistics - 2.2%
C.H. Robinson Worldwide, Inc.	857,072		$ 51,201,481
United Parcel Service, Inc. Class B	1,165,600		114,508,544
			165,710,025
Commercial Services & Supplies - 0.9%
Republic Services, Inc.	2,077,207		69,524,118
Electrical Equipment - 0.6%
Eaton Corp. PLC	162,800		11,487,168
Emerson Electric Co.	253,840		16,999,665
Hubbell, Inc. Class B	124,781		13,418,949
			41,905,782
Industrial Conglomerates - 3.3%
General Electric Co.	9,720,228		254,086,760
Machinery - 1.3%
Cummins, Inc.	195,135		24,786,048
Illinois Tool Works, Inc.	146,885		11,573,069
Stanley Black & Decker, Inc.	737,921		58,362,172
			94,721,289
Professional Services - 0.1%
Acacia Research Corp.	330,694		4,990,172
Road & Rail - 0.4%
CSX Corp.	1,265,500		32,978,930
TOTAL INDUSTRIALS			711,676,451
INFORMATION TECHNOLOGY - 11.6%
Communications Equipment - 2.7%
Cisco Systems, Inc.	9,098,549		204,717,353
Computers & Peripherals - 0.8%
Apple, Inc.	119,378		62,357,098
IT Services - 4.0%
IBM Corp.	791,191		141,789,339
Paychex, Inc.	3,913,333		165,377,453
			307,166,792
Semiconductors & Semiconductor Equipment - 2.0%
Applied Materials, Inc.	4,311,571		76,961,542
Broadcom Corp. Class A	2,293,287		61,276,629
KLA-Tencor Corp.	202,600		13,290,560
			151,528,731
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 2.1%
CA Technologies, Inc.	1,055,300		$ 33,516,328
Microsoft Corp.	3,562,100		125,920,235
			159,436,563
TOTAL INFORMATION TECHNOLOGY			885,206,537
MATERIALS - 0.6%
Chemicals - 0.3%
RPM International, Inc.	466,347		18,056,956
Tronox Ltd. Class A	128,400		2,964,756
			21,021,712
Metals & Mining - 0.3%
Commercial Metals Co.	1,023,861		18,798,088
Freeport-McMoRan Copper & Gold, Inc.	106,600		3,918,616
			22,716,704
TOTAL MATERIALS			43,738,416
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	3,540,000		128,148,000
CenturyLink, Inc.	1,570,900		53,190,674
Verizon Communications, Inc.	2,111,053		106,629,287
			287,967,961
UTILITIES - 4.9%
Electric Utilities - 4.1%
American Electric Power Co., Inc.	430,500		20,164,620
Duke Energy Corp.	485,660		34,836,392
FirstEnergy Corp.	1,017,867		38,546,623
Hawaiian Electric Industries, Inc. (d)	771,102		20,488,180
NextEra Energy, Inc.	470,575		39,881,231
Northeast Utilities	375,100		16,088,039
PPL Corp.	2,109,020		64,599,283
Southern Co.	1,374,566		56,233,495
Xcel Energy, Inc.	671,900		19,391,034
			310,228,897
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.	805,475		$ 19,814,685
Sempra Energy	469,602		42,799,526
			62,614,211
TOTAL UTILITIES			372,843,108
TOTAL COMMON STOCKS (Cost $6,571,867,164)		7,369,419,580
Money Market Funds - 7.1%

Fidelity Cash Central Fund, 0.09% (b)	503,807,136		503,807,136
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	34,117,400		34,117,400
TOTAL MONEY MARKET FUNDS (Cost $537,924,536)		537,924,536
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $7,109,791,700)			7,907,344,116
NET OTHER ASSETS (LIABILITIES) - (4.1)%			(310,899,132)
NET ASSETS - 100%		$ 7,596,444,984

Written Options
	Expiration Date/Exercise Price	Number of Contracts		Premium
Call Options
Johnson & Johnson	11/16/13 - $90.00	4,438		$ 496,958	(1,295,896)
WellPoint, Inc.	11/16/13 - $90.00	2,977		710,091	(31,259)
TOTAL WRITTEN OPTIONS			1,207,049		(1,327,155)

Legend

(a) Non-income producing

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

(e) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $66,345,278.

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	$ 213,975
Fidelity Securities Lending Cash Central Fund	90,418
Total	$ 304,393

Other Information

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $7,111,814,433. Net unrealized appreciation aggregated $795,529,683, of which $869,678,845 related to appreciated investment securities and $74,149,162 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Subsequent Event

Effective after the close of business on November 8, 2013, certain investment companies managed by FMR or its affiliates (Investing Funds) completed exchanges in-kind with the Fund. The Investing Funds delivered securities and other assets, including accrued interest, valued at $2,209,433,172 in exchange for 180,279,244 shares of the Fund. The Fund recognized no gain or loss for federal income tax purposes.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Series Equity-Income Fund

October 31, 2013

1.950934.100

AEDTI-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
CONSUMER DISCRETIONARY - 8.4%
Auto Components - 0.3%
Gentex Corp.	116,600		$ 3,432,704
Hotels, Restaurants & Leisure - 1.8%
McDonald's Corp.	104,127		10,050,338
Texas Roadhouse, Inc. Class A	59,507		1,631,682
Yum! Brands, Inc.	83,967		5,677,849
			17,359,869
Media - 2.8%
Comcast Corp. Class A	315,928		15,031,854
Sinclair Broadcast Group, Inc. Class A	41,901		1,343,346
Time Warner, Inc.	158,009		10,861,539
			27,236,739
Multiline Retail - 2.6%
Kohl's Corp.	142,492		8,093,546
Target Corp.	264,647		17,146,479
			25,240,025
Specialty Retail - 0.9%
American Eagle Outfitters, Inc.	182,669		2,829,543
Foot Locker, Inc.	91,849		3,187,160
Staples, Inc.	175,727		2,832,719
			8,849,422
TOTAL CONSUMER DISCRETIONARY			82,118,759
CONSUMER STAPLES - 10.6%
Beverages - 1.3%
Molson Coors Brewing Co. Class B	86,900		4,692,600
The Coca-Cola Co.	190,300		7,530,171
			12,222,771
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	81,457		5,071,513
Wal-Mart Stores, Inc.	57,600		4,420,800
Walgreen Co.	283,416		16,789,564
			26,281,877
Food Products - 1.3%
Kellogg Co.	207,703		13,137,215
Household Products - 2.5%
Procter & Gamble Co.	306,781		24,772,566
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 2.8%
Altria Group, Inc.	230,500		$ 8,581,515
Lorillard, Inc.	197,679		10,083,606
Philip Morris International, Inc.	93,231		8,308,747
			26,973,868
TOTAL CONSUMER STAPLES			103,388,297
ENERGY - 14.7%
Energy Equipment & Services - 1.5%
Ensco PLC Class A	53,553		3,087,330
Halliburton Co.	7,960		422,119
National Oilwell Varco, Inc.	65,000		5,276,700
Noble Corp.	96,200		3,626,740
Schlumberger Ltd.	24,744		2,319,008
			14,731,897
Oil, Gas & Consumable Fuels - 13.2%
Access Midstream Partners LP	16,145		864,403
Apache Corp.	103,395		9,181,476
Chevron Corp.	354,921		42,576,323
CONSOL Energy, Inc.	70,186		2,561,789
EV Energy Partners LP	74,500		2,743,835
Exxon Mobil Corp.	412,600		36,977,212
Hess Corp.	48,700		3,954,440
Holly Energy Partners LP	45,700		1,455,088
HollyFrontier Corp.	26,100		1,202,166
Legacy Reserves LP	36,700		978,055
Markwest Energy Partners LP	61,000		4,531,080
Occidental Petroleum Corp.	94,978		9,125,486
Scorpio Tankers, Inc.	42,472		490,127
The Williams Companies, Inc.	308,400		11,012,964
Tsakos Energy Navigation Ltd.	98,003		490,995
Williams Partners LP	19,600		1,007,832
			129,153,271
TOTAL ENERGY			143,885,168
FINANCIALS - 22.4%
Capital Markets - 2.8%
Apollo Investment Corp.	432,000		3,684,960
BlackRock, Inc. Class A	9,238		2,778,883
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Carlyle Group LP	28,300		$ 875,036
Charles Schwab Corp.	192,464		4,359,310
Greenhill & Co., Inc.	16,291		835,728
KKR & Co. LP	206,900		4,541,455
Morgan Stanley	240,100		6,898,073
The Blackstone Group LP	139,500		3,666,060
			27,639,505
Commercial Banks - 7.1%
CIT Group, Inc.	16,800		809,088
Comerica, Inc.	110,700		4,793,310
M&T Bank Corp. (d)	90,570		10,191,842
PNC Financial Services Group, Inc.	22,600		1,661,778
U.S. Bancorp	249,900		9,336,264
Wells Fargo & Co.	987,700		42,164,913
			68,957,195
Diversified Financial Services - 4.4%
JPMorgan Chase & Co.	736,291		37,948,438
KKR Financial Holdings LLC	564,066		5,589,894
			43,538,332
Insurance - 5.5%
ACE Ltd.	85,200		8,131,488
AFLAC, Inc.	57,600		3,742,848
MetLife, Inc.	596,000		28,196,760
Prudential Financial, Inc.	108,601		8,839,035
Validus Holdings Ltd.	131,382		5,186,961
			54,097,092
Real Estate Investment Trusts - 2.4%
American Capital Agency Corp.	277,773		6,033,230
Annaly Capital Management, Inc.	508,300		5,992,857
Coresite Realty Corp.	12,700		411,988
First Potomac Realty Trust	113,633		1,396,550
Home Properties, Inc.	48,100		2,900,911
Rayonier, Inc.	49,800		2,341,596
Retail Properties America, Inc.	95,800		1,370,898
Two Harbors Investment Corp.	208,900		1,949,037
Ventas, Inc.	15,300		998,172
			23,395,239
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	106,562		$ 1,552,608
TOTAL FINANCIALS			219,179,971
HEALTH CARE - 10.7%
Biotechnology - 0.2%
Amgen, Inc.	17,000		1,972,000
Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.	60,824		4,006,477
Covidien PLC	39,800		2,551,578
Hologic, Inc. (a)	11,100		248,529
St. Jude Medical, Inc.	28,800		1,652,832
			8,459,416
Health Care Providers & Services - 1.8%
Aetna, Inc.	48,760		3,057,252
Quest Diagnostics, Inc.	52,935		3,171,336
UnitedHealth Group, Inc.	84,621		5,776,229
WellPoint, Inc. (e)	71,436		6,057,773
			18,062,590
Health Care Technology - 0.1%
Quality Systems, Inc.	53,460		1,219,957
Pharmaceuticals - 7.7%
AbbVie, Inc.	79,800		3,866,310
Actavis PLC (a)	39,276		6,071,284
Eli Lilly & Co.	116,300		5,794,066
Johnson & Johnson (e)	282,400		26,153,064
Merck & Co., Inc.	463,214		20,886,319
Pfizer, Inc.	389,485		11,949,400
			74,720,443
TOTAL HEALTH CARE			104,434,406
INDUSTRIALS - 9.4%
Aerospace & Defense - 0.6%
United Technologies Corp.	58,400		6,205,000
Air Freight & Logistics - 2.2%
C.H. Robinson Worldwide, Inc. (d)	110,143		6,579,943
United Parcel Service, Inc. Class B	149,700		14,706,528
			21,286,471
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.9%
Republic Services, Inc.	266,800		$ 8,929,796
Electrical Equipment - 0.6%
Eaton Corp. PLC	20,300		1,432,368
Emerson Electric Co.	32,000		2,143,040
Hubbell, Inc. Class B	15,556		1,672,892
			5,248,300
Industrial Conglomerates - 3.4%
General Electric Co.	1,262,746		33,008,180
Machinery - 1.2%
Cummins, Inc.	24,600		3,124,692
Illinois Tool Works, Inc.	18,300		1,441,857
Stanley Black & Decker, Inc.	94,800		7,497,732
			12,064,281
Professional Services - 0.1%
Acacia Research Corp.	42,106		635,380
Road & Rail - 0.4%
CSX Corp.	159,500		4,156,570
TOTAL INDUSTRIALS			91,533,978
INFORMATION TECHNOLOGY - 11.7%
Communications Equipment - 2.7%
Cisco Systems, Inc.	1,181,174		26,576,415
Computers & Peripherals - 0.8%
Apple, Inc.	15,321		8,002,924
IT Services - 4.1%
IBM Corp.	102,778		18,418,845
Paychex, Inc.	508,423		21,485,956
			39,904,801
Semiconductors & Semiconductor Equipment - 2.0%
Applied Materials, Inc.	553,786		9,885,080
Broadcom Corp. Class A	294,568		7,870,857
KLA-Tencor Corp.	24,495		1,606,872
			19,362,809
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 2.1%
CA Technologies, Inc.	133,000		$ 4,224,080
Microsoft Corp.	457,507		16,172,872
			20,396,952
TOTAL INFORMATION TECHNOLOGY			114,243,901
MATERIALS - 0.6%
Chemicals - 0.3%
RPM International, Inc.	60,568		2,345,193
Tronox Ltd. Class A	16,200		374,058
			2,719,251
Metals & Mining - 0.3%
Commercial Metals Co.	129,025		2,368,899
Freeport-McMoRan Copper & Gold, Inc.	13,900		510,964
			2,879,863
TOTAL MATERIALS			5,599,114
TELECOMMUNICATION SERVICES - 3.8%
Diversified Telecommunication Services - 3.8%
AT&T, Inc.	454,700		16,460,140
CenturyLink, Inc.	201,750		6,831,255
Verizon Communications, Inc.	271,117		13,694,120
			36,985,515
UTILITIES - 4.9%
Electric Utilities - 4.1%
American Electric Power Co., Inc.	55,845		2,615,780
Duke Energy Corp.	61,200		4,389,876
FirstEnergy Corp.	132,267		5,008,951
Hawaiian Electric Industries, Inc. (d)	93,198		2,476,271
NextEra Energy, Inc.	61,116		5,179,581
Northeast Utilities	47,245		2,026,338
PPL Corp.	270,937		8,298,800
Southern Co.	176,504		7,220,779
Xcel Energy, Inc.	87,200		2,516,592
			39,732,968
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - 0.8%
CenterPoint Energy, Inc.	104,582		$ 2,572,717
Sempra Energy	61,000		5,559,540
			8,132,257
TOTAL UTILITIES			47,865,225
TOTAL COMMON STOCKS (Cost $844,490,691)		949,234,334
Money Market Funds - 11.3%

Fidelity Cash Central Fund, 0.09% (b)	96,150,916		96,150,916
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	13,877,914		13,877,914
TOTAL MONEY MARKET FUNDS (Cost $110,028,830)		110,028,830
TOTAL INVESTMENT PORTFOLIO - 108.5% (Cost $954,519,521)			1,059,263,164
NET OTHER ASSETS (LIABILITIES) - (8.5)%			(82,700,735)
NET ASSETS - 100%		$ 976,562,429

Written Options
	Expiration Date/Exercise Price	Number of Contracts	Premium	Value
Call Options
Johnson & Johnson	11/16/13 - $90.00	567	$ 63,492	$ (165,564)
WellPoint, Inc.	11/16/13 - $90.00	380	90,640	(3,990)
TOTAL WRITTEN OPTIONS			$ 154,132	$ (169,554)

Legend

(a) Non-income producing

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

(e) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $8,473,387.

