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 811-3785

Fidelity Advisor Series I
 (Exact name of registrant as specified in charter)

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

February 28, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Dividend
Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797922.107

ADGF-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 10.2%

Auto Components - 0.3%

Exide Industries Ltd.

77,173

$ 233

Minth Group Ltd.

448,000

679

Modine Manufacturing Co. (a)

62,932

931

Tenneco, Inc. (a)

27,658

1,103

TRW Automotive Holdings Corp. (a)

5,908

336

 

3,282

Automobiles - 0.6%

Bayerische Motoren Werke AG (BMW)

14,443

1,172

General Motors Co.

11,000

369

Harley-Davidson, Inc.

25,936

1,059

Mazda Motor Corp.

241,000

624

Thor Industries, Inc.

9,044

301

Winnebago Industries, Inc. (a)(d)

153,804

2,224

 

5,749

Distributors - 0.1%

Silver Base Group Holdings Ltd.

1,026,000

760

Diversified Consumer Services - 0.6%

Coinstar, Inc. (a)

26,400

1,127

DeVry, Inc.

25,108

1,362

Global Education & Technology Group Ltd. ADR (a)

4,366

38

Grand Canyon Education, Inc. (a)

18,200

293

ITT Educational Services, Inc. (a)

9,519

722

Service Corp. International

103,000

1,123

Stewart Enterprises, Inc. Class A

210,706

1,606

 

6,271

Hotels, Restaurants & Leisure - 2.0%

Accor SA

56,101

2,638

Bravo Brio Restaurant Group, Inc.

48,491

835

Brinker International, Inc.

86,174

2,037

Club Mediterranee SA (a)

47,513

1,143

Denny's Corp. (a)

68,198

265

DineEquity, Inc. (a)(d)

45,207

2,586

InterContinental Hotel Group PLC

17,310

385

McDonald's Corp.

22,100

1,673

NH Hoteles SA (a)(d)

213,661

1,303

O'Charleys, Inc. (a)

139,459

886

Penn National Gaming, Inc. (a)

1,936

69

Sol Melia SA (d)

81,940

900

Spur Corp. Ltd.

175,196

341

Starbucks Corp.

17,800

587

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Hotels, Restaurants & Leisure - continued

WMS Industries, Inc. (a)

83,611

$ 3,327

Wyndham Worldwide Corp.

40,454

1,265

 

20,240

Household Durables - 0.7%

Garmin Ltd.

32,000

1,086

Jarden Corp.

4,700

154

La-Z-Boy, Inc. (a)

28,063

282

Lennar Corp. Class A

6,200

125

Newell Rubbermaid, Inc.

34,556

668

PulteGroup, Inc. (a)

192,675

1,329

Stanley Black & Decker, Inc.

27,653

2,097

Techtronic Industries Co. Ltd.

404,000

500

Tempur-Pedic International, Inc. (a)

23,158

1,087

 

7,328

Internet & Catalog Retail - 0.1%

Expedia, Inc.

55,175

1,096

Leisure Equipment & Products - 0.1%

Hasbro, Inc.

25,260

1,134

Media - 2.6%

CC Media Holdings, Inc. Class A (a)

134,400

1,048

Cinemark Holdings, Inc.

33,960

682

Comcast Corp.:

Class A

5,697

147

Class A (special) (non-vtg.)

224,110

5,450

McGraw-Hill Companies, Inc.

3,448

133

MDC Partners, Inc. Class A (sub. vtg.)

134,800

2,339

Mood Media Corp. (a)

104,800

230

Mood Media Corp. (a)(g)

192,900

381

News Corp. Class A

63,200

1,098

Saraiva SA Livreiros Editores

16,800

376

The Walt Disney Co.

119,884

5,244

Time Warner Cable, Inc.

59,904

4,324

Time Warner, Inc.

95,724

3,657

United Business Media Ltd.

44,189

512

Wolters Kluwer NV (Certificaten Van Aandelen)

35,600

841

 

26,462

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Multiline Retail - 0.5%

Maoye International Holdings Ltd.

940,000

$ 367

Target Corp.

100,168

5,264

 

5,631

Specialty Retail - 2.2%

Advance Auto Parts, Inc.

43,700

2,739

Asbury Automotive Group, Inc. (a)

47,300

873

Best Buy Co., Inc.

35,221

1,136

Big 5 Sporting Goods Corp.

47,500

662

Carphone Warehouse Group PLC (a)

142,226

941

Casual Male Retail Group, Inc. (a)

195,901

836

Express, Inc.

5,118

92

Foot Locker, Inc.

68,727

1,366

Foschini Ltd.

99,500

1,122

Hengdeli Holdings Ltd.

2,864,000

1,559

Home Depot, Inc.

31,707

1,188

I.T Ltd.

414,000

257

Lowe's Companies, Inc.

197,374

5,165

Lumber Liquidators Holdings, Inc. (a)

25,004

582

MarineMax, Inc. (a)

63,364

572

OfficeMax, Inc. (a)

90,500

1,243

Staples, Inc.

62,981

1,341

SuperGroup PLC

13,434

360

Urban Outfitters, Inc. (a)

20,000

768

 

22,802

Textiles, Apparel & Luxury Goods - 0.4%

Bosideng International Holdings Ltd.

2,018,000

536

G-III Apparel Group Ltd. (a)

37,165

1,461

Maidenform Brands, Inc. (a)

14,259

387

Peak Sport Products Co. Ltd.

668,000

415

Phillips-Van Heusen Corp.

28,661

1,720

 

4,519

TOTAL CONSUMER DISCRETIONARY

105,274

CONSUMER STAPLES - 8.5%

Beverages - 2.0%

Anheuser-Busch InBev SA NV

29,144

1,628

Britvic PLC

80,102

475

Carlsberg AS Series B

13,200

1,405

Dr Pepper Snapple Group, Inc.

49,415

1,782

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Beverages - continued

Grupo Modelo SAB de CV Series C

173,900

$ 1,052

PepsiCo, Inc.

13,400

850

The Coca-Cola Co.

203,634

13,016

 

20,208

Food & Staples Retailing - 2.0%

Casey's General Stores, Inc.

4,795

197

CVS Caremark Corp.

107,292

3,547

Droga Raia SA

33,400

476

Drogasil SA

68,400

522

Eurocash SA

9,810

107

Kroger Co.

217,628

4,984

PriceSmart, Inc.

10,222

364

Susser Holdings Corp. (a)

47,400

656

Wal-Mart Stores, Inc.

96,757

5,029

Walgreen Co.

96,801

4,195

Winn-Dixie Stores, Inc. (a)

84,244

588

 

20,665

Food Products - 2.1%

Archer Daniels Midland Co.

68,775

2,557

Calavo Growers, Inc.

56,035

1,301

Chiquita Brands International, Inc. (a)

42,317

727

Darling International, Inc. (a)

11,419

159

Flowers Foods, Inc. (d)

55,409

1,474

Global Dairy Holdings Ltd.

1,208,000

321

Green Mountain Coffee Roasters, Inc. (a)

29,300

1,195

Kellogg Co.

13,743

736

Kraft Foods, Inc. Class A

151,956

4,838

Marine Harvest ASA

1,811,061

2,127

Nestle SA

47,949

2,715

Sara Lee Corp.

53,808

921

Seneca Foods Corp. Class A (a)

11,166

314

Shenguan Holdings Group Ltd.

136,000

168

Smithfield Foods, Inc. (a)

49,996

1,157

The J.M. Smucker Co.

17,760

1,223

 

21,933

Household Products - 0.9%

Procter & Gamble Co.

124,766

7,866

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - continued

Uni-Charm Corp.

15,000

$ 579

Youyuan International Holdings Ltd.

810,000

452

 

8,897

Personal Products - 0.5%

Avon Products, Inc.

66,844

1,859

BaWang International (Group) Holding Ltd. (d)

1,820,000

491

Estee Lauder Companies, Inc. Class A

12,075

1,140

Hengan International Group Co. Ltd.

89,500

660

USANA Health Sciences, Inc. (a)

32,809

1,142

 

5,292

Tobacco - 1.0%

Imperial Tobacco Group PLC

30,181

969

Philip Morris International, Inc.

148,340

9,313

 

10,282

TOTAL CONSUMER STAPLES

87,277

ENERGY - 13.3%

Energy Equipment & Services - 4.1%

Aker Drilling ASA (a)

118,700

441

Aker Solutions ASA

128,257

2,714

Baker Hughes, Inc.

37,970

2,698

Cathedral Energy Services Ltd.

65,200

685

Halliburton Co.

111,925

5,254

ION Geophysical Corp. (a)

189,994

2,436

National Oilwell Varco, Inc.

105,488

8,394

Noble Corp.

34,279

1,533

Oceaneering International, Inc. (a)

5,000

418

Saipem SpA

26,317

1,329

Schlumberger Ltd.

91,554

8,553

Transocean Ltd. (a)

30,321

2,566

Unit Corp. (a)

16,425

977

Vantage Drilling Co. (a)

536,734

1,116

Weatherford International Ltd. (a)

157,703

3,813

 

42,927

Oil, Gas & Consumable Fuels - 9.2%

Americas Petrogas, Inc. (a)

142,500

377

Americas Petrogas, Inc. (a)(e)

217,500

576

Anadarko Petroleum Corp.

32,000

2,619

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Apache Corp.

43,356

$ 5,403

Berry Petroleum Co. Class A

51,400

2,672

BP PLC sponsored ADR

64,000

3,102

Chesapeake Energy Corp.

55,764

1,986

Chevron Corp.

31,725

3,291

Cimarex Energy Co.

11,503

1,336

Concho Resources, Inc. (a)(g)

22,820

2,431

ConocoPhillips

13,399

1,043

CVR Energy, Inc. (a)

144,034

2,722

Daylight Energy Ltd.

10,900

122

Denbury Resources, Inc. (a)

99,741

2,417

Double Eagle Petroleum Co. (a)

34,443

376

EOG Resources, Inc.

19,915

2,237

Exxon Mobil Corp.

38,163

3,264

Gran Tierra Energy, Inc. (a)

59,100

550

Heritage Oil PLC

68,356

295

Holly Corp.

55,256

3,157

InterOil Corp. (a)(d)

23,547

1,749

Kinder Morgan Holding Co. LLC

9,900

302

Kodiak Oil & Gas Corp. (a)

180,293

1,365

Madalena Ventures, Inc. (a)

154,500

169

Marathon Oil Corp.

63,644

3,157

Massey Energy Co.

31,564

1,999

Niko Resources Ltd.

12,600

1,077

Noble Energy, Inc.

27,216

2,522

Northern Oil & Gas, Inc. (a)

197,710

6,281

OAO Gazprom sponsored ADR

36,400

1,067

Occidental Petroleum Corp.

45,159

4,605

Painted Pony Petroleum Ltd. (a)(e)

11,000

123

Painted Pony Petroleum Ltd. Class A (a)

5,900

66

Paladin Energy Ltd. (a)

118,027

599

Pan Orient Energy Corp. (a)

87,200

619

PetroBakken Energy Ltd. Class A (d)

27,568

633

Petrofrontier Corp.

21,700

71

Petrohawk Energy Corp. (a)

82,411

1,780

Petroleum Development Corp. (a)

18,132

851

Petroplus Holdings AG

38,760

628

Plains Exploration & Production Co. (a)

60,313

2,362

Progress Energy Resources Corp.

40,300

536

Progress Energy Resources Corp. (a)(e)(f)

28,100

374

Repsol YPF SA sponsored ADR

1,200

40

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Resolute Energy Corp. (a)

74,899

$ 1,358

Rockhopper Exploration PLC (a)

57,224

217

Rodinia Oil Corp.

51,100

129

Royal Dutch Shell PLC Class B ADR

28,677

2,068

Southwestern Energy Co. (a)

29,222

1,154

Suncor Energy, Inc.

33,380

1,569

TAG Oil Ltd. (a)

75,600

520

Talisman Energy, Inc.

59,200

1,470

Tesoro Corp. (a)

93,375

2,220

Total SA sponsored ADR

17,000

1,042

Valero Energy Corp.

109,212

3,078

Voyager Oil & Gas, Inc. unit (a)

231,508

1,509

Western Refining, Inc. (a)

38,595

628

Whiting Petroleum Corp. (a)

33,576

2,194

Williams Companies, Inc.

88,077

2,674

 

94,781

TOTAL ENERGY

137,708

FINANCIALS - 14.7%

Capital Markets - 2.3%

American Capital Ltd. (a)

59,166

553

Bank of New York Mellon Corp.

82,532

2,508

Bank Sarasin & Co. Ltd. Series B (Reg.)

16,429

709

BlackRock, Inc. Class A

14,772

3,013

FXCM, Inc. Class A

28,600

325

Goldman Sachs Group, Inc.

32,305

5,291

GP Investments, Ltd. unit (a)

125,910

499

ICAP PLC

64,000

542

Invesco Ltd.

63,832

1,713

Medley Capital Corp.

28,300

338

Morgan Stanley

193,358

5,739

State Street Corp.

52,160

2,333

TD Ameritrade Holding Corp.

32,808

715

 

24,278

Commercial Banks - 3.8%

Associated Banc-Corp.

125,950

1,822

Banco do Brasil SA

59,900

1,071

Banco Pine SA

71,500

597

CapitalSource, Inc.

543,055

4,116

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

CIT Group, Inc. (a)

15,015

$ 650

Comerica, Inc.

18,925

736

Commercial Bank of Qatar GDR (Reg. S)

71,321

303

Guaranty Trust Bank PLC GDR (Reg. S)

59,095

434

Huntington Bancshares, Inc.

265,012

1,813

Itau Unibanco Banco Multiplo SA ADR (a)(e)

25,600

569

Lloyds Banking Group PLC (a)

541,600

547

PNC Financial Services Group, Inc.

8,912

550

Regions Financial Corp.

286,205

2,187

SunTrust Banks, Inc.

74,501

2,248

Susquehanna Bancshares, Inc.

83,418

797

SVB Financial Group (a)

40,062

2,171

U.S. Bancorp, Delaware

9,800

272

Wells Fargo & Co.

542,343

17,496

Wilmington Trust Corp., Delaware

118,078

530

Zions Bancorporation

18,777

439

 

39,348

Consumer Finance - 0.7%

American Express Co.

70,476

3,071

Capital One Financial Corp.

19,912

991

Discover Financial Services

61,162

1,330

Imperial Holdings, Inc. (a)

23,400

256

International Personal Finance PLC

11,486

62

SLM Corp. (a)

75,896

1,125

 

6,835

Diversified Financial Services - 3.9%

Bank of America Corp.

37,000

529

Citigroup, Inc. (a)

3,380,493

15,821

CME Group, Inc.

5,793

1,803

Deutsche Boerse AG

12,339

947

Infrastructure Development Finance Co. Ltd.

219,498

704

JPMorgan Chase & Co.

360,550

16,834

PICO Holdings, Inc. (a)

117,551

3,492

 

40,130

Insurance - 1.6%

AEGON NV (a)

191,600

1,475

American Equity Investment Life Holding Co.

21,300

281

Assured Guaranty Ltd.

175,795

2,554

Berkshire Hathaway, Inc. Class B (a)

18,948

1,654

Delphi Financial Group, Inc. Class A

29,575

916

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - continued

Endurance Specialty Holdings Ltd.

21,100

$ 1,046

Genworth Financial, Inc. Class A (a)

286,700

3,793

Lincoln National Corp.

64,500

2,046

MetLife, Inc.

18,700

886

Platinum Underwriters Holdings Ltd.

12,300

513

Prudential Financial, Inc.

17,700

1,165

 

16,329

Real Estate Investment Trusts - 1.7%

Beni Stabili SpA Siiq

440,100

451

Boston Properties, Inc.

5,509

528

Campus Crest Communities, Inc.

11,912

171

CBL & Associates Properties, Inc.

62,400

1,114

Coresite Realty Corp.

31,946

496

Digital Realty Trust, Inc. (d)

5,146

303

Douglas Emmett, Inc.

5,891

110

Education Realty Trust, Inc.

77,000

635

Franklin Street Properties Corp.

57,200

860

HCP, Inc.

11,700

445

ProLogis Trust

158,100

2,571

Public Storage

12,013

1,348

Sabra Health Care REIT, Inc.

10,163

187

SL Green Realty Corp.

28,100

2,128

The Macerich Co.

5,515

279

U-Store-It Trust

54,800

562

Vornado Realty Trust

13,750

1,283

Westfield Group unit

17,370

173

Weyerhaeuser Co.

151,533

3,699

 

17,343

Real Estate Management & Development - 0.7%

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

165,657

4,148

Iguatemi Empresa de Shopping Centers SA

40,600

879

Jones Lang LaSalle, Inc.

15,786

1,554

Kenedix, Inc. (a)

3,499

946

 

7,527

TOTAL FINANCIALS

151,790

HEALTH CARE - 9.7%

Biotechnology - 2.6%

Alexion Pharmaceuticals, Inc. (a)

12,200

1,175

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Amgen, Inc. (a)

80,941

$ 4,155

Amylin Pharmaceuticals, Inc. (a)

57,420

879

ARIAD Pharmaceuticals, Inc. (a)

207,472

1,247

ArQule, Inc. (a)

41,300

263

AVEO Pharmaceuticals, Inc.

71,855

990

AVEO Pharmaceuticals, Inc. (g)

27,497

379

Biogen Idec, Inc. (a)

28,162

1,926

Cephalon, Inc. (a)

13,700

771

Clinical Data, Inc. (a)

39,422

1,197

Dynavax Technologies Corp. (a)

252,887

756

Gilead Sciences, Inc. (a)

27,092

1,056

Human Genome Sciences, Inc. (a)

37,800

946

ImmunoGen, Inc. (a)

36,800

332

InterMune, Inc. (a)

21,100

772

Micromet, Inc. (a)

102,900

641

NPS Pharmaceuticals, Inc. (a)

41,463

321

PDL BioPharma, Inc.

99,200

551

SIGA Technologies, Inc. (a)

139,327

1,867

Theravance, Inc. (a)

127,334

2,901

Thrombogenics NV (a)(d)

37,733

1,082

United Therapeutics Corp. (a)

20,300

1,369

ZIOPHARM Oncology, Inc. (a)

127,116

774

 

26,350

Health Care Equipment & Supplies - 1.7%

American Medical Systems Holdings, Inc. (a)

57,849

1,267

Baxter International, Inc.

27,700

1,472

Boston Scientific Corp. (a)

143,900

1,030

C. R. Bard, Inc.

28,930

2,828

Covidien PLC

48,602

2,501

GN Store Nordic AS

56,226

550

Hill-Rom Holdings, Inc.

26,500

1,009

Kinetic Concepts, Inc. (a)

22,418

1,098

Orthofix International NV (a)

41,781

1,320

Orthovita, Inc. (a)

152,758

364

St. Jude Medical, Inc.

10,300

493

Symmetry Medical, Inc. (a)

91,196

824

William Demant Holding AS (a)

11,300

959

Wright Medical Group, Inc. (a)

66,074

1,046

Zimmer Holdings, Inc. (a)

17,500

1,091

 

17,852

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - 2.3%

Brookdale Senior Living, Inc. (a)

104,300

$ 2,805

Catalyst Health Solutions, Inc. (a)

22,842

1,033

CIGNA Corp.

89,725

3,775

DaVita, Inc. (a)

15,273

1,212

Diagnosticos da America SA

34,000

411

Emeritus Corp. (a)

41,237

970

Express Scripts, Inc. (a)

79,000

4,441

Fresenius Medical Care AG & Co. KGaA

21,017

1,391

McKesson Corp.

31,494

2,497

Medco Health Solutions, Inc. (a)

51,803

3,193

Sun Healthcare Group, Inc. (a)

109,301

1,607

Sunrise Senior Living, Inc. (a)

4,490

51

 

23,386

Health Care Technology - 0.1%

Allscripts-Misys Healthcare Solutions, Inc. (a)

68,400

1,460

Life Sciences Tools & Services - 0.8%

Agilent Technologies, Inc. (a)

110,155

4,635

Lonza Group AG

10,005

847

QIAGEN NV (a)

15,300

316

Thermo Fisher Scientific, Inc. (a)

36,453

2,035

 

7,833

Pharmaceuticals - 2.2%

Ardea Biosciences, Inc. (a)

78,208

2,073

Cadence Pharmaceuticals, Inc. (a)(d)

231,358

1,737

Cardiome Pharma Corp. (a)

69,471

402

Columbia Laboratories, Inc. (a)

75,400

263

GlaxoSmithKline PLC

112,100

2,152

GlaxoSmithKline PLC sponsored ADR

51,052

1,971

Merck & Co., Inc.

259,262

8,444

Novo Nordisk AS Series B

19,045

2,401

Pronova BioPharma ASA (a)

78,377

133

Teva Pharmaceutical Industries Ltd. sponsored ADR

36,381

1,823

Valeant Pharmaceuticals International, Inc. (Canada)

37,100

1,489

 

22,888

TOTAL HEALTH CARE

99,769

INDUSTRIALS - 14.2%

Aerospace & Defense - 2.8%

Bombardier, Inc. Class B (sub. vtg.)

335,700

2,160

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

DigitalGlobe, Inc. (a)

29,338

$ 947

Esterline Technologies Corp. (a)

14,804

1,060

GeoEye, Inc. (a)

56,039

2,497

Goodrich Corp.

23,699

2,044

HEICO Corp. Class A

36,983

1,447

Honeywell International, Inc.

57,217

3,313

Meggitt PLC

391,735

2,154

Precision Castparts Corp.

24,097

3,416

Raytheon Co.

47,712

2,443

Rockwell Collins, Inc.

3,998

258

United Technologies Corp.

81,741

6,829

 

28,568

Airlines - 0.1%

Copa Holdings SA Class A

11,403

608

Southwest Airlines Co.

46,071

545

 

1,153

Building Products - 0.5%

Masco Corp.

155,925

2,119

Owens Corning (a)

58,375

2,086

Quanex Building Products Corp.

27,584

521

 

4,726

Commercial Services & Supplies - 0.8%

Interface, Inc. Class A

64,895

1,082

Iron Mountain, Inc.

15,077

392

Knoll, Inc.

71,163

1,471

Pitney Bowes, Inc. (d)

21,163

533

Quad/Graphics, Inc. (a)

13,872

602

R.R. Donnelley & Sons Co.

50,435

939

Republic Services, Inc.

48,200

1,427

Schawk, Inc. Class A

14,556

263

Steelcase, Inc. Class A

45,910

446

The Geo Group, Inc. (a)

45,058

1,146

 

8,301

Construction & Engineering - 1.3%

Aveng Ltd.

41,000

215

Chiyoda Corp.

23,000

208

Dycom Industries, Inc. (a)

53,437

922

EMCOR Group, Inc. (a)

18,953

604

Fluor Corp.

47,611

3,369

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Construction & Engineering - continued

Foster Wheeler AG (a)

112,637

$ 4,073

Great Lakes Dredge & Dock Corp.

60,117

473

Jacobs Engineering Group, Inc. (a)

12,225

612

MasTec, Inc. (a)

32,000

596

MYR Group, Inc. (a)

46,187

1,042

Shaw Group, Inc. (a)

42,747

1,698

 

13,812

Electrical Equipment - 1.2%

Alstom SA

36,009

2,147

AMETEK, Inc.

26,717

1,121

Cooper Industries PLC Class A

34,654

2,230

Emerson Electric Co.

20,424

1,218

GrafTech International Ltd. (a)

31,500

630

Prysmian SpA

54,500

1,151

Regal-Beloit Corp.

18,762

1,369

Schneider Electric SA

9,213

1,524

Zumtobel AG

43,407

1,251

 

12,641

Industrial Conglomerates - 2.3%

Cookson Group PLC (a)

99,345

1,056

General Electric Co.

662,912

13,868

Koninklijke Philips Electronics NV

49,100

1,604

Rheinmetall AG

22,100

1,792

Siemens AG sponsored ADR

6,252

841

Textron, Inc.

149,914

4,061

 

23,222

Machinery - 2.5%

Actuant Corp. Class A

55,673

1,576

ArvinMeritor, Inc. (a)

29,855

535

Blount International, Inc. (a)

29,033

441

Caterpillar, Inc.

30,991

3,190

Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)

82,600

190

Charter International PLC

19,527

241

Commercial Vehicle Group, Inc. (a)

30,300

478

Cummins, Inc.

26,743

2,704

Dover Corp.

16,543

1,063

Fiat Industrial SpA (a)

96,500

1,348

Hardinge, Inc.

30,141

402

Harsco Corp.

16,532

565

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - continued

Ingersoll-Rand Co. Ltd.

58,176

$ 2,635

Manitowoc Co., Inc.

15,860

314

Navistar International Corp. (a)

87,100

5,398

NSK Ltd.

61,000

584

Pall Corp.

26,221

1,425

Schindler Holding AG (participation certificate)

8,068

909

SmartHeat, Inc. (a)(d)

146,820

671

Timken Co.

20,400

994

Trinity Industries, Inc.

17,400

542

 

26,205

Professional Services - 0.7%

CBIZ, Inc. (a)

63,887

452

FTI Consulting, Inc. (a)

29,197

963

IHS, Inc. Class A (a)

2,600

218

Kforce, Inc. (a)

25,388

453

Robert Half International, Inc.

48,100

1,534

SFN Group, Inc. (a)

10,300

142

SR Teleperformance SA

39,800

1,512

Towers Watson & Co.

26,905

1,582

 

6,856

Road & Rail - 1.8%

Arkansas Best Corp.

25,600

607

Con-way, Inc.

39,904

1,299

CSX Corp.

79,400

5,928

Norfolk Southern Corp.

24,943

1,636

Saia, Inc. (a)

81,980

1,236

Union Pacific Corp.

69,600

6,641

Universal Truckload Services, Inc. (a)

50,890

819

 

18,166

Trading Companies & Distributors - 0.2%

Barloworld Ltd.

56,400

585

Finning International, Inc.

17,900

510

Kaman Corp.

37,294

1,189

Rush Enterprises, Inc. Class A (a)

7,900

148

 

2,432

TOTAL INDUSTRIALS

146,082

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - 17.2%

Communications Equipment - 2.2%

Calix Networks, Inc. (a)(d)

116,213

$ 2,067

Cisco Systems, Inc. (a)

460,582

8,548

Comtech Telecommunications Corp.

8,817

238

Comverse Technology, Inc. (a)

161,500

1,171

Infinera Corp. (a)

100,032

801

Juniper Networks, Inc. (a)

114,300

5,029

Motorola Mobility Holdings, Inc.

30,477

920

Motorola Solutions, Inc.

26,603

1,028

QUALCOMM, Inc.

46,792

2,788

 

22,590

Computers & Peripherals - 3.6%

Apple, Inc. (a)

77,961

27,546

Hewlett-Packard Co.

215,351

9,396

 

36,942

Electronic Equipment & Components - 1.3%

Arrow Electronics, Inc. (a)

10,714

420

Avnet, Inc. (a)

92,541

3,166

Corning, Inc.

147,000

3,390

Funtalk China Holdings Ltd. (a)

192,839

985

HLS Systems International Ltd. (a)

47,099

709

Keyence Corp.

5,200

1,414

Molex, Inc. (d)

57,059

1,594

Tyco Electronics Ltd.

55,151

1,988

 

13,666

Internet Software & Services - 0.8%

eAccess Ltd.

1,900

1,199

eBay, Inc. (a)

103,919

3,482

Google, Inc. Class A (a)

6,394

3,922

NHN Corp. (a)

1,028

173

 

8,776

IT Services - 1.5%

Acxiom Corp. (a)

58,131

996

Alliance Data Systems Corp. (a)

26,435

2,081

Atos Origin SA (a)

19,763

1,144

Fidelity National Information Services, Inc.

61,948

2,006

Fiserv, Inc. (a)

10,312

652

Heartland Payment Systems, Inc.

60,382

1,182

MasterCard, Inc. Class A

7,784

1,873

Unisys Corp. (a)

49,003

1,821

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

Virtusa Corp. (a)

20,671

$ 349

Visa, Inc. Class A

44,572

3,256

 

15,360

Office Electronics - 0.3%

Xerox Corp.

295,581

3,177

Semiconductors & Semiconductor Equipment - 5.3%

Advanced Micro Devices, Inc. (a)

78,695

725

Analog Devices, Inc.

56,100

2,237

Applied Materials, Inc.

136,888

2,249

ASML Holding NV

59,491

2,594

Atmel Corp. (a)

156,839

2,302

Avago Technologies Ltd.

134,383

4,568

Cymer, Inc. (a)

71,664

3,626

Entropic Communications, Inc. (a)(d)

44,956

416

Fairchild Semiconductor International, Inc. (a)

197,726

3,482

Himax Technologies, Inc. sponsored ADR

199,964

506

Intersil Corp. Class A

89,028

1,139

Kulicke & Soffa Industries, Inc. (a)

91,221

875

Lam Research Corp. (a)

111,426

6,117

LTX-Credence Corp. (a)

316,930

2,833

Maxim Integrated Products, Inc.

74,900

2,066

Microchip Technology, Inc. (d)

15,069

556

Micron Technology, Inc. (a)

364,503

4,057

National Semiconductor Corp.

135,401

2,099

NVIDIA Corp. (a)

62,766

1,422

NXP Semiconductors NV

94,195

3,010

ON Semiconductor Corp. (a)

483,802

5,394

Skyworks Solutions, Inc. (a)

9,917

356

TriQuint Semiconductor, Inc. (a)

77,400

1,103

Varian Semiconductor Equipment Associates, Inc. (a)

13,400

639

 

54,371

Software - 2.2%

Aspen Technology, Inc. (a)

40,300

614

Autodesk, Inc. (a)

9,100

383

BMC Software, Inc. (a)

43,478

2,152

CA, Inc.

92,668

2,296

Citrix Systems, Inc. (a)

22,672

1,591

DemandTec, Inc. (a)

80,238

1,044

Informatica Corp. (a)

49,756

2,339

JDA Software Group, Inc. (a)

40,333

1,190

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

Micro Focus International PLC

222,545

$ 1,024

Microsoft Corp.

1,600

43

Oracle Corp.

292,095

9,610

Parametric Technology Corp. (a)

13,025

309

Sage Group PLC

29,700

137

 

22,732

TOTAL INFORMATION TECHNOLOGY

177,614

MATERIALS - 6.2%

Chemicals - 2.5%

Air Products & Chemicals, Inc.

13,124

1,207

Airgas, Inc.

6,334

396

Ashland, Inc.

18,170

1,023

Cabot Corp.

5,500

238

Celanese Corp. Class A

36,983

1,533

CF Industries Holdings, Inc.

10,644

1,504

Clariant AG (Reg.) (a)

107,570

1,774

Dow Chemical Co.

109,365

4,064

Huabao International Holdings Ltd.

817,000

1,031

Israel Chemicals Ltd.

37,900

629

LyondellBasell Industries NV Class A (a)

37,800

1,439

Methanex Corp.

3,200

93

Solutia, Inc. (a)

44,139

1,024

Spartech Corp. (a)

177,841

1,508

Symrise AG

18,600

488

Syngenta AG (Switzerland)

2,210

742

Valspar Corp.

17,300

658

W.R. Grace & Co. (a)

127,026

4,832

Yara International ASA

33,300

1,766

 

25,949

Construction Materials - 0.2%

Cemex SA de CV sponsored ADR

2,000

18

HeidelbergCement AG

28,197

1,974

 

1,992

Containers & Packaging - 0.3%

Ball Corp.

34

1

Rock-Tenn Co. Class A (d)

35,200

2,416

Silgan Holdings, Inc.

16,361

597

 

3,014

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - 3.2%

Alcoa, Inc.

