N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:

November 30

 

 

Date of reporting period:

August 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

August 31, 2008

1.805738.104
ADGF-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 12.4%

Automobiles - 0.2%

Harley-Davidson, Inc.

73,900

$ 2,940

Leisure Equipment & Products - 0.2%

Eastman Kodak Co.

226,000

3,659

Media - 6.8%

CC Media Holdings, Inc. Class A (a)

200,000

2,150

Omnicom Group, Inc.

499,650

21,180

Time Warner, Inc.

5,722,000

93,669

Virgin Media, Inc.

285,900

3,259

 

120,258

Multiline Retail - 2.0%

Kohl's Corp. (a)

285,000

14,013

Target Corp.

421,636

22,355

 

36,368

Specialty Retail - 3.0%

Abercrombie & Fitch Co. Class A

108,900

5,712

Home Depot, Inc.

645,007

17,493

Lowe's Companies, Inc.

705,000

17,371

Sherwin-Williams Co.

16,170

947

Staples, Inc.

450,018

10,890

 

52,413

Textiles, Apparel & Luxury Goods - 0.2%

The Swatch Group AG (Bearer)

15,061

3,556

TOTAL CONSUMER DISCRETIONARY

219,194

CONSUMER STAPLES - 5.5%

Beverages - 1.3%

PepsiCo, Inc.

178,300

12,210

The Coca-Cola Co.

219,900

11,450

 

23,660

Food & Staples Retailing - 3.1%

CVS Caremark Corp.

809,591

29,631

Sysco Corp.

297,000

9,454

Wal-Mart Stores, Inc.

257,453

15,208

 

54,293

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Household Products - 1.1%

Kimberly-Clark Corp.

105,300

$ 6,495

Procter & Gamble Co.

175,800

12,266

 

18,761

TOTAL CONSUMER STAPLES

96,714

ENERGY - 10.3%

Energy Equipment & Services - 2.9%

BJ Services Co.

303,100

8,138

Diamond Offshore Drilling, Inc.

39,920

4,388

Halliburton Co.

205,800

9,043

Nabors Industries Ltd. (a)

654,786

23,310

Transocean, Inc. (a)

51,107

6,501

 

51,380

Oil, Gas & Consumable Fuels - 7.4%

Boardwalk Pipeline Partners, LP

321,500

7,899

Chesapeake Energy Corp.

332,700

16,103

ConocoPhillips

919,675

75,882

Copano Energy LLC

112,000

3,543

Denbury Resources, Inc. (a)

34,200

851

Energy Transfer Equity LP

67,500

1,947

Quicksilver Resources, Inc. (a)

103,000

2,492

Ultra Petroleum Corp. (a)

124,800

8,505

Valero Energy Corp.

421,055

14,636

 

131,858

TOTAL ENERGY

183,238

FINANCIALS - 14.9%

Capital Markets - 3.0%

Bank of New York Mellon Corp.

271,772

9,406

Credit Suisse Group sponsored ADR

130,500

6,053

Franklin Resources, Inc.

96,700

10,105

Lehman Brothers Holdings, Inc.

86,000

1,384

Merrill Lynch & Co., Inc.

486,700

13,798

Morgan Stanley

301,400

12,306

 

53,052

Commercial Banks - 4.5%

Fifth Third Bancorp

300,000

4,734

PNC Financial Services Group, Inc.

469,296

33,766

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

SunTrust Banks, Inc.

70,700

$ 2,962

Wachovia Corp. (d)

2,392,740

38,021

 

79,483

Consumer Finance - 0.5%

American Express Co.

197,700

7,845

Diversified Financial Services - 2.3%

Bank of America Corp.

1,085,339

33,797

CIT Group, Inc.

343,600

3,543

JPMorgan Chase & Co.

104,000

4,003

 

41,343

Insurance - 4.4%

American International Group, Inc.

1,367,192

29,381

Hartford Financial Services Group, Inc.

598,700

37,766

MetLife, Inc.

127,500

6,911

Prudential Financial, Inc.

57,600

4,246

 

78,304

Thrifts & Mortgage Finance - 0.2%

Fannie Mae

135,900

930

Washington Mutual, Inc.

685,671

2,777

 

3,707

TOTAL FINANCIALS

263,734

HEALTH CARE - 19.2%

Biotechnology - 1.5%

Amgen, Inc. (a)

261,900

16,460

Biogen Idec, Inc. (a)

205,400

10,461

 

26,921

Health Care Equipment & Supplies - 0.2%

Sonova Holding AG

43,053

3,128

Health Care Providers & Services - 5.7%

Cardinal Health, Inc.

1,721,305

94,631

UnitedHealth Group, Inc.

223,600

6,809

 

101,440

Pharmaceuticals - 11.8%

Allergan, Inc.

42,000

2,347

Eli Lilly & Co.

140,200

6,540

Johnson & Johnson

1,185,468

83,493

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Merck & Co., Inc.

595,395

$ 21,238

Pfizer, Inc.

1,771,000

33,844

Schering-Plough Corp.

547,270

10,617

Wyeth

1,181,500

51,135

 

209,214

TOTAL HEALTH CARE

340,703

INDUSTRIALS - 8.6%

Aerospace & Defense - 2.7%

Honeywell International, Inc.

375,000

18,814

Raytheon Co.

319,400

19,161

The Boeing Co.

139,800

9,165

 

47,140

Air Freight & Logistics - 1.4%

FedEx Corp.

136,200

11,280

United Parcel Service, Inc. Class B

209,210

13,415

 

24,695

Airlines - 1.4%

AMR Corp. (a)(d)

1,175,700

12,145

Delta Air Lines, Inc. (a)

781,000

6,350

Northwest Airlines Corp. (a)

736,000

7,198

 

25,693

Electrical Equipment - 1.4%

Cooper Industries Ltd. Class A

519,127

24,731

Industrial Conglomerates - 0.3%

Tyco International Ltd.

124,000

5,317

Machinery - 1.4%

Illinois Tool Works, Inc.

353,426

17,533

Ingersoll-Rand Co. Ltd. Class A

210,100

7,759

 

25,292

TOTAL INDUSTRIALS

152,868

INFORMATION TECHNOLOGY - 20.5%

Communications Equipment - 6.4%

Cisco Systems, Inc. (a)

2,921,400

70,260

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Communications Equipment - continued

Corning, Inc.

240,000

$ 4,930

Motorola, Inc.

4,062,089

38,265

 

113,455

Electronic Equipment & Instruments - 1.1%

Tyco Electronics Ltd.

586,077

19,288

IT Services - 4.0%

Accenture Ltd. Class A

1,166,140

48,232

The Western Union Co.

805,706

22,254

 

70,486

Semiconductors & Semiconductor Equipment - 3.4%

Analog Devices, Inc.

354,000

9,898

Applied Materials, Inc.

722,900

12,954

Cymer, Inc. (a)

100,000

2,994

Lam Research Corp. (a)

312,607

11,491

Linear Technology Corp.

246,281

8,039

National Semiconductor Corp.

237,023

5,079

Novellus Systems, Inc. (a)

350,000

7,935

Texas Instruments, Inc.

100,000

2,451

 

60,841

Software - 5.6%

McAfee, Inc. (a)

71,300

2,821

Microsoft Corp.

2,457,023

67,052

Oracle Corp. (a)

1,287,800

28,241

 

98,114

TOTAL INFORMATION TECHNOLOGY

362,184

MATERIALS - 0.2%

Metals & Mining - 0.2%

Freeport-McMoRan Copper & Gold, Inc. Class B

37,800

3,376

TELECOMMUNICATION SERVICES - 5.4%

Diversified Telecommunication Services - 5.4%

AT&T, Inc.

1,519,516

48,609

Qwest Communications International, Inc. (d)

5,009,043

18,934

Verizon Communications, Inc.

794,528

27,904

 

95,447

Common Stocks - continued

Shares

Value (000s)

UTILITIES - 0.1%

Multi-Utilities - 0.1%

Wisconsin Energy Corp.

40,000

$ 1,871

TOTAL COMMON STOCKS

(Cost $1,727,426)

1,719,329

Corporate Bonds - 0.4%

 

Principal Amount (000s)

 

Convertible Bonds - 0.3%

CONSUMER DISCRETIONARY - 0.1%

Automobiles - 0.1%

Ford Motor Co. 4.25% 12/15/36

$ 2,520

1,648

INDUSTRIALS - 0.2%

Airlines - 0.2%

AMR Corp. 4.5% 2/15/24

3,370

3,130

TOTAL CONVERTIBLE BONDS

4,778

Nonconvertible Bonds - 0.1%

INFORMATION TECHNOLOGY - 0.1%

Semiconductors & Semiconductor Equipment - 0.1%

Freescale Semiconductor, Inc. 10.125% 12/15/16

3,660

2,800

TOTAL CORPORATE BONDS

(Cost $8,292)

7,578

Money Market Funds - 5.1%

Shares

 

Fidelity Cash Central Fund, 2.31% (b)

47,260,380

47,260

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

43,423,850

43,424

TOTAL MONEY MARKET FUNDS

(Cost $90,684)

90,684

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $1,826,402)

1,817,591

NET OTHER ASSETS - (2.6)%

(46,296)

NET ASSETS - 100%

$ 1,771,295

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,308

Fidelity Securities Lending Cash Central Fund

47

Total

$ 1,355

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,817,591

$ 1,810,013

$ 7,578

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,834,630,000. Net unrealized depreciation aggregated $17,039,000, of which $192,028,000 related to appreciated investment securities and $209,067,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805756.104
ARG-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 86.3%

Shares

Value

CONSUMER DISCRETIONARY - 11.5%

Automobiles - 0.6%

Fiat SpA

318,293

$ 4,942,814

Diversified Consumer Services - 0.6%

ITT Educational Services, Inc. (a)

52,840

4,698,004

Hotels, Restaurants & Leisure - 1.3%

Accor SA

89,383

5,933,198

Paddy Power PLC (Ireland)

178,300

4,179,684

Penn National Gaming, Inc. (a)

39,317

1,329,701

 

11,442,583

Internet & Catalog Retail - 0.2%

Priceline.com, Inc. (a)

21,900

2,036,262

Media - 7.7%

Mediacom Communications Corp. Class A (a)

386,164

3,243,778

The Walt Disney Co.

1,918,200

62,053,768

Virgin Media, Inc.

141,400

1,611,960

 

66,909,506

Multiline Retail - 0.3%

Saks, Inc. (a)(d)

243,447

2,775,296

Textiles, Apparel & Luxury Goods - 0.8%

Deckers Outdoor Corp. (a)

61,225

6,960,670

TOTAL CONSUMER DISCRETIONARY

99,765,135

CONSUMER STAPLES - 2.2%

Food & Staples Retailing - 2.0%

Wal-Mart Stores, Inc.

251,100

14,832,477

Walgreen Co.

76,100

2,772,323

 

17,604,800

Food Products - 0.2%

Parmalat SpA

435,100

1,203,139

TOTAL CONSUMER STAPLES

18,807,939

ENERGY - 9.2%

Energy Equipment & Services - 4.5%

BJ Services Co.

430,022

11,546,091

Cameron International Corp. (a)

59,880

2,789,809

FMC Technologies, Inc. (a)

70,700

3,786,692

National Oilwell Varco, Inc. (a)

92,500

6,820,025

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Weatherford International Ltd. (a)

190,342

$ 7,343,394

Willbros Group, Inc. (a)

162,180

6,715,874

 

39,001,885

Oil, Gas & Consumable Fuels - 4.7%

Chesapeake Energy Corp.

337,700

16,344,680

Hess Corp.

113,300

11,863,643

Petrobank Energy & Resources Ltd. (a)

66,400

2,932,492

Petroleo Brasileiro SA - Petrobras sponsored ADR

72,925

3,846,065

XTO Energy, Inc.

120,868

6,092,956

 

41,079,836

TOTAL ENERGY

80,081,721

FINANCIALS - 5.7%

Capital Markets - 1.4%

Janus Capital Group, Inc.

142,376

3,839,881

T. Rowe Price Group, Inc.

142,877

8,481,179

 

12,321,060

Diversified Financial Services - 3.0%

BM&F BOVESPA SA

471,151

3,607,340

CME Group, Inc.

68,106

22,841,390

 

26,448,730

Real Estate Management & Development - 1.3%

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

833,608

10,895,257

TOTAL FINANCIALS

49,665,047

HEALTH CARE - 10.4%

Biotechnology - 3.7%

Biogen Idec, Inc. (a)

639,061

32,547,377

Health Care Providers & Services - 1.0%

VCA Antech, Inc. (a)

289,662

8,904,210

Life Sciences Tools & Services - 0.6%

Techne Corp. (a)

64,902

5,008,487

Pharmaceuticals - 5.1%

Allergan, Inc.

354,308

19,795,188

Bristol-Myers Squibb Co.

80,900

1,726,406

Elan Corp. PLC sponsored ADR (a)

629,400

8,427,666

Johnson & Johnson

157,968

11,125,686

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Pharmaceuticals - continued

Questcor Pharmaceuticals, Inc. (a)

125,278

$ 684,018

Schering-Plough Corp.

130,600

2,533,640

 

44,292,604

TOTAL HEALTH CARE

90,752,678

INDUSTRIALS - 20.4%

Airlines - 6.2%

AMR Corp. (a)(d)

1,863,432

19,249,253

Continental Airlines, Inc. Class B (a)

785,021

12,756,591

Ryanair Holdings PLC sponsored ADR (a)(d)

274,418

6,245,754

UAL Corp.

666,771

7,407,826

US Airways Group, Inc. (a)

903,100

7,667,319

 

53,326,743

Commercial Services & Supplies - 0.7%

Copart, Inc. (a)

132,400

5,826,924

Electrical Equipment - 3.5%

Alstom SA

254,852

26,035,272

Sunpower Corp. Class A (a)

38,109

3,717,533

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

19,550

934,686

 

30,687,491

Machinery - 3.3%

Cummins, Inc.

221,634

14,441,671

Deere & Co.

205,680

14,514,838

 

28,956,509

Marine - 1.3%

DryShips, Inc.

92,400

6,785,856

Genco Shipping & Trading Ltd. (d)

65,000

4,078,100

 

10,863,956

Road & Rail - 5.4%

America Latina Logistica SA unit

295,500

3,370,150

Norfolk Southern Corp.

308,900

22,713,417

Union Pacific Corp.

251,500

21,100,850

 

47,184,417

TOTAL INDUSTRIALS

176,846,040

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - 12.0%

Communications Equipment - 1.7%

Juniper Networks, Inc. (a)

76,100

$ 1,955,770

QUALCOMM, Inc.

250,200

13,173,030

 

15,128,800

Electronic Equipment & Instruments - 0.6%

Ingram Micro, Inc. Class A (a)

253,325

4,790,376

Internet Software & Services - 0.6%

DealerTrack Holdings, Inc. (a)

295,395

5,444,130

IT Services - 0.2%

Redecard SA

89,100

1,619,106

Semiconductors & Semiconductor Equipment - 6.5%

Altera Corp.

120,071

2,718,407

Applied Materials, Inc.

1,112,700

19,939,584

ASML Holding NV (NY Shares)

195,700

4,628,305

KLA-Tencor Corp.

239,429

8,873,239

Kulicke & Soffa Industries, Inc. (a)

278,266

1,430,287

Lam Research Corp. (a)

264,580

9,725,961

Micron Technology, Inc. (a)

585,800

2,483,792

Novellus Systems, Inc. (a)

168,700

3,824,429

Skyworks Solutions, Inc. (a)

184,900

1,793,530

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

131,813

1,279,904

 

56,697,438

Software - 2.4%

Adobe Systems, Inc. (a)

179,600

7,692,268

Ansys, Inc. (a)

59,781

2,651,287

Autodesk, Inc. (a)

87,000

3,091,110

Oracle Corp. (a)

315,400

6,916,722

 

20,351,387

TOTAL INFORMATION TECHNOLOGY

104,031,237

MATERIALS - 12.0%

Chemicals - 10.4%

FMC Corp.

243,654

17,918,315

Monsanto Co.

362,496

41,415,168

Potash Corp. of Saskatchewan, Inc.

43,900

7,621,040

Syngenta AG sponsored ADR

122,100

6,554,328

The Mosaic Co.

152,983

16,329,405

 

89,838,256

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - 1.6%

Agnico-Eagle Mines Ltd.

65,000

$ 3,730,637

Barrick Gold Corp.

38,100

1,325,670

Freeport-McMoRan Copper & Gold, Inc. Class B

27,200

2,429,504

Newmont Mining Corp.

81,600

3,680,160

United States Steel Corp.

21,800

2,900,926

 

14,066,897

TOTAL MATERIALS

103,905,153

TELECOMMUNICATION SERVICES - 2.9%

Diversified Telecommunication Services - 2.5%

Cbeyond, Inc. (a)

292,811

4,957,290

Qwest Communications International, Inc. (d)

4,319,200

16,326,576

 

21,283,866

Wireless Telecommunication Services - 0.4%

Centennial Communications Corp. Class A (a)

468,135

3,567,189

TOTAL TELECOMMUNICATION SERVICES

24,851,055

TOTAL COMMON STOCKS

(Cost $846,672,349)

748,706,005

Nonconvertible Bonds - 0.0%

 

Principal Amount

 

INDUSTRIALS - 0.0%

Airlines - 0.0%

Delta Air Lines, Inc.:

7.7% 12/15/05 (a)

$ 1,320,000

19,800

7.9% 12/15/09 (a)

350,000

4,375

8.3% 12/15/29 (a)

3,740,000

46,750

9% 5/15/16 (a)

433,000

6,495

9.75% 5/15/21 (a)

230,000

3,450

10% 8/15/08 (a)

700,000

8,750

10.375% 2/1/11 (a)

350,000

5,250

 

94,870

TOTAL NONCONVERTIBLE BONDS

(Cost $208,274)

94,870

Money Market Funds - 19.6%

Shares

Value

Fidelity Cash Central Fund, 2.31% (b)

125,323,589

$ 125,323,589

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

45,202,550

45,202,550

TOTAL MONEY MARKET FUNDS

(Cost $170,526,139)

170,526,139

TOTAL INVESTMENT PORTFOLIO - 105.9%

(Cost $1,017,406,762)

919,327,014

NET OTHER ASSETS - (5.9)%

(51,363,339)

NET ASSETS - 100%

$ 867,963,675

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 2,200,020

Fidelity Securities Lending Cash Central Fund

312,775

Total

$ 2,512,795

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 919,327,014

$ 919,232,144

$ 81,745

$ 13,125

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

 

Investments in Securities

Beginning Balance

$ 68,250

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(55,125)

Cost of Purchases

-

Proceeds of Sales

-

Amortization/Accretion

-

Transfer in/out of Level 3

-

Ending Balance

$ 13,125

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

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,019,654,736. Net unrealized depreciation aggregated $100,327,722, of which $53,928,303 related to appreciated investment securities and $154,256,025 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805739.104
EPG-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 4.1%

Automobiles - 0.1%

Harley-Davidson, Inc.

