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)

Eric D. Roiter, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	November 30

Date of reporting period:	August 31, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

August 31, 2004

EPI-QTLY-1004

1.805771.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 13.7%
Auto Components - 0.3%
Hayes Lemmerz International, Inc. (a)	126,000		$ 1,619
TRW Automotive Holdings Corp.	945,800		18,415
			20,034
Automobiles - 0.2%
Harley-Davidson, Inc.	140,000		8,543
Hotels, Restaurants & Leisure - 1.7%
Brinker International, Inc. (a)	120,000		3,654
California Pizza Kitchen, Inc. (a)	689,410		13,161
Mandalay Resort Group	100,000		6,784
McDonald's Corp.	2,100,000		56,742
Outback Steakhouse, Inc.	280,000		10,959
Sonic Corp. (a)	330,000		7,376
			98,676
Household Durables - 0.9%
D.R. Horton, Inc.	120,000		3,713
Furniture Brands International, Inc.	140,000		3,220
Hunter Douglas NV	260,000		11,455
Koninklijke Philips Electronics NV (NY Shares)	120,000		2,784
Leggett & Platt, Inc.	300,000		8,067
Snap-On, Inc.	60,000		1,906
Sony Corp.	320,000		11,094
Whirlpool Corp.	140,000		8,560
			50,799
Leisure Equipment & Products - 0.3%
Eastman Kodak Co.	300,000		8,874
Hasbro, Inc.	80,000		1,482
Nautilus Group, Inc.	160,000		3,118
Oakley, Inc.	120,000		1,376
			14,850
Media - 5.3%
ADVO, Inc.	100,000		2,958
Belo Corp. Series A	1,300,000		29,822
Clear Channel Communications, Inc.	379,000		12,700
Comcast Corp.:
Class A (a)	380,000		10,705
Class A (special) (a)	220,000		6,105
Emmis Communications Corp. Class A (a)	396,700		7,636
Fox Entertainment Group, Inc. Class A (a)	920,000		24,969
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Gannett Co., Inc.	80,000		$ 6,776
Interactive Data Corp. (a)	200,000		3,760
	980,000		16,454
Knight-Ridder, Inc.	40,000		2,577
McGraw-Hill Companies, Inc.	120,000		9,088
Omnicom Group, Inc.	40,000		2,752
Regal Entertainment Group Class A	100,000		1,842
The DIRECTV Group, Inc. (a)	329,286		5,226
The New York Times Co. Class A	200,000		8,124
The Reader's Digest Association, Inc. (non-vtg.)	809,900		11,517
Time Warner, Inc. (a)	3,200,000		52,320
Tribune Co.	500,000		20,875
Viacom, Inc. Class B (non-vtg.)	1,900,000		63,289
Walt Disney Co.	640,000		14,368
			313,863
Multiline Retail - 1.0%
Nordstrom, Inc.	1,400,000		51,982
Target Corp.	200,000		8,916
			60,898
Specialty Retail - 3.5%
Abercrombie & Fitch Co. Class A	1,600,000		44,800
American Eagle Outfitters, Inc. (a)	1,100,000		36,630
Best Buy Co., Inc.	220,000		10,234
Big 5 Sporting Goods Corp. (a)	340,000		6,511
Blockbuster, Inc. Class A	180,000		1,445
Borders Group, Inc.	840,000		20,076
Home Depot, Inc.	220,000		8,043
Hot Topic, Inc. (a)	299,900		4,528
Kirkland's, Inc. (a)	115,602		890
Office Depot, Inc. (a)	600,000		9,606
Pacific Sunwear of California, Inc. (a)	500,000		9,580
Sherwin-Williams Co.	520,000		21,476
Stage Stores, Inc. (a)	240,000		7,666
Staples, Inc.	220,000		6,310
Toys 'R' Us, Inc. (a)	420,000		6,821
Weight Watchers International, Inc. (a)	220,000		8,589
West Marine, Inc. (a)	200,000		3,618
			206,823
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 0.5%
Liz Claiborne, Inc.	780,000		$ 29,695
TOTAL CONSUMER DISCRETIONARY			804,181
CONSUMER STAPLES - 8.5%
Beverages - 0.6%
Coca-Cola Enterprises, Inc.	180,000		3,717
The Coca-Cola Co.	680,000		30,403
			34,120
Food & Staples Retailing - 1.3%
Albertsons, Inc.	1,200,000		29,496
CVS Corp.	560,000		22,400
Longs Drug Stores Corp.	340,000		8,255
Safeway, Inc. (a)	900,000		18,180
			78,331
Food Products - 2.2%
Del Monte Foods Co. (a)	1,300,000		13,715
H.J. Heinz Co.	340,000		12,889
Hershey Foods Corp.	240,000		11,587
John B. Sanfilippo & Son, Inc. (a)	140,000		3,962
Kellogg Co.	240,000		10,075
Kraft Foods, Inc. Class A	620,000		19,394
The J.M. Smucker Co.	160,000		7,357
Unilever NV (NY Shares)	632,200		37,970
Wm. Wrigley Jr. Co.	160,000		9,925
			126,874
Household Products - 2.1%
Clorox Co.	160,000		8,454
Colgate-Palmolive Co.	320,000		17,280
Kimberly-Clark Corp.	1,100,000		73,370
Procter & Gamble Co.	280,000		15,672
Rayovac Corp. (a)	300,000		6,897
			121,673
Personal Products - 1.5%
Avon Products, Inc.	160,000		7,069
Estee Lauder Companies, Inc. Class A	600,000		26,370
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - continued
Gillette Co.	1,200,000		$ 51,000
Nu Skin Enterprises, Inc. Class A	160,000		4,131
			88,570
Tobacco - 0.8%
Altria Group, Inc.	1,000,000		48,950
TOTAL CONSUMER STAPLES			498,518
ENERGY - 8.4%
Energy Equipment & Services - 2.0%
Baker Hughes, Inc.	500,000		19,665
BJ Services Co.	640,000		30,752
ENSCO International, Inc.	340,000		9,914
Nabors Industries Ltd. (a)	260,000		11,466
Schlumberger Ltd. (NY Shares)	480,000		29,664
Varco International, Inc. (a)	620,000		15,054
			116,515
Oil & Gas - 6.4%
Apache Corp.	160,000		7,150
BP PLC sponsored ADR	1,100,000		59,070
ChevronTexaco Corp.	740,000		72,150
ConocoPhillips	180,000		13,397
Exxon Mobil Corp.	4,800,000		221,280
Teekay Shipping Corp.	140,000		4,907
			377,954
TOTAL ENERGY			494,469
FINANCIALS - 26.5%
Capital Markets - 4.6%
Bank of New York Co., Inc.	580,000		17,284
Charles Schwab Corp.	1,200,000		11,340
Federated Investors, Inc. Class B (non-vtg.)	240,000		6,924
Goldman Sachs Group, Inc.	160,000		14,344
Janus Capital Group, Inc.	2,800,000		38,472
LaBranche & Co., Inc.	400,000		3,280
Lehman Brothers Holdings, Inc.	400,000		29,556
Merrill Lynch & Co., Inc.	1,100,000		56,177
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	1,400,000		$ 71,022
State Street Corp.	540,000		24,376
			272,775
Commercial Banks - 5.7%
Bank of America Corp.	3,600,000		161,928
U.S. Bancorp, Delaware	900,000		26,550
Wachovia Corp.	1,300,000		60,983
Wells Fargo & Co.	1,500,000		88,125
			337,586
Consumer Finance - 0.5%
American Express Co.	540,000		27,011
Diversified Financial Services - 5.7%
Citigroup, Inc.	5,000,000		232,899
J.P. Morgan Chase & Co.	2,580,000		102,116
			335,015
Insurance - 7.8%
ACE Ltd.	640,000		24,672
AFLAC, Inc.	280,000		11,228
Allstate Corp.	1,200,000		56,652
American International Group, Inc.	2,320,000		165,277
Aon Corp.	400,000		10,380
Hartford Financial Services Group, Inc.	380,000		23,241
Marsh & McLennan Companies, Inc.	1,000,000		44,690
MBIA, Inc.	80,000		4,582
PartnerRe Ltd.	480,000		24,638
Progressive Corp.	140,000		11,242
SAFECO Corp.	160,000		7,707
Scottish Re Group Ltd.	160,000		3,398
St. Paul Travelers Companies, Inc.	1,100,000		38,159
The Chubb Corp.	520,000		35,365
			461,231
Real Estate - 0.4%
Apartment Investment & Management Co. Class A	300,000		10,650
Duke Realty Corp.	280,000		9,520
			20,170
Thrifts & Mortgage Finance - 1.8%
Fannie Mae	1,000,000		74,450
Freddie Mac	220,000		14,766
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
New York Community Bancorp, Inc.	380,000		$ 8,113
Washington Mutual, Inc.	260,000		10,096
			107,425
TOTAL FINANCIALS			1,561,213
HEALTH CARE - 7.6%
Biotechnology - 0.2%
Charles River Laboratories International, Inc. (a)	200,000		8,710
Health Care Equipment & Supplies - 2.5%
Bausch & Lomb, Inc.	280,000		18,466
Baxter International, Inc.	500,000		15,270
Becton, Dickinson & Co.	620,000		29,834
Bio-Rad Laboratories, Inc. Class A (a)	80,000		4,027
Boston Scientific Corp. (a)	120,000		4,288
C.R. Bard, Inc.	320,000		17,952
Dade Behring Holdings, Inc. (a)	260,000		13,668
Datascope Corp.	100,000		3,608
Fisher Scientific International, Inc. (a)	200,000		11,394
Haemonetics Corp. (a)	240,000		7,589
Mentor Corp.	200,000		7,036
Sola International, Inc. (a)	200,000		3,860
VISX, Inc. (a)	200,000		4,056
Wilson Greatbatch Technologies, Inc. (a)	440,000		7,207
			148,255
Health Care Providers & Services - 0.8%
AmerisourceBergen Corp.	60,000		3,246
Cardinal Health, Inc.	80,000		3,616
Caremark Rx, Inc. (a)	160,000		4,592
ICON PLC sponsored ADR (a)	100,000		3,594
Lincare Holdings, Inc. (a)	80,000		2,571
Medco Health Solutions, Inc. (a)	144,720		4,520
Pharmaceutical Product Development, Inc. (a)	80,000		2,716
Quest Diagnostics, Inc.	120,000		10,272
UnitedHealth Group, Inc.	220,000		14,549
			49,676
Pharmaceuticals - 4.1%
Abbott Laboratories	280,000		11,673
Bristol-Myers Squibb Co.	1,300,000		30,849
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Forest Laboratories, Inc. (a)	120,000		$ 5,502
Johnson & Johnson	460,000		26,726
King Pharmaceuticals, Inc. (a)	400,000		4,984
Merck & Co., Inc.	1,700,000		76,449
Mylan Laboratories, Inc.	300,000		5,226
Novartis AG sponsored ADR	580,000		26,941
Pfizer, Inc.	720,000		23,522
Schering-Plough Corp.	360,000		6,646
Wyeth	620,000		22,673
			241,191
TOTAL HEALTH CARE			447,832
INDUSTRIALS - 11.4%
Aerospace & Defense - 3.6%
EADS NV	1,100,000		28,772
Goodrich Corp.	400,000		12,704
Honeywell International, Inc.	620,000		22,308
Lockheed Martin Corp.	1,200,000		64,536
Northrop Grumman Corp.	300,000		15,495
Precision Castparts Corp.	100,000		5,509
The Boeing Co.	900,000		46,998
United Technologies Corp.	140,000		13,147
			209,469
Air Freight & Logistics - 0.2%
CNF, Inc.	78,800		3,232
United Parcel Service, Inc. Class B	100,000		7,305
			10,537
Commercial Services & Supplies - 0.9%
Cintas Corp.	80,000		3,281
Equifax, Inc.	220,000		5,368
H&R Block, Inc.	100,000		4,826
Imagistics International, Inc. (a)	100,000		3,245
Pitney Bowes, Inc.	160,000		6,970
Republic Services, Inc.	280,000		7,826
Waste Management, Inc.	240,000		6,670
Watson Wyatt & Co. Holdings Class A	560,000		14,112
			52,298
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.2%
Fluor Corp.	280,000		$ 11,970
Granite Construction, Inc.	83,000		1,892
			13,862
Electrical Equipment - 0.2%
A.O. Smith Corp.	300,000		7,326
Hubbell, Inc. Class B	40,000		1,726
			9,052
Industrial Conglomerates - 2.8%
3M Co.	260,000		21,414
General Electric Co.	2,700,000		88,533
Tyco International Ltd.	1,800,000		56,376
			166,323
Machinery - 1.9%
AGCO Corp. (a)	640,000		12,794
Caterpillar, Inc.	240,000		17,448
Crane Co.	220,000		5,940
Eaton Corp.	200,000		12,070
Illinois Tool Works, Inc.	80,000		7,303
Ingersoll-Rand Co. Ltd. Class A	320,000		20,803
Kennametal, Inc.	240,000		9,814
Pentair, Inc.	220,000		7,313
SPX Corp.	400,000		14,596
Timken Co.	280,000		6,510
			114,591
Road & Rail - 0.7%
Burlington Northern Santa Fe Corp.	700,000		25,060
Swift Transportation Co., Inc. (a)	180,000		3,272
Union Pacific Corp.	280,000		15,991
			44,323
Trading Companies & Distributors - 0.9%
W.W. Grainger, Inc.	1,000,000		53,410
TOTAL INDUSTRIALS			673,865
INFORMATION TECHNOLOGY - 11.4%
Communications Equipment - 1.0%
Aspect Communications Corp. (a)	200,000		1,712
Foundry Networks, Inc. (a)	200,000		1,824
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Motorola, Inc.	1,700,000		$ 27,455
Nokia Corp. sponsored ADR	1,700,000		20,196
QLogic Corp. (a)	320,000		8,355
SeaChange International, Inc. (a)	120,000		1,834
			61,376
Computers & Peripherals - 3.0%
Electronics for Imaging, Inc. (a)	200,000		3,976
Hewlett-Packard Co.	3,200,050		57,249
International Business Machines Corp.	800,000		67,752
NCR Corp. (a)	320,000		14,134
Seagate Technology	260,000		2,842
Storage Technology Corp. (a)	1,020,000		24,735
Western Digital Corp. (a)	600,000		4,476
			175,164
Electronic Equipment & Instruments - 0.7%
Benchmark Electronics, Inc. (a)	100,000		2,876
Celestica, Inc. (sub. vtg.) (a)	220,000		3,154
Flextronics International Ltd. (a)	900,000		11,169
Kyocera Corp.	160,000		11,746
Planar Systems, Inc. (a)	500,000		5,680
Tech Data Corp. (a)	120,000		4,519
			39,144
Internet Software & Services - 0.2%
iPass, Inc.	700,000		4,375
WebEx Communications, Inc. (a)	380,000		7,372
			11,747
IT Services - 1.3%
Affiliated Computer Services, Inc. Class A (a)	60,000		3,260
Ceridian Corp. (a)	1,500,000		27,735
Computer Sciences Corp. (a)	280,000		12,978
DST Systems, Inc. (a)	80,000		3,619
Electronic Data Systems Corp.	460,000		8,841
First Data Corp.	94,900		4,010
ManTech International Corp. Class A (a)	300,000		4,806
SunGard Data Systems, Inc. (a)	340,000		7,820
Titan Corp. (a)	440,000		5,826
			78,895
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Office Electronics - 0.3%
Canon, Inc. ADR	240,000		$ 11,513
Xerox Corp. (a)	600,000		8,058
			19,571
Semiconductors & Semiconductor Equipment - 2.3%
Applied Materials, Inc. (a)	1,800,000		28,602
Cabot Microelectronics Corp. (a)	460,000		15,359
Cymer, Inc. (a)	240,000		6,413
DSP Group, Inc. (a)	200,000		3,802
Fairchild Semiconductor International, Inc. (a)	900,000		11,097
Freescale Semiconductor, Inc. Class A	1,300,000		18,070
Intel Corp.	200,000		4,258
Intersil Corp. Class A	240,000		4,183
Kulicke & Soffa Industries, Inc. (a)	1,000,000		5,480
National Semiconductor Corp. (a)	1,800,000		23,994
Photronics, Inc. (a)	200,000		2,870
Teradyne, Inc. (a)	192,900		2,483
Texas Instruments, Inc.	240,000		4,690
Varian Semiconductor Equipment Associates, Inc. (a)	72,100		2,019
			133,320
Software - 2.6%
BEA Systems, Inc. (a)	700,000		4,620
Business Objects SA sponsored ADR (a)	100,000		1,858
Fair, Isaac & Co., Inc.	220,000		5,925
Intuit, Inc. (a)	80,000		3,383
Macrovision Corp. (a)	240,000		5,676
Microsoft Corp.	3,800,000		103,740
Oracle Corp. (a)	500,000		4,985
PeopleSoft, Inc. (a)	280,000		4,872
Quest Software, Inc. (a)	420,000		4,250
SERENA Software, Inc. (a)	140,000		2,191
Take-Two Interactive Software, Inc. (a)	80,000		2,620
THQ, Inc. (a)	200,000		3,798
Verity, Inc. (a)	240,000		2,748
			150,666
TOTAL INFORMATION TECHNOLOGY			669,883
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 3.5%
Chemicals - 1.6%
Air Products & Chemicals, Inc.	80,000		$ 4,190
Airgas, Inc.	200,000		4,450
Cytec Industries, Inc.	100,000		4,824
FMC Corp. (a)	320,000		14,794
International Flavors & Fragrances, Inc.	700,000		26,971
Monsanto Co.	140,000		5,124
PPG Industries, Inc.	225,700		13,490
Praxair, Inc.	600,000		24,348
Sensient Technologies Corp.	1,100		23
			98,214
Containers & Packaging - 0.2%
Ball Corp.	81,498		3,043
Smurfit-Stone Container Corp. (a)	200,000		3,548
Temple-Inland, Inc.	60,000		4,097
			10,688
Metals & Mining - 0.9%
Alcoa, Inc.	820,000		26,552
Newmont Mining Corp.	300,000		13,317
Phelps Dodge Corp.	160,000		13,050
			52,919
Paper & Forest Products - 0.8%
International Paper Co.	440,000		17,609
MeadWestvaco Corp.	260,000		7,839
Weyerhaeuser Co.	320,000		20,003
			45,451
TOTAL MATERIALS			207,272
TELECOMMUNICATION SERVICES - 5.1%
Diversified Telecommunication Services - 4.9%
BellSouth Corp.	4,700,000		125,772
CenturyTel, Inc.	280,000		9,013
SBC Communications, Inc.	2,800,000		72,212
Verizon Communications, Inc.	2,000,000		78,500
			285,497
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.2%
AT&T Wireless Services, Inc. (a)	900,000		$ 13,158
TOTAL TELECOMMUNICATION SERVICES			298,655
UTILITIES - 1.0%
Electric Utilities - 0.8%
Cinergy Corp.	180,000		7,286
Consolidated Edison, Inc.	140,000		5,908
FirstEnergy Corp.	360,000		14,486
NSTAR	160,000		7,808
Wisconsin Energy Corp.	380,000		12,445
			47,933
Gas Utilities - 0.1%
KeySpan Corp.	220,000		8,382
Multi-Utilities & Unregulated Power - 0.1%
Energy East Corp.	160,000		3,899
TOTAL UTILITIES			60,214
TOTAL COMMON STOCKS (Cost $4,933,667)		5,716,102
Convertible Preferred Stocks - 0.6%

CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
J.N. Taylor Holdings Ltd. 9.5% (a)	50,000		0
HEALTH CARE - 0.4%
Health Care Equipment & Supplies - 0.4%
Baxter International, Inc. 7.00%	500,000		26,005
UTILITIES - 0.2%
Multi-Utilities & Unregulated Power - 0.2%
Dominion Resources, Inc. 8.75%	180,000		9,548
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $35,197)		35,553
Money Market Funds - 2.4%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.53% (b)	118,594,987		$ 118,595
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	23,030,800		23,031
TOTAL MONEY MARKET FUNDS (Cost $141,626)		141,626
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $5,110,490)			5,893,281
NET OTHER ASSETS - (0.1)%		(7,325)
NET ASSETS - 100%		$ 5,885,956

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 listing of the fund's holdings as of its most recent fiscal year end is available upon request.

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $5,116,878,000. Net unrealized appreciation aggregated $776,403,000, of which $1,025,319,000 related to appreciated investment securities and $248,916,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

MC-QTLY-1004

1.805741.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.9%
Hotels, Restaurants & Leisure - 6.9%
GTECH Holdings Corp.	727,400		$ 17,094
Royal Caribbean Cruises Ltd.	6,513,300		268,999
Wendy's International, Inc.	3,245,500		111,548
Wynn Resorts Ltd. (a)	2,920,154		112,718
			510,359
Household Durables - 5.2%
Harman International Industries, Inc. (d)	3,924,500		379,460
Media - 6.0%
Cablevision Systems Corp. - NY Group Class A (a)	2,597,800		48,111
Lamar Advertising Co. Class A (a)	1,921,200		83,937
NTL, Inc. (a)	3,210,724		174,374
Omnicom Group, Inc.	1,327,100		91,318
Salem Communications Corp. Class A (a)(d)	1,085,439		28,873
The DIRECTV Group, Inc. (a)	713,229		11,319
			437,932
Specialty Retail - 0.9%
Linens 'N Things, Inc. (a)	405,500		10,170
Ross Stores, Inc.	1,076,500		22,768
Sports Authority, Inc. (a)	992,600		21,073
Tiffany & Co., Inc.	414,200		12,819
			66,830
Textiles Apparel & Luxury Goods - 0.9%
Polo Ralph Lauren Corp. Class A	1,787,200		65,286
TOTAL CONSUMER DISCRETIONARY			1,459,867
CONSUMER STAPLES - 5.5%
Beverages - 1.7%
Adolph Coors Co. Class B (d)	1,818,000		124,515
Food & Staples Retailing - 2.7%
Safeway, Inc. (a)	9,814,600		198,255
Food Products - 1.1%
Archer-Daniels-Midland Co.	4,843,400		77,349
Del Monte Foods Co. (a)	485,100		5,118
			82,467
TOTAL CONSUMER STAPLES			405,237
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 6.8%
Energy Equipment & Services - 6.7%
Baker Hughes, Inc.	408,300		$ 16,058
BJ Services Co.	292,100		14,035
Grant Prideco, Inc. (a)	3,793,207		69,302
National-Oilwell, Inc. (a)	2,694,562		80,567
Noble Corp. (a)	2,810,200		113,026
Transocean, Inc. (a)	1,625,200		49,894
Varco International, Inc. (a)	3,477,000		84,422
Weatherford International Ltd. (a)	1,398,302		64,797
			492,101
Oil & Gas - 0.1%
Tsakos Energy Navigation Ltd.	280,900		7,640
TOTAL ENERGY			499,741
FINANCIALS - 4.0%
Capital Markets - 0.9%
Janus Capital Group, Inc.	4,874,500		66,976
Consumer Finance - 0.5%
First Marblehead Corp.	801,000		33,137
Diversified Financial Services - 1.3%
Archipelago Holdings, Inc.	1,882,400		28,048
CapitalSource, Inc.	2,357,400		48,067
CIT Group, Inc.	504,600		18,034
			94,149
Insurance - 0.9%
AMBAC Financial Group, Inc.	900,700		68,003
Real Estate - 0.4%
Capital Automotive (SBI)	437,702		13,512
Equity Residential (SBI)	545,200		17,659
			31,171
TOTAL FINANCIALS			293,436
HEALTH CARE - 13.5%
Biotechnology - 0.5%
Millennium Pharmaceuticals, Inc. (a)	2,490,800		29,616
Momenta Pharmaceuticals, Inc.	822,100		6,371
			35,987
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 8.5%
Baxter International, Inc.	5,169,700		$ 157,883
Cytyc Corp. (a)	4,669,100		111,872
Edwards Lifesciences Corp. (a)	1,978,300		69,854
Fisher Scientific International, Inc. (a)	3,894,068		221,845
ResMed, Inc. (a)	306,300		14,632
St. Jude Medical, Inc. (a)	378,800		25,474
Wright Medical Group, Inc. (a)	853,160		23,035
			624,595
Health Care Providers & Services - 3.7%
HealthSouth Corp. (a)(d)	27,014,300		146,958
Medco Health Solutions, Inc. (a)	1,838,500		57,416
Omnicare, Inc.	2,337,300		67,641
			272,015
Pharmaceuticals - 0.8%
Barr Pharmaceuticals, Inc. (a)	1,605,249		63,038
TOTAL HEALTH CARE			995,635
INDUSTRIALS - 18.3%
Aerospace & Defense - 2.7%
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	7,487,600		198,796
Air Freight & Logistics - 1.7%
CNF, Inc. (d)	3,101,114		127,208
Airlines - 3.0%
Ryanair Holdings PLC sponsored ADR (a)	3,100,800		96,280
Southwest Airlines Co.	3,381,600		50,115
WestJet Airlines Ltd. (a)(d)	7,254,700		73,384
			219,779
Commercial Services & Supplies - 9.6%
Aramark Corp. Class B	3,732,900		94,480
Career Education Corp. (a)(d)	5,808,500		179,134
Cendant Corp.	10,837,000		234,404
R.R. Donnelley & Sons Co.	4,936,447		151,697
Universal Technical Institute, Inc. (d)	1,750,400		47,926
			707,641
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - 0.9%
Fluor Corp.	1,399,900		$ 59,846
Granite Construction, Inc.	135,200		3,083
			62,929
Machinery - 0.4%
Pentair, Inc.	924,000		30,714
TOTAL INDUSTRIALS			1,347,067
INFORMATION TECHNOLOGY - 4.6%
Communications Equipment - 0.8%
Research in Motion Ltd. (a)	984,200		59,321
Electronic Equipment & Instruments - 1.5%
Symbol Technologies, Inc.	8,802,900		113,557
Internet Software & Services - 0.8%
CNET Networks, Inc. (a)	6,994,270		56,863
Sina Corp. (a)	28,100		585
			57,448
IT Services - 1.1%
BearingPoint, Inc. (a)	9,655,358		77,919
Software - 0.4%
NAVTEQ Corp.	867,000		28,507
TOTAL INFORMATION TECHNOLOGY			336,752
MATERIALS - 10.0%
Chemicals - 3.6%
Agrium, Inc.	1,589,300		24,853
Lyondell Chemical Co.	6,487,500		127,739
Monsanto Co.	1,516,000		55,486
Olin Corp.	1,755,100		29,644
Potash Corp. of Saskatchewan	440,500		24,598
			262,320
Containers & Packaging - 1.0%
Pactiv Corp. (a)	3,146,300		74,410
Metals & Mining - 5.4%
Alcan, Inc.	1,657,500		72,128
Freeport-McMoRan Copper & Gold, Inc. Class B	2,446,700		92,069
Newmont Mining Corp.	1,950,100		86,565
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Nucor Corp.	232,700		$ 18,218
Peabody Energy Corp.	2,374,600		126,614
			395,594
TOTAL MATERIALS			732,324
TELECOMMUNICATION SERVICES - 12.7%
Diversified Telecommunication Services - 3.1%
Citizens Communications Co. (d)	17,856,430		225,527
Wireless Telecommunication Services - 9.6%
American Tower Corp. Class A (a)	8,097,210		120,567
Nextel Communications, Inc. Class A (a)	19,450,800		451,065
SpectraSite, Inc. (a)(d)	2,992,100		134,465
			706,097
TOTAL TELECOMMUNICATION SERVICES			931,624
TOTAL COMMON STOCKS (Cost $6,264,046)		7,001,683
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 1.53% (b)	297,945,127	297,945
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	57,209,525	57,210
TOTAL MONEY MARKET FUNDS (Cost $355,155)		355,155
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $6,619,201)		7,356,838
NET OTHER ASSETS - (0.1)%		(9,699)
NET ASSETS - 100%		$ 7,347,139

Legend

(a) Non-income producing

(d) Affiliated company

Other Information

An affiliated company is a company in which the fund has ownership of at least 5% of the voting securities. Companies which are affiliates of the fund at period-end are noted in the fund's Schedule of Investments. Transactions during the period 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
Adolph Coors Co. Class B	$ -	$ 128,543	$ -	$ 415	$ 124,515
Alaska Air Group, Inc.	71,906	2,921	58,313	-	-
Aramark Corp. Class B	141,899	1,903	42,648	621	-
At Road, Inc.	45,351	13,385	38,061	-	-
Atlantic Coast Airlines Holdings, Inc.	49,548	-	24,522	-	-
Career Education Corp.	-	330,689	55,927	-	179,134
Citizens Communications Co.	184,859	36,499	21,739	36,705	225,527
CNF, Inc.	62,327	54,601	14,913	1,000	127,208
Dick's Sporting Goods, Inc.	44,987	8,885	56,810	-	-
Harman International Industries, Inc.	249,170	20,178	-	144	379,460
HealthSouth Corp.	112,293	1,138	-	-	146,958
Reebok International Ltd.	127,460	15,502	131,347	368	-
Salem Communications Corp. Class A	16,881	11,838	-	-	28,873
SpectraSite, Inc.	-	111,243	-	-	134,465
Tsakos Energy Navigation Ltd.	19,096	-	25,431	512	-
Universal Technical Institute, Inc.	-	64,843	-	-	47,926
WestJet Airlines Ltd.	21,818	74,692	-	-	73,384
Total	$ 1,147,595	$ 876,860	$ 469,711	$ 39,765	$ 1,467,450

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $6,642,400,000. Net unrealized appreciation aggregated $714,438,000, of which $1,044,260,000 related to appreciated investment securities and $329,822,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Growth &
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

AGAI-QTLY-1004

1.805763.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 20.7%
Hotels, Restaurants & Leisure - 0.5%
Carnival Corp. unit	192,000		$ 8,792
Media - 17.1%
E.W. Scripps Co. Class A	373,400		38,203
EchoStar Communications Corp. Class A (a)	4,452,055		136,449
News Corp. Ltd. ADR	583,700		18,241
Omnicom Group, Inc.	1,583,400		108,954
Washington Post Co. Class B	100		87
			301,934
Multiline Retail - 2.6%
Kohl's Corp. (a)	919,300		45,487
Textiles Apparel & Luxury Goods - 0.5%
Liz Claiborne, Inc.	262,700		10,001
TOTAL CONSUMER DISCRETIONARY			366,214
CONSUMER STAPLES - 14.9%
Beverages - 0.9%
The Coca-Cola Co.	361,300		16,154
Food & Staples Retailing - 5.9%
Costco Wholesale Corp.	521,400		21,466
Wal-Mart Stores, Inc.	1,147,200		60,423
Walgreen Co.	603,600		22,001
			103,890
Food Products - 1.2%
McCormick & Co., Inc. (non-vtg.)	497,200		16,681
Unilever PLC sponsored ADR	116,100		4,045
			20,726
Household Products - 2.7%
Colgate-Palmolive Co.	298,800		16,135
Kimberly-Clark Corp.	481,500		32,116
			48,251
Personal Products - 3.1%
Gillette Co.	1,283,800		54,562
Tobacco - 1.1%
Altria Group, Inc.	397,000		19,433
TOTAL CONSUMER STAPLES			263,016
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 4.1%
Oil & Gas - 4.1%
BP PLC sponsored ADR	406,900		$ 21,851
Exxon Mobil Corp.	1,104,006		50,895
			72,746
FINANCIALS - 20.9%
Capital Markets - 10.7%
Goldman Sachs Group, Inc.	466,100		41,786
Merrill Lynch & Co., Inc.	1,163,700		59,430
Morgan Stanley	1,723,000		87,408
			188,624
Commercial Banks - 4.9%
Wells Fargo & Co.	1,476,600		86,750
Consumer Finance - 0.8%
American Express Co.	302,900		15,151
Insurance - 4.5%
Allstate Corp.	371,400		17,534
American International Group, Inc.	566,130		40,331
PartnerRe Ltd.	166,600		8,552
St. Paul Travelers Companies, Inc.	383,073		13,289
			79,706
TOTAL FINANCIALS			370,231
HEALTH CARE - 3.7%
Biotechnology - 0.9%
Amgen, Inc. (a)	267,600		15,866
Health Care Equipment & Supplies - 1.1%
Alcon, Inc.	182,600		13,666
Medtronic, Inc.	123,500		6,144
			19,810
Pharmaceuticals - 1.7%
Allergan, Inc.	144,700		10,802
Pfizer, Inc.	567,450		18,539
			29,341
TOTAL HEALTH CARE			65,017
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 5.0%
Aerospace & Defense - 1.3%
Lockheed Martin Corp.	175,300		$ 9,428
Northrop Grumman Corp.	249,400		12,882
			22,310
Airlines - 0.7%
Continental Airlines, Inc. Class B (a)	893,700		8,624
Southwest Airlines Co.	270,900		4,015
			12,639
Commercial Services & Supplies - 0.5%
Avery Dennison Corp.	133,300		8,285
Industrial Conglomerates - 2.0%
General Electric Co.	1,058,900		34,721
Road & Rail - 0.5%
Union Pacific Corp.	171,400		9,789
TOTAL INDUSTRIALS			87,744
INFORMATION TECHNOLOGY - 6.2%
Communications Equipment - 1.5%
Cisco Systems, Inc. (a)	1,418,300		26,607
Foundry Networks, Inc. (a)	400		4
			26,611
Computers & Peripherals - 0.6%
Diebold, Inc.	230,900		11,289
IT Services - 0.6%
Paychex, Inc.	344,200		10,212
Software - 3.5%
Microsoft Corp.	2,258,600		61,660
TOTAL INFORMATION TECHNOLOGY			109,772
MATERIALS - 2.7%
Containers & Packaging - 2.7%
Packaging Corp. of America	228,500		5,233
Smurfit-Stone Container Corp. (a)	2,430,502		43,117
			48,350
TELECOMMUNICATION SERVICES - 11.7%
Diversified Telecommunication Services - 11.7%
BellSouth Corp.	3,437,900		91,998
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
SBC Communications, Inc.	1,131,200		$ 29,174
Verizon Communications, Inc.	2,173,900		85,326
			206,498
UTILITIES - 1.0%
Electric Utilities - 1.0%
Entergy Corp.	286,600		17,282
TOTAL COMMON STOCKS (Cost $1,516,836)		1,606,870
Money Market Funds - 9.5%