84,404

$ 1,422

Anglo American PLC (United Kingdom)

21,700

1,176

Argonaut Gold, Inc. (a)

36,787

188

Centamin Egypt Ltd. (Canada) (a)

95,000

185

Commercial Metals Co.

109,300

1,822

Crown Point Ventures Ltd. (a)

6,600

13

Eldorado Gold Corp.

98,563

1,680

Freeport-McMoRan Copper & Gold, Inc.

53,488

2,832

Goldcorp, Inc.

78,900

3,770

Grande Cache Coal Corp. (a)

70,800

681

Gulf Resources, Inc. (a)

57,136

512

Gulf Resources, Inc. (a)(g)

200,630

1,798

Ivanhoe Mines Ltd. (a)

177,385

5,026

Kinross Gold Corp.

79,088

1,254

Mirabela Nickel Ltd. (a)

122,671

269

Newcrest Mining Ltd.

87,398

3,378

Pan American Silver Corp.

28,700

1,122

Randgold Resources Ltd. sponsored ADR

35,500

2,874

Reliance Steel & Aluminum Co.

7,100

393

Ternium SA sponsored ADR

24,500

883

United States Steel Corp.

34,600

1,989

Walter Energy, Inc.

2,414

292

 

33,559

TOTAL MATERIALS

64,514

TELECOMMUNICATION SERVICES - 1.5%

Diversified Telecommunication Services - 0.8%

China Unicom (Hong Kong) Ltd.

610,000

1,023

Frontier Communications Corp.

66,640

566

Iliad Group SA

12,842

1,438

Koninklijke KPN NV

55,362

897

Qwest Communications International, Inc.

443,500

3,025

Telefonica SA sponsored ADR

31,617

808

 

7,757

Wireless Telecommunication Services - 0.7%

NII Holdings, Inc. (a)

24,200

991

SOFTBANK CORP.

16,400

674

Sprint Nextel Corp. (a)

920,685

4,023

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

TIM Participacoes SA

179,500

$ 681

Turkcell Iletisim Hizmet AS

164,000

923

 

7,292

TOTAL TELECOMMUNICATION SERVICES

15,049

UTILITIES - 2.2%

Electric Utilities - 0.7%

American Electric Power Co., Inc.

51,620

1,847

Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR (d)

46,600

843

FirstEnergy Corp.

20,172

773

NextEra Energy, Inc.

36,731

2,037

NV Energy, Inc.

46,875

689

Power Grid Corp. of India Ltd.

57,138

125

PPL Corp.

40,545

1,031

 

7,345

Gas Utilities - 0.1%

China Gas Holdings Ltd.

906,000

340

Enn Energy Holdings Ltd.

298,000

886

 

1,226

Independent Power Producers & Energy Traders - 0.7%

AES Corp. (a)

579,945

7,174

Multi-Utilities - 0.7%

Alliant Energy Corp.

13,470

530

CMS Energy Corp.

114,036

2,196

National Grid PLC

114,600

1,065

PG&E Corp.

28,945

1,333

Public Service Enterprise Group, Inc.

40,736

1,332

Sempra Energy

19,654

1,046

 

7,502

TOTAL UTILITIES

23,247

TOTAL COMMON STOCKS

(Cost $836,463)

1,008,324

Preferred Stocks - 0.7%

Shares

Value (000s)

Convertible Preferred Stocks - 0.6%

CONSUMER DISCRETIONARY - 0.3%

Automobiles - 0.3%

General Motors Co. 4.75%

47,100

$ 2,396

FINANCIALS - 0.2%

Diversified Financial Services - 0.2%

Citigroup, Inc. 7.50%

16,600

2,233

UTILITIES - 0.1%

Electric Utilities - 0.1%

PPL Corp. 9.50%

18,800

1,001

TOTAL CONVERTIBLE PREFERRED STOCKS

5,630

Nonconvertible Preferred Stocks - 0.1%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

Volkswagen AG

8,200

1,391

TOTAL PREFERRED STOCKS

(Cost $5,859)

7,021

Investment Companies - 0.2%

 

 

 

 

Ares Capital Corp.
(Cost $1,320)

103,176

1,840

Convertible Bonds - 0.5%

 

Principal Amount (000s)

 

FINANCIALS - 0.3%

Real Estate Management & Development - 0.1%

Forest City Enterprises, Inc. 5% 10/15/16

$ 650

1,038

Thrifts & Mortgage Finance - 0.2%

MGIC Investment Corp. 9% 4/1/63 (e)

1,875

1,938

TOTAL FINANCIALS

2,976

HEALTH CARE - 0.2%

Biotechnology - 0.1%

Incyte Corp. 4.75% 10/1/15

600

1,073

Convertible Bonds - continued

 

Principal Amount (000s)

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - 0.1%

Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15

$ 870

$ 1,158

TOTAL HEALTH CARE

2,231

TELECOMMUNICATION SERVICES - 0.0%

Diversified Telecommunication Services - 0.0%

Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (e)

380

403

TOTAL CONVERTIBLE BONDS

(Cost $3,417)

5,610

Money Market Funds - 2.1%

Shares

 

Fidelity Cash Central Fund, 0.19% (b)

10,549,108

10,549

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

10,679,319

10,679

TOTAL MONEY MARKET FUNDS

(Cost $21,228)

21,228

TOTAL INVESTMENT PORTFOLIO - 101.2%

(Cost $868,287)

1,044,023

NET OTHER ASSETS (LIABILITIES) - (1.2)%

(12,327)

NET ASSETS - 100%

$ 1,031,696

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,983,000 or 0.4% of net assets.

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

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,989,000 or 0.5% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

AVEO Pharmaceuticals, Inc.

10/28/10

$ 371

Concho Resources, Inc.

7/20/10

$ 1,034

Gulf Resources, Inc.

12/11/09

$ 1,705

Mood Media Corp.

2/2/11

$ 386

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

$ 5

Fidelity Securities Lending Cash Central Fund

58

Total

$ 63

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 109,061

$ 107,671

$ 1,390

$ -

Consumer Staples

87,277

85,649

1,628

-

Energy

137,708

135,600

2,108

-

Financials

154,023

151,828

2,195

-

Health Care

99,769

95,216

4,553

-

Industrials

146,082

143,686

2,396

-

Information Technology

177,614

177,614

-

-

Materials

64,514

60,125

4,389

-

Telecommunication Services

15,049

12,429

2,620

-

Utilities

24,248

23,183

1,065

-

Investment Companies

1,840

1,840

-

-

Corporate Bonds

5,610

-

5,610

-

Money Market Funds

21,228

21,228

-

-

Total Investments in Securities:

$ 1,044,023

$ 1,016,069

$ 27,954

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $878,777,000. Net unrealized appreciation aggregated $165,246,000, of which $198,606,000 related to appreciated investment securities and $33,360,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

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

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

Quarterly Report

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 ® Advisor Stock Selector
All Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

(formerly Fidelity Advisor Dynamic Capital Appreciation Fund)

February 28, 2011 

1.797933.107

ARG-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 100.1%

Shares

Value

Fidelity Consumer Discretionary Central Fund (b)

561,787

$ 73,903,049

Fidelity Consumer Staples Central Fund (b)

572,853

76,206,681

Fidelity Energy Central Fund (b)

700,941

99,596,767

Fidelity Financials Central Fund (b)

2,183,333

135,584,962

Fidelity Health Care Central Fund (b)

583,695

78,617,944

Fidelity Industrials Central Fund (b)

545,446

82,831,401

Fidelity Information Technology Central Fund (b)

670,558

125,313,885

Fidelity Materials Central Fund (b)

147,813

26,136,279

Fidelity Telecom Services Central Fund (b)

192,090

23,928,625

Fidelity Utilities Central Fund (b)

232,206

24,160,990

TOTAL EQUITY CENTRAL FUNDS

(Cost $619,939,187)

746,280,583

Money Market Central Funds - 0.0%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (a)
(Cost $92,537)

92,537

92,537

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $620,031,724)

746,373,120

NET OTHER ASSETS (LIABILITIES) - (0.1)%

(645,787)

NET ASSETS - 100%

$ 745,727,333

Legend

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

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited schedule of portfolio holdings for each Fidelity Central Fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-Q and is available upon request or at the SEC's web site at www.sec.gov. An unaudited holdings listing for the Fund, which presents direct holdings as well as the pro rata share of securities and other investments held indirectly through its investment in underlying non-money market Fidelity Central Funds, is available at advisor.fidelity.com. In addition, each Fidelity Central Fund's financial statements are available on the SEC's web site or upon request.

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

$ 79

Fidelity Consumer Discretionary Central Fund

251,736

Fidelity Consumer Staples Central Fund

503,234

Fidelity Energy Central Fund

535,703

Fidelity Financials Central Fund

331,357

Fidelity Health Care Central Fund

107,760

Fidelity Industrials Central Fund

341,729

Fidelity Information Technology Central Fund

133,887

Fidelity Materials Central Fund

80,775

Fidelity Telecom Services Central Fund

147,209

Fidelity Utilities Central Fund

243,491

Total

$ 2,676,960

Additional information regarding the Fund's fiscal year to date purchases and sales, including the ownership percentage, of the non Money Market Central Funds is as follows:

Fund

Value, beginning of period

Purchases

Sales
Proceeds

Value,
end of
period

% ownership, end of
period

Fidelity Consumer Discretionary Central Fund

$ 69,733,672

$ 385,339

$ 33,646

$ 73,903,049

10.7%

Fidelity Consumer Staples Central Fund

78,205,478

626,525

5,759,834

76,206,681

12.6%

Fidelity Energy Central Fund

81,242,687

602,280

3,281,208

99,596,767

11.7%

Fidelity Financials Central Fund

116,376,236

4,393,356

6,136,073

135,584,962

11.4%

Fidelity Health Care Central Fund

79,398,365

107,760

12,341,638

78,617,944

10.9%

Fidelity Industrials Central Fund

73,799,683

731,864

2,881,812

82,831,401

10.9%

Fidelity Information Technology Central Fund

118,391,840

1,092,737

9,957,792

125,313,885

11.0%

Fidelity Materials Central Fund

26,608,157

82,251

4,014,114

26,136,279

10.2%

Fund

Value, beginning of period

Purchases

Sales
Proceeds

Value,
end of
period

% ownership, end of
period

Fidelity Telecom Services Central Fund

$ 22,071,073

$ 191,128

$ -

$ 23,928,625

12.3%

Fidelity Utilities Central Fund

25,015,270

248,163

2,960,740

24,160,990

10.7%

Total

$ 690,842,461

$ 8,461,403

$ 47,366,857

$ 746,280,583

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 February 28, 2011, the cost of investment securities for income tax purposes was $620,452,110. Net unrealized appreciation aggregated $125,921,010, of which $126,287,721 related to appreciated investment securities and $366,711 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund 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). 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.

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Equity
Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797923.107

EPG-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.0%

Auto Components - 0.7%

Gentex Corp.

656,947

$ 19,892

Tenneco, Inc. (a)

85,500

3,410

 

23,302

Automobiles - 1.3%

Bayerische Motoren Werke AG (BMW)

234,764

19,043

Harley-Davidson, Inc.

504,940

20,612

Tesla Motors, Inc. (a)(d)

121,600

2,905

 

42,560

Diversified Consumer Services - 0.0%

Anhanguera Educacional Participacoes SA

47,500

1,062

Navitas Ltd.

100,773

449

 

1,511

Hotels, Restaurants & Leisure - 3.2%

China Lodging Group Ltd. ADR

131,389

2,171

Chipotle Mexican Grill, Inc. (a)

12,600

3,087

Home Inns & Hotels Management, Inc. sponsored ADR (a)(d)

44,936

1,519

Marriott International, Inc. Class A

388,683

15,240

McDonald's Corp.

525,100

39,740

Starbucks Corp.

857,301

28,274

Starwood Hotels & Resorts Worldwide, Inc.

213,055

13,018

 

103,049

Household Durables - 0.1%

Mohawk Industries, Inc. (a)

53,710

3,121

Internet & Catalog Retail - 1.8%

Amazon.com, Inc. (a)

335,804

58,191

Media - 0.5%

Discovery Communications, Inc. Class C (a)

336,909

12,826

Sun TV Ltd.

182,961

1,640

 

14,466

Multiline Retail - 1.8%

Dollarama, Inc. (a)

566,945

16,992

Dollarama, Inc. (a)(e)

108,600

3,255

Target Corp.

687,126

36,108

 

56,355

Specialty Retail - 2.5%

Lowe's Companies, Inc.

937,354

24,531

Ross Stores, Inc.

230,958

16,638

TJX Companies, Inc.

289,541

14,439

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

206,722

$ 8,627

Vitamin Shoppe, Inc. (a)

454,703

15,819

 

80,054

Textiles, Apparel & Luxury Goods - 2.1%

Arezzo Industria E Comercio SA

15,000

193

Coach, Inc.

388,900

21,358

lululemon athletica, Inc. (a)

150,088

11,645

LVMH Moet Hennessy - Louis Vuitton

22,787

3,593

Polo Ralph Lauren Corp. Class A

240,732

30,503

 

67,292

TOTAL CONSUMER DISCRETIONARY

449,901

CONSUMER STAPLES - 3.5%

Beverages - 0.7%

The Coca-Cola Co.

338,259

21,622

Food & Staples Retailing - 1.4%

Costco Wholesale Corp.

56,500

4,226

Droga Raia SA

138,000

1,966

Drogasil SA

216,563

1,653

Walgreen Co.

566,939

24,571

Whole Foods Market, Inc.

242,134

14,179

 

46,595

Food Products - 0.5%

Diamond Foods, Inc. (d)

132,035

6,727

Mead Johnson Nutrition Co. Class A

172,500

10,324

 

17,051

Personal Products - 0.9%

Estee Lauder Companies, Inc. Class A

35,490

3,351

Herbalife Ltd.

316,801

24,840

 

28,191

TOTAL CONSUMER STAPLES

113,459

ENERGY - 12.5%

Energy Equipment & Services - 6.6%

Aker Solutions ASA

342,600

7,251

Baker Hughes, Inc.

707,152

50,243

Dresser-Rand Group, Inc. (a)

207,000

10,201

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Halliburton Co.

1,274,672

$ 59,833

National Oilwell Varco, Inc.

65,000

5,172

Oceaneering International, Inc. (a)

229,127

19,162

Schlumberger Ltd.

453,866

42,400

Transocean Ltd. (a)

196,900

16,664

Vantage Drilling Co. (a)

762,100

1,585

 

212,511

Oil, Gas & Consumable Fuels - 5.9%

Anadarko Petroleum Corp.

45,419

3,717

Apache Corp.

26,700

3,327

Concho Resources, Inc. (a)

107,487

11,450

Denbury Resources, Inc. (a)

135,900

3,293

Extract Resources Ltd. (a)

343,285

3,243

Exxon Mobil Corp.

1,105,129

94,522

Occidental Petroleum Corp.

376,273

38,369

Pioneer Natural Resources Co.

57,100

5,844

Whiting Petroleum Corp. (a)

381,600

24,934

 

188,699

TOTAL ENERGY

401,210

FINANCIALS - 6.2%

Capital Markets - 2.5%

BlackRock, Inc. Class A

156,900

32,006

Charles Schwab Corp.

654,601

12,418

Invesco Ltd.

887,128

23,811

JMP Group, Inc.

107,200

915

Noah Holdings Ltd. ADR (d)

383,250

4,967

The Blackstone Group LP

375,100

6,677

 

80,794

Commercial Banks - 1.6%

M&T Bank Corp.

68,745

6,053

Wells Fargo & Co.

1,399,217

45,139

 

51,192

Consumer Finance - 0.1%

Shriram Transport Finance Co. Ltd.

213,340

3,515

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 1.4%

CME Group, Inc.

49,265

$ 15,335

JPMorgan Chase & Co.

644,402

30,087

 

45,422

Insurance - 0.3%

AFLAC, Inc.

136,100

8,011

Real Estate Investment Trusts - 0.0%

Dynex Capital, Inc.

99,800

1,055

Real Estate Management & Development - 0.3%

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

334,200

8,368

TOTAL FINANCIALS

198,357

HEALTH CARE - 11.5%

Biotechnology - 3.3%

Acorda Therapeutics, Inc. (a)

286,433

6,007

Alexion Pharmaceuticals, Inc. (a)

149,068

14,352

Clinical Data, Inc. (a)(d)

772,456

23,459

Human Genome Sciences, Inc. (a)

337,984

8,460

Incyte Corp. (a)(d)

576,863

7,891

United Therapeutics Corp. (a)

681,138

45,929

 

106,098

Health Care Equipment & Supplies - 0.6%

Edwards Lifesciences Corp. (a)

240,160

20,423

Health Care Providers & Services - 1.4%

Express Scripts, Inc. (a)

471,134

26,487

HMS Holdings Corp. (a)

49,400

3,733

Medco Health Solutions, Inc. (a)

255,075

15,723

 

45,943

Life Sciences Tools & Services - 2.0%

Agilent Technologies, Inc. (a)

495,084

20,833

Illumina, Inc. (a)

607,775

42,180

Sequenom, Inc. (a)

66,268

407

 

63,420

Pharmaceuticals - 4.2%

Aegerion Pharmaceuticals, Inc.

95,100

1,413

Novo Nordisk AS Series B

397,350

50,089

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Perrigo Co.

354,010

$ 27,057

Valeant Pharmaceuticals International, Inc. (Canada)

1,370,754

55,028

 

133,587

TOTAL HEALTH CARE

369,471

INDUSTRIALS - 16.3%

Aerospace & Defense - 6.6%

Esterline Technologies Corp. (a)

315,571

22,585

Goodrich Corp.

407,200

35,113

Honeywell International, Inc.

511,965

29,648

Precision Castparts Corp.

208,347

29,533

TransDigm Group, Inc. (a)

99,094

7,965

United Technologies Corp.

1,053,900

88,043

 

212,887

Air Freight & Logistics - 0.2%

C.H. Robinson Worldwide, Inc.

83,800

6,066

Airlines - 0.1%

Ryanair Holdings PLC sponsored ADR

87,100

2,484

Building Products - 0.4%

A.O. Smith Corp.

113,509

4,586

Lennox International, Inc.

162,500

7,881

 

12,467

Commercial Services & Supplies - 0.2%

Waste Connections, Inc.

172,200

4,992

Construction & Engineering - 0.2%

Jacobs Engineering Group, Inc. (a)

137,800

6,898

Electrical Equipment - 2.5%

Acuity Brands, Inc.

167,234

9,452

AMETEK, Inc.

99,648

4,180

Cooper Industries PLC Class A

239,100

15,386

Crompton Greaves Ltd.

454,962

2,459

Emerson Electric Co.

475,500

28,368

Polypore International, Inc. (a)

200,359

11,709

Regal-Beloit Corp.

104,100

7,594

 

79,148

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Industrial Conglomerates - 1.2%

3M Co.

228,649

$ 21,088

Textron, Inc.

622,600

16,866

 

37,954

Machinery - 3.8%

CLARCOR, Inc.

71,100

2,925

Cummins, Inc.

236,366

23,901

Danaher Corp.

505,132

25,560

Flowserve Corp.

52,000

6,498

Gardner Denver, Inc.

32,984

2,412

Ingersoll-Rand Co. Ltd.

184,830

8,373

WABCO Holdings, Inc. (a)

769,571

44,966

Weg SA

701,000

8,448

 

123,083

Professional Services - 0.6%

51job, Inc. sponsored ADR (a)

80,064

4,777

CoStar Group, Inc. (a)

35,535

2,014

IHS, Inc. Class A (a)

47,900

4,009

Robert Half International, Inc.

262,700

8,380

 

19,180

Road & Rail - 0.5%

Union Pacific Corp.

168,150

16,043

TOTAL INDUSTRIALS

521,202

INFORMATION TECHNOLOGY - 31.9%

Communications Equipment - 6.7%

Cisco Systems, Inc. (a)

2,205,654

40,937

Juniper Networks, Inc. (a)

792,099

34,852

QUALCOMM, Inc.

2,362,918

140,783

 

216,572

Computers & Peripherals - 8.0%

Apple, Inc. (a)

618,979

218,631

EMC Corp. (a)

474,375

12,908

NetApp, Inc. (a)

398,944

20,609

SanDisk Corp. (a)

64,085

3,179

 

255,327

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Components - 0.3%

HLS Systems International Ltd. (a)

118,242

$ 1,780

Keyence Corp.

24,000

6,525

 

8,305

Internet Software & Services - 6.9%

Baidu.com, Inc. sponsored ADR (a)

136,882

16,585

Dice Holdings, Inc. (a)

668,549

9,179

eBay, Inc. (a)

514,949

17,253

Google, Inc. Class A (a)

180,667

110,821

KIT Digital, Inc. (a)(d)

766,884

9,977

The Knot, Inc. (a)

316,245

3,172

VeriSign, Inc.

641,012

22,621

WebMD Health Corp. (a)

556,033

32,250

 

221,858

IT Services - 1.6%

Accenture PLC Class A

364,900

18,785

Cognizant Technology Solutions Corp. Class A (a)

327,600

25,183

Fidelity National Information Services, Inc.

31,762

1,029

Heartland Payment Systems, Inc.

38,000

744

Visa, Inc. Class A

59,794

4,368

 

50,109

Semiconductors & Semiconductor Equipment - 2.5%

ARM Holdings PLC

636,400

6,360

ARM Holdings PLC sponsored ADR (d)

1,095,734

33,168

Avago Technologies Ltd.

1,096,514

37,271

Broadcom Corp. Class A

102,436

4,222

 

81,021

Software - 5.9%

ANSYS, Inc. (a)

63,405

3,571

Ariba, Inc. (a)

842,572

26,078

Citrix Systems, Inc. (a)

356,071

24,982

Computer Modelling Group Ltd.

140,900

3,699

Concur Technologies, Inc. (a)

60,290

3,137

Informatica Corp. (a)

131,300

6,172

Intuit, Inc. (a)

121,700

6,399

Kingdee International Software Group Co. Ltd.

6,728,000

4,086

Microsoft Corp.

465,300

12,368

Oracle Corp.

1,599,813

52,634

RealPage, Inc.

99,396

2,465

Red Hat, Inc. (a)

164,200

6,778

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - continued

salesforce.com, Inc. (a)

103,782

$ 13,727

SolarWinds, Inc. (a)

607,957

13,649

Velti PLC (a)(d)

160,141

2,168

VMware, Inc. Class A (a)

105,148

8,796

 

190,709

TOTAL INFORMATION TECHNOLOGY

1,023,901

MATERIALS - 3.6%

Chemicals - 1.2%

CF Industries Holdings, Inc.

93,150

13,160

FMC Corp.

94,000

7,279

The Mosaic Co.

216,373

18,576

 

39,015

Metals & Mining - 2.4%

Grande Cache Coal Corp. (a)

2,300,900

22,127

Kenmare Resources PLC (a)

2,485,500

1,620

Major Drilling Group International, Inc.

1,300

59

Mirabela Nickel Ltd. (a)

2,804,991

6,162

Mongolian Mining Corp.

2,614,000

3,316

Newmont Mining Corp.

439,521

24,292

Teck Resources Ltd. Class B (sub. vtg.)

177,200

9,806

Walter Energy, Inc.

82,900

10,032

 

77,414

TOTAL MATERIALS

116,429

TELECOMMUNICATION SERVICES - 0.3%

Wireless Telecommunication Services - 0.3%

TIM Participacoes SA sponsored ADR (non-vtg.)

251,900

9,754

TOTAL COMMON STOCKS

(Cost $2,482,253)

3,203,684

Money Market Funds - 1.8%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

18,595,537

$ 18,596

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

40,414,471

40,414

TOTAL MONEY MARKET FUNDS

(Cost $59,010)

59,010

TOTAL INVESTMENT PORTFOLIO - 101.6%

(Cost $2,541,263)

3,262,694

NET OTHER ASSETS (LIABILITIES) - (1.6)%

(52,408)

NET ASSETS - 100%

$ 3,210,286

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,255,000 or 0.1% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 14

Fidelity Securities Lending Cash Central Fund

94

Total

$ 108

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 449,901

$ 449,452

$ 449

$ -

Consumer Staples

113,459

113,459

-

-

Energy

401,210

397,967

3,243

-

Financials

198,357

198,357

-

-

Health Care

369,471

319,382

50,089

-

Industrials

521,202

521,202

-

-

Information Technology

1,023,901

1,017,541

6,360

-

Materials

116,429

110,267

6,162

-

Telecommunication Services

9,754

9,754

-

-

Money Market Funds

59,010

59,010

-

-

Total Investments in Securities:

$ 3,262,694

$ 3,196,391

$ 66,303

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $2,554,329,000. Net unrealized appreciation aggregated $708,365,000, of which $766,129,000 related to appreciated investment securities and $57,764,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Equity
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797924.107

EPI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.6%

Auto Components - 1.1%

Johnson Controls, Inc.

357,458

$ 14,584

Michelin CGDE Series B

90,537

7,372

The Goodyear Tire & Rubber Co. (a)

502,739

7,129

 

29,085

Automobiles - 1.4%

Daimler AG (Germany)

65,407

4,608

Ford Motor Co. (a)

406,802

6,122

Harley-Davidson, Inc.

562,900

22,978

Thor Industries, Inc.

16,824

559

Winnebago Industries, Inc. (a)

215,300

3,113

 

37,380

Diversified Consumer Services - 0.4%

H&R Block, Inc.

737,200

11,198

Household Durables - 4.4%

KB Home

178,700

2,368

Lennar Corp. Class A

354,400

7,145

Newell Rubbermaid, Inc.

401,034

7,756

PulteGroup, Inc. (a)

360,700

2,489

Stanley Black & Decker, Inc.

259,383

19,669

Techtronic Industries Co. Ltd.

742,500

918

Toll Brothers, Inc. (a)

2,909,600

61,858

Whirlpool Corp.

142,783

11,780

 

113,983

Internet & Catalog Retail - 0.1%

Liberty Media Corp. Interactive Series A (a)

163,426

2,625

Media - 2.5%

Belo Corp. Series A (a)

583,210

4,648

Comcast Corp.:

Class A

447,000

11,515

Class A (special) (non-vtg.)

393,200

9,563

The Walt Disney Co.

561,100

24,543

Time Warner, Inc.

386,700

14,772

 

65,041

Multiline Retail - 1.1%

Kohl's Corp.

171,300

9,231

Macy's, Inc.

442,900

10,585

Target Corp.

156,917

8,246

Tuesday Morning Corp. (a)

288,100

1,345

 

29,407

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - 1.9%

Home Depot, Inc.

824,200

$ 30,883

Lowe's Companies, Inc.

421,600

11,033

OfficeMax, Inc. (a)

271,300

3,728

RadioShack Corp.

271,900

4,024

 

49,668

Textiles, Apparel & Luxury Goods - 0.7%

adidas AG

100,773

6,467

Phillips-Van Heusen Corp.

126,007

7,562

Warnaco Group, Inc. (a)

77,637

4,558

 

18,587

TOTAL CONSUMER DISCRETIONARY

356,974

CONSUMER STAPLES - 5.8%

Beverages - 1.5%

Carlsberg AS Series B

61,902

6,589

PepsiCo, Inc.

321,037

20,360

The Coca-Cola Co.

192,171

12,284

 

39,233

Food & Staples Retailing - 0.6%

CVS Caremark Corp.

85,658

2,832

Walgreen Co.

252,540

10,945

Winn-Dixie Stores, Inc. (a)

345,490

2,412

 

16,189

Food Products - 0.6%

Kraft Foods, Inc. Class A

211,051

6,720

Nestle SA

145,938

8,263

 

14,983

Household Products - 1.8%

Kimberly-Clark Corp.

118,112

7,784

Procter & Gamble Co.

622,745

39,264

 

47,048

Personal Products - 0.5%

Avon Products, Inc.

431,724

12,006

Tobacco - 0.8%

Philip Morris International, Inc.

357,000

22,412

TOTAL CONSUMER STAPLES

151,871

Common Stocks - continued

Shares

Value (000s)

ENERGY - 14.2%

Energy Equipment & Services - 2.5%

Baker Hughes, Inc.

366,033

$ 26,007

Halliburton Co.

312,436

14,666

Noble Corp.

474,617

21,220

Transocean Ltd. (a)

38,777

3,282

 

65,175

Oil, Gas & Consumable Fuels - 11.7%

Anadarko Petroleum Corp.

86,040

7,041

Apache Corp.

87,700

10,929

BP PLC sponsored ADR

487,887

23,648

Chevron Corp.

670,230

69,536

ConocoPhillips

375,536

29,243

Devon Energy Corp.

102,500

9,373

Exxon Mobil Corp.

669,302

57,245

Kinder Morgan Holding Co. LLC (d)

74,200

2,263

Marathon Oil Corp.

327,519

16,245

Occidental Petroleum Corp.

187,634

19,133

Royal Dutch Shell PLC Class A sponsored ADR

738,100

53,328

Southwestern Energy Co. (a)

291,997

11,528

 

309,512

TOTAL ENERGY

374,687

FINANCIALS - 26.8%

Capital Markets - 4.6%

Bank of New York Mellon Corp.

668,010

20,301

Bank Sarasin & Co. Ltd. Series B (Reg.)

108,792

4,696

Credit Suisse Group sponsored ADR

39,600

1,831

Goldman Sachs Group, Inc.

149,003

24,404

Morgan Stanley

1,160,101

34,432

State Street Corp.

345,631

15,457

UBS AG (a)

357,580

7,097

UBS AG (NY Shares) (a)

648,800

12,879

 

121,097

Commercial Banks - 8.8%

Associated Banc-Corp.

1,048,552

15,173

Barclays PLC

2,487,105

12,909

BB&T Corp.

554,514

15,305

BNP Paribas SA

44,600

3,482

Comerica, Inc.

182,280

7,091

Huntington Bancshares, Inc.

1,196,500

8,184

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

KeyCorp

1,327,300

$ 12,132

Mitsubishi UFJ Financial Group, Inc. sponsored ADR

1,793,300

9,917

PNC Financial Services Group, Inc.

812,389

50,124

Societe Generale Series A

49,500

3,480

U.S. Bancorp, Delaware

557,400

15,457

Wells Fargo & Co.

2,421,492

78,117

 

231,371

Consumer Finance - 1.6%

American Express Co.

212,895

9,276

Capital One Financial Corp.

130,516

6,496

Discover Financial Services

795,500

17,302

SLM Corp. (a)

513,900

7,616

 

40,690

Diversified Financial Services - 7.7%

Bank of America Corp.

4,321,659

61,757

Citigroup, Inc. (a)

8,871,937

41,521

CME Group, Inc.

18,222

5,672

JPMorgan Chase & Co.

2,023,647

94,477

 

203,427

Insurance - 1.8%

Berkshire Hathaway, Inc. Class B (a)

94,009

8,205

First American Financial Corp.

280,022

4,413

Hartford Financial Services Group, Inc.

246,989

7,311

Marsh & McLennan Companies, Inc.

227,345

6,920

Unum Group

575,526

15,269

XL Group PLC Class A

203,691

4,756

 

46,874

Real Estate Investment Trusts - 2.0%

Boston Properties, Inc.

65,021

6,237

Camden Property Trust (SBI)

66,992

3,964

HCP, Inc.

348,538

13,244

ProLogis Trust

162,200

2,637

Rayonier, Inc.

76,695

4,704

Segro PLC

698,000

3,654

Ventas, Inc.

165,936

9,196

Weyerhaeuser Co.

350,621

8,559

 

52,195

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 0.2%

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

181,650

$ 4,549

Unite Group PLC (a)

379,028

1,235

 

5,784

Thrifts & Mortgage Finance - 0.1%

BankUnited, Inc.