120,800

$ 4,805

Diversified Consumer Services - 0.8%

Strayer Education, Inc.

203,804

42,766

Hotels, Restaurants & Leisure - 0.9%

BJ's Restaurants, Inc. (a)

137,008

1,595

McDonald's Corp.

667,224

41,401

 

42,996

Leisure Equipment & Products - 0.9%

Nikon Corp.

1,352,000

43,883

Media - 0.9%

Focus Media Holding Ltd. ADR (a)

357,100

11,684

National CineMedia, Inc.

659,714

7,382

The DIRECTV Group, Inc. (a)

893,500

25,206

 

44,272

Specialty Retail - 0.3%

DSW, Inc. Class A (a)(d)

937,317

13,619

Textiles, Apparel & Luxury Goods - 0.2%

Lululemon Athletica, Inc. (a)(d)

481,689

9,330

Polo Ralph Lauren Corp. Class A

2,200

167

 

9,497

TOTAL CONSUMER DISCRETIONARY

201,838

CONSUMER STAPLES - 7.1%

Beverages - 1.0%

The Coca-Cola Co.

898,959

46,809

Food & Staples Retailing - 2.5%

CVS Caremark Corp.

2,779,015

101,712

Whole Foods Market, Inc. (d)

1,054,887

19,315

 

121,027

Food Products - 1.7%

Green Mountain Coffee Roasters, Inc. (a)

190,236

6,942

Nestle SA sponsored ADR

1,774,500

78,451

 

85,393

Household Products - 1.9%

Procter & Gamble Co.

1,346,683

93,958

TOTAL CONSUMER STAPLES

347,187

Common Stocks - continued

Shares

Value (000s)

ENERGY - 11.9%

Energy Equipment & Services - 3.5%

ENSCO International, Inc.

189,800

$ 12,865

FMC Technologies, Inc. (a)

153,850

8,240

National Oilwell Varco, Inc. (a)

662,352

48,835

Schlumberger Ltd. (NY Shares)

257,600

24,271

Smith International, Inc.

560,616

39,075

Transocean, Inc. (a)

300,300

38,198

 

171,484

Oil, Gas & Consumable Fuels - 8.4%

Chesapeake Energy Corp.

853,417

41,305

Denbury Resources, Inc. (a)

3,281,823

81,685

EOG Resources, Inc.

124,100

12,959

Galp Energia SGPS SA Class B

863,959

17,401

OAO Gazprom sponsored ADR

773,125

30,036

Petroleo Brasileiro SA - Petrobras sponsored ADR

1,280,600

67,539

Plains Exploration & Production Co. (a)

228,500

12,316

Reliance Industries Ltd.

267,954

13,048

Southwestern Energy Co. (a)

1,754,954

67,338

Ultra Petroleum Corp. (a)

839,182

57,190

Williams Companies, Inc.

217,417

6,716

 

407,533

TOTAL ENERGY

579,017

FINANCIALS - 10.2%

Capital Markets - 1.8%

Charles Schwab Corp.

2,075,228

49,785

Franklin Resources, Inc.

221,626

23,160

JMP Group, Inc.

82,700

496

State Street Corp.

189,400

12,817

 

86,258

Commercial Banks - 0.8%

Wachovia Corp.

2,269,500

36,062

Wells Fargo & Co.

181,400

5,491

 

41,553

Diversified Financial Services - 1.2%

Bank of America Corp.

595,400

18,541

KKR Financial Holdings LLC

2,718,835

25,503

MSCI, Inc. Class A

474,210

14,155

 

58,199

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Insurance - 4.2%

AFLAC, Inc.

324,100

$ 18,376

Berkshire Hathaway, Inc. Class B (a)

47,846

186,694

 

205,070

Real Estate Investment Trusts - 2.2%

Annaly Capital Management, Inc.

5,148,006

77,014

CapitalSource, Inc. (d)

1,137,468

14,309

MFA Mortgage Investments, Inc.

2,398,377

16,309

 

107,632

TOTAL FINANCIALS

498,712

HEALTH CARE - 16.3%

Biotechnology - 5.8%

Amgen, Inc. (a)

707,900

44,492

Biogen Idec, Inc. (a)

1,051,010

53,528

CSL Ltd.

2,549,795

89,864

Genentech, Inc. (a)

612,856

60,520

Gilead Sciences, Inc. (a)

679,282

35,785

 

284,189

Health Care Equipment & Supplies - 4.2%

Alcon, Inc.

165,000

28,098

Baxter International, Inc.

773,946

52,443

C.R. Bard, Inc.

247,900

23,166

China Medical Technologies, Inc. sponsored ADR (d)

429,000

19,708

Cochlear Ltd.

66,942

3,164

Covidien Ltd.

611,590

33,069

DENTSPLY International, Inc.

629,886

24,685

Integra LifeSciences Holdings Corp. (a)

100,300

4,864

Mindray Medical International Ltd. sponsored ADR

444,648

17,292

 

206,489

Health Care Providers & Services - 3.6%

Genoptix, Inc.

87,694

3,069

Henry Schein, Inc. (a)

688,409

40,258

Medco Health Solutions, Inc. (a)

2,815,469

131,905

 

175,232

Life Sciences Tools & Services - 1.4%

Charles River Laboratories International, Inc. (a)

181,976

11,939

Covance, Inc. (a)

453,137

42,749

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Life Sciences Tools & Services - continued

Pharmaceutical Product Development, Inc.

263,470

$ 10,750

Thermo Fisher Scientific, Inc. (a)

40,294

2,440

 

67,878

Pharmaceuticals - 1.3%

Novo Nordisk AS Series B

489,980

27,613

Pronova BioPharma ASA

287,000

1,191

Teva Pharmaceutical Industries Ltd. sponsored ADR

721,535

34,157

 

62,961

TOTAL HEALTH CARE

796,749

INDUSTRIALS - 6.0%

Aerospace & Defense - 1.5%

General Dynamics Corp.

308,000

28,428

Rockwell Collins, Inc.

816,619

42,946

 

71,374

Commercial Services & Supplies - 0.7%

Corrections Corp. of America (a)

564,961

15,028

Republic Services, Inc.

493,468

16,220

Robert Half International, Inc.

202,800

5,192

 

36,440

Construction & Engineering - 0.1%

Shaw Group, Inc. (a)

97,200

4,815

Electrical Equipment - 2.2%

Alstom SA

356,746

36,445

SMA Solar Technology AG

62,700

5,516

Spire Corp. (a)

41,103

457

Vestas Wind Systems AS (a)

471,500

64,180

 

106,598

Industrial Conglomerates - 0.5%

Global Consumer Acquisition Corp. unit

395,600

3,837

McDermott International, Inc. (a)

665,387

23,109

 

26,946

Machinery - 0.8%

Danaher Corp.

365,800

29,838

Hansen Transmission International NV

1,945,290

9,926

 

39,764

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Trading Companies & Distributors - 0.2%

Fastenal Co.

159,057

$ 8,260

TOTAL INDUSTRIALS

294,197

INFORMATION TECHNOLOGY - 31.6%

Communications Equipment - 10.2%

Cisco Systems, Inc. (a)

4,897,300

117,780

Juniper Networks, Inc. (a)

3,572,546

91,814

Nokia Corp. sponsored ADR

4,731,327

119,088

QUALCOMM, Inc.

2,334,447

122,909

Research In Motion Ltd. (a)

389,900

47,412

 

499,003

Computers & Peripherals - 3.6%

Apple, Inc. (a)

599,931

101,706

SanDisk Corp. (a)(d)

5,014,792

72,514

 

174,220

Electronic Equipment & Instruments - 1.6%

Amphenol Corp. Class A

1,139,836

54,165

Itron, Inc. (a)

205,298

21,265

 

75,430

Internet Software & Services - 3.7%

Baidu.com, Inc. sponsored ADR (a)

60,704

19,044

Google, Inc. Class A (sub. vtg.) (a)

160,312

74,271

The Knot, Inc. (a)(d)

770,585

7,020

VeriSign, Inc. (a)

2,574,128

82,295

 

182,630

IT Services - 7.4%

Cognizant Technology Solutions Corp. Class A (a)

1,932,238

56,653

ExlService Holdings, Inc. (a)

695,159

7,577

Infosys Technologies Ltd.

787,211

31,386

Infosys Technologies Ltd. sponsored ADR (d)

814,400

33,618

The Western Union Co.

3,409,480

94,170

Visa, Inc.

1,677,711

127,338

WNS Holdings Ltd. ADR (a)

713,500

9,696

 

360,438

Semiconductors & Semiconductor Equipment - 3.7%

Applied Materials, Inc.

8,321,161

149,115

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

ASML Holding NV (NY Shares)

632,600

$ 14,961

Microchip Technology, Inc. (d)

562,200

17,996

 

182,072

Software - 1.4%

Autonomy Corp. PLC (a)

1,277,134

26,766

Symantec Corp. (a)

260,000

5,801

Ubisoft Entertainment SA (a)

151,590

14,216

VMware, Inc. Class A

472,760

18,769

 

65,552

TOTAL INFORMATION TECHNOLOGY

1,539,345

MATERIALS - 9.2%

Chemicals - 6.0%

CF Industries Holdings, Inc.

173,434

26,431

FMC Corp.

367,073

26,995

Israel Chemicals Ltd.

1,172,100

19,622

Monsanto Co.

568,558

64,958

Novozymes AS Series B

169,825

17,070

The Mosaic Co.

1,278,488

136,466

 

291,542

Metals & Mining - 3.2%

ArcelorMittal SA (NY Shares) Class A (d)

704,900

55,419

Compass Minerals International, Inc.

1,180,970

81,806

Evraz Group SA GDR

273,336

20,637

 

157,862

TOTAL MATERIALS

449,404

UTILITIES - 2.3%

Electric Utilities - 1.9%

Entergy Corp.

387,775

40,092

Exelon Corp.

660,200

50,149

 

90,241

Common Stocks - continued

Shares

Value (000s)

UTILITIES - continued

Independent Power Producers & Energy Traders - 0.4%

Constellation Energy Group, Inc.

309,799

$ 20,667

TOTAL UTILITIES

110,908

TOTAL COMMON STOCKS

(Cost $4,939,103)

4,817,357

Money Market Funds - 3.9%

 

 

 

 

Fidelity Cash Central Fund, 2.31% (b)

81,001,102

81,001

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

107,139,725

107,140

TOTAL MONEY MARKET FUNDS

(Cost $188,141)

188,141

TOTAL INVESTMENT PORTFOLIO - 102.6%

(Cost $5,127,244)

5,005,498

NET OTHER ASSETS - (2.6)%

(126,547)

NET ASSETS - 100%

$ 4,878,951

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 1,556

Fidelity Securities Lending Cash Central Fund

1,511

Total

$ 3,067

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 5,005,498

$ 4,961,615

$ 43,883

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $5,137,884,000. Net unrealized depreciation aggregated $132,386,000, of which $358,052,000 related to appreciated investment securities and $490,438,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805771.104
EPI-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 6.7%

Hotels, Restaurants & Leisure - 0.3%

Starbucks Corp. (a)

1,200,000

$ 18,672

Household Durables - 1.9%

Toll Brothers, Inc. (a)(d)

3,100,000

77,128

Whirlpool Corp.

360,000

29,290

 

106,418

Media - 2.6%

Interpublic Group of Companies, Inc. (a)

4,000,000

37,600

McGraw-Hill Companies, Inc.

680,000

29,131

The Walt Disney Co.

800,000

25,880

Time Warner, Inc.

3,000,000

49,110

 

141,721

Specialty Retail - 1.5%

Abercrombie & Fitch Co. Class A (d)

560,000

29,372

Big 5 Sporting Goods Corp. (e)

1,300,000

11,674

Home Depot, Inc.

1,500,000

40,680

 

81,726

Textiles, Apparel & Luxury Goods - 0.4%

Coach, Inc. (a)

660,000

19,133

TOTAL CONSUMER DISCRETIONARY

367,670

CONSUMER STAPLES - 7.5%

Food & Staples Retailing - 1.3%

CVS Caremark Corp.

560,000

20,496

Wal-Mart Stores, Inc.

880,000

51,982

 

72,478

Food Products - 2.0%

General Mills, Inc.

660,000

43,679

Hershey Co. (d)

1,900,000

68,571

 

112,250

Household Products - 3.3%

Clorox Co. (d)

1,800,000

106,380

Kimberly-Clark Corp.

1,200,000

74,016

 

180,396

Personal Products - 0.5%

Estee Lauder Companies, Inc. Class A

580,000

28,867

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Tobacco - 0.4%

Altria Group, Inc.

920,000

$ 19,348

TOTAL CONSUMER STAPLES

413,339

ENERGY - 15.2%

Energy Equipment & Services - 4.2%

Halliburton Co.

2,500,000

109,850

National Oilwell Varco, Inc. (a)

1,160,000

85,527

Schlumberger Ltd. (NY Shares)

400,000

37,688

 

233,065

Oil, Gas & Consumable Fuels - 11.0%

Apache Corp.

400,000

45,752

Chevron Corp.

2,500,000

215,800

ConocoPhillips

1,400,000

115,514

Exxon Mobil Corp.

2,500,000

200,025

Valero Energy Corp.

740,000

25,722

 

602,813

TOTAL ENERGY

835,878

FINANCIALS - 26.0%

Capital Markets - 8.2%

Franklin Resources, Inc.

2,000,000

209,000

Goldman Sachs Group, Inc.

100,000

16,397

Morgan Stanley

1,400,000

57,162

Northern Trust Corp.

340,000

27,333

State Street Corp.

1,400,000

94,738

T. Rowe Price Group, Inc.

740,000

43,926

 

448,556

Commercial Banks - 5.6%

PNC Financial Services Group, Inc.

960,000

69,072

U.S. Bancorp, Delaware

1,400,000

44,604

Wachovia Corp. (d)

8,100,000

128,709

Wells Fargo & Co.

2,200,000

66,594

 

308,979

Diversified Financial Services - 6.7%

Bank of America Corp.

5,800,000

180,612

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

Citigroup, Inc. (d)

4,300,000

$ 81,657

JPMorgan Chase & Co.

2,700,000

103,923

 

366,192

Insurance - 4.6%

AFLAC, Inc.

460,000

26,082

American International Group, Inc.

2,600,000

55,874

Hartford Financial Services Group, Inc.

420,000

26,494

Marsh & McLennan Companies, Inc. (d)

1,800,000

57,474

MetLife, Inc.

1,000,000

54,200

Prudential Financial, Inc.

400,000

29,484

 

249,608

Real Estate Investment Trusts - 0.5%

General Growth Properties, Inc.

1,100,000

28,523

Real Estate Management & Development - 0.4%

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

1,700,000

22,219

TOTAL FINANCIALS

1,424,077

HEALTH CARE - 10.3%

Biotechnology - 0.6%

Amgen, Inc. (a)

560,000

35,196

Health Care Equipment & Supplies - 4.9%

Baxter International, Inc.

900,000

60,984

Becton, Dickinson & Co.

380,000

33,204

Covidien Ltd.

2,400,000

129,768

Medtronic, Inc.

820,000

44,772

 

268,728

Health Care Providers & Services - 0.6%

Medco Health Solutions, Inc. (a)

640,000

29,984

Pharmaceuticals - 4.2%

Bristol-Myers Squibb Co.

1,200,000

25,608

Johnson & Johnson

1,410,000

99,306

Merck & Co., Inc.

1,300,000

46,371

Pfizer, Inc.

900,000

17,199

Wyeth

960,000

41,549

 

230,033

TOTAL HEALTH CARE

563,941

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 14.6%

Aerospace & Defense - 3.6%

General Dynamics Corp.

280,000

$ 25,844

Honeywell International, Inc.

660,000

33,112

Lockheed Martin Corp.

260,000

30,274

Raytheon Co.

480,000

28,795

The Boeing Co.

360,000

23,602

United Technologies Corp.

820,000

53,784

 

195,411

Air Freight & Logistics - 1.8%

United Parcel Service, Inc. Class B

1,500,000

96,180

Airlines - 0.5%

AMR Corp. (a)

2,500,000

25,825

Construction & Engineering - 0.9%

KBR, Inc.

1,200,000

29,460

URS Corp. (a)

439,000

21,054

 

50,514

Electrical Equipment - 1.0%

Emerson Electric Co.

600,000

28,080

Roper Industries, Inc.

440,000

25,995

 

54,075

Industrial Conglomerates - 1.7%

3M Co.

580,000

41,528

General Electric Co.

1,900,000

53,390

 

94,918

Machinery - 3.0%

Caterpillar, Inc.

640,000

45,267

Deere & Co.

200,000

14,114

Eaton Corp.

1,000,000

73,180

Illinois Tool Works, Inc.

700,000

34,727

 

167,288

Road & Rail - 1.8%

Burlington Northern Santa Fe Corp.