Fidelity Cash Central Fund, 1.53% (b)	158,183,498		158,183
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	10,396,500		10,397
TOTAL MONEY MARKET FUNDS (Cost $168,580)		168,580
TOTAL INVESTMENT PORTFOLIO - 100.4% (Cost $1,685,416)		1,775,450
NET OTHER ASSETS - (0.4)%		(7,878)
NET ASSETS - 100%		$ 1,767,572

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $1,687,347,000. Net unrealized appreciation aggregated $88,103,000, of which $178,969,000 related to appreciated investment securities and $90,866,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Small Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

ASCF-QTLY-1004

1.805747.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.0%
Auto Components - 0.0%
Amerigon, Inc. (a)	280,200		$ 1,009
Hotels, Restaurants & Leisure - 2.7%
Benihana, Inc. Class A (a)	92,000		1,197
Choice Hotels International, Inc.	27,700		1,437
Ctrip.com International Ltd. ADR	1,100,000		34,705
Monarch Casino & Resort, Inc. (a)	180,000		2,997
Starbucks Coffee Japan Ltd. (a)	52,607		13,782
			54,118
Household Durables - 1.2%
Beazer Homes USA, Inc.	45,000		4,394
Champion Enterprises, Inc. (a)	353,200		3,401
D.R. Horton, Inc.	169,455		5,243
Jarden Corp. (a)	300,000		9,087
Lennar Corp. Class B	57,420		2,437
			24,562
Leisure Equipment & Products - 2.4%
Brunswick Corp.	650,600		25,575
MarineMax, Inc. (a)(d)	1,120,900		21,970
			47,545
Media - 2.7%
ADVO, Inc.	130,400		3,857
Cumulus Media, Inc. Class A (a)	300,000		4,530
Playboy Enterprises, Inc. Class B (non-vtg.) (a)	1,009,100		9,173
Radio One, Inc.:
Class A (a)	441,000		6,910
Class D (non-vtg.) (a)	982,000		15,319
Salem Communications Corp. Class A (a)	100,000		2,660
Scholastic Corp. (a)	100,000		2,925
Scottish Radio Holdings PLC	5,610		90
Spanish Broadcasting System, Inc. Class A (a)	500,000		4,380
UnitedGlobalCom, Inc. Class A (a)	484,200		3,293
			53,137
Multiline Retail - 0.8%
Neiman Marcus Group, Inc. Class A	300,000		15,960
Specialty Retail - 3.0%
Aaron Rents, Inc.	420,300		8,633
Bakers Footwear Group, Inc. (d)	371,500		3,277
Barbeques Galore Ltd. sponsored ADR	50,000		366
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
bebe Stores, Inc. (a)	450,000		$ 8,177
Big 5 Sporting Goods Corp. (a)	78,000		1,494
Hot Topic, Inc. (a)	300,000		4,530
PETsMART, Inc.	100,000		2,806
SAZABY, Inc.	450,000		11,534
Select Comfort Corp. (a)	200,000		3,176
Steiner Leisure Ltd. (a)	200,000		4,274
Yamada Denki Co. Ltd.	300,000		10,847
			59,114
Textiles Apparel & Luxury Goods - 1.2%
Liz Claiborne, Inc.	620,000		23,603
TOTAL CONSUMER DISCRETIONARY			279,048
CONSUMER STAPLES - 6.6%
Beverages - 0.8%
Robert Mondavi Corp. Class A (a)	399,900		16,440
Food & Staples Retailing - 4.9%
United Natural Foods, Inc. (a)(d)	2,853,566		70,654
Whole Foods Market, Inc.	350,000		27,206
			97,860
Food Products - 0.9%
McCormick & Co., Inc. (non-vtg.)	400,000		13,420
SunOpta, Inc. (a)	485,000		3,162
			16,582
TOTAL CONSUMER STAPLES			130,882
ENERGY - 4.1%
Energy Equipment & Services - 2.2%
BJ Services Co.	260,000		12,493
Global Industries Ltd. (a)	2,300,000		12,305
Maverick Tube Corp. (a)	200,000		5,924
Rowan Companies, Inc. (a)	230,000		5,594
Smith International, Inc. (a)	120,000		6,838
			43,154
Oil & Gas - 1.9%
Petroquest Energy, Inc. (a)	1,000,000		4,450
Premcor, Inc. (a)	100,000		3,353
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil & Gas - continued
Teekay Shipping Corp.	736,180		$ 25,803
Tsakos Energy Navigation Ltd.	196,000		5,331
			38,937
TOTAL ENERGY			82,091
FINANCIALS - 6.5%
Capital Markets - 0.2%
E*TRADE Financial Corp. (a)	20,000		236
Investors Financial Services Corp.	2,400		111
Waddell & Reed Financial, Inc. Class A	150,000		3,261
			3,608
Commercial Banks - 2.6%
First Community Bancorp, California	4,100		167
Silicon Valley Bancshares (a)	841,440		31,428
Southwest Bancorp of Texas, Inc.	100,000		2,108
Texas Capital Bancshares, Inc.	200,000		3,386
Texas Regional Bancshares, Inc. Class A	495,000		14,474
			51,563
Insurance - 0.7%
Commerce Group, Inc., Massachusetts	50,000		2,398
Markel Corp. (a)	20,000		5,877
Navigators Group, Inc. (a)	100,000		2,924
Scottish Re Group Ltd.	83,900		1,782
UICI	50,000		1,391
			14,372
Real Estate - 2.5%
Capital Lease Funding, Inc. (d)	2,193,700		22,727
CBL & Associates Properties, Inc.	60,004		3,665
CenterPoint Properties Trust (SBI)	23,640		994
Gables Residential Trust (SBI)	200,000		6,652
Government Properties Trust, Inc.	715,600		6,719
Home Properties of New York, Inc.	3,081		124
LNR Property Corp.	52,600		3,293
Price Legacy Corp.	125,000		2,350
Reckson Associates Realty Corp.	100,000		2,940
			49,464
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.5%
NetBank, Inc.	986,000		$ 10,491
TOTAL FINANCIALS			129,498
HEALTH CARE - 13.6%
Biotechnology - 1.7%
Charles River Laboratories International, Inc. (a)	427,700		18,626
Connetics Corp. (a)	220,000		5,643
Harvard Bioscience, Inc. (a)	300,000		1,476
Medarex, Inc. (a)	800,000		4,552
ONYX Pharmaceuticals, Inc. (a)	61,600		2,288
OSI Pharmaceuticals, Inc. (a)	10,400		620
			33,205
Health Care Equipment & Supplies - 9.5%
American Medical Systems Holdings, Inc. (a)	500,000		15,780
Cholestech Corp. (a)	200,000		1,442
Cooper Companies, Inc.	450,000		26,078
Dade Behring Holdings, Inc. (a)	300,000		15,771
Edwards Lifesciences Corp. (a)	100,000		3,531
Hologic, Inc. (a)	100,000		1,852
INAMED Corp. (a)	334,100		17,754
Medical Action Industries, Inc. (a)	400,000		6,404
Mentor Corp.	146,800		5,164
Microtek Medical Holdings, Inc. (a)	38,500		151
Millipore Corp. (a)	451,070		22,689
ResMed, Inc. (a)	603,610		28,834
Sonic Innovations, Inc. (a)	400,000		1,904
Thoratec Corp. (a)	500,000		4,910
Wilson Greatbatch Technologies, Inc. (a)	200,000		3,276
Wright Medical Group, Inc. (a)	1,200,000		32,400
			187,940
Health Care Providers & Services - 2.2%
Advisory Board Co. (a)	500		16
AMN Healthcare Services, Inc. (a)	73,198		846
Caremark Rx, Inc. (a)	21,900		629
Community Health Systems, Inc. (a)	200,000		5,000
Inveresk Research Group, Inc. (a)	200,000		7,102
Molina Healthcare, Inc. (a)	906,000		30,079
			43,672
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 0.2%
Kyorin Pharmaceutical Co. Ltd.	310,000		$ 4,535
TOTAL HEALTH CARE			269,352
INDUSTRIALS - 16.2%
Aerospace & Defense - 1.1%
BE Aerospace, Inc. (a)	1,000,000		10,600
SI International, Inc. (a)	200,000		4,002
United Defense Industries, Inc. (a)	200,000		7,646
			22,248
Air Freight & Logistics - 1.2%
CNF, Inc.	200,000		8,204
Forward Air Corp. (a)	400,000		14,532
			22,736
Building Products - 1.1%
Trex Co., Inc. (a)	517,000		22,407
Commercial Services & Supplies - 5.9%
A.T. Cross Co. Class A (a)	321,300		1,693
Central Parking Corp.	573,800		9,324
Cintas Corp.	200,000		8,202
Copart, Inc. (a)	500,000		10,860
Hudson Highland Group, Inc. (a)	26,000		715
Korn/Ferry International (a)	828,700		14,726
Labor Ready, Inc. (a)	300,000		3,717
Princeton Review, Inc. (a)	500,000		3,545
Waste Connections, Inc. (a)	2,215,950		65,038
			117,820
Construction & Engineering - 0.3%
Chicago Bridge & Iron Co. NV	222,000		6,580
Electrical Equipment - 0.6%
A.O. Smith Corp.	300,000		7,326
Energy Conversion Devices, Inc. (a)	200,000		2,640
Lamson & Sessions Co. (a)	100,000		703
			10,669
Machinery - 3.6%
Actuant Corp. Class A (a)	700,000		26,488
Astec Industries, Inc. (a)	700,000		11,571
Briggs & Stratton Corp.	100,000		7,510
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Bucyrus International, Inc. Class A	9,100		$ 241
Oshkosh Truck Co.	340,000		17,326
Terex Corp. (a)	220,000		7,949
			71,085
Road & Rail - 1.9%
Heartland Express, Inc.	499,009		8,753
Knight Transportation, Inc. (a)	300,000		5,967
Laidlaw International, Inc. (a)	1,000,000		15,700
Landstar System, Inc. (a)	73,200		3,842
Marten Transport Ltd. (a)	218,150		3,791
			38,053
Trading Companies & Distributors - 0.5%
Fastenal Co.	100,000		6,278
MSC Industrial Direct Co., Inc. Class A	100,000		3,107
			9,385
TOTAL INDUSTRIALS			320,983
INFORMATION TECHNOLOGY - 23.1%
Communications Equipment - 4.4%
Alvarion Ltd. (a)	100,000		1,122
Belden CDT, Inc. (a)	776,250		15,548
Lucent Technologies, Inc. (a)	13,381		42
Polycom, Inc. (a)	2,100,060		41,014
Powerwave Technologies, Inc. (a)	800,000		4,840
SafeNet, Inc. (a)	200,000		5,690
SeaChange International, Inc. (a)	766,156		11,707
SiRF Technology Holdings, Inc.	500,000		4,990
Terayon Communication Systems, Inc. (a)	1,234,800		2,013
			86,966
Computers & Peripherals - 0.3%
Drexler Technology Corp. (a)	50,000		395
M-Systems Flash Disk Pioneers Ltd. (a)	100,000		1,170
Neoware Systems, Inc. (a)	500,000		3,975
			5,540
Electronic Equipment & Instruments - 7.2%
Amphenol Corp. Class A (a)	200,000		6,012
Bell Microproducts, Inc. (a)	300,000		2,277
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Celestica, Inc. (sub. vtg.) (a)	376,687		$ 5,400
Enplas Corp.	40,000		1,012
Merix Corp. (a)	300,000		2,988
Metrologic Instruments, Inc. (a)	400,000		5,756
Mettler-Toledo International, Inc. (a)	1,800,000		82,872
Nichicon Corp.	117,400		1,378
Photon Dynamics, Inc. (a)	255,000		5,730
RadiSys Corp. (a)	900,310		10,444
Vishay Intertechnology, Inc. (a)	1,470,881		18,754
			142,623
Internet Software & Services - 3.4%
Ariba, Inc. (a)	500,000		3,720
CNET Networks, Inc. (a)	1,000,000		8,130
Digitas, Inc. (a)	173,538		1,241
EarthLink, Inc. (a)	1,010,000		10,110
Homestore, Inc. (a)	150,000		327
MatrixOne, Inc. (a)	1,000,000		4,680
Openwave Systems, Inc. (a)	1,602,400		14,934
United Online, Inc. (a)	2,500,000		23,950
Vignette Corp. (a)	15,400		19
			67,111
IT Services - 4.3%
BearingPoint, Inc. (a)	2,200,000		17,754
Kanbay International, Inc.	500,000		9,955
MPS Group, Inc. (a)(d)	6,080,000		54,294
Pegasus Solutions, Inc. (a)	280,490		3,515
			85,518
Semiconductors & Semiconductor Equipment - 2.0%
Agere Systems, Inc.:
Class A (a)	160		0
Class B (a)	3,933		5
ASE Test Ltd. (a)	200,000		954
Cymer, Inc. (a)	100,000		2,672
FormFactor, Inc. (a)	200,000		3,500
Intersil Corp. Class A	127,390		2,220
Jenoptik AG (a)	56,650		484
Lam Research Corp. (a)	500,000		10,775
LTX Corp. (a)	300,000		1,542
Mykrolis Corp. (a)	339,130		2,995
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
O2Micro International Ltd. (a)	379,900		$ 3,651
PDF Solutions, Inc. (a)	13,400		124
Photronics, Inc. (a)	100,000		1,435
Sanken Electric Co. Ltd.	498,000		5,361
Trident Microsystems, Inc. (a)	129,774		1,762
Varian Semiconductor Equipment Associates, Inc. (a)	100,000		2,800
			40,280
Software - 1.5%
Actuate Corp. (a)	100,000		313
Bottomline Technologies, Inc. (a)	500,000		4,270
Concord Communications, Inc. (a)	500,000		4,330
QAD, Inc.	1,000,000		6,200
TALX Corp. (d)	700,000		14,882
Vastera, Inc. (a)	638,700		1,201
			31,196
TOTAL INFORMATION TECHNOLOGY			459,234
MATERIALS - 7.0%
Chemicals - 0.1%
Olin Corp.	100,000		1,689
OMNOVA Solutions, Inc. (a)	100,000		589
			2,278
Construction Materials - 4.4%
Florida Rock Industries, Inc.	1,929,697		87,797
Containers & Packaging - 0.0%
Peak International Ltd. (a)	28,600		124
Metals & Mining - 2.3%
Arch Coal, Inc.	100,000		3,223
Cleveland-Cliffs, Inc. (a)	200,000		13,350
Lionore Mining International Ltd. (a)	500,000		2,076
Oregon Steel Mills, Inc. (a)	200,000		2,896
Steel Dynamics, Inc.	699,917		21,949
Stillwater Mining Co. (a)	174,322		2,496
			45,990
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.2%
Mercer International, Inc. (SBI) (a)	129,700		$ 1,201
Sino-Forest Corp. (a)	500,000		1,104
			2,305
TOTAL MATERIALS			138,494
TELECOMMUNICATION SERVICES - 4.3%
Wireless Telecommunication Services - 4.3%
AirGate PCS, Inc. (a)	341,200		5,903
Alamosa Holdings, Inc. (a)	4,024,200		32,998
American Tower Corp. Class A (a)	2,900,000		43,181
Ubiquitel, Inc. (a)	1,000,000		4,140
			86,222
UTILITIES - 0.1%
Multi-Utilities & Unregulated Power - 0.1%
Sierra Pacific Resources (a)	300,000		2,580
TOTAL COMMON STOCKS (Cost $1,602,248)		1,898,384
Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	7,200		3
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $111)		3
Money Market Funds - 6.8%

Fidelity Cash Central Fund, 1.53% (b)(c) (Cost $135,628)	135,628,492		135,628
Cash Equivalents - 0.1%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.53%, dated 8/31/04 due 9/1/04) (Cost $2,475)	$ 2,475	$ 2,475
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $1,740,462)		2,036,490
NET OTHER ASSETS - (2.4)%		(47,898)
NET ASSETS - 100%		$ 1,988,592

Legend

(a) Non-income producing

(d) Affiliated company

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 124

Other Information

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bakers Footwear Group, Inc.	$ -	$ 3,258	$ -	$ -	$ 3,277
Capital Lease Funding, Inc.	-	28,497	-	-	22,727
Golden State Vintners, Inc. Class B	1,173	-	3,123	-	-
MarineMax, Inc.	17,497	3,830	-	-	21,970
MPS Group, Inc.	56,856	-	925	-	54,294
RadiSys Corp.	21,166	-	3,098	-	-
Robert Mondavi Corp. Class A	20,997	-	7,471	-	-
TALX Corp.	13,100	4,833	-	85	14,882
United Natural Foods, Inc.	-	65,366	-	-	70,654
Waste Connections, Inc.	50,960	8,098	3,608	-	-
Total	$ 181,749	$ 113,882	$ 18,225	$ 85	$ 187,804

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $1,740,829,000. Net unrealized appreciation aggregated $295,661,000, of which $474,872,000 related to appreciated investment securities and $179,211,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Balanced Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

