N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	November 30

Date of reporting period:	February 28, 2009

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

February 28, 2009

1.797922.105

ADGF-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.8%
Auto Components - 0.5%
BorgWarner, Inc.	31,000		$ 535
Federal-Mogul Corp. Class A (a)	75,999		492
Johnson Controls, Inc.	82,900		943
The Goodyear Tire & Rubber Co. (a)	129,200		574
			2,544
Automobiles - 0.1%
Renault SA	14,600		210
Thor Industries, Inc.	6,400		69
Winnebago Industries, Inc.	31,804		129
			408
Distributors - 0.2%
LKQ Corp. (a)	58,200		786
Diversified Consumer Services - 1.2%
H&R Block, Inc.	109,529		2,092
Hillenbrand, Inc.	126,400		2,120
Navitas Ltd.	134,840		196
Princeton Review, Inc. (a)	70,791		326
Regis Corp.	25,579		322
Service Corp. International	125,500		424
Stewart Enterprises, Inc. Class A	435,100		1,009
			6,489
Hotels, Restaurants & Leisure - 1.3%
Brinker International, Inc.	94,900		1,044
Darden Restaurants, Inc.	37,500		1,018
DineEquity, Inc. (d)	40,000		294
Las Vegas Sands Corp. unit	36,700		1,395
McCormick & Schmick's Seafood Restaurants (a)	66,400		153
McDonald's Corp.	19,300		1,008
Sonic Corp. (a)	74,300		669
Starwood Hotels & Resorts Worldwide, Inc.	87,000		1,008
Vail Resorts, Inc. (a)(d)	11,619		219
WMS Industries, Inc. (a)	10,000		181
			6,989
Household Durables - 1.0%
Black & Decker Corp.	24,300		575
Centex Corp.	34,600		215
Meritage Homes Corp. (a)	31,100		309
Mohawk Industries, Inc. (a)	26,600		601
Newell Rubbermaid, Inc.	78,600		444
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
NVR, Inc. (a)	300		$ 100
Pulte Homes, Inc.	99,000		909
Snap-On, Inc.	16,300		385
Stanley Furniture Co., Inc.	39,700		318
The Stanley Works	19,600		524
Whirlpool Corp.	29,100		647
			5,027
Leisure Equipment & Products - 0.2%
Hasbro, Inc.	43,000		984
Media - 2.9%
Ascent Media Corp. (a)	39,084		917
Cablevision Systems Corp. - NY Group Class A	1,900		25
CC Media Holdings, Inc. Class A (a)	134,400		141
Comcast Corp. Class A (special) (non-vtg.)	348,499		4,234
Discovery Communications, Inc. (a)	10,900		169
DISH Network Corp. Class A (a)	146,200		1,645
Informa PLC	134,100		406
Lamar Advertising Co. Class A (a)	34,500		239
Liberty Media Corp. - Entertainment Class A (a)	113,500		1,966
Live Nation, Inc. (a)	160,300		563
The DIRECTV Group, Inc. (a)	50,890		1,015
The Walt Disney Co.	66,293		1,112
Time Warner, Inc.	396,500		3,025
			15,457
Multiline Retail - 0.3%
Target Corp.	61,836		1,751
Tuesday Morning Corp. (a)	99,600		88
			1,839
Specialty Retail - 3.0%
Advance Auto Parts, Inc.	66,100		2,528
Asbury Automotive Group, Inc.	32,500		93
AutoNation, Inc. (a)	19,400		194
Collective Brands, Inc. (a)	67,490		699
Dick's Sporting Goods, Inc. (a)	16,600		205
Group 1 Automotive, Inc.	17,600		188
Home Depot, Inc.	73,107		1,527
Lowe's Companies, Inc.	211,100		3,344
Lumber Liquidators, Inc. (a)	64,504		618
O'Reilly Automotive, Inc. (a)	1,400		47
OfficeMax, Inc.	67,500		258
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Ross Stores, Inc.	6,700		$ 198
Sally Beauty Holdings, Inc. (a)	166,775		645
Sherwin-Williams Co.	17,470		803
Sonic Automotive, Inc. Class A (sub. vtg.)	79,500		114
Staples, Inc.	142,518		2,273
The Men's Wearhouse, Inc.	149,000		1,591
Tween Brands, Inc. (a)	363,800		437
Urban Outfitters, Inc. (a)	14,200		236
			15,998
Textiles, Apparel & Luxury Goods - 0.1%
adidas AG	1,100		32
American Apparel, Inc. (a)	209,709		361
			393
TOTAL CONSUMER DISCRETIONARY			56,914
CONSUMER STAPLES - 7.2%
Beverages - 1.1%
Anheuser-Busch InBev NV	112,960		3,086
Carlsberg AS Series B	23,400		789
Fomento Economico Mexicano SAB de CV sponsored ADR	2,800		65
PepsiCo, Inc.	11,700		563
The Coca-Cola Co.	29,900		1,221
			5,724
Food & Staples Retailing - 1.4%
CVS Caremark Corp.	155,991		4,015
Kroger Co.	66,800		1,381
Rite Aid Corp. (a)	104,351		29
Safeway, Inc.	6,800		126
Winn-Dixie Stores, Inc. (a)	208,700		2,018
			7,569
Food Products - 2.3%
Cermaq ASA	140,800		570
Corn Products International, Inc.	62,300		1,257
Global Bio-Chem Technology Group Co. Ltd.	5,950,000		658
Leroy Seafood Group ASA	121,100		768
Marine Harvest ASA (a)	7,570,000		1,810
Nestle SA (Reg.)	35,492		1,160
Ralcorp Holdings, Inc. (a)	28,300		1,715
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Smithfield Foods, Inc. (a)	107,200		$ 842
The J.M. Smucker Co.	13,397		497
Tyson Foods, Inc. Class A	324,850		2,738
			12,015
Household Products - 1.5%
Central Garden & Pet Co. (a)	79,500		584
Clorox Co.	24,800		1,205
Energizer Holdings, Inc. (a)	24,797		1,046
Kimberly-Clark Corp.	38,704		1,823
Procter & Gamble Co.	68,145		3,283
			7,941
Personal Products - 0.1%
Avon Products, Inc.	26,200		461
Estee Lauder Companies, Inc. Class A	9,500		215
Mead Johnson Nutrition Co. Class A (a)	800		22
			698
Tobacco - 0.8%
Imperial Tobacco Group PLC	34,600		828
Philip Morris International, Inc.	99,500		3,330
			4,158
TOTAL CONSUMER STAPLES			38,105
ENERGY - 12.5%
Energy Equipment & Services - 5.0%
BJ Services Co.	9,600		93
Exterran Holdings, Inc. (a)	53,200		963
Global Industries Ltd. (a)	633,762		2,003
Halliburton Co.	93,300		1,522
Helix Energy Solutions Group, Inc. (a)	51,900		161
Nabors Industries Ltd. (a)	68,586		666
National Oilwell Varco, Inc. (a)	361,200		9,655
Noble Corp.	14,266		351
Parker Drilling Co. (a)	80,800		129
Pride International, Inc. (a)	53,600		924
Rowan Companies, Inc.	51,500		624
Smith International, Inc.	102,500		2,202
Superior Energy Services, Inc. (a)	41,800		551
Tidewater, Inc.	52,200		1,844
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Transocean Ltd. (a)	9,400		$ 562
Weatherford International Ltd. (a)	396,864		4,235
			26,485
Oil, Gas & Consumable Fuels - 7.5%
Arch Coal, Inc.	33,705		468
Boardwalk Pipeline Partners, LP	62,300		1,315
Cabot Oil & Gas Corp.	9,700		198
Canadian Natural Resources Ltd.	4,700		151
Chesapeake Energy Corp.	253,100		3,958
Comstock Resources, Inc. (a)	31,200		949
Concho Resources, Inc. (a)	24,300		485
Continental Resources, Inc. (a)	14,200		226
Denbury Resources, Inc. (a)	103,700		1,336
El Paso Corp.	78,200		528
Energy Transfer Equity LP	59,100		1,160
EXCO Resources, Inc. (a)	235,761		2,148
Foundation Coal Holdings, Inc.	71,200		1,145
Frontier Oil Corp.	66,500		908
Goodrich Petroleum Corp. (a)	45,700		907
Hess Corp.	76,500		4,184
Nexen, Inc.	81,900		1,119
OPTI Canada, Inc. (a)	650,300		511
Peabody Energy Corp.	21,600		511
Penn Virginia Corp.	43,700		605
Petrohawk Energy Corp. (a)	379,913		6,466
Plains Exploration & Production Co. (a)	130,900		2,505
Range Resources Corp.	37,500		1,334
Rosetta Resources, Inc. (a)	14,400		73
Southwestern Energy Co. (a)	79,300		2,281
Suncor Energy, Inc.	47,500		988
Sunoco, Inc.	42,660		1,427
Talisman Energy, Inc.	39,900		375
Uranium One, Inc. (a)	64,300		98
Valero Energy Corp.	21,866		424
Williams Companies, Inc.	43,300		489
			39,272
TOTAL ENERGY			65,757
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - 13.7%
Capital Markets - 4.2%
Ameriprise Financial, Inc.	24,100		$ 384
Bank of New York Mellon Corp.	218,072		4,835
Bank Sarasin & Co. Ltd. Series B (Reg.)	24,226		511
Cohen & Steers, Inc.	41,300		371
Credit Suisse Group sponsored ADR	7,100		172
EFG International	27,380		190
Fortress Investment Group LLC	188,000		235
Franklin Resources, Inc.	23,800		1,090
Goldman Sachs Group, Inc.	79,853		7,273
Morgan Stanley	264,200		5,162
State Street Corp.	55,932		1,413
T. Rowe Price Group, Inc.	14,800		337
The Blackstone Group LP	54,800		267
			22,240
Commercial Banks - 3.1%
CapitalSource, Inc. (d)	536,555		1,003
Mitsubishi UFJ Financial Group, Inc.	206,900		935
PNC Financial Services Group, Inc.	203,853		5,573
Sumitomo Mitsui Financial Group, Inc.	2,600		82
UCBH Holdings, Inc.	63,389		101
Wells Fargo & Co.	681,715		8,249
Wintrust Financial Corp.	16,650		207
			16,150
Consumer Finance - 0.4%
Capital One Financial Corp.	40,500		488
Discover Financial Services	93,787		537
Promise Co. Ltd.	40,050		535
SLM Corp. (a)	65,700		302
			1,862
Diversified Financial Services - 3.4%
Bank of America Corp.	392,485		1,550
BM&F BOVESPA SA	236,100		594
CIT Group, Inc.	173,538		425
JPMorgan Chase & Co.	399,900		9,138
PICO Holdings, Inc. (a)	280,300		6,122
			17,829
Insurance - 1.8%
ACE Ltd.	27,400		1,000
Assurant, Inc.	24,600		502
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
Everest Re Group Ltd.	17,600		$ 1,146
Loews Corp.	21,700		431
Maiden Holdings Ltd. (e)	104,100		464
Marsh & McLennan Companies, Inc.	10,000		179
MBIA, Inc. (a)	171,023		469
MetLife, Inc.	56,274		1,039
Montpelier Re Holdings Ltd.	53,600		681
PartnerRe Ltd.	4,900		303
Platinum Underwriters Holdings Ltd.	21,200		594
Reinsurance Group of America, Inc.	22,472		611
The Travelers Companies, Inc.	58,100		2,100
			9,519
Real Estate Investment Trusts - 0.4%
CBL & Associates Properties, Inc.	42,400		131
Developers Diversified Realty Corp.	30,300		89
Highwoods Properties, Inc. (SBI)	5,400		102
ProLogis Trust	87,400		506
SL Green Realty Corp.	21,100		245
UDR, Inc.	20,427		162
Unibail-Rodamco	1,900		238
Vornado Realty Trust	16,000		524
			1,997
Real Estate Management & Development - 0.4%
CB Richard Ellis Group, Inc. Class A (a)	548,700		1,586
Forestar Group, Inc. (a)	22,400		168
Jones Lang LaSalle, Inc.	29,100		580
			2,334
TOTAL FINANCIALS			71,931
HEALTH CARE - 13.0%
Biotechnology - 3.9%
Amgen, Inc. (a)	97,600		4,776
Biogen Idec, Inc. (a)	29,700		1,367
Cephalon, Inc. (a)	47,800		3,135
DUSA Pharmaceuticals, Inc. (a)	182,172		220
Genentech, Inc. (a)	26,557		2,272
Genzyme Corp. (a)	13,400		816
Gilead Sciences, Inc. (a)	45,200		2,025
Theravance, Inc. (a)	224,280		3,126
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
United Therapeutics Corp. (a)	5,700		$ 383
Vertex Pharmaceuticals, Inc. (a)	85,500		2,585
			20,705
Health Care Equipment & Supplies - 1.4%
American Medical Systems Holdings, Inc. (a)	59,800		619
Boston Scientific Corp. (a)	66,600		468
C.R. Bard, Inc.	1,400		112
Covidien Ltd.	63,400		2,008
DENTSPLY International, Inc.	31,272		723
Integra LifeSciences Holdings Corp. (a)	44,700		1,167
Inverness Medical Innovations, Inc. (a)	26,400		593
Kinetic Concepts, Inc. (a)	28,300		616
Sonova Holding AG	27,030		1,325
			7,631
Health Care Providers & Services - 2.6%
Amedisys, Inc. (a)	6,622		217
athenahealth, Inc. (a)	2,400		61
Brookdale Senior Living, Inc.	146,300		534
Coventry Health Care, Inc. (a)	33,200		382
Emeritus Corp. (a)	7,800		52
Express Scripts, Inc. (a)	22,900		1,152
Fresenius Medical Care AG & Co. KGaA	6,700		273
Health Net, Inc. (a)	21,400		282
HealthSouth Corp. (a)	79,400		623
Humana, Inc. (a)	2,800		66
McKesson Corp.	27,700		1,136
Medco Health Solutions, Inc. (a)	52,500		2,130
MEDNAX, Inc. (a)	21,000		622
Triple-S Management Corp. (a)	72,600		836
UnitedHealth Group, Inc.	105,500		2,073
Universal Health Services, Inc. Class B	40,500		1,492
VCA Antech, Inc. (a)	2,400		50
WellPoint, Inc. (a)	46,000		1,560
			13,541
Health Care Technology - 0.1%
IMS Health, Inc.	45,600		571
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Life Sciences Tools & Services - 0.3%
Bruker BioSciences Corp. (a)	71,500		$ 301
Thermo Fisher Scientific, Inc. (a)	33,900		1,229
			1,530
Pharmaceuticals - 4.7%
Allergan, Inc.	35,400		1,371
Merck & Co., Inc.	111,695		2,703
Perrigo Co.	26,100		524
Pfizer, Inc.	438,000		5,392
Schering-Plough Corp.	180,870		3,145
Shire PLC sponsored ADR	7,900		280
Teva Pharmaceutical Industries Ltd. sponsored ADR	28,300		1,262
Vivus, Inc. (a)	23,700		96
Wyeth	230,500		9,409
XenoPort, Inc. (a)	26,800		560
			24,742
TOTAL HEALTH CARE			68,720
INDUSTRIALS - 10.0%
Aerospace & Defense - 2.1%
Finmeccanica SpA	60,796		775
Honeywell International, Inc.	88,500		2,374
Lockheed Martin Corp.	1,300		82
Northrop Grumman Corp.	54,200		2,025
Orbital Sciences Corp. (a)	69,000		976
Raytheon Co.	33,900		1,355
United Technologies Corp.	88,400		3,609
			11,196
Air Freight & Logistics - 0.3%
FedEx Corp.	35,100		1,517
Airlines - 0.6%
AirTran Holdings, Inc. (a)	151,000		451
Alaska Air Group, Inc. (a)	2,400		53
Delta Air Lines, Inc. (a)	531,825		2,675
			3,179
Building Products - 0.2%
Masco Corp.	147,300		759
Owens Corning (a)	59,875		500
			1,259
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 1.2%
ACCO Brands Corp. (a)	152,624		$ 145
Cintas Corp.	34,200		694
Clean Harbors, Inc. (a)	5,710		277
Consolidated Graphics, Inc. (a)	13,400		181
EnergySolutions, Inc.	104,100		671
GeoEye, Inc. (a)	127,000		2,870
R.R. Donnelley & Sons Co.	102,700		800
Republic Services, Inc.	40,600		808
			6,446
Construction & Engineering - 1.0%
Chicago Bridge & Iron Co. NV (NY Shares)	95,500		576
Great Lakes Dredge & Dock Corp.	471,761		1,142
MYR Group, Inc. (a)	43,196		580
Shaw Group, Inc. (a)	30,876		721
URS Corp. (a)	66,100		2,044
			5,063
Electrical Equipment - 1.3%
AMETEK, Inc.	13,800		365
Cooper Industries Ltd. Class A	182,727		3,854
First Solar, Inc. (a)	5,500		582
JA Solar Holdings Co. Ltd. ADR (a)	92,134		187
Renewable Energy Corp. AS (a)	91,000		617
Rockwell Automation, Inc.	4,700		94
Saft Groupe SA	39,463		899
			6,598
Industrial Conglomerates - 1.1%
McDermott International, Inc. (a)	209,328		2,468
Rheinmetall AG	4,500		147
Siemens AG sponsored ADR	40,000		2,025
Textron, Inc.	221,968		1,254
			5,894
Machinery - 1.0%
Cummins, Inc.	45,200		940
Danaher Corp.	24,400		1,239
Eaton Corp.	14,900		539
Ingersoll-Rand Co. Ltd. Class A	35,500		503
Navistar International Corp. (a)	60,500		1,706
Vallourec SA	4,900		381
			5,308
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Marine - 0.1%
Alexander & Baldwin, Inc.	22,300		$ 419
Professional Services - 0.1%
Monster Worldwide, Inc. (a)	67,100		442
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	11,200		658
Con-way, Inc.	49,600		749
Ryder System, Inc.	5,200		119
Union Pacific Corp.	59,200		2,221
Universal Truckload Services, Inc. (a)	134,900		1,631
			5,378
TOTAL INDUSTRIALS			52,699
INFORMATION TECHNOLOGY - 18.9%
Communications Equipment - 3.8%
Adtran, Inc.	97,900		1,414
Cisco Systems, Inc. (a)	598,000		8,713
Comverse Technology, Inc. (a)	196,400		1,070
Corning, Inc.	213,500		2,252
Juniper Networks, Inc. (a)	185,300		2,633
Motorola, Inc.	700,089		2,464
QUALCOMM, Inc.	42,292		1,414
			19,960
Computers & Peripherals - 1.8%
Apple, Inc. (a)	11,800		1,054
Hewlett-Packard Co.	183,400		5,324
International Business Machines Corp.	17,870		1,645
SanDisk Corp. (a)	43,345		386
Seagate Technology	264,500		1,137
			9,546
Electronic Equipment & Components - 1.7%
Amphenol Corp. Class A	75,500		1,919
Arrow Electronics, Inc. (a)	72,300		1,202
Avnet, Inc. (a)	145,100		2,506
Bell Microproducts, Inc. (a)	350,800		217
BYD Co. Ltd. (H Shares)	35,500		69
Ingram Micro, Inc. Class A (a)	107,800		1,174
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Itron, Inc. (a)	25,400		$ 1,134
Tyco Electronics Ltd.	71,577		679
			8,900
Internet Software & Services - 1.2%
Art Technology Group, Inc. (a)	170,700		372
Google, Inc. Class A (sub. vtg.) (a)	8,800		2,974
Open Text Corp. (a)	17,550		558
VeriSign, Inc. (a)	115,000		2,223
			6,127
IT Services - 3.4%
Accenture Ltd. Class A	154,322		4,505
Affiliated Computer Services, Inc. Class A (a)	16,000		746
Alliance Data Systems Corp. (a)	11,400		337
Cognizant Technology Solutions Corp. Class A (a)	42,900		789
Fidelity National Information Services, Inc.	68,400		1,197
Lender Processing Services, Inc.	91,859		2,406
MasterCard, Inc. Class A	5,500		869
Perot Systems Corp. Class A (a)	86,700		987
Sapient Corp. (a)	190,200		728
The Western Union Co.	56,606		632
Unisys Corp. (a)	685,900		247
Visa, Inc.	72,100		4,089
WNS Holdings Ltd. sponsored ADR (a)	67,700		288
Wright Express Corp. (a)	12,130		178
			17,998
Semiconductors & Semiconductor Equipment - 4.9%
Altera Corp.	39,600		607
Analog Devices, Inc.	59,300		1,105
Applied Materials, Inc.	263,600		2,428
Atmel Corp. (a)	1,690,941		6,037
Axcelis Technologies, Inc. (a)	490,800		156
Cymer, Inc. (a)	61,100		1,129
Fairchild Semiconductor International, Inc. (a)	121,900		427
International Rectifier Corp. (a)	81,100		1,018
Lam Research Corp. (a)	239,907		4,693
LTX-Credence Corp. (a)	1,404,236		281
Maxim Integrated Products, Inc.	163,500		1,978
MEMC Electronic Materials, Inc. (a)	52,700		791
Microchip Technology, Inc.	13,900		261
Micron Technology, Inc. (a)	114,900		370
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
National Semiconductor Corp.	81,823		$ 892
ON Semiconductor Corp. (a)	578,802		2,118
Semitool, Inc. (a)	135,200		337
Varian Semiconductor Equipment Associates, Inc. (a)	69,950		1,277
			25,905
Software - 2.1%
CA, Inc.	53,100		900
Electronic Arts, Inc. (a)	11,905		194
Informatica Corp. (a)	45,500		587
McAfee, Inc. (a)	29,385		821
Misys PLC	348,400		534
Oracle Corp. (a)	215,400		3,347
Phoenix Technologies Ltd. (a)	12,367		29
Quest Software, Inc. (a)	145,500		1,644
Sourcefire, Inc. (a)	137,700		932
Symantec Corp. (a)	107,500		1,487
THQ, Inc. (a)	204,100		510
			10,985
TOTAL INFORMATION TECHNOLOGY			99,421
MATERIALS - 5.6%
Chemicals - 2.6%
Airgas, Inc.	44,900		1,382
Albemarle Corp.	42,300		819
Arkema sponsored ADR	32,592		440
Celanese Corp. Class A	146,101		1,248
Lubrizol Corp.	27,000		742
Monsanto Co.	42,800		3,264
Solutia, Inc. (a)	197,500		741
Spartech Corp.	150,761		374
Symrise AG	61,300		561
Terra Industries, Inc.	21,600		557
The Mosaic Co.	35,800		1,541
Valspar Corp.	51,200		855
W.R. Grace & Co. (a)	200,326		1,122
			13,646
Containers & Packaging - 0.8%
Greif, Inc. Class A	18,400		566
Owens-Illinois, Inc. (a)	42,324		653
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - continued
Pactiv Corp. (a)	51,200		$ 810
Rock-Tenn Co. Class A	38,400		1,060
Temple-Inland, Inc.	248,568		1,181
			4,270
Metals & Mining - 2.2%
Agnico-Eagle Mines Ltd.	5,500		276
Alamos Gold, Inc. (a)	105,400		704
ArcelorMittal SA (NY Shares) Class A	25,300		489
Commercial Metals Co.	125,600		1,282
Companhia Vale do Rio Doce sponsored ADR	14,700		189
Eldorado Gold Corp. (a)	183,100		1,544
Franco-Nevada Corp.	3,800		81
Ivanhoe Mines Ltd. (a)	201,900		897
Lihir Gold Ltd. (a)	467,043		968
Newcrest Mining Ltd.	54,653		1,075
Newmont Mining Corp.	28,500		1,186
Red Back Mining, Inc. (a)(e)	8,500		52
Silver Wheaton Corp. (a)	57,900		395
Timminco Ltd. (a)	178,100		461
Titanium Metals Corp.	24,109		141
Yamana Gold, Inc.	196,000		1,713
			11,453
Paper & Forest Products - 0.0%
Clearwater Paper Corp. (a)	33,700		333
TOTAL MATERIALS			29,702
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	158,016		3,756
Cincinnati Bell, Inc. (a)	342,800		569
Qwest Communications International, Inc. (d)	1,078,743		3,657
Verizon Communications, Inc.	94,828		2,705
			10,687
Wireless Telecommunication Services - 0.3%
Crown Castle International Corp. (a)	3,300		58
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - continued
Sprint Nextel Corp. (a)	372,100		$ 1,224
Vivo Participacoes SA sponsored ADR	2,600		42
			1,324
TOTAL TELECOMMUNICATION SERVICES			12,011
UTILITIES - 3.3%
Electric Utilities - 1.9%
Allegheny Energy, Inc.	93,900		2,220
Entergy Corp.	20,502		1,382
Exelon Corp.	69,300		3,272
FirstEnergy Corp.	59,600		2,537
Public Power Corp. of Greece	31,600		478
			9,889
Gas Utilities - 0.2%
EQT Corp.	36,600		1,125
Questar Corp.	7,000		202
			1,327
Independent Power Producers & Energy Traders - 1.0%
AES Corp. (a)	97,400		614
NRG Energy, Inc. (a)	205,214		3,879
Reliant Energy, Inc. (a)	180,900		626
			5,119
Multi-Utilities - 0.2%
CMS Energy Corp.	29,400		325
Sempra Energy	18,000		748
			1,073
Water Utilities - 0.0%
Southwest Water Co.	9,616		46
TOTAL UTILITIES			17,454
TOTAL COMMON STOCKS (Cost $822,739)		512,714
Preferred Stocks - 1.2%
	Shares		Value (000s)
Convertible Preferred Stocks - 1.1%
ENERGY - 0.2%
Oil, Gas & Consumable Fuels - 0.2%
McMoRan Exploration Co. 6.75%	6,000		$ 246
SandRidge Energy, Inc. 8.50% (a)(e)	9,700		959
			1,205
FINANCIALS - 0.5%
Commercial Banks - 0.2%
East West Bancorp, Inc. Series A, 8.00%	400		185
Huntington Bancshares, Inc. 8.50%	1,219		318
UCBH Holdings, Inc. Series B, 8.50%	500		189
Wells Fargo & Co. 7.50%	1,200		552
			1,244
Diversified Financial Services - 0.3%
CIT Group, Inc. Series C, 8.75%	110,800		1,653
TOTAL FINANCIALS			2,897
HEALTH CARE - 0.2%
Pharmaceuticals - 0.2%
Mylan, Inc. 6.50%	1,300		1,056
MATERIALS - 0.2%
Metals & Mining - 0.2%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	16,700		903
TOTAL CONVERTIBLE PREFERRED STOCKS			6,061
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	147,006		380
TOTAL PREFERRED STOCKS (Cost $12,207)		6,441
Investment Companies - 0.2%