920,000

98,808

Trading Companies & Distributors - 0.3%

Fastenal Co. (d)

300,000

15,579

TOTAL INDUSTRIALS

798,598

INFORMATION TECHNOLOGY - 9.0%

Communications Equipment - 0.6%

Cisco Systems, Inc. (a)

1,300,000

31,265

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - 2.2%

Hewlett-Packard Co.

820,000

$ 38,474

International Business Machines Corp.

660,000

80,342

 

118,816

Electronic Equipment & Instruments - 1.2%

Arrow Electronics, Inc. (a)

780,000

25,888

Tyco Electronics Ltd.

1,160,000

38,176

 

64,064

Internet Software & Services - 0.7%

eBay, Inc. (a)

1,600,000

39,888

IT Services - 0.8%

Accenture Ltd. Class A

580,000

23,989

Visa, Inc.

253,200

19,218

 

43,207

Semiconductors & Semiconductor Equipment - 2.2%

Applied Materials, Inc.

2,000,000

35,840

Intel Corp.

2,900,000

66,323

MEMC Electronic Materials, Inc. (a)

440,000

21,600

 

123,763

Software - 1.3%

Microsoft Corp.

1,400,000

38,206

Oracle Corp. (a)

1,500,000

32,895

 

71,101

TOTAL INFORMATION TECHNOLOGY

492,104

MATERIALS - 3.0%

Chemicals - 1.9%

Airgas, Inc.

1,300,000

77,012

Sigma Aldrich Corp.

420,000

23,839

 

100,851

Containers & Packaging - 0.4%

Aptargroup, Inc.

520,000

21,003

Metals & Mining - 0.7%

Alcoa, Inc.

1,260,000

40,484

TOTAL MATERIALS

162,338

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 4.5%

Diversified Telecommunication Services - 4.5%

AT&T, Inc.

4,400,000

$ 140,756

Verizon Communications, Inc.

3,000,000

105,360

 

246,116

UTILITIES - 2.6%

Electric Utilities - 2.2%

Entergy Corp.

400,000

41,356

Exelon Corp.

740,000

56,210

FirstEnergy Corp.

360,000

26,150

 

123,716

Independent Power Producers & Energy Traders - 0.4%

Constellation Energy Group, Inc.

300,000

20,013

TOTAL UTILITIES

143,729

TOTAL COMMON STOCKS

(Cost $4,767,009)

5,447,790

Convertible Preferred Stocks - 0.5%

 

 

 

 

FINANCIALS - 0.5%

Capital Markets - 0.2%

Lehman Brothers Holdings, Inc. Series P, 7.25%

22,000

14,300

Insurance - 0.3%

American International Group, Inc. Series A, 8.50%

333,300

16,577

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $46,998)

30,877

Money Market Funds - 2.3%

 

 

 

 

Fidelity Cash Central Fund, 2.31% (b)

2,916,870

2,917

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

122,044,500

122,045

TOTAL MONEY MARKET FUNDS

(Cost $124,962)

124,962

TOTAL INVESTMENT PORTFOLIO - 102.2%

(Cost $4,938,969)

5,603,629

NET OTHER ASSETS - (2.2)%

(123,070)

NET ASSETS - 100%

$ 5,480,559

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 576

Fidelity Securities Lending Cash Central Fund

936

Total

$ 1,512

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Big 5 Sporting Goods Corp.

$ 21,359

$ -

$ -

$ 351

$ 11,674

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 5,603,629

$ 5,572,752

$ 30,877

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $4,964,859,000. Net unrealized appreciation aggregated $638,770,000, of which $1,070,532,000 related to appreciated investment securities and $431,762,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805757.104
AEV-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%

Shares

Value

CONSUMER DISCRETIONARY - 10.0%

Automobiles - 0.5%

Bayerische Motoren Werke AG (BMW)

4,300

$ 176,621

Fiat SpA

13,300

206,537

Renault SA

2,300

193,228

Winnebago Industries, Inc.

17,400

197,490

 

773,876

Diversified Consumer Services - 1.4%

H&R Block, Inc.

13,400

342,236

Hillenbrand, Inc.

24,100

573,098

Service Corp. International

64,100

654,461

Stewart Enterprises, Inc. Class A

37,400

350,064

 

1,919,859

Hotels, Restaurants & Leisure - 1.0%

DineEquity, Inc.

9,299

184,678

McDonald's Corp.

17,500

1,085,875

Vail Resorts, Inc. (a)

3,400

149,566

 

1,420,119

Household Durables - 3.4%

Beazer Homes USA, Inc. (d)

26,500

184,440

Black & Decker Corp.

7,800

493,350

Centex Corp.

30,300

491,466

D.R. Horton, Inc.

41,900

522,074

Ethan Allen Interiors, Inc.

10,500

284,970

KB Home

31,542

656,074

Lennar Corp. Class A

2,500

32,875

Newell Rubbermaid, Inc.

16,500

298,650

Pulte Homes, Inc.

33,000

478,830

Ryland Group, Inc.

23,400

542,412

Stanley Furniture Co., Inc.

1,700

14,025

The Stanley Works

7,690

368,736

Whirlpool Corp.

5,400

439,344

 

4,807,246

Leisure Equipment & Products - 0.6%

Brunswick Corp.

24,713

340,792

Eastman Kodak Co.

34,600

560,174

 

900,966

Media - 0.9%

E.W. Scripps Co. Class A

5,800

42,166

News Corp.:

Class A

14,400

203,904

Common Stocks - continued

Shares

Value

CONSUMER DISCRETIONARY - continued

Media - continued

News Corp.: - continued

Class B

1,400

$ 20,104

Scripps Networks Interactive, Inc. Class A

17,400

722,796

Viacom, Inc. Class B (non-vtg.) (a)

8,000

235,840

 

1,224,810

Multiline Retail - 0.0%

Tuesday Morning Corp. (a)

17,000

71,570

Specialty Retail - 1.7%

AutoZone, Inc. (a)

1,300

178,399

Best Buy Co., Inc.

3,500

156,695

MarineMax, Inc. (a)

8,059

63,827

OfficeMax, Inc.

18,600

227,664

Shoe Carnival, Inc. (a)

7,554

123,281

Staples, Inc.

15,649

378,706

The Children's Place Retail Stores, Inc. (a)

18,614

780,857

The Men's Wearhouse, Inc.

7,100

155,490

Williams-Sonoma, Inc.

18,900

334,341

 

2,399,260

Textiles, Apparel & Luxury Goods - 0.5%

Polo Ralph Lauren Corp. Class A

4,900

371,812

VF Corp.

4,200

332,850

 

704,662

TOTAL CONSUMER DISCRETIONARY

14,222,368

CONSUMER STAPLES - 4.7%

Beverages - 0.3%

Carlsberg AS:

Series A

500

44,258

Series B

825

73,270

Remy Cointreau SA

4,218

222,877

The Coca-Cola Co.

2,500

130,175

 

470,580

Food & Staples Retailing - 1.6%

CVS Caremark Corp.

15,200

556,320

Kroger Co.

14,500

400,490

SUPERVALU, Inc.

8,700

201,753

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Wal-Mart Stores, Inc.

15,500

$ 915,585

Winn-Dixie Stores, Inc. (a)

10,400

146,848

 

2,220,996

Food Products - 1.0%

Bunge Ltd.

6,600

589,776

Cermaq ASA

22,800

220,718

Lighthouse Caledonia ASA

2,958

2,945

Marine Harvest ASA (a)

416,000

291,488

Tyson Foods, Inc. Class A

26,900

390,588

 

1,495,515

Household Products - 0.2%

Energizer Holdings, Inc. (a)

2,700

229,338

Personal Products - 0.7%

Avon Products, Inc.

21,500

920,845

Shiseido Co. Ltd.

4,000

93,659

 

1,014,504

Tobacco - 0.9%

Altria Group, Inc.

16,830

353,935

Philip Morris International, Inc.

16,530

887,661

 

1,241,596

TOTAL CONSUMER STAPLES

6,672,529

ENERGY - 10.3%

Energy Equipment & Services - 0.9%

Hercules Offshore, Inc. (a)

5,300

116,971

IHS, Inc. Class A (a)

1,000

64,160

Nabors Industries Ltd. (a)

9,159

326,060

National Oilwell Varco, Inc. (a)

10,025

739,143

 

1,246,334

Oil, Gas & Consumable Fuels - 9.4%

Arch Coal, Inc.

2,470

133,973

Boardwalk Pipeline Partners, LP

6,250

153,563

BP PLC sponsored ADR

800

46,104

Cabot Oil & Gas Corp.

4,996

222,022

Canadian Natural Resources Ltd.

2,400

204,846

Chesapeake Energy Corp.

19,600

948,640

Chevron Corp.

34,500

2,978,040

ConocoPhillips

28,400

2,343,284

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

CONSOL Energy, Inc.

2,200

$ 148,962

El Paso Corp.

3,200

53,632

El Paso Pipeline Partners LP

2,600

48,022

Energy Transfer Equity LP

2,100

60,585

Exxon Mobil Corp.

54,375

4,350,538

Forest Oil Corp. (a)

4,602

261,946

Foundation Coal Holdings, Inc.

900

53,235

Petrohawk Energy Corp. (a)

7,204

249,330

Plains Exploration & Production Co. (a)

4,500

242,550

Quicksilver Resources, Inc. (a)

5,800

140,302

Range Resources Corp.

4,966

230,522

SandRidge Energy, Inc.

1,500

52,500

Sunoco, Inc.

4,000

177,520

Tesoro Corp.

1,900

35,245

Valero Energy Corp.

5,789

201,226

Western Gas Partners LP

3,500

53,445

 

13,390,032

TOTAL ENERGY

14,636,366

FINANCIALS - 25.0%

Capital Markets - 4.8%

Bank of New York Mellon Corp.

23,649

818,492

Charles Schwab Corp.

17,900

429,421

FCStone Group, Inc. (a)

22,625

473,089

Fortress Investment Group LLC (d)

26,200

263,310

Franklin Resources, Inc.

1,600

167,200

Janus Capital Group, Inc.

17,000

458,490

Lehman Brothers Holdings, Inc.

50,673

815,329

Merrill Lynch & Co., Inc.

30,900

876,015

Morgan Stanley

22,100

902,343

State Street Corp.

14,000

947,380

T. Rowe Price Group, Inc.

11,701

694,571

 

6,845,640

Commercial Banks - 5.2%

Associated Banc-Corp.

6,400

112,000

Boston Private Financial Holdings, Inc.

35,956

321,447

Fifth Third Bancorp

50,800

801,624

First Merchants Corp.

17,500

337,575

First Midwest Bancorp, Inc., Delaware

13,900

311,082

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Commercial Banks - continued

Huntington Bancshares, Inc.

39,800

$ 291,336

IBERIABANK Corp.

9,243

501,248

KeyCorp

24,700

296,647

SunTrust Banks, Inc.

6,800

284,852

Susquehanna Bancshares, Inc., Pennsylvania

7,300

116,654

UCBH Holdings, Inc.

14,000

81,900

Wachovia Corp.

63,000

1,001,070

Wells Fargo & Co.

74,000

2,239,980

Wilshire Bancorp, Inc.

53,000

719,210

Wintrust Financial Corp.

900

20,925

 

7,437,550

Consumer Finance - 0.4%

Capital One Financial Corp.

8,106

357,799

Discover Financial Services

9,500

156,275

 

514,074

Diversified Financial Services - 5.2%

Bank of America Corp.

106,180

3,306,445

CIT Group, Inc.

43,600

449,516

JPMorgan Chase & Co.

92,074

3,543,928

KKR Financial Holdings LLC

11,300

105,994

 

7,405,883

Insurance - 5.3%

AFLAC, Inc.

11,800

669,060

American Equity Investment Life Holding Co.

1,040

9,558

American International Group, Inc.

47,190

1,014,113

Axis Capital Holdings Ltd.

21,382

714,800

Everest Re Group Ltd.

8,500

698,105

Hartford Financial Services Group, Inc.

6,600

416,328

MetLife, Inc.

10,600

574,520

National Financial Partners Corp.

9,900

199,683

Old Republic International Corp.

29,200

319,156

Platinum Underwriters Holdings Ltd.

29,691

1,073,330

Principal Financial Group, Inc.

9,700

444,163

RenaissanceRe Holdings Ltd.

8,400

425,964

Transatlantic Holdings, Inc.

7,275

437,228

XL Capital Ltd. Class A

29,900

600,990

 

7,596,998

Real Estate Investment Trusts - 1.7%

American Campus Communities, Inc.

5,600

169,792

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Real Estate Investment Trusts - continued

Annaly Capital Management, Inc.

46,200

$ 691,152

CapitalSource, Inc.

32,800

412,624

Chimera Investment Corp.

30,500

193,675

General Growth Properties, Inc.

11,100

287,823

SL Green Realty Corp.

3,800

326,800

Vornado Realty Trust

3,200

318,272

 

2,400,138

Real Estate Management & Development - 0.6%

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

45,600

595,992

Jones Lang LaSalle, Inc.

4,500

224,100

 

820,092

Thrifts & Mortgage Finance - 1.8%

Astoria Financial Corp.

13,300

290,605

Fannie Mae

23,300

159,372

Freddie Mac

16,100

72,611

Hudson City Bancorp, Inc.

27,179

501,181

MGIC Investment Corp.

14,800

124,468

New York Community Bancorp, Inc.

35,900

591,991

People's United Financial, Inc.

16,100

288,512

Washington Federal, Inc.

29,000

499,670

 

2,528,410

TOTAL FINANCIALS

35,548,785

HEALTH CARE - 12.1%

Biotechnology - 0.8%

Amgen, Inc. (a)

4,700

295,395

Biogen Idec, Inc. (a)

5,400

275,022

Cubist Pharmaceuticals, Inc. (a)

9,400

207,082

Genentech, Inc. (a)

2,600

256,750

Theravance, Inc. (a)

5,800

79,054

 

1,113,303

Health Care Equipment & Supplies - 3.1%

American Medical Systems Holdings, Inc. (a)

33,269

592,188

Baxter International, Inc.

15,600

1,057,056

Boston Scientific Corp. (a)

15,100

189,656

Covidien Ltd.

34,368

1,858,278

Hill-Rom Holdings, Inc.

9,700

290,418

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Medtronic, Inc.

5,100

$ 278,460

Stryker Corp.

2,200

147,818

 

4,413,874

Health Care Providers & Services - 2.3%

Amedisys, Inc. (a)(d)

12,200

649,284

Brookdale Senior Living, Inc.

11,952

263,542

Chemed Corp.

6,000

262,440

Community Health Systems, Inc. (a)

1,900

65,569

Emeritus Corp. (a)

7,000

155,540

HealthSouth Corp. (a)

16,200

291,438

Henry Schein, Inc. (a)

5,200

304,096

Patterson Companies, Inc. (a)

9,300

302,622

Pediatrix Medical Group, Inc. (a)

2,900

165,155

PSS World Medical, Inc. (a)

17,700

323,379

Tenet Healthcare Corp. (a)

33,800

203,814

Universal Health Services, Inc. Class B

4,500

278,010

 

3,264,889

Health Care Technology - 0.3%

Cerner Corp. (a)

8,700

400,635

Life Sciences Tools & Services - 0.5%

Applied Biosystems, Inc.

11,000

401,390

Covance, Inc. (a)

2,500

235,850

Varian, Inc. (a)

2,775

137,945

 

775,185

Pharmaceuticals - 5.1%

Johnson & Johnson

45,000

3,169,350

Pfizer, Inc.

147,000

2,809,170

Sepracor, Inc. (a)

23,789

437,718

Teva Pharmaceutical Industries Ltd. sponsored ADR

9,300

440,262

Wyeth

7,300

315,944

 

7,172,444

TOTAL HEALTH CARE

17,140,330

INDUSTRIALS - 11.1%

Aerospace & Defense - 3.1%

General Dynamics Corp.

9,400

867,620

Heico Corp. Class A

12,990

374,112

Honeywell International, Inc.

15,900

797,703

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Aerospace & Defense - continued

Lockheed Martin Corp.

6,900

$ 803,436

Stanley, Inc. (a)

5,900

200,954

The Boeing Co.

3,200

209,792

United Technologies Corp.

17,200

1,128,148

 

4,381,765

Air Freight & Logistics - 0.5%

FedEx Corp.

3,500

289,870

United Parcel Service, Inc. Class B

6,800

436,016

 

725,886

Airlines - 0.4%

AirTran Holdings, Inc. (a)

15,962

38,309

Delta Air Lines, Inc. (a)

13,700

111,381

Northwest Airlines Corp. (a)

16,900

165,282

UAL Corp.

18,200

202,202

US Airways Group, Inc. (a)

9,200

78,108

 

595,282

Building Products - 1.0%

Masco Corp.

25,100

478,406

Owens Corning (a)

37,400

904,706

 

1,383,112

Commercial Services & Supplies - 1.7%

ACCO Brands Corp. (a)

10,400

88,296

Allied Waste Industries, Inc. (a)

63,942

859,380

Avery Dennison Corp.

3,200

154,368

Consolidated Graphics, Inc. (a)

2,880

111,946

Copart, Inc. (a)

3,600

158,436

Equifax, Inc.

8,000

282,640

GeoEye, Inc. (a)

12,200

301,950

Manpower, Inc.

700

33,642

R.R. Donnelley & Sons Co.

9,700

270,436

The Brink's Co.

2,500

174,450

 

2,435,544

Construction & Engineering - 0.6%

Chicago Bridge & Iron Co. NV (NY Shares)

3,500

112,070

Dycom Industries, Inc. (a)

8,000

128,240

Great Lakes Dredge & Dock Corp.

72,800

545,272

 

785,582

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 0.3%

Acuity Brands, Inc.

3,300

$ 143,583

Cooper Industries Ltd. Class A

5,100

242,964

 

386,547

Machinery - 1.5%

Colfax Corp.

2,400

59,016

Cummins, Inc.

10,100

658,116

Eaton Corp.

3,000

219,540

Ingersoll-Rand Co. Ltd. Class A

10,900

402,537

Navistar International Corp. (a)

2,362

131,091

Pentair, Inc.