17,800

505

Hudson City Bancorp, Inc.

143,900

1,655

 

2,160

TOTAL FINANCIALS

703,598

HEALTH CARE - 8.6%

Biotechnology - 1.1%

Amgen, Inc. (a)

283,400

14,547

Cephalon, Inc. (a)

82,700

4,657

Gilead Sciences, Inc. (a)

274,007

10,681

 

29,885

Health Care Equipment & Supplies - 1.2%

C. R. Bard, Inc.

75,929

7,423

CareFusion Corp. (a)

447,300

12,220

Covidien PLC

125,800

6,472

Stryker Corp.

89,300

5,649

 

31,764

Health Care Providers & Services - 0.5%

UnitedHealth Group, Inc.

289,600

12,331

Life Sciences Tools & Services - 0.1%

Agilent Technologies, Inc. (a)

80,688

3,395

Pharmaceuticals - 5.7%

GlaxoSmithKline PLC

537,977

10,328

GlaxoSmithKline PLC sponsored ADR

19,900

768

Johnson & Johnson

544,581

33,459

Merck & Co., Inc.

976,091

31,791

Pfizer, Inc.

3,009,979

57,912

Sanofi-Aventis

206,540

14,282

 

148,540

TOTAL HEALTH CARE

225,915

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 11.2%

Aerospace & Defense - 2.5%

Goodrich Corp.

62,700

$ 5,407

Honeywell International, Inc.

378,562

21,923

The Boeing Co.

186,600

13,437

United Technologies Corp.

283,200

23,659

 

64,426

Building Products - 0.5%

Armstrong World Industries, Inc.

60,505

2,519

Masco Corp.

842,000

11,443

 

13,962

Commercial Services & Supplies - 0.6%

Pitney Bowes, Inc.

233,100

5,869

Republic Services, Inc.

364,115

10,781

 

16,650

Construction & Engineering - 0.2%

Chiyoda Corp.

137,000

1,238

Fluor Corp.

54,500

3,856

 

5,094

Electrical Equipment - 0.2%

Alstom SA

79,111

4,718

Industrial Conglomerates - 4.0%

General Electric Co.

2,406,331

50,340

Koninklijke Philips Electronics NV unit

201,500

6,589

Rheinmetall AG

139,300

11,294

Siemens AG sponsored ADR

164,300

22,088

Textron, Inc.

358,800

9,720

Tyco International Ltd.

128,600

5,831

 

105,862

Machinery - 2.4%

Briggs & Stratton Corp.

495,410

9,973

Caterpillar, Inc.

61,200

6,299

Cummins, Inc.

128,700

13,014

Harsco Corp.

99,610

3,404

Ingersoll-Rand Co. Ltd.

358,900

16,258

Navistar International Corp. (a)

133,700

8,287

SPX Corp.

71,400

5,695

 

62,930

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 0.8%

CSX Corp.

155,600

$ 11,617

Union Pacific Corp.

110,400

10,533

 

22,150

TOTAL INDUSTRIALS

295,792

INFORMATION TECHNOLOGY - 5.7%

Communications Equipment - 0.7%

Cisco Systems, Inc. (a)

480,741

8,923

Comverse Technology, Inc. (a)

1,040,475

7,543

Motorola Solutions, Inc.

48,507

1,874

 

18,340

Computers & Peripherals - 0.9%

Hewlett-Packard Co.

525,514

22,928

Electronic Equipment & Components - 0.7%

Arrow Electronics, Inc. (a)

152,162

5,965

Avnet, Inc. (a)

124,475

4,258

Tyco Electronics Ltd.

213,753

7,704

 

17,927

IT Services - 0.5%

CoreLogic, Inc. (a)

169,575

3,163

MoneyGram International, Inc. (a)

136,800

378

Visa, Inc. Class A

137,133

10,018

 

13,559

Office Electronics - 0.4%

Xerox Corp.

967,574

10,401

Semiconductors & Semiconductor Equipment - 2.5%

Applied Materials, Inc.

1,035,400

17,012

Intel Corp.

959,371

20,598

Micron Technology, Inc. (a)

917,300

10,210

National Semiconductor Corp.

670,200

10,388

Samsung Electronics Co. Ltd.

6,185

5,073

Teradyne, Inc. (a)

196,400

3,659

 

66,940

TOTAL INFORMATION TECHNOLOGY

150,095

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 2.3%

Chemicals - 1.4%

Clariant AG (Reg.) (a)

535,632

$ 8,834

Dow Chemical Co.

326,690

12,140

E.I. du Pont de Nemours & Co.

199,535

10,948

PPG Industries, Inc.

57,400

5,073

 

36,995

Construction Materials - 0.2%

HeidelbergCement AG

92,300

6,462

Metals & Mining - 0.7%

Alcoa, Inc.

333,342

5,617

Commercial Metals Co.

222,400

3,707

Freeport-McMoRan Copper & Gold, Inc.

95,614

5,063

United States Steel Corp.

59,539

3,423

 

17,810

TOTAL MATERIALS

61,267

TELECOMMUNICATION SERVICES - 4.6%

Diversified Telecommunication Services - 4.2%

AT&T, Inc.

2,311,169

65,591

Koninklijke KPN NV

143,910

2,332

Qwest Communications International, Inc.

2,263,000

15,434

Verizon Communications, Inc.

738,701

27,273

 

110,630

Wireless Telecommunication Services - 0.4%

Sprint Nextel Corp. (a)

2,524,536

11,032

TOTAL TELECOMMUNICATION SERVICES

121,662

UTILITIES - 3.5%

Electric Utilities - 2.1%

American Electric Power Co., Inc.

528,236

18,900

Entergy Corp.

122,380

8,713

FirstEnergy Corp. (d)

690,351

26,440

 

54,053

Independent Power Producers & Energy Traders - 0.5%

AES Corp. (a)

1,155,600

14,295

Multi-Utilities - 0.9%

Alliant Energy Corp.

113,811

4,482

National Grid PLC

246,300

2,289

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Multi-Utilities - continued

PG&E Corp.

131,807

$ 6,071

Public Service Enterprise Group, Inc.

250,029

8,176

Veolia Environnement

59,600

1,961

 

22,979

TOTAL UTILITIES

91,327

TOTAL COMMON STOCKS

(Cost $2,127,466)

2,533,188

Preferred Stocks - 2.3%

 

 

 

 

Convertible Preferred Stocks - 2.1%

CONSUMER DISCRETIONARY - 0.8%

Automobiles - 0.8%

General Motors Co. 4.75%

386,500

19,665

Household Durables - 0.0%

Stanley Black & Decker, Inc. 4.75%

6,300

741

TOTAL CONSUMER DISCRETIONARY

20,406

ENERGY - 0.2%

Oil, Gas & Consumable Fuels - 0.2%

Apache Corp. 6.00%

55,800

3,801

FINANCIALS - 1.0%

Commercial Banks - 0.2%

Huntington Bancshares, Inc. 8.50%

5,200

6,032

Diversified Financial Services - 0.3%

Citigroup, Inc. 7.50%

50,900

6,846

Insurance - 0.5%

Hartford Financial Services Group, Inc. Series F 7.25%

167,000

4,621

XL Capital Ltd. 10.75%

292,900

9,431

 

14,052

TOTAL FINANCIALS

26,930

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

UTILITIES - 0.1%

Electric Utilities - 0.1%

PPL Corp. 9.50%

62,300

$ 3,319

TOTAL CONVERTIBLE PREFERRED STOCKS

54,456

Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Volkswagen AG

40,294

6,834

TOTAL PREFERRED STOCKS

(Cost $49,925)

61,290

Convertible Bonds - 0.6%

 

Principal Amount (000s)

 

CONSUMER DISCRETIONARY - 0.3%

Hotels, Restaurants & Leisure - 0.3%

MGM Mirage, Inc. 4.25% 4/15/15 (e)

$ 6,680

7,252

Leisure Equipment & Products - 0.0%

Eastman Kodak Co. 7% 4/1/17

1,240

1,107

TOTAL CONSUMER DISCRETIONARY

8,359

FINANCIALS - 0.2%

Thrifts & Mortgage Finance - 0.2%

MGIC Investment Corp. 9% 4/1/63 (e)

3,390

3,504

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

Micron Technology, Inc. 1.875% 6/1/27

2,415

2,865

TOTAL CONVERTIBLE BONDS

(Cost $13,255)

14,728

Money Market Funds - 1.5%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

21,594,181

$ 21,594

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

19,056,679

19,057

TOTAL MONEY MARKET FUNDS

(Cost $40,651)

40,651

TOTAL INVESTMENT PORTFOLIO - 100.7%

(Cost $2,231,297)

2,649,857

NET OTHER ASSETS (LIABILITIES) - (0.7)%

(19,291)

NET ASSETS - 100%

$ 2,630,566

Legend

(a) Non-income producing

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

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

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

(e) 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 $10,756,000 or 0.4% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 8

Fidelity Securities Lending Cash Central Fund

113

Total

$ 121

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 384,214

$ 384,214

$ -

$ -

Consumer Staples

151,871

151,871

-

-

Energy

378,488

378,488

-

-

Financials

730,528

710,522

20,006

-

Health Care

225,915

201,305

24,610

-

Industrials

295,792

294,554

1,238

-

Information Technology

150,095

150,095

-

-

Materials

61,267

61,267

-

-

Telecommunication Services

121,662

121,662

-

-

Utilities

94,646

90,396

4,250

-

Corporate Bonds

14,728

-

14,728

-

Money Market Funds

40,651

40,651

-

-

Total Investments in Securities:

$ 2,649,857

$ 2,585,025

$ 64,832

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $2,300,185,000. Net unrealized appreciation aggregated $349,672,000, of which $537,176,000 related to appreciated investment securities and $187,504,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

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

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

Quarterly Report

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 ® Advisor Equity Value Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797934.107

AEV-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%

Shares

Value

CONSUMER DISCRETIONARY - 11.7%

Auto Components - 0.5%

Modine Manufacturing Co. (a)

11,600

$ 171,680

Tenneco, Inc. (a)

7,358

293,437

 

465,117

Automobiles - 1.1%

Bayerische Motoren Werke AG (BMW)

6,086

493,674

General Motors Co.

8,100

271,593

Harley-Davidson, Inc.

4,900

200,018

 

965,285

Hotels, Restaurants & Leisure - 1.3%

Starbucks Corp.

6,818

224,858

Starwood Hotels & Resorts Worldwide, Inc.

5,900

360,490

WMS Industries, Inc. (a)

7,200

286,488

Wyndham Worldwide Corp.

9,500

297,160

 

1,168,996

Household Durables - 2.4%

D.R. Horton, Inc.

52,581

622,559

Lennar Corp. Class A

30,800

620,928

Stanley Black & Decker, Inc.

12,325

934,605

 

2,178,092

Leisure Equipment & Products - 0.0%

RC2 Corp. (a)

700

15,197

Media - 3.2%

News Corp. Class A

9,500

165,015

The Walt Disney Co.

26,395

1,154,517

Time Warner Cable, Inc.

8,000

577,440

Virgin Media, Inc.

34,453

938,500

 

2,835,472

Specialty Retail - 1.6%

Advance Auto Parts, Inc.

6,600

413,688

Group 1 Automotive, Inc.

3,600

152,100

Lowe's Companies, Inc.

18,400

481,528

OfficeMax, Inc. (a)

11,299

155,248

TJX Companies, Inc.

3,900

194,493

 

1,397,057

Textiles, Apparel & Luxury Goods - 1.6%

Phillips-Van Heusen Corp.

8,100

486,081

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - continued

Polo Ralph Lauren Corp. Class A

4,219

$ 534,589

VF Corp.

4,300

411,381

 

1,432,051

TOTAL CONSUMER DISCRETIONARY

10,457,267

CONSUMER STAPLES - 5.6%

Beverages - 0.8%

Anheuser-Busch InBev SA NV

2,593

144,819

The Coca-Cola Co.

8,600

549,712

 

694,531

Food & Staples Retailing - 1.0%

Casey's General Stores, Inc.

3,200

131,424

CVS Caremark Corp.

15,400

509,124

Susser Holdings Corp. (a)

7,750

107,338

Wal-Mart Stores, Inc.

3,200

166,336

 

914,222

Food Products - 0.3%

Archer Daniels Midland Co.

2,500

92,950

Green Mountain Coffee Roasters, Inc. (a)

3,300

134,574

 

227,524

Household Products - 1.3%

Procter & Gamble Co.

19,142

1,206,903

Tobacco - 2.2%

Philip Morris International, Inc.

31,700

1,990,126

TOTAL CONSUMER STAPLES

5,033,306

ENERGY - 13.1%

Energy Equipment & Services - 4.2%

Baker Hughes, Inc.

10,367

736,575

Ensco International Ltd. ADR

6,850

384,285

Halliburton Co.

5,000

234,700

National Oilwell Varco, Inc.

13,600

1,082,152

Noble Corp.

19,700

880,787

Transocean Ltd. (a)

5,600

473,928

 

3,792,427

Oil, Gas & Consumable Fuels - 8.9%

Alpha Natural Resources, Inc. (a)

4,800

260,256

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Apache Corp.

8,100

$ 1,009,422

Chevron Corp.

20,797

2,157,689

Exxon Mobil Corp.

5,000

427,650

Frontier Oil Corp.

8,200

228,780

Holly Corp.

13,039

745,048

Kinder Morgan Holding Co. LLC

2,500

76,250

Occidental Petroleum Corp.

8,921

909,674

Pioneer Natural Resources Co.

5,500

562,870

Royal Dutch Shell PLC Class A sponsored ADR

14,500

1,047,625

Talisman Energy, Inc.

21,300

528,744

 

7,954,008

TOTAL ENERGY

11,746,435

FINANCIALS - 23.6%

Capital Markets - 2.4%

Goldman Sachs Group, Inc.

9,500

1,555,910

Morgan Stanley

21,800

647,024

 

2,202,934

Commercial Banks - 6.1%

City National Corp.

3,800

223,858

Huntington Bancshares, Inc.

40,833

279,298

M&T Bank Corp.

1,600

140,880

PNC Financial Services Group, Inc.

6,276

387,229

Regions Financial Corp.

29,700

226,908

Southwest Bancorp, Inc., Oklahoma (a)

299

4,255

SunTrust Banks, Inc.

11,400

343,938

SVB Financial Group (a)

5,915

320,475

U.S. Bancorp, Delaware

60,966

1,690,587

Wells Fargo & Co.

58,058

1,872,951

 

5,490,379

Consumer Finance - 0.4%

Discover Financial Services

18,300

398,025

Diversified Financial Services - 6.4%

Bank of America Corp.

120,374

1,720,144

Citigroup, Inc. (a)

340,789

1,594,893

JPMorgan Chase & Co.

51,195

2,390,293

 

5,705,330

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Insurance - 3.8%

AFLAC, Inc.

7,900

$ 464,994

Delphi Financial Group, Inc. Class A

12,003

371,613

Lincoln National Corp.

19,222

609,722

Loews Corp.

11,000

475,750

MetLife, Inc.

7,500

355,200

Prudential Financial, Inc.

6,000

394,980

Unum Group

4,700

124,691

XL Group PLC Class A

24,800

579,080

 

3,376,030

Real Estate Investment Trusts - 2.5%

CBL & Associates Properties, Inc.

32,844

586,265

DiamondRock Hospitality Co. (a)

13,900

163,464

HCP, Inc.

2,000

76,000

Lexington Corporate Properties Trust (d)

21,500

203,605

ProLogis Trust

6,000

97,560

Public Storage

2,600

291,850

Rayonier, Inc.

2,600

159,458

The Macerich Co.

3,635

184,076

Weyerhaeuser Co.

18,600

454,026

 

2,216,304

Real Estate Management & Development - 1.9%

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

48,428

1,212,637

Forest City Enterprises, Inc. Class A (a)

5,200

98,280

Jones Lang LaSalle, Inc.

3,900

383,838

 

1,694,755

Thrifts & Mortgage Finance - 0.1%

BankUnited, Inc.

2,700

76,545

TOTAL FINANCIALS

21,160,302

HEALTH CARE - 11.3%

Biotechnology - 1.8%

Amgen, Inc. (a)

7,800

400,374

Anthera Pharmaceuticals, Inc.

14,500

78,880

ARIAD Pharmaceuticals, Inc. (a)

19,400

116,594

ArQule, Inc. (a)

8,200

52,234

BioMarin Pharmaceutical, Inc. (a)

5,100

124,746

Gilead Sciences, Inc. (a)

7,300

284,554

Keryx Biopharmaceuticals, Inc. (a)

20,800

82,160

Micromet, Inc. (a)

2,400

14,952

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

Pharmasset, Inc. (a)

900

$ 45,000

Theravance, Inc. (a)

5,000

113,900

United Therapeutics Corp. (a)

3,100

209,033

ZIOPHARM Oncology, Inc. (a)

17,401

105,972

 

1,628,399

Health Care Equipment & Supplies - 0.9%

Boston Scientific Corp. (a)

49,100

351,556

Covidien PLC

5,900

303,555

Edwards Lifesciences Corp. (a)

1,000

85,040

 

740,151

Health Care Providers & Services - 2.4%

CIGNA Corp.

10,100

424,907

Emeritus Corp. (a)

12,573

295,843

Fresenius Medical Care AG & Co. KGaA sponsored ADR (d)

1,500

99,570

Kindred Healthcare, Inc. (a)

4,800

119,616

McKesson Corp.

5,100

404,328

Medco Health Solutions, Inc. (a)

9,447

582,313

Sunrise Senior Living, Inc. (a)

19,997

227,766

 

2,154,343

Health Care Technology - 0.1%

Allscripts-Misys Healthcare Solutions, Inc. (a)

4,600

98,210

Life Sciences Tools & Services - 0.9%

Covance, Inc. (a)

2,700

152,361

PerkinElmer, Inc.

5,100

135,150

QIAGEN NV (a)

4,600

94,898

Thermo Fisher Scientific, Inc. (a)

7,900

440,978

 

823,387

Pharmaceuticals - 5.2%

Ardea Biosciences, Inc. (a)

7,100

188,221

Cadence Pharmaceuticals, Inc. (a)

10,500

78,855

Cardiome Pharma Corp. (a)

5,960

34,487

GlaxoSmithKline PLC sponsored ADR

6,400

247,104

Johnson & Johnson

17,208

1,057,260

Merck & Co., Inc.

44,409

1,446,401

Pfizer, Inc.

68,029

1,308,878

Valeant Pharmaceuticals International, Inc. (Canada)

7,200

289,038

 

4,650,244

TOTAL HEALTH CARE

10,094,734

Common Stocks - continued

Shares

Value

INDUSTRIALS - 12.9%

Aerospace & Defense - 2.3%

DigitalGlobe, Inc. (a)

3,100

$ 100,068

GeoEye, Inc. (a)

2,100

93,555

Precision Castparts Corp.

4,300

609,525

United Technologies Corp.

14,700

1,228,038

 

2,031,186

Airlines - 0.3%

Southwest Airlines Co.

24,906

294,638

Building Products - 0.6%

Armstrong World Industries, Inc.

5,100

212,364

Owens Corning (a)

9,259

330,824

 

543,188

Commercial Services & Supplies - 0.3%

Republic Services, Inc.

4,100

121,401

The Geo Group, Inc. (a)

4,700

119,521

 

240,922

Construction & Engineering - 0.4%

Chiyoda Corp.

10,000

90,391

Shaw Group, Inc. (a)

7,000

278,040

 

368,431

Electrical Equipment - 1.2%

EnerSys (a)

4,106

145,763

Regal-Beloit Corp.

11,500

838,925

Zumtobel AG

2,992

86,254

 

1,070,942

Industrial Conglomerates - 2.0%

General Electric Co.

67,547

1,413,083

Textron, Inc.

14,100

381,969

 

1,795,052

Machinery - 3.1%

Cummins, Inc.

8,806

890,463

Danaher Corp.

12,800

647,680

Dover Corp.

3,100

199,175

Gardner Denver, Inc.

5,600

409,584

Pall Corp.

1,957

106,383

Schindler Holding AG (participation certificate)

1,434

161,623

Timken Co.

7,300

355,656

 

2,770,564

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Road & Rail - 2.7%

Con-way, Inc.

5,500

$ 179,080

CSX Corp.

13,200

985,512

Union Pacific Corp.

12,900

1,230,789

 

2,395,381

TOTAL INDUSTRIALS

11,510,304

INFORMATION TECHNOLOGY - 8.1%

Communications Equipment - 1.3%

ADTRAN, Inc.

8,000

363,840

Juniper Networks, Inc. (a)

8,800

387,200

QUALCOMM, Inc.

6,500

387,270

 

1,138,310

Electronic Equipment & Components - 1.3%

Avnet, Inc. (a)

19,540

668,463

Tyco Electronics Ltd.

14,300

515,372

 

1,183,835

Internet Software & Services - 0.6%

eBay, Inc. (a)

16,400

549,482

IT Services - 0.7%

Fidelity National Information Services, Inc.

3,000

97,170

MasterCard, Inc. Class A

2,300

553,288

 

650,458

Office Electronics - 0.4%

Xerox Corp.

28,744

308,998

Semiconductors & Semiconductor Equipment - 3.1%

Advanced Micro Devices, Inc. (a)

24,336

224,135

ASML Holding NV

7,800

340,080

Intersil Corp. Class A

22,100

282,659

KLA-Tencor Corp.

5,600

273,392

Lam Research Corp. (a)

7,700

422,730

Linear Technology Corp.

5,500

190,080

Marvell Technology Group Ltd. (a)

7,500

137,100

National Semiconductor Corp.

19,300

299,150

ON Semiconductor Corp. (a)

56,689

632,082

 

2,801,408

Software - 0.7%

AsiaInfo Holdings, Inc. (a)

4,100

83,435

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Software - continued

BMC Software, Inc. (a)

4,900

$ 242,550

Oracle Corp.

9,242

304,062

 

630,047

TOTAL INFORMATION TECHNOLOGY

7,262,538

MATERIALS - 3.3%

Chemicals - 1.6%

Albemarle Corp.

6,080

349,965

Praxair, Inc.

4,800

477,024

Solutia, Inc. (a)

26,200

608,102

Symrise AG

2,100

55,105

 

1,490,196

Containers & Packaging - 0.3%

Ball Corp.

6,600

238,260

Metals & Mining - 1.4%

BHP Billiton Ltd. sponsored ADR

1,000

94,600

Carpenter Technology Corp.

5,700

237,006

Goldcorp, Inc.

3,200

152,908

Newcrest Mining Ltd.

4,582

177,113

Newmont Mining Corp.

2,400

132,648

Reliance Steel & Aluminum Co.

3,200

177,056

Teck Resources Ltd. Class B (sub. vtg.)

1,800

99,614

United States Steel Corp.

3,200

183,968

 

1,254,913

TOTAL MATERIALS

2,983,369

TELECOMMUNICATION SERVICES - 5.4%

Diversified Telecommunication Services - 3.7%

AboveNet, Inc.

9,259

600,817

AT&T, Inc.

24,077

683,305

Cbeyond, Inc. (a)

19,047

266,277

China Unicom (Hong Kong) Ltd. sponsored ADR

6,900

115,161

Iliad Group SA

992

111,105

Qwest Communications International, Inc.

97,100

662,222

Verizon Communications, Inc.

23,100

852,852

 

3,291,739

Wireless Telecommunication Services - 1.7%

American Tower Corp. Class A (a)

10,000

539,600

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - continued

Wireless Telecommunication Services - continued

SBA Communications Corp. Class A (a)

6,600

$ 277,794

Sprint Nextel Corp. (a)

168,200

735,034

 

1,552,428

TOTAL TELECOMMUNICATION SERVICES

4,844,167

UTILITIES - 2.9%

Electric Utilities - 2.3%

American Electric Power Co., Inc.

16,900

604,682

FirstEnergy Corp. (d)

14,700

563,010

PPL Corp.

34,678

881,862

 

2,049,554

Independent Power Producers & Energy Traders - 0.6%

Calpine Corp. (a)

38,300

579,479

TOTAL UTILITIES

2,629,033

TOTAL COMMON STOCKS

(Cost $70,129,526)

87,721,455

Money Market Funds - 2.4%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

1,349,735

1,349,735

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

839,600

839,600

TOTAL MONEY MARKET FUNDS

(Cost $2,189,335)

2,189,335

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $72,318,861)

89,910,790

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(282,784)

NET ASSETS - 100%

$ 89,628,006

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 207

Fidelity Securities Lending Cash Central Fund

572

Total

$ 779

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 10,457,267

$ 10,457,267

$ -

$ -

Consumer Staples

5,033,306

4,888,487

144,819

-

Energy

11,746,435

11,746,435

-

-

Financials

21,160,302

21,160,302

-

-

Health Care

10,094,734

10,094,734

-

-

Industrials

11,510,304

11,419,913

90,391

-

Information Technology

7,262,538

7,262,538

-

-

Materials

2,983,369

2,806,256

177,113

-

Telecommunication Services

4,844,167

4,844,167

-

-

Utilities

2,629,033

2,629,033

-

-

Money Market Funds

2,189,335

2,189,335

-

-

Total Investments in Securities:

$ 89,910,790

$ 89,498,467

$ 412,323

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $75,079,698. Net unrealized appreciation aggregated $14,831,092, of which $17,788,752 related to appreciated investment securities and $2,957,660 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Growth &
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797925.107

AGAI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.4%

Distributors - 0.2%

Li & Fung Ltd.

166,000

$ 1,010

Pool Corp.

98,600

2,461

 

3,471

Hotels, Restaurants & Leisure - 2.3%

Carnival Corp. unit

152,100

6,490

McDonald's Corp.

220,665

16,700

Sonic Corp. (a)

156,400

1,389

Yum! Brands, Inc.

186,607

9,392

 

33,971

Household Durables - 1.0%

D.R. Horton, Inc.

289,438

3,427

Ryland Group, Inc.

114,143

1,982

Toll Brothers, Inc. (a)

377,300

8,021

Whirlpool Corp.

16,700

1,378

 

14,808

Media - 3.0%

Comcast Corp. Class A (special) (non-vtg.)

693,509

16,866

Regal Entertainment Group Class A

55,461

829

Thomson Reuters Corp.

66,600

2,628

Time Warner, Inc.

435,000

16,617

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

133,900

5,980

 

42,920

Multiline Retail - 2.0%

Dollar General Corp. (a)

99,700

2,817

PPR SA

13,500

2,049

Target Corp.

447,200

23,500

 

28,366

Specialty Retail - 3.7%

Esprit Holdings Ltd.

223,200

1,095

H&M Hennes & Mauritz AB (B Shares)

112,040

3,662

Kingfisher PLC

1,866,982

7,722

Lowe's Companies, Inc.

936,222

24,501

Staples, Inc.

540,700

11,517

TJX Companies, Inc.

93,100

4,643

 

53,140

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.2%

Hanesbrands, Inc. (a)

138,700

$ 3,594

TOTAL CONSUMER DISCRETIONARY

180,270

CONSUMER STAPLES - 13.2%

Beverages - 5.1%

Diageo PLC

558,015

10,911

Dr Pepper Snapple Group, Inc.

159,700

5,759

PepsiCo, Inc.

505,600

32,065

The Coca-Cola Co.

391,705

25,038

 

73,773

Food & Staples Retailing - 1.2%

CVS Caremark Corp.

115,019

3,803

Sysco Corp.

186,500

5,183

Walgreen Co.

186,600

8,087

 

17,073

Food Products - 1.4%

Danone

114,714

7,192

Kellogg Co.

80,400

4,306

Unilever NV unit

280,300

8,476

 

19,974

Household Products - 3.7%

Colgate-Palmolive Co.

67,565

5,305

Energizer Holdings, Inc. (a)

21,100

1,410

Kimberly-Clark Corp.

112,000

7,381

Procter & Gamble Co.

511,063

32,223

Reckitt Benckiser Group PLC

140,000

7,216

 

53,535

Personal Products - 0.2%

Beiersdorf AG

51,300

3,080

Tobacco - 1.6%

British American Tobacco PLC sponsored ADR

211,668

17,173

Lorillard, Inc.

93,100

7,147

 

24,320

TOTAL CONSUMER STAPLES

191,755

Common Stocks - continued

Shares

Value (000s)

ENERGY - 11.8%

Energy Equipment & Services - 0.9%

Dresser-Rand Group, Inc. (a)

91,800

$ 4,524

Exterran Partners LP

84,226

2,502

Weatherford International Ltd. (a)

254,200

6,147

 

13,173

Oil, Gas & Consumable Fuels - 10.9%

Chevron Corp.

535,600

55,569

Daylight Energy Ltd.

398,800

4,455

Exxon Mobil Corp.

717,544

61,367

Petrohawk Energy Corp. (a)

6,900

149

QEP Resources, Inc.

105,825

4,185

Royal Dutch Shell PLC:

Class A (United Kingdom)

349,000

12,549

Class A sponsored ADR

4,172

301

Suncor Energy, Inc.

212,900

10,009

Total SA

165,000

10,115

 

158,699

TOTAL ENERGY

171,872

FINANCIALS - 17.7%

Capital Markets - 2.0%

Ashmore Group PLC

1,567,200

8,544

Bank of New York Mellon Corp.

277,900

8,445

Credit Suisse Group

140,582

6,503

Northern Trust Corp.

115,200

5,941

 

29,433

Commercial Banks - 7.9%

Bank of Montreal

171,000

10,909

BB&T Corp.

418,665

11,555

HSBC Holdings PLC sponsored ADR

273,700

15,078

Regions Financial Corp.

660,100

5,043

Standard Chartered PLC (United Kingdom)

181,796

4,809

SunTrust Banks, Inc.

254,300

7,672

U.S. Bancorp, Delaware

436,611

12,107

Wells Fargo & Co.

1,338,602

43,183

Zions Bancorporation

167,200

3,906

 

114,262

Diversified Financial Services - 5.9%

Bank of America Corp.

1,923,474

27,486

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

JPMorgan Chase & Co.

956,428

$ 44,656

KKR Financial Holdings LLC

984,900

9,819

MSCI, Inc. Class A (a)

111,300

3,951

 

85,912

Insurance - 0.4%

Everest Re Group Ltd.

67,300

5,966

Genworth Financial, Inc. Class A (a)

33,900

448

 

6,414

Real Estate Investment Trusts - 1.4%

CBL & Associates Properties, Inc.

103,700

1,851

HCP, Inc.

19,500

741

Public Storage

72,100

8,093

Ventas, Inc.

83,500

4,628

Weyerhaeuser Co.

210,200

5,131

 

20,444

Thrifts & Mortgage Finance - 0.1%

BankUnited, Inc.

9,400

266

Radian Group, Inc.

71,200

503

 

769

TOTAL FINANCIALS

257,234

HEALTH CARE - 12.4%

Biotechnology - 2.0%

Amgen, Inc. (a)

305,059

15,659

ARIAD Pharmaceuticals, Inc. (a)

229,400

1,379

BioMarin Pharmaceutical, Inc. (a)

63,500

1,553

Gilead Sciences, Inc. (a)

181,364

7,070

SIGA Technologies, Inc. (a)

138,900

1,861

Theravance, Inc. (a)

75,613

1,722

 

29,244

Health Care Equipment & Supplies - 0.7%

CareFusion Corp. (a)

126,100

3,445

Mako Surgical Corp. (a)

77,000

1,586

Meridian Bioscience, Inc.

104,700

2,258

Mindray Medical International Ltd. sponsored ADR (d)

81,600

2,210

 

9,499

Health Care Providers & Services - 2.2%

Brookdale Senior Living, Inc. (a)

103,700

2,788

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Health Care Providers & Services - continued

McKesson Corp.