Ares Capital Corp. (Cost $3,796)	301,000		1,084

Corporate Bonds - 0.7%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.6%
CONSUMER DISCRETIONARY - 0.1%
Media - 0.1%
Virgin Media, Inc. 6.5% 11/15/16 (e)	$ 1,490		$ 803
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (e)	1,845		549
HEALTH CARE - 0.4%
Biotechnology - 0.2%
BioMarin Pharmaceutical, Inc. 1.875% 4/23/17	960		698
Pharmaceuticals - 0.2%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (e)	1,500		1,196
TOTAL HEALTH CARE			1,894
TOTAL CONVERTIBLE BONDS			3,246
Nonconvertible Bonds - 0.1%
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. 10.125% 12/15/16	2,462		320
TOTAL CORPORATE BONDS (Cost $5,640)		3,566

Money Market Funds - 0.8%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.59% (b)	331,333		$ 331
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	3,731,200		3,731
TOTAL MONEY MARKET FUNDS (Cost $4,062)		4,062
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $848,444)			527,867
NET OTHER ASSETS - (0.2)%			(1,028)
NET ASSETS - 100%		$ 526,839

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.

(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 $4,023,000 or 0.8% 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	$ 3
Fidelity Securities Lending Cash Central Fund	67
Total	$ 70

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 527,867	$ 495,677	$ 32,190	$ -

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	$ 3,694
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(2,276)
Cost of Purchases	-
Proceeds of Sales	(23)
Amortization/Accretion	-
Transfer in/out of Level 3	(1,395)
Ending Balance	$ -

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 February 28, 2009, the aggregate cost of investment securities for income tax purposes was $866,797,000. Net unrealized depreciation aggregated $338,930,000, of which $13,588,000 related to appreciated investment securities and $352,518,000 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 is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157). 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 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (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

February 28, 2009

1.797933.105

ARG-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 80.5%
	Shares		Value
CONSUMER DISCRETIONARY - 15.0%
Diversified Consumer Services - 2.0%
Apollo Group, Inc. Class A (non-vtg.) (a)	88,800		$ 6,438,000
Career Education Corp. (a)	64,300		1,586,281
ITT Educational Services, Inc. (a)	10,259		1,164,397
			9,188,678
Hotels, Restaurants & Leisure - 1.2%
Krispy Kreme Doughnuts, Inc. warrants 3/2/12 (a)	1,377		140
Paddy Power PLC (Ireland)	189,000		2,620,725
Wendy's/Arby's Group, Inc.	581,011		2,631,980
			5,252,845
Media - 11.7%
CBS Corp. Class B	530,200		2,263,954
Comcast Corp. Class A (special) (non-vtg.)	639,707		7,772,440
Interpublic Group of Companies, Inc. (a)	1,135,500		4,326,255
Mediacom Communications Corp. Class A (a)	386,164		1,506,040
The DIRECTV Group, Inc. (a)	205,000		4,087,700
The Walt Disney Co.	1,643,714		27,565,084
Virgin Media, Inc. (d)	989,761		4,731,058
			52,252,531
Specialty Retail - 0.1%
Lowe's Companies, Inc.	32,300		511,632
TOTAL CONSUMER DISCRETIONARY			67,205,686
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 0.3%
Wal-Mart Stores, Inc.	27,400		1,349,176
Tobacco - 0.8%
Lorillard, Inc.	58,600		3,424,584
TOTAL CONSUMER STAPLES			4,773,760
ENERGY - 4.0%
Energy Equipment & Services - 0.2%
Willbros Group, Inc. (a)	90,064		646,660
Oil, Gas & Consumable Fuels - 3.8%
Arch Coal, Inc.	90,500		1,257,950
Chesapeake Energy Corp.	134,500		2,103,580
EXCO Resources, Inc. (a)	229,028		2,086,445
James River Coal Co. (a)	195,456		2,148,061
Petrohawk Energy Corp. (a)	43,400		738,668
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleo Brasileiro SA - Petrobras sponsored ADR	207,600		$ 5,756,748
Range Resources Corp.	43,000		1,529,510
XTO Energy, Inc.	48,200		1,526,012
			17,146,974
TOTAL ENERGY			17,793,634
FINANCIALS - 9.3%
Capital Markets - 3.3%
Goldman Sachs Group, Inc.	53,800		4,900,104
Janus Capital Group, Inc.	251,939		1,111,051
Morgan Stanley	403,665		7,887,614
T. Rowe Price Group, Inc.	43,477		988,667
			14,887,436
Commercial Banks - 0.1%
TCF Financial Corp.	26,700		327,342
Diversified Financial Services - 4.3%
CME Group, Inc.	106,306		19,390,214
Insurance - 0.5%
MetLife, Inc.	75,300		1,390,038
Prudential Financial, Inc.	69,900		1,147,059
			2,537,097
Real Estate Investment Trusts - 0.4%
Camden Property Trust (SBI)	37,700		708,383
The Macerich Co. (d)	85,800		979,836
			1,688,219
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	1,039,808		3,005,045
TOTAL FINANCIALS			41,835,353
HEALTH CARE - 19.4%
Biotechnology - 7.6%
Actelion Ltd. (Reg.) (a)	32,150		1,520,292
Biogen Idec, Inc. (a)	601,624		27,698,771
Celgene Corp. (a)	69,200		3,095,316
Cephalon, Inc. (a)	26,600		1,744,694
			34,059,073
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 2.4%
Amedisys, Inc. (a)	10,757		$ 351,861
IPC The Hospitalist Co., Inc. (a)	11,948		191,407
LHC Group, Inc. (a)	10,010		199,499
VCA Antech, Inc. (a)	489,114		10,168,680
			10,911,447
Life Sciences Tools & Services - 0.6%
Techne Corp.	56,402		2,755,238
Pharmaceuticals - 8.8%
Allergan, Inc.	91,027		3,526,386
Bristol-Myers Squibb Co.	356,225		6,558,102
Cadence Pharmaceuticals, Inc. (a)	54,288		346,357
Elan Corp. PLC sponsored ADR (a)	711,800		4,398,924
Merck & Co., Inc.	202,427		4,898,733
Pfizer, Inc.	1,049,430		12,918,483
Questcor Pharmaceuticals, Inc. (a)	125,278		608,851
Schering-Plough Corp.	220,547		3,835,312
Wyeth	53,800		2,196,116
			39,287,264
TOTAL HEALTH CARE			87,013,022
INDUSTRIALS - 9.4%
Airlines - 7.0%
AMR Corp. (a)	2,727,332		11,154,788
Continental Airlines, Inc. Class B (a)	997,590		9,995,852
Delta Air Lines, Inc. (a)	697,628		3,509,069
UAL Corp. (a)	807,929		3,966,931
US Airways Group, Inc. (a)	1,010,300		2,879,355
			31,505,995
Electrical Equipment - 1.5%
Alstom SA	140,836		6,607,243
Machinery - 0.3%
Deere & Co.	41,641		1,144,711
Marine - 0.6%
Diana Shipping, Inc.	214,300		2,513,739
Genco Shipping & Trading Ltd.	16,100		197,547
			2,711,286
TOTAL INDUSTRIALS			41,969,235
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - 9.4%
Communications Equipment - 2.2%
Alcatel-Lucent SA sponsored ADR (a)	516,400		$ 676,484
Cisco Systems, Inc. (a)	299,000		4,356,430
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR	570,300		4,653,648
			9,686,562
Computers & Peripherals - 0.3%
NetApp, Inc. (a)	100,760		1,354,214
Internet Software & Services - 1.3%
DealerTrack Holdings, Inc. (a)	176,090		1,859,510
Equinix, Inc. (a)(d)	86,073		3,994,648
			5,854,158
Semiconductors & Semiconductor Equipment - 4.3%
Applied Materials, Inc.	1,025,100		9,441,171
ASML Holding NV (NY Shares)	138,300		2,092,479
KLA-Tencor Corp.	159,629		2,753,600
Kulicke & Soffa Industries, Inc. (a)	278,266		375,659
Lam Research Corp. (a)	175,998		3,442,521
Novellus Systems, Inc. (a)	87,200		1,111,800
			19,217,230
Software - 1.3%
Autonomy Corp. PLC (a)	53,300		918,498
Oracle Corp. (a)	313,600		4,873,344
			5,791,842
TOTAL INFORMATION TECHNOLOGY			41,904,006
MATERIALS - 5.1%
Chemicals - 3.5%
FMC Corp.	72,568		2,933,924
Monsanto Co.	147,802		11,272,859
Terra Industries, Inc.	64,600		1,666,034
			15,872,817
Metals & Mining - 1.6%
AngloGold Ashanti Ltd. sponsored ADR	101,100		3,015,813
Gold Fields Ltd. sponsored ADR	181,000		1,842,580
Harmony Gold Mining Co. Ltd. sponsored ADR (a)(d)	191,700		2,296,566
			7,154,959
TOTAL MATERIALS			23,027,776
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 7.8%
Diversified Telecommunication Services - 4.1%
Cbeyond, Inc. (a)	249,611		$ 3,596,895
Qwest Communications International, Inc. (d)	4,319,200		14,642,088
			18,238,983
Wireless Telecommunication Services - 3.7%
Crown Castle International Corp. (a)	157,420		2,761,147
Leap Wireless International, Inc. (a)	203,583		5,519,135
Millicom International Cellular SA	58,800		2,314,956
Sprint Nextel Corp. (a)	1,843,471		6,065,020
			16,660,258
TOTAL TELECOMMUNICATION SERVICES			34,899,241
TOTAL COMMON STOCKS (Cost $642,262,964)		360,421,713
Money Market Funds - 24.4%

Fidelity Cash Central Fund, 0.59% (b)	85,310,588		85,310,588
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	23,837,225		23,837,225
TOTAL MONEY MARKET FUNDS (Cost $109,147,813)		109,147,813
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $751,410,777)			469,569,526
NET OTHER ASSETS - (4.9)%			(21,799,579)
NET ASSETS - 100%		$ 447,769,947

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 76,031
Fidelity Securities Lending Cash Central Fund	134,539
Total	$ 210,570

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 469,569,526	$ 457,902,628	$ 11,666,898	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $754,058,765. Net unrealized depreciation aggregated $284,489,239, of which $6,317,620 related to appreciated investment securities and $290,806,859 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797923.105