16,000

588,000

 

2,058,300

Marine - 0.1%

Safe Bulkers, Inc.

8,200

156,128

Road & Rail - 1.6%

Canadian Pacific Railway Ltd.

12,000

732,012

Con-way, Inc.

5,437

266,957

J.B. Hunt Transport Services, Inc.

20,500

747,225

Knight Transportation, Inc.

19,000

339,910

Old Dominion Freight Lines, Inc. (a)

3,900

129,753

P.A.M. Transportation Services, Inc. (a)

8,100

119,313

 

2,335,170

Trading Companies & Distributors - 0.3%

Rush Enterprises, Inc.:

Class A (a)

33,572

442,815

Class B (a)

3,300

42,867

 

485,682

TOTAL INDUSTRIALS

15,728,998

INFORMATION TECHNOLOGY - 15.3%

Communications Equipment - 1.1%

Cisco Systems, Inc. (a)

20,800

500,240

Juniper Networks, Inc. (a)

18,000

462,600

Nokia Corp. sponsored ADR

22,100

556,257

Powerwave Technologies, Inc. (a)

11,300

57,065

 

1,576,162

Computers & Peripherals - 1.5%

International Business Machines Corp.

8,700

1,059,051

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Computers & Peripherals - continued

NCR Corp. (a)

26,200

$ 693,252

SanDisk Corp. (a)

30,200

436,692

 

2,188,995

Electronic Equipment & Instruments - 4.7%

Agilent Technologies, Inc. (a)

6,800

236,368

Amphenol Corp. Class A

48,300

2,295,216

Arrow Electronics, Inc. (a)

22,700

753,413

Avnet, Inc. (a)

25,700

754,295

Cogent, Inc. (a)

24,800

272,800

Flextronics International Ltd. (a)

58,000

517,360

Ingram Micro, Inc. Class A (a)

58,650

1,109,072

Mellanox Technologies Ltd. (a)

23,622

286,299

Tyco Electronics Ltd.

13,825

454,981

 

6,679,804

Internet Software & Services - 0.7%

eBay, Inc. (a)

16,000

398,880

VeriSign, Inc. (a)

19,772

632,111

 

1,030,991

IT Services - 1.9%

Accenture Ltd. Class A

10,100

417,736

CACI International, Inc. Class A (a)

3,000

151,950

Fidelity National Information Services, Inc.

4,100

89,585

Lender Processing Services, Inc.

6,750

224,775

SRA International, Inc. Class A (a)

13,400

314,632

The Western Union Co.

11,700

323,154

Visa, Inc.

15,000

1,138,500

 

2,660,332

Semiconductors & Semiconductor Equipment - 5.1%

Applied Materials, Inc.

28,500

510,720

ASML Holding NV (NY Shares)

12,200

288,530

Broadcom Corp. Class A (a)

20,700

498,042

Fairchild Semiconductor International, Inc. (a)

27,300

342,342

FormFactor, Inc. (a)

16,400

314,716

Hittite Microwave Corp. (a)

15,400

545,006

Infineon Technologies AG sponsored ADR (a)

18,000

153,180

Intersil Corp. Class A

12,000

281,160

Lam Research Corp. (a)

10,200

374,952

Maxim Integrated Products, Inc.

14,600

300,030

Microchip Technology, Inc.

15,000

480,150

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

Micron Technology, Inc. (a)

95,600

$ 405,344

NEC Electronics Corp. (a)

11,000

278,583

NVIDIA Corp. (a)

38,600

487,904

ON Semiconductor Corp. (a)

89,100

843,777

Skyworks Solutions, Inc. (a)

22,900

222,130

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

22,393

217,436

Teradyne, Inc. (a)

4,000

37,320

Tower Semicondutor Ltd. (a)

130,300

95,119

Varian Semiconductor Equipment Associates, Inc. (a)

11,300

364,990

Xilinx, Inc.

7,700

200,046

 

7,241,477

Software - 0.3%

Oracle Corp. (a)

9,700

212,721

Synchronoss Technologies, Inc. (a)

13,900

175,974

 

388,695

TOTAL INFORMATION TECHNOLOGY

21,766,456

MATERIALS - 2.2%

Chemicals - 1.2%

Albemarle Corp.

17,444

693,225

Arkema

5,100

246,514

Celanese Corp. Class A

20,885

805,326

Nalco Holding Co.

219

5,009

Tronox, Inc. Class A

14,100

8,460

 

1,758,534

Containers & Packaging - 0.4%

Pactiv Corp. (a)

12,400

333,188

Rock-Tenn Co. Class A

4,700

172,396

 

505,584

Metals & Mining - 0.6%

Alcoa, Inc.

3,700

118,881

Barrick Gold Corp.

3,300

114,822

Carpenter Technology Corp.

2,400

93,144

Freeport-McMoRan Copper & Gold, Inc. Class B

2,400

214,368

Goldcorp, Inc.

3,500

119,045

Kinross Gold Corp.

7,000

115,354

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Newmont Mining Corp.

2,600

$ 117,260

United States Steel Corp.

100

13,307

 

906,181

TOTAL MATERIALS

3,170,299

TELECOMMUNICATION SERVICES - 3.3%

Diversified Telecommunication Services - 3.3%

AT&T, Inc.

98,777

3,159,876

FairPoint Communications, Inc.

858

7,593

Verizon Communications, Inc.

41,300

1,450,456

 

4,617,925

UTILITIES - 5.1%

Electric Utilities - 2.4%

Entergy Corp.

4,300

444,577

Exelon Corp.

22,200

1,686,312

PPL Corp.

30,400

1,330,608

 

3,461,497

Multi-Utilities - 2.7%

OGE Energy Corp.

10,700

360,590

Public Service Enterprise Group, Inc.

28,500

1,161,945

Sempra Energy

16,500

955,680

Wisconsin Energy Corp.

27,500

1,286,175

 

3,764,390

TOTAL UTILITIES

7,225,887

TOTAL COMMON STOCKS

(Cost $143,399,549)

140,729,943

Convertible Preferred Stocks - 0.3%

 

 

 

 

FINANCIALS - 0.3%

Commercial Banks - 0.2%

Huntington Bancshares, Inc. 8.50%

394

312,738

Diversified Financial Services - 0.1%

CIT Group, Inc. Series C, 8.75%

1,700

90,100

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $389,297)

402,838

Investment Companies - 0.3%

Shares

Value

Ares Capital Corp.
(Cost $537,457)

33,676

$ 407,143

Money Market Funds - 1.1%

 

 

 

 

Fidelity Cash Central Fund, 2.31% (b)

527,473

527,473

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

1,035,475

1,035,475

TOTAL MONEY MARKET FUNDS

(Cost $1,562,948)

1,562,948

TOTAL INVESTMENT PORTFOLIO - 100.8%

(Cost $145,889,251)

143,102,872

NET OTHER ASSETS - (0.8)%

(1,170,999)

NET ASSETS - 100%

$ 141,931,873

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 48,100

Fidelity Securities Lending Cash Central Fund

31,788

Total

$ 79,888

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 143,102,872

$ 142,327,792

$ 775,080

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $150,850,469. Net unrealized depreciation aggregated $7,747,597, of which $10,273,713 related to appreciated investment securities and $18,021,310 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805762.104
AFIF-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%

Shares

Value

CONSUMER DISCRETIONARY - 6.8%

Diversified Consumer Services - 1.8%

DeVry, Inc.

35,848

$ 1,849,040

Hotels, Restaurants & Leisure - 2.5%

International Game Technology

124,400

2,665,892

Las Vegas Sands Corp. (a)

10

474

 

2,666,366

Media - 2.5%

The Walt Disney Co.

83,200

2,691,520

Specialty Retail - 0.0%

Abercrombie & Fitch Co. Class A

10

525

CarMax, Inc. (a)

10

148

Dick's Sporting Goods, Inc. (a)

10

229

 

902

Textiles, Apparel & Luxury Goods - 0.0%

Phillips-Van Heusen Corp.

10

381

TOTAL CONSUMER DISCRETIONARY

7,208,209

CONSUMER STAPLES - 15.3%

Beverages - 9.2%

InBev SA

90,015

6,260,372

Molson Coors Brewing Co. Class B

74,934

3,570,605

 

9,830,977

Food & Staples Retailing - 5.7%

CVS Caremark Corp.

166,100

6,079,260

Whole Foods Market, Inc.

10

183

 

6,079,443

Food Products - 0.4%

Cosan SA Industria e Comercio

25,200

397,944

TOTAL CONSUMER STAPLES

16,308,364

ENERGY - 25.4%

Energy Equipment & Services - 12.3%

BJ Services Co.

36,700

985,395

Cameron International Corp. (a)

55,300

2,576,427

Diamond Offshore Drilling, Inc.

9,100

1,000,181

Halliburton Co.

67,000

2,943,980

Common Stocks - continued

Shares

Value

ENERGY - continued

Energy Equipment & Services - continued

Oceaneering International, Inc. (a)

36,000

$ 2,246,760

Weatherford International Ltd. (a)

87,400

3,371,892

 

13,124,635

Oil, Gas & Consumable Fuels - 13.1%

Chesapeake Energy Corp.

58,900

2,850,760

CONSOL Energy, Inc.

47,900

3,243,309

Denbury Resources, Inc. (a)

35,700

888,573

EOG Resources, Inc.

11,500

1,200,830

Peabody Energy Corp.

48,100

3,027,895

XTO Energy, Inc.

54,232

2,733,835

 

13,945,202

TOTAL ENERGY

27,069,837

FINANCIALS - 1.4%

Diversified Financial Services - 1.4%

BM&F BOVESPA SA

194,500

1,489,178

Citigroup, Inc.

10

190

 

1,489,368

Real Estate Management & Development - 0.0%

The St. Joe Co.

10

373

TOTAL FINANCIALS

1,489,741

HEALTH CARE - 7.6%

Health Care Equipment & Supplies - 2.0%

C.R. Bard, Inc.

22,986

2,148,042

Health Care Providers & Services - 3.3%

Express Scripts, Inc. (a)

46,800

3,435,588

Life Sciences Tools & Services - 2.3%

Waters Corp. (a)

35,900

2,450,175

TOTAL HEALTH CARE

8,033,805

INDUSTRIALS - 14.8%

Commercial Services & Supplies - 1.9%

Waste Management, Inc.

58,500

2,058,030

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Electrical Equipment - 4.2%

Alstom SA

27,400

$ 2,799,140

Bharat Heavy Electricals Ltd.

42,602

1,658,487

 

4,457,627

Machinery - 5.9%

Flowserve Corp.

47,800

6,315,334

Road & Rail - 2.7%

America Latina Logistica SA unit

73,100

833,699

Burlington Northern Santa Fe Corp.

19,400

2,083,560

 

2,917,259

Transportation Infrastructure - 0.1%

LLX Logistica SA

25,000

52,301

TOTAL INDUSTRIALS

15,800,551

INFORMATION TECHNOLOGY - 15.1%

Communications Equipment - 9.2%

Juniper Networks, Inc. (a)

10

257

QUALCOMM, Inc.

97,614

5,139,377

Research In Motion Ltd. (a)

38,500

4,681,600

 

9,821,234

Computers & Peripherals - 0.0%

Apple, Inc. (a)

100

16,953

IT Services - 5.0%

Fiserv, Inc. (a)

61,300

3,179,018

Visa, Inc.

28,200

2,140,380

 

5,319,398

Semiconductors & Semiconductor Equipment - 0.9%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

99,149

962,737

TOTAL INFORMATION TECHNOLOGY

16,120,322

MATERIALS - 7.5%

Metals & Mining - 7.5%

Agnico-Eagle Mines Ltd.

43,900

2,519,615

Freeport-McMoRan Copper & Gold, Inc. Class B

50,600

4,519,592

Newcrest Mining Ltd.

41,503

976,328

 

8,015,535

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 2.8%

Wireless Telecommunication Services - 2.8%

American Tower Corp. Class A (a)

71,400

$ 2,950,962

UTILITIES - 2.8%

Electric Utilities - 2.8%

Entergy Corp.

19,000

1,964,410

Exelon Corp.

12,600

957,096

 

2,921,506

TOTAL COMMON STOCKS

(Cost $102,353,132)

105,918,832

Money Market Funds - 0.3%

 

 

 

 

Fidelity Cash Central Fund, 2.31% (b)
(Cost $294,379)

294,379

294,379

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $102,647,511)

106,213,211

NET OTHER ASSETS - 0.2%

256,955

NET ASSETS - 100%

$ 106,470,166

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 70,096

Fidelity Securities Lending Cash Central Fund

32,748

Total

$ 102,844

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 106,213,211

$ 106,213,211

$ -

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $102,916,450. Net unrealized appreciation aggregated $3,296,761, of which $10,101,316 related to appreciated investment securities and $6,804,555 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report
for
Fidelity
® Advisor Growth &
Income Fund
Class A
Class T
Class B
Class C
Institutional Class

August 31, 2008

1.805763.104
AGAI-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.7%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 7.7%

Automobiles - 0.3%

General Motors Corp. (d)

206,600

$ 2,066

Toyota Motor Corp. sponsored ADR

40,900

3,664

 

5,730

Hotels, Restaurants & Leisure - 0.7%

Buffalo Wild Wings, Inc. (a)

72,773

2,626

Burger King Holdings, Inc.

103,500

2,569

Darden Restaurants, Inc.

155,500

4,555

Jamba, Inc. (a)(d)

158,650

213

Starbucks Corp. (a)

137,350

2,137

 

12,100

Household Durables - 1.6%

D.R. Horton, Inc.

578,400

7,207

Ethan Allen Interiors, Inc.

46,470

1,261

Toll Brothers, Inc. (a)

317,200

7,892

Whirlpool Corp.

132,500

10,780

 

27,140

Internet & Catalog Retail - 0.2%

Amazon.com, Inc. (a)

40,400

3,265

Leisure Equipment & Products - 0.2%

Eastman Kodak Co.

228,000

3,691

Media - 1.8%

Scripps Networks Interactive, Inc. Class A

194,400

8,075

The Walt Disney Co.

126,500

4,092

Time Warner, Inc.

1,076,100

17,616

 

29,783

Multiline Retail - 0.2%

Kohl's Corp. (a)

68,700

3,378

Target Corp.

13,900

737

 

4,115

Specialty Retail - 2.4%

Best Buy Co., Inc.

84,619

3,788

Dick's Sporting Goods, Inc. (a)

88,400

2,023

Lowe's Companies, Inc.

711,800

17,539

PetSmart, Inc.

174,722

4,712

Staples, Inc.

361,198

8,741

Tiffany & Co., Inc. (d)

51,200

2,262

Williams-Sonoma, Inc.

126,100

2,231

 

41,296

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Textiles, Apparel & Luxury Goods - 0.3%

Polo Ralph Lauren Corp. Class A

54,755

$ 4,155

TOTAL CONSUMER DISCRETIONARY

131,275

CONSUMER STAPLES - 9.3%

Beverages - 1.4%

Molson Coors Brewing Co. Class B

64,000

3,050

PepsiCo, Inc.

122,600

8,396

The Coca-Cola Co.

234,300

12,200

 

23,646

Food & Staples Retailing - 3.8%

China Nepstar Chain Drugstore Ltd. ADR

139,400

669

CVS Caremark Corp.

427,100

15,632

Sysco Corp.

270,500

8,610

Wal-Mart Stores, Inc.

583,100

34,444

Walgreen Co.

172,800

6,295

 

65,650

Food Products - 1.9%

Kraft Foods, Inc. Class A (d)

216,200

6,812

McCormick & Co., Inc. (non-vtg.)

90,500

3,661

Nestle SA sponsored ADR

508,050

22,461

 

32,934

Household Products - 1.1%

Colgate-Palmolive Co.

114,300

8,690

Procter & Gamble Co.

143,500

10,012

 

18,702

Tobacco - 1.1%

Philip Morris International, Inc.

346,680

18,617

TOTAL CONSUMER STAPLES

159,549

ENERGY - 12.7%

Energy Equipment & Services - 6.9%

BJ Services Co.

88,800

2,384

Cameron International Corp. (a)

734,945

34,241

Diamond Offshore Drilling, Inc.

45,577

5,009

Halliburton Co.

358,500

15,752

Helmerich & Payne, Inc.

98,400

5,621

Nabors Industries Ltd. (a)

152,100

5,415

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Energy Equipment & Services - continued

Schlumberger Ltd. (NY Shares)

316,400

$ 29,811

Smith International, Inc.

267,000

18,610

 

116,843

Oil, Gas & Consumable Fuels - 5.8%

Chesapeake Energy Corp.

309,600

14,985

EOG Resources, Inc.

64,100

6,693

Exxon Mobil Corp.

450,100

36,013

Hess Corp.

116,700

12,220

Peabody Energy Corp.

69,400

4,369

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

87,000

3,738

Petroplus Holdings AG

41,139

1,890

Plains Exploration & Production Co. (a)

108,290

5,837

Range Resources Corp.

49,200

2,284

Ultra Petroleum Corp. (a)

59,000

4,021

Valero Energy Corp.

116,900

4,063

Williams Companies, Inc.

112,100

3,463

 

99,576

TOTAL ENERGY

216,419

FINANCIALS - 12.4%

Capital Markets - 5.5%

Ameriprise Financial, Inc.

145,359

6,534

Bank of New York Mellon Corp.

344,700

11,930

Charles Schwab Corp.

552,600

13,257

Franklin Resources, Inc.

57,450

6,004

Goldman Sachs Group, Inc.

27,500

4,509

Janus Capital Group, Inc.

293,783

7,923

Lehman Brothers Holdings, Inc.

112,997

1,818

Merrill Lynch & Co., Inc.

8,600

244

Morgan Stanley

120,700

4,928

SEI Investments Co.

89,400

2,112

State Street Corp.

384,683

26,031

T. Rowe Price Group, Inc.

152,690

9,064

 

94,354

Commercial Banks - 0.8%

PNC Financial Services Group, Inc.

66,200

4,763

Synovus Financial Corp.