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	$ 21,630
Fidelity Securities Lending Cash Central Fund	18,823
Total	$ 40,453

Other Information

All investments and derivative instruments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $954,915,558. Net unrealized appreciation aggregated $104,347,606, of which $113,681,054 related to appreciated investment securities and $9,333,448 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Subsequent Event

Effective after the close of business on November 8, 2013, certain investment companies managed by FMR or its affiliates (Investing Funds) completed exchanges in-kind with the Fund. The Investing Funds delivered securities and other assets, including accrued interest, valued at $418,714,861 in exchange for 34,152,925 shares of the Fund. The Fund recognized no gain or loss for federal income tax purposes.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Series Stock Selector
Large Cap Value Fund

October 31, 2013

1.950977.100

LDT-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value
CONSUMER DISCRETIONARY - 6.4%
Auto Components - 1.2%
Delphi Automotive PLC	565,149		$ 32,326,523
TRW Automotive Holdings Corp. (a)	564,226		42,379,015
			74,705,538
Household Durables - 0.5%
Whirlpool Corp.	219,447		32,041,456
Internet & Catalog Retail - 0.6%
Liberty Media Corp. Interactive Series A (a)	1,477,215		39,825,716
Media - 2.2%
Comcast Corp. Class A	1,152,783		54,849,415
Omnicom Group, Inc.	336,100		22,891,771
Twenty-First Century Fox, Inc. Class A	1,629,640		55,538,131
			133,279,317
Multiline Retail - 1.4%
Macy's, Inc.	841,664		38,809,127
Target Corp.	712,509		46,163,458
			84,972,585
Specialty Retail - 0.5%
Staples, Inc.	1,925,081		31,032,306
TOTAL CONSUMER DISCRETIONARY			395,856,918
CONSUMER STAPLES - 6.0%
Beverages - 0.4%
Molson Coors Brewing Co. Class B	466,147		25,171,938
Food & Staples Retailing - 1.5%
Wal-Mart Stores, Inc.	658,668		50,552,769
Walgreen Co.	707,317		41,901,459
			92,454,228
Food Products - 2.0%
Bunge Ltd.	355,200		29,172,576
Mondelez International, Inc.	2,074,205		69,776,256
The J.M. Smucker Co.	221,292		24,609,883
			123,558,715
Household Products - 1.5%
Procter & Gamble Co.	1,179,315		95,229,686
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.6%
Coty, Inc. Class A	2,280,890		$ 35,080,088
TOTAL CONSUMER STAPLES			371,494,655
ENERGY - 14.8%
Energy Equipment & Services - 2.1%
Cameron International Corp. (a)	647,320		35,511,975
National Oilwell Varco, Inc.	1,153,084		93,607,359
			129,119,334
Oil, Gas & Consumable Fuels - 12.7%
Anadarko Petroleum Corp.	919,500		87,619,155
Apache Corp.	594,908		52,827,830
Chevron Corp.	2,756,614		330,683,415
Energen Corp.	640,400		50,156,128
Marathon Petroleum Corp.	1,108,300		79,420,778
Occidental Petroleum Corp.	1,741,218		167,296,225
The Williams Companies, Inc.	596,718		21,308,800
			789,312,331
TOTAL ENERGY			918,431,665
FINANCIALS - 25.4%
Capital Markets - 2.9%
BlackRock, Inc. Class A	301,581		90,718,581
Goldman Sachs Group, Inc.	131,657		21,178,345
State Street Corp.	964,546		67,585,738
			179,482,664
Commercial Banks - 8.0%
CIT Group, Inc.	1,294,600		62,347,936
PNC Financial Services Group, Inc.	1,173,700		86,302,161
Popular, Inc. (a)	983,143		24,824,361
U.S. Bancorp	3,068,292		114,631,389
Wells Fargo & Co.	4,884,425		208,516,103
			496,621,950
Consumer Finance - 1.7%
Capital One Financial Corp.	1,473,400		101,178,378
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 4.1%
Berkshire Hathaway, Inc. Class B (a)	1,732,263		$ 199,348,826
The NASDAQ Stock Market, Inc.	1,566,299		55,493,974
			254,842,800
Insurance - 6.7%
ACE Ltd.	900,680		85,960,899
AFLAC, Inc.	980,600		63,719,388
Axis Capital Holdings Ltd.	1,416,065		67,149,802
MetLife, Inc.	1,501,549		71,038,283
Reinsurance Group of America, Inc.	799,200		56,887,056
The Travelers Companies, Inc.	814,600		70,299,980
			415,055,408
Real Estate Investment Trusts - 1.3%
Boston Properties, Inc.	351,829		36,414,302
Simon Property Group, Inc.	291,340		45,026,597
			81,440,899
Real Estate Management & Development - 0.7%
CBRE Group, Inc. (a)	1,946,490		45,216,963
TOTAL FINANCIALS			1,573,839,062
HEALTH CARE - 12.4%
Biotechnology - 0.9%
Amgen, Inc.	258,962		30,039,592
Cubist Pharmaceuticals, Inc. (a)	441,854		27,394,948
			57,434,540
Health Care Equipment & Supplies - 0.7%
St. Jude Medical, Inc.	686,231		39,382,797
Health Care Providers & Services - 5.2%
Express Scripts Holding Co. (a)	532,363		33,283,335
HCA Holdings, Inc.	1,494,200		70,436,588
McKesson Corp.	241,059		37,687,164
Quest Diagnostics, Inc.	928,300		55,614,453
UnitedHealth Group, Inc.	1,560,600		106,526,556
WellPoint, Inc.	230,253		19,525,454
			323,073,550
Pharmaceuticals - 5.6%
Allergan, Inc.	243,650		22,077,127
Jazz Pharmaceuticals PLC (a)	418,035		37,932,496
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Johnson & Johnson	1,001,559		$ 92,754,379
Mallinckrodt PLC (a)	369,124		15,506,899
Merck & Co., Inc.	3,023,300		136,320,597
Pfizer, Inc.	1,408,398		43,209,651
			347,801,149
TOTAL HEALTH CARE			767,692,036
INDUSTRIALS - 9.4%
Aerospace & Defense - 0.7%
General Dynamics Corp.	475,792		41,217,861
Air Freight & Logistics - 1.3%
FedEx Corp.	611,037		80,045,847
Commercial Services & Supplies - 0.6%
Waste Management, Inc.	851,305		37,065,820
Construction & Engineering - 2.3%
AECOM Technology Corp. (a)	1,921,703		61,071,721
URS Corp.	1,485,395		80,538,117
			141,609,838
Industrial Conglomerates - 3.5%
Danaher Corp.	127,637		9,201,351
General Electric Co.	8,075,467		211,092,707
			220,294,058
Machinery - 0.2%
Terex Corp. (a)	415,359		14,516,797
Road & Rail - 0.8%
CSX Corp.	1,834,412		47,804,777
TOTAL INDUSTRIALS			582,554,998
INFORMATION TECHNOLOGY - 8.3%
Communications Equipment - 1.6%
Cisco Systems, Inc.	2,879,632		64,791,720
Juniper Networks, Inc. (a)	1,985,560		37,010,838
			101,802,558
Computers & Peripherals - 2.9%
Apple, Inc.	215,942		112,797,304
EMC Corp.	2,768,330		66,633,703
			179,431,007
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 1.1%
Arrow Electronics, Inc. (a)	442,128		$ 21,230,987
Jabil Circuit, Inc.	2,242,381		46,776,068
			68,007,055
IT Services - 0.6%
Total System Services, Inc.	1,249,191		37,263,368
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom Corp. Class A	2,648,265		70,761,641
Intersil Corp. Class A	1,939,095		21,640,300
			92,401,941
Software - 0.6%
Oracle Corp.	1,146,769		38,416,762
TOTAL INFORMATION TECHNOLOGY			517,322,691
MATERIALS - 2.6%
Chemicals - 1.4%
Ashland, Inc.	272,900		25,256,895
Eastman Chemical Co.	420,500		33,131,195
LyondellBasell Industries NV Class A	367,000		27,378,200
			85,766,290
Containers & Packaging - 0.3%
Rock-Tenn Co. Class A	206,466		22,093,927
Metals & Mining - 0.9%
Freeport-McMoRan Copper & Gold, Inc.	1,120,312		41,182,669
Newmont Mining Corp.	451,400		12,305,164
			53,487,833
TOTAL MATERIALS			161,348,050
TELECOMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 2.4%
AT&T, Inc.	2,788,395		100,939,899
CenturyLink, Inc.	1,173,358		39,729,902
Frontier Communications Corp. (d)	3,012,587		13,285,509
			153,955,310
Wireless Telecommunication Services - 0.1%
NII Holdings, Inc. (a)	1,476,940		5,080,674
TOTAL TELECOMMUNICATION SERVICES			159,035,984
Common Stocks - continued
	Shares		Value
UTILITIES - 6.0%
Electric Utilities - 2.8%
Edison International	754,300		$ 36,983,329
ITC Holdings Corp.	509,930		51,293,859
NextEra Energy, Inc.	625,400		53,002,650
Xcel Energy, Inc.	1,111,400		32,075,004
			173,354,842
Gas Utilities - 0.9%
Atmos Energy Corp.	728,731		32,260,921
National Fuel Gas Co.	304,115		21,759,428
			54,020,349
Multi-Utilities - 2.3%
Ameren Corp.	812,400		29,392,632
CMS Energy Corp.	1,083,700		29,758,402
NiSource, Inc.	1,214,800		38,290,496
Sempra Energy	515,068		46,943,298
			144,384,828
TOTAL UTILITIES			371,760,019
TOTAL COMMON STOCKS (Cost $4,972,266,718)		5,819,336,078

U.S. Treasury Obligations - 0.1%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.05% 11/7/13 (e) (Cost $3,839,966)	$ 3,840,000	3,839,988

Money Market Funds - 5.0%
	Shares		Value
Fidelity Cash Central Fund, 0.09% (b)	296,780,091		$ 296,780,091
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	13,676,200		13,676,200
TOTAL MONEY MARKET FUNDS (Cost $310,456,291)		310,456,291
TOTAL INVESTMENT PORTFOLIO - 98.9% (Cost $5,286,562,975)			6,133,632,357
NET OTHER ASSETS (LIABILITIES) - 1.1%			70,920,465
NET ASSETS - 100%		$ 6,204,552,822

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
894 ICE Russell 1000 Value Index Contracts (United States)	Dec. 2013	$ 78,797,160	$ 1,606,546

The face value of futures purchased as a percentage of net assets is 1.3%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,584,995.

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	$ 123,358
Fidelity Securities Lending Cash Central Fund	168,972
Total	$ 292,330

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 395,856,918	$ 395,856,918	$ -	$ -
Consumer Staples	371,494,655	371,494,655	-	-
Energy	918,431,665	918,431,665	-	-
Financials	1,573,839,062	1,573,839,062	-	-
Health Care	767,692,036	767,692,036	-	-
Industrials	582,554,998	582,554,998	-	-
Information Technology	517,322,691	517,322,691	-	-
Materials	161,348,050	161,348,050	-	-
Telecommunication Services	159,035,984	159,035,984	-	-
Utilities	371,760,019	371,760,019	-	-
U.S. Government and Government Agency Obligations	3,839,988	-	3,839,988	-
Money Market Funds	310,456,291	310,456,291	-	-
Total Investments in Securities:	$ 6,133,632,357	$ 6,129,792,369	$ 3,839,988	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 1,606,546	$ 1,606,546	$ -	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $5,287,708,765. Net unrealized appreciation aggregated $845,923,592, of which $889,837,578 related to appreciated investment securities and $43,913,986 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor® Stock Selector Large Cap Value Fund