193,600

$ 15,349

Medco Health Solutions, Inc. (a)

228,400

14,079

 

32,216

Health Care Technology - 0.1%

SXC Health Solutions Corp. (a)

42,100

2,076

Life Sciences Tools & Services - 0.8%

Lonza Group AG

59,473

5,032

QIAGEN NV (a)

287,000

5,921

 

10,953

Pharmaceuticals - 6.6%

Abbott Laboratories

164,200

7,898

Cardiome Pharma Corp. (a)

135,100

782

GlaxoSmithKline PLC sponsored ADR

397,500

15,347

Johnson & Johnson

348,483

21,411

Merck & Co., Inc.

797,690

25,981

Pfizer, Inc.

1,287,624

24,774

 

96,193

TOTAL HEALTH CARE

180,181

INDUSTRIALS - 11.8%

Aerospace & Defense - 4.5%

AerCap Holdings NV (a)

161,316

2,189

Embraer SA sponsored ADR

106,700

3,634

Honeywell International, Inc.

274,300

15,885

Rockwell Collins, Inc.

158,200

10,194

The Boeing Co.

200,900

14,467

United Technologies Corp.

221,236

18,482

 

64,851

Building Products - 0.9%

Lennox International, Inc.

51,715

2,508

Owens Corning (a)

183,400

6,553

Quanex Building Products Corp.

189,200

3,574

 

12,635

Commercial Services & Supplies - 0.3%

Cintas Corp.

102,600

2,885

Healthcare Services Group, Inc.

68,477

1,217

 

4,102

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Electrical Equipment - 1.2%

Alstom SA

89,014

$ 5,309

Emerson Electric Co.

168,700

10,065

Prysmian SpA

82,400

1,740

 

17,114

Industrial Conglomerates - 1.4%

General Electric Co.

255,683

5,349

Koninklijke Philips Electronics NV unit (d)

281,100

9,192

Tyco International Ltd.

122,800

5,568

 

20,109

Machinery - 2.3%

Charter International PLC

534,700

6,594

Danaher Corp.

233,500

11,815

Ingersoll-Rand Co. Ltd.

345,155

15,636

 

34,045

Professional Services - 0.6%

Bureau Veritas SA

47,900

3,698

FTI Consulting, Inc. (a)

81,800

2,699

IHS, Inc. Class A (a)

34,827

2,915

 

9,312

Road & Rail - 0.2%

Landstar System, Inc.

65,655

2,920

Trading Companies & Distributors - 0.4%

Aircastle Ltd.

61,700

745

Beacon Roofing Supply, Inc. (a)

82,900

1,758

GATX Corp.

50,300

1,745

Watsco, Inc.

22,562

1,457

 

5,705

TOTAL INDUSTRIALS

170,793

INFORMATION TECHNOLOGY - 16.9%

Communications Equipment - 3.6%

Cisco Systems, Inc. (a)

1,390,709

25,812

HTC Corp.

86,000

3,106

Juniper Networks, Inc. (a)

190,776

8,394

QUALCOMM, Inc.

244,820

14,586

 

51,898

Computers & Peripherals - 5.0%

Apple, Inc. (a)

120,400

42,526

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

EMC Corp. (a)

470,933

$ 12,814

Hewlett-Packard Co.

398,650

17,393

 

72,733

Electronic Equipment & Components - 0.9%

Coretronic Corp.

1,538,000

2,485

Corning, Inc.

331,000

7,633

Everlight Electronics Co. Ltd.

811,000

2,286

I-Chiun Precision Industries Co. Ltd.

121,000

139

 

12,543

Internet Software & Services - 1.2%

eBay, Inc. (a)

108,050

3,620

Google, Inc. Class A (a)

22,718

13,935

 

17,555

IT Services - 4.2%

Fidelity National Information Services, Inc.

201,400

6,523

Indra Sistemas SA

38,244

744

International Business Machines Corp.

87,500

14,165

MasterCard, Inc. Class A

61,900

14,891

Paychex, Inc.

310,600

10,445

Visa, Inc. Class A

207,132

15,131

 

61,899

Semiconductors & Semiconductor Equipment - 0.8%

Lam Research Corp. (a)

26,100

1,433

Siliconware Precision Industries Co. Ltd. sponsored ADR

617,200

4,191

Taiwan Semiconductor Manufacturing Co. Ltd.

65,000

155

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

472,800

5,811

 

11,590

Software - 1.2%

ANSYS, Inc. (a)

40,200

2,264

Autonomy Corp. PLC (a)

364,600

9,739

Informatica Corp. (a)

13,000

611

Microsoft Corp.

192,537

5,118

 

17,732

TOTAL INFORMATION TECHNOLOGY

245,950

MATERIALS - 1.4%

Chemicals - 1.4%

Air Products & Chemicals, Inc.

36,900

3,395

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Chemicals - continued

Ecolab, Inc.

151,367

$ 7,362

PPG Industries, Inc.

11,700

1,034

Praxair, Inc.

87,596

8,705

 

20,496

TELECOMMUNICATION SERVICES - 0.2%

Wireless Telecommunication Services - 0.2%

American Tower Corp. Class A (a)

61,986

3,345

UTILITIES - 1.2%

Electric Utilities - 0.4%

FirstEnergy Corp. (d)

89,400

3,424

PPL Corp.

123,284

3,135

 

6,559

Gas Utilities - 0.1%

National Fuel Gas Co.

16,401

1,196

Multi-Utilities - 0.7%

National Grid PLC

840,300

7,809

Veolia Environnement

58,300

1,918

 

9,727

TOTAL UTILITIES

17,482

TOTAL COMMON STOCKS

(Cost $1,348,164)

1,439,378

Preferred Stocks - 0.5%

 

 

 

 

Convertible Preferred Stocks - 0.3%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

General Motors Co. 4.75%

17,100

870

HEALTH CARE - 0.2%

Health Care Equipment & Supplies - 0.1%

Alere, Inc. 3.00% (a)

7,700

2,158

Preferred Stocks - continued

Shares

Value (000s)

Convertible Preferred Stocks - continued

HEALTH CARE - continued

Health Care Providers & Services - 0.1%

Omnicare Capital Trust II Series B, 4.00%

18,000

$ 793

TOTAL HEALTH CARE

2,951

TOTAL CONVERTIBLE PREFERRED STOCKS

3,821

Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

Porsche Automobil Holding SE

43,500

3,447

Volkswagen AG

1,710

290

 

3,737

TOTAL PREFERRED STOCKS

(Cost $7,973)

7,558

Convertible Bonds - 0.1%

 

Principal Amount (000s)

 

ENERGY - 0.0%

Oil, Gas & Consumable Fuels - 0.0%

Chesapeake Energy Corp. 2.5% 5/15/37

$ 30

34

HEALTH CARE - 0.1%

Health Care Providers & Services - 0.1%

Omnicare, Inc. 3.75% 12/15/25

1,240

1,546

TOTAL CONVERTIBLE BONDS

(Cost $1,491)

1,580

Money Market Funds - 1.2%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

3,992,916

$ 3,993

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

12,768,775

12,769

TOTAL MONEY MARKET FUNDS

(Cost $16,762)

16,762

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $1,374,390)

1,465,278

NET OTHER ASSETS (LIABILITIES) - (0.8)%

(11,528)

NET ASSETS - 100%

$ 1,453,750

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 10

Fidelity Securities Lending Cash Central Fund

7

Total

$ 17

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 184,877

$ 184,877

$ -

$ -

Consumer Staples

191,755

180,844

10,911

-

Energy

171,872

161,757

10,115

-

Financials

257,234

250,731

6,503

-

Health Care

183,132

183,132

-

-

Industrials

170,793

170,793

-

-

Information Technology

245,950

237,779

8,171

-

Materials

20,496

20,496

-

-

Telecommunication Services

3,345

3,345

-

-

Utilities

17,482

7,755

9,727

-

Corporate Bonds

1,580

-

1,580

-

Money Market Funds

16,762

16,762

-

-

Total Investments in Securities:

$ 1,465,278

$ 1,418,271

$ 47,007

$ -

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 762

Total Realized Gain (Loss)

(128)

Total Unrealized Gain (Loss)

20

Cost of Purchases

-

Proceeds of Sales

(654)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

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

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,407,604,000. Net unrealized appreciation aggregated $57,674,000, of which $102,613,000 related to appreciated investment securities and $44,939,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

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

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

Quarterly Report

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 ® Advisor Growth
Opportunities Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797926.107

GO-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 15.1%

Auto Components - 0.8%

Johnson Controls, Inc.

122,000

$ 4,978

Tenneco, Inc. (a)

230,900

9,208

 

14,186

Automobiles - 0.4%

Ford Motor Co. (a)

170,400

2,565

General Motors Co.

125,100

4,195

 

6,760

Diversified Consumer Services - 0.5%

Coinstar, Inc. (a)(d)

209,328

8,934

Hotels, Restaurants & Leisure - 4.6%

BJ's Restaurants, Inc. (a)

392,706

14,118

Buffalo Wild Wings, Inc. (a)(d)

37,500

1,987

Chipotle Mexican Grill, Inc. (a)

18,100

4,435

Hyatt Hotels Corp. Class A (a)

440,800

20,167

Las Vegas Sands Corp. unit

13,100

10,354

McDonald's Corp.

184,500

13,963

Starbucks Corp.

218,600

7,209

Starwood Hotels & Resorts Worldwide, Inc.

104,900

6,409

Texas Roadhouse, Inc. Class A

98,100

1,666

 

80,308

Household Durables - 1.0%

Lennar Corp. Class A

456,800

9,209

Tempur-Pedic International, Inc. (a)

84,800

3,981

Tupperware Brands Corp.

83,500

4,480

 

17,670

Internet & Catalog Retail - 1.6%

Amazon.com, Inc. (a)

164,600

28,524

Media - 0.9%

Comcast Corp. Class A

66,500

1,713

DIRECTV (a)

173,300

7,967

DreamWorks Animation SKG, Inc. Class A (a)

40,200

1,110

The Walt Disney Co.

106,900

4,676

 

15,466

Multiline Retail - 0.7%

Target Corp.

218,700

11,493

Specialty Retail - 1.8%

Abercrombie & Fitch Co. Class A

30,600

1,756

Bed Bath & Beyond, Inc. (a)

54,000

2,600

Best Buy Co., Inc.

74,700

2,408

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

DSW, Inc. Class A (a)

83,800

$ 3,403

Home Depot, Inc.

153,500

5,752

Jos. A. Bank Clothiers, Inc. (a)

56,900

2,624

Lumber Liquidators Holdings, Inc. (a)(d)

191,500

4,458

Staples, Inc.

262,100

5,583

Ulta Salon, Cosmetics & Fragrance, Inc. (a)

88,200

3,681

 

32,265

Textiles, Apparel & Luxury Goods - 2.8%

China Xiniya Fashion Ltd. ADR (d)

49,000

224

Coach, Inc.

149,000

8,183

lululemon athletica, Inc. (a)(d)

428,558

33,252

NIKE, Inc. Class B

56,200

5,003

Vera Bradley, Inc.

56,000

1,924

 

48,586

TOTAL CONSUMER DISCRETIONARY

264,192

CONSUMER STAPLES - 5.5%

Beverages - 1.3%

Dr Pepper Snapple Group, Inc.

39,000

1,406

PepsiCo, Inc.

87,000

5,518

The Coca-Cola Co.

250,100

15,986

 

22,910

Food & Staples Retailing - 1.5%

Costco Wholesale Corp.

69,100

5,168

Droga Raia SA

9,000

128

Fresh Market, Inc.

102,933

4,200

Wal-Mart Stores, Inc.

184,080

9,568

Walgreen Co.

112,800

4,889

Whole Foods Market, Inc.

32,900

1,927

 

25,880

Food Products - 0.2%

Green Mountain Coffee Roasters, Inc. (a)

98,400

4,013

Household Products - 0.1%

Procter & Gamble Co.

35,600

2,245

Personal Products - 1.1%

Avon Products, Inc.

91,142

2,535

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Personal Products - continued

Herbalife Ltd.

171,300

$ 13,432

Nu Skin Enterprises, Inc. Class A

70,800

2,260

 

18,227

Tobacco - 1.3%

Philip Morris International, Inc.

370,890

23,284

TOTAL CONSUMER STAPLES

96,559

ENERGY - 9.0%

Energy Equipment & Services - 3.3%

FMC Technologies, Inc. (a)

36,670

3,449

Halliburton Co.

199,300

9,355

National Oilwell Varco, Inc.

85,088

6,770

Schlumberger Ltd.

378,100

35,322

Transocean Ltd. (a)

40,786

3,452

 

58,348

Oil, Gas & Consumable Fuels - 5.7%

Cameco Corp.

58,600

2,385

Chesapeake Energy Corp.

198,264

7,060

EOG Resources, Inc.

17,500

1,965

EXCO Resources, Inc.

118,800

2,432

Exxon Mobil Corp.

612,000

52,344

Hess Corp.

108,900

9,478

Occidental Petroleum Corp.

44,800

4,568

Petrohawk Energy Corp. (a)

353,700

7,640

Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)

70,300

2,472

Southwestern Energy Co. (a)

120,093

4,741

Valero Energy Corp.

146,700

4,134

 

99,219

TOTAL ENERGY

157,567

FINANCIALS - 3.1%

Capital Markets - 0.7%

Charles Schwab Corp.

204,000

3,870

Goldman Sachs Group, Inc.

13,791

2,259

LPL Investment Holdings, Inc.

76,800

2,581

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Capital Markets - continued

Morgan Stanley

44,400

$ 1,318

T. Rowe Price Group, Inc.

25,600

1,715

 

11,743

Commercial Banks - 0.4%

Signature Bank, New York (a)

45,400

2,356

Wells Fargo & Co.

120,600

3,891

 

6,247

Consumer Finance - 1.0%

Discover Financial Services

822,833

17,897

Diversified Financial Services - 0.9%

BM&F Bovespa SA

610,758

4,152

Citigroup, Inc. (a)

541,100

2,532

CME Group, Inc.

4,400

1,370

JPMorgan Chase & Co.

146,800

6,854

 

14,908

Real Estate Investment Trusts - 0.1%

Simon Property Group, Inc.

21,578

2,374

TOTAL FINANCIALS

53,169

HEALTH CARE - 15.9%

Biotechnology - 12.6%

Alexion Pharmaceuticals, Inc. (a)

179,400

17,273

Alkermes, Inc. (a)

266,263

3,816

Alnylam Pharmaceuticals, Inc. (a)(d)

363,200

3,988

Celgene Corp. (a)

66,335

3,522

Cepheid, Inc. (a)

590,269

15,648

Dendreon Corp. (a)

78,200

2,627

Exelixis, Inc. (a)

224,300

2,793

Human Genome Sciences, Inc. (a)

723,458

18,108

ImmunoGen, Inc. (a)(d)

762,324

6,869

Immunomedics, Inc. (a)(d)

1,662,287

6,084

InterMune, Inc. (a)(d)

392,500

14,369

Isis Pharmaceuticals, Inc. (a)(d)

1,522,500

13,885

Lexicon Pharmaceuticals, Inc. (a)

2,808,600

5,449

Metabolix, Inc. (a)(d)

456,800

4,148

Micromet, Inc. (a)

383,814

2,391

Momenta Pharmaceuticals, Inc. (a)

96,000

1,332

Pharmasset, Inc. (a)

268,320

13,416

Regeneron Pharmaceuticals, Inc. (a)

647,400

23,481

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Rigel Pharmaceuticals, Inc. (a)

782,300

$ 5,468

Seattle Genetics, Inc. (a)(d)

1,779,537

26,426

Transition Therapeutics, Inc. (a)

537,433

2,739

Vertex Pharmaceuticals, Inc. (a)

554,690

25,887

 

219,719

Health Care Equipment & Supplies - 0.1%

Baxter International, Inc.

45,000

2,392

Health Care Providers & Services - 0.9%

Express Scripts, Inc. (a)

108,100

6,077

McKesson Corp.

44,900

3,560

Medco Health Solutions, Inc. (a)

79,600

4,907

UnitedHealth Group, Inc.

42,600

1,814

 

16,358

Health Care Technology - 0.1%

Cerner Corp. (a)

17,800

1,788

Life Sciences Tools & Services - 0.4%

Illumina, Inc. (a)

109,500

7,599

Pharmaceuticals - 1.8%

Abbott Laboratories

173,300

8,336

Allergan, Inc.

84,800

6,290

Elan Corp. PLC sponsored ADR (a)

551,000

3,499

Endocyte, Inc.

167,700

1,229

Hospira, Inc. (a)

31,100

1,644

Johnson & Johnson

36,100

2,218

MAP Pharmaceuticals, Inc. (a)

351,708

5,673

Teva Pharmaceutical Industries Ltd. sponsored ADR

41,600

2,084

 

30,973

TOTAL HEALTH CARE

278,829

INDUSTRIALS - 7.3%

Aerospace & Defense - 1.5%

Honeywell International, Inc.

137,100

7,939

ITT Corp.

48,200

2,792

The Boeing Co.

215,400

15,511

 

26,242

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Air Freight & Logistics - 0.9%

C.H. Robinson Worldwide, Inc.

16,300

$ 1,180

United Parcel Service, Inc. Class B

205,100

15,136

 

16,316

Airlines - 0.1%

JetBlue Airways Corp. (a)

426,300

2,430

Construction & Engineering - 0.4%

Fluor Corp.

25,400

1,797

Orascom Construction Industries SAE GDR

87,100

2,979

Quanta Services, Inc. (a)

81,559

1,860

 

6,636

Electrical Equipment - 0.4%

Emerson Electric Co.

41,800

2,494

Roper Industries, Inc.

41,700

3,508

 

6,002

Industrial Conglomerates - 1.2%

3M Co.

113,900

10,505

General Electric Co.

509,500

10,659

 

21,164

Machinery - 2.1%

Caterpillar, Inc.

167,900

17,282

Cummins, Inc.

31,800

3,216

Danaher Corp.

232,300

11,754

Deere & Co.

49,600

4,471

 

36,723

Road & Rail - 0.7%

Union Pacific Corp.

134,000

12,785

TOTAL INDUSTRIALS

128,298

INFORMATION TECHNOLOGY - 41.4%

Communications Equipment - 5.2%

Acme Packet, Inc. (a)

71,600

5,387

Cisco Systems, Inc. (a)

416,800

7,736

F5 Networks, Inc. (a)

67,500

7,966

Infinera Corp. (a)(d)

715,875

5,734

Juniper Networks, Inc. (a)

151,400

6,662

QUALCOMM, Inc.

423,095

25,208

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Research In Motion Ltd. (a)

26,700

$ 1,766

Riverbed Technology, Inc. (a)

732,100

30,228

 

90,687

Computers & Peripherals - 6.9%

Apple, Inc. (a)

285,658

100,891

Hewlett-Packard Co.

226,400

9,878

NetApp, Inc. (a)

200,200

10,342

 

121,111

Electronic Equipment & Components - 2.1%

Corning, Inc.

197,600

4,557

Universal Display Corp. (a)(d)

749,600

31,551

 

36,108

Internet Software & Services - 5.2%

Baidu.com, Inc. sponsored ADR (a)

84,100

10,190

eBay, Inc. (a)

162,500

5,445

Google, Inc. Class A (a)

87,615

53,743

LogMeIn, Inc. (a)(d)

237,600

8,527

Mail.ru Group Ltd. GDR unit (a)(e)

2,800

102

OpenTable, Inc. (a)(d)

107,300

9,536

Rackspace Hosting, Inc. (a)

102,400

3,780

 

91,323

IT Services - 4.3%

Cognizant Technology Solutions Corp. Class A (a)

193,816

14,899

CoreLogic, Inc. (a)

154,600

2,883

International Business Machines Corp.

115,000

18,616

MasterCard, Inc. Class A

22,000

5,292

VeriFone Systems, Inc. (a)

365,300

16,599

Visa, Inc. Class A

238,400

17,415

 

75,704

Semiconductors & Semiconductor Equipment - 8.8%

Advanced Micro Devices, Inc. (a)

448,300

4,129

Analog Devices, Inc.

46,200

1,842

Applied Materials, Inc.

174,600

2,869

Broadcom Corp. Class A

259,300

10,688

Cree, Inc. (a)(d)

91,300

4,809

Cypress Semiconductor Corp. (a)

1,681,568

35,246

First Solar, Inc. (a)(d)

31,500

4,643

Intel Corp.

470,780

10,108

International Rectifier Corp. (a)

307,400

9,880

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

NVIDIA Corp. (a)

1,035,900

$ 23,473

Rambus, Inc. (a)

607,500

12,484

Silicon Laboratories, Inc. (a)

592,600

26,904

Tessera Technologies, Inc. (a)

194,058

3,379

Texas Instruments, Inc.

55,200

1,966

Xilinx, Inc.

52,400

1,742

 

154,162

Software - 8.9%

Citrix Systems, Inc. (a)

57,600

4,041

Microsoft Corp.

623,900

16,583

Oracle Corp.

387,100

12,736

QLIK Technologies, Inc.

86,874

2,273

RealPage, Inc.

131,525

3,262

Red Hat, Inc. (a)

783,700

32,351

salesforce.com, Inc. (a)

395,100

52,260

Solera Holdings, Inc.

75,500

3,857

SuccessFactors, Inc. (a)

532,100

19,108

TiVo, Inc. (a)

779,600

8,014

VMware, Inc. Class A (a)

16,300

1,363

 

155,848

TOTAL INFORMATION TECHNOLOGY

724,943

MATERIALS - 2.5%

Chemicals - 0.7%

Dow Chemical Co.

120,300

4,470

Monsanto Co.

48,400

3,479

The Mosaic Co.

49,300

4,232

 

12,181

Metals & Mining - 1.8%

Barrick Gold Corp.

111,800

5,903

Freeport-McMoRan Copper & Gold, Inc.

302,400

16,012

Molycorp, Inc. (d)

80,200

3,849

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Mongolian Mining Corp.

1,124,000

$ 1,426

Nucor Corp.

74,100

3,554

 

30,744

TOTAL MATERIALS

42,925

TOTAL COMMON STOCKS

(Cost $1,199,753)

1,746,482

Money Market Funds - 8.9%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

4,100,496

4,100

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

150,887,250

150,887

TOTAL MONEY MARKET FUNDS

(Cost $154,987)

154,987

TOTAL INVESTMENT PORTFOLIO - 108.7%

(Cost $1,354,740)

1,901,469

NET OTHER ASSETS (LIABILITIES) - (8.7)%

(151,877)

NET ASSETS - 100%

$ 1,749,592

Legend

(a) Non-income producing

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

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

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

(e) 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 $102,000 or 0.0% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 5

Fidelity Securities Lending Cash Central Fund

141

Total

$ 146

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 264,192

$ 253,838

$ 10,354

$ -

Consumer Staples

96,559

96,559

-

-

Energy

157,567

157,567

-

-

Financials

53,169

53,169

-

-

Health Care

278,829

278,829

-

-

Industrials

128,298

128,298

-

-

Information Technology

724,943

724,943

-

-

Materials

42,925

42,925

-

-

Money Market Funds

154,987

154,987

-

-

Total Investments in Securities:

$ 1,901,469

$ 1,891,115

$ 10,354

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,358,478,000. Net unrealized appreciation aggregated $542,991,000, of which $595,591,000 related to appreciated investment securities and $52,600,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Large Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797927.107

LC-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%

Shares

Value

CONSUMER DISCRETIONARY - 12.2%

Distributors - 0.2%

Li & Fung Ltd.

178,000

$ 1,083,359

Pool Corp.

69,897

1,744,629

 

2,827,988

Diversified Consumer Services - 0.2%

DeVry, Inc.

48,700

2,641,975

Hotels, Restaurants & Leisure - 1.5%

Country Style Cooking Restaurant Chain Co. Ltd. ADR (d)

40,800

868,224

Denny's Corp. (a)

945,012

3,676,097

McCormick & Schmick's Seafood Restaurants (a)

127,729

1,311,777

McDonald's Corp.

132,682

10,041,374

Sonic Corp. (a)

115,343

1,024,246

Yum! Brands, Inc.

38,000

1,912,540

 

18,834,258

Household Durables - 1.2%

D.R. Horton, Inc.

213,092

2,523,009

KB Home (d)

523,769

6,939,939

Lennar Corp. Class A

245,023

4,939,664

Toll Brothers, Inc. (a)

18,090

384,593

 

14,787,205

Media - 3.1%

Comcast Corp. Class A (special) (non-vtg.)

717,457

17,448,554

News Corp. Class A

149,789

2,601,835

Time Warner, Inc.

411,459

15,717,734

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

84,173

3,759,166

 

39,527,289

Multiline Retail - 1.3%

Dollar General Corp. (a)

131,576

3,717,022

Target Corp.

242,956

12,767,338

 

16,484,360

Specialty Retail - 4.3%

CarMax, Inc. (a)

3,083

109,046

Carphone Warehouse Group PLC (a)

160,526

1,062,234

Esprit Holdings Ltd.

215,800

1,058,495

H&M Hennes & Mauritz AB (B Shares)

19,692

643,667

Hengdeli Holdings Ltd.

1,330,000

724,088

Home Depot, Inc.

217,515

8,150,287

Kingfisher PLC

1,014,700

4,196,964

Lowe's Companies, Inc.

483,644

12,656,963

Lumber Liquidators Holdings, Inc. (a)

141,800

3,301,104

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Office Depot, Inc. (a)

469,421

$ 2,492,626

OfficeMax, Inc. (a)

151,137

2,076,622

Select Comfort Corp. (a)

275,977

3,071,624

Staples, Inc.

604,259

12,870,717

TJX Companies, Inc.

52,727

2,629,495

 

55,043,932

Textiles, Apparel & Luxury Goods - 0.4%

Hanesbrands, Inc. (a)

194,119

5,029,623

TOTAL CONSUMER DISCRETIONARY

155,176,630

CONSUMER STAPLES - 8.5%

Beverages - 2.5%

Diageo PLC sponsored ADR

49,600

3,881,696

Dr Pepper Snapple Group, Inc.

45,300

1,633,518

PepsiCo, Inc.

380,144

24,108,732

The Coca-Cola Co.

42,866

2,739,995

 

32,363,941

Food & Staples Retailing - 1.2%

CVS Caremark Corp.

134,799

4,456,455

Sysco Corp.

68,900

1,914,731

Walgreen Co.

204,916

8,881,059

 

15,252,245

Food Products - 1.2%

Archer Daniels Midland Co.

65,807

2,446,704

Danone

96,611

6,056,872

Kellogg Co.

55,400

2,967,224

The J.M. Smucker Co.

14,600

1,005,064

Unilever NV unit

88,200

2,667,168

 

15,143,032

Household Products - 2.9%

Colgate-Palmolive Co.

77,419

6,078,940

Energizer Holdings, Inc. (a)

24,447

1,633,793

Kimberly-Clark Corp.

84,541

5,571,252

Procter & Gamble Co.

310,577

19,581,880

Reckitt Benckiser Group PLC

76,100

3,922,152

 

36,788,017

Personal Products - 0.3%

Beiersdorf AG

32,700

1,962,981

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Personal Products - continued

Nu Skin Enterprises, Inc. Class A

32,100

$ 1,024,632

Prestige Brands Holdings, Inc. (a)

53,579

590,441

 

3,578,054

Tobacco - 0.4%

Lorillard, Inc.

68,504

5,259,052

TOTAL CONSUMER STAPLES

108,384,341

ENERGY - 12.3%

Energy Equipment & Services - 2.1%

Baker Hughes, Inc.

71,047

5,047,889

Dresser-Rand Group, Inc. (a)

151,190

7,450,643

Exterran Holdings, Inc. (a)

53,795

1,221,147

Helmerich & Payne, Inc.

23,610

1,534,414

Weatherford International Ltd. (a)

465,660

11,259,659

 

26,513,752

Oil, Gas & Consumable Fuels - 10.2%

Amyris, Inc.

125,219

4,068,365

Chevron Corp.

384,170

39,857,638

Daylight Energy Ltd.

156,700

1,750,523

Exxon Mobil Corp.

641,708

54,885,285

Occidental Petroleum Corp.

91,600

9,340,452

Petrohawk Energy Corp. (a)

151,000

3,261,600

QEP Resources, Inc.

55,692

2,202,619

Royal Dutch Shell PLC Class A sponsored ADR

8,700

628,575

Southwestern Energy Co. (a)

76,812

3,032,538

Suncor Energy, Inc.

219,500

10,319,042

 

129,346,637

TOTAL ENERGY

155,860,389

FINANCIALS - 21.3%

Capital Markets - 1.5%

Ashmore Group PLC

689,431

3,758,416

Bank of New York Mellon Corp.

149,099

4,531,119

Credit Suisse Group sponsored ADR

53,658

2,480,609

Morgan Stanley

159,500

4,733,960

Northern Trust Corp.

74,038

3,818,140

 

19,322,244

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - 8.2%

Bank of Montreal

30,700

$ 1,958,478

BB&T Corp.

446,341

12,319,012

CIT Group, Inc. (a)

24,833

1,075,766

Lloyds Banking Group PLC (a)

1,103,700

1,114,728

Regions Financial Corp.

899,266

6,870,392

Standard Chartered PLC (United Kingdom)

97,751

2,585,766

SunTrust Banks, Inc.

265,665

8,015,113

Susquehanna Bancshares, Inc.

160,031

1,529,896

U.S. Bancorp, Delaware

344,159

9,543,529

Wells Fargo & Co.

1,850,552

59,698,807

 

104,711,487

Diversified Financial Services - 9.6%

Bank of America Corp.

2,418,152

34,555,392

Citigroup, Inc. (a)

3,194,749

14,951,425

JPMorgan Chase & Co.

1,274,557

59,509,066

KKR Financial Holdings LLC

1,047,950

10,448,062

MSCI, Inc. Class A (a)

70,600

2,506,300

 

121,970,245

Insurance - 0.9%

Genworth Financial, Inc. Class A (a)

527,221

6,975,134

Lincoln National Corp.

125,148

3,969,695

 

10,944,829

Real Estate Investment Trusts - 0.2%

Weyerhaeuser Co.

116,976

2,855,384

Real Estate Management & Development - 0.1%

The St. Joe Co. (a)(d)

52,800

1,413,984

Thrifts & Mortgage Finance - 0.8%

BankUnited, Inc.

8,300

235,305

MGIC Investment Corp. (a)

203,100

1,744,629

Radian Group, Inc. (d)

1,007,322

7,111,693

The PMI Group, Inc. (a)

304,287

900,690

 

9,992,317

TOTAL FINANCIALS

271,210,490

HEALTH CARE - 12.5%

Biotechnology - 2.0%

Amgen, Inc. (a)

301,702

15,486,364

Gilead Sciences, Inc. (a)

73,296

2,857,078

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

SIGA Technologies, Inc. (a)(d)

224,410

$ 3,007,094

Vertex Pharmaceuticals, Inc. (a)

81,487

3,802,998

 

25,153,534

Health Care Equipment & Supplies - 2.0%

Alere, Inc. (a)

571,366

22,077,582

Meridian Bioscience, Inc.

76,125

1,642,016

Mindray Medical International Ltd. sponsored ADR (d)

27,400

741,992

Zimmer Holdings, Inc. (a)

10,400

648,336

 

25,109,926

Health Care Providers & Services - 1.3%

Air Methods Corp. (a)

11,800

684,872

McKesson Corp.