EPG-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 6.4%
Diversified Consumer Services - 2.0%
H&R Block, Inc.	860,699		$ 16,439
Strayer Education, Inc.	195,004		33,102
Universal Technical Institute, Inc. (a)	30,900		341
			49,882
Hotels, Restaurants & Leisure - 2.2%
Burger King Holdings, Inc.	430,853		9,259
Chipotle Mexican Grill, Inc. Class B (a)	28,400		1,425
Marriott International, Inc. Class A	380,800		5,392
McDonald's Corp.	768,824		40,171
Starwood Hotels & Resorts Worldwide, Inc.	18,300		212
			56,459
Media - 0.2%
The Walt Disney Co.	271,900		4,560
Multiline Retail - 0.5%
Target Corp.	409,100		11,582
Specialty Retail - 1.3%
DSW, Inc. Class A (a)(d)	937,317		8,164
Lowe's Companies, Inc.	763,000		12,086
O'Reilly Automotive, Inc. (a)	391,000		13,044
			33,294
Textiles, Apparel & Luxury Goods - 0.2%
American Apparel, Inc. (a)	541,500		931
Lululemon Athletica, Inc. (a)(d)	586,089		3,352
			4,283
TOTAL CONSUMER DISCRETIONARY			160,060
CONSUMER STAPLES - 8.5%
Beverages - 1.8%
PepsiCo, Inc.	326,430		15,714
The Coca-Cola Co.	713,259		29,137
			44,851
Food & Staples Retailing - 1.3%
Costco Wholesale Corp.	272,200		11,525
CVS Caremark Corp.	263,315		6,778
Wal-Mart Stores, Inc.	304,000		14,969
			33,272
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - 2.7%
Flowers Foods, Inc.	385,120		$ 8,592
Nestle SA sponsored ADR	1,850,500		60,160
			68,752
Household Products - 2.1%
Colgate-Palmolive Co.	349,700		21,045
Procter & Gamble Co.	664,583		32,013
			53,058
Personal Products - 0.1%
Mead Johnson Nutrition Co. Class A (a)	46,800		1,291
Tobacco - 0.5%
Philip Morris International, Inc.	408,200		13,662
TOTAL CONSUMER STAPLES			214,886
ENERGY - 5.2%
Energy Equipment & Services - 0.6%
Schlumberger Ltd. (NY Shares)	385,200		14,661
Oil, Gas & Consumable Fuels - 4.6%
Chesapeake Energy Corp.	2,567,177		40,151
Denbury Resources, Inc. (a)	1,918,423		24,709
Occidental Petroleum Corp.	120,539		6,252
Southwestern Energy Co. (a)	1,154,405		33,212
Ultra Petroleum Corp. (a)	333,292		11,712
			116,036
TOTAL ENERGY			130,697
FINANCIALS - 18.3%
Capital Markets - 6.8%
Bank of New York Mellon Corp.	661,200		14,659
Charles Schwab Corp.	1,340,133		17,033
Credit Suisse Group sponsored ADR	55,000		1,329
Goldman Sachs Group, Inc.	921,587		83,938
JMP Group, Inc.	124,100		676
Morgan Stanley	2,020,343		39,478
Northern Trust Corp.	96,200		5,344
State Street Corp.	285,500		7,215
UBS AG (NY Shares)	209,500		1,896
			171,568
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - 3.1%
PNC Financial Services Group, Inc.	1,014,704		$ 27,742
Wells Fargo & Co.	4,133,823		50,019
			77,761
Consumer Finance - 0.4%
American Express Co.	667,300		8,048
SLM Corp. (a)	141,600		651
			8,699
Diversified Financial Services - 2.8%
Bank of America Corp.	1,393,763		5,505
CIT Group, Inc.	6,100		15
Citigroup, Inc.	1,866,536		2,800
JPMorgan Chase & Co.	2,758,222		63,025
			71,345
Insurance - 5.1%
Berkshire Hathaway, Inc. Class B (a)	49,606		127,188
Willis Group Holdings Ltd.	93,178		2,040
			129,228
Real Estate Investment Trusts - 0.1%
SL Green Realty Corp.	46,935		545
Vornado Realty Trust	17,300		566
			1,111
TOTAL FINANCIALS			459,712
HEALTH CARE - 24.5%
Biotechnology - 7.3%
Biogen Idec, Inc. (a)	1,006,095		46,321
Celgene Corp. (a)	429,502		19,212
CSL Ltd.	2,398,027		55,458
Genzyme Corp. (a)	223,500		13,618
Gilead Sciences, Inc. (a)	575,972		25,804
Myriad Genetics, Inc. (a)	231,464		18,251
OSI Pharmaceuticals, Inc. (a)	176,000		6,002
			184,666
Health Care Equipment & Supplies - 5.7%
Alcon, Inc.	163,600		13,474
Baxter International, Inc.	891,037		45,363
C.R. Bard, Inc.	247,300		19,848
Covidien Ltd.	973,490		30,830
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
DENTSPLY International, Inc. (d)	970,820		$ 22,445
NuVasive, Inc. (a)	62,130		1,761
ResMed, Inc. (a)	145,542		5,368
Varian Medical Systems, Inc. (a)	116,800		3,564
			142,653
Health Care Providers & Services - 7.3%
Express Scripts, Inc. (a)	566,219		28,481
Henry Schein, Inc. (a)	356,786		13,087
McKesson Corp.	187,600		7,695
Medco Health Solutions, Inc. (a)	2,879,857		116,865
UnitedHealth Group, Inc.	844,200		16,589
			182,717
Life Sciences Tools & Services - 0.3%
Sequenom, Inc. (a)(d)	231,848		3,392
Thermo Fisher Scientific, Inc. (a)	110,200		3,996
			7,388
Pharmaceuticals - 3.9%
Johnson & Johnson	611,415		30,571
Novo Nordisk AS Series B	557,121		27,121
Pfizer, Inc.	549,892		6,769
Teva Pharmaceutical Industries Ltd. sponsored ADR	291,035		12,974
Wyeth	494,100		20,169
			97,604
TOTAL HEALTH CARE			615,028
INDUSTRIALS - 3.4%
Building Products - 0.3%
USG Corp. (a)	1,201,508		6,933
Machinery - 2.1%
CLARCOR, Inc.	302,200		7,966
Cummins, Inc.	579,866		12,061
Danaher Corp.	628,000		31,877
PACCAR, Inc.	10,700		268
			52,172
Professional Services - 0.8%
Equifax, Inc.	180,700		3,885
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
FTI Consulting, Inc. (a)	388,184		$ 14,184
Robert Half International, Inc.	202,800		3,117
			21,186
Trading Companies & Distributors - 0.2%
Fastenal Co. (d)	157,057		4,731
TOTAL INDUSTRIALS			85,022
INFORMATION TECHNOLOGY - 29.7%
Communications Equipment - 8.6%
Cisco Systems, Inc. (a)	4,091,458		59,613
Corning, Inc.	677,200		7,144
Juniper Networks, Inc. (a)	3,054,768		43,408
QUALCOMM, Inc.	3,209,147		107,282
			217,447
Computers & Peripherals - 1.0%
Apple, Inc. (a)	284,337		25,394
Electronic Equipment & Components - 0.1%
BYD Co. Ltd. (H Shares)	905,500		1,748
Internet Software & Services - 7.6%
Baidu.com, Inc. sponsored ADR (a)(d)	8,604		1,276
Google, Inc. Class A (sub. vtg.) (a)	204,012		68,954
The Knot, Inc. (a)	760,785		4,709
VeriSign, Inc. (a)	5,959,237		115,192
			190,131
IT Services - 6.9%
Cognizant Technology Solutions Corp. Class A (a)	681,993		12,549
Infosys Technologies Ltd. sponsored ADR	501,300		12,131
MasterCard, Inc. Class A	44,029		6,958
SAIC, Inc. (a)	565,462		10,693
The Western Union Co.	3,090,288		34,488
Visa, Inc. (d)	1,687,111		95,676
			172,495
Semiconductors & Semiconductor Equipment - 3.9%
Analog Devices, Inc.	78,364		1,461
Applied Materials, Inc.	4,144,099		38,167
Broadcom Corp. Class A (a)	2,594,280		42,676
Monolithic Power Systems, Inc. (a)	164,399		2,129
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Netlogic Microsystems, Inc. (a)	487,093		$ 11,549
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	362,500		2,733
			98,715
Software - 1.6%
Autonomy Corp. PLC (a)	1,446,770		24,932
EPIQ Systems, Inc. (a)	28,300		477
Jack Henry & Associates, Inc.	229,600		3,658
Oracle Corp. (a)	804,900		12,508
			41,575
TOTAL INFORMATION TECHNOLOGY			747,505
MATERIALS - 2.0%
Chemicals - 1.8%
Ecolab, Inc.	461,800		14,676
Monsanto Co.	415,958		31,725
			46,401
Construction Materials - 0.2%
Eagle Materials, Inc. (d)	201,200		3,837
TOTAL MATERIALS			50,238
TELECOMMUNICATION SERVICES - 0.8%
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	572,400		16,668
Vivo Participacoes SA sponsored ADR	260,400		4,221
			20,889
UTILITIES - 0.6%
Electric Utilities - 0.6%
Exelon Corp.	302,200		14,270
TOTAL COMMON STOCKS (Cost $3,513,937)		2,498,307
Money Market Funds - 4.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.59% (b)	61,558,782		$ 61,559
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	43,659,771		43,660
TOTAL MONEY MARKET FUNDS (Cost $105,219)		105,219
TOTAL INVESTMENT PORTFOLIO - 103.6% (Cost $3,619,156)			2,603,526
NET OTHER ASSETS - (3.6)%			(89,270)
NET ASSETS - 100%		$ 2,514,256

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 324
Fidelity Securities Lending Cash Central Fund	72
Total	$ 396

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 2,603,526	$ 2,494,267	$ 109,259	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $3,662,188,000. Net unrealized depreciation aggregated $1,058,662,000, of which $18,723,000 related to appreciated investment securities and $1,077,385,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797924.105

EPI-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.0%
Auto Components - 0.9%
Gentex Corp.	386,200		$ 3,090
Johnson Controls, Inc.	989,700		11,263
Magna International, Inc. Class A	152,600		3,915
The Goodyear Tire & Rubber Co. (a)	1,554,200		6,901
			25,169
Automobiles - 0.3%
Fiat SpA	645,223		2,885
Harley-Davidson, Inc. (d)	553,900		5,594
			8,479
Diversified Consumer Services - 0.9%
H&R Block, Inc.	1,191,400		22,756
Hotels, Restaurants & Leisure - 0.4%
Krispy Kreme Doughnuts, Inc. warrants 3/2/12 (a)	4,839		0
Starbucks Corp. (a)	941,400		8,614
Starwood Hotels & Resorts Worldwide, Inc.	167,700		1,944
			10,558
Household Durables - 2.8%
Black & Decker Corp.	186,400		4,412
Lennar Corp. Class A	229,700		1,534
Newell Rubbermaid, Inc.	808,100		4,566
The Stanley Works	191,000		5,111
Toll Brothers, Inc. (a)	3,200,000		50,720
Whirlpool Corp.	347,600		7,727
			74,070
Media - 3.3%
Comcast Corp. Class A	1,623,600		21,204
Interpublic Group of Companies, Inc. (a)	615,300		2,344
Liberty Global, Inc. Class A (a)	277,415		3,404
McGraw-Hill Companies, Inc.	135,300		2,669
Scripps Networks Interactive, Inc. Class A	524,700		10,447
The Walt Disney Co.	582,200		9,763
Time Warner Cable, Inc. (a)	362,200		6,603
Time Warner, Inc.	3,359,400		25,632
Viacom, Inc. Class B (non-vtg.) (a)	210,000		3,232
Virgin Media, Inc.	623,100		2,978
			88,276
Multiline Retail - 2.1%
JCPenney Co., Inc. (d)	331,600		5,083
Kohl's Corp. (a)	801,400		28,161
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Macy's, Inc.	572,500		$ 4,506
Target Corp.	635,000		17,977
			55,727
Specialty Retail - 3.3%
Home Depot, Inc.	2,000,000		41,780
Lowe's Companies, Inc.	585,600		9,276
PetSmart, Inc.	310,000		6,212
RadioShack Corp.	244,000		1,789
Staples, Inc.	1,219,700		19,454
Tiffany & Co., Inc. (d)	354,700		6,753
Williams-Sonoma, Inc.	455,200		3,974
			89,238
Textiles, Apparel & Luxury Goods - 0.0%
Liz Claiborne, Inc.	357,500		997
TOTAL CONSUMER DISCRETIONARY			375,270
CONSUMER STAPLES - 5.7%
Beverages - 1.0%
Carlsberg AS Series B	255,900		8,623
Heineken NV (Bearer)	128,800		3,438
The Coca-Cola Co.	373,200		15,245
			27,306
Food & Staples Retailing - 1.3%
CVS Caremark Corp.	324,100		8,342
Wal-Mart Stores, Inc.	458,700		22,586
Winn-Dixie Stores, Inc. (a)	295,900		2,861
			33,789
Food Products - 1.1%
Hershey Co.	22,800		768
Kraft Foods, Inc. Class A	249,300		5,679
Nestle SA (Reg.)	454,770		14,865
Tyson Foods, Inc. Class A	1,004,700		8,470
			29,782
Household Products - 1.1%
Kimberly-Clark Corp.	281,800		13,276
Procter & Gamble Co.	360,300		17,356
			30,632
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.3%
Avon Products, Inc.	375,000		$ 6,596
Tobacco - 0.9%
Philip Morris International, Inc.	726,400		24,313
TOTAL CONSUMER STAPLES			152,418
ENERGY - 18.7%
Energy Equipment & Services - 2.5%
BJ Services Co.	264,900		2,562
Halliburton Co.	551,500		8,995
Noble Corp.	939,500		23,102
Pride International, Inc. (a)	219,400		3,782
Schlumberger Ltd. (NY Shares)	705,800		26,863
			65,304
Oil, Gas & Consumable Fuels - 16.2%
Anadarko Petroleum Corp.	120,700		4,218
Apache Corp.	270,300		15,972
Chesapeake Energy Corp.	234,000		3,660
Chevron Corp.	1,670,700		101,428
ConocoPhillips	1,500,000		56,025
CONSOL Energy, Inc.	151,800		4,137
Devon Energy Corp.	97,800		4,271
EOG Resources, Inc.	331,000		16,563
Exxon Mobil Corp.	1,850,200		125,632
Hess Corp.	345,700		18,906
Occidental Petroleum Corp.	528,300		27,403
Peabody Energy Corp.	145,600		3,446
Royal Dutch Shell PLC:
Class A sponsored ADR	641,000		28,185
Class B ADR	160,500		6,818
Total SA sponsored ADR	250,800		11,838
Williams Companies, Inc.	528,200		5,969
			434,471
TOTAL ENERGY			499,775
FINANCIALS - 17.2%
Capital Markets - 5.7%
Bank of New York Mellon Corp.	1,754,200		38,891
Credit Suisse Group sponsored ADR	459,900		11,111
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Deutsche Bank AG (NY Shares)	143,800		$ 3,676
Goldman Sachs Group, Inc.	380,000		34,610
Morgan Stanley	2,400,000		46,896
State Street Corp.	245,500		6,204
T. Rowe Price Group, Inc.	167,000		3,798
UBS AG (NY Shares)	747,300		6,763
			151,949
Commercial Banks - 4.0%
Huntington Bancshares, Inc.	263,400		385
KeyCorp	947,300		6,641
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	2,451,700		10,959
PNC Financial Services Group, Inc. (d)	949,400		25,957
U.S. Bancorp, Delaware	668,100		9,561
Wells Fargo & Co.	4,500,000		54,450
			107,953
Consumer Finance - 0.2%
Capital One Financial Corp.	185,800		2,239
SLM Corp. (a)	594,900		2,737
			4,976
Diversified Financial Services - 4.6%
Bank of America Corp.	5,961,091		23,546
CIT Group, Inc.	912,500		2,236
Citigroup, Inc.	3,800,000		5,700
CME Group, Inc.	22,100		4,031
JPMorgan Chase & Co.	3,900,000		89,115
			124,628
Insurance - 2.1%
ACE Ltd.	479,300		17,499
Allianz AG sponsored ADR	289,600		1,917
American International Group, Inc.	626,839		263
Hartford Financial Services Group, Inc.	410,000		2,501
MBIA, Inc. (a)	205,700		564
MetLife, Inc.	222,700		4,111
Montpelier Re Holdings Ltd.	750,700		9,534
The Travelers Companies, Inc.	516,613		18,676
			55,065
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.4%
HCP, Inc.	390,800		$ 7,140
Senior Housing Properties Trust (SBI)	324,400		4,094
			11,234
Thrifts & Mortgage Finance - 0.2%
New York Community Bancorp, Inc.	534,500		5,265
TOTAL FINANCIALS			461,070
HEALTH CARE - 9.1%
Biotechnology - 0.7%
Amgen, Inc. (a)	414,300		20,272
Health Care Equipment & Supplies - 0.7%
Boston Scientific Corp. (a)	908,400		6,377
Covidien Ltd.	371,400		11,762
			18,139
Health Care Providers & Services - 0.1%
UnitedHealth Group, Inc.	125,400		2,464
Pharmaceuticals - 7.6%
Bristol-Myers Squibb Co.	717,500		13,209
Johnson & Johnson	886,400		44,320
Merck & Co., Inc.	1,055,700		25,548
Pfizer, Inc.	4,063,400		50,020
Schering-Plough Corp.	960,000		16,694
Wyeth	1,314,200		53,646
			203,437
TOTAL HEALTH CARE			244,312
INDUSTRIALS - 8.6%
Aerospace & Defense - 2.8%
General Dynamics Corp.	114,300		5,009
Honeywell International, Inc.	1,135,100		30,455
Spirit AeroSystems Holdings, Inc. Class A (a)	517,600		5,135
The Boeing Co.	353,000		11,098
United Technologies Corp.	576,400		23,534
			75,231
Building Products - 0.2%
Masco Corp.	828,500		4,267
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 0.2%
Avery Dennison Corp.	274,000		$ 5,521
Electrical Equipment - 0.0%
Regal-Beloit Corp.	22,400		642
Industrial Conglomerates - 3.1%
3M Co.	341,400		15,520
General Electric Co.	3,216,300		27,371
Rheinmetall AG	197,300		6,448
Siemens AG sponsored ADR	397,700		20,132
Textron, Inc.	842,600		4,761
Tyco International Ltd.	424,100		8,503
			82,735
Machinery - 1.8%
Caterpillar, Inc.	61,600		1,516
Cummins, Inc.	250,000		5,200
Danaher Corp.	155,300		7,883
Eaton Corp.	262,100		9,475
Illinois Tool Works, Inc.	198,100		5,507
Ingersoll-Rand Co. Ltd. Class A	401,600		5,695
Kennametal, Inc.	304,300		4,966
SPX Corp.	188,100		8,329
			48,571
Professional Services - 0.1%
Equifax, Inc.	168,200		3,616
Road & Rail - 0.4%
Burlington Northern Santa Fe Corp.	60,600		3,561
Union Pacific Corp.	181,000		6,791
			10,352
TOTAL INDUSTRIALS			230,935
INFORMATION TECHNOLOGY - 8.9%
Communications Equipment - 1.0%
Cisco Systems, Inc. (a)	1,538,400		22,414
Motorola, Inc.	1,427,300		5,024
			27,438
Computers & Peripherals - 2.0%
EMC Corp. (a)	224,400		2,356
Hewlett-Packard Co.	777,000		22,556
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
International Business Machines Corp.	304,400		$ 28,014
Seagate Technology	176,900		761
			53,687
Electronic Equipment & Components - 0.2%
Tyco Electronics Ltd.	573,400		5,436
Internet Software & Services - 0.2%
VeriSign, Inc. (a)	273,200		5,281
IT Services - 0.8%
MoneyGram International, Inc. (a)	232,100		325
The Western Union Co.	812,100		9,063
Visa, Inc.	200,800		11,387
			20,775
Office Electronics - 0.1%
Xerox Corp.	689,800		3,573
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	596,000		11,109
Applied Materials, Inc.	2,000,000		18,420
Intel Corp.	2,397,400		30,543
Micron Technology, Inc. (a)	547,600		1,763
National Semiconductor Corp.	1,097,500		11,963
			73,798
Software - 1.9%
CA, Inc.	378,900		6,422
Microsoft Corp.	1,024,900		16,552
Oracle Corp. (a)	1,100,000		17,094
Symantec Corp. (a)	706,400		9,770
			49,838
TOTAL INFORMATION TECHNOLOGY			239,826
MATERIALS - 1.2%
Chemicals - 0.7%
E.I. du Pont de Nemours & Co.	536,400		10,063
H.B. Fuller Co.	214,600		2,446
Linde AG	84,900		5,437
			17,946
Metals & Mining - 0.5%
Alcoa, Inc.	828,000		5,158
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
Commercial Metals Co.	339,600		$ 3,467
Nucor Corp.	170,400		5,734
			14,359
TOTAL MATERIALS			32,305
TELECOMMUNICATION SERVICES - 8.4%
Diversified Telecommunication Services - 7.7%
AT&T, Inc.	5,235,500		124,448
Qwest Communications International, Inc.	5,699,700		19,322
Verizon Communications, Inc.	2,183,400		62,292
			206,062
Wireless Telecommunication Services - 0.7%
Sprint Nextel Corp. (a)	2,493,136		8,202
Vodafone Group PLC sponsored ADR	557,300		9,892
			18,094
TOTAL TELECOMMUNICATION SERVICES			224,156
UTILITIES - 4.0%
Electric Utilities - 2.0%
Allegheny Energy, Inc.	720,700		17,037
Entergy Corp.	274,700		18,512
Exelon Corp.	390,900		18,458
			54,007
Independent Power Producers & Energy Traders - 0.4%
AES Corp. (a)	1,495,400		9,421
Multi-Utilities - 1.6%
Public Service Enterprise Group, Inc.	920,700		25,126
Wisconsin Energy Corp.	463,100		18,441
			43,567
TOTAL UTILITIES			106,995
TOTAL COMMON STOCKS (Cost $3,224,818)		2,567,062
Convertible Preferred Stocks - 0.9%
	Shares		Value (000s)
FINANCIALS - 0.3%
Commercial Banks - 0.1%
Fifth Third Bancorp 8.50%	25,000		$ 754
Huntington Bancshares, Inc. 8.50%	5,200		1,356
			2,110
Diversified Financial Services - 0.1%
Bank of America Corp. Series L, 7.25%	9,700		3,444
Insurance - 0.1%
American International Group, Inc. Series A, 8.50%	333,300		1,537
TOTAL FINANCIALS			7,091
HEALTH CARE - 0.3%
Pharmaceuticals - 0.3%
Schering-Plough Corp. 6.00%	51,900		8,824
MATERIALS - 0.3%
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	129,700		7,015
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $47,965)		22,930
Money Market Funds - 4.7%