Class A
Class T
Class B
Class C
Institutional Class

October 31, 2013

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

1.859111.107

ALCV-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
CONSUMER DISCRETIONARY - 6.2%
Auto Components - 1.1%
Delphi Automotive PLC	51,200		$ 2,928,640
TRW Automotive Holdings Corp. (a)	39,800		2,989,378
			5,918,018
Household Durables - 0.5%
Whirlpool Corp.	19,900		2,905,599
Internet & Catalog Retail - 0.6%
Liberty Media Corp. Interactive Series A (a)	133,800		3,607,248
Media - 2.1%
Comcast Corp. Class A	104,475		4,970,921
Omnicom Group, Inc.	30,400		2,070,544
Twenty-First Century Fox, Inc. Class A	147,600		5,030,208
			12,071,673
Multiline Retail - 1.4%
Macy's, Inc.	76,250		3,515,888
Target Corp.	64,534		4,181,158
			7,697,046
Specialty Retail - 0.5%
Staples, Inc.	174,400		2,811,328
TOTAL CONSUMER DISCRETIONARY			35,010,912
CONSUMER STAPLES - 5.9%
Beverages - 0.4%
Molson Coors Brewing Co. Class B	42,300		2,284,200
Food & Staples Retailing - 1.5%
Wal-Mart Stores, Inc.	59,800		4,589,650
Walgreen Co.	64,240		3,805,578
			8,395,228
Food Products - 2.0%
Bunge Ltd.	32,300		2,652,799
Mondelez International, Inc.	188,390		6,337,440
The J.M. Smucker Co.	20,120		2,237,545
			11,227,784
Household Products - 1.5%
Procter & Gamble Co.	107,080		8,646,710
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.5%
Coty, Inc. Class A	207,100		$ 3,185,198
TOTAL CONSUMER STAPLES			33,739,120
ENERGY - 14.9%
Energy Equipment & Services - 1.0%
National Oilwell Varco, Inc.	66,700		5,414,706
Oil, Gas & Consumable Fuels - 13.9%
Anadarko Petroleum Corp.	88,920		8,473,187
Apache Corp.	60,800		5,399,040
Canadian Natural Resources Ltd.	318,900		10,120,751
Chevron Corp.	119,200		14,299,232
Marathon Petroleum Corp.	91,300		6,542,558
Noble Energy, Inc.	81,160		6,081,319
Occidental Petroleum Corp.	139,378		13,391,438
Suncor Energy, Inc.	324,600		11,795,995
The Williams Companies, Inc.	81,398		2,906,723
			79,010,243
TOTAL ENERGY			84,424,949
FINANCIALS - 27.0%
Capital Markets - 2.7%
Bank of New York Mellon Corp.	158,000		5,024,400
Goldman Sachs Group, Inc.	10,000		1,608,600
Invesco Ltd.	85,800		2,895,750
Morgan Stanley	153,700		4,415,801
SWS Group, Inc. (a)	201,000		1,131,630
			15,076,181
Commercial Banks - 8.3%
CIT Group, Inc.	95,900		4,618,544
First Citizen Bancshares, Inc.	27,700		5,864,921
Itau Unibanco Holding SA sponsored ADR	217,580		3,352,908
PNC Financial Services Group, Inc.	92,100		6,772,113
Popular, Inc. (a)	98,280		2,481,570
U.S. Bancorp	164,100		6,130,776
Wells Fargo & Co.	421,300		17,985,297
			47,206,129
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 1.2%
Cash America International, Inc.	45,000		$ 1,775,250
Credit Acceptance Corp. (a)	1,500		177,450
EZCORP, Inc. (non-vtg.) Class A (a)	173,800		2,733,874
SLM Corp.	69,500		1,763,215
			6,449,789
Diversified Financial Services - 4.1%
Berkshire Hathaway, Inc. Class B (a)	145,457		16,739,192
Interactive Brokers Group, Inc.	320,900		6,620,167
			23,359,359
Insurance - 5.5%
ACE Ltd.	64,500		6,155,880
AFLAC, Inc.	58,450		3,798,081
Donegal Group, Inc. Class A	90,500		1,434,425
Fairfax Financial Holdings Ltd. (sub. vtg.)	7,650		3,338,369
MetLife, Inc.	97,700		4,622,187
National Western Life Insurance Co. Class A	8,850		1,840,800
Old Republic International Corp.	173,700		2,916,423
StanCorp Financial Group, Inc.	50,500		2,974,450
Torchmark Corp.	56,350		4,105,661
			31,186,276
Real Estate Investment Trusts - 2.1%
American Tower Corp.	34,200		2,713,770
Boston Properties, Inc.	22,400		2,318,400
CyrusOne, Inc.	69,000		1,344,810
Eurobank Properties Real Estate Investment Co. (a)	312,000		3,821,034
New Residential Investment Corp.	110,000		727,100
Newcastle Investment Corp.	110,000		631,400
RAIT Financial Trust	40,000		302,000
			11,858,514
Real Estate Management & Development - 1.9%
Consolidated-Tomoka Land Co.	35,150		1,318,828
Kennedy-Wilson Holdings, Inc.	478,000		9,579,120
			10,897,948
Thrifts & Mortgage Finance - 1.2%
Beneficial Mutual Bancorp, Inc. (a)	210,000		2,047,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
HF Financial Corp.	2,000		$ 26,660
Meridian Interstate Bancorp, Inc. (a)	202,500		4,807,350
			6,881,510
TOTAL FINANCIALS			152,915,706
HEALTH CARE - 12.5%
Biotechnology - 0.5%
Amgen, Inc.	24,500		2,842,000
Health Care Equipment & Supplies - 0.6%
St. Jude Medical, Inc.	60,200		3,454,878
Health Care Providers & Services - 3.6%
Express Scripts Holding Co. (a)	52,100		3,257,292
HCA Holdings, Inc.	99,200		4,676,288
Quest Diagnostics, Inc.	50,300		3,013,473
UnitedHealth Group, Inc.	124,100		8,471,066
WellPoint, Inc.	13,401		1,136,405
			20,554,524
Pharmaceuticals - 7.8%
Actavis PLC (a)	26,700		4,127,286
Allergan, Inc.	21,600		1,957,176
Jazz Pharmaceuticals PLC (a)	40,600		3,684,044
Johnson & Johnson	102,100		9,455,481
Merck & Co., Inc.	258,300		11,646,747
Novartis AG	28,029		2,175,683
Pfizer, Inc.	152,900		4,690,972
Teva Pharmaceutical Industries Ltd. sponsored ADR	80,400		2,982,036
Valeant Pharmaceuticals International, Inc. (Canada) (a)	33,200		3,507,390
			44,226,815
TOTAL HEALTH CARE			71,078,217
INDUSTRIALS - 9.5%
Aerospace & Defense - 0.6%
General Dynamics Corp.	40,700		3,525,841
Air Freight & Logistics - 1.3%
FedEx Corp.	57,100		7,480,100
Commercial Services & Supplies - 0.6%
Waste Management, Inc.	77,201		3,361,332
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 2.4%
AECOM Technology Corp. (a)	190,400		$ 6,050,912
URS Corp.	138,600		7,514,892
			13,565,804
Industrial Conglomerates - 3.6%
Danaher Corp.	20,800		1,499,472
General Electric Co.	725,300		18,959,339
			20,458,811
Machinery - 0.3%
Terex Corp. (a)	38,400		1,342,080
Road & Rail - 0.7%
CSX Corp.	149,900		3,906,394
TOTAL INDUSTRIALS			53,640,362
INFORMATION TECHNOLOGY - 8.6%
Communications Equipment - 1.6%
Cisco Systems, Inc.	265,600		5,976,000
Juniper Networks, Inc. (a)	170,400		3,176,256
			9,152,256
Computers & Peripherals - 2.9%
Apple, Inc.	20,350		10,629,823
EMC Corp.	247,700		5,962,139
			16,591,962
Electronic Equipment & Components - 1.0%
Arrow Electronics, Inc. (a)	29,323		1,408,090
Jabil Circuit, Inc.	215,848		4,502,589
			5,910,679
IT Services - 0.5%
Global Payments, Inc.	43,600		2,593,328
Semiconductors & Semiconductor Equipment - 1.8%
Broadcom Corp. Class A	245,100		6,549,072
Samsung Electronics Co. Ltd.	2,466		3,404,086
			9,953,158
Software - 0.8%
Oracle Corp.	129,100		4,324,850
TOTAL INFORMATION TECHNOLOGY			48,526,233
Common Stocks - continued
	Shares		Value
MATERIALS - 2.6%
Chemicals - 1.7%
Ashland, Inc.	33,900		$ 3,137,445
Eastman Chemical Co.	45,700		3,600,703
LyondellBasell Industries NV Class A	36,620		2,731,852
			9,470,000
Containers & Packaging - 0.4%
Rock-Tenn Co. Class A	20,970		2,244,000
Metals & Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc.	55,400		2,036,504
Goldcorp, Inc.	33,300		848,269
			2,884,773
TOTAL MATERIALS			14,598,773
TELECOMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 2.3%
AT&T, Inc.	226,100		8,184,820
CenturyLink, Inc.	102,914		3,484,668
Frontier Communications Corp. (d)	235,200		1,037,232
			12,706,720
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. (a)(d)	363,300		1,249,752
TOTAL TELECOMMUNICATION SERVICES			13,956,472
UTILITIES - 6.0%
Electric Utilities - 3.0%
Edison International	79,600		3,902,788
ITC Holdings Corp.	49,700		4,999,323
NextEra Energy, Inc.	59,110		5,009,573
Xcel Energy, Inc.	101,400		2,926,404
			16,838,088
Gas Utilities - 0.8%
Atmos Energy Corp.	67,500		2,988,225
National Fuel Gas Co.	25,000		1,788,750
			4,776,975
Multi-Utilities - 2.2%
Alliant Energy Corp.	36,400		1,900,808
Ameren Corp.	48,300		1,747,494
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
NiSource, Inc.	117,800		$ 3,713,056
Sempra Energy	57,650		5,254,221
			12,615,579
TOTAL UTILITIES			34,230,642
TOTAL COMMON STOCKS (Cost $469,808,001)		542,121,386
Nonconvertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%
Real Estate Investment Trusts - 0.0%
Eagle Hospitality Properties Trust, Inc. 8.25% (a) (Cost $141,235)	47,000		94

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 11/7/13 to 1/2/14 (e) (Cost $149,996)	$ 150,000	149,994

Money Market Funds - 4.3%
	Shares
Fidelity Cash Central Fund, 0.09% (b)	23,353,808		23,353,808
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	874,900		874,900
TOTAL MONEY MARKET FUNDS (Cost $24,228,708)		24,228,708
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $494,327,940)			566,500,182
NET OTHER ASSETS (LIABILITIES) - 0.0%			(247,602)
NET ASSETS - 100%		$ 566,252,580

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
64 ICE Russell 1000 Value Index Contracts (United States)	Dec. 2013	$ 5,640,960	$ 121,370

The face value of futures purchased as a percentage of net assets is 1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $149,994.

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	$ 13,897
Fidelity Securities Lending Cash Central Fund	33,532
Total	$ 47,429

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 35,010,912	$ 35,010,912	$ -	$ -
Consumer Staples	33,739,120	33,739,120	-	-
Energy	84,424,949	84,424,949	-	-
Financials	152,915,800	152,915,800	-	-
Health Care	71,078,217	68,902,534	2,175,683	-
Industrials	53,640,362	53,640,362	-	-
Information Technology	48,526,233	48,526,233	-	-
Materials	14,598,773	14,598,773	-	-
Telecommunication Services	13,956,472	13,956,472	-	-
Utilities	34,230,642	34,230,642	-	-
U.S. Government and Government Agency Obligations	149,994	-	149,994	-
Money Market Funds	24,228,708	24,228,708	-	-
Total Investments in Securities:	$ 566,500,182	$ 564,174,505	$ 2,325,677	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 121,370	$ 121,370	$ -	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $498,519,391. Net unrealized appreciation aggregated $67,980,791, of which $90,609,685 related to appreciated investment securities and $22,628,894 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor®
Series Stock Selector
Large Cap Value Fund