AIG-QTLY-1004

1.805755.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 55.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.5%
Auto Components - 0.0%
Exide Technologies warrants 3/18/06 (a)	682		$ 0
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp. unit	110,900		5,078
Media - 10.3%
E.W. Scripps Co. Class A	212,270		21,717
EchoStar Communications Corp. Class A (a)	2,556,319		78,337
News Corp. Ltd. ADR	334,600		10,456
Omnicom Group, Inc.	904,250		62,221
			172,731
Multiline Retail - 1.6%
Barneys, Inc. warrants 4/1/08 (a)	460		28
Kohl's Corp. (a)	525,300		25,992
			26,020
Specialty Retail - 0.0%
Stage Stores, Inc. (a)	770		25
Textiles Apparel & Luxury Goods - 0.3%
Liz Claiborne, Inc.	152,400		5,802
TOTAL CONSUMER DISCRETIONARY			209,656
CONSUMER STAPLES - 9.1%
Beverages - 0.6%
The Coca-Cola Co.	226,300		10,118
Food & Staples Retailing - 3.7%
Costco Wholesale Corp.	296,800		12,219
Wal-Mart Stores, Inc.	694,500		36,579
Walgreen Co.	348,400		12,699
			61,497
Food Products - 0.6%
McCormick & Co., Inc. (non-vtg.)	281,600		9,448
Household Products - 1.7%
Colgate-Palmolive Co.	170,700		9,218
Kimberly-Clark Corp.	290,300		19,363
			28,581
Personal Products - 1.8%
Gillette Co.	731,600		31,093
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.7%
Altria Group, Inc.	245,720		$ 12,028
TOTAL CONSUMER STAPLES			152,765
ENERGY - 2.5%
Oil & Gas - 2.5%
BP PLC sponsored ADR	232,700		12,496
Exxon Mobil Corp.	629,468		29,018
			41,514
FINANCIALS - 13.2%
Capital Markets - 6.6%
Goldman Sachs Group, Inc.	269,700		24,179
Merrill Lynch & Co., Inc.	671,400		34,288
Morgan Stanley	1,029,900		52,247
			110,714
Commercial Banks - 3.2%
Wells Fargo & Co.	893,900		52,517
Consumer Finance - 0.6%
American Express Co.	186,600		9,334
Insurance - 2.8%
Allstate Corp.	227,400		10,736
American International Group, Inc.	342,725		24,416
PartnerRe Ltd.	92,300		4,738
St. Paul Travelers Companies, Inc.	218,198		7,569
			47,459
TOTAL FINANCIALS			220,024
HEALTH CARE - 2.2%
Biotechnology - 0.5%
Amgen, Inc. (a)	154,700		9,172
Health Care Equipment & Supplies - 0.7%
Alcon, Inc.	102,800		7,694
Medtronic, Inc.	70,300		3,497
			11,191
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 1.0%
Allergan, Inc.	81,400		$ 6,077
Pfizer, Inc.	323,250		10,561
			16,638
TOTAL HEALTH CARE			37,001
INDUSTRIALS - 3.0%
Aerospace & Defense - 0.7%
Lockheed Martin Corp.	95,500		5,136
Northrop Grumman Corp.	137,400		7,097
			12,233
Airlines - 0.4%
Continental Airlines, Inc. Class B (a)	535,400		5,167
Southwest Airlines Co.	148,400		2,199
			7,366
Commercial Services & Supplies - 0.3%
Avery Dennison Corp.	76,400		4,748
Industrial Conglomerates - 1.2%
General Electric Co.	607,100		19,907
Road & Rail - 0.4%
Union Pacific Corp.	100,600		5,745
TOTAL INDUSTRIALS			49,999
INFORMATION TECHNOLOGY - 3.9%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	878,600		16,483
Foundry Networks, Inc. (a)	300		3
			16,486
Computers & Peripherals - 0.4%
Diebold, Inc.	130,700		6,390
IT Services - 0.3%
Paychex, Inc.	196,581		5,833
Software - 2.2%
Microsoft Corp.	1,367,300		37,327
TOTAL INFORMATION TECHNOLOGY			66,036
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 1.7%
Containers & Packaging - 1.7%
Packaging Corp. of America	131,800		$ 3,018
Smurfit-Stone Container Corp. (a)	1,393,413		24,719
			27,737
TELECOMMUNICATION SERVICES - 7.1%
Diversified Telecommunication Services - 7.1%
BellSouth Corp.	1,982,800		53,060
SBC Communications, Inc.	641,184		16,536
Telewest Global, Inc. (a)	109,547		1,265
Verizon Communications, Inc.	1,225,500		48,101
			118,962
UTILITIES - 0.7%
Electric Utilities - 0.7%
Entergy Corp.	180,000		10,854
TOTAL COMMON STOCKS (Cost $830,122)		934,548
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Cincinnati Bell, Inc. Series B, 6.75%	8,700		360
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
PRIMEDIA, Inc. Series D, 10.00%	430		40
TOTAL PREFERRED STOCKS (Cost $296)		400
Nonconvertible Bonds - 13.6%
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - 2.0%
Auto Components - 0.2%
DaimlerChrysler NA Holding Corp. 7.2% 9/1/09	$ 750		$ 843
Dana Corp.:
9% 8/15/11	240		287
10.125% 3/15/10	600		683
Delco Remy International, Inc. 9.375% 4/15/12	340		340
Stoneridge, Inc. 11.5% 5/1/12	20		23
Visteon Corp.:
7% 3/10/14	890		867
8.25% 8/1/10	225		243
	3,286
Automobiles - 0.2%
Case New Holland, Inc. 9.25% 8/1/11 (e)	320		352
General Motors Corp.:
7.2% 1/15/11	1,000		1,062
8.25% 7/15/23	570		601
8.375% 7/15/33	695		739
			2,754
Distributors - 0.0%
Adesa, Inc. 7.625% 6/15/12	150		151
Hotels, Restaurants & Leisure - 0.4%
Argosy Gaming Co. 7% 1/15/14	190		194
Friendly Ice Cream Corp. 8.375% 6/15/12	85		81
Gaylord Entertainment Co. 8% 11/15/13	160		166
Host Marriott LP 7.125% 11/1/13	130		132
Mandalay Resort Group 6.5% 7/31/09	600		620
MGM MIRAGE:
5.875% 2/27/14 (e)	460		432
8.5% 9/15/10	385		435
9.75% 6/1/07	45		50
Morton's Restaurant Group, Inc. 7.5% 7/1/10	130		124
NCL Corp. Ltd. 10.625% 7/15/14 (e)	395		406
	480		487
Six Flags, Inc.:
8.875% 2/1/10	95		88
9.625% 6/1/14	640		592
Starwood Hotels & Resorts Worldwide, Inc. 7.375% 5/1/07	630		671
Station Casinos, Inc. 6% 4/1/12	280		278
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11	$ 700		$ 756
Vail Resorts, Inc. 6.75% 2/15/14	190		188
Waterford Gaming LLC/Waterford Gaming Finance Corp. 8.625% 9/15/12 (e)	150		159
Wheeling Island Gaming, Inc. 10.125% 12/15/09	300		318
			6,177
Household Durables - 0.0%
Standard Pacific Corp. 9.25% 4/15/12	240		271
WCI Communities, Inc. 7.875% 10/1/13	200		209
	480
Leisure Equipment & Products - 0.0%
K2, Inc. 7.375% 7/1/14 (e)	130		135
True Temper Sports, Inc. 8.375% 9/15/11	230		214
	349
Media - 1.0%
Advanstar Communications, Inc. 10.75% 8/15/10	200		219
AMC Entertainment, Inc. 9.875% 2/1/12	420		439
AOL Time Warner, Inc. 7.625% 4/15/31	1,000		1,141
Cablevision Systems Corp.:
5.66% 4/1/09 (e)(g)	450		459
8% 4/15/12 (e)	640		654
Charter Communications Operating LLC/Charter Communications Operating Capital Corp. 8% 4/30/12 (e)	370		368
Corus Entertainment, Inc. 8.75% 3/1/12	780		852
Cox Communications, Inc. 7.125% 10/1/12	980		1,054
CSC Holdings, Inc.:
7.625% 4/1/11	1,598		1,666
7.625% 7/15/18	270		271
Dex Media, Inc.:
0% 11/15/13 (d)(e)	205		144
8% 11/15/13 (e)	430		443
EchoStar DBS Corp. 10.375% 10/1/07	670		709
Houghton Mifflin Co. 9.875% 2/1/13	365		380
Kabel Deutschland GmbH 10.625% 7/1/14 (e)	370		378
LBI Media Holdings, Inc. 0% 10/15/13 (d)	493		350
LBI Media, Inc. 10.125% 7/15/12	365		405
Liberty Media Corp. 8.25% 2/1/30	1,250		1,401
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Loews Cineplex Entertainment Corp. 9% 8/1/14 (e)	$ 370		$ 374
Nexstar Broadcasting, Inc. 7% 1/15/14	250		243
Nextmedia Operating, Inc. 10.75% 7/1/11	370		417
PanAmSat Corp. 9% 8/15/14 (e)	190		197
PEI Holdings, Inc. 11% 3/15/10	302		350
PRIMEDIA, Inc. 7.625% 4/1/08	1,275		1,250
Radio One, Inc. 8.875% 7/1/11	1,215		1,349
Time Warner, Inc. 6.625% 5/15/29	655		668
Videotron LTEE 6.875% 1/15/14	140		141
			16,322
Multiline Retail - 0.1%
Barneys, Inc. 9% 4/1/08	460		478
Dillard's, Inc. 6.69% 8/1/07	650		670
			1,148
Specialty Retail - 0.1%
Asbury Automotive Group, Inc.:
8% 3/15/14	815		786
9% 6/15/12	160		166
Blockbuster, Inc. 9% 9/1/12 (e)	270		279
CSK Automotive, Inc. 7% 1/15/14	90		86
General Nutrition Centers, Inc. 8.5% 12/1/10 (e)	120		120
Hollywood Entertainment Corp. 9.625% 3/15/11	180		189
Sonic Automotive, Inc. 8.625% 8/15/13	400		419
			2,045
TOTAL CONSUMER DISCRETIONARY			32,712
CONSUMER STAPLES - 0.6%
Food & Staples Retailing - 0.2%
Jean Coutu Group, Inc.:
7.625% 8/1/12 (e)	120		123
8.5% 8/1/14 (e)	300		302
Kroger Co. 6.8% 4/1/11	1,445		1,617
NeighborCare, Inc. 6.875% 11/15/13	380		391
Rite Aid Corp. 6.875% 8/15/13	230		212
Safeway, Inc. 6.5% 3/1/11	955		1,044
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Stater Brothers Holdings, Inc.:
5.06% 6/15/10 (e)(g)	$ 280		$ 286
8.125% 6/15/12 (e)	210		218
			4,193
Food Products - 0.2%
Central Garden & Pet Co. 9.125% 2/1/13	70		76
Chiquita Brands International, Inc. 10.56% 3/15/09	375		408
Corn Products International, Inc.:
8.25% 7/15/07	755		838
8.45% 8/15/09	70		80
Dean Foods Co.:
6.9% 10/15/17	545		561
8.15% 8/1/07	325		356
Doane Pet Care Co. 10.75% 3/1/10	470		503
Hines Nurseries, Inc. 10.25% 10/1/11	100		105
Pierre Foods, Inc. 9.875% 7/15/12 (e)	130		133
Reddy Ice Group, Inc. 8.875% 8/1/11	70		75
United Agriculture Products, Inc. 8.25% 12/15/11 (e)	130		139
			3,274
Tobacco - 0.2%
Altria Group, Inc. 7% 11/4/13	905		954
Philip Morris Companies, Inc. 7.75% 1/15/27	1,500		1,586
			2,540
TOTAL CONSUMER STAPLES			10,007
ENERGY - 1.2%
Energy Equipment & Services - 0.1%
Grant Prideco, Inc.:
9% 12/15/09	100		110
9.625% 12/1/07	370		414
Hanover Compressor Co.:
8.625% 12/15/10	110		117
9% 6/1/14	190		204
Key Energy Services, Inc. 8.375% 3/1/08	190		200
Kinder Morgan, Inc. 6.5% 9/1/12	200		218
Pride International, Inc. 7.375% 7/15/14 (e)	190		204
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Seabulk International, Inc. 9.5% 8/15/13	$ 430		$ 445
SESI LLC 8.875% 5/15/11	40		43
			1,955
Oil & Gas - 1.1%
Amerada Hess Corp.:
6.65% 8/15/11	135		148
7.125% 3/15/33	355		375
7.375% 10/1/09	310		349
Belden & Blake Corp. 8.75% 7/15/12 (e)	220		227
Chesapeake Energy Corp.:
6.875% 1/15/16	554		561
7.5% 6/15/14	220		234
El Paso Corp.:
7% 5/15/11	1,120		1,049
7.875% 6/15/12	485		466
El Paso Energy Corp.:
6.95% 12/15/07	175		173
7.375% 12/15/12	256		238
Empresa Nacional de Petroleo 6.75% 11/15/12 (e)	730		815
EnCana Corp. 6.5% 8/15/34	590		624
EXCO Resources, Inc. 7.25% 1/15/11	130		135
Forest Oil Corp. 8% 12/15/11	370		403
General Maritime Corp. 10% 3/15/13	555		617
GulfTerra Energy Partners LP/GulfTerra Energy Finance Corp. 10.625% 12/1/12	94		118
KCS Energy, Inc. 7.125% 4/1/12	190		193
Kinder Morgan Energy Partners LP 7.125% 3/15/12	235		266
Plains Exploration & Production Co. 7.125% 6/15/14 (e)	170		181
Plains Exploration & Production Co. LP Series B, 8.75% 7/1/12	720		799
Range Resources Corp.:
7.375% 7/15/13	420		435
7.375% 7/15/13 (e)	120		124
Ship Finance International Ltd. 8.5% 12/15/13	1,920		1,882
Teekay Shipping Corp. 8.875% 7/15/11	715		801
The Coastal Corp.:
6.5% 5/15/06	195		197
6.5% 6/1/08	1,115		1,063
7.5% 8/15/06	1,230		1,255
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
ENERGY - continued
Oil & Gas - continued
The Coastal Corp.: - continued
7.625% 9/1/08	$ 310		$ 305
7.75% 6/15/10	770		740
Vintage Petroleum, Inc. 8.25% 5/1/12	405		437
Williams Companies, Inc.:
7.125% 9/1/11	1,790		1,951
7.5% 1/15/31	110		111
7.625% 7/15/19	385		424
			17,696
TOTAL ENERGY			19,651
FINANCIALS - 4.2%
Capital Markets - 0.8%
Amvescap PLC yankee 6.6% 5/15/05	270		277
BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (e)	780		838
Credit Suisse First Boston (USA), Inc. 6.5% 1/15/12	1,605		1,783
Equinox Holdings Ltd. 9% 12/15/09 (e)	60		61
Goldman Sachs Group, Inc.:
4.125% 1/15/08	2,500		2,551
6.6% 1/15/12	2,345		2,614
Merrill Lynch & Co., Inc. 4.125% 1/15/09	1,800		1,820
Morgan Stanley:
3.875% 1/15/09	2,500		2,503
4.75% 4/1/14	500		484
6.6% 4/1/12	900		1,005
			13,936
Commercial Banks - 0.4%
Bank of America Corp.:
6.25% 4/15/12	1,000		1,101
7.4% 1/15/11	1,000		1,165
Export-Import Bank of Korea:
4.125% 2/10/09 (e)	260		260
5.25% 2/10/14 (e)	975		982
Korea Development Bank 3.875% 3/2/09	1,000		991
PNC Funding Corp. 5.75% 8/1/06	1,150		1,211
Wachovia Corp. 4.875% 2/15/14	445		444
			6,154
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
FINANCIALS - continued
Consumer Finance - 0.7%
American General Finance Corp. 2.75% 6/15/08	$ 295		$ 285
Capital One Bank:
4.875% 5/15/08	730		757
5% 6/15/09	750		778
Ford Motor Credit Co.:
7.375% 10/28/09	1,490		1,631
7.875% 6/15/10	1,500		1,668
General Motors Acceptance Corp.:
6.875% 9/15/11	1,100		1,152
7.75% 1/19/10	1,100		1,215
Household Finance Corp.:
6.375% 10/15/11	1,080		1,190
7% 5/15/12	170		194
Household International, Inc. 8.875% 2/15/08	850		923
MBNA Corp.:
6.25% 1/17/07	770		822
7.5% 3/15/12	725		838
			11,453
Diversified Financial Services - 1.8%
Ahold Finance USA, Inc. 8.25% 7/15/10	870		959
Alliance Capital Management LP 5.625% 8/15/06	1,020		1,072
Bellsouth Capital Funding Corp. 7.875% 2/15/30	580		696
BRL Universal Equipment 2001 A LP/BRL Universal Equipment Corp. 8.875% 2/15/08	380		407
Cellu Tissue Holdings, Inc. 9.75% 3/15/10 (e)	235		235
Charter Communications Holdings LLC/Charter Communications Holdings Capital Corp.:
0% 5/15/11 (d)	620		394
8.625% 4/1/09	390		309
9.625% 11/15/09	150		120
10% 4/1/09	160		132
10.25% 1/15/10	700		569
Couche Tard U.S. LP /Couche Tard Financing Corp. 7.5% 12/15/13	310		327
Deutsche Telekom International Finance BV 8.75% 6/15/30	1,000		1,282
Dex Media West LLC/Dex Media West Finance Co. 9.875% 8/15/13	215		245
El Paso Energy Partners LP/El Paso Energy Partners Finance Corp. 8.5% 6/1/11	388		430
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
EnCana Holdings Finance Corp. 5.8% 5/1/14	$ 385		$ 408
Gemstone Investor Ltd./Gemstone Investor, Inc. 7.71% 10/31/04 (e)	40		40
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11	555		627
Huntsman Advanced Materials LLC:
11% 7/15/10 (e)	250		278
11.86% 7/15/08 (e)(g)	320		333
Hutchison Whampoa International (03/13) Ltd. 6.5% 2/13/13 (e)	280		295
Hutchison Whampoa International (03/33) Ltd.:
6.25% 1/24/14 (e)	510		527
7.45% 11/24/33 (e)	300		313
Inmarsat Finance PLC 7.625% 6/30/12 (e)	190		185
Ispat Inland ULC 9.75% 4/1/14 (e)	350		373
J.P. Morgan Chase & Co. 6.75% 2/1/11	2,170		2,426
Level 3 Financing, Inc. 10.75% 10/15/11 (e)	235		200
Mizuho Financial Group Cayman Ltd. 5.79% 4/15/14 (e)	715		736
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	495		496
NiSource Finance Corp. 7.875% 11/15/10	1,705		2,001
Pemex Project Funding Master Trust:
6.125% 8/15/08	2,000		2,110
7.875% 2/1/09 (g)	1,200		1,350
Petronas Capital Ltd. 7% 5/22/12 (e)	1,045		1,191
Rabobank Capital Funding Trust II 5.26% 12/31/49 (e)(g)	1,790		1,805
Refco Finance Holdings LLC/Refco Finance, Inc. 9% 8/1/12 (e)	490		508
Sprint Capital Corp. 6.875% 11/15/28	1,850		1,928
Suburban Propane Partners LP/Suburban Energy Finance Corp. 6.875% 12/15/13	120		119
Telecom Italia Capital 5.25% 11/15/13 (e)	1,300		1,320
UGS Corp. 10% 6/1/12 (e)	180		195
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	660		769
Verizon Global Funding Corp.:
7.25% 12/1/10	1,905		2,187
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
Verizon Global Funding Corp.: - continued
7.75% 12/1/30	$ 600		$ 711
WH Holdings Ltd./WH Capital Corp. 9.5% 4/1/11	110		118
			30,726
Insurance - 0.0%
Principal Life Global Funding I 6.25% 2/15/12 (e)	490		540
Real Estate - 0.4%
BRE Properties, Inc. 5.95% 3/15/07	1,500		1,591
EOP Operating LP:
7% 7/15/11	1,250		1,397
8.1% 8/1/10		750		873
Senior Housing Properties Trust 8.625% 1/15/12	770		855
Simon Property Group LP 5.625% 8/15/14 (e)	975		994
			5,710
Thrifts & Mortgage Finance - 0.1%
Countrywide Home Loans, Inc. 4% 3/22/11	1,245		1,204
Independence Community Bank Corp. 3.75% 4/1/14 (g)	475		462
Washington Mutual, Inc. 4.375% 1/15/08	530		544
			2,210
TOTAL FINANCIALS			70,729
HEALTH CARE - 0.3%
Health Care Equipment & Supplies - 0.0%
Medical Device Manufacturing, Inc. 10% 7/15/12 (e)	180		190
Health Care Providers & Services - 0.3%
AmeriPath, Inc. 10.5% 4/1/13	980		1,005
AmerisourceBergen Corp. 8.125% 9/1/08	130		141
Concentra Operating Corp. 9.125% 6/1/12 (e)	70		75
Genesis HealthCare Corp. 8% 10/15/13	90		96
Hanger Orthopedic Group, Inc. 10.375% 2/15/09	195		181
IASIS Healthcare LLC/IASIS Capital Corp. 8.75% 6/15/14 (e)	775		810
Mariner Health Care, Inc. 8.25% 12/15/13 (e)	200		213
National Nephrology Associates, Inc. 9% 11/1/11 (e)	120		139
Psychiatric Solutions, Inc. 10.625% 6/15/13	235		264
Tenet Healthcare Corp.:
6.375% 12/1/11	420		372
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Tenet Healthcare Corp.: - continued
7.375% 2/1/13	$ 770		$ 716
U.S. Oncology, Inc.:
9% 8/15/12 (e)	880		919
10.75% 8/15/14 (e)	710		746
			5,677
TOTAL HEALTH CARE			5,867
INDUSTRIALS - 1.3%
Aerospace & Defense - 0.2%
BE Aerospace, Inc.:
8% 3/1/08	165		162
8.875% 5/1/11	390		382
9.5% 11/1/08	775		789
Bombardier, Inc.:
6.3% 5/1/14 (e)	980		832
7.45% 5/1/34 (e)	260		215
Raytheon Co. 8.3% 3/1/10	1,000		1,197
Vought Aircraft Industries, Inc. 8% 7/15/11	345		347
			3,924
Airlines - 0.6%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	360		315
6.977% 11/23/22	46		40
7.377% 5/23/19	471		278
7.379% 5/23/16	296		175
7.8% 4/1/08	150		128
8.608% 10/1/12	405		346
10.18% 1/2/13	185		115
Continental Airlines, Inc. 8% 12/15/05	4,320		3,974
Continental Airlines, Inc. pass thru trust certificates:
6.541% 9/15/09	40		32
6.748% 9/15/18	35		27
6.795% 2/2/20	270		215
6.8% 7/2/07	21		16
6.9% 7/2/18	660		508
7.373% 12/15/15	551		424
7.568% 12/1/06	205		146
7.73% 9/15/12	84		62
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
INDUSTRIALS - continued
Airlines - continued
Continental Airlines, Inc. pass thru trust certificates: - continued
8.312% 10/2/12	$ 338		$ 247
8.321% 11/1/06	25		23
8.388% 5/1/22	136		99
8.499% 11/1/12	165		125
Delta Air Lines, Inc. equipment trust certificates 8.54% 1/2/07	50		28
Delta Air Lines, Inc. pass thru trust certificates:
7.299% 9/18/06	65		26
7.57% 11/18/10	380		339
7.711% 9/18/11	75		35
7.779% 11/18/05	360		144
7.779% 1/2/12	584		222
7.92% 5/18/12	1,180		547
10.06% 1/2/16	130		64
Northwest Airlines, Inc.:
7.875% 3/15/08	1,375		928
10.5% 4/1/09	389		272
Northwest Airlines, Inc. pass thru trust certificates:
6.81% 2/1/20	153		133
7.248% 7/2/14	229		158
7.626% 4/1/10	420		315
7.691% 4/1/17	27		20
7.95% 9/1/16	27		21
8.304% 9/1/10	172		129
NWA Trust 10.23% 6/21/14	131		113
			10,789
Building Products - 0.1%
Building Materials Corp. of America 7.75% 8/1/14 (e)	360		355
Mueller Group, Inc. 6.4438% 11/1/11 (e)(g)	370		381
Nortek, Inc. 8.5% 9/1/14 (e)	420		437
			1,173
Commercial Services & Supplies - 0.1%
Allied Security Escrow Corp. 11.375% 7/15/11 (e)	200		211
Allied Waste North America, Inc.:
5.75% 2/15/11	190		182
7.625% 1/1/06	990		1,035
8.5% 12/1/08	250		273
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
American Color Graphics, Inc. 10% 6/15/10	$ 105		$ 87
Cenveo Corp. 7.875% 12/1/13	55		52
			1,840
Construction & Engineering - 0.0%
Great Lakes Dredge & Dock Corp. 7.75% 12/15/13	130		108
Machinery - 0.1%
Cummins, Inc. 9.5% 12/1/10 (g)	170		197
Invensys PLC 9.875% 3/15/11 (e)	715		735
Terex Corp. 7.375% 1/15/14	210		213
			1,145
Marine - 0.0%
Horizon Lines LLC/Holdings Corp. 9% 11/1/12 (e)	130		137
OMI Corp. 7.625% 12/1/13	175		179
			316
Road & Rail - 0.2%
Kansas City Southern Railway Co.:
7.5% 6/15/09	1,085		1,090
9.5% 10/1/08	70		76
TFM SA de CV yankee:
10.25% 6/15/07	730		752
11.75% 6/15/09	775		781
			2,699
TOTAL INDUSTRIALS			21,994
INFORMATION TECHNOLOGY - 0.4%
Communications Equipment - 0.1%
Corning, Inc. 6.2% 3/15/16	180		175
L-3 Communications Corp. 6.125% 1/15/14	310		306
Nortel Networks Corp. 6.125% 2/15/06	680		692
			1,173
Electronic Equipment & Instruments - 0.1%
Celestica, Inc. 7.875% 7/1/11	1,090		1,134
Flextronics International Ltd. 6.5% 5/15/13	105		104
Sanmina-SCI Corp. 10.375% 1/15/10	340		386
			1,624
IT Services - 0.0%
Iron Mountain, Inc. 6.625% 1/1/16	390		363
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
INFORMATION TECHNOLOGY - continued
Office Electronics - 0.1%
Xerox Corp.:
7.125% 6/15/10	$ 675		$ 712
7.625% 6/15/13	570		604
			1,316
Semiconductors & Semiconductor Equipment - 0.1%
Amkor Technology, Inc.:
7.125% 3/15/11	90		75
7.75% 5/15/13	160		133
Freescale Semiconductor, Inc.:
4.38% 7/15/09 (e)(g)	350		357
6.875% 7/15/11 (e)	400		408
7.125% 7/15/14 (e)	250		255
Semiconductor Note Participation Trust 0% 8/4/11 (e)	480		672
Viasystems, Inc. 10.5% 1/15/11	455		441
			2,341
TOTAL INFORMATION TECHNOLOGY			6,817
MATERIALS - 0.9%
Chemicals - 0.2%
America Rock Salt Co. LLC 9.5% 3/15/14 (e)	190		196
Berry Plastics Corp. 10.75% 7/15/12	270		302
Compass Minerals Group, Inc. 10% 8/15/11	550		611
Crompton Corp. 9.875% 8/1/12 (e)	290		299
Equistar Chemicals LP/Equistar Funding Corp. 10.625% 5/1/11	535		602
Geon Co. 6.875% 12/15/05	60		62
Huntsman ICI Holdings LLC 0% 12/31/09	245		124
Innophos, Inc. 8.875% 8/15/14 (e)	90		93
JohnsonDiversey Holdings, Inc. 0% 5/15/13 (d)	230		189
Lyondell Chemical Co.:
9.5% 12/15/08	125		134
9.625% 5/1/07	120		128
9.875% 5/1/07	380		399
Nalco Co. 7.75% 11/15/11 (e)	230		245
PolyOne Corp.:
8.875% 5/1/12	185		187
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
MATERIALS - continued
Chemicals - continued
PolyOne Corp.: - continued
10.625% 5/15/10	$ 205		$ 221
The Scotts Co. 6.625% 11/15/13	230		235
			4,027
Construction Materials - 0.0%
U.S. Concrete, Inc. 8.375% 4/1/14	230		239
Containers & Packaging - 0.2%
BWAY Corp. 10% 10/15/10	150		159
Crown European Holdings SA 10.875% 3/1/13	380		445
Owens-Brockway Glass Container, Inc.:
7.75% 5/15/11	240		254
8.25% 5/15/13	410		432
8.75% 11/15/12	340		377
8.875% 2/15/09	515		560
Owens-Illinois, Inc.:
7.15% 5/15/05	210		215
7.35% 5/15/08	130		134
7.8% 5/15/18	50		48
8.1% 5/15/07	250		263
Sealed Air Corp. 5.625% 7/15/13 (e)	170		174
Tekni-Plex, Inc. 8.75% 11/15/13 (e)	170		162
			3,223
Metals & Mining - 0.2%
Allegheny Technologies, Inc. 8.375% 12/15/11	185		191
California Steel Industries, Inc. 6.125% 3/15/14	245		233
Compass Minerals International, Inc. 0% 12/15/12 (d)	615		504
CSN Islands VIII Corp. 9.75% 12/16/13 (e)	840		840
Foundation Pennsylvania Coal Co. 7.25% 8/1/14 (e)	200		210
International Steel Group, Inc. 6.5% 4/15/14 (e)	625		600
Massey Energy Co. 6.625% 11/15/10	210		217
Wise Metals Group LLC/Alloys Finance 10.25% 5/15/12 (e)	300		302
			3,097
Paper & Forest Products - 0.3%
Georgia-Pacific Corp.:
8% 1/15/24	390		422
9.5% 12/1/11	785		962
International Paper Co.:
4.25% 1/15/09	185		186
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
MATERIALS - continued
Paper & Forest Products - continued
International Paper Co.: - continued
5.5% 1/15/14	$ 470		$ 480
Norske Skog Canada Ltd.:
7.375% 3/1/14	160		163
8.625% 6/15/11	330		356
Stone Container Corp.:
8.375% 7/1/12	360		377
9.75% 2/1/11	420		473
Weyerhaeuser Co. 6.75% 3/15/12	625		699
			4,118
TOTAL MATERIALS			14,704
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.7%
British Telecommunications PLC 8.875% 12/15/30	1,250		1,625
France Telecom SA:
8.75% 3/1/11	610		728
9.5% 3/1/31	1,200		1,580
Koninklijke KPN NV yankee 8% 10/1/10	450		535
NTL Cable PLC 8.75% 4/15/14 (e)	215		224
Primus Telecommunications Group, Inc. 8% 1/15/14	270		205
Qwest Communications International, Inc.:
7.25% 2/15/11 (e)	75		69
7.5% 2/15/14 (e)	545		485
Qwest Corp. 9.125% 3/15/12 (e)	365		391
Qwest Services Corp. 14% 12/15/10 (e)(g)	2,945		3,409
SBC Communications, Inc. 6.45% 6/15/34	750		761
Telefonica Europe BV 7.75% 9/15/10	1,200		1,416
Triton PCS, Inc. 8.75% 11/15/11	555		372
			11,800
Wireless Telecommunication Services - 0.4%
America Movil SA de CV:
4.125% 3/1/09 (e)	500		490
5.5% 3/1/14 (e)	450		438
American Cellular Corp. 10% 8/1/11	190		157
American Tower Corp. 9.375% 2/1/09	265		282
AT&T Wireless Services, Inc. 7.875% 3/1/11	255		301
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (e)	$ 380		$ 352
Crown Castle International Corp.:
Series B, 7.5% 12/1/13	390		388
10.75% 8/1/11	190		213
DirecTV Holdings LLC/DirecTV Financing, Inc. 8.375% 3/15/13	480		539
Millicom International Cellular SA 10% 12/1/13 (e)	400		396
Nextel Communications, Inc. 9.5% 2/1/11	810		916
Nextel Partners, Inc. 8.125% 7/1/11	130		136
Rogers Wireless, Inc.:
6.375% 3/1/14	795		760
9.625% 5/1/11	390		445
Western Wireless Corp. 9.25% 7/15/13	480		494
			6,307
TOTAL TELECOMMUNICATION SERVICES			18,107
UTILITIES - 1.6%
Electric Utilities - 0.5%
Allegheny Energy Supply Co. LLC 8.25% 4/15/12 (e)	155		165
Cleveland Electric Illuminating Co. 5.65% 12/15/13	645		659
Duke Capital LLC:
4.37% 3/1/09	100		101
6.75% 2/15/32	570		593
Edison International 6.875% 9/15/04	434		434
Exelon Corp. 6.75% 5/1/11	1,000		1,115
FirstEnergy Corp. 6.45% 11/15/11	330		357
Illinois Power Co.:
7.5% 6/15/09	1,275		1,422
11.5% 12/15/10	390		467
Nevada Power Co. 10.875% 10/15/09	110		127
Niagara Mohawk Power Corp. 8.875% 5/15/07	650		740
PG&E Corp. 6.875% 7/15/08	255		276
Progress Energy, Inc. 7.1% 3/1/11	1,350		1,519
Sierra Pacific Power Co. 6.25% 4/15/12 (e)	120		119
Southern California Edison Co.:
5% 1/15/14	50		51
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Southern California Edison Co.: - continued
7.625% 1/15/10	$ 480		$ 557
TECO Energy, Inc. 6.125% 5/1/07	290		299
			9,001
Gas Utilities - 0.3%
ANR Pipeline, Inc. 8.875% 3/15/10	180		203
Consolidated Natural Gas Co. 6.85% 4/15/11	585		660
Dynegy Holdings, Inc. 10.125% 7/15/13 (e)	290		325
Northwest Pipeline Corp. 8.125% 3/1/10	170		191
Sonat, Inc.:
6.75% 10/1/07	115		112
7.625% 7/15/11	80		77
Southern Natural Gas Co. 8.875% 3/15/10	220		249
Texas Eastern Transmission Corp. 7.3% 12/1/10	1,495		1,707
Transcontinental Gas Pipe Line Corp.:
6.125% 1/15/05	240		241
6.25% 1/15/08	485		510
			4,275
Multi-Utilities & Unregulated Power - 0.8%
AES Corp.:
8.75% 6/15/08	19		21
8.75% 5/15/13 (e)	670		750
8.875% 2/15/11	187		206
9% 5/15/15 (e)	510		570
9.375% 9/15/10	468		524
9.5% 6/1/09	1,117		1,248
Calpine Corp.:
7.35% 7/15/07 (e)(g)	629		537
8.5% 7/15/10 (e)	90		71
Calpine Generating Co. LLC 7.35% 4/1/10 (e)(g)	75		71
CMS Energy Corp.:
7.5% 1/15/09	430		449
7.625% 11/15/04	930		936
7.75% 8/1/10 (e)	465		491
8.5% 4/15/11	500		544
8.9% 7/15/08	1,060		1,154
9.875% 10/15/07	1,030		1,139
Constellation Energy Group, Inc. 7% 4/1/12	2,000		2,246
Nonconvertible Bonds - continued
	Principal Amount (000s)		Value (000s)
UTILITIES - continued
Multi-Utilities & Unregulated Power - continued
Dominion Resources, Inc.:
6.25% 6/30/12	$ 1,725		$ 1,864
8.125% 6/15/10	295		350
NRG Energy, Inc. 8% 12/15/13 (e)	635		667
Reliant Energy, Inc. 9.25% 7/15/10	220		238
Western Resources, Inc. 7.125% 8/1/09	120		132
			14,208
TOTAL UTILITIES			27,484
TOTAL NONCONVERTIBLE BONDS (Cost $216,801)			228,072
U.S. Government and Government Agency Obligations - 10.0%

U.S. Government Agency Obligations - 3.5%
Fannie Mae:
2.5% 6/15/06	3,595		3,593
3.25% 8/15/08	765		761
3.25% 2/15/09	1,684		1,662
5.25% 8/1/12	2,000		2,079
5.5% 3/15/11	3,965		4,272
6% 5/15/11	13,910		15,381
6.25% 2/1/11	6,715		7,417
Freddie Mac:
2.875% 5/15/07	5,000		4,995
3.625% 9/15/08	1,839		1,853
4% 6/12/13	2,342		2,228
5.75% 1/15/12	2,360		2,579
5.875% 3/21/11	5,505		5,982
6.625% 9/15/09	2,160		2,443
Guaranteed Export Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank):
Series 1993-C, 5.2% 10/15/04	14		14
Series 1993-D, 5.23% 5/15/05	69		70
Series 1994-A, 7.12% 4/15/06	169		176
U.S. Government and Government Agency Obligations - continued
	Principal Amount (000s)		Value (000s)
U.S. Government Agency Obligations - continued
Guaranteed Trade Trust Certificates (assets of Trust guaranteed by U.S. Government through Export-Import Bank) Series 1994-B, 7.5% 1/26/06	$ 125		$ 131
Overseas Private Investment Corp. U.S. Government guaranteed participation certificates Series 1996-A1, 6.726% 9/15/10	2,826		3,119
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			58,755
U.S. Treasury Inflation Protected Obligations - 0.3%
U.S. Treasury Inflation-Indexed Notes 2% 1/15/14	5,133		5,247
U.S. Treasury Obligations - 6.2%
U.S. Treasury Bonds:
6.25% 5/15/30	9,480		11,178
8% 11/15/21	6,700		9,174
U.S. Treasury Notes:
1.625% 2/28/06	48,115		47,728
3.125% 5/15/07	13,580		13,744
6.5% 2/15/10	1,145		1,318
7% 7/15/06	19,000		20,608
TOTAL U.S. TREASURY OBLIGATIONS			103,750
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $165,636)			167,752
U.S. Government Agency - Mortgage Securities - 9.9%

Fannie Mae - 8.5%
4% 9/20/19 (f)	4,000		3,911
4.5% 9/1/19 (f)	12,450		12,458
4.5% 7/1/33 to 12/1/33	15,975		15,414
5% 12/1/16 to 7/1/18	17,396		17,772
5% 9/1/19 to 9/1/34 (f)	25,398		25,258
5.5% 2/1/11 to 9/1/28	13,528		14,028
5.5% 9/1/34 (f)	28,993		29,483
6% 7/1/12 to 1/1/29	4,215		4,396
6.5% 4/1/11 to 9/1/32	15,290		16,152
6.5% 9/1/19 (f)	203		215
U.S. Government Agency - Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
Fannie Mae - continued
7% 12/1/23 to 4/1/29	$ 283		$ 303
7.5% 6/1/25 to 4/1/29	2,866		3,086
TOTAL FANNIE MAE			142,476
Government National Mortgage Association - 1.4%
6% 9/1/34 (f)	12,411		12,885
6.5% 10/15/27 to 12/15/31	2,220		2,355
6.5% 9/1/34 (f)	215		227
7% 12/15/25 to 12/15/32	2,690		2,877
7.5% 2/15/23 to 12/15/28	3,355		3,628
8% 11/15/21 to 12/15/26	836		920
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION			22,892
TOTAL U.S. GOVERNMENT AGENCY - MORTGAGE SECURITIES (Cost $162,441)			165,368
Asset-Backed Securities - 1.3%

ACE Securities Corp. Series 2004-HE1:
Class M1, 2.115% 2/25/34 (g)	200		200
Class M2, 2.715% 2/25/34 (g)	225		225
Ameriquest Mortgage Securities, Inc. Series 2004-R2:
Class M1, 2.045% 4/25/34 (g)	115		115
Class M2, 2.095% 4/25/34 (g)	100		100
Amortizing Residential Collateral Trust Series 2003-BC1 Class M2, 2.715% 1/25/32 (g)	235		236
Argent Securities, Inc. Series 2004-W5 Class M1, 2.215% 4/25/34 (g)	360		360
Capital One Multi-Asset Execution Trust Series 2003-B4 Class B4, 2.4% 7/15/11 (g)	585		595
Chase Manhattan Auto Owner Trust Series 2001-A:
Class A4, 5.07% 2/15/08	2,385		2,412
Class CTFS, 5.06% 2/15/08	141		142
Citibank Credit Card Issuance Trust:
Series 2002-B1 Class B1, 1.9% 6/25/09 (g)	825		828
Series 2002-C1 Class C1, 2.7% 2/9/09 (g)	1,250		1,267
Countrywide Home Loans, Inc.:
Series 2004-2 Class M1, 2.115% 5/25/34 (g)	475		475
Series 2004-3 Class M1, 2.115% 6/25/34 (g)	125		125
Asset-Backed Securities - continued
	Principal Amount (000s)		Value (000s)
Countrywide Home Loans, Inc.: - continued
Series 2004-4:
Class A, 1.985% 8/25/34 (g)	$ 448		$ 448
Class M1, 2.095% 7/25/34 (g)	325		324
Class M2, 2.145% 6/25/34 (g)	400		400
Discover Card Master Trust I:
Series 2001-6 Class A, 5.75% 12/15/08	4,000		4,216
Series 2003-4 Class B1, 1.93% 5/16/11 (g)	770		773
First Franklin Mortgage Loan Trust Series 2004-FF2:
Class M3, 2.165% 3/25/34 (g)	25		25
Class M4, 2.515% 3/25/34 (g)	25		25
Class M6, 2.865% 3/25/34 (g)	25		25
Ford Credit Auto Owner Trust Series 2001-C Class B, 5.54% 12/15/05	1,000		1,001
Fremont Home Loan Trust Series 2004-A:
Class M1, 2.165% 1/25/34 (g)	425		425
Class M2, 2.765% 1/25/34 (g)	475		475
GSAMP Trust Series 2004-FM2 Class M1, 2.115% 1/25/34 (g)	250		250
Home Equity Asset Trust Series 2002-4 Class M2, 3.665% 3/25/33 (g)	175		178
MBNA Credit Card Master Note Trust Series 2001-A1 Class A1, 5.75% 10/15/08	1,000		1,052
Meritage Mortgage Loan Trust Series 2004-1:
Class M1, 2.115% 7/25/34 (g)	200		200
Class M2, 2.165% 7/25/34 (g)	25		25
Class M3, 2.565% 7/25/34 (g)	75		75
Class M4, 2.715% 7/25/34 (g)	50		50
Morgan Stanley ABS Capital I, Inc.:
Series 2003-HE1 Class M2, 3.515% 5/25/33 (g)	150		153
Series 2003-NC5 Class M2, 3.615% 4/25/33 (g)	250		255
Morgan Stanley Dean Witter Capital I Trust Series 2003-NC1 Class M1, 2.665% 11/25/32 (g)	235		238
Sears Credit Account Master Trust II Series 2000-2 Class A, 6.75% 9/16/09	2,940		3,068
Structured Asset Securities Corp. Series 2004-GEL1 Class A, 1.975% 2/25/34 (g)	176		176
TOTAL ASSET-BACKED SECURITIES (Cost $20,472)			20,937
Collateralized Mortgage Obligations - 0.1%
	Principal Amount (000s)		Value (000s)
Private Sponsor - 0.0%
CS First Boston Mortgage Securities Corp. floater Series 2004-AR3 Class 6A2, 1.985% 4/25/34 (g)	$ 423		$ 424
Master Alternative Loan Trust Series 2004-3 Class 3A1, 6% 4/25/34	163		170
Residential Asset Mortgage Products, Inc. sequential pay Series 2004-SL2 Class A1, 6.5% 10/25/16	204		212
TOTAL PRIVATE SPONSOR			806
U.S. Government Agency - 0.1%
Fannie Mae sequential pay Series 1999-10 Class MZ, 6.5% 9/17/38	1,200		1,293
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,077)			2,099
Commercial Mortgage Securities - 1.4%

Bayview Commercial Asset Trust floater Series 2004-1:
Class A, 1.975% 4/25/34 (e)(g)	680		680
Class B, 3.515% 4/25/34 (e)(g)	97		97
Class M1, 2.175% 4/25/34 (e)(g)	97		97
Class M2, 2.815% 4/25/34 (e)(g)	97		97
Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 1.1284% 8/1/24 (e)(g)	356		310
COMM:
floater:
Series 2002-FL7 Class D, 2.17% 11/15/14 (e)(g)	225		225
Series 2003-FL9 Class B, 2.1% 11/15/15 (e)(g)	440		441
Series 2004-LBN2 Class X2, 1.1206% 3/10/39 (e)(g)(h)	1,570		72
CS First Boston Mortgage Securities Corp.:
sequential pay:
Series 1999-C1 Class A2, 7.29% 9/15/41	1,250		1,423
Series 2000-C1 Class A2, 7.545% 4/15/62	1,000		1,155
Series 2004-C1 Class A3, 4.321% 1/15/37	475		473
Series 1997-C2 Class D, 7.27% 1/17/35	2,310		2,590
Series 2004-C1 Class ASP, 1.0453% 1/15/37 (e)(g)(h)	7,685		333
DLJ Commercial Mortgage Corp. sequential pay Series 2000-CF1 Class A1B, 7.62% 6/10/33	3,500		4,063
Commercial Mortgage Securities - continued
	Principal Amount (000s)		Value (000s)
GS Mortgage Securities Corp. II:
sequential pay:
Series 2001-LIBA Class A2, 6.615% 2/14/16 (e)	$ 520		$ 576
Series 2003-C1 Class A2A, 3.59% 1/10/40	720		723
Series 1998-GLII Class E, 6.9702% 4/13/31 (g)	635		675
J.P. Morgan Commercial Mortgage Finance Corp. sequential pay Series 2000-C9 Class A2, 7.77% 10/15/32	1,440		1,673
Leafs CMBS I Ltd./Leafs CMBS I Corp. Series 2002-1A:
Class B, 4.13% 11/20/37 (e)	700		668
Class C, 4.13% 11/20/37 (e)	700		640
Morgan Stanley Capital I, Inc. sequential pay Series 2004-HQ3 Class A2, 4.05% 1/13/41	505		503
Thirteen Affiliates of General Growth Properties, Inc. sequential pay Series 1 Class A2, 6.602% 11/15/07 (e)	4,500		4,865
Wachovia Bank Commercial Mortgage Trust sequential pay Series 2003-C6 Class A2, 4.498% 8/15/35	810		828
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $21,639)			23,207
Foreign Government and Government Agency Obligations - 0.4%

Chilean Republic:
5.625% 7/23/07	1,000		1,062
7.125% 1/11/12	865		995
State of Israel 4.625% 6/15/13	165		159
United Mexican States:
4.625% 10/8/08	885		898
5.875% 1/15/14	440		445
6.375% 1/16/13	700		735
7.5% 4/8/33	1,300		1,372
TOTAL FOREIGN GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $5,386)			5,666
Floating Rate Loans - 0.1%

TELECOMMUNICATION SERVICES - 0.1%
Diversified Telecommunication Services - 0.1%
Qwest Corp. Tranche A term loan 6.5% 6/30/07 (g)	1,340		1,382
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
UTILITIES - 0.0%
Multi-Utilities & Unregulated Power - 0.0%
AES Corp. term loan 5.875% 4/30/08 (g)	$ 514		$ 518
TOTAL FLOATING RATE LOANS (Cost $1,859)			1,900
Money Market Funds - 11.8%
	Shares
Fidelity Cash Central Fund, 1.53% (b)	197,089,626		197,090
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	349,250		349
TOTAL MONEY MARKET FUNDS (Cost $197,439)		197,439
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $1,624,168)		1,747,388
NET OTHER ASSETS - (4.5)%		(75,083)
NET ASSETS - 100%		$ 1,672,305

Swap Agreements
	Expiration Date	Notional Amount (000s)	Value (000s)
Total Return Swap
Receive monthly a return equal to Lehman Brothers CMBS AAA 8.5+ and pay monthly a floating rate based on 1-month LIBOR minus 65 basis points with Lehman Brothers, Inc.	Oct. 2004	$ 1,500	$ 55
Receive monthly a return equal to Lehman Brothers CMBS Erisa Eligible and pay monthly a floating rate based on 1-month LIBOR minus 50 basis points with Lehman Brothers, Inc.	Sept. 2004	1,770	42
Receive monthly a return equal to Lehman Brothers CMBS Erisa Eligible and pay monthly a floating rate based on 1-month LIBOR minus 50 basis points with Lehman Brothers, Inc.	Sept. 2004	655	16
Receive monthly a return equal to Lehman Brothers CMBS Erisa Eligible and pay monthly a floating rate based on 1-month LIBOR minus 55 basis points with Deutsche Bank	Dec. 2004	10,000	243
Receive monthly a return equal to Lehman Brothers Commercial Mortgage-Backed Securities AAA Daily Index and pay monthly a floating rate based on 1-month LIBOR minus 32 basis points with Bank of America	Nov. 2004	2,425	6
Receive quarterly a return equal to Banc of America Securities LLC AAA 10Yr Commercial Mortgage Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 72 basis points with Bank of America	Jan. 2005	1,500	51
Receive quarterly a return equal to Banc of America Securities LLC AAA 10Yr Commercial Mortgage-Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 70 basis points with Bank of America	Dec. 2004	1,500	91
Receive quarterly a return equal to Banc of America Securities LLC AAA 10Yr Commercial Mortgage-Backed Securities Daily Index and pay quarterly a floating rate based on 3-month LIBOR minus 80 basis points with Bank of America	Nov. 2004	1,500	45
		$ 20,850	$ 549

Legend

(a) Non-income producing

(d) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate 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 period end, the value of these securities amounted to $50,219,000 or 3.0% of net assets.