292,900

2,695

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - continued

U.S. Bancorp, Delaware

33,600

$ 1,070

Wells Fargo & Co.

162,100

4,907

 

13,435

Consumer Finance - 0.6%

American Express Co.

45,000

1,786

Capital One Financial Corp.

38,700

1,708

Discover Financial Services

73,600

1,211

SLM Corp. (a)

355,900

5,876

 

10,581

Diversified Financial Services - 1.8%

Bank of America Corp.

893,635

27,828

CIT Group, Inc.

80,400

829

Citigroup, Inc.

83,300

1,582

 

30,239

Insurance - 3.4%

ACE Ltd.

237,100

12,474

American International Group, Inc.

934,871

20,090

Berkshire Hathaway, Inc. Class A (a)

77

8,978

Everest Re Group Ltd.

54,900

4,509

Fidelity National Financial, Inc. Class A

400

6

Hartford Financial Services Group, Inc.

60,800

3,835

MBIA, Inc.

123,800

2,008

Prudential Financial, Inc.

74,000

5,455

 

57,355

Real Estate Investment Trusts - 0.1%

Annaly Capital Management, Inc.

149,904

2,243

Real Estate Management & Development - 0.0%

Xinyuan Real Estate Co. Ltd. ADR

35,400

244

Thrifts & Mortgage Finance - 0.2%

Fannie Mae

183,500

1,255

Washington Mutual, Inc.

701,700

2,842

 

4,097

TOTAL FINANCIALS

212,548

HEALTH CARE - 13.1%

Biotechnology - 2.9%

Amgen, Inc. (a)

212,163

13,334

Biogen Idec, Inc. (a)

116,800

5,949

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Biotechnology - continued

Celgene Corp. (a)

78,326

$ 5,428

Cephalon, Inc. (a)

91,900

7,041

Genentech, Inc. (a)

50,150

4,952

Gilead Sciences, Inc. (a)

76,232

4,016

Myriad Genetics, Inc. (a)

39,600

2,701

PDL BioPharma, Inc.

344,875

4,163

Vertex Pharmaceuticals, Inc. (a)

89,200

2,396

 

49,980

Health Care Equipment & Supplies - 3.8%

Alcon, Inc.

21,700

3,695

American Medical Systems Holdings, Inc. (a)

250,354

4,456

Baxter International, Inc.

223,200

15,124

Becton, Dickinson & Co.

23,675

2,069

C.R. Bard, Inc.

40,200

3,757

China Medical Technologies, Inc. sponsored ADR

21,600

992

Covidien Ltd.

274,755

14,856

Medtronic, Inc.

284,100

15,512

Mindray Medical International Ltd. sponsored ADR

53,400

2,077

St. Jude Medical, Inc. (a)

69,600

3,190

 

65,728

Health Care Providers & Services - 2.4%

Brookdale Senior Living, Inc.

76,891

1,695

Henry Schein, Inc. (a)

267,695

15,655

Medco Health Solutions, Inc. (a)

207,300

9,712

Tenet Healthcare Corp. (a)

483,739

2,917

UnitedHealth Group, Inc.

219,800

6,693

Universal Health Services, Inc. Class B

55,900

3,454

 

40,126

Pharmaceuticals - 4.0%

Abbott Laboratories

173,100

9,941

Allergan, Inc.

99,600

5,565

Barr Pharmaceuticals, Inc. (a)

27,600

1,864

Bristol-Myers Squibb Co.

334,355

7,135

Johnson & Johnson

185,500

13,065

Merck & Co., Inc.

320,306

11,425

Schering-Plough Corp.

156,551

3,037

Shire PLC sponsored ADR

53,800

2,856

Common Stocks - continued

Shares

Value (000s)

HEALTH CARE - continued

Pharmaceuticals - continued

Teva Pharmaceutical Industries Ltd. sponsored ADR

53,200

$ 2,518

Wyeth

246,420

10,665

 

68,071

TOTAL HEALTH CARE

223,905

INDUSTRIALS - 12.4%

Aerospace & Defense - 4.0%

General Dynamics Corp.

58,500

5,400

Honeywell International, Inc.

245,100

12,297

Lockheed Martin Corp.

116,600

13,577

Precision Castparts Corp.

67,600

6,980

United Technologies Corp.

461,600

30,276

 

68,530

Air Freight & Logistics - 0.6%

C.H. Robinson Worldwide, Inc.

99,400

5,180

FedEx Corp.

61,500

5,093

 

10,273

Airlines - 0.2%

Delta Air Lines, Inc. (a)

108,600

883

UAL Corp.

240,400

2,671

 

3,554

Commercial Services & Supplies - 0.2%

Manpower, Inc.

57,250

2,751

Electrical Equipment - 1.8%

Alstom SA

38,000

3,882

Evergreen Solar, Inc. (a)

485,900

4,582

Gamesa Corporacion Tecnologica, SA

100,500

4,772

Q-Cells AG (a)

49,630

5,000

Sunpower Corp. Class A (a)

15,100

1,473

Suntech Power Holdings Co. Ltd. sponsored ADR (a)

116,400

5,565

Vestas Wind Systems AS (a)

43,200

5,880

 

31,154

Industrial Conglomerates - 1.7%

General Electric Co.

443,955

12,475

McDermott International, Inc. (a)

297,600

10,336

Siemens AG sponsored ADR

61,960

6,741

 

29,552

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 2.1%

Caterpillar, Inc.

144,900

$ 10,249

Danaher Corp.

154,200

12,578

Eaton Corp.

142,000

10,392

Ingersoll-Rand Co. Ltd. Class A

88,100

3,254

 

36,473

Road & Rail - 1.8%

Landstar System, Inc.

120,055

5,885

Norfolk Southern Corp.

84,200

6,191

Union Pacific Corp.

187,400

15,723

YRC Worldwide, Inc. (a)

142,100

2,572

 

30,371

TOTAL INDUSTRIALS

212,658

INFORMATION TECHNOLOGY - 19.2%

Communications Equipment - 5.2%

Cisco Systems, Inc. (a)

1,595,100

38,362

Comverse Technology, Inc. (a)

262,535

3,626

Corning, Inc.

557,500

11,451

Harris Corp.

118,700

6,215

Infinera Corp. (a)

36,700

404

Juniper Networks, Inc. (a)

215,700

5,543

Nokia Corp. sponsored ADR

68,900

1,734

QUALCOMM, Inc.

319,020

16,796

Research In Motion Ltd. (a)

36,700

4,463

 

88,594

Computers & Peripherals - 3.3%

Apple, Inc. (a)

178,627

30,283

EMC Corp. (a)

186,200

2,845

Hewlett-Packard Co.

437,408

20,523

SanDisk Corp. (a)

157,773

2,281

 

55,932

Internet Software & Services - 1.7%

DealerTrack Holdings, Inc. (a)

41,400

763

eBay, Inc. (a)

264,450

6,593

Google, Inc. Class A (sub. vtg.) (a)

39,465

18,284

Move, Inc. (a)

676,673

1,827

Yahoo!, Inc. (a)

124,300

2,409

 

29,876

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

IT Services - 1.4%

Paychex, Inc.

146,000

$ 4,976

Satyam Computer Services Ltd. sponsored ADR

241,000

5,365

The Western Union Co.

290,200

8,015

Visa, Inc.

84,300

6,398

 

24,754

Office Electronics - 0.1%

Canon, Inc.

21,200

951

Semiconductors & Semiconductor Equipment - 2.6%

Advanced Micro Devices, Inc. (a)(d)

238,300

1,499

Applied Materials, Inc.

1,330,782

23,848

ARM Holdings PLC sponsored ADR

271,000

1,659

Broadcom Corp. Class A (a)

70,500

1,696

FormFactor, Inc. (a)

71,100

1,364

Intel Corp.

72,900

1,667

Intersil Corp. Class A

33,000

773

KLA-Tencor Corp.

103,600

3,839

Lam Research Corp. (a)

206,800

7,602

Samsung Electronics Co. Ltd.

1,070

502

 

44,449

Software - 4.9%

Adobe Systems, Inc. (a)

247,300

10,592

CommVault Systems, Inc. (a)

77,400

1,305

Electronic Arts, Inc. (a)

61,200

2,987

Microsoft Corp.

1,692,900

46,198

Oracle Corp. (a)

825,100

18,094

Quest Software, Inc. (a)

300,910

4,450

 

83,626

TOTAL INFORMATION TECHNOLOGY

328,182

MATERIALS - 2.6%

Chemicals - 2.0%

Albemarle Corp.

104,100

4,137

Monsanto Co.

128,680

14,702

Praxair, Inc.

131,900

11,850

W.R. Grace & Co. (a)

115,200

3,029

 

33,718

Metals & Mining - 0.6%

Alcoa, Inc.

166,400

5,346

Common Stocks - continued

Shares

Value (000s)

MATERIALS - continued

Metals & Mining - continued

Barrick Gold Corp.

146,500

$ 5,097

Timminco Ltd. (a)

52,900

742

 

11,185

TOTAL MATERIALS

44,903

TELECOMMUNICATION SERVICES - 3.0%

Diversified Telecommunication Services - 2.1%

AT&T, Inc.

915,600

29,290

Level 3 Communications, Inc. (a)

1,295,610

4,444

Verizon Communications, Inc.

69,000

2,423

 

36,157

Wireless Telecommunication Services - 0.9%

America Movil SAB de CV Series L sponsored ADR

63,700

3,273

American Tower Corp. Class A (a)

249,330

10,305

Sprint Nextel Corp.

237,500

2,071

 

15,649

TOTAL TELECOMMUNICATION SERVICES

51,806

UTILITIES - 1.3%

Electric Utilities - 1.2%

Exelon Corp.

266,100

20,213

Independent Power Producers & Energy Traders - 0.1%

Constellation Energy Group, Inc.

23,800

1,588

TOTAL UTILITIES

21,801

TOTAL COMMON STOCKS

(Cost $1,496,468)

1,603,046

Convertible Preferred Stocks - 0.5%

 

 

 

 

FINANCIALS - 0.5%

Capital Markets - 0.0%

Lehman Brothers Holdings, Inc. Series Q, 8.75%

900

562

Commercial Banks - 0.3%

East West Bancorp, Inc. Series A, 8.00%

1,200

988

Wachovia Corp. 7.50%

3,700

3,038

 

4,026

Convertible Preferred Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - 0.1%

CIT Group, Inc. Series C, 8.75%

14,900

$ 790

Insurance - 0.1%

American International Group, Inc. Series A, 8.50%

44,100

2,193

Thrifts & Mortgage Finance - 0.0%

Fannie Mae 8.75%

34,300

570

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $11,733)

8,141

U.S. Treasury Obligations - 0.2%

 

Principal Amount (000s)

 

U.S. Treasury Bills, yield at date of purchase 1.61% 10/9/08
(Cost $3,694)

$ 3,700

3,694

Money Market Funds - 5.5%

Shares

 

Fidelity Cash Central Fund, 2.31% (b)

88,982,240

88,982

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

5,177,850

5,178

TOTAL MONEY MARKET FUNDS

(Cost $94,160)

94,160

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $1,606,055)

1,709,041

NET OTHER ASSETS - 0.1%

1,177

NET ASSETS - 100%

$ 1,710,218

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 2,002

Fidelity Securities Lending Cash Central Fund

140

Total

$ 2,142

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,709,041

$ 1,695,753

$ 13,288

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,620,655,000. Net unrealized appreciation aggregated $88,386,000, of which $205,404,000 related to appreciated investment securities and $117,018,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805740.104
GO-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 0.6%

Internet & Catalog Retail - 0.0%

B2W Companhia Global Do Varejo

17,100

$ 604

Specialty Retail - 0.2%

Gamestop Corp. Class A (a)

85,200

3,738

Textiles, Apparel & Luxury Goods - 0.4%

Lululemon Athletica, Inc. (a)(d)

450,600

8,728

TOTAL CONSUMER DISCRETIONARY

13,070

ENERGY - 33.0%

Energy Equipment & Services - 11.0%

Diamond Offshore Drilling, Inc.

38,300

4,210

Dresser-Rand Group, Inc. (a)

82,000

3,326

FMC Technologies, Inc. (a)

204,670

10,962

Halliburton Co.

962,904

42,310

Helmerich & Payne, Inc.

102,400

5,849

Nabors Industries Ltd. (a)

163,800

5,831

National Oilwell Varco, Inc. (a)

1,033,288

76,184

Patterson-UTI Energy, Inc.

164,700

4,681

Schlumberger Ltd. (NY Shares)

216,000

20,352

Smith International, Inc.

28,700

2,000

Transocean, Inc. (a)

171,150

21,770

Weatherford International Ltd. (a)

1,127,101

43,484

 

240,959

Oil, Gas & Consumable Fuels - 22.0%

Anadarko Petroleum Corp.

82,000

5,062

Cabot Oil & Gas Corp.

133,200

5,919

Chesapeake Energy Corp.

2,401,482

116,232

CONSOL Energy, Inc.

192,700

13,048

Denbury Resources, Inc. (a)

81,900

2,038

Goodrich Petroleum Corp. (a)(d)

471,400

23,971

Hess Corp.

145,600

15,246

OGX Petroleo e Gas Participacoes SA

2,000

693

Peabody Energy Corp.

756,799

47,640

Petrohawk Energy Corp. (a)

632,300

21,884

Petroplus Holdings AG

88,616

4,072

Plains Exploration & Production Co. (a)

82,800

4,463

Range Resources Corp.

347,921

16,150

Southwestern Energy Co. (a)

1,374,844

52,753

Sunoco, Inc.

42,200

1,873

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Ultra Petroleum Corp. (a)

1,007,800

$ 68,682

Valero Energy Corp.

2,409,339

83,749

 

483,475

TOTAL ENERGY

724,434

FINANCIALS - 6.2%

Capital Markets - 2.0%

Ashmore Group PLC

5,912,800

27,612

EFG International

61,050

1,857

Greenhill & Co., Inc. (d)

109,088

7,211

Lazard Ltd. Class A

194,000

8,224

 

44,904

Diversified Financial Services - 4.1%

Apollo Global Management LLC (e)

283,600

3,970

BM&F BOVESPA SA

6,344,558

48,577

JSE Ltd.

613,955

4,187

Oaktree Capital Group LLC (e)

1,150,000

32,488

 

89,222

Real Estate Management & Development - 0.1%

Indiabulls Real Estate Ltd.

245,281

1,614

TOTAL FINANCIALS

135,740

HEALTH CARE - 0.7%

Biotechnology - 0.6%

Celgene Corp. (a)

54,135

3,752

CSL Ltd.

46,871

1,652

Gilead Sciences, Inc. (a)

66,148

3,485

NeurogesX, Inc. (a)

578,500

1,707

Vertex Pharmaceuticals, Inc. (a)

97,200

2,611

 

13,207

Life Sciences Tools & Services - 0.1%

Exelixis, Inc. (a)

423,700

2,411

TOTAL HEALTH CARE

15,618

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 6.6%

Construction & Engineering - 2.9%

Fluor Corp.

748,400

$ 59,969

Quanta Services, Inc. (a)

81,559

2,605

 

62,574

Electrical Equipment - 3.5%

First Solar, Inc. (a)(d)

155,600

43,047

Nexans SA

12,600

1,594

Prysmian SpA

46,100

1,134

Sunpower Corp. Class A (a)(d)

298,400

29,109

Suzlon Energy Ltd.

418,595

2,081

 

76,965

Machinery - 0.2%

Sulzer AG (Reg.)

40,940

5,056

TOTAL INDUSTRIALS

144,595

INFORMATION TECHNOLOGY - 37.3%

Communications Equipment - 8.7%

QUALCOMM, Inc.

521,100

27,436

Research In Motion Ltd. (a)

1,354,890

164,755

 

192,191

Computers & Peripherals - 4.5%

Apple, Inc. (a)

578,058

97,998

Internet Software & Services - 11.5%

Baidu.com, Inc. sponsored ADR (a)

53,300

16,721

Google, Inc. Class A (sub. vtg.) (a)

508,866

235,746

NHN Corp. (a)

2,532

345

 

252,812

IT Services - 6.1%

Cognizant Technology Solutions Corp. Class A (a)

3,080,716

90,327

Satyam Computer Services Ltd. sponsored ADR (d)

686,264

15,276

Visa, Inc.

363,000

27,552

 

133,155

Semiconductors & Semiconductor Equipment - 0.1%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

205,832

1,999

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Software - 6.4%

Nintendo Co. Ltd.

273,000

$ 133,442

Salesforce.com, Inc. (a)

147,600

8,269

 

141,711

TOTAL INFORMATION TECHNOLOGY

819,866

MATERIALS - 15.1%

Chemicals - 6.5%

CF Industries Holdings, Inc.

41,100

6,264

Monsanto Co.

913,800

104,402

The Mosaic Co.

286,500

30,581

 

141,247

Metals & Mining - 8.6%

ArcelorMittal SA (NY Shares) Class A (d)

416,400

32,737

Barrick Gold Corp.

41,000

1,427

Freeport-McMoRan Copper & Gold, Inc. Class B

1,183,509

105,711

Nucor Corp.

470,200

24,686

Steel Dynamics, Inc.

82,000

2,036

Timminco Ltd. (a)

163,900

2,300

United States Steel Corp.

139,250

18,530

Vedanta Resources PLC

61,300

2,034

 

189,461

TOTAL MATERIALS

330,708

TELECOMMUNICATION SERVICES - 0.6%

Wireless Telecommunication Services - 0.6%

Bharti Airtel Ltd. (a)

653,976

12,485

TOTAL COMMON STOCKS

(Cost $2,107,626)

2,196,516

Money Market Funds - 3.9%

Shares

Value (000s)

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)
(Cost $86,131)

86,130,525

$ 86,131

TOTAL INVESTMENT PORTFOLIO - 104.0%

(Cost $2,193,757)

2,282,647

NET OTHER ASSETS - (4.0)%

(88,214)

NET ASSETS - 100%

$ 2,194,433

Legend

(a) Non-income producing

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

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

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,458,000 or 1.7% of net assets.