123,001

9,751,519

Medco Health Solutions, Inc. (a)

94,341

5,815,179

 

16,251,570

Health Care Technology - 0.3%

Allscripts-Misys Healthcare Solutions, Inc. (a)

135,542

2,893,822

SXC Health Solutions Corp. (a)

31,100

1,533,466

 

4,427,288

Life Sciences Tools & Services - 0.7%

Lonza Group AG

29,405

2,488,006

Pacific Biosciences of California, Inc. (d)

42,800

673,672

QIAGEN NV (a)

264,355

5,453,644

 

8,615,322

Pharmaceuticals - 6.2%

Abbott Laboratories

187,625

9,024,763

Cardiome Pharma Corp. (a)

336,200

1,945,374

GlaxoSmithKline PLC sponsored ADR

115,200

4,447,872

Hospira, Inc. (a)

11,900

628,915

Johnson & Johnson

298,460

18,337,382

Merck & Co., Inc.

537,480

17,505,724

Pfizer, Inc.

1,414,336

27,211,825

 

79,101,855

TOTAL HEALTH CARE

158,659,495

INDUSTRIALS - 10.7%

Aerospace & Defense - 2.6%

AerCap Holdings NV (a)

127,001

1,723,404

Honeywell International, Inc.

261,822

15,162,112

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Rockwell Collins, Inc.

49,900

$ 3,215,556

The Boeing Co.

91,370

6,579,554

United Technologies Corp.

79,965

6,680,276

 

33,360,902

Air Freight & Logistics - 0.1%

Air Lease Corp. Class A (a)(e)

80,200

1,684,200

Building Products - 1.4%

Lennox International, Inc.

103,035

4,997,198

Owens Corning (a)

249,925

8,929,820

Quanex Building Products Corp.

164,340

3,104,383

 

17,031,401

Commercial Services & Supplies - 0.4%

Cintas Corp.

44,800

1,259,776

Covanta Holding Corp.

108,533

1,836,378

The Geo Group, Inc. (a)

77,510

1,971,079

 

5,067,233

Construction & Engineering - 0.1%

Quanta Services, Inc. (a)

47,300

1,078,913

Electrical Equipment - 1.4%

Alstom SA

89,833

5,357,344

Polypore International, Inc. (a)

53,000

3,097,320

Prysmian SpA

71,400

1,507,540

Regal-Beloit Corp.

44,800

3,268,160

Roper Industries, Inc.

59,635

5,017,093

 

18,247,457

Industrial Conglomerates - 1.1%

General Electric Co.

305,497

6,390,997

Koninklijke Philips Electronics NV unit

177,949

5,818,932

Tyco International Ltd.

29,692

1,346,235

 

13,556,164

Machinery - 2.8%

Charter International PLC

396,423

4,888,717

Danaher Corp.

43,450

2,198,570

Ingersoll-Rand Co. Ltd.

559,826

25,360,118

WABCO Holdings, Inc. (a)

57,115

3,337,229

 

35,784,634

Professional Services - 0.4%

Bureau Veritas SA

30,110

2,324,823

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Professional Services - continued

FTI Consulting, Inc. (a)

48,100

$ 1,586,819

IHS, Inc. Class A (a)

17,802

1,490,027

 

5,401,669

Road & Rail - 0.2%

Union Pacific Corp.

23,874

2,277,818

Trading Companies & Distributors - 0.2%

WESCO International, Inc. (a)

42,168

2,455,021

TOTAL INDUSTRIALS

135,945,412

INFORMATION TECHNOLOGY - 19.5%

Communications Equipment - 3.6%

Cisco Systems, Inc. (a)

1,229,284

22,815,511

Juniper Networks, Inc. (a)

174,160

7,663,040

QUALCOMM, Inc.

255,265

15,208,689

 

45,687,240

Computers & Peripherals - 4.6%

Apple, Inc. (a)

102,430

36,179,300

EMC Corp. (a)

390,383

10,622,321

Hewlett-Packard Co.

257,914

11,252,788

 

58,054,409

Electronic Equipment & Components - 0.9%

Corning, Inc.

436,930

10,075,606

Fabrinet (a)

22,700

663,521

 

10,739,127

Internet Software & Services - 1.9%

Blinkx PLC (a)

384,200

535,639

eBay, Inc. (a)

204,355

6,846,914

Google, Inc. Class A (a)

24,376

14,952,238

SciQuest, Inc.

126,755

1,807,526

 

24,142,317

IT Services - 4.5%

Accenture PLC Class A

23,729

1,221,569

Fidelity National Information Services, Inc.

110,550

3,580,715

International Business Machines Corp.

76,931

12,453,590

MasterCard, Inc. Class A

70,700

17,007,592

Paychex, Inc.

293,541

9,871,784

Visa, Inc. Class A

174,413

12,740,870

 

56,876,120

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - 2.1%

Ceva, Inc. (a)

136,566

$ 3,113,705

KLA-Tencor Corp.

75,206

3,671,557

Lam Research Corp. (a)

73,596

4,040,420

Siliconware Precision Industries Co. Ltd. sponsored ADR

314,398

2,134,762

Taiwan Semiconductor Manufacturing Co. Ltd.

924,679

2,203,049

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

363,493

4,467,329

Texas Instruments, Inc.

158,028

5,627,377

Varian Semiconductor Equipment Associates, Inc. (a)

40,373

1,926,196

 

27,184,395

Software - 1.9%

Autonomy Corp. PLC (a)

537,081

14,346,892

Microsoft Corp.

229,578

6,102,183

Nuance Communications, Inc. (a)

119,723

2,234,031

Solera Holdings, Inc.

24,000

1,225,920

SuccessFactors, Inc. (a)

13,300

477,603

 

24,386,629

TOTAL INFORMATION TECHNOLOGY

247,070,237

MATERIALS - 0.7%

Chemicals - 0.6%

Cabot Corp.

38,464

1,663,953

Ecolab, Inc.

38,094

1,852,892

LyondellBasell Industries NV Class A (a)

66,545

2,534,034

PPG Industries, Inc.

14,400

1,272,672

 

7,323,551

Paper & Forest Products - 0.1%

AbitibiBowater, Inc. (a)

61,500

1,721,385

TOTAL MATERIALS

9,044,936

TELECOMMUNICATION SERVICES - 0.1%

Wireless Telecommunication Services - 0.1%

American Tower Corp. Class A (a)

24,151

1,303,188

UTILITIES - 0.4%

Electric Utilities - 0.2%

PPL Corp.

94,395

2,400,465

Gas Utilities - 0.0%

National Fuel Gas Co.

9,000

656,100

Common Stocks - continued

Shares

Value

UTILITIES - continued

Multi-Utilities - 0.2%

National Grid PLC

257,600

$ 2,394,049

TOTAL UTILITIES

5,450,614

TOTAL COMMON STOCKS

(Cost $1,136,881,677)

1,248,105,732

Preferred Stocks - 1.5%

 

 

 

 

Convertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%

Automobiles - 0.2%

General Motors Co. 4.75%

58,600

2,981,568

Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 1.3%

Automobiles - 1.3%

Porsche Automobil Holding SE

123,007

9,747,025

Volkswagen AG

40,981

6,950,460

 

16,697,485

TOTAL PREFERRED STOCKS

(Cost $15,139,042)

19,679,053

Money Market Funds - 0.9%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)
(Cost $11,515,595)

11,515,595

11,515,595

TOTAL INVESTMENT PORTFOLIO - 100.6%

(Cost $1,163,536,314)

1,279,300,380

NET OTHER ASSETS (LIABILITIES) - (0.6)%

(7,822,566)

NET ASSETS - 100%

$ 1,271,477,814

Legend

(a) Non-income producing

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

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

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

(e) 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 $1,684,200 or 0.1% of net assets.

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 1,023

Fidelity Securities Lending Cash Central Fund

16,707

Total

$ 17,730

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 174,855,683

$ 174,855,683

$ -

$ -

Consumer Staples

108,384,341

108,384,341

-

-

Energy

155,860,389

155,860,389

-

-

Financials

271,210,490

270,095,762

1,114,728

-

Health Care

158,659,495

158,659,495

-

-

Industrials

135,945,412

134,261,212

-

1,684,200

Information Technology

247,070,237

244,867,188

2,203,049

-

Materials

9,044,936

9,044,936

-

-

Telecommunication Services

1,303,188

1,303,188

-

-

Utilities

5,450,614

3,056,565

2,394,049

-

Money Market Funds

11,515,595

11,515,595

-

-

Total Investments in Securities:

$ 1,279,300,380

$ 1,271,904,354

$ 5,711,826

$ 1,684,200

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

Investments in Securities:

Beginning Balance

$ 1,644,100

Total Realized Gain (Loss)

(326,150)

Total Unrealized Gain (Loss)

366,250

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,684,200

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ 40,100

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

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,188,438,919. Net unrealized appreciation aggregated $90,861,461, of which $151,531,694 related to appreciated investment securities and $60,670,233 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Mid Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797928.107

MC-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 13.2%

Hotels, Restaurants & Leisure - 5.5%

Betfair Group PLC (d)

2,038,386

$ 28,766

Pinnacle Entertainment, Inc. (a)

2,300,000

30,199

Starbucks Corp.

2,648,800

87,357

Tim Hortons, Inc. (Canada)

169,900

7,485

 

153,807

Internet & Catalog Retail - 1.2%

Expedia, Inc.

1,654,646

32,861

Leisure Equipment & Products - 2.8%

Hasbro, Inc.

1,762,084

79,118

Multiline Retail - 3.7%

Dollar General Corp. (a)

3,692,556

104,318

Textiles, Apparel & Luxury Goods - 0.0%

Phillips-Van Heusen Corp.

24,400

1,464

TOTAL CONSUMER DISCRETIONARY

371,568

CONSUMER STAPLES - 5.1%

Beverages - 4.2%

Anheuser-Busch InBev SA NV

1,560,879

87,175

Coca-Cola Enterprises, Inc.

1,163,000

30,587

 

117,762

Food Products - 0.9%

Want Want China Holdings Ltd.

33,341,000

24,916

TOTAL CONSUMER STAPLES

142,678

ENERGY - 9.9%

Energy Equipment & Services - 6.6%

Dresser-Rand Group, Inc. (a)

1,374,263

67,724

Ensco International Ltd. ADR

591,800

33,200

Weatherford International Ltd. (a)

3,449,600

83,411

 

184,335

Oil, Gas & Consumable Fuels - 3.3%

QEP Resources, Inc.

750,000

29,663

Southern Union Co.

1,885,498

53,774

Williams Companies, Inc.

286,300

8,692

 

92,129

TOTAL ENERGY

276,464

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - 12.6%

Capital Markets - 5.8%

Ameriprise Financial, Inc.

481,800

$ 30,508

Ashmore Global Opps Ltd. (e)

4,179,276

33,476

Ashmore Group PLC

9,875,000

53,833

Morgan Stanley

1,004,700

29,819

The Blackstone Group LP

843,700

15,018

 

162,654

Commercial Banks - 6.1%

BB&T Corp.

1,315,400

36,305

CIT Group, Inc. (a)

629,200

27,257

Regions Financial Corp.

6,302,700

48,153

SunTrust Banks, Inc.

2,000,000

60,340

 

172,055

Insurance - 0.7%

Hanover Insurance Group, Inc.

394,601

18,337

TOTAL FINANCIALS

353,046

HEALTH CARE - 10.0%

Health Care Equipment & Supplies - 5.5%

CareFusion Corp. (a)

1,382,600

37,773

Edwards Lifesciences Corp. (a)

372,100

31,643

Hill-Rom Holdings, Inc.

930,157

35,411

Hologic, Inc. (a)

2,442,700

49,294

 

154,121

Health Care Providers & Services - 3.3%

McKesson Corp.

1,185,100

93,955

Life Sciences Tools & Services - 1.2%

Charles River Laboratories International, Inc. (a)(d)

900,200

32,803

TOTAL HEALTH CARE

280,879

INDUSTRIALS - 14.6%

Aerospace & Defense - 3.1%

Embraer SA sponsored ADR

913,700

31,121

Lockheed Martin Corp.

728,100

57,636

 

88,757

Commercial Services & Supplies - 4.6%

Higher One Holdings, Inc. (a)(d)

212,137

3,986

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Commercial Services & Supplies - continued

Iron Mountain, Inc.

2,502,462

$ 65,064

Republic Services, Inc.

2,000,000

59,220

 

128,270

Construction & Engineering - 2.1%

Fluor Corp.

833,126

58,952

Machinery - 4.8%

Ingersoll-Rand Co. Ltd.

1,392,400

63,076

Titan International, Inc. (d)

508,262

12,208

WABCO Holdings, Inc. (a)

1,016,778

59,410

 

134,694

Professional Services - 0.0%

Nielsen Holdings B.V. (a)

11,400

303

TOTAL INDUSTRIALS

410,976

INFORMATION TECHNOLOGY - 18.3%

Communications Equipment - 3.7%

HTC Corp.

919,000

33,191

Juniper Networks, Inc. (a)

1,196,850

52,661

Tekelec (a)

2,379,056

18,247

 

104,099

Internet Software & Services - 3.8%

Akamai Technologies, Inc. (a)

1,048,000

39,331

Demand Media, Inc.

9,500

214

eBay, Inc. (a)

2,000,000

67,010

 

106,555

IT Services - 7.4%

Fiserv, Inc. (a)

1,469,200

92,956

Lender Processing Services, Inc.

664,100

22,626

MasterCard, Inc. Class A

380,667

91,573

 

207,155

Software - 3.4%

Intuit, Inc. (a)

573,700

30,165

Nuance Communications, Inc. (a)

1,529,444

28,539

Rovi Corp. (a)

680,300

37,702

 

96,406

TOTAL INFORMATION TECHNOLOGY

514,215

Common Stocks - continued

Shares

Value (000s)

MATERIALS - 2.1%

Chemicals - 1.1%

CF Industries Holdings, Inc.

223,400

$ 31,562

Metals & Mining - 1.0%

MacArthur Coal Ltd.

2,316,163

28,013

TOTAL MATERIALS

59,575

TELECOMMUNICATION SERVICES - 4.3%

Diversified Telecommunication Services - 1.2%

Iridium Communications, Inc. (a)(d)(e)

3,466,720

32,587

Iridium Communications, Inc. warrants 2/14/13 (a)(e)

461,288

1,453

 

34,040

Wireless Telecommunication Services - 3.1%

American Tower Corp. Class A (a)

543,086

29,305

NII Holdings, Inc. (a)

1,389,100

56,898

 

86,203

TOTAL TELECOMMUNICATION SERVICES

120,243

TOTAL COMMON STOCKS

(Cost $2,210,691)

2,529,644

Nonconvertible Preferred Stocks - 3.1%

 

 

 

 

CONSUMER DISCRETIONARY - 3.1%

Automobiles - 3.1%

Porsche Automobil Holding SE

330,100

26,157

Volkswagen AG

365,978

62,071

 

88,228

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $53,741)

88,228

Money Market Funds - 9.3%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

208,707,332

$ 208,707

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

50,945,700

50,946

TOTAL MONEY MARKET FUNDS

(Cost $259,653)

259,653

TOTAL INVESTMENT PORTFOLIO - 102.5%

(Cost $2,524,085)

2,877,525

NET OTHER ASSETS (LIABILITIES) - (2.5)%

(71,050)

NET ASSETS - 100%

$ 2,806,475

Legend

(a) Non-income producing

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

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

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

(e) Affiliated Company

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

$ 67

Fidelity Securities Lending Cash Central Fund

42

Total

$ 109

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value,
beginning of
period

Purchases

Sales
Proceeds

Dividend
Income

Value,
end of
period

Ashmore Global Opps Ltd.

$ 32,933

$ -

$ -

$ -

$ -

Iridium Communications, Inc.

33,313

-

797

-

-

Iridium Communications, Inc. warrants 2/14/13

2,354

-

955

-

-

Total

$ 68,600

$ -

$ 1,752

$ -

$ -

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 459,796

$ 459,796

$ -

$ -

Consumer Staples

142,678

55,503

87,175

-

Energy

276,464

276,464

-

-

Financials

353,046

353,046

-

-

Health Care

280,879

280,879

-

-

Industrials

410,976

410,976

-

-

Information Technology

514,215

481,024

33,191

-

Materials

59,575

31,562

28,013

-

Telecommunication Services

120,243

120,243

-

-

Money Market Funds

259,653

259,653

-

-

Total Investments in Securities:

$ 2,877,525

$ 2,729,146

$ 148,379

$ -

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

(Amounts in thousands)

 

Investments in Securities:

Beginning Balance

$ 43,436

Total Realized Gain (Loss)

(1,986)

Total Unrealized Gain (Loss)

494

Cost of Purchases

-

Proceeds of Sales

(9,011)

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

(32,933)

Ending Balance

$ -

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

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

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $2,529,721,000. Net unrealized appreciation aggregated $347,804,000, of which $414,788,000 related to appreciated investment securities and $66,984,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Small Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797929.107

ASCF-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.7%

Diversified Consumer Services - 0.9%

Best Bridal, Inc.

6,052

$ 6,311

Matthews International Corp. Class A

457,021

16,978

Meiko Network Japan Co. Ltd. (e)

2,530,000

22,052

 

45,341

Hotels, Restaurants & Leisure - 3.1%

AFC Enterprises, Inc. (a)(e)

2,560,620

37,872

Brinker International, Inc.

679,200

16,056

CEC Entertainment, Inc.

508,657

19,680

Cracker Barrel Old Country Store, Inc.

546,900

27,257

Einstein Noah Restaurant Group, Inc. (e)

1,354,629

21,796

Grand Korea Leisure Co. Ltd.

1,296,040

21,766

Toridoll Corp. (d)

7,026

9,852

 

154,279

Household Durables - 2.6%

Man Wah Holdings Ltd.

14,700,800

21,594

Tupperware Brands Corp.

2,002,843

107,453

 

129,047

Internet & Catalog Retail - 0.0%

Toupargel-Agrigel

11,000

235

Leisure Equipment & Products - 0.6%

RC2 Corp. (a)(e)

1,514,703

32,884

Specialty Retail - 3.1%

Aeropostale, Inc. (a)

1,755,900

45,548

Ascena Retail Group, Inc. (a)

2,077,613

64,905

Charming Shoppes, Inc. (a)(e)

6,300,079

20,601

Gulliver International Co. Ltd.

131,660

5,843

Jumbo SA

2,750,307

21,444

 

158,341

Textiles, Apparel & Luxury Goods - 1.4%

Movado Group, Inc. (a)

104,813

1,475

Warnaco Group, Inc. (a)

813,791

47,778

XTEP International Holdings Ltd.

33,978,500

20,288

 

69,541

TOTAL CONSUMER DISCRETIONARY

589,668

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - 6.4%

Food & Staples Retailing - 1.2%

BJ's Wholesale Club, Inc. (a)

1,119,400

$ 54,201

Ingles Markets, Inc. Class A

225,000

4,327

 

58,528

Food Products - 1.1%

TreeHouse Foods, Inc. (a)

1,050,584

54,809

Household Products - 1.0%

Spectrum Brands Holdings, Inc. (a)

1,671,200

47,963

Personal Products - 3.1%

Atrium Innovations, Inc. (a)

1,197,000

18,486

Herbalife Ltd.

1,329,900

104,277

Nu Skin Enterprises, Inc. Class A

197,900

6,317

Prestige Brands Holdings, Inc. (a)(e)

2,701,806

29,774

 

158,854

TOTAL CONSUMER STAPLES

320,154

ENERGY - 7.5%

Energy Equipment & Services - 6.6%

Cal Dive International, Inc. (a)

2,296,420

15,799

Cathedral Energy Services Ltd. (e)

2,657,000

27,904

Natural Gas Services Group, Inc. (a)(e)

873,761

16,899

Superior Energy Services, Inc. (a)

1,913,100

73,291

TETRA Technologies, Inc. (a)(e)

7,300,000

100,813

Unit Corp. (a)

983,100

58,494

Vantage Drilling Co. (a)

9,635,683

20,042

Western Energy Services Corp. (a)(e)

50,390,500

21,272

 

334,514

Oil, Gas & Consumable Fuels - 0.9%

Resolute Energy Corp. (a)(d)

2,497,163

45,274

TOTAL ENERGY

379,788

FINANCIALS - 5.7%

Capital Markets - 2.7%

AllianceBernstein Holding LP

1,781,300

40,542

Artio Global Investors, Inc. Class A (e)

2,101,000

33,301

Gleacher & Co., Inc. (a)

5,242,051

10,065

Knight Capital Group, Inc. Class A (a)

3,659,500

51,270

 

135,178

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - 0.3%

Banco ABC Brasil SA

2,056,100

$ 15,867

Insurance - 1.6%

Delphi Financial Group, Inc. Class A

981,416

30,385

Mercer Insurance Group, Inc. (e)

656,100

18,436

National Financial Partners Corp. (a)

2,168,071

30,657

 

79,478

Real Estate Management & Development - 1.1%

Housing Development and Infrastructure Ltd. (a)

15,122,244

52,702

Relo Holdings Corp.

239,600

4,842

 

57,544

TOTAL FINANCIALS

288,067

HEALTH CARE - 18.6%

Health Care Equipment & Supplies - 3.2%

COLTENE Holding AG (e)

391,500

24,739

Cooper Companies, Inc.

1,671,300

103,320

Cutera, Inc. (a)(e)

1,284,550

12,409

Cynosure, Inc. Class A (a)(e)

733,468

10,005

Guerbet

125,000

11,928

 

162,401

Health Care Providers & Services - 13.1%

AmSurg Corp. (a)(e)

2,305,267

54,473

Centene Corp. (a)

1,021,555

31,127

HealthSouth Corp. (a)(e)

4,810,321

116,458

Healthways, Inc. (a)(e)

3,326,697

46,474

Molina Healthcare, Inc. (a)(e)

1,658,251

58,089

Omnicare, Inc. (d)

4,225,626

120,980

Team Health Holdings, Inc. (a)

211,588

3,912

United Drug PLC (Ireland)

9,979,710

32,364

Universal Health Services, Inc. Class B

3,018,000

137,953

Wellcare Health Plans, Inc. (a)

1,554,700

58,379

 

660,209

Life Sciences Tools & Services - 0.5%

eResearchTechnology, Inc. (a)(e)

3,891,033

24,708

Pharmaceuticals - 1.8%

Meda AB (A Shares)

6,187,100

54,174

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Vetoquinol SA

426,006

$ 16,296

Yuhan Corp.

154,255

20,834

 

91,304

TOTAL HEALTH CARE

938,622

INDUSTRIALS - 18.6%

Aerospace & Defense - 5.8%

Alliant Techsystems, Inc.

949,096

68,496

Esterline Technologies Corp. (a)

1,402,381

100,368

Moog, Inc. Class A (a)

1,332,348

60,502

QinetiQ Group PLC

16,862,605

34,654

Teledyne Technologies, Inc. (a)

576,796

30,207

 

294,227

Air Freight & Logistics - 1.0%

UTI Worldwide, Inc.

2,571,217

51,167

Commercial Services & Supplies - 3.0%

Babcock International Group PLC

12,169,303

110,996

The Geo Group, Inc. (a)

1,585,300

40,314

 

151,310

Construction & Engineering - 1.5%

MasTec, Inc. (a)

3,211,183

59,792

Mirait Holdings Corp. (a)

2,072,700

15,710

 

75,502

Electrical Equipment - 0.9%

GrafTech International Ltd. (a)

2,238,639

44,795

Industrial Conglomerates - 0.7%

DCC PLC (Ireland)

1,060,000

34,010

Machinery - 0.5%

John Bean Technologies Corp.

1,345,300

25,520

Professional Services - 5.2%

Benefit One, Inc. (e)

12,837

10,232

CBIZ, Inc. (a)(d)(e)

5,563,124

39,387

en-japan, Inc.

6,880

11,523

FTI Consulting, Inc. (a)(e)

2,356,500

77,741

Navigant Consulting, Inc. (a)(e)

2,635,800

24,750

Stantec, Inc. (a)

595,000

17,570

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Professional Services - continued

Towers Watson & Co.

1,118,173

$ 65,749

VSE Corp. (e)

513,186

13,912

 

260,864

TOTAL INDUSTRIALS

937,395

INFORMATION TECHNOLOGY - 30.1%

Communications Equipment - 3.4%

DG FastChannel, Inc. (a)

1,266,531

41,935

Emulex Corp. (a)

2,295,200

25,247

Mitsui Knowledge Industry Co. Ltd.

19,962

3,631

ViaSat, Inc. (a)(e)

2,426,068

100,949

 

171,762

Electronic Equipment & Components - 3.6%

Benchmark Electronics, Inc. (a)(e)

3,243,818

61,178

Diploma PLC

536,000

2,394

Electro Scientific Industries, Inc. (a)(e)

1,755,340

26,751

Insight Enterprises, Inc. (a)(e)

3,511,333

64,222

PC Connection, Inc. (a)

1,079,276

9,174

Vishay Precision Group, Inc. (a)(e)

1,230,606

20,367

 

184,086

Internet Software & Services - 0.8%

Macromill, Inc.

879,800

12,713

Perficient, Inc. (a)(e)

2,237,500

27,812

 

40,525

IT Services - 11.9%

Acxiom Corp. (a)(e)

5,485,710

94,025

BCD Semiconductor Manufacturing Ltd. ADR

194,957

2,047

Broadridge Financial Solutions, Inc.

2,377,026

54,481

CACI International, Inc. Class A (a)

1,314,900

78,000

Convergys Corp. (a)

3,012,600

42,387

Euronet Worldwide, Inc. (a)(e)

3,297,983

59,595

Groupe Steria SCA (e)

1,780,415

56,166

iGate Corp. (e)

5,515,706

99,834

Integral Systems, Inc. (a)

165,723

2,028

MindTree Consulting Ltd.

834,563

6,802

Sopra Group SA

188,480

19,203

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - continued

TNS, Inc. (a)(e)

2,621,000

$ 49,406

WNS Holdings Ltd. sponsored ADR (a)(d)

3,441,306

34,482

 

598,456

Semiconductors & Semiconductor Equipment - 4.3%

Alpha & Omega Semiconductor Ltd. (a)

1,096,670

14,323

Axell Corp. (d)

202,100

5,685

centrotherm photovoltaics AG (a)

630,321

28,357

Diodes, Inc. (a)

453,847

13,143

DSP Group, Inc. (a)(e)

1,977,465

15,602

GT Solar International, Inc. (a)(d)

5,369,200

57,397

Melfas, Inc.

697,359

30,363

Roth & Rau AG (a)(d)

788,233

16,044

Shinkawa Ltd. (d)

223,700

2,467

Silicon Image, Inc. (a)(e)

4,061,173

32,652

 

216,033

Software - 6.1%

Deltek, Inc. (a)

2,013,575

14,679

EPIQ Systems, Inc. (e)

3,300,505

45,580

Infotech Enterprises Ltd.

727,323

2,561

JDA Software Group, Inc. (a)(e)

3,259,919

96,168

NIIT Technologies Ltd. (e)

3,717,882

16,333

Progress Software Corp. (a)

2,813,101

82,593

S1 Corp. (a)(e)

3,057,080

19,963

Simplex Holdings, Inc.

5,915

2,816

SWORD Group (e)

636,565

19,669

Zensar Technologies Ltd. (e)

2,189,584

7,645

 

308,007

TOTAL INFORMATION TECHNOLOGY

1,518,869

MATERIALS - 1.4%

Metals & Mining - 1.4%

A.M. Castle & Co. (a)(e)

1,257,905

21,686

Medusa Mining Ltd.

299,626

2,162

Reliance Steel & Aluminum Co.

866,400

47,938

 

71,786

TOTAL COMMON STOCKS

(Cost $4,087,277)

5,044,349

Money Market Funds - 1.5%

Shares

Value (000s)

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)
(Cost $78,008)

78,007,630

$ 78,008

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $4,165,285)

5,122,357

NET OTHER ASSETS (LIABILITIES) - (1.5)%

(76,474)

NET ASSETS - 100%

$ 5,045,883

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

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

$ 148

Fidelity Securities Lending Cash Central Fund

115

Total

$ 263

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

A.M. Castle & Co.

$ 19,045

$ -

$ -

$ -

$ 21,686

Acxiom Corp.

93,312

-

-

-

94,025

AFC Enterprises, Inc.

33,810

216

-

-

37,872

Alliant Techsystems, Inc.

129,005

3,269

62,746

228

-

AmSurg Corp.

42,371

-

-

-

54,473

Artio Global Investors, Inc. Class A

17,523

11,512

-

126

33,301

Atlas Pipeline Holdings LP

31,768

363

36,006

-

-

Benchmark Electronics, Inc.

51,083

1,181

-

-

61,178

Benefit One, Inc.

9,541

-

-

-

10,232

Cathedral Energy Services Ltd.

-

25,423

-

-

27,904

CBIZ, Inc.

33,490

-

-

-

39,387

Charming Shoppes, Inc.

23,972

-

-

-

20,601

COLTENE Holding AG

22,454

-

1,325

-

24,739

Cutera, Inc.

9,005

-

-

-

12,409

Cynosure, Inc. Class A

6,953

-

-

-

10,005

DSP Group, Inc.

15,128

-

-

-

15,602

Einstein Noah Restaurant Group, Inc.

17,312

-

-

169

21,796

Electro Scientific Industries, Inc.

25,906

348

-

-

26,751

EPIQ Systems, Inc.

41,308

810

-

116

45,580

eResearchTechnology, Inc.

20,196

1,885

-

-

24,708

Euronet Worldwide, Inc.

52,981

1,037

-

-

59,595

FTI Consulting, Inc.

79,470

4,728

-

-

77,741

Groupe Steria SCA

40,568

349

-

-

56,166

GT Solar International, Inc.

72,583

5,643

67,611

-

-

HealthSouth Corp.

81,931

5,408

-

-

116,458

Healthways, Inc.

32,103

-

-

-

46,474

iGate Corp.

-

95,804

-

-

99,834

Insight Enterprises, Inc.

44,278

-

-

-

64,222

JDA Software Group, Inc.

74,232

13,257

-

-

96,168

Meiko Network Japan Co. Ltd.

20,739

-

-

285

22,052

Mercer Insurance Group, Inc.

12,315

-

-

66

18,436

Molina Healthcare, Inc.

41,052

1,157

-

-

58,089

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value, end of period

Natural Gas Services Group, Inc.

$ 16,018

$ -

$ 1,908

$ -

$ 16,899

Navigant Consulting, Inc.

-

25,656

-

-

24,750

NIIT Technologies Ltd.

16,748

240

-

-

16,333

Perficient, Inc.

25,239

-

-

-

27,812

Premiere Global Services, Inc.

24,091

-

24,689

-

-

Prestige Brands Holdings, Inc.

31,544

262

-

-

29,774

RC2 Corp.

31,911

1,617

-

-

32,884

S1 Corp.

19,382

-

-

-

19,963

Silicon Image, Inc.

37,763

1,746

9,183

-

32,652

Spice PLC

26,362

-

26,574

-

-

SWORD Group

20,183

-

-

-

19,669

TETRA Technologies, Inc.

82,566

-

2,794

-

100,813

TNS, Inc.

50,266

115

-

-

49,406

ViaSat, Inc.

104,922

1,498

6,304

-

100,949

Vishay Precision Group, Inc.

20,613

-

-

-

20,367

VSE Corp.

15,585

-

-

31

13,912

Western Energy Services Corp.

-

17,782

-

-

21,272

Zensar Technologies Ltd.