Fidelity Cash Central Fund, 0.59% (b)	86,602,521		86,603
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	39,111,950		39,112
TOTAL MONEY MARKET FUNDS (Cost $125,715)		125,715
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $3,398,498)			2,715,707
NET OTHER ASSETS - (1.4)%			(36,364)
NET ASSETS - 100%		$ 2,679,343

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 52
Fidelity Securities Lending Cash Central Fund	71
Total	$ 123

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 2,715,707	$ 2,652,437	$ 63,270	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $3,448,052,000. Net unrealized depreciation aggregated $732,345,000, of which $154,532,000 related to appreciated investment securities and $886,877,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797934.105

AEV-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%
	Shares		Value
CONSUMER DISCRETIONARY - 10.7%
Auto Components - 0.5%
Federal-Mogul Corp. Class A (a)	34,600		$ 223,862
Gentex Corp.	11,000		88,000
			311,862
Diversified Consumer Services - 1.1%
Brinks Home Security Holdings, Inc. (a)	6,773		142,030
H&R Block, Inc.	12,500		238,750
Hillenbrand, Inc.	21,500		360,555
			741,335
Hotels, Restaurants & Leisure - 1.2%
McDonald's Corp.	13,300		694,925
WMS Industries, Inc. (a)	4,000		72,520
			767,445
Household Durables - 4.3%
Black & Decker Corp.	7,100		168,057
Centex Corp.	41,555		258,057
D.R. Horton, Inc.	41,520		350,844
KB Home	45,642		406,214
Meritage Homes Corp. (a)	36,510		362,179
NVR, Inc. (a)	600		199,662
Pulte Homes, Inc.	49,544		454,814
Ryland Group, Inc.	28,560		403,553
The Stanley Works	7,090		189,728
			2,793,108
Media - 0.8%
The Walt Disney Co.	17,200		288,444
Time Warner, Inc.	32,900		251,027
			539,471
Specialty Retail - 2.2%
Home Depot, Inc.	29,300		612,077
Lowe's Companies, Inc.	15,000		237,600
OfficeMax, Inc.	18,600		71,052
Staples, Inc.	17,149		273,527
The Children's Place Retail Stores, Inc. (a)	15,614		285,424
			1,479,680
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.6%
Polo Ralph Lauren Corp. Class A	4,500		$ 155,115
VF Corp.	4,200		217,980
			373,095
TOTAL CONSUMER DISCRETIONARY			7,005,996
CONSUMER STAPLES - 5.7%
Beverages - 0.9%
Carlsberg AS:
Series A	3,583		137,737
Series B	825		27,801
Molson Coors Brewing Co. Class B	3,400		119,782
The Coca-Cola Co.	7,300		298,205
			583,525
Food & Staples Retailing - 1.5%
Kroger Co.	12,500		258,375
Wal-Mart Stores, Inc.	12,800		630,272
Winn-Dixie Stores, Inc. (a)	10,400		100,568
			989,215
Food Products - 0.7%
Cermaq ASA	800		3,237
Ralcorp Holdings, Inc. (a)	4,200		254,520
Tyson Foods, Inc. Class A	26,000		219,180
			476,937
Household Products - 1.2%
Procter & Gamble Co.	16,500		794,805
Tobacco - 1.4%
British American Tobacco PLC (United Kingdom)	16,700		426,814
Philip Morris International, Inc.	13,230		442,808
			869,622
TOTAL CONSUMER STAPLES			3,714,104
ENERGY - 17.9%
Energy Equipment & Services - 1.6%
National Oilwell Varco, Inc. (a)	23,432		626,337
Noble Corp.	16,500		405,735
			1,032,072
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 16.3%
Chesapeake Energy Corp.	26,500		$ 414,460
Chevron Corp.	32,500		1,973,075
ConocoPhillips	23,700		885,195
Exxon Mobil Corp.	76,260		5,178,054
Foundation Coal Holdings, Inc.	21,000		337,680
Noble Energy, Inc.	10,200		464,508
Range Resources Corp.	9,900		352,143
Southwestern Energy Co. (a)	22,200		638,694
Ultra Petroleum Corp. (a)	11,300		397,082
			10,640,891
TOTAL ENERGY			11,672,963
FINANCIALS - 20.0%
Capital Markets - 4.1%
Bank of New York Mellon Corp.	27,549		610,761
Charles Schwab Corp.	26,400		335,544
Goldman Sachs Group, Inc.	10,000		910,800
Morgan Stanley	42,600		832,404
			2,689,509
Commercial Banks - 4.8%
Comerica, Inc.	13,500		202,635
KeyCorp	54,700		383,447
Pacific Continental Corp.	10,435		117,289
PacWest Bancorp	18,170		248,566
PNC Financial Services Group, Inc.	10,000		273,400
TCF Financial Corp.	18,400		225,584
U.S. Bancorp, Delaware	32,100		459,351
Wells Fargo & Co.	98,300		1,189,430
			3,099,702
Diversified Financial Services - 4.6%
Bank of America Corp.	161,680		638,636
Citigroup, Inc.	153,700		230,550
JPMorgan Chase & Co.	92,674		2,117,601
			2,986,787
Insurance - 5.2%
ACE Ltd.	9,700		354,147
Axis Capital Holdings Ltd.	24,982		559,097
Endurance Specialty Holdings Ltd.	21,900		489,903
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Everest Re Group Ltd.	15,900		$ 1,035,567
MetLife, Inc.	7,752		143,102
Reinsurance Group of America, Inc.	2,900		78,880
RenaissanceRe Holdings Ltd.	8,400		378,252
The Travelers Companies, Inc.	10,200		368,730
			3,407,678
Real Estate Investment Trusts - 0.4%
CBL & Associates Properties, Inc.	40,425		125,318
Vornado Realty Trust	3,000		98,190
			223,508
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	68,100		196,809
Forestar Group, Inc. (a)	27,800		209,056
			405,865
Thrifts & Mortgage Finance - 0.3%
Washington Federal, Inc.	18,600		211,854
TOTAL FINANCIALS			13,024,903
HEALTH CARE - 13.8%
Biotechnology - 1.5%
Amgen, Inc. (a)	15,400		753,522
Biogen Idec, Inc. (a)	5,100		234,804
			988,326
Health Care Equipment & Supplies - 2.3%
Baxter International, Inc.	8,900		453,099
C.R. Bard, Inc.	4,312		346,081
Covidien Ltd.	16,568		524,709
Hospira, Inc. (a)	7,900		183,280
			1,507,169
Health Care Providers & Services - 1.2%
AmerisourceBergen Corp.	7,100		225,496
Medco Health Solutions, Inc. (a)	7,647		310,315
Universal Health Services, Inc. Class B	5,300		195,199
			731,010
Pharmaceuticals - 8.8%
Johnson & Johnson	23,200		1,160,000
Merck & Co., Inc.	35,100		849,420
Pfizer, Inc.	159,800		1,967,138
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Schering-Plough Corp.	25,000		$ 434,750
Teva Pharmaceutical Industries Ltd. sponsored ADR	8,300		370,014
Wyeth	23,600		963,352
			5,744,674
TOTAL HEALTH CARE			8,971,179
INDUSTRIALS - 5.4%
Aerospace & Defense - 1.6%
Heico Corp. Class A	4,751		94,877
Lockheed Martin Corp.	2,700		170,397
Northrop Grumman Corp.	9,200		343,712
Raytheon Co.	6,300		251,811
Stanley, Inc. (a)	5,900		182,959
			1,043,756
Airlines - 0.2%
AirTran Holdings, Inc. (a)	15,962		47,726
Delta Air Lines, Inc. (a)	17,525		88,151
US Airways Group, Inc. (a)	9,200		26,220
			162,097
Building Products - 0.6%
Masco Corp.	23,300		119,995
Owens Corning (a)	33,900		283,065
			403,060
Commercial Services & Supplies - 0.9%
R.R. Donnelley & Sons Co.	16,100		125,419
Republic Services, Inc.	24,193		481,441
			606,860
Machinery - 0.7%
Cummins, Inc.	9,400		195,520
PACCAR, Inc.	9,600		240,672
			436,192
Professional Services - 0.3%
Equifax, Inc.	8,000		172,000
Road & Rail - 1.0%
Con-way, Inc.	17,100		258,381
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - continued
Ryder System, Inc.	5,100		$ 116,586
Union Pacific Corp.	6,800		255,136
			630,103
Trading Companies & Distributors - 0.1%
Beacon Roofing Supply, Inc. (a)	6,325		69,385
TOTAL INDUSTRIALS			3,523,453
INFORMATION TECHNOLOGY - 13.4%
Communications Equipment - 1.3%
Cisco Systems, Inc. (a)	23,800		346,766
Juniper Networks, Inc. (a)	34,300		487,403
			834,169
Computers & Peripherals - 0.9%
International Business Machines Corp.	4,100		377,323
NCR Corp. (a)	26,200		207,504
			584,827
Electronic Equipment & Components - 3.3%
Agilent Technologies, Inc. (a)	3,800		52,706
Amphenol Corp. Class A	37,100		943,082
Arrow Electronics, Inc. (a)	20,900		347,567
Avnet, Inc. (a)	19,740		340,910
Flextronics International Ltd. (a)	33,800		69,628
Ingram Micro, Inc. Class A (a)	26,950		293,486
Tyco Electronics Ltd.	9,625		91,245
			2,138,624
Internet Software & Services - 0.6%
VeriSign, Inc. (a)	21,778		420,969
IT Services - 3.0%
Fidelity National Information Services, Inc.	13,200		231,000
Lender Processing Services, Inc.	22,296		583,932
NCI, Inc. Class A (a)	20,815		566,168
The Western Union Co.	11,200		124,992
Visa, Inc.	8,000		453,680
			1,959,772
Semiconductors & Semiconductor Equipment - 4.3%
Analog Devices, Inc.	12,800		238,592
Applied Materials, Inc.	26,963		248,329
ASML Holding NV (NY Shares)	17,000		257,210
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Intel Corp.	32,600		$ 415,324
Lam Research Corp. (a)	12,800		250,368
ON Semiconductor Corp. (a)	89,100		326,106
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	34,993		263,847
Texas Instruments, Inc.	30,400		436,240
Varian Semiconductor Equipment Associates, Inc. (a)	19,053		347,717
			2,783,733
TOTAL INFORMATION TECHNOLOGY			8,722,094
MATERIALS - 2.7%
Chemicals - 1.2%
Albemarle Corp.	15,644		302,711
Arkema	5,100		67,970
Celanese Corp. Class A	18,985		162,132
Lubrizol Corp.	4,600		126,454
Solutia, Inc. (a)	30,015		112,556
			771,823
Containers & Packaging - 0.7%
Pactiv Corp. (a)	11,500		182,045
Rock-Tenn Co. Class A	4,700		129,767
Temple-Inland, Inc.	36,303		172,439
			484,251
Metals & Mining - 0.8%
Barrick Gold Corp.	3,100		93,696
Freeport-McMoRan Copper & Gold, Inc. Class B	3,200		97,344
Goldcorp, Inc.	3,200		92,970
Kinross Gold Corp.	6,500		102,802
Newmont Mining Corp.	2,400		99,912
			486,724
TOTAL MATERIALS			1,742,798
TELECOMMUNICATION SERVICES - 4.9%
Diversified Telecommunication Services - 4.9%
AT&T, Inc.	80,677		1,917,692
Verizon Communications, Inc.	44,100		1,258,173
			3,175,865
Common Stocks - continued
	Shares		Value
UTILITIES - 5.5%
Electric Utilities - 2.6%
Entergy Corp.	6,400		$ 431,296
Exelon Corp.	16,800		793,296
FirstEnergy Corp.	11,300		480,928
			1,705,520
Multi-Utilities - 2.9%
Sempra Energy	17,800		739,946
Wisconsin Energy Corp.	29,000		1,154,780
			1,894,726
TOTAL UTILITIES			3,600,246
TOTAL COMMON STOCKS (Cost $92,441,514)		65,153,601
Money Market Funds - 0.8%

Fidelity Cash Central Fund, 0.59% (b) (Cost $544,024)	544,024		544,024
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $92,985,538)			65,697,625
NET OTHER ASSETS - (0.8)%			(526,301)
NET ASSETS - 100%		$ 65,171,324

Legend

(a) Non-income producing

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	$ 983
Fidelity Securities Lending Cash Central Fund	25
Total	$ 1,008

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 65,697,625	$ 65,034,066	$ 663,559	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $96,649,416. Net unrealized depreciation aggregated $30,951,791, of which $1,042,685 related to appreciated investment securities and $31,994,476 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797935.105

AFIF-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%
	Shares		Value
CONSUMER DISCRETIONARY - 14.6%
Diversified Consumer Services - 5.0%
DeVry, Inc.	47,148		$ 2,449,339
Hotels, Restaurants & Leisure - 4.3%
Burger King Holdings, Inc.	6,000		128,940
International Game Technology	85,645		755,389
Krispy Kreme Doughnuts, Inc. warrants 3/2/12 (a)	616		63
Las Vegas Sands Corp. unit	6,700		254,600
Wendy's/Arby's Group, Inc.	209,900		950,847
			2,089,839
Internet & Catalog Retail - 0.0%
Expedia, Inc. (a)	100		797
Media - 5.3%
The DIRECTV Group, Inc. (a)	118,882		2,370,507
The Walt Disney Co.	11,255		188,746
			2,559,253
TOTAL CONSUMER DISCRETIONARY			7,099,228
CONSUMER STAPLES - 13.5%
Beverages - 8.4%
Anheuser-Busch InBev NV	98,388		2,688,023
Molson Coors Brewing Co. Class B	39,334		1,385,737
			4,073,760
Food & Staples Retailing - 5.1%
Wal-Mart Stores, Inc.	50,299		2,476,723
TOTAL CONSUMER STAPLES			6,550,483
ENERGY - 13.8%
Energy Equipment & Services - 4.6%
Cameron International Corp. (a)	24,400		470,432
Diamond Offshore Drilling, Inc.	2,000		125,280
FMC Technologies, Inc. (a)	14,200		376,158
National Oilwell Varco, Inc. (a)	20,200		539,946
Noble Corp.	20,000		491,800
Pride International, Inc. (a)	7,100		122,404
Weatherford International Ltd. (a)	11,700		124,839
			2,250,859
Oil, Gas & Consumable Fuels - 9.2%
Chevron Corp.	8,000		485,680
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Denbury Resources, Inc. (a)	35,700		$ 459,816
Exxon Mobil Corp.	28,199		1,914,712
Hess Corp.	19,700		1,077,393
Occidental Petroleum Corp.	9,700		503,139
			4,440,740
TOTAL ENERGY			6,691,599
FINANCIALS - 8.7%
Capital Markets - 6.0%
Ashmore Global Opps Ltd. (a)	133,200		679,320
Ashmore Group PLC	301,010		528,942
Goldman Sachs Group, Inc.	5,600		510,048
Greenhill & Co., Inc.	10,900		704,140
Morgan Stanley	24,700		482,638
			2,905,088
Diversified Financial Services - 0.5%
JPMorgan Chase & Co.	10,900		249,065
Insurance - 2.2%
Everest Re Group Ltd.	7,600		494,988
The Chubb Corp.	14,100		550,464
			1,045,452
TOTAL FINANCIALS			4,199,605
HEALTH CARE - 18.7%
Biotechnology - 1.6%
Cephalon, Inc. (a)(d)	11,500		754,285
Health Care Equipment & Supplies - 6.2%
Boston Scientific Corp. (a)	154,800		1,086,696
C.R. Bard, Inc.	9,385		753,240
Edwards Lifesciences Corp. (a)	21,390		1,189,498
			3,029,434
Health Care Providers & Services - 6.2%
Express Scripts, Inc. (a)	29,100		1,463,730
Medco Health Solutions, Inc. (a)	38,700		1,570,446
			3,034,176
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 4.7%
Merck & Co., Inc.	54,100		$ 1,309,220
Schering-Plough Corp.	55,100		958,189
			2,267,409
TOTAL HEALTH CARE			9,085,304
INDUSTRIALS - 5.6%
Airlines - 1.5%
Allegiant Travel Co. (a)	20,800		713,856
Commercial Services & Supplies - 1.9%
Waste Management, Inc.	34,400		928,800
Professional Services - 1.3%
FTI Consulting, Inc. (a)	17,900		654,066
Road & Rail - 0.9%
CSX Corp.	18,000		444,240
TOTAL INDUSTRIALS			2,740,962
INFORMATION TECHNOLOGY - 22.1%
Communications Equipment - 8.0%
Juniper Networks, Inc. (a)	99,000		1,406,790
QUALCOMM, Inc.	74,414		2,487,660
			3,894,450
Internet Software & Services - 2.1%
eBay, Inc. (a)	100		1,087
Google, Inc. Class A (sub. vtg.) (a)	3,000		1,013,970
			1,015,057
IT Services - 9.4%
Fiserv, Inc. (a)	83,400		2,720,506
MasterCard, Inc. Class A	3,399		537,144
Visa, Inc.	23,000		1,304,330
			4,561,980
Semiconductors & Semiconductor Equipment - 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	102,200		770,588
Software - 1.0%
Electronic Arts, Inc. (a)	31,121		507,584
TOTAL INFORMATION TECHNOLOGY			10,749,659
Common Stocks - continued
	Shares		Value
MATERIALS - 1.6%
Metals & Mining - 1.6%
Freeport-McMoRan Copper & Gold, Inc. Class B	25,575		$ 777,992
TOTAL COMMON STOCKS (Cost $57,335,063)		47,894,832
Money Market Funds - 4.7%

Fidelity Cash Central Fund, 0.59% (b)	1,496,878		1,496,878
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	756,250		756,250
TOTAL MONEY MARKET FUNDS (Cost $2,253,128)		2,253,128
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $59,588,191)			50,147,960
NET OTHER ASSETS - (3.3)%			(1,582,036)
NET ASSETS - 100%		$ 48,565,924

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,718
Fidelity Securities Lending Cash Central Fund	15,927
Total	$ 19,645

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 50,147,960	$ 46,676,332	$ 3,471,628	$ -

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

	Investments in Securities
Beginning Balance	$ 670,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(415,400)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	(254,600)
Ending Balance	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $60,426,970. Net unrealized depreciation aggregated $10,279,010, of which $1,044,540 related to appreciated investment securities and $11,323,550 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797925.105