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 345

Fidelity Securities Lending Cash Central Fund

2,499

Total

$ 2,844

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 2,282,647

$ 2,148,860

$ 133,787

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $2,195,649,000. Net unrealized appreciation aggregated $86,998,000, of which $345,123,000 related to appreciated investment securities and $258,125,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805746.104
LC-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%

Shares

Value

CONSUMER DISCRETIONARY - 9.4%

Auto Components - 0.5%

Gentex Corp.

98,900

$ 1,575,477

Johnson Controls, Inc.

136,600

4,223,672

 

5,799,149

Distributors - 0.9%

Li & Fung Ltd.

3,620,000

11,155,088

Household Durables - 2.8%

Centex Corp. (f)

889,100

14,421,202

KB Home

588,062

12,231,690

Pulte Homes, Inc.

617,500

8,959,925

 

35,612,817

Media - 1.4%

Scripps Networks Interactive, Inc. Class A

78,000

3,240,120

Time Warner, Inc.

621,000

10,165,770

Viacom, Inc. Class B (non-vtg.) (a)

135,800

4,003,384

 

17,409,274

Specialty Retail - 3.5%

Dick's Sporting Goods, Inc. (a)

191,000

4,371,990

Home Depot, Inc.

147,200

3,992,064

Lowe's Companies, Inc.

333,500

8,217,440

Staples, Inc. (f)

1,128,575

27,311,515

 

43,893,009

Textiles, Apparel & Luxury Goods - 0.3%

Hanesbrands, Inc. (a)

140,500

3,349,520

Ports Design Ltd.

98,000

245,860

 

3,595,380

TOTAL CONSUMER DISCRETIONARY

117,464,717

CONSUMER STAPLES - 5.3%

Beverages - 1.2%

Diageo PLC sponsored ADR

32,600

2,425,440

InBev SA

50,900

3,539,998

PepsiCo, Inc.

134,500

9,210,560

 

15,175,998

Food & Staples Retailing - 1.4%

CVS Caremark Corp.

328,900

12,037,740

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - continued

Sysco Corp.

103,500

$ 3,294,405

Walgreen Co.

65,300

2,378,879

 

17,711,024

Food Products - 2.2%

Cosan Ltd. Class A

166,900

1,999,462

Groupe Danone

156,800

10,946,545

Nestle SA (Reg.)

310,562

13,706,242

 

26,652,249

Household Products - 0.5%

Energizer Holdings, Inc. (a)

67,700

5,750,438

TOTAL CONSUMER STAPLES

65,289,709

ENERGY - 10.5%

Energy Equipment & Services - 3.0%

BJ Services Co.

185,936

4,992,382

Diamond Offshore Drilling, Inc.

28,300

3,110,453

Halliburton Co.

71,300

3,132,922

Nabors Industries Ltd. (a)

92,365

3,288,194

National Oilwell Varco, Inc. (a)

96,200

7,092,826

Schlumberger Ltd. (NY Shares)

122,100

11,504,262

Transocean, Inc. (a)

28,602

3,638,174

 

36,759,213

Oil, Gas & Consumable Fuels - 7.5%

Chesapeake Energy Corp.

60,800

2,942,720

ConocoPhillips

231,200

19,076,312

Denbury Resources, Inc. (a)

202,400

5,037,736

Exxon Mobil Corp.

398,526

31,886,065

Hess Corp.

76,400

7,999,844

Occidental Petroleum Corp.

87,400

6,936,064

Plains Exploration & Production Co. (a)

99,000

5,336,100

Range Resources Corp.

165,800

7,696,436

Ultra Petroleum Corp. (a)

98,200

6,692,330

 

93,603,607

TOTAL ENERGY

130,362,820

FINANCIALS - 16.3%

Capital Markets - 4.2%

Bank of New York Mellon Corp.

133,965

4,636,529

Common Stocks - continued

Shares

Value

FINANCIALS - continued

Capital Markets - continued

Greenhill & Co., Inc. (f)

35,900

$ 2,372,990

Julius Baer Holding AG

74,941

4,580,030

KKR Private Equity Investors, LP

291,600

3,569,388

Merrill Lynch & Co., Inc.

88,900

2,520,315

Morgan Stanley

416,774

17,016,882

State Street Corp.

239,063

16,177,393

T. Rowe Price Group, Inc.

32,705

1,941,369

 

52,814,896

Commercial Banks - 3.4%

Comerica, Inc.

36,800

1,033,712

Standard Chartered PLC (United Kingdom)

157,931

4,291,299

SunTrust Banks, Inc. (f)

109,100

4,570,199

Wachovia Corp. (f)

1,428,861

22,704,601

Wells Fargo & Co.

332,400

10,061,748

 

42,661,559

Consumer Finance - 0.7%

Capital One Financial Corp. (f)

191,100

8,435,154

Diversified Financial Services - 6.0%

Bank of America Corp.

1,290,300

40,179,942

BM&F BOVESPA SA

329,500

2,522,798

CIT Group, Inc.

377,600

3,893,056

Citigroup, Inc.

165,753

3,147,649

CME Group, Inc.

26,600

8,921,108

Deutsche Boerse AG

27,800

2,643,438

JPMorgan Chase & Co.

343,421

13,218,274

 

74,526,265

Insurance - 1.1%

AMBAC Financial Group, Inc.

459,600

3,290,736

American International Group, Inc.

477,890

10,269,856

 

13,560,592

Real Estate Management & Development - 0.7%

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

442,500

5,783,475

Jones Lang LaSalle, Inc.

52,900

2,634,420

 

8,417,895

Thrifts & Mortgage Finance - 0.2%

Radian Group, Inc. (f)

482,900

1,849,507

TOTAL FINANCIALS

202,265,868

Common Stocks - continued

Shares

Value

HEALTH CARE - 14.3%

Biotechnology - 2.9%

Alnylam Pharmaceuticals, Inc. (a)

182,600

$ 5,414,090

Cephalon, Inc. (a)

130,675

10,012,319

Cougar Biotechnology, Inc. (a)

21,900

754,236

CSL Ltd.

251,890

8,877,480

Myriad Genetics, Inc. (a)

61,114

4,167,975

Vertex Pharmaceuticals, Inc. (a)

257,129

6,906,485

 

36,132,585

Health Care Equipment & Supplies - 4.3%

Alcon, Inc.

17,500

2,980,075

C.R. Bard, Inc.

31,900

2,981,055

Gen-Probe, Inc. (a)

41,878

2,502,211

Heartware Ltd. (a)

1,486,002

765,484

Inverness Medical Innovations, Inc. (a)

1,241,825

44,109,606

 

53,338,431

Health Care Providers & Services - 2.5%

athenahealth, Inc.

63,283

2,040,877

Express Scripts, Inc. (a)

128,400

9,425,844

Humana, Inc. (a)

94,000

4,361,600

UnitedHealth Group, Inc.

171,300

5,216,085

WellPoint, Inc. (a)

189,000

9,977,310

 

31,021,716

Life Sciences Tools & Services - 1.2%

Lonza Group AG

8,152

1,153,361

QIAGEN NV (a)

508,000

10,759,440

Waters Corp. (a)

43,158

2,945,534

 

14,858,335

Pharmaceuticals - 3.4%

Allergan, Inc.

237,573

13,273,204

Elan Corp. PLC sponsored ADR (a)

188,800

2,528,032

Merck & Co., Inc.

463,772

16,542,747

Schering-Plough Corp.

319,700

6,202,180

Wyeth

88,100

3,812,968

 

42,359,131

TOTAL HEALTH CARE

177,710,198

Common Stocks - continued

Shares

Value

INDUSTRIALS - 16.0%

Aerospace & Defense - 3.3%

Honeywell International, Inc.

721,300

$ 36,187,621

Raytheon Co.

84,800

5,087,152

 

41,274,773

Air Freight & Logistics - 1.0%

C.H. Robinson Worldwide, Inc.

26,100

1,360,071

United Parcel Service, Inc. Class B

160,500

10,291,260

 

11,651,331

Building Products - 0.1%

PGT, Inc. (a)

98,434

502,013

Commercial Services & Supplies - 0.5%

Allied Waste Industries, Inc. (a)

140,700

1,891,008

CoStar Group, Inc. (a)

66,112

3,491,375

Interface, Inc. Class A

80,900

1,065,453

 

6,447,836

Electrical Equipment - 5.3%

Alstom SA

68,200

6,967,203

Cooper Industries Ltd. Class A

77,100

3,673,044

Emerson Electric Co.

16,100

753,480

Evergreen Solar, Inc. (a)(f)

787,535

7,426,455

Q-Cells AG (a)(f)

113,800

11,463,695

Renewable Energy Corp. AS (a)

164,200

5,101,730

Saft Groupe SA

62,200

2,714,518

SolarWorld AG

176,400

9,219,974

Sunpower Corp. Class A (a)

64,500

6,291,975

Suntech Power Holdings Co. Ltd. sponsored ADR (a)(f)

266,743

12,752,983

 

66,365,057

Industrial Conglomerates - 2.9%

General Electric Co.

818,500

22,999,850

Siemens AG sponsored ADR

122,700

13,349,760

 

36,349,610

Machinery - 2.4%

Cummins, Inc.

75,200

4,900,032

Danaher Corp.

91,900

7,496,283

Eaton Corp.

56,100

4,105,398

Illinois Tool Works, Inc.

134,000

6,647,740

PACCAR, Inc.

38,900

1,675,034

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Machinery - continued

SPX Corp.

26,300

$ 3,136,275

Vallourec SA

6,300

1,763,702

 

29,724,464

Road & Rail - 0.2%

Landstar System, Inc.

58,000

2,843,160

Trading Companies & Distributors - 0.3%

Watsco, Inc. (f)

62,200

3,184,018

TOTAL INDUSTRIALS

198,342,262

INFORMATION TECHNOLOGY - 20.2%

Communications Equipment - 6.1%

Cisco Systems, Inc. (a)

1,453,800

34,963,890

Corning, Inc.

575,850

11,827,959

Juniper Networks, Inc. (a)

369,008

9,483,506

Nokia Corp. sponsored ADR

72,800

1,832,376

QUALCOMM, Inc.

347,500

18,295,875

 

76,403,606

Computers & Peripherals - 2.9%

Apple, Inc. (a)

101,500

17,207,295

Hewlett-Packard Co.

300,500

14,099,460

NCR Corp. (a)

197,400

5,223,204

 

36,529,959

Electronic Equipment & Instruments - 1.0%

Arrow Electronics, Inc. (a)

107,200

3,557,968

Avnet, Inc. (a)

63,100

1,851,985

Everlight Electronics Co. Ltd.

379,159

907,194

Hon Hai Precision Industry Co. Ltd. (Foxconn)

1,255,000

6,363,492

 

12,680,639

Internet Software & Services - 1.6%

Google, Inc. Class A (sub. vtg.) (a)

41,750

19,342,358

IT Services - 2.3%

Cognizant Technology Solutions Corp. Class A (a)

486,000

14,249,520

Satyam Computer Services Ltd. sponsored ADR

231,300

5,148,738

The Western Union Co.

282,700

7,808,174

Visa, Inc.

26,500

2,011,350

 

29,217,782

Semiconductors & Semiconductor Equipment - 4.2%

ARM Holdings PLC sponsored ADR

824,800

5,047,776

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Semiconductors & Semiconductor Equipment - continued

ASML Holding NV (NY Shares)

276,100

$ 6,529,765

Intel Corp.

609,394

13,936,841

KLA-Tencor Corp.

74,500

2,760,970

Lam Research Corp. (a)

200,800

7,381,408

National Semiconductor Corp.

249,600

5,348,928

Taiwan Semiconductor Manufacturing Co. Ltd.

2,152,821

4,018,417

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

440,285

4,275,167

Varian Semiconductor Equipment Associates, Inc. (a)

81,400

2,629,220

 

51,928,492

Software - 2.1%

Adobe Systems, Inc. (a)

160,700

6,882,781

Autonomy Corp. PLC (a)

325,397

6,819,540

Microsoft Corp.

340,700

9,297,703

Salesforce.com, Inc. (a)

48,280

2,704,646

 

25,704,670

TOTAL INFORMATION TECHNOLOGY

251,807,506

MATERIALS - 2.8%

Chemicals - 1.3%

Albemarle Corp.

223,074

8,864,961

Calgon Carbon Corp. (a)

93,723

1,999,112

Monsanto Co.

13,500

1,542,375

W.R. Grace & Co. (a)

161,500

4,245,835

 

16,652,283

Construction Materials - 0.2%

Eagle Materials, Inc.

78,700

2,402,711

Containers & Packaging - 0.3%

Pactiv Corp. (a)

135,600

3,643,572

Metals & Mining - 1.0%

Alcoa, Inc.

57,900

1,860,327

Freeport-McMoRan Copper & Gold, Inc. Class B

37,500

3,349,500

Timminco Ltd. (a)(f)

514,783

7,222,813

 

12,432,640

TOTAL MATERIALS

35,131,206

Common Stocks - continued

Shares

Value

TELECOMMUNICATION SERVICES - 2.5%

Diversified Telecommunication Services - 2.2%

AT&T, Inc.

282,800

$ 9,046,772

Verizon Communications, Inc.

537,470

18,875,946

 

27,922,718

Wireless Telecommunication Services - 0.3%

American Tower Corp. Class A (a)

90,500

3,740,365

TOTAL TELECOMMUNICATION SERVICES

31,663,083

UTILITIES - 1.9%

Electric Utilities - 1.3%

Entergy Corp.

64,500

6,668,655

Exelon Corp.

104,400

7,930,224

FPL Group, Inc.

30,600

1,837,836

 

16,436,715

Independent Power Producers & Energy Traders - 0.6%

Calpine Corp. (a)

18,253

328,554

Clipper Windpower PLC (a)

77,772

732,044

Constellation Energy Group, Inc.

88,000

5,870,480

 

6,931,078

TOTAL UTILITIES

23,367,793

TOTAL COMMON STOCKS

(Cost $1,226,506,942)

1,233,405,162

Convertible Preferred Stocks - 0.0%

 

 

 

 

FINANCIALS - 0.0%

Diversified Financial Services - 0.0%

CIT Group, Inc. Series C, 8.75%

10,600

561,800

Convertible Bonds - 0.0%

 

Principal Amount

Value

UTILITIES - 0.0%

Independent Power Producers & Energy Traders - 0.0%

Calpine Corp.:

6% 9/30/14 (d)(e)

$ 1,480,000

$ 185,000

7.75% 6/1/15 (d)

3,200,000

161,180

 

346,180

TOTAL CONVERTIBLE BONDS

(Cost $1,033,348)

346,180

Money Market Funds - 5.6%

Shares

 

Fidelity Cash Central Fund, 2.31% (b)

9,867,268

9,867,268

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

59,631,501

59,631,501

TOTAL MONEY MARKET FUNDS

(Cost $69,498,769)

69,498,769

TOTAL INVESTMENT PORTFOLIO - 104.8%

(Cost $1,297,569,059)

1,303,811,911

NET OTHER ASSETS - (4.8)%

(60,179,001)

NET ASSETS - 100%

$ 1,243,632,910

Legend

(a) Non-income producing

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

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

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

(e) Security 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.

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 325,357

Fidelity Securities Lending Cash Central Fund

636,604

Total

$ 961,961

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 1,303,811,911

$ 1,303,065,111

$ 561,800

$ 185,000

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

 

Investments in Securities

Beginning Balance

$ -

Total Realized Gain (Loss)

-

Total Unrealized Gain (Loss)

(51,209)

Cost of Purchases

-

Proceeds of Sales

(1,013,027)

Amortization/Accretion

(1,364)

Transfer in/out of Level 3

1,250,600

Ending Balance

$ 185,000

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

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $1,308,575,449. Net unrealized depreciation aggregated $4,763,538, of which $116,828,727 related to appreciated investment securities and $121,592,265 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805741.104
MC-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 11.1%

Auto Components - 1.7%

WABCO Holdings, Inc.

2,085,092

$ 91,327

Diversified Consumer Services - 2.2%

DeVry, Inc.

2,376,849

122,598

Hotels, Restaurants & Leisure - 2.7%

International Game Technology

7,044,071

150,954

Household Durables - 0.8%

Harman International Industries, Inc.

1,257,962

42,808

Media - 3.1%

The Walt Disney Co.

5,366,830

173,617

Specialty Retail - 0.6%

Dick's Sporting Goods, Inc. (a)(d)

1,537,900

35,203

TOTAL CONSUMER DISCRETIONARY

616,507

CONSUMER STAPLES - 9.0%

Beverages - 5.5%

Coca-Cola Hellenic Bottling Co. SA sponsored ADR

3,473,498

86,351

Molson Coors Brewing Co. Class B

4,635,871

220,899

 

307,250

Food & Staples Retailing - 2.6%

CVS Caremark Corp.

4,026,300

147,363

Food Products - 0.9%

Cosan Ltd. Class A

3,022,100

36,205

Cosan SA Industria e Comercio

890,874

14,068

 

50,273

TOTAL CONSUMER STAPLES

504,886

ENERGY - 26.0%

Energy Equipment & Services - 13.0%

BJ Services Co.

3,380,328

90,762

Cameron International Corp. (a)

3,169,190

147,653

Diamond Offshore Drilling, Inc.

405,700

44,590

Halliburton Co.

2,854,800

125,440

Oceaneering International, Inc. (a)(d)

2,352,218

146,802

SEACOR Holdings, Inc. (a)

943,677

83,185

Weatherford International Ltd. (a)

2,242,900

86,531

 

724,963

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - 13.0%

Arch Coal, Inc.

1,116,448

$ 60,556

Chesapeake Energy Corp.

2,314,924

112,042

CONSOL Energy, Inc.

3,333,863

225,736

Denbury Resources, Inc. (a)

2,227,260

55,437

EXCO Resources, Inc. (a)(d)

3,644,700

96,512

Peabody Energy Corp.

2,191,214

137,937

Range Resources Corp.