October 31, 2013

1.950919.100

ALDTI-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%
	Shares		Value
CONSUMER DISCRETIONARY - 6.3%
Auto Components - 1.2%
Delphi Automotive PLC	80,751		$ 4,618,957
TRW Automotive Holdings Corp. (a)	78,674		5,909,204
			10,528,161
Household Durables - 0.5%
Whirlpool Corp.	31,360		4,578,874
Internet & Catalog Retail - 0.6%
Liberty Media Corp. Interactive Series A (a)	210,985		5,688,156
Media - 2.1%
Comcast Corp. Class A	164,715		7,837,140
Omnicom Group, Inc.	48,000		3,269,280
Twenty-First Century Fox, Inc. Class A	232,760		7,932,461
			19,038,881
Multiline Retail - 1.4%
Macy's, Inc.	120,260		5,545,189
Target Corp.	101,819		6,596,853
			12,142,042
Specialty Retail - 0.5%
Staples, Inc.	275,007		4,433,113
TOTAL CONSUMER DISCRETIONARY			56,409,227
CONSUMER STAPLES - 6.0%
Beverages - 0.4%
Molson Coors Brewing Co. Class B	66,653		3,599,262
Food & Staples Retailing - 1.5%
Wal-Mart Stores, Inc.	94,132		7,224,631
Walgreen Co.	101,083		5,988,157
			13,212,788
Food Products - 2.0%
Bunge Ltd.	50,800		4,172,204
Mondelez International, Inc.	296,495		9,974,092
The J.M. Smucker Co.	31,608		3,515,126
			17,661,422
Household Products - 1.5%
Procter & Gamble Co.	168,585		13,613,239
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.6%
Coty, Inc. Class A	326,010		$ 5,014,034
TOTAL CONSUMER STAPLES			53,100,745
ENERGY - 14.7%
Energy Equipment & Services - 2.1%
Cameron International Corp. (a)	92,380		5,067,967
National Oilwell Varco, Inc.	164,616		13,363,527
			18,431,494
Oil, Gas & Consumable Fuels - 12.6%
Anadarko Petroleum Corp.	131,300		12,511,577
Apache Corp.	84,992		7,547,290
Chevron Corp.	393,586		47,214,572
Energen Corp.	91,400		7,158,448
Marathon Petroleum Corp.	158,300		11,343,778
Occidental Petroleum Corp.	248,582		23,883,759
The Williams Companies, Inc.	85,182		3,041,849
			112,701,273
TOTAL ENERGY			131,132,767
FINANCIALS - 24.9%
Capital Markets - 2.8%
BlackRock, Inc. Class A	42,119		12,669,816
Goldman Sachs Group, Inc.	18,343		2,950,655
State Street Corp.	135,354		9,484,255
			25,104,726
Commercial Banks - 7.9%
CIT Group, Inc.	185,300		8,924,048
PNC Financial Services Group, Inc.	168,000		12,353,040
Popular, Inc. (a)	137,274		3,466,169
U.S. Bancorp	428,308		16,001,587
Wells Fargo & Co.	681,875		29,109,244
			69,854,088
Consumer Finance - 1.6%
Capital One Financial Corp.	210,900		14,482,503
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - 4.0%
Berkshire Hathaway, Inc. Class B (a)	238,137		$ 27,404,806
The NASDAQ Stock Market, Inc.	224,201		7,943,441
			35,348,247
Insurance - 6.6%
ACE Ltd.	128,920		12,304,125
AFLAC, Inc.	137,600		8,941,248
Axis Capital Holdings Ltd.	202,700		9,612,034
MetLife, Inc.	210,651		9,965,899
Reinsurance Group of America, Inc.	114,400		8,142,992
The Travelers Companies, Inc.	116,600		10,062,580
			59,028,878
Real Estate Investment Trusts - 1.3%
Boston Properties, Inc.	49,271		5,099,549
Simon Property Group, Inc.	41,704		6,445,353
			11,544,902
Real Estate Management & Development - 0.7%
CBRE Group, Inc. (a)	271,710		6,311,823
TOTAL FINANCIALS			221,675,167
HEALTH CARE - 12.1%
Biotechnology - 0.9%
Amgen, Inc.	36,638		4,250,008
Cubist Pharmaceuticals, Inc.	61,546		3,815,852
Prothena Corp. PLC (a)	9		216
			8,066,076
Health Care Equipment & Supplies - 0.6%
St. Jude Medical, Inc.	96,569		5,542,095
Health Care Providers & Services - 5.1%
Express Scripts Holding Co. (a)	74,937		4,685,061
HCA Holdings, Inc.	199,700		9,413,858
McKesson Corp.	33,541		5,243,800
Quest Diagnostics, Inc.	132,400		7,932,084
UnitedHealth Group, Inc.	220,500		15,051,330
WellPoint, Inc.	32,447		2,751,506
			45,077,639
Pharmaceuticals - 5.5%
Allergan, Inc.	38,050		3,447,711
Jazz Pharmaceuticals PLC (a)	58,165		5,277,892
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Johnson & Johnson	141,505		$ 13,104,778
Mallinckrodt PLC (a)	51,508		2,163,851
Merck & Co., Inc.	425,600		19,190,304
Pfizer, Inc.	200,238		6,143,302
			49,327,838
TOTAL HEALTH CARE			108,013,648
INDUSTRIALS - 9.3%
Aerospace & Defense - 0.7%
General Dynamics Corp.	67,959		5,887,288
Air Freight & Logistics - 1.3%
FedEx Corp.	86,025		11,269,275
Commercial Services & Supplies - 0.6%
Waste Management, Inc.	121,595		5,294,246
Construction & Engineering - 2.2%
AECOM Technology Corp. (a)	268,387		8,529,339
URS Corp.	207,548		11,253,253
			19,782,592
Industrial Conglomerates - 3.5%
Danaher Corp.	18,231		1,314,273
General Electric Co.	1,153,447		30,151,105
			31,465,378
Machinery - 0.2%
Terex Corp. (a)	59,327		2,073,479
Road & Rail - 0.8%
CSX Corp.	262,016		6,828,137
TOTAL INDUSTRIALS			82,600,395
INFORMATION TECHNOLOGY - 8.3%
Communications Equipment - 1.6%
Cisco Systems, Inc.	413,368		9,300,780
Juniper Networks, Inc. (a)	285,040		5,313,146
			14,613,926
Computers & Peripherals - 2.9%
Apple, Inc.	30,958		16,170,911
EMC Corp.	397,470		9,567,103
			25,738,014
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 1.1%
Arrow Electronics, Inc. (a)	61,851		$ 2,970,085
Jabil Circuit, Inc.	312,519		6,519,146
			9,489,231
IT Services - 0.6%
Total System Services, Inc.	179,341		5,349,742
Semiconductors & Semiconductor Equipment - 1.5%
Broadcom Corp. Class A	380,135		10,157,207
Intersil Corp. Class A	269,505		3,007,676
			13,164,883
Software - 0.6%
Oracle Corp.	164,631		5,515,139
TOTAL INFORMATION TECHNOLOGY			73,870,935
MATERIALS - 2.6%
Chemicals - 1.4%
Ashland, Inc.	38,400		3,553,920
Eastman Chemical Co.	60,600		4,774,674
LyondellBasell Industries NV Class A	52,900		3,946,340
			12,274,934
Containers & Packaging - 0.3%
Rock-Tenn Co. Class A	29,034		3,106,928
Metals & Mining - 0.9%
Freeport-McMoRan Copper & Gold, Inc.	161,488		5,936,299
Newmont Mining Corp.	65,100		1,774,626
			7,710,925
TOTAL MATERIALS			23,092,787
TELECOMMUNICATION SERVICES - 2.6%
Diversified Telecommunication Services - 2.5%
AT&T, Inc.	398,205		14,415,021
CenturyLink, Inc.	167,542		5,672,972
Frontier Communications Corp. (d)	430,313		1,897,680
			21,985,673
Wireless Telecommunication Services - 0.1%
NII Holdings, Inc. (a)	210,957		725,692
TOTAL TELECOMMUNICATION SERVICES			22,711,365
Common Stocks - continued
	Shares		Value
UTILITIES - 6.0%
Electric Utilities - 2.8%
Edison International	107,800		$ 5,285,434
ITC Holdings Corp.	72,870		7,329,993
NextEra Energy, Inc.	89,400		7,576,650
Xcel Energy, Inc.	158,800		4,582,968
			24,775,045
Gas Utilities - 0.9%
Atmos Energy Corp.	104,169		4,611,562
National Fuel Gas Co.	42,600		3,048,030
			7,659,592
Multi-Utilities - 2.3%
Ameren Corp.	116,100		4,200,498
CMS Energy Corp.	154,900		4,253,554
NiSource, Inc.	173,600		5,471,872
Sempra Energy	73,632		6,710,820
			20,636,744
TOTAL UTILITIES			53,071,381
TOTAL COMMON STOCKS (Cost $708,401,801)		825,678,417

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.05% 11/7/13 to 1/23/14 (e) (Cost $379,991)	$ 380,000	379,992

Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 0.09% (b)	37,922,617		$ 37,922,617
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	1,936,100		1,936,100
TOTAL MONEY MARKET FUNDS (Cost $39,858,717)		39,858,717
TOTAL INVESTMENT PORTFOLIO - 97.3% (Cost $748,640,509)			865,917,126
NET OTHER ASSETS (LIABILITIES) - 2.7%			24,083,232
NET ASSETS - 100%		$ 890,000,358

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
170 ICE Russell 1000 Value Index Contracts (United States)	Dec. 2013	$ 14,983,800	$ 280,360

The face value of futures purchased as a percentage of net assets is 1.7%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $379,992.

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	$ 19,095
Fidelity Securities Lending Cash Central Fund	34,242
Total	$ 53,337

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 56,409,227	$ 56,409,227	$ -	$ -
Consumer Staples	53,100,745	53,100,745	-	-
Energy	131,132,767	131,132,767	-	-
Financials	221,675,167	221,675,167	-	-
Health Care	108,013,648	108,013,648	-	-
Industrials	82,600,395	82,600,395	-	-
Information Technology	73,870,935	73,870,935	-	-
Materials	23,092,787	23,092,787	-	-
Telecommunication Services	22,711,365	22,711,365	-	-
Utilities	53,071,381	53,071,381	-	-
U.S. Government and Government Agency Obligations	379,992	-	379,992	-
Money Market Funds	39,858,717	39,858,717	-	-
Total Investments in Securities:	$ 865,917,126	$ 865,537,134	$ 379,992	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 280,360	$ 280,360	$ -	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $748,861,791. Net unrealized appreciation aggregated $117,055,335, of which $123,542,455 related to appreciated investment securities and $6,487,120 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Stock Selector Large Cap Value Fund

October 31, 2013

1.809080.110

LCV-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%
	Shares		Value
CONSUMER DISCRETIONARY - 6.2%
Auto Components - 1.1%
Delphi Automotive PLC	51,200		$ 2,928,640
TRW Automotive Holdings Corp. (a)	39,800		2,989,378
			5,918,018
Household Durables - 0.5%
Whirlpool Corp.	19,900		2,905,599
Internet & Catalog Retail - 0.6%
Liberty Media Corp. Interactive Series A (a)	133,800		3,607,248
Media - 2.1%
Comcast Corp. Class A	104,475		4,970,921
Omnicom Group, Inc.	30,400		2,070,544
Twenty-First Century Fox, Inc. Class A	147,600		5,030,208
			12,071,673
Multiline Retail - 1.4%
Macy's, Inc.	76,250		3,515,888
Target Corp.	64,534		4,181,158
			7,697,046
Specialty Retail - 0.5%
Staples, Inc.	174,400		2,811,328
TOTAL CONSUMER DISCRETIONARY			35,010,912
CONSUMER STAPLES - 5.9%
Beverages - 0.4%
Molson Coors Brewing Co. Class B	42,300		2,284,200
Food & Staples Retailing - 1.5%
Wal-Mart Stores, Inc.	59,800		4,589,650
Walgreen Co.	64,240		3,805,578
			8,395,228
Food Products - 2.0%
Bunge Ltd.	32,300		2,652,799
Mondelez International, Inc.	188,390		6,337,440
The J.M. Smucker Co.	20,120		2,237,545
			11,227,784
Household Products - 1.5%
Procter & Gamble Co.	107,080		8,646,710
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.5%
Coty, Inc. Class A	207,100		$ 3,185,198
TOTAL CONSUMER STAPLES			33,739,120
ENERGY - 14.9%
Energy Equipment & Services - 1.0%
National Oilwell Varco, Inc.	66,700		5,414,706
Oil, Gas & Consumable Fuels - 13.9%
Anadarko Petroleum Corp.	88,920		8,473,187
Apache Corp.	60,800		5,399,040
Canadian Natural Resources Ltd.	318,900		10,120,751
Chevron Corp.	119,200		14,299,232
Marathon Petroleum Corp.	91,300		6,542,558
Noble Energy, Inc.	81,160		6,081,319
Occidental Petroleum Corp.	139,378		13,391,438
Suncor Energy, Inc.	324,600		11,795,995
The Williams Companies, Inc.	81,398		2,906,723
			79,010,243
TOTAL ENERGY			84,424,949
FINANCIALS - 27.0%
Capital Markets - 2.7%
Bank of New York Mellon Corp.	158,000		5,024,400
Goldman Sachs Group, Inc.	10,000		1,608,600
Invesco Ltd.	85,800		2,895,750
Morgan Stanley	153,700		4,415,801
SWS Group, Inc. (a)	201,000		1,131,630
			15,076,181
Commercial Banks - 8.3%
CIT Group, Inc.	95,900		4,618,544
First Citizen Bancshares, Inc.	27,700		5,864,921
Itau Unibanco Holding SA sponsored ADR	217,580		3,352,908
PNC Financial Services Group, Inc.	92,100		6,772,113
Popular, Inc. (a)	98,280		2,481,570
U.S. Bancorp	164,100		6,130,776
Wells Fargo & Co.	421,300		17,985,297
			47,206,129
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Consumer Finance - 1.2%
Cash America International, Inc.	45,000		$ 1,775,250
Credit Acceptance Corp. (a)	1,500		177,450
EZCORP, Inc. (non-vtg.) Class A (a)	173,800		2,733,874
SLM Corp.	69,500		1,763,215
			6,449,789
Diversified Financial Services - 4.1%
Berkshire Hathaway, Inc. Class B (a)	145,457		16,739,192
Interactive Brokers Group, Inc.	320,900		6,620,167
			23,359,359
Insurance - 5.5%
ACE Ltd.	64,500		6,155,880
AFLAC, Inc.	58,450		3,798,081
Donegal Group, Inc. Class A	90,500		1,434,425
Fairfax Financial Holdings Ltd. (sub. vtg.)	7,650		3,338,369
MetLife, Inc.	97,700		4,622,187
National Western Life Insurance Co. Class A	8,850		1,840,800
Old Republic International Corp.	173,700		2,916,423
StanCorp Financial Group, Inc.	50,500		2,974,450
Torchmark Corp.	56,350		4,105,661
			31,186,276
Real Estate Investment Trusts - 2.1%
American Tower Corp.	34,200		2,713,770
Boston Properties, Inc.	22,400		2,318,400
CyrusOne, Inc.	69,000		1,344,810
Eurobank Properties Real Estate Investment Co. (a)	312,000		3,821,034
New Residential Investment Corp.	110,000		727,100
Newcastle Investment Corp.	110,000		631,400
RAIT Financial Trust	40,000		302,000
			11,858,514
Real Estate Management & Development - 1.9%
Consolidated-Tomoka Land Co.	35,150		1,318,828
Kennedy-Wilson Holdings, Inc.	478,000		9,579,120
			10,897,948
Thrifts & Mortgage Finance - 1.2%
Beneficial Mutual Bancorp, Inc. (a)	210,000		2,047,500
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
HF Financial Corp.	2,000		$ 26,660
Meridian Interstate Bancorp, Inc. (a)	202,500		4,807,350
			6,881,510
TOTAL FINANCIALS			152,915,706
HEALTH CARE - 12.5%
Biotechnology - 0.5%
Amgen, Inc.	24,500		2,842,000
Health Care Equipment & Supplies - 0.6%
St. Jude Medical, Inc.	60,200		3,454,878
Health Care Providers & Services - 3.6%
Express Scripts Holding Co. (a)	52,100		3,257,292
HCA Holdings, Inc.	99,200		4,676,288
Quest Diagnostics, Inc.	50,300		3,013,473
UnitedHealth Group, Inc.	124,100		8,471,066
WellPoint, Inc.	13,401		1,136,405
			20,554,524
Pharmaceuticals - 7.8%
Actavis PLC (a)	26,700		4,127,286
Allergan, Inc.	21,600		1,957,176
Jazz Pharmaceuticals PLC (a)	40,600		3,684,044
Johnson & Johnson	102,100		9,455,481
Merck & Co., Inc.	258,300		11,646,747
Novartis AG	28,029		2,175,683
Pfizer, Inc.	152,900		4,690,972
Teva Pharmaceutical Industries Ltd. sponsored ADR	80,400		2,982,036
Valeant Pharmaceuticals International, Inc. (Canada) (a)	33,200		3,507,390
			44,226,815
TOTAL HEALTH CARE			71,078,217
INDUSTRIALS - 9.5%
Aerospace & Defense - 0.6%
General Dynamics Corp.	40,700		3,525,841
Air Freight & Logistics - 1.3%
FedEx Corp.	57,100		7,480,100
Commercial Services & Supplies - 0.6%
Waste Management, Inc.	77,201		3,361,332
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 2.4%
AECOM Technology Corp. (a)	190,400		$ 6,050,912
URS Corp.	138,600		7,514,892
			13,565,804
Industrial Conglomerates - 3.6%
Danaher Corp.	20,800		1,499,472
General Electric Co.	725,300		18,959,339
			20,458,811
Machinery - 0.3%
Terex Corp. (a)	38,400		1,342,080
Road & Rail - 0.7%
CSX Corp.	149,900		3,906,394
TOTAL INDUSTRIALS			53,640,362
INFORMATION TECHNOLOGY - 8.6%
Communications Equipment - 1.6%
Cisco Systems, Inc.	265,600		5,976,000
Juniper Networks, Inc. (a)	170,400		3,176,256
			9,152,256
Computers & Peripherals - 2.9%
Apple, Inc.	20,350		10,629,823
EMC Corp.	247,700		5,962,139
			16,591,962
Electronic Equipment & Components - 1.0%
Arrow Electronics, Inc. (a)	29,323		1,408,090
Jabil Circuit, Inc.	215,848		4,502,589
			5,910,679
IT Services - 0.5%
Global Payments, Inc.	43,600		2,593,328
Semiconductors & Semiconductor Equipment - 1.8%
Broadcom Corp. Class A	245,100		6,549,072
Samsung Electronics Co. Ltd.	2,466		3,404,086
			9,953,158
Software - 0.8%
Oracle Corp.	129,100		4,324,850
TOTAL INFORMATION TECHNOLOGY			48,526,233
Common Stocks - continued
	Shares		Value
MATERIALS - 2.6%
Chemicals - 1.7%
Ashland, Inc.	33,900		$ 3,137,445
Eastman Chemical Co.	45,700		3,600,703
LyondellBasell Industries NV Class A	36,620		2,731,852
			9,470,000
Containers & Packaging - 0.4%
Rock-Tenn Co. Class A	20,970		2,244,000
Metals & Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc.	55,400		2,036,504
Goldcorp, Inc.	33,300		848,269
			2,884,773
TOTAL MATERIALS			14,598,773
TELECOMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 2.3%
AT&T, Inc.	226,100		8,184,820
CenturyLink, Inc.	102,914		3,484,668
Frontier Communications Corp. (d)	235,200		1,037,232
			12,706,720
Wireless Telecommunication Services - 0.2%
NII Holdings, Inc. (a)(d)	363,300		1,249,752
TOTAL TELECOMMUNICATION SERVICES			13,956,472
UTILITIES - 6.0%
Electric Utilities - 3.0%
Edison International	79,600		3,902,788
ITC Holdings Corp.	49,700		4,999,323
NextEra Energy, Inc.	59,110		5,009,573
Xcel Energy, Inc.	101,400		2,926,404
			16,838,088
Gas Utilities - 0.8%
Atmos Energy Corp.	67,500		2,988,225
National Fuel Gas Co.	25,000		1,788,750
			4,776,975
Multi-Utilities - 2.2%
Alliant Energy Corp.	36,400		1,900,808
Ameren Corp.	48,300		1,747,494
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Multi-Utilities - continued
NiSource, Inc.	117,800		$ 3,713,056
Sempra Energy	57,650		5,254,221
			12,615,579
TOTAL UTILITIES			34,230,642
TOTAL COMMON STOCKS (Cost $469,808,001)		542,121,386
Nonconvertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%
Real Estate Investment Trusts - 0.0%
Eagle Hospitality Properties Trust, Inc. 8.25% (a) (Cost $141,235)	47,000		94