AGAI-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.4%
Auto Components - 0.2%
Johnson Controls, Inc.	10,000		$ 114
The Goodyear Tire & Rubber Co. (a)	356,300		1,582
			1,696
Automobiles - 0.4%
Ford Motor Co. (a)(d)	632,100		1,264
Toyota Motor Corp. sponsored ADR	44,400		2,803
			4,067
Hotels, Restaurants & Leisure - 1.3%
Buffalo Wild Wings, Inc. (a)	79,389		2,451
Burger King Holdings, Inc.	232,100		4,988
Carnival Corp. unit	119,800		2,343
Darden Restaurants, Inc.	127,700		3,466
Starbucks Corp. (a)	90,950		832
			14,080
Household Durables - 1.0%
D.R. Horton, Inc.	202,700		1,713
Ethan Allen Interiors, Inc.	46,470		443
Pulte Homes, Inc.	86,775		797
Toll Brothers, Inc. (a)	469,100		7,435
Whirlpool Corp.	24,500		545
			10,933
Internet & Catalog Retail - 0.4%
Amazon.com, Inc.	67,300		4,360
Media - 2.2%
Comcast Corp. Class A (special) (non-vtg.)	553,900		6,730
Lamar Advertising Co. Class A (a)(d)	135,700		939
Scripps Networks Interactive, Inc. Class A	70,200		1,398
The DIRECTV Group, Inc. (a)	162,400		3,238
The Walt Disney Co.	184,922		3,101
Time Warner, Inc.	821,800		6,270
Viacom, Inc. Class B (non-vtg.) (a)	118,200		1,819
			23,495
Multiline Retail - 0.2%
Kohl's Corp. (a)	46,600		1,638
Target Corp.	3,900		110
			1,748
Specialty Retail - 3.6%
Best Buy Co., Inc.	131,419		3,787
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Lowe's Companies, Inc.	977,000		$ 15,476
PetSmart, Inc.	18,522		371
Sherwin-Williams Co.	72,300		3,322
Staples, Inc.	645,098		10,289
Tiffany & Co., Inc.	1,300		25
TJX Companies, Inc.	210,900		4,697
Williams-Sonoma, Inc.	93,000		812
			38,779
Textiles, Apparel & Luxury Goods - 0.1%
NIKE, Inc. Class B	2,405		100
Polo Ralph Lauren Corp. Class A	33,155		1,143
			1,243
TOTAL CONSUMER DISCRETIONARY			100,401
CONSUMER STAPLES - 7.5%
Beverages - 1.0%
Molson Coors Brewing Co. Class B	65,600		2,311
PepsiCo, Inc.	83,500		4,020
The Coca-Cola Co.	117,603		4,804
			11,135
Food & Staples Retailing - 3.9%
CVS Caremark Corp.	400,719		10,315
Wal-Mart Stores, Inc.	630,975		31,069
			41,384
Food Products - 1.0%
Corn Products International, Inc.	35,200		710
Kraft Foods, Inc. Class A	120,700		2,750
Nestle SA:
(Reg.)	35,068		1,146
sponsored ADR	182,950		5,948
			10,554
Household Products - 1.2%
Colgate-Palmolive Co.	110,645		6,659
Procter & Gamble Co.	126,500		6,094
			12,753
Personal Products - 0.1%
Mead Johnson Nutrition Co. Class A (a)	19,900		549
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - 0.3%
Philip Morris International, Inc.	109,877		$ 3,678
TOTAL CONSUMER STAPLES			80,053
ENERGY - 9.2%
Energy Equipment & Services - 2.1%
BJ Services Co.	700		7
Cameron International Corp. (a)	465,472		8,974
Diamond Offshore Drilling, Inc.	77		5
Halliburton Co.	11,600		189
Helmerich & Payne, Inc.	58,700		1,389
Nabors Industries Ltd. (a)	110,200		1,070
Schlumberger Ltd. (NY Shares)	174,500		6,641
Smith International, Inc.	180,900		3,886
			22,161
Oil, Gas & Consumable Fuels - 7.1%
Apache Corp.	87,280		5,157
Chesapeake Energy Corp.	213,775		3,343
EOG Resources, Inc.	126,118		6,311
Exxon Mobil Corp.	512,602		34,806
Hess Corp.	136,700		7,476
Peabody Energy Corp.	124,383		2,944
Plains Exploration & Production Co. (a)	31,690		607
Range Resources Corp.	140,300		4,990
Southwestern Energy Co. (a)	130,300		3,749
Ultra Petroleum Corp. (a)	121,400		4,266
Valero Energy Corp.	92,700		1,797
Williams Companies, Inc.	77,100		871
			76,317
TOTAL ENERGY			98,478
FINANCIALS - 13.1%
Capital Markets - 5.1%
Ameriprise Financial, Inc.	16,259		259
Bank of New York Mellon Corp.	412,500		9,145
Charles Schwab Corp.	359,808		4,573
Goldman Sachs Group, Inc.	132,700		12,086
Janus Capital Group, Inc.	431,783		1,904
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Morgan Stanley	526,000		$ 10,278
State Street Corp.	623,683		15,760
			54,005
Commercial Banks - 1.8%
KeyCorp	241,500		1,693
PNC Financial Services Group, Inc.	143,900		3,934
U.S. Bancorp, Delaware	115,311		1,650
Wells Fargo & Co.	985,059		11,919
			19,196
Consumer Finance - 0.2%
American Express Co.	85,500		1,031
Capital One Financial Corp.	1,100		13
Discover Financial Services	73,600		422
SLM Corp. (a)	122,900		565
			2,031
Diversified Financial Services - 2.5%
Bank of America Corp.	1,405,236		5,551
Citigroup, Inc.	744,600		1,117
CME Group, Inc.	100		18
JPMorgan Chase & Co.	855,528		19,549
			26,235
Insurance - 3.5%
ACE Ltd.	303,500		11,081
AFLAC, Inc.	32,900		551
Berkshire Hathaway, Inc. Class A (a)	88		6,917
Everest Re Group Ltd.	107,800		7,021
Hartford Financial Services Group, Inc.	87,700		535
MBIA, Inc. (a)	229,200		628
MetLife, Inc.	129,500		2,391
PartnerRe Ltd.	61,750		3,822
Prudential Financial, Inc.	62,000		1,017
The Travelers Companies, Inc.	108,170		3,910
			37,873
Real Estate Management & Development - 0.0%
CB Richard Ellis Group, Inc. Class A (a)	139,400		403
TOTAL FINANCIALS			139,743
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 16.2%
Biotechnology - 5.0%
Amgen, Inc. (a)	189,163		$ 9,256
Biogen Idec, Inc. (a)	60,400		2,781
Celgene Corp. (a)	101,016		4,518
Cephalon, Inc. (a)(d)	84,500		5,542
Genentech, Inc. (a)	117,754		10,074
Genzyme Corp. (a)	62,600		3,814
Gilead Sciences, Inc. (a)	142,532		6,385
MannKind Corp. (a)	57,800		125
Myriad Genetics, Inc. (a)	41,658		3,285
OSI Pharmaceuticals, Inc. (a)	77,244		2,634
PDL BioPharma, Inc.	406,975		2,389
Vertex Pharmaceuticals, Inc. (a)	99,200		2,999
			53,802
Health Care Equipment & Supplies - 2.5%
Alcon, Inc.	100		8
Baxter International, Inc.	222,358		11,320
C.R. Bard, Inc.	40,300		3,234
China Medical Technologies, Inc. sponsored ADR (d)	61,200		797
Covidien Ltd.	214,255		6,785
Medtronic, Inc.	28,100		831
St. Jude Medical, Inc. (a)	71,377		2,367
Wright Medical Group, Inc. (a)	65,100		951
			26,293
Health Care Providers & Services - 2.4%
Henry Schein, Inc. (a)	201,995		7,409
Medco Health Solutions, Inc. (a)	229,300		9,305
UnitedHealth Group, Inc.	394,100		7,744
Universal Health Services, Inc. Class B	400		15
WellPoint, Inc. (a)	42,716		1,449
			25,922
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (a)	69,900		2,190
Pharmaceuticals - 6.1%
Abbott Laboratories	163,150		7,724
Allergan, Inc.	80,300		3,111
Bristol-Myers Squibb Co.	218,355		4,020
Johnson & Johnson	232,083		11,604
Merck & Co., Inc.	322,103		7,795
Pfizer, Inc.	1,290,900		15,891
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Schering-Plough Corp.	314,351		$ 5,467
Wyeth	220,820		9,014
			64,626
TOTAL HEALTH CARE			172,833
INDUSTRIALS - 6.4%
Aerospace & Defense - 1.5%
Honeywell International, Inc.	118,138		3,170
Lockheed Martin Corp.	35,753		2,256
Precision Castparts Corp.	31,700		1,757
United Technologies Corp.	219,600		8,966
			16,149
Air Freight & Logistics - 0.5%
C.H. Robinson Worldwide, Inc.	52,400		2,168
FedEx Corp.	68,400		2,956
			5,124
Airlines - 0.4%
Alaska Air Group, Inc. (a)	78,750		1,725
Delta Air Lines, Inc. (a)	113,477		571
UAL Corp. (a)	338,460		1,662
			3,958
Building Products - 0.0%
Masco Corp.	94,800		488
Electrical Equipment - 0.9%
Alstom SA	24,900		1,168
Evergreen Solar, Inc. (a)	109,487		134
First Solar, Inc. (a)(d)	27,700		2,929
Renewable Energy Corp. AS (a)(d)	112,600		764
Sunpower Corp. Class B (a)	128,858		3,191
Vestas Wind Systems AS (a)	47,900		2,085
			10,271
Industrial Conglomerates - 0.7%
General Electric Co.	397,483		3,383
McDermott International, Inc. (a)	348,021		4,103
			7,486
Machinery - 1.5%
Danaher Corp.	116,700		5,924
Eaton Corp.	106,800		3,861
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Ingersoll-Rand Co. Ltd. Class A	209,900		$ 2,976
Navistar International Corp. (a)	114,000		3,215
			15,976
Professional Services - 0.1%
Manpower, Inc.	28,150		785
Road & Rail - 0.8%
Landstar System, Inc.	153,955		4,873
Union Pacific Corp.	102,289		3,838
			8,711
TOTAL INDUSTRIALS			68,948
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 3.5%
Cisco Systems, Inc. (a)	991,900		14,452
Comverse Technology, Inc. (a)	377,635		2,058
Corning, Inc.	586,700		6,190
Harris Corp.	50,300		1,875
Infinera Corp. (a)	36,700		264
Juniper Networks, Inc. (a)	203,355		2,890
QUALCOMM, Inc.	270,920		9,057
Research In Motion Ltd. (a)	23,200		927
			37,713
Computers & Peripherals - 4.4%
Apple, Inc. (a)	185,636		16,579
Dell, Inc. (a)	326,800		2,788
Hewlett-Packard Co.	505,550		14,676
International Business Machines Corp.	123,200		11,338
NetApp, Inc. (a)	50,000		672
SanDisk Corp. (a)	81,573		727
			46,780
Internet Software & Services - 2.5%
eBay, Inc. (a)	85,250		927
Google, Inc. Class A (sub. vtg.) (a)	61,659		20,840
Move, Inc. (a)	1,092,673		1,770
Yahoo!, Inc. (a)	248,600		3,289
			26,826
IT Services - 1.4%
Paychex, Inc.	131,400		2,899
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
The Western Union Co.	91,200		$ 1,018
Visa, Inc.	205,800		11,671
			15,588
Semiconductors & Semiconductor Equipment - 5.2%
Altera Corp.	74,400		1,141
Applied Materials, Inc.	2,449,882		22,563
ARM Holdings PLC sponsored ADR	571,600		2,395
ASML Holding NV (NY Shares)	204,300		3,091
Broadcom Corp. Class A (a)	35,500		584
Intel Corp.	653,800		8,329
Intersil Corp. Class A	33,000		334
KLA-Tencor Corp.	120,600		2,080
Lam Research Corp. (a)	221,600		4,334
MEMC Electronic Materials, Inc. (a)	232,400		3,488
Micron Technology, Inc. (a)	272,900		879
Samsung Electronics Co. Ltd.	1,070		329
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	342,300		2,581
Texas Instruments, Inc.	232,777		3,340
			55,468
Software - 3.6%
Adobe Systems, Inc. (a)	38,381		641
Autonomy Corp. PLC (a)	89,700		1,546
Microsoft Corp.	1,171,753		18,924
Oracle Corp. (a)	861,369		13,386
Quest Software, Inc. (a)	314,538		3,554
			38,051
TOTAL INFORMATION TECHNOLOGY			220,426
MATERIALS - 3.2%
Chemicals - 2.2%
Airgas, Inc.	62,800		1,934
Albemarle Corp.	139,600		2,701
E.I. du Pont de Nemours & Co.	179,600		3,369
Ecolab, Inc.	91,954		2,922
Monsanto Co.	142,653		10,880
Praxair, Inc.	2,200		125
The Mosaic Co.	32,700		1,408
			23,339
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 0.2%
Crown Holdings, Inc. (a)	103,118		$ 2,174
Metals & Mining - 0.8%
Barrick Gold Corp.	162,300		4,905
Nucor Corp.	102,300		3,442
			8,347
TOTAL MATERIALS			33,860
TELECOMMUNICATION SERVICES - 2.2%
Diversified Telecommunication Services - 1.4%
AT&T, Inc.	112,598		2,676
Verizon Communications, Inc.	440,822		12,577
			15,253
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	205,386		5,981
Sprint Nextel Corp. (a)	608,400		2,002
			7,983
TOTAL TELECOMMUNICATION SERVICES			23,236
UTILITIES - 1.5%
Electric Utilities - 1.5%
Exelon Corp.	275,500		13,009
FirstEnergy Corp.	63,300		2,694
			15,703
TOTAL COMMON STOCKS (Cost $1,188,029)		953,681
Convertible Preferred Stocks - 0.0%

FINANCIALS - 0.0%
Commercial Banks - 0.0%
East West Bancorp, Inc. Series A, 8.00% (Cost $1,200)	1,200		555

U.S. Treasury Obligations - 0.5%
	Principal Amount (000s)	Value (000s)
U.S. Treasury Bills, yield at date of purchase 0.09% to 0.15% 3/12/09 to 4/9/09 (e) (Cost $5,250)	$ 5,250	$ 5,250

Money Market Funds - 10.4%
	Shares
Fidelity Cash Central Fund, 0.59% (b)	102,528,088		102,528
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	8,233,460		8,233
TOTAL MONEY MARKET FUNDS (Cost $110,761)		110,761
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $1,305,240)			1,070,247
NET OTHER ASSETS - (0.2)%			(1,892)
NET ASSETS - 100%		$ 1,068,355

Futures Contracts
	Expiration Date	Underlying Face Amount at Value (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Purchased
Equity Index Contracts
1,001 CME E-mini S&P 500 Index Contracts	March 2009	$ 36,747	$ (7,278)

The face value of futures purchased as a percentage of net assets - 3.4%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $5,250,000.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 161
Fidelity Securities Lending Cash Central Fund	64
Total	$ 225

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 1,070,247	$ 1,057,404	$ 12,843	$ -
Other Financial Instruments*	$ (7,278)	$ (7,278)	$ -	$ -

* Other financial instruments include Futures Contracts.

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $1,382,670,000. Net unrealized depreciation aggregated $312,423,000, of which $31,694,000 related to appreciated investment securities and $344,117,000 related to depreciated investment securities.

Investment Valuation

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. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. 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.