818,681

38,003

 

726,223

TOTAL ENERGY

1,451,186

FINANCIALS - 2.8%

Capital Markets - 1.0%

Ashmore Group PLC

11,771,461

54,972

Diversified Financial Services - 1.8%

BM&F BOVESPA SA

11,053,600

84,631

GHL Acquisition Corp. unit

1,423,020

13,946

 

98,577

TOTAL FINANCIALS

153,549

HEALTH CARE - 8.0%

Health Care Equipment & Supplies - 2.2%

C.R. Bard, Inc.

1,333,731

124,637

Health Care Providers & Services - 3.5%

Express Scripts, Inc. (a)

2,661,137

195,354

Life Sciences Tools & Services - 2.3%

Waters Corp. (a)

1,864,991

127,286

TOTAL HEALTH CARE

447,277

INDUSTRIALS - 17.7%

Commercial Services & Supplies - 2.1%

Waste Management, Inc.

3,360,432

118,220

Electrical Equipment - 4.9%

Alstom SA

1,719,002

175,610

Bharat Heavy Electricals Ltd.

2,129,625

82,906

Q-Cells AG (a)

156,700

15,785

 

274,301

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - continued

Machinery - 7.9%

Colfax Corp.

1,487,580

$ 36,580

Flowserve Corp.

2,410,650

318,495

Joy Global, Inc.

1,184,000

84,111

 

439,186

Road & Rail - 2.8%

America Latina Logistica SA unit

4,367,700

49,813

CSX Corp.

1,584,800

102,505

 

152,318

Transportation Infrastructure - 0.0%

LLX Logistica SA

656,100

1,373

TOTAL INDUSTRIALS

985,398

INFORMATION TECHNOLOGY - 13.5%

Communications Equipment - 7.0%

Harris Corp.

515,201

26,976

QUALCOMM, Inc.

2,743,000

144,419

Research In Motion Ltd. (a)

1,796,200

218,418

 

389,813

IT Services - 5.5%

Fiserv, Inc. (a)(d)

3,495,124

181,257

Global Cash Access Holdings, Inc. (a)(e)

4,597,060

27,536

Visa, Inc.

1,253,800

95,163

 

303,956

Semiconductors & Semiconductor Equipment - 1.0%

Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR

5,856,177

56,863

TOTAL INFORMATION TECHNOLOGY

750,632

MATERIALS - 5.3%

Metals & Mining - 5.3%

Agnico-Eagle Mines Ltd.

1,078,700

61,911

Compania de Minas Buenaventura SA sponsored ADR

827,500

19,198

Freeport-McMoRan Copper & Gold, Inc. Class B

1,506,408

134,552

Newcrest Mining Ltd.

2,107,111

49,568

Silver Wheaton Corp. (a)

2,738,800

31,722

 

296,951

Common Stocks - continued

Shares

Value (000s)

TELECOMMUNICATION SERVICES - 3.0%

Wireless Telecommunication Services - 3.0%

American Tower Corp. Class A (a)

4,026,635

$ 166,421

UTILITIES - 3.0%

Electric Utilities - 3.0%

Entergy Corp.

1,283,100

132,660

Exelon Corp.

492,200

37,388

 

170,048

TOTAL COMMON STOCKS

(Cost $5,143,196)

5,542,855

Convertible Preferred Stocks - 0.0%

 

 

 

 

INDUSTRIALS - 0.0%

Airlines - 0.0%

Skybus Airlines, Inc.:

Series A (a)(f)

2,300,000

23

Series B (a)(f)

1,671,354

17

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $20,692)

40

Money Market Funds - 0.7%

 

 

 

 

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)
(Cost $42,873)

42,872,775

42,873

TOTAL INVESTMENT PORTFOLIO - 100.1%

(Cost $5,206,761)

5,585,768

NET OTHER ASSETS - (0.1)%

(7,816)

NET ASSETS - 100%

$ 5,577,952

Legend

(a) Non-income producing

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

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

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

(e) Affiliated company

(f) 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 $40,000 or 0.0% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost (000s)

Skybus Airlines, Inc. Series A

3/20/06

$ 11,500

Skybus Airlines, Inc. Series B

3/13/07

$ 9,192

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 726

Fidelity Securities Lending Cash Central Fund

1,889

Total

$ 2,615

Other Affiliated Issuers

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

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

DeVry, Inc.

$ 354,905

$ 35,438

$ 258,953

$ 747

$ -

Flowserve Corp.

342,873

11,658

137,754

1,843

-

Global Cash Access Holdings, Inc.

25,604

1,180

18,180

-

27,536

Harman International Industries, Inc.

425,936

-

207,755

146

-

Knoll, Inc.

74,278

-

49,086

510

-

Nexans SA

184,404

-

163,459

2,408

-

Prysmian SpA

244,115

-

218,024

2,777

-

Affiliate
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

SiRF Technology Holdings, Inc.

81,061

-

38,282

-

-

Universal Technical Institute, Inc.

49,791

-

35,304

-

-

Weight Watchers International, Inc.

218,394

12,711

191,342

2,028

-

Total

$ 2,001,361

$ 60,987

$ 1,318,139

$ 10,459

$ 27,536

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 5,585,768

$ 5,585,728

$ -

$ 40

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

(Amounts in thousands)

Investments in Securities

Beginning Balance

$ 32,838

Total Realized Gain (Loss)

(8,793)

Total Unrealized Gain (Loss)

(14,598)

Cost of Purchases

-

Proceeds of Sales

(9,407)

Amortization/Accretion

-

Transfer in/out of Level 3

-

Ending Balance

$ 40

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

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $5,226,459,000. Net unrealized appreciation aggregated $359,309,000, of which $759,167,000 related to appreciated investment securities and $399,858,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805747.104
ASCF-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.2%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 2.7%

Auto Components - 0.7%

ATC Technology Corp. (a)

1,029,300

$ 24,930

Diversified Consumer Services - 0.5%

Navitas Ltd.

8,697,972

17,773

Hotels, Restaurants & Leisure - 0.8%

Kangwon Land, Inc.

1,608,980

28,236

Internet & Catalog Retail - 0.2%

PetMed Express, Inc. (a)

467,420

6,656

Textiles, Apparel & Luxury Goods - 0.5%

Hanesbrands, Inc. (a)

720,845

17,185

TOTAL CONSUMER DISCRETIONARY

94,780

CONSUMER STAPLES - 1.8%

Food Products - 1.8%

TreeHouse Foods, Inc. (a)

955,584

26,527

Wm. Wrigley Jr. Co.

464,900

36,950

 

63,477

ENERGY - 7.9%

Energy Equipment & Services - 2.6%

Atwood Oceanics, Inc. (a)

1,302,000

52,939

Helix Energy Solutions Group, Inc. (a)

701,100

21,573

Petroleum Geo-Services ASA (a)

830,700

17,960

 

92,472

Oil, Gas & Consumable Fuels - 5.3%

Boardwalk Pipeline Partners, LP

2,502,238

61,480

Buckeye Partners LP

687,900

29,793

Forest Oil Corp. (a)

449,635

25,593

Petroleum Development Corp. (a)(f)

929,759

56,520

Sunoco Logistics Partners LP

322,600

15,691

 

189,077

TOTAL ENERGY

281,549

FINANCIALS - 8.4%

Capital Markets - 0.5%

HCI Capital AG

745,868

9,771

MPC Muenchmeyer Petersen Capital AG

249,827

9,987

 

19,758

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Commercial Banks - 0.4%

Gunma Bank Ltd.

2,268,000

$ 12,767

Diversified Financial Services - 0.2%

Interactive Brokers Group, Inc. (a)

222,007

6,061

Insurance - 3.8%

Affirmative Insurance Holdings, Inc. (f)

879,944

5,306

First Mercury Financial Corp. (a)

846,639

12,471

Mercer Insurance Group, Inc. (f)

656,100

10,891

Protective Life Corp.

265,000

9,617

Reinsurance Group of America, Inc. (e)

1,004,900

48,396

SAFECO Corp.

709,100

47,935

 

134,616

Real Estate Investment Trusts - 3.5%

Health Care REIT, Inc.

2,376,900

123,290

TOTAL FINANCIALS

296,492

HEALTH CARE - 10.5%

Health Care Equipment & Supplies - 2.3%

COLTENE Holding AG (f)

467,999

31,364

Invacare Corp.

485,754

12,353

Kinetic Concepts, Inc. (a)

712,025

25,035

Medical Action Industries, Inc. (a)(f)

833,255

10,974

 

79,726

Health Care Providers & Services - 7.6%

AmSurg Corp. (a)(f)

2,193,667

59,470

CML Healthcare Income Fund (e)

2,745,200

37,483

IPC The Hospitalist Co., Inc.

135

3

Psychiatric Solutions, Inc. (a)

857,300

32,363

RehabCare Group, Inc. (a)(f)

1,612,223

29,568

ResCare, Inc. (a)

1,337,292

25,729

United Drug PLC (Ireland) (f)

14,811,192

85,823

 

270,439

Pharmaceuticals - 0.6%

Sciele Pharma, Inc. (e)

579,000

11,157

Sepracor, Inc. (a)

592,430

10,901

 

22,058

TOTAL HEALTH CARE

372,223

Common Stocks - continued

Shares

Value (000s)

INDUSTRIALS - 34.9%

Aerospace & Defense - 14.6%

Alliant Techsystems, Inc. (a)

1,369,467

$ 144,109

DRS Technologies, Inc.

1,936,200

154,160

Moog, Inc. Class A (a)

1,340,185

63,525

QinetiQ Group PLC

9,303,105

38,146

Teledyne Technologies, Inc. (a)

534,100

33,290

Triumph Group, Inc.

377,009

20,637

VT Group PLC

5,622,084

63,318

 

517,185

Commercial Services & Supplies - 13.6%

Babcock International Group PLC

5,695,572

62,381

CBIZ, Inc. (a)

2,067,118

17,571

ChoicePoint, Inc. (a)

734,100

35,721

FTI Consulting, Inc. (a)(f)

3,286,051

241,199

Multi-Color Corp. (f)

790,357

18,447

Prosegur Comp Securidad SA (Reg.)

1,353,825

54,158

Spice PLC (f)

5,357,814

53,458

 

482,935

Construction & Engineering - 3.8%

Chicago Bridge & Iron Co. NV (NY Shares)

1,429,233

45,764

URS Corp. (a)

1,820,700

87,321

 

133,085

Industrial Conglomerates - 2.9%

Bidvest Group Ltd.

2,158,657

31,970

DCC PLC (Ireland)

2,927,700

70,864

 

102,834

Machinery - 0.0%

Aalberts Industries NV

244

4

TOTAL INDUSTRIALS

1,236,043

INFORMATION TECHNOLOGY - 16.8%

Communications Equipment - 2.4%

Harris Corp.

1,056,523

55,320

ViaSat, Inc. (a)

1,193,637

31,309

 

86,629

Electronic Equipment & Instruments - 0.5%

Bell Microproducts, Inc. (a)

214,300

471

Common Stocks - continued

Shares

Value (000s)

INFORMATION TECHNOLOGY - continued

Electronic Equipment & Instruments - continued

Diploma PLC

5,021,920

$ 14,689

Elec & Eltek International Co. Ltd.

1,302,000

2,044

 

17,204

IT Services - 12.0%

Affiliated Computer Services, Inc. Class A (a)

2,407,807

128,192

CACI International, Inc. Class A (a)

1,000,000

50,650

CGI Group, Inc. Class A (sub. vtg.) (a)

6,594,545

71,972

Integral Systems, Inc.

228,225

10,268

ManTech International Corp. Class A (a)

800,000

47,112

Metavante Holding Co. (a)

2,460,819

58,174

NCI, Inc. Class A (a)

348,274

9,334

TNS, Inc. (a)(f)

2,073,497

47,483

 

423,185

Software - 1.9%

EPIQ Systems, Inc. (a)(f)

3,242,369

36,606

FalconStor Software, Inc. (a)(f)

2,728,817

20,521

Sybase, Inc. (a)

261,096

8,984

 

66,111

TOTAL INFORMATION TECHNOLOGY

593,129

MATERIALS - 3.8%

Chemicals - 3.8%

Airgas, Inc.

1,303,900

77,243

Rohm & Haas Co.

752,700

56,490

 

133,733

TELECOMMUNICATION SERVICES - 0.5%

Diversified Telecommunication Services - 0.5%

Premiere Global Services, Inc. (a)

1,135,800

17,173

UTILITIES - 1.9%

Gas Utilities - 1.9%

UGI Corp.

2,448,460

67,333

TOTAL COMMON STOCKS

(Cost $2,853,730)

3,155,932

Convertible Bonds - 0.0%

 

Principal Amount (000s)(d)

Value (000s)

CONSUMER DISCRETIONARY - 0.0%

Leisure Equipment & Products - 0.0%

Jumbo SA 0.1% 8/8/13

(Cost $665)

EUR

52

$ 1,281

Money Market Funds - 12.3%

Shares

 

Fidelity Cash Central Fund, 2.31% (b)

387,677,645

387,678

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

46,150,200

46,150

TOTAL MONEY MARKET FUNDS

(Cost $433,828)

433,828

TOTAL INVESTMENT PORTFOLIO - 101.5%

(Cost $3,288,223)

3,591,041

NET OTHER ASSETS - (1.5)%

(51,815)

NET ASSETS - 100%

$ 3,539,226

Currency Abbreviations

EUR

-

European Monetary Unit

Legend

(a) Non-income producing

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

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

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

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

(f) Affiliated company

Affiliated Central Funds

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

Fund

Income earned
(Amounts in thousands)

Fidelity Cash Central Fund

$ 9,683

Fidelity Securities Lending Cash Central Fund

407

Total

$ 10,090

Other Affiliated Issuers

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

Affiliates
(Amounts in thousands)

Value, beginning of period

Purchases

Sales Proceeds

Dividend Income

Value,
end of
period

Affirmative Insurance Holdings, Inc.

$ 12,379

$ -

$ 1,904

$ 62

$ 5,306

ATC Technology Corp. (formerly Aftermarket Technology Corp.)

33,817

496

-

-

-

AmSurg Corp.

-

60,263

-

-

59,470

Centene Corp.

-

47,210

41,652

-

-

COLTENE Holding AG
(formerly Medisize Holding AG)

16,976

17,431

-

3,779

31,364

EPIQ Systems, Inc.

49,231

7,335

-

-

36,606

FalconStor Software, Inc.

-

22,606

-

-

20,521

First Mercury Financial Corp.

21,225

-

2,665

-

-

FTI Consulting, Inc.

192,153

34,364

42,638

-

241,199

IPC The Hospitalist Co., Inc.

-

19,782

18,798

-

-

Medical Action Industries, Inc.

16,265

368

-

-

10,974

Mercer Insurance Group, Inc.

11,620

-

-

115

10,891

Molina Healthcare, Inc.

-

51,822

45,148

-

-

Multi-Color Corp.

-

18,737

-

107

18,447

Petroleum Development Corp.

34,154

16,926

-

-

56,520

RehabCare Group, Inc.

25,455

11,123

-

-

29,568

Sciele Pharma, Inc.

47,447

33,657

63,177

1

-

Spice PLC

-

57,957

-

443

53,458

TNS, Inc.

-

36,756

-

-

47,483

United Drug PLC (Ireland)

39,129

40,952

-

508

85,823

Total

$ 499,851

$ 477,785

$ 215,982

$ 5,015

$ 707,630

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description
(Amounts in thousands)

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 3,591,041

$ 3,548,757

$ 42,284

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $3,289,237,000. Net unrealized appreciation aggregated $301,804,000, of which $462,960,000 related to appreciated investment securities and $161,156,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

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

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805773.104
ATQG-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%

Shares

Value

CONSUMER DISCRETIONARY - 8.5%

Automobiles - 0.1%

Harley-Davidson, Inc.

600

$ 23,868

Hotels, Restaurants & Leisure - 2.2%

Burger King Holdings, Inc.

2,000

49,640

Life Time Fitness, Inc. (a)

200

7,070

McDonald's Corp.

6,200

384,710

 

441,420

Internet & Catalog Retail - 0.3%

Blue Nile, Inc. (a)

1,300

54,119

Media - 0.0%

The DIRECTV Group, Inc. (a)

100

2,821

Multiline Retail - 0.9%

Nordstrom, Inc.

100

3,110

Target Corp. (d)

3,500

185,570

 

188,680

Specialty Retail - 1.9%

Abercrombie & Fitch Co. Class A

1,900

99,655

Ross Stores, Inc.

800

32,168

Staples, Inc.

6,800

164,560

The Men's Wearhouse, Inc.

1,400

30,660

TJX Companies, Inc.

1,600

57,984

 

385,027

Textiles, Apparel & Luxury Goods - 3.1%

American Apparel, Inc. (a)

3,200

28,640

Deckers Outdoor Corp. (a)

1,700

193,273

G-III Apparel Group Ltd. (a)

4,100

75,891

Polo Ralph Lauren Corp. Class A

2,800

212,464

Titan Industries Ltd.

774

22,416

VF Corp.

1,100

87,175

 

619,859

TOTAL CONSUMER DISCRETIONARY

1,715,794

CONSUMER STAPLES - 8.7%

Beverages - 3.2%

Molson Coors Brewing Co. Class B

7,300

347,845

PepsiCo, Inc.

4,000

273,920

United Spirits Ltd.

503

15,580

 

637,345

Common Stocks - continued

Shares

Value

CONSUMER STAPLES - continued

Food & Staples Retailing - 0.9%

CVS Caremark Corp.

4,600

$ 168,360

Food Products - 1.9%

Nestle SA sponsored ADR

7,950

351,470

Smart Balance, Inc. (a)(d)

4,800

30,720

 

382,190

Household Products - 1.4%

Procter & Gamble Co.

4,100

286,057

Personal Products - 1.3%

Avon Products, Inc.

5,800

248,414

Dabur India Ltd.

7,717

16,087

 

264,501

TOTAL CONSUMER STAPLES

1,738,453

ENERGY - 11.9%

Energy Equipment & Services - 4.0%

Halliburton Co.