U.S. Treasury Obligations - 0.0%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0.02% to 0.04% 11/7/13 to 1/2/14 (e) (Cost $149,996)	$ 150,000	149,994

Money Market Funds - 4.3%
	Shares
Fidelity Cash Central Fund, 0.09% (b)	23,353,808		23,353,808
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	874,900		874,900
TOTAL MONEY MARKET FUNDS (Cost $24,228,708)		24,228,708
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $494,327,940)			566,500,182
NET OTHER ASSETS (LIABILITIES) - 0.0%			(247,602)
NET ASSETS - 100%		$ 566,252,580

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
64 ICE Russell 1000 Value Index Contracts (United States)	Dec. 2013	$ 5,640,960	$ 121,370

The face value of futures purchased as a percentage of net assets is 1%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $149,994.

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	$ 13,897
Fidelity Securities Lending Cash Central Fund	33,532
Total	$ 47,429

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 35,010,912	$ 35,010,912	$ -	$ -
Consumer Staples	33,739,120	33,739,120	-	-
Energy	84,424,949	84,424,949	-	-
Financials	152,915,800	152,915,800	-	-
Health Care	71,078,217	68,902,534	2,175,683	-
Industrials	53,640,362	53,640,362	-	-
Information Technology	48,526,233	48,526,233	-	-
Materials	14,598,773	14,598,773	-	-
Telecommunication Services	13,956,472	13,956,472	-	-
Utilities	34,230,642	34,230,642	-	-
U.S. Government and Government Agency Obligations	149,994	-	149,994	-
Money Market Funds	24,228,708	24,228,708	-	-
Total Investments in Securities:	$ 566,500,182	$ 564,174,505	$ 2,325,677	$ -
Derivative Instruments:
Assets
Futures Contracts	$ 121,370	$ 121,370	$ -	$ -