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797926.105

GO-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 9.2%
Auto Components - 0.2%
Johnson Controls, Inc.	181,000		$ 2,060
Diversified Consumer Services - 0.3%
American Public Education, Inc. (a)	54,300		2,028
Strayer Education, Inc.	7,200		1,222
			3,250
Hotels, Restaurants & Leisure - 2.5%
Buffalo Wild Wings, Inc. (a)	7,377		228
Krispy Kreme Doughnuts, Inc. warrants 3/2/12 (a)	7,911		1
Las Vegas Sands Corp. unit	119,400		4,537
McDonald's Corp.	201,700		10,539
Starbucks Corp. (a)	621,300		5,685
Starwood Hotels & Resorts Worldwide, Inc.	321,900		3,731
			24,721
Internet & Catalog Retail - 1.2%
Amazon.com, Inc.	174,200		11,286
Media - 1.0%
The DIRECTV Group, Inc. (a)	282,400		5,631
The Walt Disney Co.	261,800		4,390
			10,021
Multiline Retail - 0.6%
Target Corp.	193,000		5,464
Specialty Retail - 2.9%
Best Buy Co., Inc.	625,200		18,018
Gamestop Corp. Class A (a)	85,200		2,294
Home Depot, Inc.	74,000		1,546
Staples, Inc.	418,200		6,670
			28,528
Textiles, Apparel & Luxury Goods - 0.5%
Coach, Inc. (a)	96,400		1,348
Lululemon Athletica, Inc. (a)(d)	450,600		2,577
NIKE, Inc. Class B	20,100		835
			4,760
TOTAL CONSUMER DISCRETIONARY			90,090
CONSUMER STAPLES - 10.1%
Beverages - 3.8%
Anheuser-Busch InBev NV	570,900		15,597
Dr Pepper Snapple Group, Inc. (a)	226,900		3,188
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
PepsiCo, Inc.	189,300		$ 9,113
The Coca-Cola Co.	221,800		9,061
			36,959
Food & Staples Retailing - 2.9%
Costco Wholesale Corp.	81,900		3,468
Wal-Mart Stores, Inc.	403,600		19,873
Walgreen Co.	201,000		4,796
			28,137
Food Products - 0.5%
Green Mountain Coffee Roasters, Inc. (a)	85,900		3,208
Tyson Foods, Inc. Class A	173,300		1,461
			4,669
Household Products - 0.9%
Procter & Gamble Co.	195,200		9,403
Personal Products - 0.6%
Avon Products, Inc.	257,042		4,521
Mead Johnson Nutrition Co. Class A (a)	41,100		1,134
			5,655
Tobacco - 1.4%
Philip Morris International, Inc.	428,500		14,342
TOTAL CONSUMER STAPLES			99,165
ENERGY - 10.4%
Energy Equipment & Services - 1.6%
FMC Technologies, Inc. (a)	91,070		2,412
National Oilwell Varco, Inc. (a)	314,188		8,398
Schlumberger Ltd. (NY Shares)	52,100		1,983
Transocean Ltd. (a)	57,486		3,436
			16,229
Oil, Gas & Consumable Fuels - 8.8%
Chesapeake Energy Corp.	764,364		11,955
EOG Resources, Inc.	42,500		2,127
EXCO Resources, Inc. (a)	330,300		3,009
Exxon Mobil Corp.	67,600		4,590
Hess Corp.	138,400		7,569
Occidental Petroleum Corp.	166,000		8,610
Peabody Energy Corp.	240,849		5,701
Petrohawk Energy Corp. (a)	838,500		14,271
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleo Brasileiro SA - Petrobras sponsored ADR	57,600		$ 1,597
Range Resources Corp.	91,329		3,249
SandRidge Energy, Inc. (a)	201,200		1,360
Southwestern Energy Co. (a)	555,893		15,993
Ultra Petroleum Corp. (a)	98,500		3,461
XTO Energy, Inc.	76,200		2,412
			85,904
TOTAL ENERGY			102,133
FINANCIALS - 5.8%
Capital Markets - 2.9%
Charles Schwab Corp.	334,200		4,248
Goldman Sachs Group, Inc.	73,691		6,712
Greenhill & Co., Inc. (d)	71,046		4,590
Knight Capital Group, Inc. Class A (a)	142,300		2,503
Lazard Ltd. Class A	231,500		5,621
Morgan Stanley	105,800		2,067
Northern Trust Corp.	45,800		2,544
			28,285
Commercial Banks - 1.0%
Signature Bank, New York (a)	139,500		3,489
U.S. Bancorp, Delaware	184,900		2,646
Wells Fargo & Co.	299,100		3,619
			9,754
Consumer Finance - 0.2%
Discover Financial Services	360,400		2,065
Diversified Financial Services - 1.2%
BM&F BOVESPA SA	2,614,258		6,574
JPMorgan Chase & Co.	216,400		4,945
			11,519
Insurance - 0.4%
Validus Holdings Ltd.	172,900		4,139
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	24,100		798
TOTAL FINANCIALS			56,560
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 19.7%
Biotechnology - 11.0%
Alexion Pharmaceuticals, Inc. (a)	80,700		$ 2,760
Biogen Idec, Inc. (a)	52,000		2,394
Celgene Corp. (a)	434,435		19,432
Cephalon, Inc. (a)(d)	57,500		3,771
Cepheid, Inc. (a)	314,000		2,098
CV Therapeutics, Inc. (a)	351,200		5,619
Genentech, Inc. (a)	162,800		13,928
Gilead Sciences, Inc. (a)	247,748		11,099
InterMune, Inc. (a)(d)	627,100		9,438
Isis Pharmaceuticals, Inc. (a)	776,400		9,985
Myriad Genetics, Inc. (a)	20,150		1,589
NeurogesX, Inc. (a)	578,500		758
Rigel Pharmaceuticals, Inc. (a)	324,606		1,701
Seattle Genetics, Inc. (a)	861,616		6,919
Transition Therapeutics, Inc. (a)	8,600		33
Vertex Pharmaceuticals, Inc. (a)	533,700		16,134
			107,658
Health Care Equipment & Supplies - 2.1%
Baxter International, Inc.	80,700		4,108
Boston Scientific Corp. (a)	322,900		2,267
Covidien Ltd.	161,434		5,113
Edwards Lifesciences Corp. (a)	17,300		962
Medtronic, Inc.	80,700		2,388
Thoratec Corp. (a)	244,600		5,587
			20,425
Health Care Providers & Services - 1.5%
athenahealth, Inc. (a)	84,600		2,156
Express Scripts, Inc. (a)	80,700		4,059
Medco Health Solutions, Inc. (a)	94,900		3,851
UnitedHealth Group, Inc.	111,300		2,187
WellPoint, Inc. (a)	70,400		2,388
			14,641
Life Sciences Tools & Services - 0.3%
Exelixis, Inc. (a)	659,900		2,851
Pharmaceuticals - 4.8%
Abbott Laboratories	332,200		15,726
Allergan, Inc.	201,600		7,810
Elan Corp. PLC sponsored ADR (a)	80,100		495
Johnson & Johnson	58,000		2,900
MAP Pharmaceuticals, Inc. (a)	3,077		7
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	269,400		$ 6,519
Teva Pharmaceutical Industries Ltd. sponsored ADR	115,800		5,162
Wyeth	197,700		8,070
			46,689
TOTAL HEALTH CARE			192,264
INDUSTRIALS - 5.8%
Aerospace & Defense - 1.2%
Honeywell International, Inc.	161,300		4,328
The Boeing Co.	247,400		7,778
			12,106
Air Freight & Logistics - 0.7%
United Parcel Service, Inc. Class B	172,300		7,095
Airlines - 0.4%
AMR Corp. (a)	435,600		1,782
Continental Airlines, Inc. Class B (a)	163,600		1,639
			3,421
Construction & Engineering - 0.2%
Quanta Services, Inc. (a)	81,559		1,435
Electrical Equipment - 0.1%
American Superconductor Corp. (a)(d)	91,800		1,236
Industrial Conglomerates - 0.8%
3M Co.	170,200		7,737
Machinery - 1.1%
Caterpillar, Inc.	174,500		4,294
Danaher Corp.	98,400		4,995
ITT Corp.	46,100		1,722
			11,011
Professional Services - 0.3%
FTI Consulting, Inc. (a)	65,500		2,393
Road & Rail - 1.0%
Burlington Northern Santa Fe Corp.	66,400		3,902
Union Pacific Corp.	158,300		5,939
			9,841
TOTAL INDUSTRIALS			56,275
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - 31.4%
Communications Equipment - 5.1%
Cisco Systems, Inc. (a)	1,164,300		$ 16,964
Corning, Inc.	194,600		2,053
Infinera Corp. (a)	3,200		23
Juniper Networks, Inc. (a)	114,500		1,627
QUALCOMM, Inc.	696,005		23,267
Research In Motion Ltd. (a)	144,690		5,779
			49,713
Computers & Peripherals - 6.9%
Apple, Inc. (a)	354,758		31,683
Hewlett-Packard Co.	491,000		14,254
International Business Machines Corp.	127,800		11,761
NetApp, Inc. (a)	202,600		2,723
Palm, Inc. (a)	32,593		236
Sun Microsystems, Inc. (a)	1,505,700		7,047
			67,704
Electronic Equipment & Components - 0.2%
Dolby Laboratories, Inc. Class A (a)	83,500		2,342
Internet Software & Services - 4.9%
Google, Inc. Class A (sub. vtg.) (a)	140,408		47,459
IT Services - 3.6%
Cognizant Technology Solutions Corp. Class A (a)	227,216		4,181
MasterCard, Inc. Class A	31,000		4,899
The Western Union Co.	88,100		983
Visa, Inc.	440,000		24,952
			35,015
Semiconductors & Semiconductor Equipment - 4.9%
Analog Devices, Inc.	104,000		1,939
Applied Materials, Inc.	587,300		5,409
Atheros Communications, Inc. (a)	70,449		851
Broadcom Corp. Class A (a)	153,700		2,528
Cree, Inc. (a)(d)	566,200		11,120
Intel Corp.	583,300		7,431
International Rectifier Corp. (a)	278,000		3,489
NVIDIA Corp. (a)	591,700		4,899
Power Integrations, Inc.	137,000		2,514
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	525,732		3,964
Texas Instruments, Inc.	196,700		2,823
Xilinx, Inc.	60,600		1,071
			48,038
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - 5.8%
Microsoft Corp.	678,800		$ 10,963
Nintendo Co. Ltd.	88,900		25,070
Oracle Corp. (a)	565,600		8,789
Salesforce.com, Inc. (a)	282,400		7,907
SuccessFactors, Inc. (a)(d)	349,400		1,775
TiVo, Inc. (a)	346,700		2,458
			56,962
TOTAL INFORMATION TECHNOLOGY			307,233
MATERIALS - 4.1%
Chemicals - 2.3%
Monsanto Co.	287,700		21,943
Metals & Mining - 1.8%
ArcelorMittal SA (NY Shares) Class A (d)	160,900		3,110
Barrick Gold Corp.	168,000		5,078
Freeport-McMoRan Copper & Gold, Inc. Class B	262,500		7,985
Nucor Corp.	38,100		1,282
Timminco Ltd. (a)	163,900		424
			17,879
TOTAL MATERIALS			39,822
TELECOMMUNICATION SERVICES - 1.3%
Wireless Telecommunication Services - 1.3%
American Tower Corp. Class A (a)	60,300		1,756
Bharti Airtel Ltd. (a)	191,391		2,360
Sprint Nextel Corp. (a)	2,633,100		8,663
			12,779
UTILITIES - 0.5%
Electric Utilities - 0.5%
Exelon Corp.	112,300		5,303
TOTAL COMMON STOCKS (Cost $1,305,953)		961,624
Money Market Funds - 4.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.59% (b)	13,313,483		$ 13,313
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	27,698,160		27,698
TOTAL MONEY MARKET FUNDS (Cost $41,011)		41,011
TOTAL INVESTMENT PORTFOLIO - 102.5% (Cost $1,346,964)			1,002,635
NET OTHER ASSETS - (2.5)%			(24,787)
NET ASSETS - 100%		$ 977,848

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 79
Fidelity Securities Lending Cash Central Fund	256
Total	$ 335

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 1,002,635	$ 955,070	$ 47,565	$ -

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	$ 12,960
Total Realized Gain (Loss)	(193)
Total Unrealized Gain (Loss)	(7,403)
Cost of Purchases	-
Proceeds of Sales	(827)
Amortization/Accretion	-
Transfer in/out of Level 3	(4,537)
Ending Balance	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $1,350,650,000. Net unrealized depreciation aggregated $348,015,000, of which $17,580,000 related to appreciated investment securities and $365,595,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797927.105

LC-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%
	Shares		Value
CONSUMER DISCRETIONARY - 9.3%
Auto Components - 0.6%
BorgWarner, Inc.	33,600		$ 579,600
Gentex Corp.	373,200		2,985,600
Johnson Controls, Inc.	88,100		1,002,578
			4,567,778
Distributors - 0.7%
Li & Fung Ltd.	2,342,000		5,075,135
Hotels, Restaurants & Leisure - 0.4%
Las Vegas Sands Corp. unit	30,900		1,174,200
Sonic Corp. (a)	64,875		583,875
The Cheesecake Factory, Inc. (a)	89,389		727,626
			2,485,701
Household Durables - 1.8%
Centex Corp.	20,900		129,789
KB Home	308,151		2,742,544
Meritage Homes Corp. (a)	76,900		762,848
Mohawk Industries, Inc. (a)	15,500		350,145
Newell Rubbermaid, Inc.	137,400		776,310
Pulte Homes, Inc.	500,700		4,596,426
Ryland Group, Inc.	263,620		3,724,951
			13,083,013
Media - 0.8%
Comcast Corp. Class A (special) (non-vtg.)	105,300		1,279,395
The Walt Disney Co.	25,100		420,927
Time Warner, Inc.	82,300		627,949
Viacom, Inc. Class B (non-vtg.) (a)	223,000		3,431,970
			5,760,241
Specialty Retail - 4.9%
Best Buy Co., Inc.	91,400		2,634,148
Dick's Sporting Goods, Inc. (a)	274,800		3,393,780
Home Depot, Inc.	86,200		1,800,718
Lowe's Companies, Inc.	526,300		8,336,592
Staples, Inc.	1,163,075		18,551,046
			34,716,284
Textiles, Apparel & Luxury Goods - 0.1%
Hanesbrands, Inc. (a)	52,900		370,300
TOTAL CONSUMER DISCRETIONARY			66,058,452
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 6.3%
Beverages - 1.8%
Anheuser-Busch InBev NV	188,800		$ 5,158,136
Anheuser-Busch InBev NV (strip VVPR) (a)	81,600		512
PepsiCo, Inc.	91,500		4,404,810
The Coca-Cola Co.	71,310		2,913,014
			12,476,472
Food & Staples Retailing - 2.0%
CVS Caremark Corp.	418,700		10,777,338
Wal-Mart Stores, Inc.	76,000		3,742,240
			14,519,578
Food Products - 1.7%
Groupe Danone	73,400		3,482,606
Nestle SA (Reg.)	260,256		8,507,164
			11,989,770
Household Products - 0.6%
Energizer Holdings, Inc. (a)	105,000		4,429,950
Tobacco - 0.2%
Philip Morris International, Inc.	33,100		1,107,857
TOTAL CONSUMER STAPLES			44,523,627
ENERGY - 8.3%
Energy Equipment & Services - 0.8%
Nabors Industries Ltd. (a)	62,400		605,904
National Oilwell Varco, Inc. (a)	98,200		2,624,886
Schlumberger Ltd. (NY Shares)	33,400		1,271,204
Weatherford International Ltd. (a)	122,200		1,303,874
			5,805,868
Oil, Gas & Consumable Fuels - 7.5%
Anadarko Petroleum Corp.	19,000		664,050
Chesapeake Energy Corp.	117,400		1,836,136
ConocoPhillips	281,700		10,521,495
Denbury Resources, Inc. (a)	420,882		5,420,960
EnCana Corp.	58,100		2,292,670
EOG Resources, Inc.	84,700		4,238,388
Exxon Mobil Corp.	64,626		4,388,105
Hess Corp.	177,200		9,691,068
Occidental Petroleum Corp.	117,900		6,115,473
Petrohawk Energy Corp. (a)	22,001		374,457
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Range Resources Corp.	82,300		$ 2,927,411
Ultra Petroleum Corp. (a)	132,300		4,649,022
			53,119,235
TOTAL ENERGY			58,925,103
FINANCIALS - 14.9%
Capital Markets - 3.6%
Bank of New York Mellon Corp.	220,865		4,896,577
Credit Suisse Group sponsored ADR	73,600		1,778,176
Goldman Sachs Group, Inc.	72,100		6,566,868
Greenhill & Co., Inc.	7,200		465,120
Janus Capital Group, Inc.	176,276		777,377
Morgan Stanley	340,800		6,659,232
State Street Corp.	148,699		3,757,624
T. Rowe Price Group, Inc.	26,700		607,158
			25,508,132
Commercial Banks - 3.2%
BB&T Corp.	32,200		519,386
Comerica, Inc.	61,600		924,616
PNC Financial Services Group, Inc.	204,200		5,582,828
SunTrust Banks, Inc.	111,200		1,337,736
U.S. Bancorp, Delaware	187,100		2,677,401
Wells Fargo & Co.	968,582		11,719,842
			22,761,809
Consumer Finance - 0.3%
Capital One Financial Corp.	172,200		2,075,010
Diversified Financial Services - 4.6%
Bank of America Corp.	1,631,499		6,444,421
Citigroup, Inc.	566,400		849,600
JPMorgan Chase & Co.	1,042,021		23,810,180
KKR Financial Holdings LLC	976,697		1,054,833
			32,159,034
Insurance - 2.4%
ACE Ltd.	150,800		5,505,708
Everest Re Group Ltd.	97,375		6,342,034
Hartford Financial Services Group, Inc.	32,100		195,810
MBIA, Inc. (a)	53,000		145,220
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
MetLife, Inc.	132,600		$ 2,447,796
RenaissanceRe Holdings Ltd.	51,200		2,305,536
			16,942,104
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	510,200		1,474,478
Jones Lang LaSalle, Inc.	38,800		772,896
			2,247,374
Thrifts & Mortgage Finance - 0.5%
MGIC Investment Corp.	445,000		1,014,600
Radian Group, Inc.	1,268,969		2,423,731
			3,438,331
TOTAL FINANCIALS			105,131,794
HEALTH CARE - 15.4%
Biotechnology - 1.9%
Alnylam Pharmaceuticals, Inc. (a)(e)	154,200		2,843,448
Cephalon, Inc. (a)	60,075		3,940,319
Cougar Biotechnology, Inc. (a)	21,900		548,157
CSL Ltd.	2,994		69,240
Vertex Pharmaceuticals, Inc. (a)	193,500		5,849,505
			13,250,669
Health Care Equipment & Supplies - 4.4%
Conceptus, Inc. (a)	138,103		1,550,897
Cooper Companies, Inc.	43,600		958,764
HeartWare International, Inc. unit (a)	2,808,156		1,939,688
Inverness Medical Innovations, Inc. (a)(e)	1,180,491		26,525,621
			30,974,970
Health Care Providers & Services - 2.2%
athenahealth, Inc. (a)	69,083		1,760,235
Express Scripts, Inc. (a)	138,000		6,941,400
Medco Health Solutions, Inc. (a)	11,900		482,902
UnitedHealth Group, Inc.	134,500		2,642,925
WellPoint, Inc. (a)	122,500		4,155,200
			15,982,662
Life Sciences Tools & Services - 1.4%
AMAG Pharmaceuticals, Inc. (a)	103,756		2,806,600
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - continued
Illumina, Inc. (a)	56,100		$ 1,757,613
QIAGEN NV (a)	354,500		5,679,090
			10,243,303
Pharmaceuticals - 5.5%
Allergan, Inc.	169,073		6,549,888
Elan Corp. PLC sponsored ADR (a)	188,800		1,166,784
Merck & Co., Inc.	413,672		10,010,862
Pfizer, Inc.	689,300		8,485,283
Schering-Plough Corp.	292,700		5,090,053
Wyeth	184,000		7,510,880
			38,813,750
TOTAL HEALTH CARE			109,265,354
INDUSTRIALS - 8.9%
Aerospace & Defense - 3.3%
BE Aerospace, Inc. (a)	140,500		1,048,130
Honeywell International, Inc.	646,700		17,350,961
Precision Castparts Corp.	21,000		1,164,030
Raytheon Co.	91,500		3,657,255
			23,220,376
Building Products - 0.1%
Masco Corp.	90,700		467,105
Electrical Equipment - 2.2%
Energy Conversion Devices, Inc. (a)(e)	75,300		1,651,329
Evergreen Solar, Inc. (a)(e)	465,765		568,233
First Solar, Inc. (a)(e)	43,500		4,599,690
Q-Cells SE (a)(e)	238,700		3,954,748
Rockwell Automation, Inc.	38,600		775,860
Saft Groupe SA	50,400		1,148,640
Suntech Power Holdings Co. Ltd. sponsored ADR (a)(e)	100,200		610,218
Vestas Wind Systems AS (a)	50,900		2,215,836
			15,524,554
Industrial Conglomerates - 1.3%
General Electric Co.	556,400		4,734,964
Siemens AG sponsored ADR	75,600		3,826,872
Textron, Inc.	150,100		848,065
			9,409,901
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - 1.6%
Cummins, Inc.	99,000		$ 2,059,200
Danaher Corp.	72,200		3,664,872
Deere & Co.	44,500		1,223,305
Navistar International Corp. (a)	106,800		3,011,760
Parker Hannifin Corp.	17,600		587,312
SPX Corp.	24,200		1,071,576
			11,618,025
Road & Rail - 0.4%
Con-way, Inc.	142,649		2,155,426
Old Dominion Freight Lines, Inc. (a)	31,500		686,385
			2,841,811
TOTAL INDUSTRIALS			63,081,772
INFORMATION TECHNOLOGY - 28.3%
Communications Equipment - 8.1%
Cisco Systems, Inc. (a)	1,497,900		21,824,403
Corning, Inc.	1,352,750		14,271,513
Juniper Networks, Inc. (a)	526,608		7,483,100
QUALCOMM, Inc.	403,700		13,495,691
			57,074,707
Computers & Peripherals - 3.0%
Apple, Inc. (a)	126,600		11,306,646
Hewlett-Packard Co.	342,300		9,936,969
			21,243,615
Electronic Equipment & Components - 0.6%
Avnet, Inc. (a)	186,100		3,213,947
BYD Co. Ltd. (H Shares)	331,000		638,924
Everlight Electronics Co. Ltd.	491,000		748,710
			4,601,581
Internet Software & Services - 1.9%
Equinix, Inc. (a)	16,000		742,560
Google, Inc. Class A (sub. vtg.) (a)	36,950		12,488,731
			13,231,291
IT Services - 4.2%
Cognizant Technology Solutions Corp. Class A (a)	822,200		15,128,480
MasterCard, Inc. Class A	35,300		5,578,459
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
The Western Union Co.	430,000		$ 4,798,800
Visa, Inc.	75,100		4,258,921
			29,764,660
Semiconductors & Semiconductor Equipment - 8.0%
Applied Materials, Inc.	400,186		3,685,713
ARM Holdings PLC sponsored ADR	1,276,300		5,347,697
ASML Holding NV (NY Shares)	357,600		5,410,488
Globe Specialty Metals, Inc. (Reg. S) (a)	58,584		322,212
Intel Corp.	125,800		1,602,692
Lam Research Corp. (a)	347,010		6,787,516
MEMC Electronic Materials, Inc. (a)	1,266,700		19,013,167
National Semiconductor Corp.	329,700		3,593,730
Taiwan Semiconductor Manufacturing Co. Ltd.	3,012,821		3,798,723
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	742,785		5,600,599
Varian Semiconductor Equipment Associates, Inc. (a)	94,000		1,715,500
			56,878,037
Software - 2.5%
Adobe Systems, Inc. (a)	149,200		2,491,640
Autonomy Corp. PLC (a)	295,363		5,089,875
Electronic Arts, Inc. (a)	175,000		2,854,250
Microsoft Corp.	271,100		4,378,265
Salesforce.com, Inc. (a)	68,480		1,917,440
VMware, Inc. Class A (a)	55,100		1,143,876
			17,875,346
TOTAL INFORMATION TECHNOLOGY			200,669,237
MATERIALS - 2.9%
Chemicals - 2.0%
Albemarle Corp.	248,774		4,813,777
Celanese Corp. Class A	47,194		403,037
Dow Chemical Co.	24,000		171,840
Monsanto Co.	78,100		5,956,687
OMNOVA Solutions, Inc. (a)	71,700		60,945
W.R. Grace & Co. (a)	486,700		2,725,520
			14,131,806
Metals & Mining - 0.7%
AMG Advanced Metallurgical Group NV (a)	320,155		1,853,828
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
Reliance Steel & Aluminum Co.	48,600		$ 1,156,194
Timminco Ltd. (a)(e)	644,046		1,665,614
			4,675,636
Paper & Forest Products - 0.2%
Weyerhaeuser Co.	56,700		1,369,872
TOTAL MATERIALS			20,177,314
TELECOMMUNICATION SERVICES - 2.7%
Diversified Telecommunication Services - 2.5%
Global Crossing Ltd. (a)	44,900		328,668
Qwest Communications International, Inc.	448,500		1,520,415
Verizon Communications, Inc.	546,070		15,579,377
			17,428,460
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	544,900		1,792,721
TOTAL TELECOMMUNICATION SERVICES			19,221,181
UTILITIES - 2.0%
Electric Utilities - 2.0%
Allegheny Energy, Inc.	14,700		347,508
Entergy Corp.	70,000		4,717,300
Exelon Corp.	152,600		7,205,772
FPL Group, Inc.	38,900		1,763,337
			14,033,917
TOTAL COMMON STOCKS (Cost $983,795,401)		701,087,751
Convertible Preferred Stocks - 0.1%

MATERIALS - 0.1%
Metals & Mining - 0.1%
Freeport-McMoRan Copper & Gold, Inc. 6.75% (Cost $657,262)	15,900		859,983

Convertible Bonds - 0.4%
	Principal Amount		Value
FINANCIALS - 0.2%
Thrifts & Mortgage Finance - 0.2%
MGIC Investment Corp. 9% 4/1/63 (f)	$ 5,332,000		$ 1,586,270
INDUSTRIALS - 0.2%
Electrical Equipment - 0.2%
Energy Conversion Devices, Inc. 3% 6/15/13	1,915,000		1,128,778
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Calpine Corp.:
6% 9/30/14 (d)(g)	1,480,000		185,000
7.75% 6/1/15 (d)	3,200,000		50,414
			235,414
TOTAL CONVERTIBLE BONDS (Cost $3,198,964)		2,950,462

Money Market Funds - 2.3%
	Shares
Fidelity Cash Central Fund, 0.59% (b)	491,614		491,614
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	15,615,002		15,615,002
TOTAL MONEY MARKET FUNDS (Cost $16,106,616)		16,106,616
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,003,758,243)			721,004,812
NET OTHER ASSETS - (1.8)%			(12,717,790)
NET ASSETS - 100%		$ 708,287,022

Legend

(a) Non-income producing

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

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,586,270 or 0.2% of net assets.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate 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	$ 8,077
Fidelity Securities Lending Cash Central Fund	170,021
Total	$ 178,098

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 721,004,812	$ 672,388,816	$ 48,430,996	$ 185,000

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

	Investments in Securities
Beginning Balance	$ 3,705,000
Total Realized Gain (Loss)	(99,443)
Total Unrealized Gain (Loss)	(1,915,800)
Cost of Purchases	-
Proceeds of Sales	(330,557)
Amortization/Accretion	-
Transfer in/out of Level 3	(1,174,200)
Ending Balance	$ 185,000

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $1,059,058,315. Net unrealized depreciation aggregated $338,053,503, of which $22,050,431 related to appreciated investment securities and $360,103,934 related to depreciated investment securities.