6,874

869

-

-

7,645

Total

$ 1,725,501

$ 222,175

$ 239,140

$ 1,021

$ 1,832,584

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 589,668

$ 589,668

$ -

$ -

Consumer Staples

320,154

320,154

-

-

Energy

379,788

379,788

-

-

Financials

288,067

288,067

-

-

Health Care

938,622

938,622

-

-

Industrials

937,395

937,395

-

-

Information Technology

1,518,869

1,518,869

-

-

Materials

71,786

69,624

2,162

-

Money Market Funds

78,008

78,008

-

-

Total Investments in Securities:

$ 5,122,357

$ 5,120,195

$ 2,162

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $4,165,285,000. Net unrealized appreciation aggregated $957,072,000, of which $1,143,894,000 related to appreciated investment securities and $186,822,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Strategic
Growth Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797937.107

ATQG-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

CONSUMER DISCRETIONARY - 12.8%

Auto Components - 0.1%

Minth Group Ltd.

12,000

$ 18,182

Automobiles - 1.1%

Ford Motor Co. (a)

8,700

130,935

General Motors Co.

3,500

117,355

Hyundai Motor Co.

124

19,613

 

267,903

Diversified Consumer Services - 0.1%

New Oriental Education & Technology Group, Inc. sponsored ADR (a)

200

19,322

Weight Watchers International, Inc.

200

12,226

 

31,548

Hotels, Restaurants & Leisure - 0.5%

Ctrip.com International Ltd. sponsored ADR (a)

3,000

116,310

Las Vegas Sands Corp. (a)

100

4,664

 

120,974

Household Durables - 2.7%

Beazer Homes USA, Inc. (a)(d)

7,700

35,805

iRobot Corp. (a)

2,200

63,184

M.D.C. Holdings, Inc.

1,300

34,125

Meritage Homes Corp. (a)

2,200

56,782

Ryland Group, Inc.

2,700

46,872

Tempur-Pedic International, Inc. (a)

8,300

389,602

 

626,370

Internet & Catalog Retail - 2.8%

Amazon.com, Inc. (a)

2,300

398,567

E-Commerce China Dangdang, Inc. ADR (d)

3,100

78,895

Netflix, Inc. (a)

400

82,668

Priceline.com, Inc. (a)

200

90,776

 

650,906

Leisure Equipment & Products - 0.6%

Hasbro, Inc.

2,900

130,210

Media - 0.2%

Discovery Communications, Inc. (a)

100

4,311

Valassis Communications, Inc. (a)

1,800

50,796

 

55,107

Specialty Retail - 3.4%

DSW, Inc. Class A (a)(d)

5,900

239,599

Sally Beauty Holdings, Inc. (a)

17,500

226,975

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

TJX Companies, Inc.

6,500

$ 324,155

Vitamin Shoppe, Inc. (a)

100

3,479

 

794,208

Textiles, Apparel & Luxury Goods - 1.3%

Deckers Outdoor Corp. (a)

1,900

167,618

Phillips-Van Heusen Corp.

2,100

126,021

Titan Industries Ltd.

328

24,114

 

317,753

TOTAL CONSUMER DISCRETIONARY

3,013,161

CONSUMER STAPLES - 8.0%

Beverages - 2.2%

Anheuser-Busch InBev SA NV

1,086

60,653

Dr Pepper Snapple Group, Inc.

6,700

241,602

PepsiCo, Inc.

900

57,078

The Coca-Cola Co.

2,500

159,800

 

519,133

Food & Staples Retailing - 1.5%

BJ's Wholesale Club, Inc. (a)

4,300

208,206

Drogasil SA

5,600

42,746

Fresh Market, Inc.

1,300

53,040

Wal-Mart de Mexico SA de CV Series V

15,000

42,908

 

346,900

Food Products - 1.3%

Green Mountain Coffee Roasters, Inc. (a)

4,400

179,432

Mead Johnson Nutrition Co. Class A

900

53,865

Nestle SA sponsored ADR

1,050

59,451

Shenguan Holdings Group Ltd.

16,000

19,784

 

312,532

Household Products - 0.4%

Procter & Gamble Co.

1,300

81,965

Personal Products - 2.6%

Estee Lauder Companies, Inc. Class A

1,100

103,851

Hengan International Group Co. Ltd.

3,000

22,130

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Personal Products - continued

Herbalife Ltd.

3,900

$ 305,799

Schiff Nutrition International, Inc.

21,900

187,683

 

619,463

TOTAL CONSUMER STAPLES

1,879,993

ENERGY - 11.7%

Energy Equipment & Services - 3.3%

Baker Hughes, Inc.

1,300

92,365

Halliburton Co.

3,000

140,820

Noble Corp.

1,800

80,478

Oceaneering International, Inc. (a)

1,500

125,445

Schlumberger Ltd.

2,020

188,708

Transocean Ltd. (a)

600

50,778

Weatherford International Ltd. (a)

4,000

96,720

 

775,314

Oil, Gas & Consumable Fuels - 8.4%

Atlas Pipeline Partners, LP

900

26,541

BP PLC sponsored ADR

500

24,235

Chesapeake Energy Corp.

2,300

81,903

Exxon Mobil Corp.

17,240

1,474,535

Holly Corp.

1,600

91,424

Marathon Oil Corp.

100

4,960

Massey Energy Co.

1,800

113,994

Southwestern Energy Co. (a)

2,700

106,596

Whiting Petroleum Corp. (a)

1,000

65,340

 

1,989,528

TOTAL ENERGY

2,764,842

FINANCIALS - 5.4%

Capital Markets - 1.9%

Bank of New York Mellon Corp.

1,800

54,702

Charles Schwab Corp.

6,300

119,511

Goldman Sachs Group, Inc.

300

49,134

Morgan Stanley

4,370

129,702

TD Ameritrade Holding Corp.

3,900

85,020

 

438,069

Commercial Banks - 1.8%

Aozora Bank Ltd.

10,000

22,494

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Comerica, Inc.

1,800

$ 70,020

Regions Financial Corp.

15,600

119,184

SunTrust Banks, Inc.

3,100

93,527

Synovus Financial Corp.

28,500

72,675

Wells Fargo & Co.

1,800

58,068

 

435,968

Consumer Finance - 0.2%

SLM Corp. (a)

2,700

40,014

Diversified Financial Services - 0.5%

Citigroup, Inc. (a)

13,600

63,648

JPMorgan Chase & Co.

1,400

65,366

 

129,014

Insurance - 0.4%

AFLAC, Inc.

200

11,772

Assured Guaranty Ltd.

5,500

79,915

 

91,687

Real Estate Management & Development - 0.6%

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

3,200

80,128

Jones Lang LaSalle, Inc.

700

68,894

 

149,022

Thrifts & Mortgage Finance - 0.0%

BankUnited, Inc.

100

2,835

TOTAL FINANCIALS

1,286,609

HEALTH CARE - 9.2%

Biotechnology - 3.8%

Alexion Pharmaceuticals, Inc. (a)

1,532

147,501

Amarin Corp. PLC ADR (a)

3,700

28,601

Amicus Therapeutics, Inc. (a)

9,200

56,396

Amylin Pharmaceuticals, Inc. (a)

500

7,650

ARIAD Pharmaceuticals, Inc. (a)

10,500

63,105

ArQule, Inc. (a)

2,400

15,288

BioMarin Pharmaceutical, Inc. (a)

2,700

66,042

Dynavax Technologies Corp. (a)

10,200

30,498

Gilead Sciences, Inc. (a)

4,900

191,002

Keryx Biopharmaceuticals, Inc. (a)

6,000

23,700

Lexicon Pharmaceuticals, Inc. (a)

11,000

21,340

Nanosphere, Inc. (a)

3,100

10,199

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Biotechnology - continued

NPS Pharmaceuticals, Inc. (a)

1,500

$ 11,595

SIGA Technologies, Inc. (a)

7,100

95,140

Theravance, Inc. (a)

2,500

56,950

United Therapeutics Corp. (a)

1,000

67,430

 

892,437

Health Care Equipment & Supplies - 1.2%

Alere, Inc. (a)

2,975

114,954

Edwards Lifesciences Corp. (a)

1,700

144,568

Mako Surgical Corp. (a)

1,100

22,660

 

282,182

Health Care Providers & Services - 1.5%

McKesson Corp.

1,800

142,704

Medco Health Solutions, Inc. (a)

3,400

209,576

 

352,280

Health Care Technology - 1.4%

Allscripts-Misys Healthcare Solutions, Inc. (a)

11,600

247,660

Cerner Corp. (a)

850

85,383

 

333,043

Life Sciences Tools & Services - 0.3%

Thermo Fisher Scientific, Inc. (a)

1,100

61,402

Pharmaceuticals - 1.0%

Ardea Biosciences, Inc. (a)

1,680

44,537

AVANIR Pharmaceuticals Class A (a)(d)

5,700

21,489

Cadence Pharmaceuticals, Inc. (a)(d)

5,400

40,554

MAP Pharmaceuticals, Inc. (a)

100

1,613

Shire PLC sponsored ADR

700

59,507

Valeant Pharmaceuticals International, Inc. (Canada)

1,958

78,602

 

246,302

TOTAL HEALTH CARE

2,167,646

INDUSTRIALS - 11.9%

Aerospace & Defense - 2.9%

Alliant Techsystems, Inc.

600

43,302

Precision Castparts Corp.

1,100

155,925

Raytheon Co.

1,100

56,331

United Technologies Corp.

5,000

417,700

 

673,258

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Airlines - 0.2%

Southwest Airlines Co.

3,900

$ 46,137

Building Products - 0.3%

Masco Corp.

2,800

38,052

Quanex Building Products Corp.

2,300

43,447

 

81,499

Commercial Services & Supplies - 0.0%

Higher One Holdings, Inc. (a)

100

1,879

Sykes Enterprises, Inc. (a)

100

1,860

 

3,739

Construction & Engineering - 0.9%

Fluor Corp.

900

63,684

Jacobs Engineering Group, Inc. (a)

1,500

75,090

KBR, Inc.

2,000

65,600

 

204,374

Electrical Equipment - 1.7%

Alstom SA

3,954

235,804

American Superconductor Corp. (a)(d)

2,100

55,692

Emerson Electric Co.

900

53,694

Satcon Technology Corp. (a)

13,400

48,776

 

393,966

Industrial Conglomerates - 1.3%

Textron, Inc.

11,400

308,826

Machinery - 2.0%

Cummins, Inc.

1,800

182,016

Ingersoll-Rand Co. Ltd.

5,200

235,560

Weg SA

5,300

63,869

 

481,445

Professional Services - 1.4%

IHS, Inc. Class A (a)

700

58,590

Towers Watson & Co.

4,800

282,240

 

340,830

Road & Rail - 0.6%

Union Pacific Corp.

1,400

133,574

Trading Companies & Distributors - 0.6%

WESCO International, Inc. (a)

2,400

139,728

TOTAL INDUSTRIALS

2,807,376

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 33.2%

Communications Equipment - 4.3%

Acme Packet, Inc. (a)

1,600

$ 120,384

Juniper Networks, Inc. (a)

4,600

202,400

QUALCOMM, Inc.

8,600

512,388

Research In Motion Ltd. (a)

1,700

112,438

Riverbed Technology, Inc. (a)

1,500

61,935

 

1,009,545

Computers & Peripherals - 6.7%

Apple, Inc. (a)

3,990

1,409,308

NetApp, Inc. (a)

600

30,996

SanDisk Corp. (a)

1,900

94,240

Western Digital Corp. (a)

1,600

48,928

 

1,583,472

Internet Software & Services - 7.8%

Akamai Technologies, Inc. (a)

1,900

71,307

Baidu.com, Inc. sponsored ADR (a)

1,100

133,276

Demand Media, Inc.

1,800

40,500

eBay, Inc. (a)

14,300

479,122

Google, Inc. Class A (a)

1,306

801,100

NetEase.com, Inc. sponsored ADR (a)

1,400

65,310

OpenTable, Inc. (a)

600

53,322

Rackspace Hosting, Inc. (a)

3,700

136,567

YouKu.com, Inc. ADR (a)(d)

1,900

79,021

 

1,859,525

IT Services - 2.3%

Cognizant Technology Solutions Corp. Class A (a)

5,400

415,098

International Business Machines Corp.

500

80,940

Virtusa Corp. (a)

2,800

47,292

 

543,330

Semiconductors & Semiconductor Equipment - 3.5%

Advanced Micro Devices, Inc. (a)

13,600

125,256

Alpha & Omega Semiconductor Ltd. (a)

3,300

43,098

Avago Technologies Ltd.

2,000

67,980

Broadcom Corp. Class A

2,000

82,440

Inphi Corp.

100

2,399

LTX-Credence Corp. (a)

3,600

32,184

Marvell Technology Group Ltd. (a)

5,100

93,228

National Semiconductor Corp.

1,700

26,350

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

NVIDIA Corp. (a)

12,200

$ 276,452

Skyworks Solutions, Inc. (a)

2,300

82,662

 

832,049

Software - 8.6%

BMC Software, Inc. (a)

2,400

118,800

CA, Inc.

5,500

136,290

Check Point Software Technologies Ltd. (a)

1,200

59,808

Citrix Systems, Inc. (a)

1,100

77,176

Informatica Corp. (a)

2,800

131,628

Intuit, Inc. (a)

5,700

299,706

Longtop Financial Technologies Ltd. ADR (a)

1,200

34,764

MICROS Systems, Inc. (a)

5,200

247,728

Oracle Corp.

10,300

338,870

Red Hat, Inc. (a)

2,800

115,584

Rovi Corp. (a)

100

5,542

salesforce.com, Inc. (a)

1,125

148,804

Solera Holdings, Inc.

4,400

224,752

Velti PLC (a)

1,200

16,248

VMware, Inc. Class A (a)

900

75,285

 

2,030,985

TOTAL INFORMATION TECHNOLOGY

7,858,906

MATERIALS - 5.5%

Chemicals - 2.4%

Air Products & Chemicals, Inc.

700

64,400

Ashland, Inc.

2,200

123,860

CF Industries Holdings, Inc.

900

127,152

LyondellBasell Industries NV Class A (a)

3,100

118,048

Praxair, Inc.

1,300

129,194

 

562,654

Metals & Mining - 3.1%

Alcoa, Inc.

2,200

37,070

AngloGold Ashanti Ltd. sponsored ADR

1,600

78,144

Freeport-McMoRan Copper & Gold, Inc.

1,800

95,310

Goldcorp, Inc.

2,400

114,681

Ivanhoe Mines Ltd. (a)

4,200

119,005

Newcrest Mining Ltd.

4,008

154,926

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Reliance Steel & Aluminum Co.

1,300

$ 71,929

United States Steel Corp.

1,200

68,988

 

740,053

TOTAL MATERIALS

1,302,707

TELECOMMUNICATION SERVICES - 1.3%

Wireless Telecommunication Services - 1.3%

American Tower Corp. Class A (a)

5,800

312,968

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

AES Corp. (a)

2,200

27,214

TOTAL COMMON STOCKS

(Cost $19,181,371)

23,421,422

Money Market Funds - 3.3%

 

 

 

 

Fidelity Cash Central Fund, 0.19% (b)

284,715

284,715

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

497,975

497,975

TOTAL MONEY MARKET FUNDS

(Cost $782,690)

782,690

TOTAL INVESTMENT PORTFOLIO - 102.4%

(Cost $19,964,061)

24,204,112

NET OTHER ASSETS (LIABILITIES) - (2.4)%

(560,759)

NET ASSETS - 100%

$ 23,643,353

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 114

Fidelity Securities Lending Cash Central Fund

2,550

Total

$ 2,664

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Consumer Discretionary

$ 3,013,161

$ 3,013,161

$ -

$ -

Consumer Staples

1,879,993

1,819,340

60,653

-

Energy

2,764,842

2,764,842

-

-

Financials

1,286,609

1,286,609

-

-

Health Care

2,167,646

2,167,646

-

-

Industrials

2,807,376

2,807,376

-

-

Information Technology

7,858,906

7,858,906

-

-

Materials

1,302,707

1,147,781

154,926

-

Telecommunication Services

312,968

312,968

-

-

Utilities

27,214

27,214

-

-

Money Market Funds

782,690

782,690

-

-

Total Investments in Securities:

$ 24,204,112

$ 23,988,533

$ 215,579

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $20,042,512. Net unrealized appreciation aggregated $4,161,600, of which $4,505,301 related to appreciated investment securities and $343,701 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 ® Advisor Value
Strategies Fund
Class A
Class T
Class B
Class C
Institutional Class

February 28, 2011 

1.797930.107

SO-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.4%

Auto Components - 1.1%

Autoliv, Inc.

56,100

$ 4,201

Delphi Corp. Class B (a)

230

4,807

TRW Automotive Holdings Corp. (a)

77,600

4,408

 

13,416

Automobiles - 1.2%

Bayerische Motoren Werke AG (BMW)

36,387

2,952

General Motors Co.

74,100

2,485

Harley-Davidson, Inc.

148,300

6,054

Volkswagen AG

18,856

2,862

 

14,353

Diversified Consumer Services - 0.6%

Service Corp. International

609,400

6,642

Hotels, Restaurants & Leisure - 2.7%

Ameristar Casinos, Inc.

139,600

2,338

Brinker International, Inc.

177,108

4,187

Cedar Fair LP (depository unit)

231,920

4,567

O'Charleys, Inc. (a)

404,555

2,569

Starwood Hotels & Resorts Worldwide, Inc.

96,687

5,908

WMS Industries, Inc. (a)

148,800

5,921

Wyndham Worldwide Corp.

203,867

6,377

 

31,867

Household Durables - 2.1%

KB Home

243,794

3,230

Lennar Corp. Class A

212,200

4,278

PulteGroup, Inc. (a)

1,078,525

7,442

Stanley Black & Decker, Inc.

74,137

5,622

Techtronic Industries Co. Ltd.

3,985,500

4,928

 

25,500

Media - 2.0%

Cablevision Systems Corp. - NY Group Class A

184,535

6,800

Omnicom Group, Inc.

125,512

6,389

Regal Entertainment Group Class A (d)

229,900

3,435

United Business Media Ltd.

192,600

2,231

Valassis Communications, Inc. (a)

196,589

5,548

 

24,403

Specialty Retail - 4.7%

Advance Auto Parts, Inc.

166,790

10,454

Asbury Automotive Group, Inc. (a)

483,141

8,914

Best Buy Co., Inc.

103,454

3,335

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Carphone Warehouse Group PLC (a)

528,788

$ 3,499

Casual Male Retail Group, Inc. (a)

421,708

1,801

GameStop Corp. Class A (a)(d)

1,084,162

21,629

Jos. A. Bank Clothiers, Inc. (a)

88,587

4,085

Sonic Automotive, Inc. Class A (sub. vtg.) (d)

199,466

2,868

 

56,585

TOTAL CONSUMER DISCRETIONARY

172,766

CONSUMER STAPLES - 5.8%

Beverages - 3.2%

Cott Corp. (a)(d)

4,344,425

36,231

Molson Coors Brewing Co. Class B

53,033

2,425

 

38,656

Food & Staples Retailing - 0.6%

United Natural Foods, Inc. (a)

76,700

3,256

Whole Foods Market, Inc.

76,800

4,497

 

7,753

Food Products - 2.0%

Bunge Ltd.

102,500

7,397

Calavo Growers, Inc.

232,028

5,388

SunOpta, Inc. (a)

1,545,185

10,615

 

23,400

TOTAL CONSUMER STAPLES

69,809

ENERGY - 8.1%

Energy Equipment & Services - 1.8%

Baker Hughes, Inc.

64,100

4,554

C&J Energy Services, Inc. (a)(e)

541,500

6,498

Ensco International Ltd. ADR

76,900

4,314

Halliburton Co.

134,300

6,304

 

21,670

Oil, Gas & Consumable Fuels - 6.3%

Alpha Natural Resources, Inc. (a)

60,823

3,298

Cabot Oil & Gas Corp.

153,900

7,027

Concho Resources, Inc. (a)

75,400

8,032

ConocoPhillips

200,300

15,597

Denbury Resources, Inc. (a)

512,580

12,420

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Petrohawk Energy Corp. (a)

291,959

$ 6,306

Pioneer Natural Resources Co.

56,000

5,731

Suncor Energy, Inc.

73,200

3,441

Ultra Petroleum Corp. (a)

114,500

5,193

Whiting Petroleum Corp. (a)

51,000

3,332

Williams Companies, Inc.

154,500

4,691

 

75,068

TOTAL ENERGY

96,738

FINANCIALS - 13.0%

Commercial Banks - 3.9%

BB&T Corp.

449,231

12,399

China Construction Bank Corp. (H Shares)

6,386,830

5,585

Regions Financial Corp.

812,863

6,210

U.S. Bancorp, Delaware

794,584

22,034

 

46,228

Insurance - 6.4%

AEGON NV (a)

714,900

5,503

AFLAC, Inc.

250,055

14,718

Assurant, Inc.

85,200

3,462

Delphi Financial Group, Inc. Class A

298,511

9,242

Everest Re Group Ltd.

61,425

5,445

Genworth Financial, Inc. Class A (a)

457,190

6,049

Lincoln National Corp.

513,200

16,279

Reinsurance Group of America, Inc.

80,400

4,855

Unum Group

245,860

6,523

XL Group PLC Class A

208,512

4,869

 

76,945

Real Estate Investment Trusts - 1.2%

CBL & Associates Properties, Inc.

215,313

3,843

Host Hotels & Resorts, Inc.

373,500

6,872

Weyerhaeuser Co.

164,930

4,026

 

14,741

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 1.5%

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

533,704

$ 13,364

Forest City Enterprises, Inc. Class A (a)

207,800

3,927

 

17,291

TOTAL FINANCIALS

155,205

HEALTH CARE - 7.9%

Biotechnology - 0.6%

PDL BioPharma, Inc.

361,000

2,004

Zogenix, Inc. (d)

1,218,341

4,971

 

6,975

Health Care Equipment & Supplies - 1.7%

C. R. Bard, Inc.

76,900

7,518

Covidien PLC

114,575

5,895

Hill-Rom Holdings, Inc.

56,300

2,143

Orthofix International NV (a)

94,517

2,987

Symmetry Medical, Inc. (a)

236,212

2,135

 

20,678

Health Care Providers & Services - 3.2%

DaVita, Inc. (a)

80,798

6,413

Emeritus Corp. (a)(d)

356,066

8,378

Quest Diagnostics, Inc.

174,182

9,885

Universal Health Services, Inc. Class B

284,414

13,001

 

37,677

Life Sciences Tools & Services - 1.4%

Agilent Technologies, Inc. (a)

184,300

7,755

Life Technologies Corp. (a)

74,100

3,955

PerkinElmer, Inc.

211,600

5,607

 

17,317

Pharmaceuticals - 1.0%

Ardea Biosciences, Inc. (a)

88,497

2,346

Johnson & Johnson

153,600

9,437

 

11,783

TOTAL HEALTH CARE

94,430

INDUSTRIALS - 14.0%

Aerospace & Defense - 3.5%

Alliant Techsystems, Inc.

107,200

7,737

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

DigitalGlobe, Inc. (a)

337,600

$ 10,898

Esterline Technologies Corp. (a)

101,822

7,287

Precision Castparts Corp.

19,410

2,751

Teledyne Technologies, Inc. (a)

18,689

979

TransDigm Group, Inc. (a)

146,900

11,808

 

41,460

Airlines - 0.3%

US Airways Group, Inc. (a)

383,450

3,302

Building Products - 1.5%

Armstrong World Industries, Inc.

77,022

3,207

Masco Corp.

298,909

4,062

Owens Corning (a)

310,211

11,084

 

18,353

Commercial Services & Supplies - 0.2%

The Geo Group, Inc. (a)

101,400

2,579

Construction & Engineering - 0.3%

Quanta Services, Inc. (a)

154,200

3,517

Electrical Equipment - 0.6%

Acuity Brands, Inc.

54,659

3,089

Regal-Beloit Corp.

63,554

4,636

 

7,725

Industrial Conglomerates - 1.4%

Carlisle Companies, Inc.

175,529

7,550

Rheinmetall AG

31,300

2,538

Textron, Inc.

223,717

6,060

 

16,148

Machinery - 4.6%

Accuride Corp. (a)

143,090

2,002

AGCO Corp. (a)

112,500

6,163

ArvinMeritor, Inc. (a)

238,819

4,280

Blount International, Inc. (a)

292,004

4,438

Commercial Vehicle Group, Inc. (a)

320,720

5,055

Cummins, Inc.

77,300

7,817

Ingersoll-Rand Co. Ltd.

312,800

14,170

Navistar International Corp. (a)

56,789

3,520

Timken Co.

145,704

7,099

 

54,544

Marine - 0.2%

Ultrapetrol (Bahamas) Ltd. (a)

524,853

2,923

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 1.2%

Union Pacific Corp.

148,800

$ 14,197

Trading Companies & Distributors - 0.2%

Houston Wire & Cable Co. (d)

189,311

2,537

TOTAL INDUSTRIALS

167,285

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.9%

Comverse Technology, Inc. (a)

613,366

4,447

Juniper Networks, Inc. (a)

129,100

5,680

 

10,127

Computers & Peripherals - 0.8%

SanDisk Corp. (a)

76,493

3,794

Western Digital Corp. (a)

201,500

6,162

 

9,956

Electronic Equipment & Components - 0.8%

Anixter International, Inc.

69,980

5,012

Cognex Corp.

77,341

2,159

Vishay Intertechnology, Inc. (a)

154,600

2,698

 

9,869

Internet Software & Services - 0.4%

NetEase.com, Inc. sponsored ADR (a)

107,800

5,029

IT Services - 1.4%

Acxiom Corp. (a)

215,782

3,699

CoreLogic, Inc. (a)

196,000

3,655

Fidelity National Information Services, Inc.

268,430

8,694

 

16,048

Office Electronics - 0.5%

Xerox Corp.

572,377

6,153

Semiconductors & Semiconductor Equipment - 7.1%

KLA-Tencor Corp.

174,580

8,523

Lam Research Corp. (a)

212,153

11,647

Marvell Technology Group Ltd. (a)

628,700

11,493

MEMC Electronic Materials, Inc. (a)

283,800

3,851

Micron Technology, Inc. (a)

455,483

5,070

National Semiconductor Corp.

430,300

6,670

ON Semiconductor Corp. (a)

1,064,470

11,869

Spansion, Inc. Class A (a)

641,043

13,507

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

TriQuint Semiconductor, Inc. (a)

383,672

$ 5,467

Varian Semiconductor Equipment Associates, Inc. (a)

154,092

7,352

 

85,449

Software - 1.8%

Epicor Software Corp. (a)

700,473

7,215

JDA Software Group, Inc. (a)

46,857

1,382

Microsoft Corp.

438,024

11,643

Nuance Communications, Inc. (a)

77,200

1,441

 

21,681

TOTAL INFORMATION TECHNOLOGY

164,312

MATERIALS - 11.8%

Chemicals - 9.1%

Ferro Corp. (a)

501,500

7,984

Innophos Holdings, Inc.

500,410

21,433

LyondellBasell Industries NV Class A (a)

963,500

36,684

PPG Industries, Inc.

236,200

20,875

Solutia, Inc. (a)

430,260

9,986

W.R. Grace & Co. (a)

219,128

8,336

Wacker Chemie AG

22,171

4,091

 

109,389

Containers & Packaging - 0.2%

Graham Packaging Co., Inc.

153,309

2,605

Metals & Mining - 2.5%

Carpenter Technology Corp.

86,796

3,609

Compass Minerals International, Inc.

64,635

6,041

Globe Specialty Metals, Inc. (a)

360,745

8,402

Gulf Resources, Inc. (a)(f)

180,390

1,616

Haynes International, Inc.

18,860

978

Newcrest Mining Ltd.

230,011

8,891

 

29,537

TOTAL MATERIALS

141,531

TELECOMMUNICATION SERVICES - 2.9%

Diversified Telecommunication Services - 1.8%

Cogent Communications Group, Inc. (a)

327,858

4,833

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Global Crossing Ltd. (a)

533,568

$ 8,404

Qwest Communications International, Inc.

1,169,600

7,977

 

21,214

Wireless Telecommunication Services - 1.1%

NII Holdings, Inc. (a)

323,530

13,252

TOTAL TELECOMMUNICATION SERVICES

34,466

UTILITIES - 6.2%

Electric Utilities - 2.3%

American Electric Power Co., Inc.

446,100

15,961

FirstEnergy Corp. (d)

130,269

4,989

Southern Co.

153,700

5,858

 

26,808

Independent Power Producers & Energy Traders - 2.8%

AES Corp. (a)

1,707,000

21,116

Calpine Corp. (a)

839,263

12,698

 

33,814

Multi-Utilities - 1.1%

Alliant Energy Corp.

191,200

7,529

Sempra Energy

108,039

5,751

 

13,280

TOTAL UTILITIES

73,902

TOTAL COMMON STOCKS

(Cost $961,386)

1,170,444

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Media - 0.2%

LodgeNet Entertainment Corp. 10.00% (e)

(Cost $2,231)

2,300

2,807

Money Market Funds - 5.1%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

21,761,732

$ 21,762

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

39,495,950

39,496

TOTAL MONEY MARKET FUNDS

(Cost $61,258)

61,258

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $1,024,875)

1,234,509

NET OTHER ASSETS (LIABILITIES) - (3.1)%

(37,082)

NET ASSETS - 100%

$ 1,197,427

Legend

(a) Non-income producing

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

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

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

(e) 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 $9,305,000 or 0.7% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,616,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Gulf Resources, Inc.

12/11/09

$ 1,533

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

$ 12

Fidelity Securities Lending Cash Central Fund

8

Total

$ 20

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 175,573

$ 167,959

$ 7,614

$ -

Consumer Staples

69,809

69,809

-

-

Energy

96,738

90,240

6,498

-

Financials

155,205

149,702

5,503

-

Health Care

94,430

94,430

-

-

Industrials

167,285

167,285

-

-

Information Technology

164,312

164,312

-

-

Materials

141,531

132,640

8,891

-

Telecommunication Services

34,466

34,466

-

-

Utilities

73,902

73,902

-

-

Money Market Funds

61,258

61,258

-

-

Total Investments in Securities:

$ 1,234,509

$ 1,206,003

$ 28,506

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,030,589,000. Net unrealized appreciation aggregated $203,920,000, of which $243,577,000 related to appreciated investment securities and $39,657,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please 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 Value Strategies Fund
Fidelity Value Strategies Fund Class K

(Classes of Fidelity® Advisor
Value Strategies Fund)

February 28, 2011 

1.814094.106

SOI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 14.4%

Auto Components - 1.1%

Autoliv, Inc.

56,100

$ 4,201

Delphi Corp. Class B (a)

230

4,807

TRW Automotive Holdings Corp. (a)

77,600

4,408

 

13,416

Automobiles - 1.2%

Bayerische Motoren Werke AG (BMW)

36,387

2,952

General Motors Co.

74,100

2,485

Harley-Davidson, Inc.

148,300

6,054

Volkswagen AG

18,856

2,862

 

14,353

Diversified Consumer Services - 0.6%

Service Corp. International

609,400

6,642

Hotels, Restaurants & Leisure - 2.7%

Ameristar Casinos, Inc.

139,600

2,338

Brinker International, Inc.

177,108

4,187

Cedar Fair LP (depository unit)

231,920

4,567

O'Charleys, Inc. (a)

404,555

2,569

Starwood Hotels & Resorts Worldwide, Inc.

96,687

5,908

WMS Industries, Inc. (a)

148,800

5,921

Wyndham Worldwide Corp.

203,867

6,377

 

31,867

Household Durables - 2.1%

KB Home

243,794

3,230

Lennar Corp. Class A

212,200

4,278

PulteGroup, Inc. (a)

1,078,525

7,442

Stanley Black & Decker, Inc.

74,137

5,622

Techtronic Industries Co. Ltd.

3,985,500

4,928

 

25,500

Media - 2.0%

Cablevision Systems Corp. - NY Group Class A

184,535

6,800

Omnicom Group, Inc.