Income Tax Information

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Series Large Cap
Value Fund

October 31, 2013

1.884765.109

LPV-QTLY-1213

Investments October 31, 2013 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.5%
	Shares		Value
CONSUMER DISCRETIONARY - 8.6%
Auto Components - 0.2%
Allison Transmission Holdings, Inc.	3,100		$ 75,485
Gentex Corp.	208,921		6,150,634
Johnson Controls, Inc.	76,880		3,548,012
Lear Corp.	8,100		626,859
TRW Automotive Holdings Corp. (a)	11,800		886,298
			11,287,288
Automobiles - 0.3%
Ford Motor Co.	872,737		14,932,530
General Motors Co. (a)	93,600		3,458,520
			18,391,050
Distributors - 0.0%
Genuine Parts Co.	1,200		94,596
LKQ Corp. (a)	73,800		2,437,614
			2,532,210
Diversified Consumer Services - 0.0%
Apollo Group, Inc. Class A (non-vtg.) (a)	10,522		280,832
DeVry, Inc.	6,769		243,007
H&R Block, Inc.	100		2,844
Service Corp. International	5,000		90,050
Weight Watchers International, Inc.	1,200		38,532
			655,265
Hotels, Restaurants & Leisure - 1.1%
Arcos Dorados Holdings, Inc. Class A	78,700		947,548
Carnival Corp. unit	47,100		1,632,015
Choice Hotels International, Inc.	3,100		144,429
Darden Restaurants, Inc.	5,000		257,650
Hyatt Hotels Corp. Class A (a)	5,000		238,000
Marriott International, Inc. Class A	3,100		139,748
McDonald's Corp.	352,700		34,042,604
MGM Mirage, Inc. (a)	42,800		814,912
Penn National Gaming, Inc. (a)	7,400		432,974
Royal Caribbean Cruises Ltd.	18,000		756,720
Starwood Hotels & Resorts Worldwide, Inc.	12,400		912,888
Texas Roadhouse, Inc. Class A	175,400		4,809,468
Wendy's Co.	32,200		279,818
Yum! Brands, Inc.	363,900		24,606,918
			70,015,692
Household Durables - 0.1%
D.R. Horton, Inc.	30,400		576,080
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Garmin Ltd.	14,300		$ 668,525
Harman International Industries, Inc.	7,400		599,548
Leggett & Platt, Inc.	16,100		478,814
Lennar Corp. Class A	18,600		661,230
Mohawk Industries, Inc. (a)	6,800		900,456
Newell Rubbermaid, Inc.	13,600		402,968
Taylor Morrison Home Corp.	600		13,344
Toll Brothers, Inc. (a)	18,600		611,568
Whirlpool Corp.	8,700		1,270,287
			6,182,820
Internet & Catalog Retail - 0.0%
Expedia, Inc.	16,100		947,968
Liberty Media Corp. Interactive Series A (a)	53,900		1,453,144
			2,401,112
Leisure Equipment & Products - 0.2%
Hasbro, Inc.	1,900		98,135
Mattel, Inc.	208,900		9,268,893
			9,367,028
Media - 3.5%
CBS Corp. Class B	5,600		331,184
Comcast Corp.:
Class A	1,221,100		58,099,938
Class A (special) (non-vtg.)	1,015,900		47,036,170
DreamWorks Animation SKG, Inc. Class A (a)	8,700		297,888
Gannett Co., Inc.	25,400		702,818
Interpublic Group of Companies, Inc.	28,500		478,800
John Wiley & Sons, Inc. Class A	5,000		251,450
Liberty Global PLC Class A (a)	6,800		532,916
Liberty Media Corp. Class A (a)	11,200		1,712,592
News Corp. Class A (a)	14,900		262,240
Regal Entertainment Group Class A	7,400		140,674
Scripps Networks Interactive, Inc. Class A	33,500		2,696,750
Sinclair Broadcast Group, Inc. Class A	133,300		4,273,598
Sirius XM Radio, Inc.	181,600		684,632
Starz - Liberty Capital Series A (a)	1,200		36,180
The Walt Disney Co.	158,700		10,885,233
Thomson Reuters Corp.	42,200		1,585,763
Time Warner, Inc.	1,202,500		82,659,850
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Media - continued
Twenty-First Century Fox, Inc. Class A	59,500		$ 2,027,760
Washington Post Co. Class B	614		394,998
			215,091,434
Multiline Retail - 1.8%
Big Lots, Inc. (a)	5,000		181,800
Dillard's, Inc. Class A	1,200		98,376
J.C. Penney Co., Inc. (a)	21,100		158,250
Kohl's Corp.	499,000		28,343,200
Macy's, Inc.	9,900		456,489
Sears Holdings Corp. (a)(d)	5,000		290,400
Target Corp.	1,271,300		82,367,527
			111,896,042
Specialty Retail - 1.2%
Aarons, Inc. Class A	7,400		209,938
Abercrombie & Fitch Co. Class A	8,100		303,588
American Eagle Outfitters, Inc.	419,600		6,499,604
Ascena Retail Group, Inc. (a)	12,400		245,396
Best Buy Co., Inc.	22,300		954,440
Chico's FAS, Inc.	1,200		20,580
CST Brands, Inc.	6,800		219,232
DSW, Inc. Class A	600		52,602
Foot Locker, Inc.	150,292		5,215,132
GameStop Corp. Class A	13,000		712,660
Guess?, Inc.	6,800		212,500
H&M Hennes & Mauritz AB (B Shares)	75,000		3,240,716
Lowe's Companies, Inc.	859,700		42,795,866
Murphy U.S.A., Inc.	100		4,058
Signet Jewelers Ltd.	8,100		604,746
Staples, Inc.	763,000		12,299,560
			73,590,618
Textiles, Apparel & Luxury Goods - 0.2%
adidas AG	29,800		3,401,957
Coach, Inc.	46,500		2,356,620
Deckers Outdoor Corp. (a)	2,500		172,075
Li & Fung Ltd.	3,570,000		5,046,717
PVH Corp.	1,200		149,484
			11,126,853
TOTAL CONSUMER DISCRETIONARY			532,537,412
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 10.2%
Beverages - 1.7%
Beam, Inc.	18,000		$ 1,211,400
C&C Group PLC	143,200		839,353
Coca-Cola Enterprises, Inc.	19,800		826,254
Constellation Brands, Inc. Class A (sub. vtg.) (a)	1,200		78,360
Molson Coors Brewing Co. Class B	374,400		20,217,600
PepsiCo, Inc.	240,464		20,220,618
Remy Cointreau SA	39,100		3,858,438
SABMiller PLC	97,900		5,107,897
The Coca-Cola Co.	1,359,300		53,787,501
			106,147,421
Food & Staples Retailing - 2.4%
CVS Caremark Corp.	505,830		31,492,976
Jeronimo Martins SGPS SA	47,100		870,360
Safeway, Inc.	25,400		886,460
Sprouts Farmers Market LLC	600		27,636
Sysco Corp.	146,300		4,731,342
Wal-Mart Stores, Inc.	221,242		16,980,324
Walgreen Co.	1,515,500		89,778,220
			144,767,318
Food Products - 1.3%
Archer Daniels Midland Co.	68,800		2,813,920
Bunge Ltd.	16,700		1,371,571
Campbell Soup Co.	6,800		289,476
ConAgra Foods, Inc.	3,700		117,697
Danone SA	114,100		8,461,691
Dean Foods Co. (a)	10,500		204,750
Ingredion, Inc.	7,400		486,624
Kellogg Co.	839,300		53,085,725
Mead Johnson Nutrition Co. Class A	30,400		2,482,464
Mondelez International, Inc.	197,712		6,651,032
Pinnacle Foods, Inc.	1,900		51,471
The J.M. Smucker Co.	10,500		1,167,705
Tyson Foods, Inc. Class A	33,500		926,945
Unilever NV (Certificaten Van Aandelen) (Bearer)	111,000		4,400,648
			82,511,719
Household Products - 2.7%
Clorox Co.	2,500		225,475
Energizer Holdings, Inc.	7,400		726,014
Kimberly-Clark Corp.	210,800		22,766,400
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - continued
Procter & Gamble Co.	1,771,547		$ 143,052,420
Svenska Cellulosa AB (SCA) (B Shares)	45,900		1,303,323
			168,073,632
Personal Products - 0.0%
Oriflame Cosmetics SA SDR	13,000		411,262
Tobacco - 2.1%
Altria Group, Inc.	609,900		22,706,577
British American Tobacco PLC sponsored ADR	360,100		39,787,449
Lorillard, Inc.	827,618		42,216,794
Philip Morris International, Inc.	300,600		26,789,472
Reynolds American, Inc.	8,700		446,919
			131,947,211
TOTAL CONSUMER STAPLES			633,858,563
ENERGY - 13.4%
Energy Equipment & Services - 1.4%
Atwood Oceanics, Inc. (a)	5,600		297,528
Baker Hughes, Inc.	43,400		2,521,106
Cameron International Corp. (a)	10,526		577,456
Diamond Offshore Drilling, Inc.	8,100		501,633
Ensco PLC Class A	259,700		14,971,705
Frank's International NV	1,900		58,121
Halliburton Co.	267,141		14,166,487
Helmerich & Payne, Inc.	10,500		814,275
McDermott International, Inc. (a)	25,400		179,578
Nabors Industries Ltd.	32,900		575,092
National Oilwell Varco, Inc.	218,200		17,713,476
Noble Corp.	254,800		9,605,960
Oil States International, Inc. (a)	6,200		673,506
Patterson-UTI Energy, Inc.	16,100		390,586
Rowan Companies PLC (a)	14,300		515,944
RPC, Inc.	1,200		22,008
Schlumberger Ltd.	225,600		21,143,232
Superior Energy Services, Inc. (a)	17,400		466,842
Tidewater, Inc.	5,600		337,232
Unit Corp. (a)	5,600		287,896
			85,819,663
Oil, Gas & Consumable Fuels - 12.0%
Access Midstream Partners LP	139,500		7,468,830
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Anadarko Petroleum Corp.	67,531		$ 6,435,029
Apache Corp.	502,679		44,637,895
Atlas Pipeline Partners LP	243,600		9,393,216
BG Group PLC	363,900		7,430,583
Canadian Natural Resources Ltd.	548,600		17,410,611
Chesapeake Energy Corp.	64,500		1,803,420
Chevron Corp.	1,690,348		202,774,146
Cimarex Energy Co.	9,300		979,755
Cobalt International Energy, Inc. (a)	2,500		58,025
ConocoPhillips Co.	138,800		10,174,040
CONSOL Energy, Inc.	198,400		7,241,600
Denbury Resources, Inc. (a)	42,800		812,772
Devon Energy Corp.	45,900		2,901,798
Energen Corp.	8,100		634,392
ENI SpA	114,100		2,896,651
EOG Resources, Inc.	1,900		338,960
EQT Corp.	1,200		102,732
EV Energy Partners LP	210,100		7,737,983
Exxon Mobil Corp.	1,785,798		160,043,217
Golar LNG Ltd. (NASDAQ)	5,000		185,650
Gulfport Energy Corp. (a)	1,900		111,511
Hess Corp.	166,100		13,487,320
Holly Energy Partners LP	144,400		4,597,696
HollyFrontier Corp.	111,600		5,140,296
Imperial Oil Ltd.	61,400		2,681,189
Kinder Morgan Holding Co. LLC	6,200		218,922
Laredo Petroleum Holdings, Inc. (a)	600		19,062
Legacy Reserves LP	114,100		3,040,765
Magellan Midstream Partners LP	11,200		672,448
Marathon Oil Corp.	80,000		2,820,800
Marathon Petroleum Corp.	36,000		2,579,760
Markwest Energy Partners LP	283,953		21,092,029
MPLX LP	14,327		527,807
Murphy Oil Corp.	21,700		1,308,944
Newfield Exploration Co. (a)	15,500		471,975
Occidental Petroleum Corp.	900,605		86,530,128
PBF Energy, Inc. Class A	2,500		65,825
Peabody Energy Corp.	76,200		1,484,376
Phillips 66 Co.	67,600		4,355,468
Pioneer Natural Resources Co.	3,700		757,686
QEP Resources, Inc.	18,000		595,080
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Royal Dutch Shell PLC Class A (United Kingdom)	567,800		$ 18,910,484
SandRidge Energy, Inc. (a)	53,900		341,726
Scorpio Tankers, Inc.	132,600		1,530,204
Spectra Energy Corp.	75,600		2,689,092
Suncor Energy, Inc.	704,800		25,612,499
Teekay Corp.	4,300		186,749
Tesoro Corp.	14,300		699,127
The Williams Companies, Inc.	1,175,274		41,969,035
Tsakos Energy Navigation Ltd.	258,141		1,293,286
Ultra Petroleum Corp. (a)	18,000		330,480
Valero Energy Corp.	59,500		2,449,615
Western Gas Partners LP	26,000		1,562,860
Whiting Petroleum Corp. (a)	12,400		829,436
Williams Partners LP	60,100		3,090,342
World Fuel Services Corp.	6,800		259,420
WPX Energy, Inc. (a)	21,700		480,438
			746,255,185
TOTAL ENERGY			832,074,848
FINANCIALS - 21.7%
Capital Markets - 3.4%
American Capital Ltd. (a)	33,500		469,335
Ameriprise Financial, Inc.	15,500		1,558,370
Apollo Investment Corp.	1,184,500		10,103,785
Ares Capital Corp.	30,400		528,048
Artisan Partners Asset Management, Inc.	600		35,922
Ashmore Group PLC	427,100		2,770,065
Bank of New York Mellon Corp.	129,500		4,118,100
BlackRock, Inc. Class A	34,700		10,438,107
Carlyle Group LP	88,000		2,720,960
Charles Schwab Corp.	1,754,800		39,746,220
E*TRADE Financial Corp. (a)	35,775		604,955
Goldman Sachs Group, Inc.	53,931		8,675,341
Greenhill & Co., Inc.	96,700		4,960,710
Invesco Ltd.	49,600		1,674,000
KKR & Co. LP	1,045,100		22,939,945
Legg Mason, Inc.	12,400		477,028
LPL Financial	1,200		48,888
Morgan Stanley	1,834,800		52,713,804
Northern Trust Corp.	231,800		13,078,156
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Raymond James Financial, Inc.	13,665		$ 623,807
SEI Investments Co.	600		19,914
State Street Corp.	294,076		20,605,905
TD Ameritrade Holding Corp.	26,000		708,760
The Blackstone Group LP	377,500		9,920,700
UBS AG	176,039		3,404,783
			212,945,608
Commercial Banks - 6.2%
Associated Banc-Corp.	19,200		312,192
Bank of Hawaii Corp.	5,000		289,900
BankUnited, Inc.	7,400		227,698
BB&T Corp.	81,800		2,778,746
BNP Paribas SA	42,200		3,124,981
BOK Financial Corp.	3,100		189,813
CapitalSource, Inc.	22,300		291,684
CIT Group, Inc.	84,900		4,088,784
City National Corp.	5,000		360,550
Comerica, Inc.	593,200		25,685,560
Commerce Bancshares, Inc.	8,700		400,287
Cullen/Frost Bankers, Inc.	47,700		3,376,683
East West Bancorp, Inc.	15,500		522,195
Erste Group Bank AG	85,500		3,015,376
Fifth Third Bancorp	95,442		1,816,261
First Citizen Bancshares, Inc.	600		127,038
First Horizon National Corp.	28,500		303,525
First Niagara Financial Group, Inc.	40,300		444,509
First Republic Bank	13,000		663,910
Fulton Financial Corp.	21,700		264,957
Huntington Bancshares, Inc.	92,400		813,120
KeyCorp	101,695		1,274,238
M&T Bank Corp.	249,200		28,042,476
Nordea Bank AB	203,400		2,605,258
PNC Financial Services Group, Inc.	415,300		30,537,009
Popular, Inc. (a)	9,700		244,925
Regions Financial Corp.	156,800		1,509,984
Signature Bank (a)	5,000		509,100
Standard Chartered PLC (United Kingdom)	474,809		11,415,825
SunTrust Banks, Inc.	200,200		6,734,728
SVB Financial Group (a)	5,000		478,900
Synovus Financial Corp.	110,300		358,475
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
TCF Financial Corp.	18,600		$ 282,348
U.S. Bancorp	1,576,921		58,913,769
Valley National Bancorp	22,900		223,275
Wells Fargo & Co.	4,405,349		188,064,349
Zions Bancorporation	20,453		580,252
			380,872,680
Consumer Finance - 0.2%
Capital One Financial Corp.	67,591		4,641,474
Discover Financial Services	55,200		2,863,776
SLM Corp.	253,500		6,431,295
			13,936,545
Diversified Financial Services - 6.1%
Bank of America Corp.	3,424,032		47,799,487
Berkshire Hathaway, Inc. Class B (a)	205,800		23,683,464
Citigroup, Inc.	1,432,514		69,878,033
CME Group, Inc.	36,000		2,671,560
ING U.S., Inc.	8,700		269,874
Interactive Brokers Group, Inc.	5,600		115,528
JPMorgan Chase & Co.	4,213,150		217,145,751
KKR Financial Holdings LLC	874,944		8,670,695
Leucadia National Corp.	29,100		824,694
McGraw-Hill Companies, Inc.	16,700		1,163,656
MSCI, Inc. Class A (a)	8,100		330,237
NYSE Euronext	99,800		4,393,196
The NASDAQ Stock Market, Inc.	12,400		439,332
			377,385,507
Insurance - 4.0%
ACE Ltd.	265,300		25,320,232
AFLAC, Inc.	239,900		15,588,702
Alleghany Corp. (a)	1,900		770,298
Allied World Assurance Co. Holdings Ltd.	2,500		270,725
Allstate Corp.	53,260		2,825,976
American Financial Group, Inc.	7,400		416,324
American International Group, Inc.	165,461		8,546,061
American National Insurance Co.	600		60,642
Aon PLC	8,100		640,629
Arch Capital Group Ltd. (a)	14,300		828,828
Arthur J. Gallagher & Co.	66,900		3,174,405
Aspen Insurance Holdings Ltd.	7,400		288,674
Assurant, Inc.	8,670		507,022
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Assured Guaranty Ltd.	18,600		$ 381,300
Axis Capital Holdings Ltd.	9,900		469,458
Brown & Brown, Inc.	7,400		236,282
Cincinnati Financial Corp.	18,600		930,000
CNA Financial Corp.	3,100		125,829
Endurance Specialty Holdings Ltd.	3,100		171,399
Everest Re Group Ltd.	5,600		860,944
Fidelity National Financial, Inc. Class A	26,076		734,039
Genworth Financial, Inc. Class A (a)	318,000		4,620,540
Hanover Insurance Group, Inc.	3,700		216,598
Hartford Financial Services Group, Inc.	51,400		1,732,180
HCC Insurance Holdings, Inc.	11,200		511,280
Kemper Corp.	5,600		207,312
Lincoln National Corp.	30,400		1,380,464
Loews Corp.	32,200		1,555,582
Markel Corp. (a)	1,900		1,006,373
Marsh & McLennan Companies, Inc.	103,500		4,740,300
MBIA, Inc. (a)	16,100		183,057
Mercury General Corp.	3,100		144,336
MetLife, Inc.	2,303,393		108,973,523
Old Republic International Corp.	29,800		500,342
PartnerRe Ltd.	6,200		621,302
Principal Financial Group, Inc.	32,900		1,561,434
ProAssurance Corp.	6,800		308,176
Progressive Corp.	13,600		353,192
Protective Life Corp.	8,700		400,896
Prudential Financial, Inc.	362,600		29,512,014
Reinsurance Group of America, Inc.	8,070		574,423
RenaissanceRe Holdings Ltd.	5,000		468,550
StanCorp Financial Group, Inc.	5,000		294,500
The Chubb Corp.	24,759		2,279,809
The Travelers Companies, Inc.	37,800		3,262,140
Torchmark Corp.	10,500		765,030
Unum Group	30,400		964,896
Validus Holdings Ltd.	360,100		14,216,748
W.R. Berkley Corp.	12,400		544,484
White Mountains Insurance Group Ltd.	600		350,442
XL Group PLC Class A	32,872		1,004,897
			246,402,589
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 1.8%
Alexandria Real Estate Equities, Inc.	8,100		$ 532,818
American Campus Communities, Inc.	11,800		407,808
American Capital Agency Corp.	780,400		16,950,288
American Homes 4 Rent Class A	5,000		77,400
Annaly Capital Management, Inc.	1,464,100		17,261,739
Apartment Investment & Management Co. Class A	7,400		207,052
AvalonBay Communities, Inc.	14,900		1,863,245
BioMed Realty Trust, Inc.	111,600		2,223,072
Boston Properties, Inc.	15,500		1,604,250
Brandywine Realty Trust (SBI)	17,400		247,602
BRE Properties, Inc.	8,700		475,107
Camden Property Trust (SBI)	9,900		635,580
CBL & Associates Properties, Inc.	12,400		245,644
Chimera Investment Corp.	115,900		351,177
CommonWealth REIT	13,000		316,810
Coresite Realty Corp.	40,300		1,307,332
Corporate Office Properties Trust (SBI)	9,900		243,540
Corrections Corp. of America	5,000		185,000
DDR Corp.	29,800		505,110
Digital Realty Trust, Inc.	3,100		147,746
Douglas Emmett, Inc.	16,100		401,373
Duke Realty LP	36,000		596,520
Equity Lifestyle Properties, Inc.	2,500		94,975
Equity Residential (SBI)	40,900		2,141,524
Essex Property Trust, Inc.	4,300		692,300
Extra Space Storage, Inc.	11,800		542,682
Federal Realty Investment Trust (SBI)	2,500		259,000
First Potomac Realty Trust	364,500		4,479,705
General Growth Properties, Inc.	66,900		1,420,287
Hatteras Financial Corp.	10,500		191,100
HCP, Inc.	51,400		2,133,100
Health Care REIT, Inc.	32,200		2,088,170
Healthcare Trust of America, Inc.	12,400		144,088
Home Properties, Inc.	136,400		8,226,284
Hospitality Properties Trust (SBI)	15,500		455,390
Host Hotels & Resorts, Inc.	83,100		1,541,505
Kilroy Realty Corp.	9,300		494,388
Kimco Realty Corp.	46,500		998,820
Liberty Property Trust (SBI)	14,900		554,131
Mack-Cali Realty Corp.	9,900		203,544
MFA Financial, Inc.	39,700		294,177
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Mid-America Apartment Communities, Inc.	8,100		$ 537,840
National Retail Properties, Inc.	13,600		467,840
Piedmont Office Realty Trust, Inc. Class A	18,600		343,728
Post Properties, Inc.	6,200		283,588
Prologis, Inc.	57,000		2,277,150
Public Storage	1,200		200,364
Rayonier, Inc.	134,500		6,324,190
Realty Income Corp.	22,300		928,795
Regency Centers Corp.	6,200		320,292
Retail Properties America, Inc.	314,300		4,497,633
Senior Housing Properties Trust (SBI)	19,800		487,872
Simon Property Group, Inc.	8,700		1,344,585
SL Green Realty Corp.	10,500		992,985
Spirit Realty Capital, Inc.	34,100		356,686
Starwood Property Trust, Inc.	21,700		557,473
Sun Communities, Inc.	400		17,828