Investment Valuation

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). 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.

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797928.105

MC-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.6%
Diversified Consumer Services - 6.0%
DeVry, Inc.	2,365,649		$ 122,895
Strayer Education, Inc.	97,600		16,568
			139,463
Hotels, Restaurants & Leisure - 6.5%
Burger King Holdings, Inc.	1,714,509		36,845
International Game Technology	6,442,411		56,822
Las Vegas Sands Corp. unit	313,300		11,905
Wendy's/Arby's Group, Inc.	10,487,200		47,507
			153,079
Internet & Catalog Retail - 0.7%
Expedia, Inc. (a)	2,077,800		16,560
Leisure Equipment & Products - 1.0%
Hasbro, Inc.	1,041,000		23,828
Media - 4.6%
The DIRECTV Group, Inc. (a)	5,359,900		106,876
Multiline Retail - 1.0%
Dollar Tree, Inc. (a)	586,500		22,768
Specialty Retail - 1.8%
O'Reilly Automotive, Inc. (a)	1,285,100		42,871
TOTAL CONSUMER DISCRETIONARY			505,445
CONSUMER STAPLES - 10.8%
Beverages - 10.2%
Anheuser-Busch InBev NV	4,730,001		129,227
Coca-Cola Hellenic Bottling Co. SA sponsored ADR	3,007,217		35,425
Molson Coors Brewing Co. Class B	2,103,616		74,110
			238,762
Food Products - 0.6%
Cosan Ltd. Class A (a)	4,425,287		14,825
TOTAL CONSUMER STAPLES			253,587
ENERGY - 9.7%
Energy Equipment & Services - 6.6%
Cameron International Corp. (a)	1,246,200		24,027
Diamond Offshore Drilling, Inc.	94,500		5,919
FMC Technologies, Inc. (a)	907,400		24,037
National Oilwell Varco, Inc. (a)	985,500		26,342
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Noble Corp.	486,200		$ 11,956
Pride International, Inc. (a)	339,100		5,846
SEACOR Holdings, Inc. (a)	843,977		50,563
Weatherford International Ltd. (a)	561,200		5,988
			154,678
Oil, Gas & Consumable Fuels - 3.1%
Denbury Resources, Inc. (a)	2,152,360		27,722
EXCO Resources, Inc. (a)	726,450		6,618
Hess Corp.	441,200		24,129
Southern Union Co.	982,700		13,178
			71,647
TOTAL ENERGY			226,325
FINANCIALS - 10.6%
Capital Markets - 5.7%
Ashmore Global Opps Ltd. (a)(e)	2,774,656		14,151
Ashmore Group PLC	15,924,961		27,984
Goldman Sachs Group, Inc.	210,300		19,154
Greenhill & Co., Inc. (d)	626,312		40,460
Janus Capital Group, Inc.	2,428,556		10,710
Morgan Stanley	1,148,321		22,438
			134,897
Diversified Financial Services - 2.8%
BM&F BOVESPA SA	12,783,700		32,147
GHL Acquisition Corp. (a)	2,132,500		19,982
GHL Acquisition Corp. unit	1,375,120		13,050
			65,179
Insurance - 2.1%
Everest Re Group Ltd.	631,564		41,134
W.R. Berkley Corp.	355,200		7,392
			48,526
TOTAL FINANCIALS			248,602
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 15.9%
Biotechnology - 2.9%
Cephalon, Inc. (a)(d)	513,427		$ 33,676
Vertex Pharmaceuticals, Inc. (a)	1,173,900		35,487
			69,163
Health Care Equipment & Supplies - 7.3%
Boston Scientific Corp. (a)	7,783,000		54,637
C.R. Bard, Inc.	454,941		36,514
Edwards Lifesciences Corp. (a)	1,041,689		57,928
St. Jude Medical, Inc. (a)	690,860		22,909
			171,988
Health Care Providers & Services - 3.8%
Express Scripts, Inc. (a)	1,750,273		88,039
Health Care Technology - 1.9%
HLTH Corp. (a)(d)	4,062,800		44,366
TOTAL HEALTH CARE			373,556
INDUSTRIALS - 5.5%
Airlines - 1.5%
Allegiant Travel Co. (a)(d)	1,016,301		34,879
Commercial Services & Supplies - 1.8%
Waste Management, Inc.	1,564,132		42,232
Professional Services - 1.3%
FTI Consulting, Inc. (a)	849,540		31,042
Road & Rail - 0.9%
America Latina Logistica SA unit	67,700		230
CSX Corp.	863,900		21,321
			21,551
TOTAL INDUSTRIALS			129,704
INFORMATION TECHNOLOGY - 21.0%
Communications Equipment - 7.1%
Juniper Networks, Inc. (a)	5,146,850		73,137
QUALCOMM, Inc.	2,805,700		93,795
			166,932
Internet Software & Services - 0.7%
GSI Commerce, Inc. (a)(d)	1,500,000		16,635
IT Services - 9.7%
Fiserv, Inc. (a)	4,012,826		130,896
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
MasterCard, Inc. Class A	162,030		$ 25,606
Visa, Inc.	1,252,700		71,041
			227,543
Semiconductors & Semiconductor Equipment - 1.6%
Cypress Semiconductor Corp. (a)	1,093,002		6,077
MEMC Electronic Materials, Inc. (a)	2,056,400		30,867
			36,944
Software - 1.9%
Activision Blizzard, Inc. (a)	605,500		6,073
Electronic Arts, Inc. (a)	2,297,189		37,467
			43,540
TOTAL INFORMATION TECHNOLOGY			491,594
MATERIALS - 2.3%
Construction Materials - 0.7%
Texas Industries, Inc. (d)	1,068,900		17,209
Metals & Mining - 1.6%
Freeport-McMoRan Copper & Gold, Inc. Class B	1,238,200		37,666
TOTAL MATERIALS			54,875
TELECOMMUNICATION SERVICES - 3.6%
Wireless Telecommunication Services - 3.6%
American Tower Corp. Class A (a)	2,497,267		72,720
Telephone & Data Systems, Inc.	408,400		12,048
			84,768
TOTAL COMMON STOCKS (Cost $2,755,152)		2,368,456
Convertible Preferred Stocks - 0.0%
	Shares		Value (000s)
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 - 4.6%

Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c) (Cost $108,401)	108,400,513		108,401
TOTAL INVESTMENT PORTFOLIO - 105.6% (Cost $2,884,245)			2,476,897
NET OTHER ASSETS - (5.6)%			(131,071)
NET ASSETS - 100%		$ 2,345,826

Legend

(a) Non-income producing

(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
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	$ 160
Fidelity Securities Lending Cash Central Fund	942
Total	$ 1,102

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ashmore Global Opps Ltd.	$ 19,776	$ -	$ -	$ -	$ 14,151

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 2,476,897	$ 2,307,741	$ 169,116	$ 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	$ 31,370
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(19,425)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfer in/out of Level 3	(11,905)
Ending Balance	$ 40

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $2,916,080,000. Net unrealized depreciation aggregated $439,183,000, of which $202,582,000 related to appreciated investment securities and $641,765,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797929.105

ASCF-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 83.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 3.0%
Distributors - 1.2%
LKQ Corp. (a)	2,279,900		$ 30,779
Diversified Consumer Services - 0.6%
Navitas Ltd.	369,839		537
Raffles Education Corp. Ltd.	50,408,000		13,320
			13,857
Household Durables - 0.8%
Tupperware Brands Corp.	1,471,543		20,866
Media - 0.4%
Harte-Hanks, Inc.	1,712,472		9,607
TOTAL CONSUMER DISCRETIONARY			75,109
CONSUMER STAPLES - 3.6%
Food & Staples Retailing - 0.5%
BJ's Wholesale Club, Inc. (a)	450,200		13,452
Food Products - 2.4%
Corn Products International, Inc.	1,587,200		32,014
TreeHouse Foods, Inc. (a)	994,084		26,532
			58,546
Personal Products - 0.7%
Herbalife Ltd.	1,329,900		18,140
TOTAL CONSUMER STAPLES			90,138
ENERGY - 9.5%
Energy Equipment & Services - 3.2%
Atwood Oceanics, Inc. (a)	1,302,000		19,895
Bristow Group, Inc. (a)	733,900		14,861
Exterran Holdings, Inc. (a)	943,702		17,081
Oil States International, Inc. (a)	680,872		9,069
Unit Corp. (a)	930,200		19,878
			80,784
Oil, Gas & Consumable Fuels - 6.3%
Boardwalk Pipeline Partners, LP	2,502,238		52,797
Buckeye GP Holdings LP	549,593		8,574
Buckeye Partners LP	994,700		39,291
Forest Oil Corp. (a)	449,635		6,376
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Petroleum Development Corp. (a)(d)	1,485,143		$ 17,970
Sunoco Logistics Partners LP	559,300		30,756
			155,764
TOTAL ENERGY			236,548
FINANCIALS - 6.0%
Capital Markets - 0.9%
Investment Technology Group, Inc. (a)	1,202,900		23,420
Commercial Banks - 0.5%
Gunma Bank Ltd.	2,268,000		12,106
Insurance - 1.9%
First Mercury Financial Corp. (a)	846,639		10,083
Mercer Insurance Group, Inc. (d)	656,100		8,956
Reinsurance Group of America, Inc.	1,007,600		27,407
			46,446
Real Estate Investment Trusts - 2.7%
Health Care REIT, Inc.	2,176,900		66,983
TOTAL FINANCIALS			148,955
HEALTH CARE - 8.6%
Health Care Equipment & Supplies - 1.6%
COLTENE Holding AG (d)	421,900		15,455
Guerbet	130,049		18,816
Medical Action Industries, Inc. (a)(d)	833,255		5,566
			39,837
Health Care Providers & Services - 6.1%
AmSurg Corp. (a)(d)	2,305,267		36,008
Health Net, Inc. (a)	328,966		4,342
Healthways, Inc. (a)(d)	3,233,205		29,454
United Drug PLC (Ireland) (d)	17,011,070		34,925
Universal Health Services, Inc. Class B	1,271,700		46,837
			151,566
Health Care Technology - 0.9%
IMS Health, Inc.	1,775,800		22,233
TOTAL HEALTH CARE			213,636
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 23.0%
Aerospace & Defense - 8.3%
Alliant Techsystems, Inc. (a)	1,369,467		$ 96,767
Moog, Inc. Class A (a)	1,399,500		32,538
QinetiQ Group PLC	9,303,105		18,340
Teledyne Technologies, Inc. (a)	534,100		12,236
VT Group PLC	6,463,284		45,197
			205,078
Air Freight & Logistics - 0.8%
UTI Worldwide, Inc.	1,674,162		20,575
Commercial Services & Supplies - 4.2%
ATC Technology Corp. (a)	703,169		7,320
Babcock International Group PLC	5,695,572		36,769
Multi-Color Corp.	592,978		7,685
Prosegur Comp Securidad SA (Reg.)	1,353,825		34,706
Spice PLC (d)	30,003,570		16,701
			103,181
Industrial Conglomerates - 2.2%
Bidvest Group Ltd.	1,926,906		15,827
DCC PLC (Ireland)	2,927,700		39,766
			55,593
Professional Services - 7.5%
CBIZ, Inc. (a)	2,077,966		14,255
FTI Consulting, Inc. (a)(d)	3,286,051		120,077
Watson Wyatt Worldwide, Inc. Class A	1,066,500		52,376
			186,708
TOTAL INDUSTRIALS			571,135
INFORMATION TECHNOLOGY - 23.0%
Communications Equipment - 0.9%
ViaSat, Inc. (a)	1,194,278		21,855
Electronic Equipment & Components - 0.5%
Diploma PLC (d)	6,845,967		10,752
Elec & Eltek International Co. Ltd.	406,000		387
			11,139
IT Services - 19.0%
Affiliated Computer Services, Inc. Class A (a)	2,407,807		112,276
Broadridge Financial Solutions, Inc.	997,900		15,946
CACI International, Inc. Class A (a)	1,000,000		42,770
CGI Group, Inc. Class A (sub. vtg.) (a)	6,594,545		48,209
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - continued
Convergys Corp. (a)	3,674,000		$ 23,697
Fidelity National Information Services, Inc.	1,977,500		34,606
Hewitt Associates, Inc. Class A (a)	1,660,651		48,989
Integral Systems, Inc. (a)	798,544		7,291
ManTech International Corp. Class A (a)	329,228		17,176
Metavante Holding Co. (a)	4,108,874		69,070
Syntel, Inc.	1,766,400		35,929
TNS, Inc. (a)(d)	2,501,969		16,738
			472,697
Software - 2.6%
EPIQ Systems, Inc. (a)(d)	3,242,369		54,699
Sybase, Inc. (a)	391,800		10,649
			65,348
TOTAL INFORMATION TECHNOLOGY			571,039
MATERIALS - 2.3%
Chemicals - 1.1%
Airgas, Inc.	918,669		28,286
Metals & Mining - 1.2%
Reliance Steel & Aluminum Co.	1,245,100		29,621
TOTAL MATERIALS			57,907
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 0.8%
Premiere Global Services, Inc. (a)	2,421,800		20,246
Wireless Telecommunication Services - 1.2%
Syniverse Holdings, Inc. (a)	1,931,073		29,217
TOTAL TELECOMMUNICATION SERVICES			49,463
UTILITIES - 2.5%
Gas Utilities - 2.5%
UGI Corp.	2,631,700		63,134
TOTAL COMMON STOCKS (Cost $2,741,470)		2,077,064

Convertible Bonds - 0.0%
		Principal Amount (000s)(c)	Value (000s)
CONSUMER DISCRETIONARY - 0.0%
Leisure Equipment & Products - 0.0%
Jumbo SA 0.1% 8/8/13 (Cost $665)	EUR	52	$ 657

Money Market Funds - 17.1%
	Shares
Fidelity Cash Central Fund, 0.59% (b) (Cost $426,365)	426,365,410		426,365
TOTAL INVESTMENT PORTFOLIO - 100.6% (Cost $3,168,500)			2,504,086
NET OTHER ASSETS - (0.6)%			(16,000)
NET ASSETS - 100%		$ 2,488,086

Currency Abbreviation
EUR	-	European Monetary Unit

Legend

(a) Non-income producing

(d) 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	$ 1,215
Fidelity Securities Lending Cash Central Fund	20
Total	$ 1,235

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
AmSurg Corp.	$ 43,720	$ 2,154	$ -	$ -	$ 36,008
COLTENE Holding AG	20,079	27	2,705	-	15,455
Diploma PLC	11,048	-	-	-	10,752
EPIQ Systems, Inc.	52,656	-	-	-	54,699
FTI Consulting, Inc.	180,210	-	-	-	120,077
Healthways, Inc.	-	41,537	-	-	29,454
Medical Action Industries, Inc.	7,174	-	-	-	5,566
Mercer Insurance Group, Inc.	7,545	-	-	49	8,956
Petroleum Development Corp.	28,515	-	-	-	17,970
RehabCare Group, Inc.	23,161	-	23,584	-	-
Spice PLC	39,148	-	-	150	16,701
TNS, Inc.	17,728	4,496	-	-	16,738
United Drug PLC (Ireland)	46,357	7,030	-	1,086	34,925
Total	$ 477,341	$ 55,244	$ 26,289	$ 1,285	$ 367,301

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 2,504,086	$ 2,205,652	$ 298,434	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $3,168,507,000. Net unrealized depreciation aggregated $664,421,000, of which $66,948,000 related to appreciated investment securities and $731,369,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797937.105