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

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

(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $1,626,279,000. Net unrealized appreciation aggregated $121,109,000, of which $167,495,000 related to appreciated investment securities and $46,386,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

LC-QTLY-1004

1.805746.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value
CONSUMER DISCRETIONARY - 13.0%
Hotels, Restaurants & Leisure - 0.6%
Hilton Group PLC	410,345		$ 1,930,318
Rank Group PLC	490,446		2,536,952
			4,467,270
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (a)	50,900		1,941,326
eBay, Inc. (a)	30,300		2,622,162
			4,563,488
Media - 8.0%
Antena 3 Television SA (a)	43,263		2,140,970
Belo Corp. Series A	64,600		1,481,924
British Sky Broadcasting Group PLC (BSkyB) sponsored ADR	55,149		1,919,185
Citadel Broadcasting Corp.	154,900		2,230,560
Comcast Corp. Class A (special) (a)	106,500		2,955,375
Pixar (a)	19,400		1,507,768
Time Warner, Inc. (a)	988,500		16,161,975
Tribune Co.	151,600		6,329,300
Univision Communications, Inc. Class A (a)	97,600		3,220,800
Viacom, Inc. Class B (non-vtg.)	161,674		5,385,361
Vivendi Universal SA sponsored ADR (a)	106,000		2,636,220
Walt Disney Co.	492,600		11,058,870
			57,028,308
Specialty Retail - 2.4%
Gap, Inc.	244,700		4,585,678
Home Depot, Inc.	268,300		9,809,048
Sherwin-Williams Co.	68,800		2,841,440
			17,236,166
Textiles Apparel & Luxury Goods - 1.4%
NIKE, Inc. Class B	70,300		5,294,293
Polo Ralph Lauren Corp. Class A	118,048		4,312,293
			9,606,586
TOTAL CONSUMER DISCRETIONARY			92,901,818
CONSUMER STAPLES - 8.9%
Beverages - 1.8%
PepsiCo, Inc.	95,300		4,765,000
The Coca-Cola Co.	178,100		7,962,851
			12,727,851
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - 3.0%
Safeway, Inc. (a)	186,100		$ 3,759,220
Wal-Mart Stores, Inc.	279,900		14,742,333
Walgreen Co.	88,100		3,211,245
			21,712,798
Food Products - 0.6%
Kellogg Co.	95,362		4,003,297
Household Products - 1.3%
Colgate-Palmolive Co.	53,000		2,862,000
Procter & Gamble Co.	114,400		6,402,968
			9,264,968
Personal Products - 2.2%
Alberto-Culver Co.	163,225		7,882,135
Gillette Co.	184,000		7,820,000
			15,702,135
TOTAL CONSUMER STAPLES			63,411,049
ENERGY - 5.1%
Energy Equipment & Services - 1.6%
Baker Hughes, Inc.	49,500		1,946,835
Schlumberger Ltd. (NY Shares)	154,700		9,560,460
			11,507,295
Oil & Gas - 3.5%
ChevronTexaco Corp.	81,500		7,946,250
Exxon Mobil Corp.	283,900		13,087,790
Valero Energy Corp.	36,400		2,403,492
XTO Energy, Inc.	59,700		1,673,988
			25,111,520
TOTAL ENERGY			36,618,815
FINANCIALS - 15.5%
Capital Markets - 3.5%
Ameritrade Holding Corp. (a)	164,700		1,875,933
Bank of New York Co., Inc.	181,200		5,399,760
Charles Schwab Corp.	229,200		2,165,940
Knight Trading Group, Inc. (a)	165,800		1,502,148
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Legg Mason, Inc.	23,500		$ 1,895,980
Morgan Stanley	242,200		12,286,806
			25,126,567
Commercial Banks - 2.2%
Bank of America Corp.	172,400		7,754,552
Wachovia Corp.	45,500		2,134,405
Wells Fargo & Co.	92,000		5,405,000
			15,293,957
Consumer Finance - 2.3%
American Express Co.	223,790		11,193,976
MBNA Corp.	213,600		5,156,304
			16,350,280
Diversified Financial Services - 3.9%
Citigroup, Inc.	286,466		13,343,586
Deutsche Boerse AG	55,539		2,682,876
J.P. Morgan Chase & Co.	286,952		11,357,560
			27,384,022
Insurance - 3.6%
AFLAC, Inc.	50,400		2,021,040
AMBAC Financial Group, Inc.	46,600		3,518,300
American International Group, Inc.	256,887		18,300,630
Hartford Financial Services Group, Inc.	33,700		2,061,092
			25,901,062
TOTAL FINANCIALS			110,055,888
HEALTH CARE - 16.5%
Biotechnology - 2.2%
Cephalon, Inc. (a)	86,500		4,066,365
Genentech, Inc. (a)	42,400		2,068,272
Genzyme Corp. - General Division (a)	57,200		3,088,800
MedImmune, Inc. (a)	85,900		2,050,433
Millennium Pharmaceuticals, Inc. (a)	179,100		2,129,499
Protein Design Labs, Inc. (a)	122,600		2,247,258
			15,650,627
Health Care Equipment & Supplies - 2.7%
Baxter International, Inc.	155,200		4,739,808
Medtronic, Inc.	156,200		7,770,950
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Stryker Corp.	89,000		$ 4,031,700
Thermo Electron Corp. (a)	111,900		2,939,613
			19,482,071
Health Care Providers & Services - 0.4%
UnitedHealth Group, Inc.	47,100		3,114,723
Pharmaceuticals - 11.2%
Allergan, Inc.	87,800		6,554,270
AstraZeneca PLC sponsored ADR	140,300		6,528,159
Bristol-Myers Squibb Co.	188,060		4,462,664
Eli Lilly & Co.	126,000		7,994,700
Forest Laboratories, Inc. (a)	82,200		3,768,870
Johnson & Johnson	139,380		8,097,978
Medicis Pharmaceutical Corp. Class A	46,200		1,691,844
Merck & Co., Inc.	297,930		13,397,912
Pfizer, Inc.	618,670		20,211,949
Roche Holding AG (participation certificate)	68,503		6,638,045
			79,346,391
TOTAL HEALTH CARE			117,593,812
INDUSTRIALS - 12.8%
Aerospace & Defense - 2.6%
Honeywell International, Inc.	265,700		9,559,886
Precision Castparts Corp.	30,300		1,669,227
The Boeing Co.	136,600		7,133,252
			18,362,365
Airlines - 0.5%
Southwest Airlines Co.	217,900		3,229,278
Building Products - 0.6%
American Standard Companies, Inc. (a)	115,800		4,355,238
Industrial Conglomerates - 5.9%
3M Co.	91,900		7,568,884
General Electric Co.	681,000		22,329,990
Tyco International Ltd.	393,400		12,321,288
			42,220,162
Machinery - 2.6%
Caterpillar, Inc.	141,100		10,257,970
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
Deere & Co.	61,900		$ 3,916,413
Graco, Inc.	139,725		4,359,420
			18,533,803
Trading Companies & Distributors - 0.6%
MSC Industrial Direct Co., Inc. Class A	47,600		1,478,932
W.W. Grainger, Inc.	52,200		2,788,002
			4,266,934
TOTAL INDUSTRIALS			90,967,780
INFORMATION TECHNOLOGY - 20.7%
Communications Equipment - 3.4%
Cisco Systems, Inc. (a)	877,068		16,453,796
Juniper Networks, Inc. (a)	145,900		3,339,651
Motorola, Inc.	249,400		4,027,810
			23,821,257
Computers & Peripherals - 4.7%
Apple Computer, Inc. (a)	144,800		4,994,152
Dell, Inc. (a)	426,200		14,848,808
EMC Corp. (a)	433,800		4,672,026
International Business Machines Corp.	73,100		6,190,839
Storage Technology Corp. (a)	60,000		1,455,000
Toshiba Corp.	424,000		1,571,880
			33,732,705
Electronic Equipment & Instruments - 1.1%
Hon Hai Precision Industries Co. Ltd.	473,799		1,558,136
Molex, Inc.	86,200		2,488,594
Solectron Corp. (a)	492,700		2,542,332
Vishay Intertechnology, Inc. (a)	119,200		1,519,800
			8,108,862
Internet Software & Services - 1.4%
CNET Networks, Inc. (a)	290,400		2,360,952
Yahoo!, Inc. (a)	270,300		7,706,253
			10,067,205
IT Services - 0.4%
DST Systems, Inc. (a)	58,100		2,628,444
Office Electronics - 0.3%
Konica Minolta Holdings, Inc.	165,500		2,146,675
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 4.6%
Altera Corp. (a)	148,200		$ 2,803,944
Analog Devices, Inc.	192,100		6,669,712
Applied Materials, Inc. (a)	148,200		2,354,898
Intel Corp.	429,400		9,141,926
KLA-Tencor Corp. (a)	30,400		1,135,744
Marvell Technology Group Ltd. (a)	182,400		4,217,088
Texas Instruments, Inc.	238,700		4,664,198
Tokyo Electron Ltd.	36,300		1,867,417
			32,854,927
Software - 4.8%
Amdocs Ltd. (a)	64,200		1,290,420
Ascential Software Corp. (a)	157,300		2,038,608
Microsoft Corp.	1,056,638		28,846,217
Oracle Corp. (a)	198,000		1,974,060
			34,149,305
TOTAL INFORMATION TECHNOLOGY			147,509,380
MATERIALS - 1.2%
Chemicals - 0.9%
Monsanto Co.	164,000		6,002,400
Metals & Mining - 0.3%
Newmont Mining Corp.	53,900		2,392,621
TOTAL MATERIALS			8,395,021
TELECOMMUNICATION SERVICES - 3.3%
Diversified Telecommunication Services - 2.3%
PT Indosat Tbk sponsored ADR	74,900		1,668,772
PT Telkomunikasi Indonesia Tbk sponsored ADR	114,100		1,855,266
SBC Communications, Inc.	146,500		3,778,235
Verizon Communications, Inc.	241,500		9,478,875
			16,781,148
Wireless Telecommunication Services - 1.0%
Nextel Communications, Inc. Class A (a)	165,700		3,842,583
Nextel Partners, Inc. Class A (a)	209,900		3,026,758
			6,869,341
TOTAL TELECOMMUNICATION SERVICES			23,650,489
Common Stocks - continued
	Shares		Value
UTILITIES - 0.3%
Electric Utilities - 0.3%
Exelon Corp.	49,500		$ 1,824,075
TOTAL COMMON STOCKS (Cost $674,755,595)		692,928,127
Money Market Funds - 2.8%

Fidelity Cash Central Fund, 1.53% (b) (Cost $19,900,415)	19,900,415		19,900,415
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $694,656,010)		712,828,542
NET OTHER ASSETS - (0.1)%		(727,985)
NET ASSETS - 100%		$ 712,100,557

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $701,437,476. Net unrealized appreciation aggregated $11,391,066, of which $57,890,481 related to appreciated investment securities and $46,499,415 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

EPG-QTLY-1004

1.805739.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.5%
Automobiles - 0.0%
Harley-Davidson, Inc.	72,000		$ 4,393
Hotels, Restaurants & Leisure - 1.0%
Hilton Group PLC	1,949,830		9,172
McDonald's Corp.	1,506,000		40,692
Rank Group PLC	2,935,605		15,185
Starbucks Corp. (a)	910,800		39,383
			104,432
Internet & Catalog Retail - 1.2%
eBay, Inc. (a)	966,000		83,598
IAC/InterActiveCorp (a)	1,596,916		36,426
			120,024
Media - 3.8%
E.W. Scripps Co. Class A	440,700		45,088
Fox Entertainment Group, Inc. Class A (a)	1,984,600		53,862
Lamar Advertising Co. Class A (a)	1,247,500		54,503
News Corp. Ltd.:
ADR	589,200		18,413
sponsored ADR	322,711		9,601
Pixar (a)	464,527		36,103
SBS Broadcasting SA (a)	195,500		6,843
The DIRECTV Group, Inc. (a)	1,076,300		17,081
Univision Communications, Inc. Class A (a)	1,805,300		59,575
Viacom, Inc. Class B (non-vtg.)	725,685		24,173
Walt Disney Co.	2,274,400		51,060
			376,302
Multiline Retail - 0.6%
Nordstrom, Inc.	765,300		28,416
Saks, Inc.	2,965,200		35,227
			63,643
Specialty Retail - 3.5%
Aeropostale, Inc. (a)	271,100		8,445
Best Buy Co., Inc.	794,000		36,937
Circuit City Stores, Inc.	1,053,400		13,663
Foot Locker, Inc.	494,520		11,062
Gap, Inc.	1,436,800		26,926
Home Depot, Inc.	4,705,250		172,024
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Staples, Inc.	1,616,700		$ 46,367
Weight Watchers International, Inc. (a)	776,000		30,295
			345,719
Textiles Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	473,500		35,659
TOTAL CONSUMER DISCRETIONARY			1,050,172
CONSUMER STAPLES - 6.8%
Beverages - 1.9%
PepsiCo, Inc.	3,048,985		152,449
The Coca-Cola Co.	765,100		34,208
			186,657
Food & Staples Retailing - 2.7%
Wal-Mart Stores, Inc.	4,456,100		234,703
Walgreen Co.	924,500		33,698
			268,401
Food Products - 0.1%
Bunge Ltd.	274,400		10,946
Household Products - 1.4%
Colgate-Palmolive Co.	900,600		48,632
Procter & Gamble Co.	1,651,380		92,428
			141,060
Personal Products - 0.7%
Estee Lauder Companies, Inc. Class A	225,400		9,906
Gillette Co.	1,505,000		63,963
			73,869
TOTAL CONSUMER STAPLES			680,933
ENERGY - 5.3%
Energy Equipment & Services - 5.3%
Baker Hughes, Inc.	1,998,630		78,606
BJ Services Co.	349,540		16,795
Cooper Cameron Corp. (a)	594,100		30,258
ENSCO International, Inc.	767,900		22,392
Global Industries Ltd. (a)	778,600		4,166
Grant Prideco, Inc. (a)	541,100		9,886
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Halliburton Co.	3,069,600		$ 89,540
National-Oilwell, Inc. (a)	1,045,700		31,266
Rowan Companies, Inc. (a)	1,018,592		24,772
Schlumberger Ltd. (NY Shares)	1,657,000		102,403
Smith International, Inc. (a)	450,700		25,681
Transocean, Inc. (a)	1,036,000		31,805
Varco International, Inc. (a)	1,329,500		32,280
Weatherford International Ltd. (a)	752,500		34,871
			534,721
FINANCIALS - 10.8%
Capital Markets - 1.5%
Ameritrade Holding Corp. (a)	1,687,200		19,217
E*TRADE Financial Corp. (a)	3,380,400		39,821
Goldman Sachs Group, Inc.	533,200		47,801
Morgan Stanley	255,200		12,946
Nomura Holdings, Inc.	1,840,000		25,539
			145,324
Commercial Banks - 1.1%
Bank of America Corp.	1,641,400		73,830
UCBH Holdings, Inc.	1,014,300		40,724
			114,554
Consumer Finance - 3.0%
American Express Co.	3,128,912		156,508
Capital One Financial Corp.	758,900		51,423
MBNA Corp.	2,955,870		71,355
Providian Financial Corp.	1,533,500		22,144
			301,430
Diversified Financial Services - 1.2%
Citigroup, Inc.	1,361,723		63,429
J.P. Morgan Chase & Co.	1,396,164		55,260
			118,689
Insurance - 2.7%
AFLAC, Inc.	1,325,600		53,157
American International Group, Inc.	2,695,499		192,027
XL Capital Ltd. Class A	364,300		25,574
			270,758
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.3%
Fannie Mae	1,133,700		$ 84,404
Freddie Mac	498,500		33,459
New York Community Bancorp, Inc.	471,200		10,060
			127,923
TOTAL FINANCIALS			1,078,678
HEALTH CARE - 22.8%
Biotechnology - 3.5%
Biogen Idec, Inc. (a)	509,400		30,223
Cephalon, Inc. (a)	1,046,500		49,196
CSL Ltd.	918,937		16,731
Eyetech Pharmaceuticals, Inc.	505,900		17,565
Genentech, Inc. (a)	1,774,000		86,536
Genzyme Corp. - General Division (a)	612,400		33,070
ImClone Systems, Inc. (a)	386,600		20,598
MedImmune, Inc. (a)	467,500		11,159
Millennium Pharmaceuticals, Inc. (a)	2,749,871		32,696
ONYX Pharmaceuticals, Inc. (a)	511,400		18,993
QLT, Inc. (a)	404,200		6,272
Tanox, Inc. (a)	1,042,800		17,258
Telik, Inc. (a)	483,500		9,157
			349,454
Health Care Equipment & Supplies - 5.6%
Alcon, Inc.	1,032,600		77,280
Bausch & Lomb, Inc.	101,000		6,661
Baxter International, Inc.	2,125,100		64,901
Becton, Dickinson & Co.	1,069,100		51,445
C.R. Bard, Inc.	381,000		21,374
Dade Behring Holdings, Inc. (a)	490,300		25,775
Guidant Corp.	364,900		21,821
IDEXX Laboratories, Inc. (a)	218,000		10,619
Medtronic, Inc.	2,525,100		125,624
Respironics, Inc. (a)	240,800		12,811
St. Jude Medical, Inc. (a)	1,054,300		70,902
Thermo Electron Corp. (a)	1,187,300		31,190
Waters Corp. (a)	958,700		41,521
			561,924
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 0.4%
UnitedHealth Group, Inc.	508,600		$ 33,634
Pharmaceuticals - 13.3%
Abbott Laboratories	2,243,600		93,536
Allergan, Inc.	413,950		30,901
Barr Pharmaceuticals, Inc. (a)	1,882,450		73,924
Elan Corp. PLC sponsored ADR (a)	1,200,500		27,167
Eli Lilly & Co.	940,430		59,670
Johnson & Johnson	3,488,080		202,657
Merck & Co., Inc.	2,051,200		92,242
Pfizer, Inc.	15,301,235		499,891
Roche Holding AG (participation certificate)	323,738		31,371
Schering-Plough Corp.	6,503,600		120,056
Wyeth	2,792,860		102,135
			1,333,550
TOTAL HEALTH CARE			2,278,562
INDUSTRIALS - 7.9%
Aerospace & Defense - 3.6%
Bombardier, Inc. Class B (sub. vtg.)	8,513,600		19,649
EADS NV	1,782,000		46,610
Embraer - Empresa Brasileira de Aeronautica SA sponsored ADR	1,572,700		41,755
General Dynamics Corp.	371,300		36,254
Goodrich Corp.	1,189,020		37,763
Honeywell International, Inc.	320,300		11,524
Lockheed Martin Corp.	1,133,480		60,959
Precision Castparts Corp.	641,200		35,324
The Boeing Co.	1,315,500		68,695
			358,533
Commercial Services & Supplies - 0.4%
Herman Miller, Inc.	440,200		11,089
Robert Half International, Inc.	1,158,000		28,371
			39,460
Electrical Equipment - 0.0%
Aura Systems, Inc. warrants 5/31/05 (a)	37		0
Industrial Conglomerates - 3.8%
3M Co.	1,413,200		116,391
General Electric Co.	5,497,470		180,262
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
Siemens AG sponsored ADR	449,800		$ 31,059
Tyco International Ltd.	1,610,900		50,453
			378,165
Machinery - 0.1%
Joy Global, Inc.	554,549		16,808
TOTAL INDUSTRIALS			792,966
INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 9.3%
Alvarion Ltd. (a)	1,225,500		13,750
Andrew Corp. (a)	623,100		6,910
Avaya, Inc. (a)	2,076,902		25,172
Brocade Communications Systems, Inc. (a)	7,234,300		35,665
Cisco Systems, Inc. (a)	14,371,200		269,604
Corning, Inc. (a)	1,799,400		18,210
Emulex Corp. (a)	466,200		4,946
Extreme Networks, Inc. (a)	2,098,700		9,759
F5 Networks, Inc. (a)	378,700		9,305
Foundry Networks, Inc. (a)	2,307,400		21,043
Harris Corp.	1,417,800		68,281
Juniper Networks, Inc. (a)	2,314,200		52,972
Motorola, Inc.	5,661,250		91,429
Nortel Networks Corp. (a)	8,366,000		31,456
QLogic Corp. (a)	416,700		10,880
QUALCOMM, Inc.	4,669,200		177,663
Research in Motion Ltd. (a)	166,200		10,017
Scientific-Atlanta, Inc.	1,454,800		39,629
Telefonaktiebolaget LM Ericsson ADR (a)	1,184,600		32,032
			928,723
Computers & Peripherals - 6.5%
Dell, Inc. (a)	6,286,300		219,015
Diebold, Inc.	339,300		16,588
EMC Corp. (a)	5,947,700		64,057
International Business Machines Corp.	2,243,330		189,988
Lexmark International, Inc. Class A (a)	441,400		39,042
Network Appliance, Inc. (a)	2,212,910		44,413
Quanta Computer, Inc.	17,858,869		30,550
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Sun Microsystems, Inc. (a)	9,248,300		$ 35,513
UNOVA, Inc. (a)	716,886		10,452
			649,618
Electronic Equipment & Instruments - 1.9%
Amphenol Corp. Class A (a)	1,043,318		31,362
Arrow Electronics, Inc. (a)	890,100		19,262
Flextronics International Ltd. (a)	2,812,500		34,903
Hon Hai Precision Industries Co. Ltd.	6,765,442		22,249
Mettler-Toledo International, Inc. (a)	351,800		16,197
Molex, Inc.	741,200		21,398
National Instruments Corp.	964,289		25,139
Solectron Corp. (a)	4,500,600		23,223
			193,733
Internet Software & Services - 0.6%
Openwave Systems, Inc. (a)	906,600		8,450
Yahoo!, Inc. (a)	1,762,996		50,263
			58,713
IT Services - 1.2%
BearingPoint, Inc. (a)	3,197,954		25,807
First Data Corp.	2,226,300		94,061
			119,868
Office Electronics - 0.1%
Zebra Technologies Corp. Class A (a)	119,400		6,824
Semiconductors & Semiconductor Equipment - 7.7%
Agere Systems, Inc.:
Class A (a)	8,747,650		10,585
Class B (a)	7,123,641		8,477
Altera Corp. (a)	2,304,800		43,607
Analog Devices, Inc.	1,353,200		46,983
ASML Holding NV (NY Shares) (a)	2,680,124		34,681
Broadcom Corp. Class A (a)	345,200		9,369
Cypress Semiconductor Corp. (a)	1,435,900		14,014
Fairchild Semiconductor International, Inc. (a)	1,599,800		19,726
Freescale Semiconductor, Inc. Class A	3,195,800		44,422
Integrated Circuit Systems, Inc. (a)	1,614,241		35,481
Integrated Device Technology, Inc. (a)	1,420,200		15,210
Intel Corp.	4,681,700		99,673
International Rectifier Corp. (a)	314,300		10,328
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Intersil Corp. Class A	2,811,536		$ 49,005
KLA-Tencor Corp. (a)	1,080,600		40,371
Lam Research Corp. (a)	1,108,500		23,888
Linear Technology Corp.	135,700		4,854
LSI Logic Corp. (a)	3,207,500		15,492
Maxim Integrated Products, Inc.	110,600		4,803
MediaTek, Inc.	2,788,268		19,737
Microchip Technology, Inc.	699,300		18,455
ON Semiconductor Corp. (a)	3,202,200		9,543
PMC-Sierra, Inc. (a)	2,588,000		24,172
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	5,756,150		43,459
Teradyne, Inc. (a)	1,329,500		17,111
Texas Instruments, Inc.	1,523,300		29,765
Tokyo Electron Ltd.	396,800		20,413
United Microelectronics Corp. sponsored ADR (a)	3,613,566		13,732
Xilinx, Inc.	1,518,300		41,647
			769,003
Software - 5.7%
Adobe Systems, Inc.	448,333		20,565
Cadence Design Systems, Inc. (a)	3,441,300		42,775
Compuware Corp. (a)	1,254,074		5,681
Microsoft Corp.	9,271,344		253,108
Novell, Inc. (a)	4,670,874		27,558
Oracle Corp. (a)	7,183,509		71,620
SAP AG sponsored ADR	1,319,500		48,109
Symantec Corp. (a)	371,312		17,808
Take-Two Interactive Software, Inc. (a)	1,145,300		37,509
VERITAS Software Corp. (a)	2,812,944		47,032
			571,765
TOTAL INFORMATION TECHNOLOGY			3,298,247
MATERIALS - 0.5%
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp. (a)	569,151		10,097
Metals & Mining - 0.4%
Arch Coal, Inc.	389,000		12,537
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
CONSOL Energy, Inc.	205,200		$ 6,583
Massey Energy Co.	703,200		19,352
			38,472
TOTAL MATERIALS			48,569
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Nextel Communications, Inc. Class A (a)	1,836,900		42,598
TOTAL COMMON STOCKS (Cost $9,598,367)		9,805,446
Preferred Stocks - 0.0%

Convertible Preferred Stocks - 0.0%
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(e)	72,500		30
Nonconvertible Preferred Stocks - 0.0%
HEALTH CARE - 0.0%
Biotechnology - 0.0%
Geneprot, Inc. Series A (e)	664,000		2,324
TOTAL PREFERRED STOCKS (Cost $4,770)		2,354
Convertible Bonds - 0.0%
	Principal Amount (000s)
INFORMATION TECHNOLOGY - 0.0%
Semiconductors & Semiconductor Equipment - 0.0%
Micron Technology, Inc. 2.5% 2/1/10 (d)	$ 1,510		1,788
TOTAL CONVERTIBLE BONDS (Cost $1,510)			1,788
Money Market Funds - 2.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.53% (b)	215,925,865	$ 215,926
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	36,213,862	36,214
TOTAL MONEY MARKET FUNDS (Cost $252,140)		252,140
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $9,856,787)		10,061,728
NET OTHER ASSETS - (0.5)%		(52,181)
NET ASSETS - 100%		$ 10,009,547

Legend

(a) Non-income producing

(d) 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 period end, the value of these securities amounted to $1,788,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 1,250
Geneprot, Inc. Series A	7/7/00	$ 3,652

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $9,935,765,000. Net unrealized appreciation aggregated $125,963,000, of which $940,130,000 related to appreciated investment securities and $814,167,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Leveraged
Company Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

ALSF-QTLY-1004

1.805758.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.2%
	Shares		Value
CONSUMER DISCRETIONARY - 13.4%
Auto Components - 0.9%
Dana Corp.	15,900		$ 300,033
TRW Automotive Holdings Corp.	47,700		928,719
			1,228,752
Hotels, Restaurants & Leisure - 1.2%
Friendly Ice Cream Corp. (a)	41,076		441,156
Prime Hospitality Corp. (a)	2,900		34,858
Sunterra Corp. (a)	28,600		279,422
Volume Services America Holdings, Inc. Income Deposit Security	30,815		448,050
Wyndham International, Inc. Class A (a)	464,500		436,630
			1,640,116
Household Durables - 1.7%
Juno Lighting, Inc.	86,453		2,461,230
Media - 9.0%
Cablevision Systems Corp. - NY Group Class A (a)	19,900		368,548
Cumulus Media, Inc. Class A (a)	92,300		1,393,730
EchoStar Communications Corp. Class A (a)	43,490		1,332,969
Emmis Communications Corp. Class A (a)	16,000		308,000
Gray Television, Inc.	103,900		1,427,586
LodgeNet Entertainment Corp. (a)	11,800		171,808
News Corp. Ltd. sponsored ADR	7,734		230,087
Nexstar Broadcasting Group, Inc.	244,700		1,991,858
NTL, Inc. (a)	68,084		3,697,642
PRIMEDIA, Inc. (a)	26,800		55,476
Regal Entertainment Group Class A	100		1,842
The DIRECTV Group, Inc. (a)	58,150		922,841
Time Warner, Inc. (a)	22,600		369,510
UnitedGlobalCom, Inc. Class A (a)	39,040		265,472
			12,537,369
Specialty Retail - 0.6%
AutoNation, Inc. (a)	20,200		332,088
Gap, Inc.	26,600		498,484
			830,572
TOTAL CONSUMER DISCRETIONARY			18,698,039
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 2.1%
Koninklijke Ahold NV sponsored ADR	109,600		688,288
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Kroger Co. (a)	28,700		$ 474,411
Pathmark Stores, Inc. (a)	117,740		833,599
Safeway, Inc. (a)	49,700		1,003,940
			3,000,238
Food Products - 0.5%
Kellogg Co.	15,100		633,898
Personal Products - 0.5%
Revlon, Inc. Class A (a)	266,925		712,690
TOTAL CONSUMER STAPLES			4,346,826
ENERGY - 27.4%
Energy Equipment & Services - 3.4%
Grant Prideco, Inc. (a)	48,400		884,268
Grey Wolf, Inc. (a)	106,500		452,625
Hanover Compressor Co. (a)	38,500		443,905
Nabors Industries Ltd. (a)	11,800		520,380
Petroleum Geo-Services ASA ADR (a)	29,316		1,154,022
Pride International, Inc. (a)	9,900		181,764
Rowan Companies, Inc. (a)	24,900		605,568
Universal Compression Holdings, Inc. (a)	15,300		501,993
			4,744,525
Oil & Gas - 24.0%
Burlington Resources, Inc.	77,300		2,800,579
Chesapeake Energy Corp.	159,300		2,250,909
Comstock Resources, Inc. (a)	25,300		466,279
Forest Oil Corp. (a)	193,000		5,027,650
Frontline Ltd.	14,700		550,906
Frontline Ltd. (NY Shares)	6,600		248,292
General Maritime Corp. (a)	259,600		7,081,888
Houston Exploration Co. (a)	7,700		395,395
OMI Corp.	180,800		2,299,776
Range Resources Corp.	272,100		4,081,500
Ship Finance International Ltd.	5,325		93,188
Teekay Shipping Corp.	231,300		8,107,065
			33,403,427
TOTAL ENERGY			38,147,952
Common Stocks - continued
	Shares		Value
FINANCIALS - 3.1%
Consumer Finance - 0.5%
Metris Companies, Inc.	88,400		$ 723,112
Insurance - 2.2%
American Financial Group, Inc., Ohio	87,000		2,562,150
UnumProvident Corp.	32,300		522,614
			3,084,764
Real Estate - 0.0%
Equity Office Properties Trust	500		14,280
Thrifts & Mortgage Finance - 0.4%
Capital Crossing Bank (a)	21,000		490,350
TOTAL FINANCIALS			4,312,506
HEALTH CARE - 3.9%
Health Care Equipment & Supplies - 0.3%
Baxter International, Inc.	15,300		467,262
Health Care Providers & Services - 1.5%
DaVita, Inc. (a)	69,600		2,109,576
Pharmaceuticals - 2.1%
Elan Corp. PLC sponsored ADR (a)	128,200		2,901,166
TOTAL HEALTH CARE			5,478,004
INDUSTRIALS - 9.9%
Aerospace & Defense - 0.5%
BE Aerospace, Inc. (a)	33,000		349,800
Goodrich Corp.	10,800		343,008
			692,808
Air Freight & Logistics - 0.1%
Park-Ohio Holdings Corp. (a)	7,400		127,872
Airlines - 1.8%
America West Holding Corp. Class B (a)	57,600		380,160
AMR Corp. (a)	230,270		2,058,614
Northwest Airlines Corp. (a)	7,500		70,650
			2,509,424
Building Products - 2.1%
American Standard Companies, Inc. (a)	72,900		2,741,769
Royal Group Technologies Ltd. (sub. vtg.) (a)	20,400		186,465
			2,928,234
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.0%
Republic Services, Inc.	1,000		$ 27,950
Industrial Conglomerates - 3.6%
Tyco International Ltd.	161,700		5,064,444
Machinery - 0.6%
Terex Corp. (a)	17,800		643,114
Thermadyne Holdings Corp. (a)	5,100		61,710
Timken Co.	7,200		167,400
			872,224
Road & Rail - 1.2%
Central Freight Lines, Inc.	129,271		863,530
Kansas City Southern (a)	50,500		757,500
			1,621,030
TOTAL INDUSTRIALS			13,843,986
INFORMATION TECHNOLOGY - 4.2%
Communications Equipment - 0.5%
Motorola, Inc.	40,500		654,075
Electronic Equipment & Instruments - 1.7%
DDi Corp. (a)	163,300		921,012
Merix Corp. (a)	30,600		304,776
Solectron Corp. (a)	39,200		202,272
Viasystems Group, Inc. (a)	7,990		143,820
Viasystems Group, Inc. (a)(e)	47,440		853,920
			2,425,800
Semiconductors & Semiconductor Equipment - 2.0%
Conexant Systems, Inc. (a)	72,300		107,727
Freescale Semiconductor, Inc. Class A	26,000		361,400
ON Semiconductor Corp. (a)	783,600		2,335,128
			2,804,255
TOTAL INFORMATION TECHNOLOGY			5,884,130
MATERIALS - 7.2%
Chemicals - 0.4%
Rhodia SA ADR	454,400		577,088
Construction Materials - 0.6%
Texas Industries, Inc.	19,000		832,200
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 3.6%
Owens-Illinois, Inc. (a)	119,500		$ 1,917,975
Packaging Corp. of America	1,870		42,823
Pactiv Corp. (a)	70,900		1,676,785
Sealed Air Corp. (a)	11,400		559,968
Smurfit-Stone Container Corp. (a)	49,000		869,260
			5,066,811
Metals & Mining - 0.7%
Barrick Gold Corp.	500		10,016
Freeport-McMoRan Copper & Gold, Inc. Class B	22,570		849,309
Haynes Holdings, Inc. (a)(e)	32,854		13,142
Oregon Steel Mills, Inc. (a)	1,600		23,168
			895,635
Paper & Forest Products - 1.9%
Georgia-Pacific Corp.	22,600		767,948
International Paper Co.	23,100		924,462
Weyerhaeuser Co.	15,800		987,658
			2,680,068
TOTAL MATERIALS			10,051,802
TELECOMMUNICATION SERVICES - 10.3%
Diversified Telecommunication Services - 3.8%
Call-Net Enterprises, Inc. Class B (a)	300,000		639,829
Covad Communications Group, Inc. (a)	70,609		103,089
Level 3 Communications, Inc. (a)	242,000		634,040
Qwest Communications International, Inc. (a)	1,173,200		3,390,548
Telewest Global, Inc. (a)	48,783		563,444
XO Communications, Inc. (a)	7,300		25,331
			5,356,281
Wireless Telecommunication Services - 6.5%
Crown Castle International Corp. (a)	47,100		674,001
Nextel Communications, Inc. Class A (a)	302,500		7,014,975
NII Holdings, Inc. (a)	12,900		472,785
SpectraSite, Inc. (a)	5		225
Triton PCS Holdings, Inc. Class A (a)	353,400		865,830
			9,027,816
TOTAL TELECOMMUNICATION SERVICES			14,384,097
Common Stocks - continued
	Shares		Value
UTILITIES - 9.7%
Electric Utilities - 0.0%
Allegheny Energy, Inc. (a)	500		$ 7,345
Multi-Utilities & Unregulated Power - 9.7%
AES Corp. (a)	909,700		9,178,871
Aquila, Inc. (a)	88,200		260,190
CMS Energy Corp. (a)	417,000		4,003,200
			13,442,261
TOTAL UTILITIES			13,449,606
TOTAL COMMON STOCKS (Cost $113,208,722)		128,596,948
Preferred Stocks - 0.5%

Convertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Emmis Communications Corp. Series A, 6.25%	2,800		122,500
Nonconvertible Preferred Stocks - 0.4%
CONSUMER STAPLES - 0.4%
Food Products - 0.4%
Doane Pet Care Co. 14.25% pay-in-kind (a)	12,495		599,760
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
PTV, Inc. Series A, 10.00%	10		48
TOTAL NONCONVERTIBLE PREFERRED STOCKS			599,808
TOTAL PREFERRED STOCKS (Cost $681,796)		722,308
Convertible Bonds - 0.0%
	Principal Amount		Value
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Level 3 Communications, Inc. 6% 9/15/09	$ 135,000		$ 72,225
TOTAL CONVERTIBLE BONDS (Cost $85,063)			72,225
Floating Rate Loans - 1.0%

TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
McLeodUSA, Inc.:
revolver loan 4.6533% 5/31/07 (d)	450,726		205,080
Tranche A term loan 4.6539% 5/31/07 (d)	1,171,591		533,074
Tranche B term loan 5.4% 5/30/08 (d)	1,416,002		644,281
			1,382,435
TOTAL FLOATING RATE LOANS (Cost $2,112,640)			1,382,435
Money Market Funds - 9.9%
	Shares
Fidelity Cash Central Fund, 1.53% (b)	8,313,444		8,313,444
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	5,492,425		5,492,425
TOTAL MONEY MARKET FUNDS (Cost $13,805,869)		13,805,869
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $129,894,090)		144,579,785
NET OTHER ASSETS - (3.6)%		(5,048,282)
NET ASSETS - 100%			$ 139,531,503

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Haynes Holdings, Inc.	5/2/03	$ 45,996
Viasystems Group, Inc.	2/13/04	$ 954,730

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $129,846,927. Net unrealized appreciation aggregated $14,732,858, of which $26,841,170 related to appreciated investment securities and $12,108,312 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

ATQG-QTLY-1004

1.805773.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value
CONSUMER DISCRETIONARY - 8.2%
Automobiles - 1.9%
Harley-Davidson, Inc.	7,600		$ 463,752
Hotels, Restaurants & Leisure - 0.6%
Kerzner International Ltd. (a)	3,200		142,816
Internet & Catalog Retail - 0.3%
eBay, Inc. (a)	1,000		86,540
Media - 4.7%
Clear Channel Communications, Inc.	1,600		53,616
Fox Entertainment Group, Inc. Class A (a)	1,900		51,566
Getty Images, Inc. (a)	1,900		105,355
Lamar Advertising Co. Class A (a)	7,500		327,675
Radio One, Inc. Class D (non-vtg.) (a)	5,500		85,800
Spanish Broadcasting System, Inc. Class A (a)	28,500		249,660
Univision Communications, Inc. Class A (a)	4,100		135,300
Viacom, Inc. Class B (non-vtg.)	1,950		64,955
Walt Disney Co.	2,300		51,635
			1,125,562
Specialty Retail - 0.3%
Best Buy Co., Inc.	600		27,912
Ross Stores, Inc.	2,100		44,415
			72,327
Textiles Apparel & Luxury Goods - 0.4%
NIKE, Inc. Class B	1,200		90,372
TOTAL CONSUMER DISCRETIONARY			1,981,369
CONSUMER STAPLES - 13.2%
Beverages - 3.4%
Anheuser-Busch Companies, Inc.	2,400		126,720
PepsiCo, Inc.	7,900		395,000
The Coca-Cola Co.	6,300		281,673
			803,393
Food & Staples Retailing - 3.1%
CVS Corp.	4,700		188,000
Wal-Mart Stores, Inc.	8,500		447,695
Walgreen Co.	3,200		116,640
			752,335
Food Products - 0.1%
Bunge Ltd.	800		31,912
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Household Products - 5.7%
Colgate-Palmolive Co.	9,800		$ 529,200
Procter & Gamble Co.	15,100		845,147
			1,374,347
Personal Products - 0.9%
Gillette Co.	5,230		222,275
TOTAL CONSUMER STAPLES			3,184,262
ENERGY - 3.7%
Energy Equipment & Services - 3.2%
BJ Services Co.	9,100		437,255
Nabors Industries Ltd. (a)	3,100		136,710
Pride International, Inc. (a)	11,200		205,632
			779,597
Oil & Gas - 0.5%
Quicksilver Resources, Inc. (a)	3,900		109,863
TOTAL ENERGY			889,460
FINANCIALS - 7.7%
Capital Markets - 0.2%
Harris & Harris Group, Inc. (a)	4,800		42,960
Commercial Banks - 0.4%
Wachovia Corp.	2,100		98,511
Consumer Finance - 1.0%
American Express Co.	2,400		120,048
MBNA Corp.	5,200		125,528
			245,576
Diversified Financial Services - 0.8%
Citigroup, Inc.	3,900		181,662
Insurance - 3.8%
ACE Ltd.	3,000		115,650
American International Group, Inc.	11,300		805,012
			920,662
Thrifts & Mortgage Finance - 1.5%
Fannie Mae	1,800		134,010
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Golden West Financial Corp., Delaware	1,100		$ 119,053
New York Community Bancorp, Inc.	5,000		106,750
			359,813
TOTAL FINANCIALS			1,849,184
HEALTH CARE - 31.3%
Biotechnology - 5.0%
Amgen, Inc. (a)	2,800		166,012
Biogen Idec, Inc. (a)	900		53,397
Cephalon, Inc. (a)	2,300		108,123
Charles River Laboratories International, Inc. (a)	1,400		60,970
Corgentech, Inc.	3,500		47,215
Genentech, Inc. (a)	6,400		312,192
Harvard Bioscience, Inc. (a)	17,400		85,608
ImmunoGen, Inc. (a)	17,700		90,093
Millennium Pharmaceuticals, Inc. (a)	8,400		99,876
Nanogen, Inc. (a)	6,400		26,752
ONYX Pharmaceuticals, Inc. (a)	1,000		37,140
OSI Pharmaceuticals, Inc. (a)	800		47,672
Protein Design Labs, Inc. (a)	2,800		51,324
Serologicals Corp. (a)	600		12,564
			1,198,938
Health Care Equipment & Supplies - 6.1%
Biomet, Inc.	1,300		59,345
Biosite, Inc. (a)	600		28,410
Cholestech Corp. (a)	10,700		77,147
Dade Behring Holdings, Inc. (a)	1,500		78,855
Fisher Scientific International, Inc. (a)	2,400		136,728
Illumina, Inc. (a)	27,400		157,550
Invacare Corp.	1,000		44,270
Kinetic Concepts, Inc.	1,500		74,655
Medtronic, Inc.	11,300		562,175
ResMed, Inc. (a)	1,500		71,655
Smith & Nephew PLC	5,400		49,086
St. Jude Medical, Inc. (a)	1,100		73,975
Synthes, Inc.	645		68,993
			1,482,844
Health Care Providers & Services - 2.7%
Henry Schein, Inc. (a)	2,100		130,788
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
McKesson Corp.	4,300		$ 133,085
Pediatrix Medical Group, Inc. (a)	800		56,080
ProxyMed, Inc. (a)	2,800		25,340
UnitedHealth Group, Inc.	2,760		182,519
WebMD Corp. (a)	16,600		120,848
			648,660
Pharmaceuticals - 17.5%
Abbott Laboratories	4,400		183,436
Barr Pharmaceuticals, Inc. (a)	5,600		219,912
Eli Lilly & Co.	2,900		184,005
Endo Pharmaceuticals Holdings, Inc. (a)	8,600		145,856
Forest Laboratories, Inc. (a)	700		32,095
IVAX Corp. (a)	9,750		188,760
Johnson & Johnson	7,160		415,996
Merck & Co., Inc.	8,300		373,251
Pfizer, Inc.	41,120		1,343,390
Schering-Plough Corp.	39,800		734,708
Watson Pharmaceuticals, Inc. (a)	2,600		71,604
Wyeth	8,900		325,473
			4,218,486
TOTAL HEALTH CARE			7,548,928
INDUSTRIALS - 4.8%
Aerospace & Defense - 2.2%
Honeywell International, Inc.	10,100		363,398
Lockheed Martin Corp.	1,000		53,780
The Boeing Co.	1,900		99,218
			516,396
Air Freight & Logistics - 0.6%
United Parcel Service, Inc. Class B	1,800		131,490
Building Products - 0.3%
Trex Co., Inc. (a)	1,900		82,346
Industrial Conglomerates - 1.7%
General Electric Co.	12,800		419,712
TOTAL INDUSTRIALS			1,149,944
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 26.4%
Communications Equipment - 2.4%
Brocade Communications Systems, Inc. (a)	7,600		$ 37,468
Cisco Systems, Inc. (a)	16,600		311,416
Comverse Technology, Inc. (a)	4,000		70,040
Juniper Networks, Inc. (a)	1,500		34,335
Powerwave Technologies, Inc. (a)	7,200		43,560
QUALCOMM, Inc.	2,000		76,100
			572,919
Computers & Peripherals - 6.4%
Dell, Inc. (a)	28,500		992,940
Electronics for Imaging, Inc. (a)	8,900		176,932
EMC Corp. (a)	9,500		102,315
UNOVA, Inc. (a)	19,200		279,936
			1,552,123
Electronic Equipment & Instruments - 6.1%
Benchmark Electronics, Inc. (a)	4,500		129,420
Flextronics International Ltd. (a)	36,400		451,724
Jabil Circuit, Inc. (a)	19,000		391,970
National Instruments Corp.	1,300		33,891
Solectron Corp. (a)	63,900		329,724
Symbol Technologies, Inc.	5,700		73,530
Veeco Instruments, Inc. (a)	2,700		52,272
			1,462,531
Internet Software & Services - 1.1%
Yahoo!, Inc. (a)	9,700		276,547
IT Services - 0.4%
First Data Corp.	2,100		88,725
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)	2,550		145,733
Semiconductors & Semiconductor Equipment - 3.0%
Analog Devices, Inc.	1,700		59,024
Cree, Inc. (a)	3,200		80,032
Freescale Semiconductor, Inc. Class A	4,800		66,720
Integrated Circuit Systems, Inc. (a)	3,800		83,524
Intersil Corp. Class A	17,300		301,539
Varian Semiconductor Equipment Associates, Inc. (a)	5,000		140,000
			730,839
Software - 6.4%
Cadence Design Systems, Inc. (a)	7,200		89,496
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	51,200		$ 1,397,760
Siebel Systems, Inc. (a)	7,800		59,358
			1,546,614
TOTAL INFORMATION TECHNOLOGY			6,376,031
MATERIALS - 2.8%
Chemicals - 1.7%
Dow Chemical Co.	2,300		98,463
Ferro Corp.	4,600		94,484
NOVA Chemicals Corp.	3,000		97,345
Olin Corp.	6,400		108,096
			398,388
Containers & Packaging - 0.7%
Pactiv Corp. (a)	6,900		163,185
Metals & Mining - 0.4%
Freeport-McMoRan Copper & Gold, Inc. Class B	1,100		41,393
Massey Energy Co.	2,200		60,544
			101,937
TOTAL MATERIALS			663,510
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
AT&T Wireless Services, Inc. (a)	1,200		17,544
TOTAL COMMON STOCKS (Cost $24,493,709)		23,660,232
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 1.53% (b)	150,570		150,570
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	48,625		48,625
TOTAL MONEY MARKET FUNDS (Cost $199,195)		199,195
Cash Equivalents - 0.2%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.58%, dated 8/31/04 due 9/1/04) (Cost $48,000)	$ 48,002		$ 48,000
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $24,740,904)			23,907,427
NET OTHER ASSETS - 0.8%			197,932
NET ASSETS - 100%		$ 24,105,359

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $24,805,987. Net unrealized depreciation aggregated $898,560, of which $1,275,199 related to appreciated investment securities and $2,173,759 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Fifty Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

AFIF-QTLY-1004

1.805762.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.7%
	Shares		Value
CONSUMER DISCRETIONARY - 16.4%
Auto Components - 0.1%
Gentex Corp.	1,900		$ 65,246
Hotels, Restaurants & Leisure - 6.6%
Carnival Corp. unit	50,000		2,289,500
Kerzner International Ltd. (a)	32,700		1,459,401
Krispy Kreme Doughnuts, Inc. (a)	52,700		678,776
			4,427,677
Internet & Catalog Retail - 0.7%
Amazon.com, Inc. (a)	11,700		446,238
Media - 6.5%
Clear Channel Communications, Inc.	74,600		2,499,846
Radio One, Inc. Class D (non-vtg.) (a)	85,625		1,335,750
The DIRECTV Group, Inc. (a)	29,300		464,991
			4,300,587
Multiline Retail - 0.5%
Kohl's Corp. (a)	7,400		366,152
Specialty Retail - 2.0%
Best Buy Co., Inc.	5,600		260,512
Chico's FAS, Inc. (a)	4,900		200,410
Ross Stores, Inc.	24,200		511,830
Weight Watchers International, Inc. (a)	9,300		363,072
			1,335,824
TOTAL CONSUMER DISCRETIONARY			10,941,724
ENERGY - 4.1%
Energy Equipment & Services - 4.1%
BJ Services Co.	24,900		1,196,445
Nabors Industries Ltd. (a)	34,400		1,517,040
			2,713,485
FINANCIALS - 13.4%
Commercial Banks - 1.7%
Wells Fargo & Co.	19,500		1,145,625
Consumer Finance - 4.7%
American Express Co.	50,100		2,506,002
First Marblehead Corp.	14,600		604,002
			3,110,004
Diversified Financial Services - 1.6%
Citigroup, Inc.	22,600		1,052,708
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 4.0%
AFLAC, Inc.	30,500		$ 1,223,050
American International Group, Inc.	20,400		1,453,296
			2,676,346
Thrifts & Mortgage Finance - 1.4%
New York Community Bancorp, Inc.	44,400		947,940
TOTAL FINANCIALS			8,932,623
HEALTH CARE - 14.7%
Biotechnology - 2.0%
Angiotech Pharmaceuticals, Inc. (a)	38,400		659,865
Genentech, Inc. (a)	13,600		663,408
			1,323,273
Health Care Equipment & Supplies - 1.7%
DENTSPLY International, Inc.	1,300		66,235
ResMed, Inc. (a)	21,900		1,046,163
St. Jude Medical, Inc. (a)	300		20,175
			1,132,573
Health Care Providers & Services - 2.2%
Henry Schein, Inc. (a)	7,000		435,960
UnitedHealth Group, Inc.	15,800		1,044,854
			1,480,814
Pharmaceuticals - 8.8%
Barr Pharmaceuticals, Inc. (a)	11,900		467,313
Elan Corp. PLC sponsored ADR (a)	64,400		1,457,372
Pfizer, Inc.	92,800		3,031,776
Schering-Plough Corp.	50,200		926,692
			5,883,153
TOTAL HEALTH CARE			9,819,813
INDUSTRIALS - 9.4%
Aerospace & Defense - 2.2%
Precision Castparts Corp.	20,300		1,118,327
The Boeing Co.	6,500		339,430
			1,457,757
Air Freight & Logistics - 0.0%
C.H. Robinson Worldwide, Inc.	300		12,801
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - 0.9%
AirTran Holdings, Inc. (a)	50,900		$ 618,435
Commercial Services & Supplies - 4.9%
Korn/Ferry International (a)	33,000		586,410
Monster Worldwide, Inc. (a)	68,600		1,387,778
Sothebys Holdings, Inc. Class A (ltd. vtg.) (a)	40,600		649,194
Universal Technical Institute, Inc.	23,300		637,954
			3,261,336
Industrial Conglomerates - 1.4%
3M Co.	10,900		897,724
TOTAL INDUSTRIALS			6,248,053
INFORMATION TECHNOLOGY - 23.9%
Communications Equipment - 3.1%
Cisco Systems, Inc. (a)	59,100		1,108,716
QUALCOMM, Inc.	24,400		928,420
			2,037,136
Computers & Peripherals - 3.5%
Dell, Inc. (a)	11,400		397,176
Seagate Technology	154,800		1,691,964
UNOVA, Inc. (a)	16,500		240,570
			2,329,710
Internet Software & Services - 3.3%
SkillSoft PLC sponsored ADR (a)	54,600		339,066
Yahoo!, Inc. (a)	65,400		1,864,554
			2,203,620
IT Services - 6.5%
Ceridian Corp. (a)	70,500		1,303,545
First Data Corp.	38,400		1,622,400
Infosys Technologies Ltd.	42,396		1,441,254
			4,367,199
Software - 7.5%
Microsoft Corp.	101,100		2,760,030
NAVTEQ Corp.	9,900		325,512
Siebel Systems, Inc. (a)	252,021		1,917,880
			5,003,422
TOTAL INFORMATION TECHNOLOGY			15,941,087
Common Stocks - continued
	Shares		Value
MATERIALS - 4.2%
Metals & Mining - 4.2%
Alcoa, Inc.	15,300		$ 495,414
Arch Coal, Inc.	38,500		1,240,855
Companhia Vale do Rio Doce sponsored ADR	13,300		768,341
Nucor Corp.	3,400		266,186
			2,770,796
TELECOMMUNICATION SERVICES - 4.6%
Wireless Telecommunication Services - 4.6%
Crown Castle International Corp. (a)	127,700		1,827,387
Vodafone Group PLC sponsored ADR	53,800		1,232,020
			3,059,407
TOTAL COMMON STOCKS (Cost $59,028,124)		60,426,988
Money Market Funds - 7.8%

Fidelity Cash Central Fund, 1.53% (b)	3,576,403		3,576,403
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	1,643,625		1,643,625
TOTAL MONEY MARKET FUNDS (Cost $5,220,028)		5,220,028
TOTAL INVESTMENT PORTFOLIO - 98.5% (Cost $64,248,152)			65,647,016
NET OTHER ASSETS - 1.5%			972,397
NET ASSETS - 100%		$ 66,619,413

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $64,419,453. Net unrealized appreciation aggregated $1,227,563, of which $5,828,668 related to appreciated investment securities and $4,601,105 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

AEV-QTLY-1004

1.805757.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
CONSUMER DISCRETIONARY - 8.6%
Hotels, Restaurants & Leisure - 0.4%
Hilton Hotels Corp.	6,800		$ 121,380
Marriott International, Inc. Class A	3,610		171,295
			292,675
Household Durables - 0.3%
Blount International, Inc. (a)	25,000		271,250
Internet & Catalog Retail - 1.2%
IAC/InterActiveCorp (a)	41,350		943,194
Media - 6.0%
News Corp. Ltd. ADR	50,340		1,573,125
Omnicom Group, Inc.	16,470		1,133,301
The DIRECTV Group, Inc. (a)	15,500		245,985
Tribune Co.	8,600		359,050
Viacom, Inc. Class B (non-vtg.)	22,960		764,798
Washington Post Co. Class B	190		165,015
XM Satellite Radio Holdings, Inc. Class A (a)	25,590		702,957
			4,944,231
Multiline Retail - 0.7%
JCPenney Co., Inc.	15,990		612,737
TOTAL CONSUMER DISCRETIONARY			7,064,087
CONSUMER STAPLES - 5.3%
Beverages - 0.1%
The Coca-Cola Co.	1,250		55,888
Food & Staples Retailing - 3.0%
Albertsons, Inc.	18,780		461,612
Safeway, Inc. (a)	36,370		734,674
Wal-Mart Stores, Inc.	24,650		1,298,316
			2,494,602
Food Products - 0.7%
Hormel Foods Corp.	2,660		71,022
McCormick & Co., Inc. (non-vtg.)	15,730		527,742
			598,764
Household Products - 0.5%
Colgate-Palmolive Co.	6,580		355,320
Procter & Gamble Co.	1,330		74,440
			429,760
Personal Products - 0.2%
Gillette Co.	3,120		132,600
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Tobacco - 0.8%
Altria Group, Inc.	13,830		$ 676,979
TOTAL CONSUMER STAPLES			4,388,593
ENERGY - 11.9%
Energy Equipment & Services - 2.0%
ENSCO International, Inc.	27,700		807,732
Smith International, Inc. (a)	1,754		99,943
Weatherford International Ltd. (a)	16,450		762,293
			1,669,968
Oil & Gas - 9.9%
Ashland, Inc.	8,410		432,526
BP PLC sponsored ADR	21,900		1,176,030
Burlington Resources, Inc.	70,590		2,557,476
Exxon Mobil Corp.	86,090		3,968,749
			8,134,781
TOTAL ENERGY			9,804,749
FINANCIALS - 26.5%
Capital Markets - 3.2%
Bank of New York Co., Inc.	80		2,384
Charles Schwab Corp.	49,940		471,933
Morgan Stanley	17,240		874,585
Northern Trust Corp.	3,310		142,496
State Street Corp.	24,750		1,117,215
			2,608,613
Commercial Banks - 7.9%
Bank of America Corp.	63,680		2,864,326
Wachovia Corp.	36,299		1,702,786
Wells Fargo & Co.	33,680		1,978,700
			6,545,812
Consumer Finance - 1.0%
SLM Corp.	21,550		840,881
Diversified Financial Services - 5.5%
Citigroup, Inc.	55,560		2,587,985
J.P. Morgan Chase & Co.	48,481		1,918,878
			4,506,863
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 4.1%
AFLAC, Inc.	9,430		$ 378,143
AMBAC Financial Group, Inc.	5,770		435,635
American International Group, Inc.	35,790		2,549,680
			3,363,458
Real Estate - 1.3%
Capital Automotive (SBI)	6,740		208,064
Manufactured Home Communities, Inc.	25,700		860,179
			1,068,243
Thrifts & Mortgage Finance - 3.5%
Fannie Mae	38,820		2,890,149
TOTAL FINANCIALS			21,824,019
HEALTH CARE - 5.8%
Health Care Equipment & Supplies - 1.9%
Guidant Corp.	3,790		226,642
Medtronic, Inc.	26,740		1,330,315
			1,556,957
Health Care Providers & Services - 0.3%
UnitedHealth Group, Inc.	3,970		262,536
Pharmaceuticals - 3.6%
Bristol-Myers Squibb Co.	9,400		223,062
Johnson & Johnson	9,710		564,151
Pfizer, Inc.	65,930		2,153,933
			2,941,146
TOTAL HEALTH CARE			4,760,639
INDUSTRIALS - 14.4%
Aerospace & Defense - 3.1%
Goodrich Corp.	40,020		1,271,035
Honeywell International, Inc.	12,790		460,184
Precision Castparts Corp.	14,770		813,679
			2,544,898
Air Freight & Logistics - 0.8%
Ryder System, Inc.	5,220		228,688
United Parcel Service, Inc. Class B	6,630		484,322
			713,010
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - 0.2%
Career Education Corp. (a)	3,100		$ 95,604
Corinthian Colleges, Inc. (a)	4,700		53,439
			149,043
Industrial Conglomerates - 4.6%
General Electric Co.	115,590		3,790,196
Machinery - 2.1%
Caterpillar, Inc.	14,220		1,033,794
Dover Corp.	18,250		688,573
			1,722,367
Road & Rail - 3.6%
Landstar System, Inc. (a)	19,060		1,000,269
Norfolk Southern Corp.	70,020		1,988,568
			2,988,837
TOTAL INDUSTRIALS			11,908,351
INFORMATION TECHNOLOGY - 5.5%
Communications Equipment - 0.3%
Nokia Corp. sponsored ADR	22,800		270,864
Computers & Peripherals - 0.8%
International Business Machines Corp.	7,200		609,768
Internet Software & Services - 0.2%
Google, Inc. Class A	1,900		194,655
Semiconductors & Semiconductor Equipment - 2.1%
Analog Devices, Inc.	9,100		315,952
Applied Materials, Inc. (a)	17,500		278,075
Freescale Semiconductor, Inc. Class A	9,500		132,050
Intel Corp.	20,800		442,832
KLA-Tencor Corp. (a)	3,300		123,288
National Semiconductor Corp. (a)	8,300		110,639
Novellus Systems, Inc. (a)	4,800		117,264
Texas Instruments, Inc.	8,060		157,492
			1,677,592
Software - 2.1%
Microsoft Corp.	63,940		1,745,562
TOTAL INFORMATION TECHNOLOGY			4,498,441
Common Stocks - continued
	Shares		Value
MATERIALS - 5.6%
Chemicals - 4.2%
Air Products & Chemicals, Inc.	4,780		$ 250,376
Eastman Chemical Co.	42,120		1,959,844
FMC Corp. (a)	19,160		885,767
Lyondell Chemical Co.	18,600		366,234
			3,462,221
Containers & Packaging - 0.7%
Smurfit-Stone Container Corp. (a)	30,750		545,505
Metals & Mining - 0.7%
Alcoa, Inc.	8,220		266,164
International Steel Group, Inc.	7,860		238,944
Nucor Corp.	1,330		104,126
			609,234
TOTAL MATERIALS			4,616,960
TELECOMMUNICATION SERVICES - 9.6%
Diversified Telecommunication Services - 9.6%
SBC Communications, Inc.	73,640		1,899,176
Sprint Corp.	97,910		1,926,869
Verizon Communications, Inc.	104,310		4,094,162
			7,920,207
UTILITIES - 2.7%
Electric Utilities - 2.7%
American Electric Power Co., Inc.	16,790		549,537
Entergy Corp.	19,610		1,182,483
Exelon Corp.	12,330		454,361
			2,186,381
Multi-Utilities & Unregulated Power - 0.0%
Public Service Enterprise Group, Inc.	380		16,089
TOTAL UTILITIES			2,202,470
TOTAL COMMON STOCKS (Cost $73,545,520)		78,988,516
Money Market Funds - 5.4%
	Shares		Value
Fidelity Cash Central Fund, 1.53% (b)(c) (Cost $4,487,314)	4,487,314	$ 4,487,314
TOTAL INVESTMENT PORTFOLIO - 101.3% (Cost $78,032,834)		83,475,830
NET OTHER ASSETS - (1.3)%		(1,100,264)
NET ASSETS - 100%		$ 82,375,566

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $78,151,809. Net unrealized appreciation aggregated $5,324,021, of which $7,008,839 related to appreciated investment securities and $1,684,818 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