Taubman Centers, Inc.	6,200		407,898
The Macerich Co.	15,500		917,755
Two Harbors Investment Corp.	642,800		5,997,324
UDR, Inc.	27,900		692,199
Ventas, Inc.	65,700		4,286,268
Vornado Realty Trust	17,400		1,549,644
Weingarten Realty Investors (SBI)	13,600		431,528
WP Carey, Inc.	6,200		412,982
			108,375,830
Real Estate Management & Development - 0.0%
Forest City Enterprises, Inc. Class A (a)	17,400		352,524
Howard Hughes Corp. (a)	4,300		503,315
Jones Lang LaSalle, Inc.	5,000		476,000
Realogy Holdings Corp.	1,200		49,368
The St. Joe Co. (a)	6,800		126,956
			1,508,163
Thrifts & Mortgage Finance - 0.0%
Hudson City Bancorp, Inc.	62,000		556,760
New York Community Bancorp, Inc.	50,200		813,742
People's United Financial, Inc.	36,600		528,138
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
TFS Financial Corp. (a)	9,300		$ 112,902
Washington Federal, Inc.	10,900		248,302
			2,259,844
TOTAL FINANCIALS			1,343,686,766
HEALTH CARE - 12.1%
Biotechnology - 0.5%
Amgen, Inc.	261,000		30,276,000
Health Care Equipment & Supplies - 1.2%
Abbott Laboratories	282,000		10,307,100
Alere, Inc. (a)	9,300		313,689
Baxter International, Inc.	126,500		8,332,555
Boston Scientific Corp. (a)	155,600		1,818,964
CareFusion Corp. (a)	24,800		961,496
Covidien PLC	160,500		10,289,655
DENTSPLY International, Inc.	11,800		555,780
Hill-Rom Holdings, Inc.	6,800		280,772
Hologic, Inc. (a)	57,000		1,276,230
Medtronic, Inc.	114,100		6,549,340
ResMed, Inc.	29,800		1,541,852
St. Jude Medical, Inc.	289,500		16,614,405
Stryker Corp.	137,600		10,163,136
Teleflex, Inc.	5,000		460,900
The Cooper Companies, Inc.	1,200		155,052
Zimmer Holdings, Inc.	89,900		7,863,553
			77,484,479
Health Care Providers & Services - 2.6%
Aetna, Inc.	337,200		21,142,440
AmerisourceBergen Corp.	27,300		1,783,509
Cardinal Health, Inc.	39,100		2,293,606
CIGNA Corp.	32,900		2,532,642
Community Health Systems, Inc.	9,900		431,937
Envision Healthcare Holdings, Inc.	1,900		55,195
Express Scripts Holding Co. (a)	11,800		737,736
Fresenius Medical Care AG & Co. KGaA	35,300		2,332,845
HCA Holdings, Inc.	27,258		1,284,942
Health Net, Inc. (a)	9,300		282,720
Humana, Inc.	19,200		1,769,280
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
LifePoint Hospitals, Inc. (a)	5,600		$ 289,184
McKesson Corp.	115,300		18,026,002
MEDNAX, Inc. (a)	1,900		207,138
Omnicare, Inc.	11,800		650,770
Patterson Companies, Inc.	49,000		2,082,990
Quest Diagnostics, Inc.	549,800		32,938,518
UnitedHealth Group, Inc.	621,700		42,437,242
Universal Health Services, Inc. Class B	3,100		249,736
VCA Antech, Inc. (a)	9,900		281,655
WellPoint, Inc.	329,782		27,965,514
			159,775,601
Health Care Technology - 0.2%
Allscripts Healthcare Solutions, Inc. (a)	19,800		273,834
Quality Systems, Inc.	407,900		9,308,278
			9,582,112
Life Sciences Tools & Services - 0.1%
Agilent Technologies, Inc.	34,100		1,730,916
Bio-Rad Laboratories, Inc. Class A (a)	2,500		308,800
Charles River Laboratories International, Inc. (a)	3,100		152,551
Life Technologies Corp. (a)	6,800		512,108
PerkinElmer, Inc.	12,400		471,696
QIAGEN NV (a)	26,700		618,372
Quintiles Transnational Holdings, Inc.	1,900		79,781
Techne Corp.	1,900		166,041
Thermo Fisher Scientific, Inc.	39,700		3,881,866
			7,922,131
Pharmaceuticals - 7.5%
AbbVie, Inc.	564,100		27,330,645
Actavis PLC (a)	104,100		16,091,778
AstraZeneca PLC sponsored ADR	127,100		6,718,506
Bristol-Myers Squibb Co.	25,400		1,334,008
Eli Lilly & Co.	397,300		19,793,486
Forest Laboratories, Inc. (a)	30,400		1,429,712
GlaxoSmithKline PLC sponsored ADR	467,400		24,599,262
Hospira, Inc. (a)	18,600		753,672
Johnson & Johnson	1,377,693		127,588,149
Mallinckrodt PLC (a)	6,800		285,668
Merck & Co., Inc.	2,522,790		113,752,601
Novartis AG sponsored ADR	119,707		9,283,278
Pfizer, Inc.	1,986,651		60,950,453
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Sanofi SA	97,317		$ 10,376,253
Teva Pharmaceutical Industries Ltd. sponsored ADR	206,400		7,655,376
Zoetis, Inc. Class A	1,073,662		33,992,139
			461,934,986
TOTAL HEALTH CARE			746,975,309
INDUSTRIALS - 10.0%
Aerospace & Defense - 1.3%
Alliant Techsystems, Inc.	3,700		402,819
BE Aerospace, Inc. (a)	600		48,696
Exelis, Inc.	20,500		338,045
General Dynamics Corp.	34,100		2,954,083
Honeywell International, Inc.	53,300		4,622,709
L-3 Communications Holdings, Inc.	9,900		994,455
Northrop Grumman Corp.	26,000		2,795,260
Raytheon Co.	36,600		3,014,742
Rockwell Collins, Inc.	17,400		1,215,042
Spirit AeroSystems Holdings, Inc. Class A (a)	11,200		298,928
Textron, Inc.	30,348		873,719
The Boeing Co.	225,900		29,479,950
Triumph Group, Inc.	4,300		308,095
United Technologies Corp.	322,300		34,244,375
			81,590,918
Air Freight & Logistics - 1.7%
C.H. Robinson Worldwide, Inc.	486,000		29,033,640
FedEx Corp.	35,300		4,624,300
United Parcel Service, Inc. Class B	722,800		71,007,872
			104,665,812
Airlines - 0.0%
Alaska Air Group, Inc.	600		42,396
Delta Air Lines, Inc.	52,100		1,374,398
Southwest Airlines Co.	71,300		1,227,786
			2,644,580
Building Products - 0.0%
A.O. Smith Corp.	5,000		258,250
Fagerhult AB	7,660		235,236
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Building Products - continued
Fortune Brands Home & Security, Inc.	2,500		$ 107,700
Owens Corning (a)	13,600		488,648
			1,089,834
Commercial Services & Supplies - 0.5%
ADT Corp.	24,200		1,049,554
Cintas Corp.	8,100		435,537
Covanta Holding Corp.	12,400		212,908
Iron Mountain, Inc.	1,900		50,426
KAR Auction Services, Inc.	147,500		4,383,700
Pitney Bowes, Inc. (d)	13,000		277,420
R.R. Donnelley & Sons Co.	9,900		183,843
Republic Services, Inc.	644,653		21,576,536
Ritchie Brothers Auctioneers, Inc.	140,100		2,769,348
Waste Connections, Inc.	600		25,644
Waste Management, Inc.	48,300		2,102,982
			33,067,898
Construction & Engineering - 0.0%
Fluor Corp.	7,400		549,228
Jacobs Engineering Group, Inc. (a)	14,861		903,846
KBR, Inc.	16,100		556,094
Quanta Services, Inc. (a)	18,600		561,906
URS Corp.	8,700		471,714
			3,042,788
Electrical Equipment - 0.5%
Babcock & Wilcox Co.	3,700		119,177
Eaton Corp. PLC	114,100		8,050,896
Emerson Electric Co.	108,500		7,266,245
Hubbell, Inc. Class B	142,600		15,335,204
Regal-Beloit Corp.	5,000		366,650
Zumtobel AG	75,600		1,351,333
			32,489,505
Industrial Conglomerates - 3.3%
3M Co.	11,800		1,485,030
Carlisle Companies, Inc.	6,800		494,224
Danaher Corp.	52,700		3,799,143
General Electric Co.	7,380,610		192,929,145
Siemens AG sponsored ADR	26,700		3,417,867
			202,125,409
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 1.2%
AGCO Corp.	10,500		$ 612,990
Andritz AG	27,900		1,718,671
Caterpillar, Inc.	60,700		5,059,952
Crane Co.	600		38,100
Cummins, Inc.	70,700		8,980,314
Donaldson Co., Inc.	1,200		47,532
Dover Corp.	5,000		458,950
Harsco Corp.	8,700		242,556
IDEX Corp.	600		41,490
Illinois Tool Works, Inc.	83,100		6,547,449
Ingersoll-Rand PLC	155,000		10,467,150
ITT Corp.	125,800		4,998,034
Joy Global, Inc.	11,800		669,650
Kennametal, Inc.	8,700		400,200
Navistar International Corp. (a)	5,600		202,496
Oshkosh Truck Corp.	9,900		471,141
PACCAR, Inc.	34,700		1,929,320
Parker Hannifin Corp.	16,100		1,879,192
Pentair Ltd.	23,600		1,583,324
Pfeiffer Vacuum Technology AG	14,900		1,738,000
Snap-On, Inc.	5,600		582,792
SPX Corp.	5,000		453,550
Stanley Black & Decker, Inc.	260,300		20,587,127
Terex Corp. (a)	12,400		433,380
Timken Co.	9,300		491,133
Trinity Industries, Inc.	8,700		440,481
Xylem, Inc.	75,600		2,608,200
			73,683,174
Marine - 0.0%
Kirby Corp. (a)	2,500		221,225
Professional Services - 0.2%
Acacia Research Corp.	10,200		153,918
Amadeus Fire AG	18,000		1,185,805
Bureau Veritas SA	114,700		3,463,523
Dun & Bradstreet Corp.	600		65,274
Manpower, Inc.	8,700		679,470
Michael Page International PLC	395,500		3,073,065
Nielsen Holdings B.V.	20,500		808,520
Towers Watson & Co.	7,400		849,594
			10,279,169
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - 0.9%
AMERCO	600		$ 121,158
Con-way, Inc.	3,700		152,440
CSX Corp.	1,382,300		36,022,738
Genesee & Wyoming, Inc. Class A (a)	2,500		249,600
J.B. Hunt Transport Services, Inc.	89,900		6,745,197
Norfolk Southern Corp.	133,874		11,515,841
Ryder System, Inc.	5,600		368,648
			55,175,622
Trading Companies & Distributors - 0.4%
Air Lease Corp. Class A	8,100		238,140
Beacon Roofing Supply, Inc. (a)	63,200		2,193,672
Beijer (G&L) AG Series B	9,005		188,992
Brenntag AG	6,800		1,152,241
GATX Corp.	5,600		288,680
HD Supply Holdings, Inc. (a)	2,500		50,475
MRC Global, Inc. (a)	5,600		156,520
MSC Industrial Direct Co., Inc. Class A	99,200		7,575,904
W.W. Grainger, Inc.	31,600		8,499,452
Watsco, Inc.	11,200		1,067,248
WESCO International, Inc. (a)	5,000		427,300
			21,838,624
TOTAL INDUSTRIALS			621,914,558
INFORMATION TECHNOLOGY - 13.8%
Communications Equipment - 2.2%
Brocade Communications Systems, Inc. (a)	50,200		402,604
Cisco Systems, Inc.	4,995,985		112,409,663
EchoStar Holding Corp. Class A (a)	4,300		206,228
Harris Corp.	10,500		650,580
JDS Uniphase Corp. (a)	6,200		81,158
Juniper Networks, Inc. (a)	47,700		889,128
Motorola Solutions, Inc.	1,200		75,024
QUALCOMM, Inc.	322,900		22,431,863
			137,146,248
Computers & Peripherals - 2.5%
Apple, Inc.	258,500		135,027,475
Diebold, Inc.	7,400		221,704
EMC Corp.	327,900		7,892,553
Hewlett-Packard Co.	220,692		5,378,264
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Lexmark International, Inc. Class A	6,800		$ 241,740
SanDisk Corp.	13,600		945,200
Stratasys Ltd. (a)	1,900		215,137
Western Digital Corp.	23,600		1,643,268
			151,565,341
Electronic Equipment & Components - 0.1%
Arrow Electronics, Inc. (a)	11,800		566,636
Avnet, Inc.	15,500		615,350
AVX Corp.	5,600		74,200
CDW Corp.	1,900		41,781
Corning, Inc.	117,300		2,004,657
Dolby Laboratories, Inc. Class A	3,100		110,794
FLIR Systems, Inc.	5,000		142,400
Ingram Micro, Inc. Class A (a)	16,700		386,939
Jabil Circuit, Inc.	22,900		477,694
Molex, Inc.	16,100		621,460
Tech Data Corp. (a)	4,300		223,858
Vishay Intertechnology, Inc. (a)	14,300		175,461
			5,441,230
Internet Software & Services - 0.8%
AOL, Inc.	8,700		315,288
Google, Inc. Class A (a)	45,900		47,303,622
Yahoo!, Inc. (a)	101,067		3,328,136
			50,947,046
IT Services - 3.8%
Accenture PLC Class A	50,800		3,733,800
Amdocs Ltd.	18,000		692,100
Cognizant Technology Solutions Corp. Class A (a)	153,100		13,308,983
Computer Sciences Corp.	17,400		857,124
CoreLogic, Inc. (a)	11,200		372,624
DST Systems, Inc.	600		50,862
Fidelity National Information Services, Inc.	223,100		10,876,125
IBM Corp.	279,600		50,107,116
Leidos Holdings, Inc.	8,100		381,429
Lender Processing Services, Inc.	1,900		65,588
MasterCard, Inc. Class A	37,200		26,676,120
Paychex, Inc.	2,179,445		92,103,346
Science Applications International Corp.	5,000		176,250
The Western Union Co.	734,500		12,501,190
Total System Services, Inc.	4,300		128,269
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
VeriFone Systems, Inc. (a)	12,400		$ 280,984
Visa, Inc. Class A	128,300		25,232,761
			237,544,671
Office Electronics - 0.0%
Xerox Corp.	137,582		1,367,565
Zebra Technologies Corp. Class A (a)	5,000		241,550
			1,609,115
Semiconductors & Semiconductor Equipment - 1.8%
Altera Corp.	252,300		8,477,280
Analog Devices, Inc.	142,600		7,030,180
Applied Materials, Inc.	2,848,900		50,852,865
Avago Technologies Ltd.	2,500		113,575
Broadcom Corp. Class A	584,521		15,618,401
Fairchild Semiconductor International, Inc. (a)	16,100		203,987
First Solar, Inc. (a)	6,800		341,836
Freescale Semiconductor Holdings I Ltd. (a)	3,100		47,864
Intel Corp.	528,100		12,901,483
KLA-Tencor Corp.	121,500		7,970,400
Lam Research Corp. (a)	14,300		775,489
LSI Corp.	54,500		462,160
Marvell Technology Group Ltd.	44,000		528,000
Maxim Integrated Products, Inc.	94,200		2,797,740
Micron Technology, Inc. (a)	117,800		2,082,704
NVIDIA Corp.	65,100		988,218
ON Semiconductor Corp. (a)	2,500		17,650
Skyworks Solutions, Inc. (a)	3,700		95,386
Teradyne, Inc. (a)	21,700		379,533
			111,684,751
Software - 2.6%
Activision Blizzard, Inc.	48,353		804,594
Adobe Systems, Inc. (a)	34,700		1,880,740
Autodesk, Inc. (a)	5,600		223,496
CA Technologies, Inc.	404,100		12,834,216
Compuware Corp.	24,200		258,456
Comverse, Inc.	507,902		16,039,545
Electronic Arts, Inc. (a)	8,100		212,625
MICROS Systems, Inc. (a)	7,400		401,450
Microsoft Corp.	3,298,277		116,594,092
Nuance Communications, Inc. (a)	30,400		473,024
Oracle Corp.	279,600		9,366,600
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Rovi Corp. (a)	9,900		$ 165,924
Symantec Corp.	21,661		492,571
Synopsys, Inc. (a)	17,400		634,230
Zynga, Inc. (a)	65,700		235,863
			160,617,426
TOTAL INFORMATION TECHNOLOGY			856,555,828
MATERIALS - 1.7%
Chemicals - 1.2%
Air Products & Chemicals, Inc.	23,600		2,572,636
Airgas, Inc.	67,600		7,373,132
Albemarle Corp.	5,600		370,664
Ashland, Inc.	8,700		805,185
Cabot Corp.	7,400		344,914
CF Industries Holdings, Inc.	6,800		1,466,080
Cytec Industries, Inc.	4,300		357,287
E.I. du Pont de Nemours & Co.	126,500		7,741,800
FMC Corp.	71,300		5,187,788
Huntsman Corp.	21,700		503,874
Kronos Worldwide, Inc.	2,500		38,775
Monsanto Co.	154,300		16,182,984
Potash Corp. of Saskatchewan, Inc.	68,800		2,137,937
PPG Industries, Inc.	1,200		219,096
Rockwood Holdings, Inc.	2,500		158,125
Royal DSM NV	20,500		1,552,852
RPM International, Inc.	127,100		4,921,312
Sigma Aldrich Corp.	600		51,858
Syngenta AG (Switzerland)	27,274		11,008,242
The Dow Chemical Co.	119,594		4,720,375
The Mosaic Co.	34,100		1,563,485
Tronox Ltd. Class A	70,700		1,632,463
W.R. Grace & Co. (a)	1,200		109,992
Westlake Chemical Corp.	600		64,452
			71,085,308
Construction Materials - 0.0%
Vulcan Materials Co.	14,900		797,895
Containers & Packaging - 0.0%
Aptargroup, Inc.	2,500		160,400
Avery Dennison Corp.	7,400		348,688
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - continued
Bemis Co., Inc.	6,800		$ 271,320
Crown Holdings, Inc. (a)	2,522		109,959
Greif, Inc. Class A	3,100		165,819
MeadWestvaco Corp.	19,800		690,030
Owens-Illinois, Inc. (a)	7,400		235,246
Rock-Tenn Co. Class A	2,500		267,525
Sonoco Products Co.	11,200		455,168
			2,704,155
Metals & Mining - 0.5%
Alcoa, Inc.	120,900		1,120,743
Allegheny Technologies, Inc.	12,400		410,440
Carpenter Technology Corp.	5,000		296,650
Cliffs Natural Resources, Inc. (d)	17,400		446,832
Commercial Metals Co.	355,800		6,532,488
Freeport-McMoRan Copper & Gold, Inc.	216,371		7,953,798
Grupo Mexico SA de CV Series B	561,600		1,773,825
Newmont Mining Corp.	53,932		1,470,186
Nucor Corp.	35,300		1,827,481
Reliance Steel & Aluminum Co.	8,700		637,623
Royal Gold, Inc.	5,000		240,200
Southern Copper Corp.	138,200		3,862,690
Steel Dynamics, Inc.	24,200		434,874
Tahoe Resources, Inc. (a)	8,100		155,115
United States Steel Corp. (d)	16,100		400,729
			27,563,674
Paper & Forest Products - 0.0%
Domtar Corp.	3,700		313,427
International Paper Co.	6,800		303,348
			616,775
TOTAL MATERIALS			102,767,807
TELECOMMUNICATION SERVICES - 2.7%
Diversified Telecommunication Services - 2.4%
AT&T, Inc.	1,985,413		71,871,951
CenturyLink, Inc.	693,600		23,485,296
Frontier Communications Corp.	112,800		497,448
Intelsat SA	2,500		50,975
Level 3 Communications, Inc. (a)	11,776		359,757
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Verizon Communications, Inc.	1,013,500		$ 51,191,885
Windstream Holdings, Inc.	3,700		31,635
			147,488,947
Wireless Telecommunication Services - 0.3%
Sprint Corp. (a)	78,700		529,651
T-Mobile U.S., Inc. (a)	19,255		533,941
Telephone & Data Systems, Inc.	10,500		327,390
U.S. Cellular Corp.	1,200		58,080
Vodafone Group PLC sponsored ADR	432,700		15,932,014
			17,381,076
TOTAL TELECOMMUNICATION SERVICES			164,870,023
UTILITIES - 3.3%
Electric Utilities - 2.4%
American Electric Power Co., Inc.	203,900		9,550,676
Ceske Energeticke Zavody A/S	26,000		748,388
Duke Energy Corp.	302,500		21,698,325
EDF SA	70,700		2,480,457
Edison International	36,600		1,794,498
Entergy Corp.	19,800		1,281,456
Exelon Corp.	97,900		2,794,066
FirstEnergy Corp.	325,400		12,322,898
Great Plains Energy, Inc.	17,400		407,856
Hawaiian Electric Industries, Inc.	390,500		10,375,585
ITC Holdings Corp.	26,000		2,615,340
NextEra Energy, Inc.	208,900		17,704,275
Northeast Utilities	204,600		8,775,294
NV Energy, Inc.	27,300		648,102
OGE Energy Corp.	22,300		822,870
Pepco Holdings, Inc.	27,900		537,912
Pinnacle West Capital Corp.	12,400		694,772
PPL Corp.	711,600		21,796,308
Southern Co.	505,800		20,692,278
Westar Energy, Inc.	14,300		452,023
Xcel Energy, Inc.	288,900		8,337,654
			146,531,033
Gas Utilities - 0.0%
AGL Resources, Inc.	13,000		622,180
Atmos Energy Corp.	9,900		438,273
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Gas Utilities - continued
National Fuel Gas Co.	8,100		$ 579,555
ONEOK, Inc.	1,200		67,800
Questar Corp.	17,400		411,684
UGI Corp.	13,000		537,810
			2,657,302
Independent Power Producers & Energy Traders - 0.1%
Calpine Corp. (a)	39,100		788,647
NRG Energy, Inc.	34,700		989,991
The AES Corp.	68,800		969,392
			2,748,030
Multi-Utilities - 0.8%
Alliant Energy Corp.	12,400		647,528
Ameren Corp.	27,300		987,714
CenterPoint Energy, Inc.	330,400		8,127,840
CMS Energy Corp.	29,800		818,308
Consolidated Edison, Inc.	32,900		1,915,438
Dominion Resources, Inc.	65,700		4,188,375
DTE Energy Co.	19,800		1,368,972
E.ON AG	127,070		2,321,382
Integrys Energy Group, Inc.	8,700		510,516
MDU Resources Group, Inc.	20,500		610,490
National Grid PLC	34,100		428,527
NiSource, Inc.	34,700		1,093,744
PG&E Corp.	50,200		2,100,870
Public Service Enterprise Group, Inc.	57,000		1,909,500
SCANA Corp.	15,500		722,765
Sempra Energy	243,603		22,201,977
TECO Energy, Inc.	24,200		415,514
Vectren Corp.	9,300		324,756
Wisconsin Energy Corp.	25,400		1,069,594
			51,763,810
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Water Utilities - 0.0%
American Water Works Co., Inc.	19,800		$ 848,826
Aqua America, Inc.	2,500		62,950
			911,776
TOTAL UTILITIES			204,611,951
TOTAL COMMON STOCKS (Cost $5,545,522,169)		6,039,853,065
Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%
Health Care Equipment & Supplies - 0.1%
Alere, Inc. 3.00%	11,200		3,106,768
INDUSTRIALS - 0.0%
Aerospace & Defense - 0.0%
United Technologies Corp. 7.50%	39,700		2,512,216
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,577,504)		5,618,984