125,512

6,389

Regal Entertainment Group Class A (d)

229,900

3,435

United Business Media Ltd.

192,600

2,231

Valassis Communications, Inc. (a)

196,589

5,548

 

24,403

Specialty Retail - 4.7%

Advance Auto Parts, Inc.

166,790

10,454

Asbury Automotive Group, Inc. (a)

483,141

8,914

Best Buy Co., Inc.

103,454

3,335

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Specialty Retail - continued

Carphone Warehouse Group PLC (a)

528,788

$ 3,499

Casual Male Retail Group, Inc. (a)

421,708

1,801

GameStop Corp. Class A (a)(d)

1,084,162

21,629

Jos. A. Bank Clothiers, Inc. (a)

88,587

4,085

Sonic Automotive, Inc. Class A (sub. vtg.) (d)

199,466

2,868

 

56,585

TOTAL CONSUMER DISCRETIONARY

172,766

CONSUMER STAPLES - 5.8%

Beverages - 3.2%

Cott Corp. (a)(d)

4,344,425

36,231

Molson Coors Brewing Co. Class B

53,033

2,425

 

38,656

Food & Staples Retailing - 0.6%

United Natural Foods, Inc. (a)

76,700

3,256

Whole Foods Market, Inc.

76,800

4,497

 

7,753

Food Products - 2.0%

Bunge Ltd.

102,500

7,397

Calavo Growers, Inc.

232,028

5,388

SunOpta, Inc. (a)

1,545,185

10,615

 

23,400

TOTAL CONSUMER STAPLES

69,809

ENERGY - 8.1%

Energy Equipment & Services - 1.8%

Baker Hughes, Inc.

64,100

4,554

C&J Energy Services, Inc. (a)(e)

541,500

6,498

Ensco International Ltd. ADR

76,900

4,314

Halliburton Co.

134,300

6,304

 

21,670

Oil, Gas & Consumable Fuels - 6.3%

Alpha Natural Resources, Inc. (a)

60,823

3,298

Cabot Oil & Gas Corp.

153,900

7,027

Concho Resources, Inc. (a)

75,400

8,032

ConocoPhillips

200,300

15,597

Denbury Resources, Inc. (a)

512,580

12,420

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Petrohawk Energy Corp. (a)

291,959

$ 6,306

Pioneer Natural Resources Co.

56,000

5,731

Suncor Energy, Inc.

73,200

3,441

Ultra Petroleum Corp. (a)

114,500

5,193

Whiting Petroleum Corp. (a)

51,000

3,332

Williams Companies, Inc.

154,500

4,691

 

75,068

TOTAL ENERGY

96,738

FINANCIALS - 13.0%

Commercial Banks - 3.9%

BB&T Corp.

449,231

12,399

China Construction Bank Corp. (H Shares)

6,386,830

5,585

Regions Financial Corp.

812,863

6,210

U.S. Bancorp, Delaware

794,584

22,034

 

46,228

Insurance - 6.4%

AEGON NV (a)

714,900

5,503

AFLAC, Inc.

250,055

14,718

Assurant, Inc.

85,200

3,462

Delphi Financial Group, Inc. Class A

298,511

9,242

Everest Re Group Ltd.

61,425

5,445

Genworth Financial, Inc. Class A (a)

457,190

6,049

Lincoln National Corp.

513,200

16,279

Reinsurance Group of America, Inc.

80,400

4,855

Unum Group

245,860

6,523

XL Group PLC Class A

208,512

4,869

 

76,945

Real Estate Investment Trusts - 1.2%

CBL & Associates Properties, Inc.

215,313

3,843

Host Hotels & Resorts, Inc.

373,500

6,872

Weyerhaeuser Co.

164,930

4,026

 

14,741

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Real Estate Management & Development - 1.5%

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

533,704

$ 13,364

Forest City Enterprises, Inc. Class A (a)

207,800

3,927

 

17,291

TOTAL FINANCIALS

155,205

HEALTH CARE - 7.9%

Biotechnology - 0.6%

PDL BioPharma, Inc.

361,000

2,004

Zogenix, Inc. (d)

1,218,341

4,971

 

6,975

Health Care Equipment & Supplies - 1.7%

C. R. Bard, Inc.

76,900

7,518

Covidien PLC

114,575

5,895

Hill-Rom Holdings, Inc.

56,300

2,143

Orthofix International NV (a)

94,517

2,987

Symmetry Medical, Inc. (a)

236,212

2,135

 

20,678

Health Care Providers & Services - 3.2%

DaVita, Inc. (a)

80,798

6,413

Emeritus Corp. (a)(d)

356,066

8,378

Quest Diagnostics, Inc.

174,182

9,885

Universal Health Services, Inc. Class B

284,414

13,001

 

37,677

Life Sciences Tools & Services - 1.4%

Agilent Technologies, Inc. (a)

184,300

7,755

Life Technologies Corp. (a)

74,100

3,955

PerkinElmer, Inc.

211,600

5,607

 

17,317

Pharmaceuticals - 1.0%

Ardea Biosciences, Inc. (a)

88,497

2,346

Johnson & Johnson

153,600

9,437

 

11,783

TOTAL HEALTH CARE

94,430

INDUSTRIALS - 14.0%

Aerospace & Defense - 3.5%

Alliant Techsystems, Inc.

107,200

7,737

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Aerospace & Defense - continued

DigitalGlobe, Inc. (a)

337,600

$ 10,898

Esterline Technologies Corp. (a)

101,822

7,287

Precision Castparts Corp.

19,410

2,751

Teledyne Technologies, Inc. (a)

18,689

979

TransDigm Group, Inc. (a)

146,900

11,808

 

41,460

Airlines - 0.3%

US Airways Group, Inc. (a)

383,450

3,302

Building Products - 1.5%

Armstrong World Industries, Inc.

77,022

3,207

Masco Corp.

298,909

4,062

Owens Corning (a)

310,211

11,084

 

18,353

Commercial Services & Supplies - 0.2%

The Geo Group, Inc. (a)

101,400

2,579

Construction & Engineering - 0.3%

Quanta Services, Inc. (a)

154,200

3,517

Electrical Equipment - 0.6%

Acuity Brands, Inc.

54,659

3,089

Regal-Beloit Corp.

63,554

4,636

 

7,725

Industrial Conglomerates - 1.4%

Carlisle Companies, Inc.

175,529

7,550

Rheinmetall AG

31,300

2,538

Textron, Inc.

223,717

6,060

 

16,148

Machinery - 4.6%

Accuride Corp. (a)

143,090

2,002

AGCO Corp. (a)

112,500

6,163

ArvinMeritor, Inc. (a)

238,819

4,280

Blount International, Inc. (a)

292,004

4,438

Commercial Vehicle Group, Inc. (a)

320,720

5,055

Cummins, Inc.

77,300

7,817

Ingersoll-Rand Co. Ltd.

312,800

14,170

Navistar International Corp. (a)

56,789

3,520

Timken Co.

145,704

7,099

 

54,544

Marine - 0.2%

Ultrapetrol (Bahamas) Ltd. (a)

524,853

2,923

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Road & Rail - 1.2%

Union Pacific Corp.

148,800

$ 14,197

Trading Companies & Distributors - 0.2%

Houston Wire & Cable Co. (d)

189,311

2,537

TOTAL INDUSTRIALS

167,285

INFORMATION TECHNOLOGY - 13.7%

Communications Equipment - 0.9%

Comverse Technology, Inc. (a)

613,366

4,447

Juniper Networks, Inc. (a)

129,100

5,680

 

10,127

Computers & Peripherals - 0.8%

SanDisk Corp. (a)

76,493

3,794

Western Digital Corp. (a)

201,500

6,162

 

9,956

Electronic Equipment & Components - 0.8%

Anixter International, Inc.

69,980

5,012

Cognex Corp.

77,341

2,159

Vishay Intertechnology, Inc. (a)

154,600

2,698

 

9,869

Internet Software & Services - 0.4%

NetEase.com, Inc. sponsored ADR (a)

107,800

5,029

IT Services - 1.4%

Acxiom Corp. (a)

215,782

3,699

CoreLogic, Inc. (a)

196,000

3,655

Fidelity National Information Services, Inc.

268,430

8,694

 

16,048

Office Electronics - 0.5%

Xerox Corp.

572,377

6,153

Semiconductors & Semiconductor Equipment - 7.1%

KLA-Tencor Corp.

174,580

8,523

Lam Research Corp. (a)

212,153

11,647

Marvell Technology Group Ltd. (a)

628,700

11,493

MEMC Electronic Materials, Inc. (a)

283,800

3,851

Micron Technology, Inc. (a)

455,483

5,070

National Semiconductor Corp.

430,300

6,670

ON Semiconductor Corp. (a)

1,064,470

11,869

Spansion, Inc. Class A (a)

641,043

13,507

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

TriQuint Semiconductor, Inc. (a)

383,672

$ 5,467

Varian Semiconductor Equipment Associates, Inc. (a)

154,092

7,352

 

85,449

Software - 1.8%

Epicor Software Corp. (a)

700,473

7,215

JDA Software Group, Inc. (a)

46,857

1,382

Microsoft Corp.

438,024

11,643

Nuance Communications, Inc. (a)

77,200

1,441

 

21,681

TOTAL INFORMATION TECHNOLOGY

164,312

MATERIALS - 11.8%

Chemicals - 9.1%

Ferro Corp. (a)

501,500

7,984

Innophos Holdings, Inc.

500,410

21,433

LyondellBasell Industries NV Class A (a)

963,500

36,684

PPG Industries, Inc.

236,200

20,875

Solutia, Inc. (a)

430,260

9,986

W.R. Grace & Co. (a)

219,128

8,336

Wacker Chemie AG

22,171

4,091

 

109,389

Containers & Packaging - 0.2%

Graham Packaging Co., Inc.

153,309

2,605

Metals & Mining - 2.5%

Carpenter Technology Corp.

86,796

3,609

Compass Minerals International, Inc.

64,635

6,041

Globe Specialty Metals, Inc. (a)

360,745

8,402

Gulf Resources, Inc. (a)(f)

180,390

1,616

Haynes International, Inc.

18,860

978

Newcrest Mining Ltd.

230,011

8,891

 

29,537

TOTAL MATERIALS

141,531

TELECOMMUNICATION SERVICES - 2.9%

Diversified Telecommunication Services - 1.8%

Cogent Communications Group, Inc. (a)

327,858

4,833

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - continued

Diversified Telecommunication Services - continued

Global Crossing Ltd. (a)

533,568

$ 8,404

Qwest Communications International, Inc.

1,169,600

7,977

 

21,214

Wireless Telecommunication Services - 1.1%

NII Holdings, Inc. (a)

323,530

13,252

TOTAL TELECOMMUNICATION SERVICES

34,466

UTILITIES - 6.2%

Electric Utilities - 2.3%

American Electric Power Co., Inc.

446,100

15,961

FirstEnergy Corp. (d)

130,269

4,989

Southern Co.

153,700

5,858

 

26,808

Independent Power Producers & Energy Traders - 2.8%

AES Corp. (a)

1,707,000

21,116

Calpine Corp. (a)

839,263

12,698

 

33,814

Multi-Utilities - 1.1%

Alliant Energy Corp.

191,200

7,529

Sempra Energy

108,039

5,751

 

13,280

TOTAL UTILITIES

73,902

TOTAL COMMON STOCKS

(Cost $961,386)

1,170,444

Convertible Preferred Stocks - 0.2%

 

 

 

 

CONSUMER DISCRETIONARY - 0.2%

Media - 0.2%

LodgeNet Entertainment Corp. 10.00% (e)

(Cost $2,231)

2,300

2,807

Money Market Funds - 5.1%

Shares

Value (000s)

Fidelity Cash Central Fund, 0.19% (b)

21,761,732

$ 21,762

Fidelity Securities Lending Cash Central Fund, 0.21% (b)(c)

39,495,950

39,496

TOTAL MONEY MARKET FUNDS

(Cost $61,258)

61,258

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $1,024,875)

1,234,509

NET OTHER ASSETS (LIABILITIES) - (3.1)%

(37,082)

NET ASSETS - 100%

$ 1,197,427

Legend

(a) Non-income producing

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

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

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

(e) 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 $9,305,000 or 0.7% of net assets.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,616,000 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Gulf Resources, Inc.

12/11/09

$ 1,533

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

$ 12

Fidelity Securities Lending Cash Central Fund

8

Total

$ 20

Other Information

The following is a summary of the inputs used, as of February 28, 2011, 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

$ 175,573

$ 167,959

$ 7,614

$ -

Consumer Staples

69,809

69,809

-

-

Energy

96,738

90,240

6,498

-

Financials

155,205

149,702

5,503

-

Health Care

94,430

94,430

-

-

Industrials

167,285

167,285

-

-

Information Technology

164,312

164,312

-

-

Materials

141,531

132,640

8,891

-

Telecommunication Services

34,466

34,466

-

-

Utilities

73,902

73,902

-

-

Money Market Funds

61,258

61,258

-

-

Total Investments in Securities:

$ 1,234,509

$ 1,206,003

$ 28,506

$ -

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $1,030,589,000. Net unrealized appreciation aggregated $203,920,000, of which $243,577,000 related to appreciated investment securities and $39,657,000 related to depreciated investment securities.

Investment Valuation

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

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

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

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

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate High
Income Fund

February 28, 2011 

1.814099.106

REHI-QTLY-0411

Investments February 28, 2011 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 5.4%

 

Principal Amount (c)

Value

Convertible Bonds - 1.0%

Homebuilders/Real Estate - 1.0%

Developers Diversified Realty Corp. 3% 3/15/12

$ 1,960,000

$ 1,979,600

Inland Real Estate Corp. 4.625% 11/15/26

1,693,000

1,693,000

Lexington Master Ltd. Partnership 5.45% 1/15/27 (e)

500,000

501,875

ProLogis Trust 1.875% 11/15/37

1,000,000

990,625

SL Green Realty Corp. 3% 3/30/27 (e)

1,500,000

1,481,250

 

6,646,350

Nonconvertible Bonds - 4.4%

Diversified Financial Services - 0.0%

Wrightwood Capital LLC 9% 6/1/14 (b)(e)

1,000,000

300,000

Healthcare - 1.5%

Omega Healthcare Investors, Inc. 6.75% 10/15/22 (e)

730,000

739,125

Senior Housing Properties Trust 6.75% 4/15/20

3,000,000

3,204,165

Skilled Healthcare Group, Inc. 11% 1/15/14

2,040,000

2,096,100

Ventas Realty LP:

6.5% 6/1/16

1,000,000

1,037,500

6.75% 4/1/17

2,080,000

2,199,600

 

9,276,490

Homebuilders/Real Estate - 1.8%

Developers Diversified Realty Corp.:

7.5% 4/1/17

214,000

244,719

7.875% 9/1/20

2,437,000

2,851,595

Forest City Enterprises, Inc.:

6.5% 2/1/17

2,040,000

1,876,800

7.625% 6/1/15

605,000

586,850

HCP, Inc. 3.75% 2/1/16

1,000,000

1,009,486

Highwoods/Forsyth LP 5.85% 3/15/17

1,000,000

1,066,458

HMB Capital Trust V 3.9016% 12/15/36 (b)(e)(f)

1,000,000

0

Nationwide Health Properties, Inc. 6% 5/20/15

1,000,000

1,085,574

Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20

925,000

1,043,308

Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18 (e)

1,425,000

1,506,938

 

11,271,728

Corporate Bonds - continued

 

Principal Amount (c)

Value

Nonconvertible Bonds - continued

Homebuilders/Real Estate - continued

Hotels - 1.1%

Host Hotels & Resorts LP 6% 11/1/20

$ 805,000

$ 807,013

Host Marriott LP 6.375% 3/15/15

2,000,000

2,045,000

Times Square Hotel Trust 8.528% 8/1/26 (e)

4,084,287

4,135,341

 

6,987,354

TOTAL NONCONVERTIBLE BONDS

27,835,572

TOTAL CORPORATE BONDS

(Cost $34,177,967)

34,481,922

Asset-Backed Securities - 9.0%

 

Anthracite CDO I Ltd. Series 2002-CIBA:

Class B, 6.633% 5/24/37 (e)

856,000

807,048

Class E, 9.314% 5/24/37 (e)

1,570,000

1,472,817

Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.622% 3/23/19 (e)(f)

1,841,915

1,703,771

Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 3.0615% 6/26/34 (e)(f)

254,146

23,356

Atherton Franchise Loan Funding LLP:

Series 1998-A Class E, 8.25% 5/15/20 (b)(e)

1,500,000

247,500

Series 1998-A Class F, 7.44% 5/15/20 (b)(e)

569,758

28,488

Capital Trust RE CDO Ltd. Series 2005-1A:

Class D, 1.762% 3/20/50 (e)(f)

750,000

7,500

Class E, 2.362% 3/20/50 (e)(f)

3,000,000

0

Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A:

Class A2, 5.16% 6/25/35 (e)

5,600,000

5,572,000

Class B, 5.267% 6/25/35 (e)

2,203,500

2,159,430

Cbre Realty Finance Cdo 2007-1/LLC 0.5528% 4/7/52 (e)(f)

3,233,097

2,457,154

Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (e)

344,423

0

Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:

Class B1, 6.065% 12/28/35 (e)

1,595,000

1,212,200

Class B2, 1.6528% 12/28/35 (e)(f)

1,665,000

1,048,950

Class D, 9% 12/28/35 (e)

5,170,000

1,741,256

Asset-Backed Securities - continued

 

Principal Amount (c)

Value

Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)

$ 4,400,000

$ 1,276,000

Crest G-Star Ltd. Series 2001-2A Class C, 10% 2/25/32 (e)

1,330,000

931,000

Crest Ltd.:

Series 2000-1A Class D, 10% 8/31/36 (e)

2,200,000

1,980,000

Series 2002-IGA:

Class A, 0.7544% 7/28/17 (e)(f)

1,034,530

1,026,315

Class B, 1.6544% 7/28/35 (e)(f)

921,000

810,480

Series 2004-1A Class H1, 3.9944% 1/28/40 (e)(f)

2,217,316

0

Fairfield Street Solar Corp. Series 2004-1A:

Class E1, 3.6755% 11/28/39 (e)(f)

1,000,000

30,000

Class F, 5.1755% 11/28/39 (e)(f)

1,050,000

26,250

G-Star Ltd. Series 2002-1A Class C, 8% 4/25/37 (e)

3,185,977

446,037

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7615% 6/25/35 (f)(h)

1,070,000

71,252

Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9115% 9/25/46 (e)(f)

1,617,051

16,171

Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:

Class D, 1.8115% 8/26/30 (e)(f)

567,195

113,439

Class E, 2.2615% 8/26/30 (e)(f)

1,096,296

21,926

Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (e)

990,000

0

Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (e)

906,885

0

Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33

1,665,000

1,514,072

N-Star Real Estate CDO Ltd. Series 1A:

Class B1, 1.9855% 8/28/38 (e)(f)

3,810,000

3,429,000

Class C1B, 7.696% 8/28/38 (e)

893,000

692,164

Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:

Class A2, 4.646% 7/24/39 (e)

1,308,548

1,308,548

Class C, 5.08% 7/24/39 (e)

1,225,000

1,201,235

Class D, 5.194% 7/24/39 (e)

2,160,000

2,107,296

Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33

433,963

132,140

Resource Real Estate Funding CDO Series 2007-1A Class J, 3.2115% 9/25/46 (e)(f)

1,190,000

178,500

Taberna Preferred Funding III Ltd. Series 2005-3A:

Class D, 2.9605% 2/5/36 (e)(f)

2,253,308

225

Class E, 4.8105% 2/5/36 (e)(f)

622,283

62

Asset-Backed Securities - continued

 

Principal Amount (c)

Value

TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp.:

Series 2002-1A:

Class IIFX, 6.77% 5/22/37 (e)

$ 2,897,000

$ 2,875,273

Class IV, 6.84% 5/22/37 (e)

2,787,000

2,375,918

Series 2003-1A Class B2, 5.4802% 12/28/38 (e)

778,000

646,751

Wachovia Ltd./Wachovia LLC:

Series 2006-1 Class 1ML, 0% 9/25/26 (e)(f)

4,815,000

2,070,450

Series 2006-1A:

Class A1A, 0.5628% 9/25/26 (e)(f)

1,370,000

1,219,300

Class A1B, 0.6328% 9/25/26 (e)(f)

5,230,000

4,445,500

Class A2A, 0.5228% 9/25/26 (e)(f)

8,775,000

8,034,390

TOTAL ASSET-BACKED SECURITIES

(Cost $79,597,354)

57,461,164

Collateralized Mortgage Obligations - 6.5%

 

Private Sponsor - 6.3%

Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4758% 3/15/22 (e)(f)

5,842,196

5,721,486

Bear Stearns Commercial Mortgage Securities Trust Series 2006-BBA7 Class C, 0.5058% 3/15/19 (e)(f)

2,630,000

2,415,423

Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (e)(f)

269,379

9,717

Countrywide Home Loans, Inc.:

Series 2002-R1:

Class B3, 6.61% 7/25/32 (e)(f)

655,490

221,548

Class B4, 6.61% 7/25/32 (e)(f)

849,183

95,129

Series 2002-R2 Class 2B4, 4.4738% 7/25/33 (e)(f)

118,070

27,171

Series 2002-R3:

Class B3, 5.75% 8/25/43 (e)

616,700

168,354

Class B4, 5.75% 8/25/43 (e)

290,556

20,856

Series 2003-40:

Class B3, 4.5% 10/25/18 (e)

118,894

11,533

Class B4, 4.5% 10/25/18 (e)

47,558

4,466

Class B5, 4.5% 10/25/18 (e)

145,186

8,290

Series 2003-50:

Class B4, 5% 11/25/18 (e)

145,582

11,370

Class B5, 5% 11/25/18 (e)

143,834

8,731

Series 2003-R1:

Class 2B4, 4.2151% 2/25/43 (e)(f)

90,614

24,109

Class 2B5, 4.2151% 2/25/43 (e)(f)

269,842

23,279

Collateralized Mortgage Obligations - continued

 

Principal Amount (c)

Value

Private Sponsor - continued

Countrywide Home Loans, Inc.: - continued

Series 2003-R2 Class B3, 5.5% 5/25/43 (e)

$ 324,929

$ 15,053

Series 2003-R3 Class B3, 5.5% 11/25/33 (e)

432,686

34,315

Series 2004-R1 Class 1B3, 5.5% 11/25/34 (e)(f)

378,375

11,451

Credit Suisse First Boston Mortgage Acceptance Corp. Series 2004-6 Class B4, 4.7619% 9/25/19 (e)(f)

110,356

44,143

Credit Suisse First Boston Mortgage Securities Corp.:

Series 2002-26:

Class 4B3, 7% 10/25/17

210,134

63,040

Class 4B4, 7% 10/25/17

64,083

6,408

Class 4B5, 7% 10/25/17 (e)

12,917

258

Series 2005-2 Class CB4, 5.2296% 3/25/35 (e)(f)

633,970

3,170

FREMF Mortgage Trust:

Series 2010 K7 Class B, 5.4345% 4/25/20 (e)(f)

2,240,000

2,058,112

Series 2010-K6 Class B, 5.3542% 12/26/46 (e)(f)

3,650,000

3,709,029

GMAC Commercial Mortgage Securities, Inc. Series 1993-C3 Class L, 6.974% 8/15/36 (e)

3,005,546

301

GMAC Mortgage Loan Trust Series 2003-J4 Class B1, 4.75% 9/25/18 (e)

123,304

36,550

LB Commercial Conduit Mortgage Trust Series 1998-C4 Class F, 6% 10/15/35 (e)

280,076

280,852

LB-UBS Commercial Mortgage Trust sequential payer Series 2006-C6 Class A4, 5.372% 9/15/39

3,000,000

3,227,369

Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.766% 6/15/22 (e)(f)

9,662,238

9,130,815

Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (e)

7,500,000

7,608,750

Nomura Asset Acceptance Corp. Series 2001-R1A:

Class B1, 7% 2/19/30 (e)

403,459

265,427

Class B2, 7% 2/19/30 (e)

212,891

42,345

RESI Finance LP/RESI Finance DE Corp. floater:

Series 2003-B Class B9, 12.214% 7/10/35 (e)(f)

848,921

732,109

Series 2005-A Class B6, 2.264% 3/10/37 (e)(f)

664,275

218,679

RESIX Finance Ltd. floater:

Series 2003-D Class B9, 11.764% 12/10/35 (e)(f)

297,985

199,650

Series 2004-A:

Class B7, 4.514% 2/10/36 (e)(f)

334,430

188,953

Class B9, 9.264% 2/10/36 (e)(f)

544,452

271,845

Series 2004-B:

Class B8, 5.014% 2/10/36 (e)(f)

278,597

119,936

Class B9, 8.514% 2/10/36 (e)(f)

472,811

230,306

Collateralized Mortgage Obligations - continued

 

Principal Amount (c)

Value

Private Sponsor - continued

RESIX Finance Ltd. floater: - continued

Series 2004-C:

Class B7, 3.764% 9/10/36 (e)(f)

$ 1,543,665

$ 831,727

Class B8, 4.514% 9/10/36 (e)(f)

1,374,597

570,320

Class B9, 7.264% 9/10/36 (e)(f)

514,555

183,645

Series 2005-A:

Class B10, 8.764% 3/10/37 (e)(f)

415,172

71,700

Class B7, 3.264% 3/10/37 (e)(f)

1,245,515

351,360

Class B9, 6.014% 3/10/37 (e)(f)

1,446,458

287,267

Series 2005-B:

Class B7, 3.364% 6/10/37 (e)(f)

1,595,949

167,255

Class B8, 4.164% 6/10/37 (e)(f)

549,716

38,535

Class B9, 6.014% 6/10/37 (e)(f)

531,983

36,175

Series 2005-C:

Class B7, 3.364% 9/10/37 (e)(f)

1,680,825

154,132

Class B8, 4.014% 9/10/37 (e)(f)

971,042

52,533

Class B9, 5.964% 9/10/37 (e)(f)

1,402,646

45,305

Series 2005-D:

Class B7, 4.5158% 12/15/37 (e)(f)

1,520,504

72,680

Class B8, 6.0158% 12/15/37 (e)(f)

1,254,517

34,499

Series 2006-A Class B7, 3.7658% 3/15/38 (e)(f)

986,859

17,961

Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 4.8105% 12/5/36 (e)(f)

3,727,799

373

Wells Fargo Mortgage Backed Securities Trust Series 2003-3 Class 2B4, 5.25% 4/25/33 (e)

198,399

136,631

TOTAL PRIVATE SPONSOR

40,322,426

U.S. Government Agency - 0.2%

Fannie Mae REMIC Trust:

Series 2001-W3 subordinate REMIC pass thru certificates:

Class B3, 7% 9/25/41 (h)

544,284

308,215

Class B4, 7% 9/25/41 (h)

298,074

103,972

Class B5, 7% 9/25/41 (h)

183,700

13,663

Series 2002-W1 subordinate REMIC pass thru certificates:

Class 3B3, 4.0244% 2/25/42 (e)(f)

118,840

54,439

Class 3B5, 4.0244% 2/25/42 (e)(f)

94,301

5,910

Class B4, 6% 2/25/42 (e)

279,293

6,947

Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.1002% 1/25/42 (e)(f)

100,455

30,024

Collateralized Mortgage Obligations - continued

 

Principal Amount (c)

Value

U.S. Government Agency - continued

Fannie Mae REMIC Trust: - continued

Series 2003-W1 subordinate REMIC pass thru certificates:

Class B3, 5.75% 12/25/42 (h)

$ 1,921,845

$ 599,999

Class B4, 5.75% 12/25/42 (h)

916,242

56,150

Series 2003-W10 subordinate REMIC pass thru certificates:

Class 2B4, 4.042% 6/25/43 (f)(h)

333,411

100,758

Class 2B5, 4.042% 6/25/43 (f)(h)

274,728

20,320

TOTAL U.S. GOVERNMENT AGENCY

1,300,397

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $62,600,878)

41,622,823

Commercial Mortgage Securities - 68.1%

 

Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (e)

1,230,000

1,390,953

Asset Securitization Corp.:

Series 1996-D2 Class B1A, 8.9991% 2/14/29 (e)(f)

2,225,000

2,102,625

Series 1997-D4:

Class B1, 7.525% 4/14/29

1,355,000

1,401,948

Class B2, 7.525% 4/14/29

26,000

26,696

Class B5, 7.525% 4/14/29

4,476,925

3,298,284

Series 1997-D5:

Class A3, 7.1185% 2/14/43 (f)

1,007,000

1,088,182

Class A5, 7.1885% 2/14/43 (f)

1,679,000

1,792,751

Class A6, 7.4385% 2/14/43 (f)

1,675,000

1,780,195

Class A7, 7.6785% 2/14/43 (f)

2,865,000

3,013,972

Banc of America Commercial Mortgage Trust Series 2008-1 Class D, 6.2321% 2/10/51 (e)(f)

1,970,000

1,228,727

Banc of America Commercial Mortgage, Inc.:

sequential payer:

Series 2002-2 Class F, 5.487% 7/11/43

2,848,575

2,924,999

Series 2005-1 Class A3, 4.877% 11/10/42

925,727

927,665

Series 2003-1 Class G, 5.608% 9/11/36 (e)

2,210,000

2,218,634

Series 2004-4:

Class K, 4.637% 7/10/42 (e)(f)

1,650,000

8,250

Class L, 4.637% 7/10/42 (e)(f)

1,690,000

8,450

Series 2005-1 Class CJ, 5.185% 11/10/42 (f)

4,020,000

4,252,772

Series 2005-4 Class H, 5.1742% 7/10/45 (e)(f)

525,000

86,138

Series 2005-6 Class AJ, 5.1954% 9/10/47 (f)

2,000,000

2,097,338

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

Banc of America Large Loan, Inc. floater Series 2005-MIB1:

Class B, 0.5258% 3/15/22 (e)(f)

$ 1,215,000

$ 1,205,888

Class J, 1.3158% 3/15/22 (e)(f)

2,050,000

1,752,750

Class K, 2.2658% 3/15/22 (e)(f)

4,742,501

3,414,601

Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4539% 3/11/39 (f)

3,175,000

3,295,717

Bear Stearns Commercial Mortgage Securities Trust:

floater Series 2006-BBA7:

Class D, 0.5258% 3/15/19 (e)(f)

1,420,000

1,267,123

Class E, 0.5858% 3/15/19 (e)(f)

2,220,000

1,944,351

Class F, 0.6058% 3/15/19 (e)(f)

940,000

815,562

Class G, 0.7058% 3/15/19 (e)(f)

1,585,000

1,324,873

Series 1998-C1 Class F, 6% 6/16/30 (e)

675,000

709,885

Series 1999-C1:

Class G, 5.64% 2/14/31 (e)

1,005,000

920,157

Class H, 5.64% 2/14/31 (e)

1,625,030

1,430,512

Class I, 5.64% 2/14/31 (e)

3,455,000

1,178,922

Series 2006-T22 Class B, 5.514% 4/12/38 (e)(f)

1,370,000

1,323,521

Series 2007-BBA8:

Class K, 1.4658% 3/15/22 (e)(f)

1,720,000

688,000

Class L, 2.1658% 3/15/22 (e)(f)

3,981,213

1,393,425

Beckman Coulter, Inc. sequential payer Series 2000-A Class A, 7.4975% 12/15/18 (e)

4,334,131

4,117,424

Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0% 8/1/24 (e)(f)

125,108

50,356

BKB Commercial Mortgage Trust weighted average coupon Series 1997-C1 Class H, 0.5276% 10/25/22 (e)(f)

64,753

8,350

Chase Commercial Mortgage Securities Corp.:

Series 1998-1:

Class F, 6.56% 5/18/30 (e)

2,349,335

2,485,114

Class H, 6.34% 5/18/30 (e)

3,300,000

2,634,802

Series 1998-2 Class J, 6.39% 11/18/30 (e)

3,342,864

608,695

Chase Manhattan Bank-First Union National Bank Commercial Mortgage Trust Series 1999-1 Class G, 6.4% 8/15/31 (e)

4,000,000

4,147,379

Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3158% 4/15/22 (e)(f)

306,665

265,353

Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2 Class VPM2, 5.6179% 1/15/46 (e)(f)

2,120,000

2,087,941

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

COMM pass-thru certificates:

floater Series 2005-F10A Class E, 0.6358% 4/15/17 (e)(f)

$ 3,100,000

$ 2,759,000

sequential payer:

Series 2003-LB1A Class D, 4.278% 6/10/38

4,150,000

4,137,005

Series 2004-RS1 Class A, 5.648% 3/3/41 (e)

2,999,210

2,976,716

Series 2001-J2A Class F, 7.0305% 7/16/34 (e)(f)

1,583,000

1,559,721

Commercial Mortgage Acceptance Corp.:

Series 1998-C1 Class F, 6.23% 7/15/31 (e)

579,811

603,425

weighted average coupon Series 1998-C2 Class F, 5.44% 9/15/30 (e)(f)

1,340,675

1,395,644

Commercial Mortgage Asset Trust:

Series 1999-C1 Class F, 6.25% 1/17/32 (e)

5,380,000

4,578,793

Series 1999-C2:

Class G, 6% 11/17/32

4,575,000

4,173,739

Class H, 6% 11/17/32

4,372,000

2,979,751

Credit Suisse First Boston Mortgage Securities Corp.:

floater Series 1997-C2 Class H, 7.46% 1/17/35 (e)(f)

3,190,000

2,461,070

Series 1997-C2 Class F, 7.46% 1/17/35 (f)

2,876,000

3,168,118

Series 1998-C1:

Class F, 6% 5/17/40 (e)

12,000,000

11,722,797

Class H, 6% 5/17/40 (e)

2,501,127

216,373

Series 1998-C2:

Class F, 6.75% 11/11/30 (e)

6,500,000

6,890,770

Class G, 6.75% 11/11/30 (e)

1,065,000

993,067

Series 2001-CK6 Class NW, 6.08% 8/15/36 (h)

217,475

43,495

Series 2001-SPGA Class C, 6.809% 8/13/18 (e)

670,000

658,267

Series 2002-CKP1 Class KZ, 0% 12/15/35 (e)(f)

6,026,000

4,157,940

Series 2003-C3 Class J, 4.231% 5/15/38 (e)

2,400,000

1,753,912

Series 2004-TF2A Class AX, 0.0119% 11/15/19 (e)(f)(g)

2,986,438

30

Credit Suisse Mortgage Capital Certificates floater Series 2007-TFL1 Class L, 2.1658% 2/15/22 (e)(f)

2,385,000

119,250

Credit Suisse/Morgan Stanley Commercial Mortgage Trust:

floater Series 2006-HC1A:

Class A2, 0.5258% 5/15/23 (e)(f)

3,290,000

3,263,052

Class D, 0.7358% 5/15/23 (e)(f)

1,500,000

1,461,085

Class F, 0.8658% 5/15/23 (e)(f)

1,035,000

1,003,185

Series 2006-HC1A:

Class A1, 0.4558% 5/15/23 (e)(f)

887,519

879,563

Class K, 1.743% 5/15/23 (e)(f)

2,824,000

2,705,546

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.9115% 3/25/17 (e)(f)

$ 1,220,000

$ 1,000,019

CRESIX Finance Ltd. Series 2006-AA:

Class F, 4.4615% 3/25/17 (e)(f)

1,890,000

1,502,550

Class G, 7.2615% 3/25/17 (e)(f)

1,600,000

1,008,500

Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)

6,101,000

4,057,165

DBUBS Mortgage Trust Series 2011-LC1A:

Class E, 5.5571% 11/10/46 (e)

1,240,000

1,228,607

Class F, 5.5571% 11/10/46 (e)

2,250,000

2,072,980

Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1:

Class F, 7.5% 6/15/31

2,085,794

2,098,108

Class J, 6.22% 6/15/31

7,160,000

5,886,390

DLJ Commercial Mortgage Corp.:

Series 1998-CF2 Class B3, 6.04% 11/12/31 (e)

5,135,954

5,344,259

Series 1998-CG1 Class B4, 7.2251% 6/10/31 (e)(f)

5,777,000

6,180,484

Series 2000-CKP1 Class B3, 7.9938% 11/10/33 (f)

1,620,000

1,617,820

DLJ Mortgage Acceptance Corp. Series 1996-CF1 Class B4, 8.1766% 3/13/28 (f)

1,113,450

1,078,747

Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (e)

3,000,000

3,147,741

First Union National Bank Commercial Mortgage Trust:

sequential pay Series 1999-C4 Class G, 6.5% 12/15/31 (e)

3,700,000

3,725,600

Series 2001-C4 Class K, 6% 12/12/33 (e)

3,700,000

3,690,330

First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1:

Class G, 6.936% 3/15/33 (e)

2,980,000

2,989,279

Class H, 7.039% 3/15/33 (e)

1,015,000

1,018,697

First Union-Lehman Brothers-Bank of America Commercial Mortgage Trust sequential payer Series 1998-C2 Class G, 7% 11/18/35 (e)(f)

3,007,000

3,081,641

Four Times Square Trust sequential payer Series 2006-4TS Class A, 5.401% 12/13/28 (e)

1,600,000

1,683,148

FREMF Mortgage Trust:

Series 2010-K9 Class B, 5.1633% 9/25/45 (f)

2,300,000

2,233,990

Series 2011-K10 Class B, 4.598% 11/25/49 (e)(f)

1,650,000

1,551,736

G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)

2,470,141

2,367,630

GE Capital Commercial Mortgage Corp.:

Series 2001-3 Class C, 6.51% 6/10/38

1,920,000

1,965,914

Series 2002-1A Class H, 7.1453% 12/10/35 (e)(f)

1,055,000

1,069,025

Series 2005-C3 Class J, 5.1338% 7/10/45 (e)(f)

2,277,000

1,339,583

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

GMAC Commercial Mortgage Securities, Inc.:

Series 1997-C1 Class H, 6.6% 7/15/29

$ 2,632,402

$ 560,035

Series 1997-C2:

Class F, 6.75% 4/15/29 (f)

7,179,763

7,483,733

Class G, 6.75% 4/15/29 (f)

4,128,000

4,171,350

Class H, 6.75% 4/15/29 (f)

6,130,384

1,573,801

Series 1999-C1 Class F, 6.02% 5/15/33 (e)

3,704,732

3,841,179

Series 1999-C2I Class K, 6.481% 9/15/33 (h)

7,875,000

137,813

Series 1999-C3:

Class G, 6.974% 8/15/36 (e)

808,418

812,173

Class J, 6.974% 8/15/36 (e)

2,788,000

2,751,959

Class K, 6.974% 8/15/36 (e)

5,260,000

1,901,548

Series 2000-C1:

Class H, 7% 3/15/33 (e)

45,076

45,212

Class K, 7% 3/15/33

2,473,000

1,772,461

Greenwich Capital Commercial Funding Corp.:

sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (e)

3,380,000

3,473,674

Series 2003-C2 Class J, 5.234% 1/5/36 (e)(f)

3,210,000

2,618,249

Series 2005-GG3:

Class J, 4.685% 8/10/42 (e)(f)

900,000

241,029

Class K, 4.685% 8/10/42 (e)(f)

1,700,000

267,124

GS Mortgage Securities Corp. II:

Series 1997-GL Class H, 8.0595% 7/13/30 (e)(f)

3,736,000

3,950,820

Series 2001-GL3A Class JGGP, 7.397% 8/5/18 (e)(f)

2,850,000

2,308,500

Series 2004-GG2:

Class J, 5.067% 8/1/38 (e)(f)

420,000

129,370

Class K, 5.067% 8/1/38 (e)(f)

720,000

140,580

Series 2006-RR2:

Class M, 5.6387% 6/23/46 (e)(f)

727,000

0

Class N, 5.6387% 6/23/46 (e)(f)

160,000

0

JP Morgan Chase Commercial Mortgage Securities Corp.:

Series 2009-IWST Class D, 7.4453% 12/5/27 (e)(f)

3,300,000

3,736,897

Series 2010-CNTR Class D, 6.1838% 8/5/32 (e)(f)

3,390,000

3,401,864

JP Morgan Chase Commercial Mortgage Securities Trust Series 2010-C2:

Class D, 5.5307% 11/15/43 (e)(f)

1,650,000

1,660,514

Class XB, 0.6703% 11/15/43 (e)(f)(g)

26,860,000

1,229,337

Series 2001-A:

Class G, 6% 10/15/32 (e)(f)

2,003,000

10,015

Class X, 1.3296% 10/15/32 (e)(f)(g)

9,530,449

14

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

JPMorgan Chase Commercial Mortgage Securities Corp.: - continued

Series 2002-C1:

Class C, 5.613% 7/12/37

$ 705,000

$ 728,944

Class E, 6.135% 7/12/37 (e)

1,686,000

1,735,176

Series 2003-C1 Class D, 5.192% 1/12/37

1,510,000

1,551,590

JPMorgan Chase Commercial Mortgage Securities Trust:

floater:

Series 2005-FL1A Class A2, 0.4458% 2/15/19 (e)(f)

1,757,898

1,726,070

Series 2006-FL1A Class E, 0.6358% 2/15/20 (e)(f)

577,132

532,029

sequential payer Series 2005-LDP2 Class A4, 4.738% 7/15/42

2,000,000

2,107,925

Series 2004-CBX Class D, 5.097% 1/12/37 (f)

1,215,000

1,086,998

Series 2005-PRKS Class A, 10.0745% 1/15/15 (e)(f)

2,405,009

1,407,892

JPMorgan Commercial Mortgage Finance Corp.:

Series 1997-C5 Class F, 7.5605% 9/15/29

6,007,017

6,269,248

Series 1999-C7:

Class G, 6% 10/15/35 (e)

2,818,060

2,890,722

Class H, 6% 10/15/35 (e)

1,991,000

2,039,144

Class NR, 6% 10/15/35 (e)

2,655,844

972,302

Series 1999-C8:

Class G, 6% 7/15/31 (e)

1,205,000

1,196,422

Class H, 6% 7/15/31 (e)

2,045,000

14,315

LB Commercial Conduit Mortgage Trust:

Series 1998-C1 Class K, 6.3% 2/18/30 (e)

2,483,000

18,623

Series 1998-C4 Class G, 5.6% 10/15/35 (e)

4,037,000

4,238,850

LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.065% 4/25/21 (e)(f)

107,548

72,305

LB-UBS Commercial Mortgage Trust:

sequential payer:

Series 2004-C2 Class E, 4.487% 3/15/36

1,170,000

1,143,723

Series 2005-C7:

Class AJ, 5.323% 11/15/40

3,740,000

3,922,134

Class AM, 5.263% 11/15/40 (f)

518,000

549,990

Series 2006-C7 Class AM, 5.378% 11/15/38

1,160,000

1,202,728

Series 2001-C7:

Class M, 5.868% 11/15/33

4,957,000

3,980,142

Class P, 5.868% 11/15/33

1,320,000

549,919

Series 2002-C1:

Class J, 6.95% 3/15/34 (e)(f)

1,319,000

1,354,758

Class K, 6.428% 3/15/34 (e)

4,024,000

4,033,551

Series 2002-C2 Class M, 5.683% 7/15/35 (e)

950,000

755,341

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

LB-UBS Commercial Mortgage Trust: - continued

Series 2005-C2 Class AJ, 5.205% 4/15/30 (f)

$ 5,260,000

$ 5,542,290

Series 2006-C4:

Class AJ, 5.9031% 6/15/38 (f)

3,315,000

3,388,302

Class AM, 5.9031% 6/15/38 (f)

3,840,000

4,122,491

Mach One Trust LLC Series 2004-1A:

Class L, 5.45% 5/28/40 (e)(f)

1,393,000

222,880

Class M, 5.45% 5/28/40 (e)(f)

1,533,000

88,148

Merrill Lynch Financial Asset, Inc.:

Series 2005-CA16:

Class F, 4.384% 7/12/37

CAD

551,000

315,192

Class G, 4.384% 7/12/37

CAD

275,000

151,989

Class H, 4.384% 7/12/37

CAD

184,000

98,281

Class J, 4.384% 7/12/37

CAD

275,000

141,995

Class K, 4.384% 7/12/37

CAD

275,000

137,303

Class L, 4.384% 7/12/37

CAD

184,000

88,856

Class M, 4.384% 7/12/37

CAD

772,000

291,815

Series 2005-CA17:

Class F, 4.525% 11/12/37 (f)

CAD

812,000

420,858

Class G, 4.525% 11/12/37 (f)

CAD

846,000

421,653

Class H, 4.525% 11/12/37 (f)

CAD

235,000

109,205

Class J, 4.525% 11/12/37 (f)

CAD

248,000

106,609

Class K, 4.525% 11/12/37 (f)

CAD

261,000

107,709

Class L, 4.525% 11/12/37 (f)

CAD

248,000

98,295

Class M, 4.525% 11/12/37 (f)

CAD

2,006,355

602,619

Merrill Lynch Mortgage Investors Trust:

Series 1997-C2 Class F, 6.25% 12/10/29 (f)

7,281,750

7,791,473

Series 1998-C3 Class E, 7.0637% 12/15/30 (f)

1,462,000

1,562,220

Series 1999-C1 Class G, 6.71% 11/15/31 (e)

2,274,838

227

Merrill Lynch Mortgage Trust:

Series 2002-MW1:

Class H, 5.695% 7/12/34 (e)

1,975,000

1,546,793

Class J, 5.695% 7/12/34 (e)

700,000

412,244

Series 2004-MKB1 Class F, 5.5088% 2/12/42 (e)(f)

1,380,000

1,320,072

Series 2006-C1:

Class AJ, 5.6559% 5/12/39 (f)

1,240,000

1,248,440

Class AM, 5.6559% 5/12/39 (f)

700,000

751,017

Mezz Capital Commercial Mortgage Trust:

Series 2004-C1:

Class F, 9.422% 1/15/37 (e)

645,000

0

Class G, 12.349% 1/15/37 (e)

465,000

0

Class IO, 8.1361% 1/15/37 (f)(g)

751,205

46,349

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

Mezz Capital Commercial Mortgage Trust: - continued

Series 2004-C2:

Class D, 7.347% 10/15/40 (e)

$ 1,074,000

$ 0

Class E, 8.309% 10/15/40 (e)

441,000

0

Class F, 10.223% 10/15/40 (e)

772,000

0

Class G, 12.929% 10/15/40 (e)(f)

497,000

0

Series 2005-C3:

Class D, 7.7% 5/15/44 (e)

1,039,000

0

Class E, 8.757% 5/20/44 (e)

738,000

0

Class F, 10.813% 5/20/44 (e)

479,000

0

Class G, 10% 5/15/44 (e)

673,000

0

Morgan Stanley Capital I Trust:

floater Series 2006-XLF Class J, 0.696% 7/15/19 (e)(f)

2,750,000

2,231,855

sequential payer:

Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)

3,158,106

3,221,269

Series 2006-HQ10 Class AM, 5.36% 11/12/41

4,640,000

4,813,897

Series 2006-HQ9 Class AM, 5.773% 7/12/44

1,098,000

1,171,629

Series 2007-IQ16 Class A3, 5.852% 12/12/49

2,305,000

2,417,036

Series 1997-RR:

Class F, 7.4398% 4/30/39 (e)(f)

1,348,849

1,294,895

Class G1, 7.4398% 4/30/39 (e)(f)

2,157,653

171,749

Series 1998-CF1:

Class F, 7.35% 7/15/32 (e)

2,170,000

2,301,285

Class G, 7.35% 7/15/32 (e)

1,590,000

973,875

Series 1998-HF2 Class G, 6.01% 11/15/30 (e)

4,405,745

4,437,269

Series 1999-CAM1:

Class M, 6.54% 3/15/32 (e)

2,262,373

541,282

Class N, 6.54% 3/15/32 (e)

305,233

31

Series 1999-WF1:

Class L, 5.91% 11/15/31 (e)

1,071,000

997,506

Class N, 5.91% 11/15/31 (e)

1,600,000

1,176,552

Class O, 5.91% 11/15/31 (e)

2,179,514

471,545

Series 2003-IQ5 Class C, 5.2818% 4/15/38 (f)

1,200,000

1,235,972

Series 2006-IQ12 Class AMFX, 5.37% 12/15/43

5,000,000

5,065,000

Series 2011-C1 Class E, 5.257% 9/15/47 (e)

1,500,000

1,456,410

Morgan Stanley Dean Witter Capital I Trust:

Series 2000-LIFE Class H, 6.5% 11/15/36 (e)

1,237,000

1,122,578

Series 2000-PRIN Class C, 7.9524% 2/23/34 (f)

2,519,000

2,795,499

Series 2001-IQA Class F, 6.79% 12/18/32 (e)

983,769

986,629

Series 2001-TOP3 Class E, 7.1804% 7/15/33 (e)(f)

1,130,000

1,148,160

Series 2003-TOP9 Class E, 5.7324% 11/13/36 (e)(f)

630,000

569,619

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

NationsLink Funding Corp. Series 1998-2:

Class F, 7.105% 8/20/30 (e)

$ 4,141,504

$ 4,439,120

Class G, 5% 8/20/30 (e)

2,427,000

2,500,281

Class J, 5% 8/20/30 (e)

2,240,000

2,150,400

Nomura Asset Securities Corp. Series 1998-D6 Class B1, 6% 3/15/30 (e)

7,453,000

7,830,212

Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (e)

1,949,596

2,084,898

Prudential Securities Secured Financing Corp. Series 1998-C1 Class F, 6.9163% 2/15/13 (e)(f)

3,765,000

3,897,420

RBSCF Trust Series 2010-MB1 Class D, 4.6672% 4/15/24 (e)(f)

3,230,000

3,259,777

Real Estate Asset Liquidity Trust:

Series 2006-2:

Class F, 4.456% 9/12/38 (e)

CAD

1,170,000

898,693

Class G, 4.456% 9/12/38 (e)

CAD

585,000

427,699

Class H, 4.456% 9/12/38 (e)

CAD

390,000

265,031

Class J, 4.456% 9/12/38 (e)

CAD

390,000

245,725

Class K, 4.456% 9/12/38 (e)

CAD

195,000

107,108

Class L, 4.456% 9/12/38 (e)

CAD

281,000

142,657

Class M, 4.456% 9/12/38 (e)

CAD

1,400,602

386,775

Series 2007-1:

Class F, 4.57% 4/12/23

CAD

1,515,000

1,037,095

Class G, 4.57% 4/12/23

CAD

505,000

329,517

Class H, 4.57% 4/12/23

CAD

505,000

314,257

Class J, 4.57% 4/12/23

CAD

505,000

299,854

Class K, 4.57% 4/12/23

CAD

253,000

143,415

Class L, 4.57% 4/12/23

CAD

757,000

409,867

Class M, 4.57% 4/12/23

CAD

2,222,418

546,515

RMF Commercial Mortgage, Inc. Series 1997-1 Class G, 9.35% 1/15/19 (b)(e)(f)

384,889

269,422

Salomon Brothers Mortgage Securities VII, Inc.:

floater Series 1999-C1 Class H, 7% 5/18/32 (e)(f)

2,500,000

2,693,031

Series 2001-C1 Class E, 6.31% 12/18/35

1,155,000

1,153,154

Series 2001-MMA:

Class E3, 6.5% 2/18/34 (e)(f)

1,360,000

1,393,587

Class E5, 6.5% 2/18/34 (e)(f)

2,160,000

2,229,957

Class E6, 6.5% 2/18/34 (e)(f)

2,341,000

2,101,048

Class F6, 6.5% 2/18/34 (e)(f)

517,000

445,913

Structured Asset Securities Corp.:

Series 1996-CFL Class I, 7.75% 2/25/28 (e)

1,041,294

1,093,359

Series 1997-LLI Class F, 7.3% 10/12/34 (e)

3,185,000

3,266,008

Commercial Mortgage Securities - continued

 

Principal Amount (c)

Value

TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.041% 8/15/39 (f)

$ 1,150,000

$ 1,232,786

TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)

1,530,000

1,606,500

UBS Commercial Mortgage Trust Series 2007-FL1 Class G, 0.8408% 7/15/24 (e)(f)

2,500,000

822,255

Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (e)

1,330,000

1,403,410

Wachovia Bank Commercial Mortgage Trust:

floater Series 2007-WHL8 Class MH1, 1.0658% 6/15/20 (e)(f)

690,568

612,863

Series 2004-C10 Class E, 4.931% 2/15/41

2,430,000

2,421,941

Series 2004-C11:

Class D, 5.3116% 1/15/41 (f)

2,720,000

2,556,000

Class E, 5.3616% 1/15/41 (f)

2,465,000

2,125,780

Series 2004-C12 Class D, 5.3051% 7/15/41 (f)

2,030,000

1,910,611

Series 2004-C14:

Class B, 5.17% 8/15/41

1,920,000

1,918,472

Class C, 5.21% 8/15/41

1,260,000

1,234,890

Series 2004-C15 Class 175C, 6.0432% 10/15/41 (e)(f)

1,250,000

1,166,790

Washington Mutual Multi-family Mortgage LLC Series 2001-1 Class B4, 7.0045% 10/18/31 (e)(f)

5,163,000

5,191,768

TOTAL COMMERCIAL MORTGAGE SECURITIES

(Cost $451,177,092)

434,923,357

Common Stocks - 0.0%

Shares

 

Homebuilders/Real Estate - 0.0%

Wrightwood Capital LLC warrants 7/31/14 (a)(e)
(Cost $152)

15,170

152

Nonconvertible Preferred Stocks - 4.3%

 

 

 

 

Homebuilders/Real Estate - 4.3%

Annaly Capital Management, Inc. Series A, 7.875%

108,781

2,806,550

Apartment Investment & Management Co.:

Series T, 8.00%

103,000

2,640,920

Series U, 7.75%

36,000

914,040

CBL & Associates Properties, Inc. 7.375%

129,000

3,133,410

Cedar Shopping Centers, Inc. 8.875%

56,272

1,429,309

CenterPoint Properties Trust Series D, 5.377%

2,775

1,276,500

Nonconvertible Preferred Stocks - continued

Shares

Value

Homebuilders/Real Estate - continued

Corporate Office Properties Trust Series H, 7.50%

5,000

$ 126,800

Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%

107,000

2,669,650

First Potomac Realty Trust 7.75%

70,000

1,766,100

LaSalle Hotel Properties Series G, 7.25%

51,925

1,248,796

Lexington Realty Trust 7.55%

20,000

476,800

MFA Financial, Inc. Series A, 8.50%

12,100

303,710

ProLogis Trust 6.75%

68,000

1,629,280

PS Business Parks, Inc.:

6.875%

34,911

857,414

7.20%

19,500

489,450

7.375%

37,300

939,960

Public Storage:

Series M, 6.625%

112,791

2,891,961

Series P, 6.50%

67,748

1,716,057

TOTAL NONCONVERTIBLE PREFERRED STOCKS

(Cost $27,473,596)

27,316,707

Floating Rate Loans - 0.8%

 

Principal Amount (c)

 

Homebuilders/Real Estate - 0.6%

Equity Inns Reality LLC Tranche A, term loan 9% 11/2/12 (f)

$ 4,000,000

3,555,000

Hotels - 0.2%

Extended Stay America, Inc. term loan 9.75% 11/1/15

1,500,000

1,496,250

TOTAL FLOATING RATE LOANS

(Cost $5,052,113)

5,051,250

Interfund Loans - 0.6%

 

 

 

With Fidelity Advisor Emerging Markets Fund at 0.42% due 3/1/10 (d)

1,809,000

1,809,000

With Fidelity Consumer Discretionary Portfolio at 0.42% due 3/1/10 (d)

2,090,000

2,090,000

TOTAL INTERFUND LOANS

(Cost $3,899,000)

3,899,000

Preferred Securities - 0.2%

Principal Amount (c)

Value

Diversified Financial Services - 0.0%

Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (e)

$ 2,140,000

$ 21

Ipswich Street CDO Series 2006-1, 6/27/46 (b)(e)

2,515,000

0

Lenox Ltd. Series 2007-1 3/4/45 (e)

1,865,000

0

 

21

Homebuilders/Real Estate - 0.2%

Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)

3,000,000

90,000

Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (e)

3,100,000

930,000

Crest G-Star Ltd. Series 2001-2A Class PS, 2/25/32 (e)

1,100,000

275,000

 

1,295,000

TOTAL PREFERRED SECURITIES

(Cost $13,276,112)

1,295,021

Cash Equivalents - 4.3%

Maturity Amount

 

Investments in repurchase agreements in a joint trading account at 0.18%, dated 2/28/11 due 3/1/11 (Collateralized by U.S. Government Obligations) #
(Cost $27,039,000)

$ 27,039,135

27,039,000

TOTAL INVESTMENT PORTFOLIO - 99.2%

(Cost $704,293,264)

633,090,396

NET OTHER ASSETS (LIABILITIES) - 0.8%

5,285,476

NET ASSETS - 100%

$ 638,375,872

Currency Abbreviations

CAD

-

Canadian dollar

Legend

(a) Non-income producing

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

(c) Principal amount is stated in United States dollars unless otherwise noted.

(d) Loan is with an affiliated fund.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $380,955,410 or 59.7% of net assets.

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

(g) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool held as of the end of the period.

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,455,637 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition Date

Acquisition Cost

Credit Suisse First Boston Mortgage Securities Corp. Series 2001-CK6 Class NW, 6.08% 8/15/36

7/1/02

$ 111,184

Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates: 
Class B3, 7%
9/25/41

5/21/03

$ 471,656

Class B4, 7% 9/25/41

11/2/01

$ 138,605

Class B5, 7% 9/25/41

11/2/01

$ 39,495

Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates:
Class B3, 5.75% 12/25/42

3/25/03

$ 1,448,291

Class B4, 5.75% 12/25/42

3/25/03

$ 487,899

Security

Acquisition Date

Acquisition Cost

Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates:
Class 2B4, 4.042% 6/25/43

9/29/03

$ 135,396

Class 2B5, 4.042% 6/25/43

9/29/03

$ 37,499

GMAC Commercial Mortgage Securities, Inc. Series 1999-C2I Class K, 6.481% 9/15/33

3/23/07

$ 4,528,125

GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7615% 6/25/35

6/3/05

$ 943,960

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

Repurchase Agreement / Counterparty

Value

$27,039,000 due 3/01/11 at 0.18%

BNP Paribas Securities Corp.

$ 6,861,810

Barclays Capital, Inc.

1,876,193

Credit Agricole Securities (USA), Inc.

4,414,572

HSBC Securities (USA), Inc.

2,408,538

Mizuho Securities USA, Inc.

2,648,743

RBS Securities, Inc.

7,725,501

UBS Securities LLC

1,103,643

 

$ 27,039,000

Other Information

The following is a summary of the inputs used, as of February 28, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities:

Equities:

Financials

$ 27,316,859

$ 26,040,207

$ -

$ 1,276,652

Corporate Bonds

34,481,922

-

34,181,922

300,000

Asset-Backed Securities

57,461,164

-

20,539,505

36,921,659

Collateralized Mortgage Obligations

41,622,823

-

39,280,512

2,342,311

Commercial Mortgage Securities

434,923,357

-

403,614,160

31,309,197

Floating Rate Loans

5,051,250

-

3,555,000

1,496,250

Interfund Loans

3,899,000

-

3,899,000

-

Preferred Securities

1,295,021

-

-

1,295,021

Cash Equivalents

27,039,000

-

27,039,000

-

Total Investments in Securities:

$ 633,090,396

$ 26,040,207

$ 532,109,099

$ 74,941,090

Percentage of Market Value

100%

4.1%

84.1%

11.8%

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

Investments in Securities:

Equities - Financials

Beginning Balance

$ 1,290,527

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(13,875)

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,276,652

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ (13,875)

Investments in Securities:

Corporate Bonds

Beginning Balance

$ 300,000

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

-

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 300,000

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ -

Asset-Backed Securities

Beginning Balance

$ 22,265,849

Total Realized Gain (Loss)

73,754

Total Unrealized Gain (Loss)

6,394,796

Cost of Purchases

2,266,136

Proceeds of Sales

(5,045,557)

Amortization/Accretion

(375,830)

Transfers in to Level 3

19,626,614

Transfers out of Level 3

(8,284,103)

Ending Balance

$ 36,921,659

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ 2,471,406

Collateralized Mortgage Obligations

Beginning Balance

$ 2,507,416

Total Realized Gain (Loss)

11,421

Total Unrealized Gain (Loss)

315,426

Cost of Purchases

46,010

Proceeds of Sales

(219,834)

Amortization/Accretion

(250,710)

Transfers in to Level 3

-

Transfers out of Level 3

(67,418)

Ending Balance

$ 2,342,311

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ 315,426

Commercial Mortgage Securities

Beginning Balance

$ 25,460,698

Total Realized Gain (Loss)

(6,403,789)

Total Unrealized Gain (Loss)

10,394,525

Cost of Purchases

2,976,876

Proceeds of Sales

(902,849)

Amortization/Accretion

(631,849)

Transfers in to Level 3

463,285

Investments in Securities:

Transfers out of Level 3

(47,700)

Ending Balance

$ 31,309,197

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ 3,607,081

Floating Rate Loans

Beginning Balance

$ 1,496,250

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(472)

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

472

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,496,250

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ (472)

Preferred Securities

Beginning Balance

$ 1,157,021

Total Realized Gain (Loss)

(998,548)

Total Unrealized Gain (Loss)

1,140,549

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

(4,001)

Transfers in to Level 3

-

Transfers out of Level 3

-

Ending Balance

$ 1,295,021

The change in unrealized gain (loss) for the period attributable to Level 3 securities held at February 28, 2011

$ 139,602

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

Income Tax Information

At February 28, 2011, the cost of investment securities for income tax purposes was $704,294,842. Net unrealized depreciation aggregated $71,204,446, of which $44,342,703 related to appreciated investment securities and $115,547,149 related to depreciated investment securities.

Investment Valuation

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

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

For asset backed securities, collateralized mortgage obligations and commercial mortgage securities, pricing services utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and, accordingly, such securities are generally categorized as Level 2 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

The Fund attempts to obtain prices from more than one independent pricing service or dealer. For certain securities, independent prices may be unavailable, unreliable or limited to a single source or dealer. As of February 28, 2011, 41% of the securities held by the Fund were either valued based on a price provided by a single source or dealer or were fair valued. Actual prices may differ from the values that would be realized if the securities were sold, and the differences could be material.

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.

Credit and Liquidity Risk

The Fund invests a significant portion of its assets in below investment grade securities with contractual cash flows, such as asset backed securities, collateralized mortgage obligations and commercial mortgaged backed securities. The value, liquidity and related income of these securities is sensitive to changes in economic conditions, including real estate values, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates. Many of the Fund's investments in these asset classes have experienced increased volatility of market price and periods of illiquidity during the period. As a result, the price used by the Fund under these conditions may differ from the value that would be realized if the security was sold.

Quarterly Report

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

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

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

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series I'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 Advisor Series I

By:

/s/Kenneth B. Robins

 

Kenneth B. Robins

 

President and Treasurer

 

 

Date:

April 29, 2011

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:

April 29, 2011

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

April 29, 2011