ADGF-QTLY-1004

1.805738.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.1%
Hotels, Restaurants & Leisure - 0.3%
McDonald's Corp.	582,800		$ 15,747
Media - 5.0%
Clear Channel Communications, Inc.	5,491,400		184,017
Lamar Advertising Co. Class A (a)	301,800		13,186
McGraw-Hill Companies, Inc.	32,600		2,469
News Corp. Ltd. sponsored ADR	778,900		23,172
Time Warner, Inc. (a)	903,486		14,772
			237,616
Specialty Retail - 4.8%
Home Depot, Inc.	6,149,595		224,829
Office Depot, Inc. (a)	84,400		1,351
Staples, Inc.	223,400		6,407
			232,587
TOTAL CONSUMER DISCRETIONARY			485,950
CONSUMER STAPLES - 7.9%
Beverages - 1.0%
PepsiCo, Inc.	451,035		22,552
The Coca-Cola Co.	588,300		26,303
			48,855
Food & Staples Retailing - 4.3%
CVS Corp.	2,462,600		98,504
Safeway, Inc. (a)	2,220,900		44,862
Wal-Mart Stores, Inc.	1,123,400		59,169
			202,535
Household Products - 0.3%
Kimberly-Clark Corp.	66,300		4,422
Procter & Gamble Co.	158,600		8,877
			13,299
Personal Products - 1.1%
Alberto-Culver Co.	1,043,600		50,395
Estee Lauder Companies, Inc. Class A	72,400		3,182
			53,577
Tobacco - 1.2%
Altria Group, Inc.	1,181,320		57,826
TOTAL CONSUMER STAPLES			376,092
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 4.3%
Energy Equipment & Services - 2.9%
Diamond Offshore Drilling, Inc.	1,121,600		$ 28,511
ENSCO International, Inc.	958,290		27,944
GlobalSantaFe Corp.	1,346,547		37,542
Nabors Industries Ltd. (a)	181,700		8,013
Transocean, Inc. (a)	1,255,900		38,556
			140,566
Oil & Gas - 1.4%
ChevronTexaco Corp.	444,300		43,319
ConocoPhillips	145,442		10,825
Exxon Mobil Corp.	277,200		12,779
			66,923
TOTAL ENERGY			207,489
FINANCIALS - 27.1%
Capital Markets - 3.7%
Bear Stearns Companies, Inc.	149,200		13,118
Greenhill & Co., Inc.	2,500		51
Lehman Brothers Holdings, Inc.	171,000		12,635
Merrill Lynch & Co., Inc.	827,300		42,250
Morgan Stanley	2,101,600		106,614
Nuveen Investments, Inc. Class A	163,400		4,657
			179,325
Commercial Banks - 3.1%
Bank of America Corp.	2,860,640		128,672
SouthTrust Corp.	173,500		7,174
Synovus Financial Corp.	321,400		8,164
Wachovia Corp.	129,800		6,089
			150,099
Consumer Finance - 0.5%
MBNA Corp.	935,300		22,578
Diversified Financial Services - 4.3%
Citigroup, Inc.	3,160,786		147,229
J.P. Morgan Chase & Co.	1,468,236		58,113
			205,342
Insurance - 9.2%
AFLAC, Inc.	98,000		3,930
AMBAC Financial Group, Inc.	335,500		25,330
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
American International Group, Inc.	4,091,992		$ 291,512
Hartford Financial Services Group, Inc.	854,600		52,267
MBIA, Inc.	284,900		16,316
MetLife, Inc.	979,400		36,483
PartnerRe Ltd.	90,300		4,635
St. Paul Travelers Companies, Inc.	273,642		9,493
			439,966
Thrifts & Mortgage Finance - 6.3%
Fannie Mae	3,215,880		239,422
Golden West Financial Corp., Delaware	40,900		4,427
Greenpoint Financial Corp.	145,400		6,405
MGIC Investment Corp.	412,730		28,177
New York Community Bancorp, Inc.	909,300		19,414
Sovereign Bancorp, Inc.	61,200		1,338
			299,183
TOTAL FINANCIALS			1,296,493
HEALTH CARE - 16.0%
Health Care Equipment & Supplies - 0.6%
Baxter International, Inc.	488,500		14,919
Medtronic, Inc.	137,000		6,816
Respironics, Inc. (a)	95,200		5,065
Thermo Electron Corp. (a)	142,900		3,754
			30,554
Health Care Providers & Services - 3.9%
Cardinal Health, Inc.	3,927,405		177,519
Henry Schein, Inc. (a)	85,400		5,319
Service Corp. International (SCI) (a)	296,296		1,781
			184,619
Pharmaceuticals - 11.5%
Barr Pharmaceuticals, Inc. (a)	71,800		2,820
Johnson & Johnson	1,648,800		95,795
Merck & Co., Inc.	1,310,500		58,933
Pfizer, Inc.	6,573,300		214,750
Recordati Spa	79,300		1,524
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Schering-Plough Corp.	1,292,360		$ 23,857
Wyeth	4,190,600		153,250
			550,929
TOTAL HEALTH CARE			766,102
INDUSTRIALS - 7.1%
Aerospace & Defense - 0.7%
Lockheed Martin Corp.	228,700		12,299
Northrop Grumman Corp.	43,900		2,267
United Technologies Corp.	199,700		18,754
			33,320
Air Freight & Logistics - 0.1%
Ryder System, Inc.	56,400		2,471
Commercial Services & Supplies - 0.5%
Aramark Corp. Class B	137,900		3,490
ChoicePoint, Inc. (a)	306,533		12,951
NCO Group, Inc. (a)	341,700		8,734
			25,175
Industrial Conglomerates - 5.0%
General Electric Co.	5,181,420		169,899
Tyco International Ltd.	2,259,500		70,768
			240,667
Machinery - 0.6%
Ingersoll-Rand Co. Ltd. Class A	451,700		29,365
Road & Rail - 0.2%
CSX Corp.	211,600		6,682
Union Pacific Corp.	77,600		4,432
			11,114
TOTAL INDUSTRIALS			342,112
INFORMATION TECHNOLOGY - 12.4%
Communications Equipment - 2.0%
Cisco Systems, Inc. (a)	2,759,300		51,764
Comverse Technology, Inc. (a)	652,500		11,425
Motorola, Inc.	1,915,680		30,938
			94,127
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 2.1%
Dell, Inc. (a)	1,842,300		$ 64,186
Diebold, Inc.	103,400		5,055
Hewlett-Packard Co.	1,600,600		28,635
Sun Microsystems, Inc. (a)	871,300		3,346
			101,222
Electronic Equipment & Instruments - 0.5%
Flextronics International Ltd. (a)	534,600		6,634
Jabil Circuit, Inc. (a)	259,500		5,353
Sanmina-SCI Corp. (a)	567,300		3,926
Solectron Corp. (a)	2,110,100		10,888
			26,801
IT Services - 0.9%
Affiliated Computer Services, Inc. Class A (a)	340,100		18,478
First Data Corp.	631,500		26,681
			45,159
Semiconductors & Semiconductor Equipment - 1.3%
Analog Devices, Inc.	176,900		6,142
Intel Corp.	1,778,760		37,870
KLA-Tencor Corp. (a)	35,800		1,337
Lam Research Corp. (a)	218,200		4,702
Linear Technology Corp.	45,199		1,617
Novellus Systems, Inc. (a)	36,700		897
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	555,693		4,195
United Microelectronics Corp. sponsored ADR (a)	1,123,309		4,269
Xilinx, Inc.	30,700		842
			61,871
Software - 5.6%
BEA Systems, Inc. (a)	1,311,548		8,656
Microsoft Corp.	9,071,723		247,658
VERITAS Software Corp. (a)	658,800		11,015
			267,329
TOTAL INFORMATION TECHNOLOGY			596,509
MATERIALS - 0.8%
Chemicals - 0.5%
Dow Chemical Co.	524,100		22,437
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 0.2%
Alcan, Inc.	238,000		$ 10,357
Paper & Forest Products - 0.1%
Bowater, Inc.	55,400		1,991
International Paper Co.	45,900		1,837
			3,828
TOTAL MATERIALS			36,622
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 6.6%
BellSouth Corp.	1,356,600		36,303
Qwest Communications International, Inc. (a)	7,574,100		21,889
SBC Communications, Inc.	7,826,400		201,843
Verizon Communications, Inc.	1,478,150		58,017
			318,052
Wireless Telecommunication Services - 0.4%
Nextel Communications, Inc. Class A (a)	772,500		17,914
TOTAL TELECOMMUNICATION SERVICES			335,966
UTILITIES - 1.1%
Electric Utilities - 1.0%
Entergy Corp.	173,400		10,456
FirstEnergy Corp.	539,600		21,714
PG&E Corp. (a)	544,300		15,888
			48,058
Gas Utilities - 0.0%
NiSource, Inc.	119,800		2,492
Multi-Utilities & Unregulated Power - 0.1%
Public Service Enterprise Group, Inc.	61,100		2,587
TOTAL UTILITIES			53,137
TOTAL COMMON STOCKS (Cost $4,414,075)		4,496,472
Convertible Preferred Stocks - 0.1%
	Shares		Value (000s)
MATERIALS - 0.1%
Paper & Forest Products - 0.1%
International Paper Capital Trust 5.25%	106,600		$ 5,317
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,421)		5,317
Corporate Bonds - 0.5%
	Principal Amount (000s)
Convertible Bonds - 0.5%
CONSUMER DISCRETIONARY - 0.1%
Specialty Retail - 0.1%
Gap, Inc. 5.75% 3/15/09 (c)	$ 2,423		3,000
FINANCIALS - 0.4%
Diversified Financial Services - 0.4%
Tyco International Group SA yankee 3.125% 1/15/23	11,630		17,864
INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
CIENA Corp. 3.75% 2/1/08	2,130		1,792
TOTAL CONVERTIBLE BONDS			22,656
Nonconvertible Bonds - 0.0%
UTILITIES - 0.0%
Multi-Utilities & Unregulated Power - 0.0%
AES Corp.:
9.375% 9/15/10	461		516
9.5% 6/1/09	153		171
			687
TOTAL CORPORATE BONDS (Cost $17,851)			23,343
U.S. Treasury Obligations - 0.1%

U.S. Treasury Bills, yield at date of purchase 1.23% to 1.34% 9/30/04 to 10/14/04 (Cost $5,293) (e)	5,300		5,292
Money Market Funds - 6.6%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.53% (b)(d) (Cost $313,573)	313,573,303		$ 313,573
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $4,756,213)			4,843,997
NET OTHER ASSETS - (1.1)%		(52,081)
NET ASSETS - 100%		$ 4,791,916

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
306 S&P 500 Index Contracts	Sept. 2004	$ 84,464	$ (662)

The face value of futures purchased as a percentage of net assets - 1.8%

Legend

(a) Non-income producing

(c) 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 period end, the value of these securities amounted to $3,000,000 or 0.1% of net assets.

(d) Includes investment made with cash collateral received from securities on loan.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $5,292.

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $4,781,120,000. Net unrealized appreciation aggregated $62,877,000, of which $391,041,000 related to appreciated investment securities and $328,164,000 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Dynamic Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

ARG-QTLY-1004

1.805756.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 25.0%
Hotels, Restaurants & Leisure - 0.4%
Multimedia Games, Inc. (a)	85,300		$ 1,231,732
Household Durables - 2.0%
Harman International Industries, Inc.	55,600		5,375,964
Internet & Catalog Retail - 7.1%
Blue Nile, Inc.	31,000		807,240
GSI Commerce, Inc. (a)	25,000		233,000
IAC/InterActiveCorp (a)	248,800		5,675,128
Netflix, Inc. (a)	890,900		12,428,055
			19,143,423
Media - 14.5%
Clear Channel Communications, Inc.	169,700		5,686,647
EchoStar Communications Corp. Class A (a)	247,300		7,579,745
Fox Entertainment Group, Inc. Class A (a)	71,800		1,948,652
News Corp. Ltd. ADR	68,600		2,143,750
NTL, Inc. (a)	196,044		10,647,150
Omnicom Group, Inc.	15,500		1,066,555
Spanish Broadcasting System, Inc. Class A (a)	65,500		573,780
The DIRECTV Group, Inc. (a)	119,300		1,893,291
TiVo, Inc. (a)	76,900		330,670
Tribune Co.	7,700		321,475
Univision Communications, Inc. Class A (a)	160,700		5,303,100
Viacom, Inc. Class B (non-vtg.)	44,500		1,482,295
			38,977,110
Multiline Retail - 0.2%
Kmart Holding Corp. (a)	6,200		475,044
Specialty Retail - 0.8%
Chico's FAS, Inc. (a)	51,000		2,085,900
TOTAL CONSUMER DISCRETIONARY			67,289,173
ENERGY - 13.0%
Energy Equipment & Services - 12.2%
BJ Services Co.	39,600		1,902,780
ENSCO International, Inc.	181,400		5,289,624
Grant Prideco, Inc. (a)	243,100		4,441,437
Grey Wolf, Inc. (a)	151,900		645,575
National-Oilwell, Inc. (a)	66,900		2,000,310
Pride International, Inc. (a)	375,300		6,890,508
Rowan Companies, Inc. (a)	201,209		4,893,403
Smith International, Inc. (a)	8,600		490,028
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Varco International, Inc. (a)	59,400		$ 1,442,232
Weatherford International Ltd. (a)	106,701		4,944,524
			32,940,421
Oil & Gas - 0.8%
OMI Corp.	77,400		984,528
Valero Energy Corp.	15,400		1,016,862
			2,001,390
TOTAL ENERGY			34,941,811
FINANCIALS - 9.3%
Capital Markets - 4.5%
Ameritrade Holding Corp. (a)	315,500		3,593,545
Janus Capital Group, Inc.	84,600		1,162,404
Merrill Lynch & Co., Inc.	71,700		3,661,719
Morgan Stanley	74,800		3,794,604
			12,212,272
Diversified Financial Services - 3.6%
Citigroup, Inc.	100,000		4,658,000
J.P. Morgan Chase & Co.	123,900		4,903,962
			9,561,962
Insurance - 1.2%
AFLAC, Inc.	27,100		1,086,710
American International Group, Inc.	31,300		2,229,812
			3,316,522
TOTAL FINANCIALS			25,090,756
HEALTH CARE - 11.8%
Biotechnology - 4.0%
Axonyx, Inc. (a)	175,000		743,750
Biogen Idec, Inc. (a)	15,400		913,682
Genentech, Inc. (a)	114,400		5,580,432
ImClone Systems, Inc. (a)	50,000		2,664,000
Millennium Pharmaceuticals, Inc. (a)	38,500		457,765
ONYX Pharmaceuticals, Inc. (a)	1,000		37,140
OSI Pharmaceuticals, Inc. (a)	5,200		309,868
			10,706,637
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.4%
Cytyc Corp. (a)	13,100		$ 313,876
Zimmer Holdings, Inc. (a)	46,500		3,315,450
			3,629,326
Health Care Providers & Services - 6.4%
UnitedHealth Group, Inc.	245,100		16,208,464
WebMD Corp. (a)	153,900		1,120,392
			17,328,856
TOTAL HEALTH CARE			31,664,819
INDUSTRIALS - 7.3%
Aerospace & Defense - 2.4%
Lockheed Martin Corp.	121,800		6,550,404
Airlines - 0.6%
AirTran Holdings, Inc. (a)	44,400		539,460
Delta Air Lines, Inc. (a)	250,100		1,010,404
Frontier Airlines, Inc. (a)	1,500		13,500
			1,563,364
Commercial Services & Supplies - 4.3%
Career Education Corp. (a)	123,300		3,802,572
Cendant Corp.	196,200		4,243,806
Monster Worldwide, Inc. (a)	178,200		3,604,986
			11,651,364
TOTAL INDUSTRIALS			19,765,132
INFORMATION TECHNOLOGY - 25.9%
Communications Equipment - 4.3%
Alcatel SA sponsored ADR (a)	104,100		1,221,093
Cisco Systems, Inc. (a)	77,300		1,450,148
Motorola, Inc.	30,200		487,730
Research in Motion Ltd. (a)	63,200		3,809,282
Scientific-Atlanta, Inc.	72,500		1,974,900
Sycamore Networks, Inc. (a)	115,400		439,674
Telefonaktiebolaget LM Ericsson ADR (a)	78,300		2,117,232
			11,500,059
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - 0.7%
Seagate Technology	115,400		$ 1,261,322
Western Digital Corp. (a)	96,200		717,652
			1,978,974
Electronic Equipment & Instruments - 0.8%
Flextronics International Ltd. (a)	185,300		2,299,573
Internet Software & Services - 8.7%
EarthLink, Inc. (a)	62,700		627,627
Google, Inc. Class A	23,900		2,448,555
j2 Global Communications, Inc. (a)	134,400		3,394,944
NetRatings, Inc. (a)	153,858		2,378,645
United Online, Inc. (a)	1,121,950		10,748,281
Yahoo Japan Corp. (a)	225		2,162,570
Yahoo!, Inc. (a)	53,900		1,536,689
			23,297,311
IT Services - 3.1%
Affiliated Computer Services, Inc. Class A (a)	137,400		7,464,942
Cognizant Technology Solutions Corp. Class A (a)	30,700		841,794
			8,306,736
Semiconductors & Semiconductor Equipment - 7.2%
Analog Devices, Inc.	61,200		2,124,864
Applied Materials, Inc. (a)	96,700		1,536,563
ASML Holding NV (NY Shares) (a)	70,300		909,682
Asyst Technologies, Inc. (a)	77,300		352,488
Intel Corp.	61,600		1,311,464
KLA-Tencor Corp. (a)	137,300		5,129,528
Lam Research Corp. (a)	47,700		1,027,935
Micron Technology, Inc. (a)	96,200		1,107,262
ON Semiconductor Corp. (a)	193,300		576,034
PMC-Sierra, Inc. (a)	56,600		528,644
Teradyne, Inc. (a)	362,700		4,667,949
			19,272,413
Software - 1.1%
Microsoft Corp.	24,000		655,200
Oracle Corp. (a)	38,500		383,845
Take-Two Interactive Software, Inc. (a)	57,900		1,896,225
			2,935,270
TOTAL INFORMATION TECHNOLOGY			69,590,336
Common Stocks - continued
	Shares		Value
MATERIALS - 5.0%
Chemicals - 2.1%
Lyondell Chemical Co.	239,700		$ 4,719,693
NOVA Chemicals Corp.	26,900		872,864
			5,592,557
Metals & Mining - 2.9%
Apex Silver Mines Ltd. (a)	141,600		2,803,680
Freeport-McMoRan Copper & Gold, Inc. Class B	14,200		534,346
Newmont Mining Corp.	34,600		1,535,894
Nucor Corp.	19,300		1,510,997
Pan American Silver Corp. (a)	93,200		1,377,927
			7,762,844
TOTAL MATERIALS			13,355,401
TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
Nextel Communications, Inc. Class A (a)	62,300		1,444,737
Telesystem International Wireless, Inc. (a)	77,400		725,155
Western Wireless Corp. Class A (a)	57,600		1,445,184
			3,615,076
TOTAL COMMON STOCKS (Cost $285,836,144)		265,312,504
Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(d)	2,200		924
Procket Networks, Inc. Series C (a)(d)	202,511		2
			926
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,033,935)		926
Money Market Funds - 5.5%
	Shares		Value
Fidelity Cash Central Fund, 1.53% (b)(c) (Cost $14,853,623)	14,853,623	$ 14,853,623
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $302,723,702)		280,167,053
NET OTHER ASSETS - (4.1)%		(10,971,143)
NET ASSETS - 100%		$ 269,195,910

Legend

(a) Non-income producing

(d) 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 $926 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Chorum Technologies, Inc. Series E	9/19/00	$ 37,928
Procket Networks, Inc. Series C	2/9/01	$ 1,999,999

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $305,425,178. Net unrealized depreciation aggregated $25,258,125, of which $17,284,205 related to appreciated investment securities and $42,542,330 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Value Strategies Fund

(A Class of Fidelity Advisor
Value Strategies Fund)

August 31, 2004

SOI-QTLY-1004

1.806763.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 26.5%
Auto Components - 2.4%
American Axle & Manufacturing Holdings, Inc.	758,900		$ 25,719
ArvinMeritor, Inc.	123,500		2,359
Dura Automotive Systems, Inc. Class A (sub. vtg.) (a)	206,000		1,716
Lear Corp.	110,000		5,927
TRW Automotive Holdings Corp.	549,600		10,701
			46,422
Automobiles - 2.4%
Ford Motor Co.	1,000,000		14,110
Nissan Motor Co. Ltd.	3,000,000		32,734
			46,844
Hotels, Restaurants & Leisure - 6.9%
AFC Enterprises, Inc. (a)	800,000		15,312
Ameristar Casinos, Inc.	300,000		8,169
Domino's Pizza, Inc.	628,100		8,950
Isle of Capri Casinos, Inc. (a)	169,200		3,090
Jack in the Box, Inc. (a)	1,806,050		51,003
Mikohn Gaming Corp. (a)	125,000		569
WMS Industries, Inc. (a)(d)	2,301,300		46,509
			133,602
Household Durables - 8.8%
Beazer Homes USA, Inc.	526,063		51,370
Centex Corp.	200,000		9,154
D.R. Horton, Inc.	683,991		21,163
Lennar Corp.:
Class A	649,400		29,743
Class B	64,940		2,757
M/I Homes, Inc.	443,200		17,307
Maytag Corp.	1,140,000		23,062
Whirlpool Corp.	230,000		14,062
			168,618
Media - 1.5%
Carmike Cinemas, Inc. (d)	834,300		28,366
Specialty Retail - 2.2%
American Eagle Outfitters, Inc. (a)	277,400		9,237
Big Dog Holdings, Inc. (a)(d)	1,024,100		6,320
Borders Group, Inc.	940,000		22,466
Weight Watchers International, Inc. (a)	100,000		3,904
			41,927
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 2.3%
Jones Apparel Group, Inc.	1,222,900		$ 43,645
TOTAL CONSUMER DISCRETIONARY			509,424
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.2%
Koninklijke Ahold NV sponsored ADR	600,000		3,768
Safeway, Inc. (a)	990,000		19,998
			23,766
Food Products - 0.4%
Fresh Del Monte Produce, Inc.	300,000		7,776
TOTAL CONSUMER STAPLES			31,542
FINANCIALS - 13.2%
Insurance - 11.8%
ACE Ltd.	1,250,000		48,188
Allstate Corp.	390,000		18,412
AMBAC Financial Group, Inc.	100,000		7,550
American Equity Investment Life Holding Co.	1,482,200		13,562
AmerUs Group Co.	150,000		5,979
Assurant, Inc.	35,900		953
Axis Capital Holdings Ltd.	500,000		11,935
Endurance Specialty Holdings Ltd.	691,100		22,488
Everest Re Group Ltd.	60,700		4,259
Infinity Property & Casualty Corp.	200,000		5,484
MetLife, Inc.	720,000		26,820
Montpelier Re Holdings Ltd.	201,400		6,946
Safety Insurance Group, Inc.	200,000		4,280
Scottish Re Group Ltd.	46,900		996
St. Paul Travelers Companies, Inc.	450,736		15,636
United National Group Ltd. Class A	374,200		5,800
W.R. Berkley Corp.	700,000		28,266
			227,554
Real Estate - 0.1%
Levitt Corp. Class A	95,000		2,138
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.3%
Sovereign Bancorp, Inc.	1,138,200		$ 24,881
TOTAL FINANCIALS			254,573
HEALTH CARE - 2.0%
Health Care Equipment & Supplies - 0.8%
Sola International, Inc. (a)	811,200		15,656
Health Care Providers & Services - 0.4%
HealthSouth Corp. (a)	1,500,000		8,160
Pharmaceuticals - 0.8%
King Pharmaceuticals, Inc. (a)	260,000		3,240
Pain Therapeutics, Inc. (a)	1,050,000		7,350
Par Pharmaceutical Companies, Inc. (a)	100,000		4,104
			14,694
TOTAL HEALTH CARE			38,510
INDUSTRIALS - 11.4%
Building Products - 1.7%
NCI Building Systems, Inc. (a)	51,800		1,589
York International Corp.	962,100		31,326
			32,915
Commercial Services & Supplies - 2.8%
Central Parking Corp.	600,000		9,750
Hudson Highland Group, Inc. (a)	104,285		2,867
Kforce, Inc. (a)	412,335		2,709
Monster Worldwide, Inc. (a)	1,256,409		25,417
Vedior NV (Certificaten Van Aandelen)	915,000		12,479
			53,222
Construction & Engineering - 1.1%
Chicago Bridge & Iron Co. NV	400,000		11,856
Granite Construction, Inc.	450,000		10,260
			22,116
Electrical Equipment - 0.5%
Color Kinetics, Inc.	680,000		7,072
TB Wood's Corp. (d)	261,300		1,573
			8,645
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 1.6%
Tyco International Ltd.	990,500		$ 31,022
Machinery - 3.7%
Bucyrus International, Inc. Class A	9,100		241
Columbus McKinnon Corp. (a)	221,900		1,942
EnPro Industries, Inc. (a)	10,000		210
Milacron, Inc. (a)	300,580		1,022
Navistar International Corp. (a)	840,200		30,062
SPX Corp.	400,000		14,596
Timken Co.	1,000,000		23,250
			71,323
TOTAL INDUSTRIALS			219,243
INFORMATION TECHNOLOGY - 38.4%
Communications Equipment - 6.7%
3Com Corp. (a)	500,000		2,255
ADC Telecommunications, Inc. (a)	6,267,400		13,412
AudioCodes Ltd. (a)	820,000		9,291
Belden CDT, Inc. (a)	998,385		19,998
Endwave Corp. (a)	400,000		5,480
Enterasys Networks, Inc. (a)	2,552,000		4,594
Marconi Corp. PLC (a)	1,000,000		10,436
Netopia, Inc. (a)	400,000		1,018
NMS Communications Corp. (a)	1,329,421		6,381
Performance Technologies, Inc. (a)(d)	1,223,100		7,326
Powerwave Technologies, Inc. (a)	802,700		4,856
Telefonaktiebolaget LM Ericsson ADR (a)	1,180,000		31,907
Terayon Communication Systems, Inc. (a)(d)	7,116,500		11,600
Turnstone Systems, Inc.	1,142,100		11
Zhone Technologies, Inc. (a)	9,000		29
			128,594
Computers & Peripherals - 5.0%
EMC Corp. (a)	3,762,530		40,522
PalmOne, Inc. (a)	1,740,000		56,811
			97,333
Electronic Equipment & Instruments - 0.8%
AVX Corp.	490,000		5,674
Cherokee International Corp.	120,500		912
RadiSys Corp. (a)	100,000		1,160
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Richardson Electronics Ltd.	238,000		$ 1,983
Solectron Corp. (a)	1,100,000		5,676
			15,405
Internet Software & Services - 5.4%
Ariba, Inc. (a)	650,000		4,836
Art Technology Group, Inc. (a)	2,050,000		1,970
Google, Inc. Class A	87,800		8,995
iBasis, Inc. (a)	160,000		333
Interwoven, Inc. (a)(d)	2,264,075		17,184
Kana Software, Inc. (a)	1,096,300		1,699
Keynote Systems, Inc. (a)	872,451		11,743
Plumtree Software, Inc. (a)	1,400,000		4,704
Primus Knowledge Solutions, Inc. (a)	668,500		749
Retek, Inc. (a)	1,354,200		5,105
Selectica, Inc. (a)(d)	2,068,200		7,838
SonicWALL, Inc. (a)	2,600,000		14,040
Vignette Corp. (a)(d)	20,369,800		24,647
			103,843
Semiconductors & Semiconductor Equipment - 8.0%
Advanced Micro Devices, Inc. (a)	2,990,000		34,176
Agere Systems, Inc. Class A (a)	3,225,000		3,902
Applied Micro Circuits Corp. (a)	2,800,000		9,380
ASM International NV (Nasdaq) (a)	300,000		4,128
ASML Holding NV (NY Shares) (a)	800,000		10,352
Atmel Corp. (a)	3,520,100		12,285
Chartered Semiconductor Manufacturing Ltd. ADR (a)	300,000		1,890
Conexant Systems, Inc. (a)	2,719,800		4,053
Freescale Semiconductor, Inc. Class A	393,400		5,468
Hi/fn, Inc. (a)(d)	1,200,000		9,288
Integrated Device Technology, Inc. (a)	240,700		2,578
Mattson Technology, Inc. (a)	695,900		5,191
Mindspeed Technologies, Inc. (a)	199,999		606
MIPS Technologies, Inc. (a)	1,256,873		6,410
Omnivision Technologies, Inc. (a)	160,300		1,672
Pericom Semiconductor Corp. (a)	300,000		2,958
Samsung Electronics Co. Ltd.	20,500		8,029
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,423,014		18,294
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Transwitch Corp. (a)	2,688,400		$ 3,710
United Microelectronics Corp. sponsored ADR (a)	2,401,661		9,126
			153,496
Software - 12.5%
Activision, Inc. (a)	272,500		3,921
Actuate Corp. (a)(d)	3,975,000		12,442
Aspen Technology, Inc. (a)	1,476,100		8,547
Atari, Inc. (a)	2,000,000		2,940
BindView Development Corp. (a)	1,500,000		4,725
Concord Communications, Inc. (a)	400,000		3,464
i2 Technologies, Inc. (a)	20,261,000		14,791
Interplay Entertainment Corp. warrants 3/30/06 (a)	675,385		0
MapInfo Corp. (a)(d)	1,290,192		12,425
PalmSource, Inc. (a)	174,441		3,927
RADWARE Ltd. (a)	400,000		7,500
Siebel Systems, Inc. (a)	1,500,000		11,415
Synopsys, Inc. (a)	324,200		5,174
Take-Two Interactive Software, Inc. (a)(d)	2,652,600		86,872
THQ, Inc. (a)(d)	2,560,000		48,614
Ulticom, Inc. (a)	1,503,000		14,369
			241,126
TOTAL INFORMATION TECHNOLOGY			739,797
MATERIALS - 4.5%
Chemicals - 1.8%
Eastman Chemical Co.	600,000		27,918
FMC Corp. (a)	50,000		2,312
Millennium Chemicals, Inc. (a)	180,900		3,374
			33,604
Construction Materials - 1.9%
Eagle Materials, Inc.	56,932		3,695
Eagle Materials, Inc. Class B	14,901		936
Texas Industries, Inc.	410,600		17,984
U.S. Concrete, Inc. (a)(d)	2,315,898		14,081
			36,696
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.3%
Anchor Glass Container Corp.	310,200		$ 2,587
Owens-Illinois, Inc. (a)	210,600		3,380
			5,967
Metals & Mining - 0.5%
POSCO sponsored ADR	100,000		3,618
Steel Dynamics, Inc.	189,900		5,955
			9,573
TOTAL MATERIALS			85,840
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
Covad Communications Group, Inc. (a)	1,157,505		1,690
Teleglobe International Holdings Ltd. (a)	30,000		85
			1,775
Wireless Telecommunication Services - 0.2%
Telesystem International Wireless, Inc. (a)	500,000		4,684
TOTAL TELECOMMUNICATION SERVICES			6,459
UTILITIES - 0.2%
Multi-Utilities & Unregulated Power - 0.2%
Sierra Pacific Resources (a)	500,000		4,300
TOTAL COMMON STOCKS (Cost $1,692,974)		1,889,688
Convertible Preferred Stocks - 0.5%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(f)	2,400		1
UTILITIES - 0.5%
Electric Utilities - 0.5%
TXU Corp. 8.125% PRIDES	200,000		9,200
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,037)		9,201

Convertible Bonds - 1.3%
		Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.5%
WMS Industries, Inc. 2.75% 7/15/10 (e)		$ 7,500		$ 9,403
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
SPACEHAB, Inc. 8% 10/15/07 (e)		2,500		2,125
INFORMATION TECHNOLOGY - 0.7%
Communications Equipment - 0.5%
Terayon Communication Systems, Inc. 5% 8/1/07		10,000		8,975
Electronic Equipment & Instruments - 0.1%
Richardson Electronics Ltd.:
7.25% 12/15/06		404		404
8.25% 6/15/06		1,968		1,968
				2,372
Internet Software & Services - 0.1%
iBasis, Inc. 6.75% 6/15/09		2,000		2,000
TOTAL INFORMATION TECHNOLOGY				13,347
TOTAL CONVERTIBLE BONDS (Cost $19,762)			24,875
Money Market Funds - 7.4%
		Shares
Fidelity Cash Central Fund, 1.53% (b)		6,586,635		6,587
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	137,017,615			137,018
TOTAL MONEY MARKET FUNDS (Cost $143,605)			143,605
TOTAL INVESTMENT PORTFOLIO - 107.3% (Cost $1,866,378)			2,067,369
NET OTHER ASSETS - (7.3)%			(140,974)
NET ASSETS - 100%			$ 1,926,395

Security Type Abbreviations

PRIDES - Preferred Redeemable
Increased Dividend Equity Securities

Legend

(a) Non-income producing

(d) Affiliated company

(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 $1,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 41

Other Information

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Actuate Corp.	$ 12,521	$ -	$ -	$ -	$ 12,442
Big Dog Holdings, Inc.	3,892	-	-	-	6,320
Carmike Cinemas, Inc.	-	27,187	-	60	28,366
Hall Kinion & Associates, Inc.	2,917	793	-	-	-
Hi/fn, Inc.	9,918	3,218	-	-	9,288
Interwoven, Inc.	8,660	22,321	-	-	17,184
MapInfo Corp.	-	15,607	-	-	12,425
Maxwell Shoe Co., Inc. Class A	23,208	-	29,458	-	-
Performance Technologies, Inc.	16,500	-	-	-	7,326
Selectica, Inc.	6,812	3,041	-	-	7,838
Take-Two Interactive Software, Inc.	73,800	12,561	-	-	86,872
TB Wood's Corp.	2,041	-	-	71	1,573
Terayon Communication Systems, Inc.	42,557	-	-	-	11,600
THQ, Inc.	39,581	1,526	-	-	48,614
U.S. Concrete, Inc.	5,258	9,376	-	-	14,081
Vignette Corp.	43,589	3,390	-	-	24,647
WMS Industries, Inc.	61,445	-	-	-	46,509
Total	$ 352,699	$ 99,020	$ 29,458	$ 131	$ 335,085

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $1,863,681,000. Net unrealized appreciation aggregated $203,688,000, of which $490,686,000 related to appreciated investment securities and $286,998,000 related to depreciated investment securities.