Convertible Bonds - 0.1%
	Principal Amount
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Peabody Energy Corp. 4.75% 12/15/41	$ 2,480,000		2,052,200
HEALTH CARE - 0.0%
Health Care Equipment & Supplies - 0.0%
Volcano Corp. 1.75% 12/1/17	1,140,000		1,098,732
TOTAL CONVERTIBLE BONDS (Cost $3,272,928)		3,150,932
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 0.01% to 0.03% 11/7/13 to 11/29/13 (Cost $7,259,923)	7,260,000		7,259,892

Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.09% (b)	173,986,759		$ 173,986,759
Fidelity Securities Lending Cash Central Fund, 0.09% (b)(c)	1,053,250		1,053,250
TOTAL MONEY MARKET FUNDS (Cost $175,040,009)		175,040,009
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.09%, dated 10/31/13 due 11/1/13 (Collateralized by U.S. Treasury Obligations) # (Cost $2,923,000)	$ 2,923,007		2,923,000
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $5,739,595,533)			6,233,845,882
NET OTHER ASSETS (LIABILITIES) - (0.6)%			(39,517,274)
NET ASSETS - 100%		$ 6,194,328,608

Legend

(a) Non-income producing

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

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

Repurchase Agreement / Counterparty	Value
$2,923,000 due 11/01/13 at 0.09%
Barclays Capital, Inc.	$ 817,274
Merrill Lynch, Pierce, Fenner & Smith, Inc.	569,251
UBS Securities LLC	1,536,475
	$ 2,923,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 291,356
Fidelity Securities Lending Cash Central Fund	1,562,209
Total	$ 1,853,565

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 532,537,412	$ 532,537,412	$ -	$ -
Consumer Staples	633,858,563	629,457,915	4,400,648	-
Energy	832,074,848	810,267,713	21,807,135	-
Financials	1,343,686,766	1,340,281,983	3,404,783	-
Health Care	750,082,077	737,372,979	12,709,098	-
Industrials	624,426,774	624,426,774	-	-
Information Technology	856,555,828	856,555,828	-	-
Materials	102,767,807	91,759,565	11,008,242	-
Telecommunication Services	164,870,023	164,870,023	-	-
Utilities	204,611,951	204,183,424	428,527	-
Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Corporate Bonds	$ 3,150,932	$ -	$ 3,150,932	$ -
U.S. Government and Government Agency Obligations	7,259,892	-	7,259,892	-
Money Market Funds	175,040,009	175,040,009	-	-
Cash Equivalents	2,923,000	-	2,923,000	-
Total Investments in Securities:	$ 6,233,845,882	$ 6,166,753,625	$ 67,092,257	$ -

Income Tax Information

At October 31, 2013, the cost of investment securities for income tax purposes was $5,743,780,207. Net unrealized appreciation aggregated $490,065,675, of which $532,944,425 related to appreciated investment securities and $42,878,750 related to depreciated investment securities.

Investment Valuation

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.

Subsequent Event

In July 2013, the Fund's Board of Trustees approved a plan of Liquidation and Dissolution whereby the Fund will distribute all of its net assets to its shareholders on November 8, 2013.

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Devonshire Trust

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

Date:	December 30, 2013

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

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

Date:	December 30, 2013
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	December 30, 2013