4,700

206,518

National Oilwell Varco, Inc. (a)

3,328

245,373

Schlumberger Ltd. (NY Shares)

3,820

359,920

 

811,811

Oil, Gas & Consumable Fuels - 7.9%

Arch Coal, Inc.

800

43,392

Canadian Natural Resources Ltd.

1,100

93,888

Chesapeake Energy Corp.

2,200

106,480

ConocoPhillips

600

49,506

CONSOL Energy, Inc.

1,770

119,847

EOG Resources, Inc.

1,600

167,072

Exxon Mobil Corp.

2,040

163,220

Hess Corp.

1,700

178,007

Nova Biosource Fuels, Inc. (a)

66,100

21,152

Occidental Petroleum Corp.

2,400

190,464

Peabody Energy Corp.

2,400

151,080

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

1,800

77,346

Quicksilver Resources, Inc. (a)

2,100

50,799

Common Stocks - continued

Shares

Value

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Southwestern Energy Co. (a)

1,100

$ 42,207

Ultra Petroleum Corp. (a)

1,800

122,670

 

1,577,130

TOTAL ENERGY

2,388,941

FINANCIALS - 4.4%

Capital Markets - 2.8%

Charles Schwab Corp.

7,800

187,122

Goldman Sachs Group, Inc.

600

98,382

Janus Capital Group, Inc.

4,300

115,971

Morgan Stanley

1,100

44,913

State Street Corp.

1,700

115,039

 

561,427

Commercial Banks - 0.3%

Wells Fargo & Co.

2,100

63,567

Thrifts & Mortgage Finance - 1.3%

Hudson City Bancorp, Inc.

13,600

250,784

TOTAL FINANCIALS

875,778

HEALTH CARE - 14.9%

Biotechnology - 5.2%

Alexion Pharmaceuticals, Inc. (a)

2,632

118,651

Alkermes, Inc. (a)

1,900

25,403

Alnylam Pharmaceuticals, Inc. (a)

2,000

59,300

Amgen, Inc. (a)

1,000

62,850

BioMarin Pharmaceutical, Inc. (a)

1,300

39,182

Celgene Corp. (a)

1,600

110,880

Cougar Biotechnology, Inc. (a)

1,600

55,104

CSL Ltd.

2,847

100,338

Genentech, Inc. (a)

2,200

217,250

Gilead Sciences, Inc. (a)

4,300

226,524

RXi Pharmaceuticals Corp. 

3,054

20,431

 

1,035,913

Health Care Equipment & Supplies - 6.0%

Alcon, Inc.

600

102,174

Baxter International, Inc.

3,400

230,384

Covidien Ltd.

7,000

378,490

Common Stocks - continued

Shares

Value

HEALTH CARE - continued

Health Care Equipment & Supplies - continued

Inverness Medical Innovations, Inc. (a)

12,575

$ 446,664

Zoll Medical Corp. (a)

1,600

55,632

 

1,213,344

Health Care Providers & Services - 0.6%

athenahealth, Inc.

100

3,225

Express Scripts, Inc. (a)

1,700

124,797

 

128,022

Health Care Technology - 0.5%

Eclipsys Corp. (a)

4,300

95,933

Life Sciences Tools & Services - 1.6%

Covance, Inc. (a)

600

56,604

Illumina, Inc. (a)

1,800

155,034

QIAGEN NV (a)

5,400

114,372

 

326,010

Pharmaceuticals - 1.0%

Allergan, Inc.

2,400

134,088

Javelin Pharmaceuticals, Inc. (a)

3,700

10,323

Wyeth

1,300

56,264

 

200,675

TOTAL HEALTH CARE

2,999,897

INDUSTRIALS - 10.1%

Aerospace & Defense - 2.3%

General Dynamics Corp.

1,200

110,760

Honeywell International, Inc.

4,100

205,697

Raytheon Co.

2,300

137,977

 

454,434

Airlines - 0.2%

Northwest Airlines Corp. (a)

2,900

28,362

UAL Corp.

900

9,999

 

38,361

Commercial Services & Supplies - 1.2%

Copart, Inc. (a)

100

4,401

Fuel Tech, Inc. (a)(d)

5,100

93,534

Manpower, Inc.

2,080

99,965

MPS Group, Inc. (a)

2,900

33,408

 

231,308

Common Stocks - continued

Shares

Value

INDUSTRIALS - continued

Construction & Engineering - 0.3%

Fluor Corp.

600

$ 48,078

Larsen & Toubro Ltd.

341

20,161

 

68,239

Electrical Equipment - 3.1%

ABB Ltd. sponsored ADR

4,300

105,651

Alstom SA

1,400

143,022

American Superconductor Corp. (a)(d)

7,800

191,646

Bharat Heavy Electricals Ltd.

562

21,879

Evergreen Solar, Inc. (a)

4,800

45,264

First Solar, Inc. (a)

300

82,995

Satcon Technology Corp. (a)(d)

13,500

30,510

 

620,967

Machinery - 2.2%

Cummins, Inc.

3,500

228,060

Deere & Co.

2,200

155,254

Sulzer AG (Reg.)

506

62,492

 

445,806

Road & Rail - 0.8%

Con-way, Inc.

100

4,910

CSX Corp.

300

19,404

Landstar System, Inc.

900

44,118

Union Pacific Corp.

1,100

92,290

 

160,722

TOTAL INDUSTRIALS

2,019,837

INFORMATION TECHNOLOGY - 31.9%

Communications Equipment - 10.5%

Cisco Systems, Inc. (a)

31,300

752,765

Infinera Corp. (a)

2,500

27,550

Juniper Networks, Inc. (a)

12,720

326,904

QUALCOMM, Inc.

11,200

589,680

Research In Motion Ltd. (a)

3,300

401,280

 

2,098,179

Computers & Peripherals - 5.5%

Apple, Inc. (a)

6,500

1,101,943

Internet Software & Services - 6.2%

Equinix, Inc. (a)

4,400

354,200

Common Stocks - continued

Shares

Value

INFORMATION TECHNOLOGY - continued

Internet Software & Services - continued

Google, Inc. Class A (sub. vtg.) (a)

1,706

$ 790,373

Omniture, Inc. (a)

6,235

111,108

 

1,255,681

IT Services - 3.4%

Cognizant Technology Solutions Corp. Class A (a)

16,400

480,848

Visa, Inc.

2,700

204,930

 

685,778

Semiconductors & Semiconductor Equipment - 3.0%

Applied Materials, Inc.

17,500

313,600

ASML Holding NV (NY Shares)

4,800

113,520

KLA-Tencor Corp.

2,600

96,356

Skyworks Solutions, Inc. (a)

7,500

72,750

 

596,226

Software - 3.3%

Adobe Systems, Inc. (a)

4,500

192,735

GSE Systems, Inc. (a)(d)

8,000

64,400

Nuance Communications, Inc. (a)

2,500

39,500

Salesforce.com, Inc. (a)

1,200

67,224

Sybase, Inc. (a)

8,500

292,485

 

656,344

TOTAL INFORMATION TECHNOLOGY

6,394,151

MATERIALS - 7.9%

Chemicals - 7.0%

Calgon Carbon Corp. (a)

5,900

125,847

Monsanto Co.

7,340

838,595

Potash Corp. of Saskatchewan, Inc.

800

138,880

The Mosaic Co.

2,800

298,872

 

1,402,194

Metals & Mining - 0.9%

Barrick Gold Corp.

400

13,918

Freeport-McMoRan Copper & Gold, Inc. Class B

700

62,524

Gold Fields Ltd. sponsored ADR

800

7,280

Goldcorp, Inc.

300

10,204

Kinross Gold Corp.

1,200

19,775

Lihir Gold Ltd. (a)

3,628

7,444

Common Stocks - continued

Shares

Value

MATERIALS - continued

Metals & Mining - continued

Newmont Mining Corp.

700

$ 31,570

Yamana Gold, Inc.

2,100

22,801

 

175,516

TOTAL MATERIALS

1,577,710

UTILITIES - 0.1%

Independent Power Producers & Energy Traders - 0.1%

Constellation Energy Group, Inc.

200

13,342

Nevada Geothermal Power, Inc. (a)

100

105

 

13,447

TOTAL COMMON STOCKS

(Cost $19,877,373)

19,724,008

Money Market Funds - 4.7%

 

 

 

 

Fidelity Cash Central Fund, 2.31% (b)

387,856

387,856

Fidelity Securities Lending Cash Central Fund, 2.35% (b)(c)

554,925

554,925

TOTAL MONEY MARKET FUNDS

(Cost $942,781)

942,781

TOTAL INVESTMENT PORTFOLIO - 103.1%

(Cost $20,820,154)

20,666,789

NET OTHER ASSETS - (3.1)%

(617,867)

NET ASSETS - 100%

$ 20,048,922

Legend

(a) Non-income producing

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

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

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

Affiliated Central Funds

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

Fund

Income earned

Fidelity Cash Central Fund

$ 8,324

Fidelity Securities Lending Cash Central Fund

26,570

Total

$ 34,894

Other Information

The following is a summary of the inputs used, as of August 31, 2008, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

#Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 20,666,789

$ 20,666,789

$ -

$ -

Income Tax Information

At August 31, 2008, the aggregate cost of investment securities for income tax purposes was $20,863,761. Net unrealized depreciation aggregated $196,972, of which $1,575,891 related to appreciated investment securities and $1,772,863 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

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

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

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

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

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

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2008

1.805748.104
SO-QTLY-1008

Investments August 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%

Shares

Value (000s)

CONSUMER DISCRETIONARY - 18.3%

Auto Components - 1.6%

BorgWarner, Inc.

76,300

$ 3,155

Federal-Mogul Corp. Class A (a)

243,700

3,984

Johnson Controls, Inc.

218,600

6,759

The Goodyear Tire & Rubber Co. (a)(d)

320,100

6,277

 

20,175

Automobiles - 0.7%

Fiat SpA

284,900

4,424

Renault SA

58,700

4,932

 

9,356

Diversified Consumer Services - 2.1%

H&R Block, Inc.

314,200

8,025

Hillenbrand, Inc.

347,906

8,273

Princeton Review, Inc. (a)(d)

630,770

4,895

Regis Corp.

199,600

5,481

 

26,674

Hotels, Restaurants & Leisure - 1.5%

Darden Restaurants, Inc.

131,300

3,846

DineEquity, Inc. (d)

205,232

4,076

International Game Technology

118,500

2,539

McCormick & Schmick's Seafood Restaurants (a)

194,500

1,908

Vail Resorts, Inc. (a)(d)

144,000

6,335

 

18,704

Household Durables - 3.2%

Black & Decker Corp. (d)

107,100

6,774

Centex Corp.

338,800

5,495

Ethan Allen Interiors, Inc. (d)

143,500

3,895

Pulte Homes, Inc. (d)

647,900

9,401

Stanley Furniture Co., Inc.

149,400

1,233

The Stanley Works

121,100

5,807

Whirlpool Corp.

103,100

8,388

 

40,993

Leisure Equipment & Products - 1.0%

Brunswick Corp.

345,400

4,763

Eastman Kodak Co.

486,000

7,868

 

12,631

Media - 2.2%

Cinemark Holdings, Inc.

327,699

4,814

Grupo Televisa SA de CV (CPO) sponsored ADR

254,500

5,899

Lamar Advertising Co. Class A (a)(d)

4,000

149

Common Stocks - continued

Shares

Value (000s)

CONSUMER DISCRETIONARY - continued

Media - continued

Liberty Media Corp. - Capital Series A (a)

303,800

$ 4,937

Scripps Networks Interactive, Inc. Class A

176,900

7,348

Virgin Media, Inc.

264,300

3,013

WPP Group PLC

166,700

1,622

 

27,782

Multiline Retail - 0.4%

Tuesday Morning Corp. (a)

1,170,729

4,929

Specialty Retail - 5.5%

Abercrombie & Fitch Co. Class A

84,100

4,411

Advance Auto Parts, Inc.

119,200

5,130

Asbury Automotive Group, Inc.

584,041

7,090

Group 1 Automotive, Inc. (d)

227,928

4,823

Jos. A. Bank Clothiers, Inc. (a)(d)

202,522

5,264

Lithia Motors, Inc. Class A (sub. vtg.) (d)

543,700

2,637

Lowe's Companies, Inc.

150,700

3,713

MarineMax, Inc. (a)(d)

162,800

1,289

OfficeMax, Inc.

436,300

5,340

PetSmart, Inc.

244,600

6,597

Sherwin-Williams Co. (d)

102,600

6,007

Staples, Inc.

323,800

7,836

The Men's Wearhouse, Inc.

167,963

3,678

Tween Brands, Inc. (a)

340,252

3,695

Williams-Sonoma, Inc.

185,000

3,273

Zumiez, Inc. (a)

9,000

130

 

70,913

Textiles, Apparel & Luxury Goods - 0.1%

Hanesbrands, Inc. (a)

65,600

1,564

TOTAL CONSUMER DISCRETIONARY

233,721

CONSUMER STAPLES - 2.7%

Beverages - 0.1%

Cott Corp. (a)

872,600

1,660

Food & Staples Retailing - 1.4%

Kroger Co.

191,100

5,278

Safeway, Inc.

4,600

121

Sysco Corp.

195,200

6,213

Winn-Dixie Stores, Inc. (a)

452,379

6,388

 

18,000

Food Products - 1.0%

Cermaq ASA

397,100

3,844

Common Stocks - continued

Shares

Value (000s)

CONSUMER STAPLES - continued

Food Products - continued

Global Bio-Chem Technology Group Co. Ltd.

1,804,000

$ 687

Lighthouse Caledonia ASA (d)

634,971

632

Marine Harvest ASA (a)(d)

9,211,000

6,454

Tyson Foods, Inc. Class A

55,700

809

 

12,426

Personal Products - 0.2%

Bare Escentuals, Inc. (a)(d)

163,100

2,029

TOTAL CONSUMER STAPLES

34,115

ENERGY - 9.5%

Energy Equipment & Services - 3.4%

Atwood Oceanics, Inc. (a)

46,700

1,899

ENSCO International, Inc.

49,400

3,348

Exterran Holdings, Inc. (a)

113,300

5,179

Halliburton Co.

37,600

1,652

National Oilwell Varco, Inc. (a)

93,400

6,886

Parker Drilling Co. (a)

239,500

2,220

Petroleum Geo-Services ASA (a)

236,000

5,102

Pride International, Inc. (a)

155,700

5,980

Weatherford International Ltd. (a)

116,100

4,479

Willbros Group, Inc. (a)

165,700

6,862

 

43,607

Oil, Gas & Consumable Fuels - 6.1%

Boardwalk Pipeline Partners, LP

126,750

3,114

Cabot Oil & Gas Corp.

182,018

8,089

Canadian Natural Resources Ltd.

64,700

5,522

Comstock Resources, Inc. (a)

51,100

3,318

Concho Resources, Inc.

69,100

2,257

Copano Energy LLC

84,413

2,670

Denbury Resources, Inc. (a)

62,000

1,543

Energy Transfer Equity LP

152,000

4,385

Hess Corp.

56,300

5,895

Holly Corp.

8,400

269

Petrohawk Energy Corp. (a)

340,130

11,772

Plains Exploration & Production Co. (a)

28,100

1,515

Quicksilver Gas Services LP

180,588

3,856

Reliance Industries Ltd.

31,485

1,533

St. Mary Land & Exploration Co.

113,400

4,788

Sunoco, Inc.

122,300

5,428

Common Stocks - continued

Shares

Value (000s)

ENERGY - continued

Oil, Gas & Consumable Fuels - continued

Ultra Petroleum Corp. (a)

128,100

$ 8,730

Valero Energy Corp.

98,000

3,406

 

78,090

TOTAL ENERGY

121,697

FINANCIALS - 18.1%

Capital Markets - 2.6%

Bank of New York Mellon Corp.

90,000

3,115

Cohen & Steers, Inc. (d)

4,900

143

EFG International

136,884

4,164

FCStone Group, Inc. (a)

174,243

3,643

Fortress Investment Group LLC (d)

597,584

6,006

Franklin Resources, Inc.

53,300

5,570

Julius Baer Holding AG

73,063

4,465

State Street Corp.

84,500

5,718

 

32,824

Commercial Banks - 2.3%

Associated Banc-Corp.

133,800

2,342

Banco Latin Americano de Exporaciones SA (BLADEX) Series E

256,100

4,635

Boston Private Financial Holdings, Inc.

245,500

2,195

Center Financial Corp., California

351,788

4,739

City National Corp.

19,600

970

Fifth Third Bancorp

74,800

1,180

Huntington Bancshares, Inc.

78,500

575

Intervest Bancshares Corp. Class A

54,192

431

PacWest Bancorp

6,300

143

Sumitomo Mitsui Financial Group, Inc.

479

2,900

UCBH Holdings, Inc. (d)

861,955

5,042

Wachovia Corp.

220,600

3,505

Wintrust Financial Corp.

64,528

1,500

 

30,157

Consumer Finance - 0.8%

Capital One Financial Corp.

127,000

5,606

Discover Financial Services

258,200

4,247

 

9,853

Diversified Financial Services - 1.9%

Bank of America Corp.

127,600

3,973

CIT Group, Inc.

739,800

7,627

Common Stocks - continued

Shares

Value (000s)

FINANCIALS - continued

Diversified Financial Services - continued

JPMorgan Chase & Co.

166,200

$ 6,397

KKR Financial Holdings LLC

691,591

6,487

 

24,484

Insurance - 2.7%

ACE Ltd.

78,200

4,114

Argo Group International Holdings, Ltd. (a)

145,787

5,480

Everest Re Group Ltd.

97,700

8,024

Maiden Holdings Ltd. (e)

81,000

528

Principal Financial Group, Inc.

130,800

5,989

The First American Corp.

90,104

2,277

Transatlantic Holdings, Inc.

17,200

1,034

XL Capital Ltd. Class A

337,300

6,780

 

34,226