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Value
Strategies Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

SO-QTLY-1004

1.805748.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 26.5%
Auto Components - 2.4%
American Axle & Manufacturing Holdings, Inc.	758,900		$ 25,719
ArvinMeritor, Inc.	123,500		2,359
Dura Automotive Systems, Inc. Class A (sub. vtg.) (a)	206,000		1,716
Lear Corp.	110,000		5,927
TRW Automotive Holdings Corp.	549,600		10,701
			46,422
Automobiles - 2.4%
Ford Motor Co.	1,000,000		14,110
Nissan Motor Co. Ltd.	3,000,000		32,734
			46,844
Hotels, Restaurants & Leisure - 6.9%
AFC Enterprises, Inc. (a)	800,000		15,312
Ameristar Casinos, Inc.	300,000		8,169
Domino's Pizza, Inc.	628,100		8,950
Isle of Capri Casinos, Inc. (a)	169,200		3,090
Jack in the Box, Inc. (a)	1,806,050		51,003
Mikohn Gaming Corp. (a)	125,000		569
WMS Industries, Inc. (a)(d)	2,301,300		46,509
			133,602
Household Durables - 8.8%
Beazer Homes USA, Inc.	526,063		51,370
Centex Corp.	200,000		9,154
D.R. Horton, Inc.	683,991		21,163
Lennar Corp.:
Class A	649,400		29,743
Class B	64,940		2,757
M/I Homes, Inc.	443,200		17,307
Maytag Corp.	1,140,000		23,062
Whirlpool Corp.	230,000		14,062
			168,618
Media - 1.5%
Carmike Cinemas, Inc. (d)	834,300		28,366
Specialty Retail - 2.2%
American Eagle Outfitters, Inc. (a)	277,400		9,237
Big Dog Holdings, Inc. (a)(d)	1,024,100		6,320
Borders Group, Inc.	940,000		22,466
Weight Watchers International, Inc. (a)	100,000		3,904
			41,927
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 2.3%
Jones Apparel Group, Inc.	1,222,900		$ 43,645
TOTAL CONSUMER DISCRETIONARY			509,424
CONSUMER STAPLES - 1.6%
Food & Staples Retailing - 1.2%
Koninklijke Ahold NV sponsored ADR	600,000		3,768
Safeway, Inc. (a)	990,000		19,998
			23,766
Food Products - 0.4%
Fresh Del Monte Produce, Inc.	300,000		7,776
TOTAL CONSUMER STAPLES			31,542
FINANCIALS - 13.2%
Insurance - 11.8%
ACE Ltd.	1,250,000		48,188
Allstate Corp.	390,000		18,412
AMBAC Financial Group, Inc.	100,000		7,550
American Equity Investment Life Holding Co.	1,482,200		13,562
AmerUs Group Co.	150,000		5,979
Assurant, Inc.	35,900		953
Axis Capital Holdings Ltd.	500,000		11,935
Endurance Specialty Holdings Ltd.	691,100		22,488
Everest Re Group Ltd.	60,700		4,259
Infinity Property & Casualty Corp.	200,000		5,484
MetLife, Inc.	720,000		26,820
Montpelier Re Holdings Ltd.	201,400		6,946
Safety Insurance Group, Inc.	200,000		4,280
Scottish Re Group Ltd.	46,900		996
St. Paul Travelers Companies, Inc.	450,736		15,636
United National Group Ltd. Class A	374,200		5,800
W.R. Berkley Corp.	700,000		28,266
			227,554
Real Estate - 0.1%
Levitt Corp. Class A	95,000		2,138
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.3%
Sovereign Bancorp, Inc.	1,138,200		$ 24,881
TOTAL FINANCIALS			254,573
HEALTH CARE - 2.0%
Health Care Equipment & Supplies - 0.8%
Sola International, Inc. (a)	811,200		15,656
Health Care Providers & Services - 0.4%
HealthSouth Corp. (a)	1,500,000		8,160
Pharmaceuticals - 0.8%
King Pharmaceuticals, Inc. (a)	260,000		3,240
Pain Therapeutics, Inc. (a)	1,050,000		7,350
Par Pharmaceutical Companies, Inc. (a)	100,000		4,104
			14,694
TOTAL HEALTH CARE			38,510
INDUSTRIALS - 11.4%
Building Products - 1.7%
NCI Building Systems, Inc. (a)	51,800		1,589
York International Corp.	962,100		31,326
			32,915
Commercial Services & Supplies - 2.8%
Central Parking Corp.	600,000		9,750
Hudson Highland Group, Inc. (a)	104,285		2,867
Kforce, Inc. (a)	412,335		2,709
Monster Worldwide, Inc. (a)	1,256,409		25,417
Vedior NV (Certificaten Van Aandelen)	915,000		12,479
			53,222
Construction & Engineering - 1.1%
Chicago Bridge & Iron Co. NV	400,000		11,856
Granite Construction, Inc.	450,000		10,260
			22,116
Electrical Equipment - 0.5%
Color Kinetics, Inc.	680,000		7,072
TB Wood's Corp. (d)	261,300		1,573
			8,645
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 1.6%
Tyco International Ltd.	990,500		$ 31,022
Machinery - 3.7%
Bucyrus International, Inc. Class A	9,100		241
Columbus McKinnon Corp. (a)	221,900		1,942
EnPro Industries, Inc. (a)	10,000		210
Milacron, Inc. (a)	300,580		1,022
Navistar International Corp. (a)	840,200		30,062
SPX Corp.	400,000		14,596
Timken Co.	1,000,000		23,250
			71,323
TOTAL INDUSTRIALS			219,243
INFORMATION TECHNOLOGY - 38.4%
Communications Equipment - 6.7%
3Com Corp. (a)	500,000		2,255
ADC Telecommunications, Inc. (a)	6,267,400		13,412
AudioCodes Ltd. (a)	820,000		9,291
Belden CDT, Inc. (a)	998,385		19,998
Endwave Corp. (a)	400,000		5,480
Enterasys Networks, Inc. (a)	2,552,000		4,594
Marconi Corp. PLC (a)	1,000,000		10,436
Netopia, Inc. (a)	400,000		1,018
NMS Communications Corp. (a)	1,329,421		6,381
Performance Technologies, Inc. (a)(d)	1,223,100		7,326
Powerwave Technologies, Inc. (a)	802,700		4,856
Telefonaktiebolaget LM Ericsson ADR (a)	1,180,000		31,907
Terayon Communication Systems, Inc. (a)(d)	7,116,500		11,600
Turnstone Systems, Inc.	1,142,100		11
Zhone Technologies, Inc. (a)	9,000		29
			128,594
Computers & Peripherals - 5.0%
EMC Corp. (a)	3,762,530		40,522
PalmOne, Inc. (a)	1,740,000		56,811
			97,333
Electronic Equipment & Instruments - 0.8%
AVX Corp.	490,000		5,674
Cherokee International Corp.	120,500		912
RadiSys Corp. (a)	100,000		1,160
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Richardson Electronics Ltd.	238,000		$ 1,983
Solectron Corp. (a)	1,100,000		5,676
			15,405
Internet Software & Services - 5.4%
Ariba, Inc. (a)	650,000		4,836
Art Technology Group, Inc. (a)	2,050,000		1,970
Google, Inc. Class A	87,800		8,995
iBasis, Inc. (a)	160,000		333
Interwoven, Inc. (a)(d)	2,264,075		17,184
Kana Software, Inc. (a)	1,096,300		1,699
Keynote Systems, Inc. (a)	872,451		11,743
Plumtree Software, Inc. (a)	1,400,000		4,704
Primus Knowledge Solutions, Inc. (a)	668,500		749
Retek, Inc. (a)	1,354,200		5,105
Selectica, Inc. (a)(d)	2,068,200		7,838
SonicWALL, Inc. (a)	2,600,000		14,040
Vignette Corp. (a)(d)	20,369,800		24,647
			103,843
Semiconductors & Semiconductor Equipment - 8.0%
Advanced Micro Devices, Inc. (a)	2,990,000		34,176
Agere Systems, Inc. Class A (a)	3,225,000		3,902
Applied Micro Circuits Corp. (a)	2,800,000		9,380
ASM International NV (Nasdaq) (a)	300,000		4,128
ASML Holding NV (NY Shares) (a)	800,000		10,352
Atmel Corp. (a)	3,520,100		12,285
Chartered Semiconductor Manufacturing Ltd. ADR (a)	300,000		1,890
Conexant Systems, Inc. (a)	2,719,800		4,053
Freescale Semiconductor, Inc. Class A	393,400		5,468
Hi/fn, Inc. (a)(d)	1,200,000		9,288
Integrated Device Technology, Inc. (a)	240,700		2,578
Mattson Technology, Inc. (a)	695,900		5,191
Mindspeed Technologies, Inc. (a)	199,999		606
MIPS Technologies, Inc. (a)	1,256,873		6,410
Omnivision Technologies, Inc. (a)	160,300		1,672
Pericom Semiconductor Corp. (a)	300,000		2,958
Samsung Electronics Co. Ltd.	20,500		8,029
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,423,014		18,294
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Transwitch Corp. (a)	2,688,400		$ 3,710
United Microelectronics Corp. sponsored ADR (a)	2,401,661		9,126
			153,496
Software - 12.5%
Activision, Inc. (a)	272,500		3,921
Actuate Corp. (a)(d)	3,975,000		12,442
Aspen Technology, Inc. (a)	1,476,100		8,547
Atari, Inc. (a)	2,000,000		2,940
BindView Development Corp. (a)	1,500,000		4,725
Concord Communications, Inc. (a)	400,000		3,464
i2 Technologies, Inc. (a)	20,261,000		14,791
Interplay Entertainment Corp. warrants 3/30/06 (a)	675,385		0
MapInfo Corp. (a)(d)	1,290,192		12,425
PalmSource, Inc. (a)	174,441		3,927
RADWARE Ltd. (a)	400,000		7,500
Siebel Systems, Inc. (a)	1,500,000		11,415
Synopsys, Inc. (a)	324,200		5,174
Take-Two Interactive Software, Inc. (a)(d)	2,652,600		86,872
THQ, Inc. (a)(d)	2,560,000		48,614
Ulticom, Inc. (a)	1,503,000		14,369
			241,126
TOTAL INFORMATION TECHNOLOGY			739,797
MATERIALS - 4.5%
Chemicals - 1.8%
Eastman Chemical Co.	600,000		27,918
FMC Corp. (a)	50,000		2,312
Millennium Chemicals, Inc. (a)	180,900		3,374
			33,604
Construction Materials - 1.9%
Eagle Materials, Inc.	56,932		3,695
Eagle Materials, Inc. Class B	14,901		936
Texas Industries, Inc.	410,600		17,984
U.S. Concrete, Inc. (a)(d)	2,315,898		14,081
			36,696
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.3%
Anchor Glass Container Corp.	310,200		$ 2,587
Owens-Illinois, Inc. (a)	210,600		3,380
			5,967
Metals & Mining - 0.5%
POSCO sponsored ADR	100,000		3,618
Steel Dynamics, Inc.	189,900		5,955
			9,573
TOTAL MATERIALS			85,840
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.1%
Covad Communications Group, Inc. (a)	1,157,505		1,690
Teleglobe International Holdings Ltd. (a)	30,000		85
			1,775
Wireless Telecommunication Services - 0.2%
Telesystem International Wireless, Inc. (a)	500,000		4,684
TOTAL TELECOMMUNICATION SERVICES			6,459
UTILITIES - 0.2%
Multi-Utilities & Unregulated Power - 0.2%
Sierra Pacific Resources (a)	500,000		4,300
TOTAL COMMON STOCKS (Cost $1,692,974)		1,889,688
Convertible Preferred Stocks - 0.5%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(f)	2,400		1
UTILITIES - 0.5%
Electric Utilities - 0.5%
TXU Corp. 8.125% PRIDES	200,000		9,200
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $10,037)		9,201

Convertible Bonds - 1.3%
		Principal Amount (000s)		Value (000s)
CONSUMER DISCRETIONARY - 0.5%
Hotels, Restaurants & Leisure - 0.5%
WMS Industries, Inc. 2.75% 7/15/10 (e)		$ 7,500		$ 9,403
INDUSTRIALS - 0.1%
Aerospace & Defense - 0.1%
SPACEHAB, Inc. 8% 10/15/07 (e)		2,500		2,125
INFORMATION TECHNOLOGY - 0.7%
Communications Equipment - 0.5%
Terayon Communication Systems, Inc. 5% 8/1/07		10,000		8,975
Electronic Equipment & Instruments - 0.1%
Richardson Electronics Ltd.:
7.25% 12/15/06		404		404
8.25% 6/15/06		1,968		1,968
				2,372
Internet Software & Services - 0.1%
iBasis, Inc. 6.75% 6/15/09		2,000		2,000
TOTAL INFORMATION TECHNOLOGY				13,347
TOTAL CONVERTIBLE BONDS (Cost $19,762)			24,875
Money Market Funds - 7.4%
		Shares
Fidelity Cash Central Fund, 1.53% (b)		6,586,635		6,587
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	137,017,615			137,018
TOTAL MONEY MARKET FUNDS (Cost $143,605)			143,605
TOTAL INVESTMENT PORTFOLIO - 107.3% (Cost $1,866,378)			2,067,369
NET OTHER ASSETS - (7.3)%			(140,974)
NET ASSETS - 100%			$ 1,926,395

Security Type Abbreviations

PRIDES - Preferred Redeemable
Increased Dividend Equity Securities

Legend

(a) Non-income producing

(d) Affiliated company

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 41

Other Information

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Actuate Corp.	$ 12,521	$ -	$ -	$ -	$ 12,442
Big Dog Holdings, Inc.	3,892	-	-	-	6,320
Carmike Cinemas, Inc.	-	27,187	-	60	28,366
Hall Kinion & Associates, Inc.	2,917	793	-	-	-
Hi/fn, Inc.	9,918	3,218	-	-	9,288
Interwoven, Inc.	8,660	22,321	-	-	17,184
MapInfo Corp.	-	15,607	-	-	12,425
Maxwell Shoe Co., Inc. Class A	23,208	-	29,458	-	-
Performance Technologies, Inc.	16,500	-	-	-	7,326
Selectica, Inc.	6,812	3,041	-	-	7,838
Take-Two Interactive Software, Inc.	73,800	12,561	-	-	86,872
TB Wood's Corp.	2,041	-	-	71	1,573
Terayon Communication Systems, Inc.	42,557	-	-	-	11,600
THQ, Inc.	39,581	1,526	-	-	48,614
U.S. Concrete, Inc.	5,258	9,376	-	-	14,081
Vignette Corp.	43,589	3,390	-	-	24,647
WMS Industries, Inc.	61,445	-	-	-	46,509
Total	$ 352,699	$ 99,020	$ 29,458	$ 131	$ 335,085

Income Tax Information

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor Asset
Allocation Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2004

AAL-QTLY-1004

1.805770.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 72.3%
	Shares		Value
CONSUMER DISCRETIONARY - 17.0%
Automobiles - 0.2%
Fiat Spa (a)	12,400		$ 88,815
Toyota Motor Corp.	3,600		142,542
			231,357
Hotels, Restaurants & Leisure - 1.1%
Applebee's International, Inc.	25,650		617,396
McDonald's Corp.	20,700		559,314
Rank Group PLC	8,100		41,899
Red Robin Gourmet Burgers, Inc. (a)	8,400		293,748
			1,512,357
Household Durables - 7.6%
D.R. Horton, Inc.	65,950		2,040,493
Harman International Industries, Inc.	3,700		357,753
Hovnanian Enterprises, Inc. Class A (a)	24,600		846,732
KB Home	30,500		2,097,485
LG Electronics, Inc.	3,930		187,712
Pulte Homes, Inc.	14,200		837,090
Ryland Group, Inc.	23,100		2,036,265
Techtronic Industries Co. Ltd.	82,000		129,308
Toll Brothers, Inc. (a)	35,680		1,583,835
			10,116,673
Media - 5.5%
Clear Channel Communications, Inc.	106,697		3,575,416
News Corp. Ltd. ADR	5,900		184,375
NRJ Group	5,000		99,547
NTL, Inc. (a)	32,758		1,779,087
Radio One, Inc.:
Class A (a)	33,170		519,741
Class D (non-vtg.) (a)	29,287		456,877
SKY Perfect Communications, Inc.	3		3,350
Taylor Nelson Sofres PLC	24,400		88,394
Tv Asahi Corp.	88		172,383
Walt Disney Co.	18,700		419,815
			7,298,985
Multiline Retail - 1.1%
Barneys, Inc. warrants 4/1/08 (a)	30		1,800
Kohl's Corp. (a)	11,900		588,812
Nordstrom, Inc.	10,700		397,291
Target Corp.	10,200		454,716
			1,442,619
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - 1.2%
Home Depot, Inc.	42,700		$ 1,561,112
Textiles Apparel & Luxury Goods - 0.3%
Adidas-Salomon AG	1,650		212,232
The Swatch Group AG (Reg.)	6,424		163,801
			376,033
TOTAL CONSUMER DISCRETIONARY			22,539,136
CONSUMER STAPLES - 1.8%
Beverages - 0.2%
Pernod-Ricard	1,600		197,949
Food & Staples Retailing - 1.3%
Wal-Mart Stores, Inc.	33,270		1,752,331
Food Products - 0.1%
Barry Callebaut AG	410		76,061
People's Food Holdings Ltd.	78,000		48,796
			124,857
Household Products - 0.2%
Colgate-Palmolive Co.	4,800		259,200
TOTAL CONSUMER STAPLES			2,334,337
ENERGY - 2.7%
Energy Equipment & Services - 1.6%
BJ Services Co.	6,600		317,130
Noble Corp. (a)	8,800		353,936
Pride International, Inc. (a)	14,600		268,056
Smith International, Inc. (a)	13,300		757,834
Weatherford International Ltd. (a)	8,270		383,232
			2,080,188
Oil & Gas - 1.1%
Canadian Natural Resources Ltd.	7,100		230,979
EnCana Corp.	6,000		245,237
Royal Dutch Petroleum Co. (Hague Registry)	2,300		116,587
Total SA Series B	960		188,141
Valero Energy Corp.	10,500		693,315
			1,474,259
TOTAL ENERGY			3,554,447
Common Stocks - continued
	Shares		Value
FINANCIALS - 11.3%
Capital Markets - 1.3%
Collins Stewart Tullett PLC	17,900		$ 114,530
E*TRADE Financial Corp. (a)	10,500		123,690
JAFCO Co. Ltd.	1,500		91,171
Julius Baer Holding AG (Bearer)	530		142,463
Lehman Brothers Holdings, Inc.	11,000		812,790
Man Group PLC	5,500		131,148
UBS AG (Reg.)	3,576		241,344
			1,657,136
Commercial Banks - 2.9%
Bank of America Corp.	51,400		2,311,972
M&T Bank Corp.	1,000		94,980
Societe Generale Series A	1,600		136,772
Sumitomo Mitsui Financial Group, Inc.	19		114,962
UFJ Holdings, Inc. (a)	53		265,861
Wachovia Corp.	18,000		844,380
			3,768,927
Consumer Finance - 0.8%
MBNA Corp.	44,800		1,081,472
Diversified Financial Services - 1.2%
CIT Group, Inc.	19,800		707,652
Citigroup, Inc.	19,586		912,316
			1,619,968
Insurance - 4.1%
AFLAC, Inc.	41,560		1,666,556
American International Group, Inc.	52,367		3,730,625
			5,397,181
Thrifts & Mortgage Finance - 1.0%
Golden West Financial Corp., Delaware	12,500		1,352,875
TOTAL FINANCIALS			14,877,559
HEALTH CARE - 12.8%
Biotechnology - 0.4%
Actelion Ltd. (Reg.) (a)	2,579		240,238
Angiotech Pharmaceuticals, Inc. (a)	3,400		58,426
CSL Ltd.	8,555		155,765
QIAGEN NV (a)	6,600		59,004
QLT, Inc. (a)	2,200		34,135
			547,568
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.8%
Cyberonics, Inc. (a)	8,300		$ 142,096
Fisher Scientific International, Inc. (a)	5,712		325,413
Medtronic, Inc.	16,300		810,925
Smith & Nephew PLC	14,800		134,532
St. Jude Medical, Inc. (a)	6,300		423,675
Waters Corp. (a)	12,200		528,382
			2,365,023
Health Care Providers & Services - 6.7%
HealthSouth Corp. (a)	546,820		2,974,701
UnitedHealth Group, Inc.	89,700		5,931,861
			8,906,562
Pharmaceuticals - 3.9%
Johnson & Johnson	57,000		3,311,700
Novartis AG (Reg.)	5,200		241,540
Novo Nordisk AS Series B	2,300		122,749
Pfizer, Inc.	23,732		775,324
Roche Holding AG (participation certificate)	3,093		299,716
Schering-Plough Corp.	15,100		278,746
Shire Pharmaceuticals Group PLC	16,000		138,240
			5,168,015
TOTAL HEALTH CARE			16,987,168
INDUSTRIALS - 7.0%
Aerospace & Defense - 2.2%
Honeywell International, Inc.	38,600		1,388,828
Lockheed Martin Corp.	6,100		328,058
Northrop Grumman Corp.	9,000		464,850
The Boeing Co.	13,500		704,970
			2,886,706
Building Products - 0.3%
Jacuzzi Brands, Inc. (a)	45,100		392,370
Commercial Services & Supplies - 1.6%
Adecco SA	4,219		197,280
Asset Acceptance Capital Corp.	42,700		748,531
Capita Group PLC	9,600		54,849
Career Education Corp. (a)	20,800		641,472
Cendant Corp.	18,500		400,155
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
GFK AG	360		$ 9,386
United Rentals, Inc. (a)	8,900		130,741
			2,182,414
Construction & Engineering - 0.4%
Fluor Corp.	6,400		273,600
Granite Construction, Inc.	10,200		232,560
			506,160
Electrical Equipment - 0.1%
ABB Ltd. (Switzerland) (Reg.) (a)	15,623		88,429
Furukawa Electric Co. Ltd. (a)	15,000		60,827
			149,256
Industrial Conglomerates - 1.9%
General Electric Co.	27,970		917,136
Tyco International Ltd.	48,882		1,530,984
			2,448,120
Machinery - 0.0%
FKI PLC	18,500		40,346
Road & Rail - 0.5%
Canadian National Railway Co.	13,675		624,872
TOTAL INDUSTRIALS			9,230,244
INFORMATION TECHNOLOGY - 9.6%
Communications Equipment - 0.5%
Juniper Networks, Inc. (a)	26,500		606,585
Computers & Peripherals - 0.9%
Dell, Inc. (a)	33,700		1,174,108
Electronic Equipment & Instruments - 0.0%
Yageo Corp. (a)	121,000		50,498
Internet Software & Services - 0.8%
EarthLink, Inc. (a)	70,400		704,704
Yahoo!, Inc. (a)	14,500		413,395
			1,118,099
IT Services - 3.3%
Affiliated Computer Services, Inc. Class A (a)	43,000		2,336,190
First Data Corp.	48,500		2,049,125
			4,385,315
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 2.5%
Analog Devices, Inc.	5,400		$ 187,488
ASM International NV (Netherlands) (a)	8,700		118,653
ASML Holding NV (NY Shares) (a)	12,800		165,632
Intel Corp.	64,400		1,371,076
KLA-Tencor Corp. (a)	20,700		773,352
National Semiconductor Corp. (a)	13,300		177,289
Texas Instruments, Inc.	12,800		250,112
Tokyo Electron Ltd.	2,000		102,888
United Microelectronics Corp. (a)	284,040		193,521
			3,340,011
Software - 1.6%
Amdocs Ltd. (a)	23,900		480,390
Dassault Systemes SA	3,400		146,107
Microsoft Corp.	52,360		1,429,428
Temenos Group AG (a)	3,645		27,336
			2,083,261
TOTAL INFORMATION TECHNOLOGY			12,757,877
MATERIALS - 2.6%
Chemicals - 1.1%
Dow Chemical Co.	9,400		402,414
IMC Global, Inc. (a)	36,800		586,592
Monsanto Co.	12,400		453,840
			1,442,846
Construction Materials - 0.1%
HeidelbergCement AG	2,075		91,442
Metals & Mining - 1.1%
Alcan, Inc.	4,200		182,767
Massey Energy Co.	12,300		338,496
Nucor Corp.	9,300		728,097
Peabody Energy Corp.	2,600		138,632
Phelps Dodge Corp.	1,800		146,808
			1,534,800
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Paper & Forest Products - 0.3%
Aracruz Celulose SA sponsored ADR	7,400		$ 257,594
Votorantim Celulose e Papel SA sponsored ADR	2,900		101,877
			359,471
TOTAL MATERIALS			3,428,559
TELECOMMUNICATION SERVICES - 7.5%
Diversified Telecommunication Services - 0.3%
China Telecom Corp. Ltd. (H Shares)	448,000		144,390
Deutsche Telekom AG (Reg.) (a)	10,500		184,065
Versatel Telecom International NV (a)	48,000		88,843
			417,298
Wireless Telecommunication Services - 7.2%
Crown Castle International Corp. (a)	18,200		260,442
KDDI Corp.	56		269,632
Nextel Communications, Inc. Class A (a)	294,500		6,829,442
SpectraSite, Inc. (a)	36,900		1,658,286
Vodafone Group PLC	186,700		427,543
			9,445,345
TOTAL TELECOMMUNICATION SERVICES			9,862,643
TOTAL COMMON STOCKS (Cost $90,018,727)		95,571,970
Nonconvertible Preferred Stocks - 0.0%

CONSUMER DISCRETIONARY - 0.0%
Media - 0.0%
Granite Broadcasting Corp. 12.75% pay-in-kind (a)	60		30,000
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $39,300)		30,000

Nonconvertible Bonds - 9.0%
	Principal Amount		Value
CONSUMER DISCRETIONARY - 1.9%
Auto Components - 0.0%
Delco Remy International, Inc. 9.375% 4/15/12	$ 40,000		$ 40,000
Stoneridge, Inc. 11.5% 5/1/12	25,000		29,063
			69,063
Hotels, Restaurants & Leisure - 0.5%
Chumash Casino & Resort Enterprise 9% 7/15/10 (d)	60,000		66,300
Friendly Ice Cream Corp. 8.375% 6/15/12	35,000		33,425
Host Marriott LP 7.125% 11/1/13	70,000		71,050
Mandalay Resort Group:
9.375% 2/15/10	10,000		11,300
10.25% 8/1/07	40,000		45,200
Mohegan Tribal Gaming Authority 6.375% 7/15/09	40,000		40,900
MTR Gaming Group, Inc. 9.75% 4/1/10	30,000		32,700
NCL Corp. Ltd. 10.625% 7/15/14 (d)	60,000		61,650
Royal Caribbean Cruises Ltd. 6.875% 12/1/13	45,000		46,688
Seneca Gaming Corp. 7.25% 5/1/12 (d)	30,000		30,450
Six Flags, Inc. 8.875% 2/1/10	65,000		60,125
Speedway Motorsports, Inc.:
6.75% 6/1/13	40,000		41,400
6.75% 6/1/13 (d)	10,000		10,350
Sun International Hotels Ltd./Sun International North America, Inc. 8.875% 8/15/11	35,000		37,800
Town Sports International Holdings, Inc. 0% 2/1/14 (c)(d)	20,000		9,400
Town Sports International, Inc. 9.625% 4/15/11	65,000		65,163
Venetian Casino Resort LLC/Las Vegas Sands, Inc. 11% 6/15/10	30,000		34,350
			698,251
Household Durables - 0.4%
Beazer Homes USA, Inc. 6.5% 11/15/13	40,000		39,400
K. Hovnanian Enterprises, Inc. 8.875% 4/1/12	50,000		55,500
KB Home 7.75% 2/1/10	110,000		116,600
Sealy Mattress Co. 8.25% 6/15/14 (d)	35,000		36,225
Standard Pacific Corp. 6.875% 5/15/11	25,000		25,875
Technical Olympic USA, Inc.:
7.5% 3/15/11	40,000		39,400
10.375% 7/1/12	10,000		10,950
WCI Communities, Inc. 7.875% 10/1/13	55,000		57,475
Nonconvertible Bonds - continued
	Principal Amount		Value
CONSUMER DISCRETIONARY - continued
Household Durables - continued
William Lyon Homes, Inc.:
7.5% 2/15/14	$ 30,000		$ 29,700
10.75% 4/1/13	70,000		80,150
			491,275
Media - 0.7%
AMC Entertainment, Inc.:
8% 3/1/14 (d)	40,000		37,400
9.5% 2/1/11	43,000		43,860
Cablevision Systems Corp.:
5.66% 4/1/09 (d)(f)	100,000		102,000
8% 4/15/12 (d)	40,000		40,900
Cinemark, Inc. 0% 3/15/14 (c)	80,000		55,200
Corus Entertainment, Inc. 8.75% 3/1/12	40,000		43,700
CSC Holdings, Inc. 7.25% 7/15/08	25,000		26,000
EchoStar DBS Corp. 5.75% 10/1/08	70,000		70,266
Granite Broadcasting Corp. 9.75% 12/1/10	30,000		28,200
Gray Television, Inc. 9.25% 12/15/11	65,000		72,475
Innova S. de R.L. 9.375% 9/19/13	40,000		43,600
LBI Media, Inc. 10.125% 7/15/12	40,000		44,400
PanAmSat Corp. 9% 8/15/14 (d)	80,000		83,000
PEI Holdings, Inc. 11% 3/15/10	24,000		27,840
Sinclair Broadcast Group, Inc. 8% 3/15/12	45,000		46,463
The Reader's Digest Association, Inc. 6.5% 3/1/11	65,000		65,163
XM Satellite Radio, Inc. 7.1938% 5/1/09 (f)	40,000		40,700
			871,167
Multiline Retail - 0.0%
Barneys, Inc. 9% 4/1/08	30,000		31,200
Specialty Retail - 0.3%
Asbury Automotive Group, Inc. 9% 6/15/12	45,000		46,800
J. Crew Intermediate LLC 0% 5/15/08 (c)	34,608		30,628
Nebraska Book Co., Inc. 8.625% 3/15/12	50,000		49,625
Sonic Automotive, Inc. 8.625% 8/15/13	60,000		62,850
Toys 'R' US, Inc. 7.875% 4/15/13	30,000		29,325
United Rentals North America, Inc.:
6.5% 2/15/12	35,000		33,075
7% 2/15/14	10,000		8,750
7.75% 11/15/13	120,000		111,600
			372,653
Nonconvertible Bonds - continued
	Principal Amount		Value
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - 0.0%
Samsonite Corp. 8.875% 6/1/11 (d)	$ 35,000		$ 35,963
TOTAL CONSUMER DISCRETIONARY			2,569,572
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.1%
Jean Coutu Group, Inc.:
7.625% 8/1/12 (d)	20,000		20,575
8.5% 8/1/14 (d)	30,000		30,150
Rite Aid Corp.:
6% 12/15/05 (d)	65,000		65,325
9.5% 2/15/11	15,000		16,463
Stater Brothers Holdings, Inc.:
5.06% 6/15/10 (d)(f)	40,000		40,800
8.125% 6/15/12 (d)	30,000		31,200
			204,513
Food Products - 0.2%
Del Monte Corp. 9.25% 5/15/11	60,000		65,475
Dole Food Co., Inc. 7.25% 6/15/10	40,000		39,500
Smithfield Foods, Inc.:
7.625% 2/15/08	30,000		31,950
8% 10/15/09	10,000		10,925
Swift & Co. 10.125% 10/1/09	40,000		44,100
United Agriculture Products, Inc. 8.25% 12/15/11 (d)	20,000		21,400
			213,350
TOTAL CONSUMER STAPLES			417,863
ENERGY - 0.5%
Energy Equipment & Services - 0.1%
Hanover Compressor Co.:
0% 3/31/07	55,000		44,825
8.625% 12/15/10	20,000		21,300
SESI LLC 8.875% 5/15/11	30,000		32,400
			98,525
Oil & Gas - 0.4%
Belden & Blake Corp. 8.75% 7/15/12 (d)	25,000		25,750
El Paso Production Holding Co. 7.75% 6/1/13	15,000		14,588
General Maritime Corp. 10% 3/15/13	20,000		22,250
Nonconvertible Bonds - continued
	Principal Amount		Value
ENERGY - continued
Oil & Gas - continued
Overseas Shipholding Group, Inc. 8.25% 3/15/13	$ 90,000		$ 98,100
Range Resources Corp.:
7.375% 7/15/13	30,000		31,050
7.375% 7/15/13 (d)	30,000		30,900
Ship Finance International Ltd. 8.5% 12/15/13	175,000		171,500
Teekay Shipping Corp. 8.875% 7/15/11	70,000		78,400
The Coastal Corp.:
6.375% 2/1/09	25,000		23,250
6.5% 6/1/08	15,000		14,306
7.5% 8/15/06	10,000		10,200
7.75% 6/15/10	100,000		96,125
			616,419
TOTAL ENERGY			714,944
FINANCIALS - 1.1%
Capital Markets - 0.1%
Bank of New York Co., Inc. 4.25% 9/4/12 (f)	10,000		10,127
BCP Caylux Holdings Luxembourg SCA 9.625% 6/15/14 (d)	65,000		69,794
			79,921
Diversified Financial Services - 0.7%
Ahold Finance USA, Inc.:
6.25% 5/1/09	35,000		35,569
8.25% 7/15/10	85,000		93,713
Cellu Tissue Holdings, Inc. 9.75% 3/15/10 (d)	30,000		30,000
Deutsche Telekom International Finance BV 8.75% 6/15/30	50,000		64,093
FIMEP SA 10.5% 2/15/13	10,000		11,600
Gerdau AmeriSteel Corp./GUSAP Partners 10.375% 7/15/11	60,000		67,800
Hilcorp Energy I LP/Hilcorp Finance Co. 10.5% 9/1/10 (d)	50,000		54,750
Ispat Inland ULC 9.75% 4/1/14 (d)	75,000		79,875
Jostens Holding Corp. 0% 12/1/13 (c)	50,000		33,500
Leucadia National Corp. 7% 8/15/13	40,000		39,700
Midland Funding Corp. II 11.75% 7/23/05	22,370		23,908
MSW Energy Holdings II LLC/MSW Finance Co. II, Inc. 7.375% 9/1/10	50,000		52,000
Nonconvertible Bonds - continued
	Principal Amount		Value
FINANCIALS - continued
Diversified Financial Services - continued
MSW Energy Holdings LLC/MSW Energy Finance Co., Inc. 8.5% 9/1/10	$ 10,000		$ 10,900
National Beef Packing Co. LLC/National Beef Finance Corp. 10.5% 8/1/11	15,000		15,038
Qwest Capital Funding, Inc.:
7% 8/3/09	40,000		34,800
7.25% 2/15/11	60,000		51,450
7.75% 8/15/06	40,000		40,000
Sensus Metering Systems, Inc. 8.625% 12/15/13 (d)	50,000		49,250
Stone Container Finance Co. 7.375% 7/15/14 (d)	30,000		31,200
U.S. West Capital Funding, Inc. 6.375% 7/15/08	35,000		29,969
Universal City Development Partners Ltd./UCDP Finance, Inc. 11.75% 4/1/10	40,000		46,601
Western Financial Bank 9.625% 5/15/12	95,000		104,500
			1,000,216
Insurance - 0.1%
Crum & Forster Holdings Corp. 10.375% 6/15/13	65,000		70,850
UnumProvident Corp.:
6.75% 12/15/28	15,000		13,500
7.375% 6/15/32	15,000		14,250
7.625% 3/1/11	30,000		31,650
			130,250
Real Estate - 0.2%
American Real Estate Partners/American Real Estate Finance Corp. 8.125% 6/1/12 (d)	50,000		51,875
EOP Operating LP 7.75% 11/15/07	25,000		28,037
La Quinta Properties, Inc. 7% 8/15/12 (d)	35,000		36,138
Omega Healthcare Investors, Inc. 7% 4/1/14 (d)	40,000		39,300
Senior Housing Properties Trust:
7.875% 4/15/15	40,000		42,600
8.625% 1/15/12	50,000		55,500
			253,450
TOTAL FINANCIALS			1,463,837
HEALTH CARE - 0.5%
Health Care Equipment & Supplies - 0.1%
Fisher Scientific International, Inc.:
6.75% 8/15/14 (d)	20,000		20,600
8% 9/1/13	40,000		44,400
Nonconvertible Bonds - continued
	Principal Amount		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Fisher Scientific International, Inc.: - continued
8.125% 5/1/12	$ 15,000		$ 16,650
PerkinElmer, Inc. 8.875% 1/15/13	70,000		77,700
			159,350
Health Care Providers & Services - 0.3%
AmeriPath, Inc. 10.5% 4/1/13	10,000		10,250
Concentra Operating Corp.:
9.125% 6/1/12 (d)	10,000		10,738
9.5% 8/15/10	30,000		32,550
Genesis HealthCare Corp. 8% 10/15/13	75,000		79,875
Mariner Health Care, Inc. 8.25% 12/15/13 (d)	60,000		63,900
PacifiCare Health Systems, Inc. 10.75% 6/1/09	22,000		25,575
Psychiatric Solutions, Inc. 10.625% 6/15/13	25,000		28,125
Tenet Healthcare Corp.:
6.375% 12/1/11	55,000		48,675
6.5% 6/1/12	15,000		13,238
7.375% 2/1/13	70,000		65,100
			378,026
Pharmaceuticals - 0.1%
Biovail Corp. yankee 7.875% 4/1/10	70,000		70,525
TOTAL HEALTH CARE			607,901
INDUSTRIALS - 1.2%
Aerospace & Defense - 0.2%
BE Aerospace, Inc.:
8% 3/1/08	80,000		78,400
9.5% 11/1/08	45,000		45,788
Bombardier, Inc. 6.3% 5/1/14 (d)	60,000		50,952
Orbital Sciences Corp. 9% 7/15/11	25,000		27,750
Primus International, Inc. 10.5% 4/15/09 (d)	40,000		40,400
			243,290
Airlines - 0.4%
American Airlines, Inc. pass thru trust certificates:
6.817% 5/23/11	85,000		74,375
6.977% 11/23/22	7,666		6,631
7.324% 4/15/11	20,000		16,000
7.377% 5/23/19	71,842		42,387
7.379% 5/23/16	60,776		35,858
Nonconvertible Bonds - continued
	Principal Amount		Value
INDUSTRIALS - continued
Airlines - continued
American Airlines, Inc. pass thru trust certificates: - continued
7.8% 4/1/08	$ 25,000		$ 21,375
8.608% 10/1/12	15,000		12,825
AMR Corp. 9% 8/1/12	70,000		46,900
Continental Airlines, Inc. 7.875% 7/2/18	49,975		46,727
Continental Airlines, Inc. pass thru trust certificates:
6.748% 9/15/18	7,744		5,963
6.795% 2/2/20	18,628		14,809
6.9% 7/2/18	37,970		29,237
6.954% 2/2/11	7,076		5,236
7.73% 9/15/12	11,701		8,542
7.82% 4/15/15	15,724		11,793
8.307% 10/2/19	13,491		10,793
8.321% 11/1/06	5,000		4,650
Delta Air Lines, Inc. 7.9% 12/15/09	45,000		14,400
Delta Air Lines, Inc. pass thru trust certificates:
7.299% 9/18/06	5,000		2,000
7.779% 1/2/12	25,045		9,517
Northwest Airlines, Inc. pass thru trust certificates:
7.068% 7/2/17	20,255		15,799
7.67% 1/2/15	51,031		41,845
			477,662
Building Products - 0.0%
Jacuzzi Brands, Inc. 9.625% 7/1/10	55,000		60,638
Commercial Services & Supplies - 0.1%
Allied Waste North America, Inc.:
5.75% 2/15/11	30,000		28,800
6.375% 4/15/11	50,000		49,500
9.25% 9/1/12	25,000		28,000
Browning-Ferris Industries, Inc. 6.375% 1/15/08	30,000		30,450
			136,750
Construction & Engineering - 0.1%
Amsted Industries, Inc. 10.25% 10/15/11 (d)	60,000		65,400
Machinery - 0.3%
Dresser, Inc. 9.375% 4/15/11	100,000		107,500
Dunlop Standard Aerospace Holdings PLC:
11.875% 5/15/09 (d)	56,000		59,360
yankee 11.875% 5/15/09	79,000		83,740
Nonconvertible Bonds - continued
	Principal Amount		Value
INDUSTRIALS - continued
Machinery - continued
Invensys PLC 9.875% 3/15/11 (d)	$ 145,000		$ 148,988
Navistar International Corp. 7.5% 6/15/11	20,000		20,950
SPX Corp. 7.5% 1/1/13	35,000		36,575
			457,113
Marine - 0.0%
OMI Corp. 7.625% 12/1/13	45,000		45,900
Road & Rail - 0.1%
Kansas City Southern Railway Co. 7.5% 6/15/09	60,000		60,300
TFM SA de CV yankee:
10.25% 6/15/07	5,000		5,150
11.75% 6/15/09	30,000		30,225
			95,675
TOTAL INDUSTRIALS			1,582,428
INFORMATION TECHNOLOGY - 0.3%
Communications Equipment - 0.0%
Lucent Technologies, Inc. 5.5% 11/15/08	60,000		57,450
Electronic Equipment & Instruments - 0.1%
Celestica, Inc. 7.875% 7/1/11	50,000		52,000
Flextronics International Ltd. 6.5% 5/15/13	55,000		54,725
			106,725
IT Services - 0.0%
Iron Mountain, Inc. 8.625% 4/1/13	15,000		16,200
Office Electronics - 0.1%
Xerox Corp.:
7.125% 6/15/10	55,000		58,025
9.75% 1/15/09	25,000		29,000
			87,025
Semiconductors & Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 7.125% 3/15/11	10,000		8,300
Freescale Semiconductor, Inc.:
4.38% 7/15/09 (d)(f)	40,000		40,800
6.875% 7/15/11 (d)	60,000		61,200
Viasystems, Inc. 10.5% 1/15/11	30,000		29,100
			139,400
TOTAL INFORMATION TECHNOLOGY			406,800
Nonconvertible Bonds - continued
	Principal Amount		Value
MATERIALS - 1.8%
Chemicals - 0.7%
Berry Plastics Corp. 10.75% 7/15/12	$ 45,000		$ 50,288
Borden US Finance Corp./Nova Scotia Finance ULC:
1.4816% 7/15/10 (d)(f)	40,000		40,600
9% 7/15/14 (d)	40,000		41,800
Equistar Chemicals LP/Equistar Funding Corp.:
8.75% 2/15/09	35,000		36,838
10.125% 9/1/08	45,000		49,838
10.625% 5/1/11	105,000		118,125
HMP Equity Holdings Corp. 0% 5/15/08	65,000		38,350
Huntsman ICI Chemicals LLC 10.125% 7/1/09	60,000		61,800
Huntsman ICI Holdings LLC 0% 12/31/09	50,000		25,250
Huntsman LLC:
8.8% 7/15/11 (d)(f)	70,000		71,050
11.5% 7/15/12 (d)	40,000		40,200
Lyondell Chemical Co.:
9.5% 12/15/08	75,000		80,438
9.625% 5/1/07	40,000		42,600
9.875% 5/1/07	40,000		42,000
10.875% 5/1/09	95,000		100,225
Millennium America, Inc.:
9.25% 6/15/08	40,000		43,700
9.25% 6/15/08 (d)	20,000		21,850
Pliant Corp.:
0% 6/15/09 (c)	50,000		44,125
11.125% 9/1/09	35,000		37,800
			986,877
Construction Materials - 0.1%
Texas Industries, Inc. 10.25% 6/15/11	80,000		91,200
Containers & Packaging - 0.2%
Anchor Glass Container Corp. 11% 2/15/13	40,000		45,600
BWAY Corp. 10% 10/15/10	40,000		42,500
Crown European Holdings SA:
9.5% 3/1/11	5,000		5,588
10.875% 3/1/13	55,000		64,350
Graphic Packaging International, Inc. 8.5% 8/15/11	30,000		33,150
Owens-Brockway Glass Container, Inc. 8.25% 5/15/13	20,000		21,050
Nonconvertible Bonds - continued
	Principal Amount		Value
MATERIALS - continued
Containers & Packaging - continued
Owens-Illinois, Inc.:
7.35% 5/15/08	$ 40,000		$ 41,200
7.5% 5/15/10	30,000		30,450
			283,888
Metals & Mining - 0.3%
AK Steel Corp.:
7.75% 6/15/12	25,000		23,375
7.875% 2/15/09	35,000		33,688
Allegheny Technologies, Inc. 8.375% 12/15/11	100,000		103,000
CSN Islands VII Corp. 10.75% 9/12/08 (d)	50,000		54,938
CSN Islands VIII Corp. 9.75% 12/16/13 (d)	15,000		15,000
Freeport-McMoRan Copper & Gold, Inc.:
6.875% 2/1/14	20,000		19,100
10.125% 2/1/10	60,000		67,500
International Steel Group, Inc. 6.5% 4/15/14 (d)	35,000		33,600
Wise Metals Group LLC/Alloys Finance 10.25% 5/15/12 (d)	50,000		50,250
			400,451
Paper & Forest Products - 0.5%
Abitibi-Consolidated, Inc.:
5.02% 6/15/11 (d)(f)	40,000		40,750
7.75% 6/15/11 (d)	40,000		41,150
Bowater, Inc. 4.52% 3/15/10 (f)	50,000		50,500
Buckeye Technologies, Inc. 8.5% 10/1/13	45,000		47,475
Georgia-Pacific Corp.:
8% 1/15/14	70,000		79,625
9.5% 12/1/11	55,000		67,375
Norske Skog Canada Ltd.:
7.375% 3/1/14	30,000		30,600
8.625% 6/15/11	70,000		75,600
Stone Container Corp. 9.75% 2/1/11	45,000		50,625
Tembec Industries, Inc.:
7.75% 3/15/12	40,000		40,400
8.5% 2/1/11	65,000		68,413
yankee 8.625% 6/30/09	50,000		52,500
			645,013
TOTAL MATERIALS			2,407,429
Nonconvertible Bonds - continued
	Principal Amount		Value
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.5%
Alaska Communications Systems Holdings, Inc. 9.375% 5/15/09	$ 20,000		$ 19,350
Centennial Cellular Operating Co. LLC/Centennial Finance Corp. 10.75% 12/15/08	72,000		73,080
Empresa Brasileira de Telecomm SA 11% 12/15/08	70,000		76,825
Eschelon Operating Co. 8.375% 3/15/10	35,000		28,000
GCI, Inc. 7.25% 2/15/14	70,000		66,938
NTL Cable PLC:
6.61% 10/15/12 (d)(f)	40,000		40,800
8.75% 4/15/14 (d)	15,000		15,600
Qwest Communications International, Inc. 7.25% 2/15/11 (d)	45,000		41,625
Qwest Corp.:
7.875% 9/1/11 (d)	15,000		15,225
9.125% 3/15/12 (d)	50,000		53,625
Qwest Services Corp.:
14% 12/15/10 (d)(f)	25,000		28,938
14.5% 12/15/14 (d)(f)	22,000		26,125
Telenet Group Holding NV 0% 6/15/14 (c)(d)	90,000		61,650
U.S. West Communications 7.5% 6/15/23	50,000		43,375
			591,156
Wireless Telecommunication Services - 0.3%
American Cellular Corp. 10% 8/1/11	30,000		24,750
Centennial Communications Corp./Centennial Cellular Operating Co. LLC/Centennial Puerto Rico Operations Corp. 8.125% 2/1/14 (d)	20,000		18,550
Millicom International Cellular SA 10% 12/1/13 (d)	80,000		79,200
Nextel Communications, Inc. 6.875% 10/31/13	115,000		116,150
Rogers Wireless, Inc.:
6.375% 3/1/14	30,000		28,688
9.625% 5/1/11	110,000		125,538
			392,876
TOTAL TELECOMMUNICATION SERVICES			984,032
UTILITIES - 0.6%
Electric Utilities - 0.1%
AES Gener SA 7.5% 3/25/14 (d)	45,000		45,225
Sierra Pacific Power Co. 6.25% 4/15/12 (d)	20,000		19,900
Nonconvertible Bonds - continued
	Principal Amount		Value
UTILITIES - continued
Electric Utilities - continued
TECO Energy, Inc.:
7% 5/1/12	$ 30,000		$ 30,900
7.2% 5/1/11	60,000		62,850
			158,875
Gas Utilities - 0.1%
Sonat, Inc.:
6.625% 2/1/08	65,000		62,563
6.75% 10/1/07	35,000		34,081
			96,644
Multi-Utilities & Unregulated Power - 0.4%
AES Corp.:
7.75% 3/1/14	40,000		40,400
8.375% 8/15/07	25,000		25,063
8.5% 11/1/07	55,000		56,306
8.75% 6/15/08	70,000		75,600
8.875% 2/15/11	67,000		73,700
9.375% 9/15/10	11,000		12,320
9.5% 6/1/09	9,000		10,058
CMS Energy Corp.:
7.5% 1/15/09	20,000		20,875
7.75% 8/1/10 (d)	30,000		31,650
8.5% 4/15/11	25,000		27,188
9.875% 10/15/07	50,000		55,313
NRG Energy, Inc. 8% 12/15/13 (d)	75,000		78,750
Sierra Pacific Resources 8.625% 3/15/14 (d)	50,000		52,750
			559,973
TOTAL UTILITIES			815,492
TOTAL NONCONVERTIBLE BONDS (Cost $11,592,630)		11,970,298
U.S. Government and Government Agency Obligations - 6.4%

U.S. Government Agency Obligations - 2.1%
Fannie Mae:
2.15% 4/13/06	75,000		74,663
3.25% 8/15/08	1,035,000		1,029,539
3.25% 2/15/09	128,000		126,344
U.S. Government and Government Agency Obligations - continued
	Principal Amount		Value
U.S. Government Agency Obligations - continued
Fannie Mae: - continued
6.625% 11/15/30	$ 550,000		$ 639,542
Freddie Mac:
2.7% 3/16/07	800,000		797,190
5.25% 11/5/12	75,000		76,458
5.875% 3/21/11	50,000		54,333
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS			2,798,069
U.S. Treasury Inflation Protected Obligations - 0.4%
U.S. Treasury Inflation-Indexed Notes:
2% 1/15/14	205,310		209,881
4.25% 1/15/10	253,667		294,720
TOTAL U.S. TREASURY INFLATION PROTECTED OBLIGATIONS			504,601
U.S. Treasury Obligations - 3.9%
U.S. Treasury Bills, yield at date of purchase 1.25% to 1.44% 9/9/04 to 11/18/04 (e)	350,000		349,387
U.S. Treasury Bonds:
7.875% 2/15/21	1,690,000		2,278,595
11.75% 2/15/10	645,000		673,773
U.S. Treasury Notes 6.5% 2/15/10	1,610,000		1,852,820
TOTAL U.S. TREASURY OBLIGATIONS			5,154,575
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (Cost $8,350,960)		8,457,245
Asset-Backed Securities - 0.2%

Amortizing Residential Collateral Trust Series 2002-BC6 Class A2, 1.965% 8/25/32 (f)	25,210		25,246
Argent Securities, Inc. Series 2003-W3 Class M2, 3.415% 9/25/33 (f)	25,000		25,704
Countrywide Home Loans, Inc. Series 2002-6 Class AV1, 2.045% 5/25/33 (f)	25,250		25,298
First USA Secured Note Trust Series 2001-3 Class C, 2.65% 11/19/08 (d)(f)	15,000		15,105
Asset-Backed Securities - continued
	Principal Amount		Value
Household Private Label Credit Card Master Note Trust I Series 2002-3 Class B, 2.85% 9/15/09 (f)	$ 120,000		$ 121,258
Residential Asset Mortgage Products, Inc. Series 2003-RZ2 Class A1, 3.6% 4/25/33	16,593		16,443
TOTAL ASSET-BACKED SECURITIES (Cost $227,176)		229,054
Collateralized Mortgage Obligations - 0.0%

Private Sponsor - 0.0%
Merrill Lynch Mortgage Investors, Inc.:
Series 2003-G Class XA1, 1% 1/25/29 (h)	71,508		1,159
Series 2003-H Class XA1, 1% 1/25/29 (d)(h)	63,103		1,001
Sequoia Mortgage Funding Trust Series 2003-A Class AX1, 0.8% 10/21/08 (d)(h)	278,440		2,937
TOTAL PRIVATE SPONSOR			5,097
U.S. Government Agency - 0.0%
Freddie Mac Multi-class participation certificates guaranteed sequential pay Series 2750 Class ZT, 5% 2/15/34	5,126		4,390
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,983)		9,487

Fixed-Income Funds - 0.9%
	Shares
Fidelity Ultra-Short Central Fund (g) (Cost $1,217,893)	12,232		1,217,696
Money Market Funds - 15.7%

Fidelity Cash Central Fund, 1.53% (b)(i) (Cost $20,706,599)	20,706,599		20,706,599
Cash Equivalents - 0.0%
	Maturity Amount		Value
Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.58%, dated 8/31/04 due 9/1/04) (Cost $31,000)	$ 31,001		$ 31,000
TOTAL INVESTMENT PORTFOLIO - 104.5% (Cost $132,193,268)		138,223,349
NET OTHER ASSETS - (4.5)%		(5,990,275)
NET ASSETS - 100%		$ 132,233,074

Futures Contracts
	Expiration Date	Underlying Face Amount at Value		Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
15 S&P 500 Index Contracts	Sept. 2004	$ 4,140,375	$ (107,903)

The face value of futures purchased as a percentage of net assets - 3.1%

Legend

(a) Non-income producing

(c) Debt obligation initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $349,387.

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

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete listing of the fund's holdings as of its most recent fiscal year end is available upon request.

(h) Security represents right to receive monthly interest payments on an underlying pool of mortgages. Principal shown is the par amount of the mortgage pool.

(i) Includes investment made with cash collateral received from securities on loan.

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $133,341,025. Net unrealized appreciation aggregated $4,882,324, of which $11,915,270 related to appreciated investment securities and $7,032,946 related to depreciated investment securities.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2004

GO-QTLY-1004

1.805740.100

Investments August 31, 2004 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.5%
Automobiles - 0.4%
Harley-Davidson, Inc.	307,800		$ 18,782
Hotels, Restaurants & Leisure - 1.8%
Carnival Corp. unit	352,200		16,127
Hilton Hotels Corp.	1,539,830		27,486
McDonald's Corp.	704,800		19,044
Royal Caribbean Cruises Ltd.	176,500		7,289
Starwood Hotels & Resorts Worldwide, Inc. unit	483,900		21,388
			91,334
Internet & Catalog Retail - 0.3%
Amazon.com, Inc. (a)	351,800		13,418
Media - 8.9%
Clear Channel Communications, Inc.	484,400		16,232
Comcast Corp. Class A (special) (a)	387,492		10,753
Fox Entertainment Group, Inc. Class A (a)	1,795,500		48,730
Lamar Advertising Co. Class A (a)	396,500		17,323
McGraw-Hill Companies, Inc.	264,300		20,015
Meredith Corp.	308,200		15,435
News Corp. Ltd. ADR	2,286,800		71,463
Omnicom Group, Inc.	572,300		39,380
The DIRECTV Group, Inc. (a)	571,700		9,073
Time Warner, Inc. (a)	2,684,800		43,896
Univision Communications, Inc. Class A (a)	2,014,100		66,465
Viacom, Inc. Class B (non-vtg.)	1,844,115		61,427
Walt Disney Co.	1,187,400		26,657
			446,849
Multiline Retail - 0.9%
Kohl's Corp. (a)	264,000		13,063
Nordstrom, Inc.	705,000		26,177
Target Corp.	176,000		7,846
			47,086
Specialty Retail - 2.3%
Best Buy Co., Inc.	352,200		16,384
Home Depot, Inc.	1,261,650		46,126
Lowe's Companies, Inc.	50,000		2,485
Staples, Inc.	1,722,600		49,404
			114,399
Textiles Apparel & Luxury Goods - 0.9%
Coach, Inc. (a)	220,000		9,273
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles Apparel & Luxury Goods - continued
NIKE, Inc. Class B	176,100		$ 13,262
Polo Ralph Lauren Corp. Class A	483,000		17,644
Warnaco Group, Inc. (a)	396,200		7,979
			48,158
TOTAL CONSUMER DISCRETIONARY		780,026
CONSUMER STAPLES - 11.5%
Beverages - 1.7%
PepsiCo, Inc.	837,100		41,855
The Coca-Cola Co.	1,004,800		44,925
			86,780
Food & Staples Retailing - 3.1%
Albertsons, Inc.	528,300		12,986
CVS Corp.	528,400		21,136
Safeway, Inc. (a)	308,400		6,230
Wal-Mart Stores, Inc.	2,213,500		116,585
			156,937
Food Products - 2.7%
Archer-Daniels-Midland Co.	1,056,000		16,864
Bunge Ltd.	572,800		22,849
Dean Foods Co. (a)	923,900		34,249
Hershey Foods Corp.	791,600		38,218
Kellogg Co.	176,200		7,397
The J.M. Smucker Co.	311,816		14,337
			133,914
Household Products - 1.2%
Clorox Co.	396,200		20,935
Colgate-Palmolive Co.	529,500		28,593
Procter & Gamble Co.	197,800		11,071
			60,599
Personal Products - 2.5%
Avon Products, Inc.	230,160		10,168
Gillette Co.	2,698,900		114,703
			124,871
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.3%
Altria Group, Inc.	352,480		$ 17,254
TOTAL CONSUMER STAPLES			580,355
ENERGY - 5.1%
Energy Equipment & Services - 1.5%
Baker Hughes, Inc.	485,400		19,091
Halliburton Co.	176,100		5,137
Schlumberger Ltd. (NY Shares)	834,900		51,597
			75,825
Oil & Gas - 3.6%
BP PLC sponsored ADR	996,356		53,504
Exxon Mobil Corp.	2,778,400		128,084
			181,588
TOTAL ENERGY			257,413
FINANCIALS - 18.3%
Capital Markets - 4.5%
E*TRADE Financial Corp. (a)	2,377,500		28,007
Goldman Sachs Group, Inc.	571,700		51,253
Lehman Brothers Holdings, Inc.	351,800		25,995
Merrill Lynch & Co., Inc.	1,451,100		74,108
Morgan Stanley	926,300		46,991
			226,354
Commercial Banks - 3.8%
Bank of America Corp.	3,352,000		150,773
Wachovia Corp.	175,900		8,251
Wells Fargo & Co.	572,300		33,623
			192,647
Consumer Finance - 2.1%
American Express Co.	2,102,700		105,177
Diversified Financial Services - 3.8%
Citigroup, Inc.	4,051,493		188,721
Insurance - 3.5%
ACE Ltd.	351,800		13,562
AFLAC, Inc.	264,300		10,598
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
American International Group, Inc.	2,000,728		$ 142,532
MetLife, Inc.	308,300		11,484
			178,176
Thrifts & Mortgage Finance - 0.6%
Fannie Mae	399,342		29,731
TOTAL FINANCIALS			920,806
HEALTH CARE - 14.5%
Biotechnology - 1.2%
Celgene Corp. (a)	222,100		12,604
Genentech, Inc. (a)	527,700		25,741
Genzyme Corp. - General Division (a)	264,000		14,256
OSI Pharmaceuticals, Inc. (a)	160,400		9,558
			62,159
Health Care Equipment & Supplies - 4.2%
Alcon, Inc.	571,800		42,794
Bausch & Lomb, Inc.	396,400		26,143
Becton, Dickinson & Co.	545,300		26,240
Boston Scientific Corp. (a)	264,300		9,443
C.R. Bard, Inc.	352,400		19,770
Dade Behring Holdings, Inc. (a)	352,500		18,531
Guidant Corp.	263,900		15,781
Medtronic, Inc.	627,300		31,208
St. Jude Medical, Inc. (a)	317,350		21,342
			211,252
Health Care Providers & Services - 1.2%
UnitedHealth Group, Inc.	791,900		52,368
WebMD Corp. (a)	984,800		7,169
			59,537
Pharmaceuticals - 7.9%
Abbott Laboratories	704,370		29,365
Eli Lilly & Co.	264,200		16,763
Johnson & Johnson	1,117,000		64,898
Merck & Co., Inc.	1,189,400		53,487
Novartis AG sponsored ADR	176,000		8,175
Pfizer, Inc.	4,536,668		148,213
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Schering-Plough Corp.	1,453,500		$ 26,832
Wyeth	1,379,500		50,448
			398,181
TOTAL HEALTH CARE			731,129
INDUSTRIALS - 11.9%
Aerospace & Defense - 2.6%
Honeywell International, Inc.	1,451,900		52,239
Lockheed Martin Corp.	264,200		14,209
Northrop Grumman Corp.	396,200		20,464
The Boeing Co.	835,900		43,651
			130,563
Air Freight & Logistics - 2.0%
FedEx Corp.	704,600		57,770
United Parcel Service, Inc. Class B	616,500		45,035
			102,805
Airlines - 0.4%
Southwest Airlines Co.	1,363,300		20,204
Commercial Services & Supplies - 0.2%
Manpower, Inc.	88,000		3,716
Monster Worldwide, Inc. (a)	374,300		7,572
			11,288
Construction & Engineering - 0.4%
Fluor Corp.	440,500		18,831
Industrial Conglomerates - 5.6%
3M Co.	668,900		55,091
General Electric Co.	5,189,650		170,169
Tyco International Ltd.	1,894,500		59,336
			284,596
Machinery - 0.7%
Caterpillar, Inc.	88,300		6,419
Danaher Corp.	106,000		5,451
Deere & Co.	352,400		22,296
			34,166
TOTAL INDUSTRIALS			602,453
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 17.3%
Communications Equipment - 4.5%
Cisco Systems, Inc. (a)	4,756,700		$ 89,236
Juniper Networks, Inc. (a)	2,550,400		58,379
Motorola, Inc.	2,418,500		39,059
QUALCOMM, Inc.	1,055,800		40,173
			226,847
Computers & Peripherals - 3.3%
Dell, Inc. (a)	1,301,500		45,344
Diebold, Inc.	660,900		32,311
EMC Corp. (a)	1,409,300		15,178
International Business Machines Corp.	308,300		26,110
Network Appliance, Inc. (a)	2,421,900		48,608
			167,551
Internet Software & Services - 1.1%
Yahoo!, Inc. (a)	1,982,700		56,527
IT Services - 0.3%
Paychex, Inc.	535,334		15,883
Office Electronics - 0.3%
Xerox Corp. (a)	1,099,900		14,772
Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.	723,700		25,127
Intel Corp.	2,785,790		59,309
KLA-Tencor Corp. (a)	120,800		4,513
National Semiconductor Corp. (a)	2,385,000		31,792
Teradyne, Inc. (a)	308,300		3,968
Texas Instruments, Inc.	835,800		16,332
Xilinx, Inc.	685,200		18,795
			159,836
Software - 4.6%
Microsoft Corp.	5,882,480		160,592
Oracle Corp. (a)	923,500		9,207
Red Hat, Inc. (a)	383,464		4,701
Symantec Corp. (a)	835,917		40,091
VERITAS Software Corp. (a)	1,113,600		18,619
			233,210
TOTAL INFORMATION TECHNOLOGY			874,626
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 2.6%
Chemicals - 2.2%
Dow Chemical Co.	1,252,800		$ 53,632
International Flavors & Fragrances, Inc.	132,100		5,090
Monsanto Co.	308,400		11,287
Praxair, Inc.	1,056,700		42,881
			112,890
Metals & Mining - 0.1%
Alcoa, Inc.	175,700		5,689
Paper & Forest Products - 0.3%
International Paper Co.	352,400		14,103
TOTAL MATERIALS			132,682
TELECOMMUNICATION SERVICES - 2.8%
Diversified Telecommunication Services - 2.4%
BellSouth Corp.	263,000		7,038
SBC Communications, Inc.	2,002,040		51,633
Verizon Communications, Inc.	1,589,200		62,376
			121,047
Wireless Telecommunication Services - 0.4%
Nextel Communications, Inc. Class A (a)	308,400		7,152
SpectraSite, Inc. (a)	309,100		13,891
			21,043
TOTAL TELECOMMUNICATION SERVICES			142,090
TOTAL COMMON STOCKS (Cost $4,761,807)		5,021,580
Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 1.53% (b)	36,330,377	$ 36,330
Fidelity Securities Lending Cash Central Fund, 1.49% (b)(c)	23,420,550	23,421
TOTAL MONEY MARKET FUNDS (Cost $59,751)		59,751
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $4,821,558)		5,081,331
NET OTHER ASSETS - (0.7)%		(35,392)
NET ASSETS - 100%		$ 5,045,939

Legend

(a) Non-income producing

Income Tax Information

At August 31, 2004, the aggregate cost of investment securities for income tax purposes was $4,873,241,000. Net unrealized appreciation aggregated $208,090,000, of which $631,375,000 related to appreciated investment securities and $423,285,000 related to depreciated investment securities.

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	October 19, 2004

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	October 19, 2004

By:	/s/Timothy F. Hayes
	Timothy F. Hayes
	Chief Financial Officer

Date:	October 19, 2004

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

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Growth & Income Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Small Cap Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Balanced Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Leveraged Company Stock Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Fifty Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Dynamic Capital Appreciation Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

Fidelity ® Value Strategies Fund (A Class of Fidelity Advisor Value Strategies Fund)

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Value Strategies Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

Fidelity ® Advisor Asset Allocation Fund Class A Class T Class B Class C Institutional Class

Investments August 31, 2004 (Unaudited)

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

Investments August 31, 2004 (Unaudited)

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

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

Fidelity ® Advisor Growth &
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

Fidelity ® Advisor Small Cap Fund
Class A
Class T
Class B
Class C
Institutional Class

Fidelity ® Advisor Balanced Fund
Class A
Class T
Class B
Class C
Institutional Class

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

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

Fidelity ® Advisor Leveraged
Company Stock Fund
Class A
Class T
Class B
Class C
Institutional Class

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

Fidelity ® Advisor Fifty Fund
Class A
Class T
Class B
Class C
Institutional Class

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

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

Fidelity ® Advisor Dynamic Capital Appreciation Fund
Class A
Class T
Class B
Class C
Institutional Class

Fidelity ® Value Strategies Fund

(A Class of Fidelity Advisor
Value Strategies Fund)

Fidelity ® Advisor Value
Strategies Fund
Class A
Class T
Class B
Class C
Institutional Class

Fidelity ® Advisor Asset
Allocation Fund
Class A
Class T
Class B
Class C
Institutional Class

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