ATQG-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
CONSUMER DISCRETIONARY - 12.3%
Auto Components - 0.1%
Exide Technologies (a)	1,700		$ 5,542
Johnson Controls, Inc.	700		7,966
			13,508
Diversified Consumer Services - 0.4%
DeVry, Inc.	600		31,170
Strayer Education, Inc.	100		16,975
			48,145
Hotels, Restaurants & Leisure - 2.8%
Burger King Holdings, Inc.	2,100		45,129
Darden Restaurants, Inc.	1,100		29,854
Marriott International, Inc. Class A	2,100		29,736
McDonald's Corp.	3,400		177,650
Penn National Gaming, Inc. (a)	300		5,727
Starwood Hotels & Resorts Worldwide, Inc.	1,800		20,862
			308,958
Household Durables - 0.3%
Leggett & Platt, Inc.	500		5,715
Tempur-Pedic International, Inc.	5,000		30,700
			36,415
Internet & Catalog Retail - 0.9%
Amazon.com, Inc.	1,200		77,748
Blue Nile, Inc. (a)(d)	800		19,096
			96,844
Media - 0.8%
Interpublic Group of Companies, Inc. (a)	8,700		33,147
The DIRECTV Group, Inc. (a)	2,800		55,832
			88,979
Multiline Retail - 0.9%
Nordstrom, Inc. (d)	2,300		30,981
Target Corp.	2,400		67,944
			98,925
Specialty Retail - 3.9%
Abercrombie & Fitch Co. Class A	1,600		35,184
Best Buy Co., Inc.	3,100		89,342
Dick's Sporting Goods, Inc. (a)	1,900		23,465
Home Depot, Inc.	600		12,534
Lowe's Companies, Inc.	2,000		31,680
Penske Auto Group, Inc.	4,200		23,772
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Ross Stores, Inc.	1,200		$ 35,424
Staples, Inc.	5,600		89,320
The Men's Wearhouse, Inc.	1,400		14,952
TJX Companies, Inc.	3,200		71,264
			426,937
Textiles, Apparel & Luxury Goods - 2.2%
Coach, Inc. (a)	2,800		39,144
G-III Apparel Group Ltd. (a)	3,800		12,920
Liz Claiborne, Inc.	3,500		9,765
NIKE, Inc. Class B	1,400		58,142
Phillips-Van Heusen Corp.	900		14,913
Polo Ralph Lauren Corp. Class A	1,600		55,152
VF Corp.	900		46,710
			236,746
TOTAL CONSUMER DISCRETIONARY			1,355,457
CONSUMER STAPLES - 12.1%
Beverages - 3.0%
Molson Coors Brewing Co. Class B	1,500		52,845
PepsiCo, Inc.	1,400		67,396
The Coca-Cola Co.	5,000		204,250
			324,491
Food & Staples Retailing - 5.2%
Costco Wholesale Corp.	3,400		143,956
CVS Caremark Corp.	2,200		56,628
Wal-Mart Stores, Inc.	7,500		369,300
			569,884
Food Products - 2.0%
General Mills, Inc.	1,300		68,224
Green Mountain Coffee Roasters, Inc. (a)	400		14,940
Nestle SA sponsored ADR	3,250		105,658
Smart Balance, Inc. (a)	5,200		30,472
			219,294
Household Products - 1.4%
Procter & Gamble Co.	3,300		158,961
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Personal Products - 0.5%
Avon Products, Inc.	3,300		$ 58,047
TOTAL CONSUMER STAPLES			1,330,677
ENERGY - 8.3%
Energy Equipment & Services - 2.4%
Halliburton Co.	2,400		39,144
National Oilwell Varco, Inc. (a)	2,428		64,900
Noble Corp.	1,900		46,721
Schlumberger Ltd. (NY Shares)	3,120		118,747
			269,512
Oil, Gas & Consumable Fuels - 5.9%
Arch Coal, Inc.	1,300		18,070
Canadian Natural Resources Ltd.	500		16,075
Chesapeake Energy Corp.	2,000		31,280
ConocoPhillips	100		3,735
CONSOL Energy, Inc.	1,670		45,508
EOG Resources, Inc.	1,100		55,044
Exxon Mobil Corp.	2,840		192,836
Hess Corp.	1,200		65,628
Massey Energy Co.	1,200		13,860
Nova Biosource Fuels, Inc. (a)	31,400		1,256
Occidental Petroleum Corp.	2,000		103,740
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	1,100		24,618
Range Resources Corp.	100		3,557
Southwestern Energy Co. (a)	1,100		31,647
Ultra Petroleum Corp. (a)	1,100		38,654
			645,508
TOTAL ENERGY			915,020
FINANCIALS - 3.1%
Capital Markets - 1.7%
Charles Schwab Corp.	3,500		44,485
Goldman Sachs Group, Inc.	400		36,432
Janus Capital Group, Inc.	2,000		8,820
Morgan Stanley	2,300		44,942
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Capital Markets - continued
Northern Trust Corp.	580		$ 32,219
State Street Corp.	820		20,721
			187,619
Commercial Banks - 0.3%
PNC Financial Services Group, Inc.	800		21,872
Wells Fargo & Co.	1,300		15,730
			37,602
Consumer Finance - 0.1%
American Express Co.	800		9,648
Diversified Financial Services - 0.2%
JPMorgan Chase & Co.	800		18,280
Insurance - 0.3%
Berkshire Hathaway, Inc. Class B (a)	10		25,640
MetLife, Inc.	500		9,230
			34,870
Real Estate Management & Development - 0.1%
CB Richard Ellis Group, Inc. Class A (a)	2,600		7,514
Thrifts & Mortgage Finance - 0.4%
Hudson City Bancorp, Inc.	4,500		46,665
TOTAL FINANCIALS			342,198
HEALTH CARE - 16.8%
Biotechnology - 5.5%
Alexion Pharmaceuticals, Inc. (a)	832		28,454
Alnylam Pharmaceuticals, Inc. (a)	1,200		22,128
Amgen, Inc. (a)	600		29,358
Celgene Corp. (a)	1,900		84,987
Cougar Biotechnology, Inc. (a)	1,200		30,036
CSL Ltd.	918		21,230
Genentech, Inc. (a)	2,000		171,100
Genzyme Corp. (a)	700		42,651
Gilead Sciences, Inc. (a)	3,200		143,360
RXi Pharmaceuticals Corp.	3,054		12,460
United Therapeutics Corp. (a)	200		13,422
			599,186
Health Care Equipment & Supplies - 3.1%
Baxter International, Inc.	2,700		137,457
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Covidien Ltd.	1,800		$ 57,006
Inverness Medical Innovations, Inc. (a)(d)	6,675		149,987
			344,450
Health Care Providers & Services - 2.6%
athenahealth, Inc. (a)	2,100		53,508
Express Scripts, Inc. (a)	1,600		80,480
Medco Health Solutions, Inc. (a)	2,800		113,624
UnitedHealth Group, Inc.	2,100		41,265
			288,877
Life Sciences Tools & Services - 1.8%
Illumina, Inc. (a)	3,500		109,655
QIAGEN NV (a)	3,600		57,672
Thermo Fisher Scientific, Inc. (a)	700		25,382
			192,709
Pharmaceuticals - 3.8%
Abbott Laboratories	3,300		156,222
Allergan, Inc.	2,300		89,102
Schering-Plough Corp.	6,400		111,296
Wyeth	1,500		61,230
			417,850
TOTAL HEALTH CARE			1,843,072
INDUSTRIALS - 10.9%
Aerospace & Defense - 3.6%
Honeywell International, Inc.	5,600		150,248
Northrop Grumman Corp.	900		33,624
Precision Castparts Corp.	900		49,887
The Boeing Co.	1,500		47,160
United Technologies Corp.	2,800		114,324
			395,243
Air Freight & Logistics - 1.2%
C.H. Robinson Worldwide, Inc.	500		20,690
United Parcel Service, Inc. Class B	2,600		107,068
			127,758
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - 0.2%
Delta Air Lines, Inc. (a)	3,625		$ 18,234
UAL Corp. (a)	900		4,419
			22,653
Building Products - 0.2%
Masco Corp.	3,400		17,510
Electrical Equipment - 1.9%
ABB Ltd. sponsored ADR	2,400		28,920
Alstom SA	500		23,457
American Superconductor Corp. (a)(d)	1,900		25,574
AMETEK, Inc.	1,600		42,336
Emerson Electric Co.	2,300		61,525
First Solar, Inc. (a)	200		21,148
Satcon Technology Corp. (a)(d)	8,200		9,758
			212,718
Industrial Conglomerates - 0.2%
Textron, Inc.	3,400		19,210
Machinery - 2.3%
Cummins, Inc.	1,900		39,520
Danaher Corp.	1,100		55,836
Deere & Co.	1,900		52,231
Eaton Corp.	1,000		36,150
Ingersoll-Rand Co. Ltd. Class A	1,000		14,180
Manitowoc Co., Inc.	3,400		13,940
Navistar International Corp. (a)	1,500		42,300
			254,157
Professional Services - 0.4%
Manpower, Inc.	980		27,322
Monster Worldwide, Inc. (a)	3,400		22,406
			49,728
Road & Rail - 0.9%
Union Pacific Corp.	2,700		101,304
TOTAL INDUSTRIALS			1,200,281
INFORMATION TECHNOLOGY - 29.9%
Communications Equipment - 6.1%
Cisco Systems, Inc. (a)	16,800		244,776
Corning, Inc.	10,200		107,610
Infinera Corp. (a)	2,500		18,000
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Juniper Networks, Inc. (a)	1,520		$ 21,599
QUALCOMM, Inc.	7,900		264,097
Research In Motion Ltd. (a)	400		15,976
			672,058
Computers & Peripherals - 6.3%
Apple, Inc. (a)	3,300		294,723
Hewlett-Packard Co.	6,800		197,404
International Business Machines Corp.	1,400		128,842
NetApp, Inc. (a)	2,400		32,256
Palm, Inc. (a)	400		2,896
Seagate Technology	7,800		33,540
			689,661
Electronic Equipment & Components - 0.3%
Ingram Micro, Inc. Class A (a)	2,900		31,581
Internet Software & Services - 4.1%
Akamai Technologies, Inc. (a)	2,200		39,798
Google, Inc. Class A (sub. vtg.) (a)	1,106		373,818
Sohu.com, Inc. (a)	700		34,580
			448,196
IT Services - 3.7%
Accenture Ltd. Class A	3,600		105,084
Cognizant Technology Solutions Corp. Class A (a)	4,200		77,280
CyberSource Corp. (a)	3,300		40,656
MasterCard, Inc. Class A	300		47,409
Visa, Inc.	2,400		136,104
			406,533
Semiconductors & Semiconductor Equipment - 3.9%
Applied Materials, Inc.	16,300		150,123
ASML Holding NV (NY Shares)	4,700		71,111
Atmel Corp. (a)	7,600		27,132
Intel Corp.	6,100		77,714
Lam Research Corp. (a)	1,200		23,472
Marvell Technology Group Ltd. (a)	5,500		41,305
Skyworks Solutions, Inc. (a)	4,900		31,850
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	1,500		11,310
			434,017
Software - 5.5%
CA, Inc.	3,900		66,105
Electronic Arts, Inc. (a)	2,700		44,037
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
Informatica Corp. (a)	3,000		$ 38,700
Microsoft Corp.	10,100		163,115
Oracle Corp. (a)	10,600		164,724
Quest Software, Inc. (a)	2,400		27,120
Sybase, Inc. (a)	3,800		103,284
			607,085
TOTAL INFORMATION TECHNOLOGY			3,289,131
MATERIALS - 3.9%
Chemicals - 1.9%
Monsanto Co.	2,440		186,099
The Mosaic Co.	600		25,830
			211,929
Containers & Packaging - 0.1%
Sealed Air Corp.	1,000		11,160
Metals & Mining - 1.9%
Agnico-Eagle Mines Ltd.	600		30,162
Eldorado Gold Corp. (a)	4,400		37,112
Freeport-McMoRan Copper & Gold, Inc. Class B	200		6,084
Newmont Mining Corp.	2,400		99,912
Nucor Corp.	300		10,095
United States Steel Corp.	300		5,901
Yamana Gold, Inc.	1,600		13,986
			203,252
TOTAL MATERIALS			426,341
TELECOMMUNICATION SERVICES - 1.6%
Diversified Telecommunication Services - 0.5%
Qwest Communications International, Inc.	15,200		51,528
Wireless Telecommunication Services - 1.1%
American Tower Corp. Class A (a)	2,200		64,064
Sprint Nextel Corp. (a)	17,600		57,904
			121,968
TOTAL TELECOMMUNICATION SERVICES			173,496
Common Stocks - continued
	Shares		Value
UTILITIES - 0.3%
Electric Utilities - 0.3%
Entergy Corp.	300		$ 20,217
Exelon Corp.	300		14,166
			34,383
Multi-Utilities - 0.0%
Sempra Energy	100		4,157
TOTAL UTILITIES			38,540
TOTAL COMMON STOCKS (Cost $15,737,387)		10,914,213
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.59% (b)	83,362		83,362
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c)	202,466		202,466
TOTAL MONEY MARKET FUNDS (Cost $285,828)		285,828
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $16,023,215)			11,200,041
NET OTHER ASSETS - (1.8)%			(198,659)
NET ASSETS - 100%		$ 11,001,382

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 544
Fidelity Securities Lending Cash Central Fund	1,322
Total	$ 1,866

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 11,200,041	$ 11,155,354	$ 44,687	$ -

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

	Investments in Securities
Beginning Balance	$ 15,000
Total Realized Gain (Loss)	(2,552)
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	(12,448)
Amortization/Accretion	-
Transfer in/out of Level 3	-
Ending Balance	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $16,191,452. Net unrealized depreciation aggregated $4,991,411, of which $205,033 related to appreciated investment securities and $5,196,444 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

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

February 28, 2009

1.797930.105

SO-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.0%
Auto Components - 1.8%
BorgWarner, Inc. (e)	174,700		$ 3,014
Federal-Mogul Corp. Class A (a)	346,200		2,240
Johnson Controls, Inc.	233,200		2,654
The Goodyear Tire & Rubber Co. (a)	359,500		1,596
			9,504
Automobiles - 0.2%
Renault SA	58,700		843
Diversified Consumer Services - 1.2%
H&R Block, Inc.	178,100		3,402
Princeton Review, Inc. (a)	268,294		1,234
Regis Corp.	105,700		1,332
			5,968
Hotels, Restaurants & Leisure - 2.9%
Burger King Holdings, Inc.	158,100		3,398
Darden Restaurants, Inc.	141,000		3,827
McCormick & Schmick's Seafood Restaurants (a)	194,500		447
Royal Caribbean Cruises Ltd.	79,300		476
Starwood Hotels & Resorts Worldwide, Inc.	149,887		1,737
Vail Resorts, Inc. (a)(e)	107,606		2,032
Wendy's/Arby's Group, Inc.	137,600		623
WMS Industries, Inc. (a)	116,900		2,119
			14,659
Household Durables - 4.0%
Black & Decker Corp.	76,900		1,820
Centex Corp.	477,200		2,963
Ethan Allen Interiors, Inc.	143,500		1,369
KB Home	60,000		534
Mohawk Industries, Inc. (a)	94,600		2,137
Newell Rubbermaid, Inc.	344,100		1,944
Pulte Homes, Inc.	337,000		3,094
Stanley Furniture Co., Inc.	149,400		1,195
The Stanley Works	118,800		3,179
Whirlpool Corp.	105,225		2,339
			20,574
Leisure Equipment & Products - 0.3%
Brunswick Corp.	256,100		791
Hasbro, Inc.	23,400		536
			1,327
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - 2.4%
Ascent Media Corp. (a)	22,710		$ 533
Discovery Communications, Inc. (a)	121,800		1,889
DISH Network Corp. Class A (a)	307,979		3,465
Grupo Televisa SA de CV (CPO) sponsored ADR	223,600		2,721
Liberty Media Corp. - Capital Series A (a)	367,100		1,887
Virgin Media, Inc.	415,800		1,988
			12,483
Multiline Retail - 0.1%
Tuesday Morning Corp. (a)	918,908		809
Specialty Retail - 5.7%
Abercrombie & Fitch Co. Class A	125,600		2,762
Advance Auto Parts, Inc.	82,700		3,163
Asbury Automotive Group, Inc.	584,041		1,665
Dick's Sporting Goods, Inc. (a)	106,000		1,309
Group 1 Automotive, Inc. (e)	267,328		2,860
J. Crew Group, Inc. (a)	60,300		679
Jos. A. Bank Clothiers, Inc. (a)(e)	55,858		1,262
Lowe's Companies, Inc.	178,000		2,820
Lumber Liquidators, Inc. (a)	230,004		2,203
MarineMax, Inc. (a)	166,200		239
OfficeMax, Inc.	513,200		1,960
PetSmart, Inc.	82,100		1,645
Shoe Carnival, Inc. (a)	45,515		312
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	461,966		661
Staples, Inc.	227,100		3,622
The Men's Wearhouse, Inc.	167,963		1,794
Tween Brands, Inc. (a)	340,252		408
			29,364
Textiles, Apparel & Luxury Goods - 0.4%
Hanesbrands, Inc. (a)	233,900		1,637
Heelys, Inc.	161,345		297
			1,934
TOTAL CONSUMER DISCRETIONARY			97,465
CONSUMER STAPLES - 2.3%
Beverages - 0.0%
Molson Coors Brewing Co. Class B	7,400		261
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 0.8%
CVS Caremark Corp.	98,900		$ 2,546
Winn-Dixie Stores, Inc. (a)	150,279		1,453
			3,999
Food Products - 1.2%
Cermaq ASA	397,100		1,607
Lighthouse Caledonia ASA (a)(e)	634,971		16
Marine Harvest ASA (a)(e)	5,659,000		1,353
Ralcorp Holdings, Inc. (a)	31,300		1,897
Tyson Foods, Inc. Class A	159,100		1,341
			6,214
Household Products - 0.2%
Energizer Holdings, Inc. (a)	29,600		1,249
Personal Products - 0.1%
Mead Johnson Nutrition Co. Class A (a)	10,200		281
TOTAL CONSUMER STAPLES			12,004
ENERGY - 7.6%
Energy Equipment & Services - 1.3%
National Oilwell Varco, Inc. (a)	85,700		2,291
Noble Corp.	72,600		1,785
Weatherford International Ltd. (a)	219,900		2,346
			6,422
Oil, Gas & Consumable Fuels - 6.3%
Boardwalk Pipeline Partners, LP	67,750		1,430
Cabot Oil & Gas Corp.	22,808		465
Canadian Natural Resources Ltd.	73,800		2,373
Comstock Resources, Inc. (a)	23,800		724
Concho Resources, Inc. (a)	98,400		1,963
Copano Energy LLC	73,513		1,045
Denbury Resources, Inc. (a)	570,758		7,351
Energy Transfer Equity LP	216,500		4,250
EXCO Resources, Inc. (a)	111,800		1,018
Hess Corp.	59,100		3,232
Petrohawk Energy Corp. (a)	311,530		5,302
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Plains Exploration & Production Co. (a)	62,900		$ 1,204
Ultra Petroleum Corp. (a)	62,897		2,210
			32,567
TOTAL ENERGY			38,989
FINANCIALS - 18.7%
Capital Markets - 4.3%
AllianceBernstein Holding LP	131,148		1,596
Ameriprise Financial, Inc.	163,700		2,609
Bank of New York Mellon Corp.	266,846		5,916
Cohen & Steers, Inc. (e)	210,017		1,888
Credit Suisse Group sponsored ADR	75,300		1,819
EFG International	168,774		1,171
Fortress Investment Group LLC (e)	743,284		929
GFI Group, Inc.	145,700		326
State Street Corp.	157,100		3,970
Waddell & Reed Financial, Inc. Class A	138,500		1,956
			22,180
Commercial Banks - 2.6%
Associated Banc-Corp.	254,600		3,682
CapitalSource, Inc.	787,286		1,472
First Horizon National Corp.	82,200		754
KeyCorp	59,400		416
PNC Financial Services Group, Inc.	143,200		3,915
Wells Fargo & Co.	270,674		3,275
			13,514
Consumer Finance - 0.7%
Capital One Financial Corp. (e)	178,800		2,155
Discover Financial Services	203,602		1,167
			3,322
Diversified Financial Services - 1.0%
JPMorgan Chase & Co.	226,600		5,178
Insurance - 5.8%
ACE Ltd.	124,500		4,545
Allied World Assurance Co. Holdings Ltd.	83,500		3,207
Argo Group International Holdings, Ltd. (a)	141,887		4,020
Axis Capital Holdings Ltd.	107,400		2,404
Everest Re Group Ltd.	107,000		6,969
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
MetLife, Inc.	81,300		$ 1,501
PartnerRe Ltd.	68,800		4,259
W.R. Berkley Corp.	133,800		2,784
			29,689
Real Estate Investment Trusts - 3.3%
Alexandria Real Estate Equities, Inc.	71,301		2,849
Big Yellow Group PLC	95,700		255
CBL & Associates Properties, Inc.	71,750		222
Corporate Office Properties Trust (SBI)	202,300		5,058
Developers Diversified Realty Corp.	240,615		710
Potlatch Corp.	45,100		1,027
Public Storage	45,225		2,509
Simon Property Group, Inc.	8,000		265
SL Green Realty Corp.	38,600		449
Tanger Factory Outlet Centers, Inc.	114,100		3,149
The Macerich Co. (e)	44,600		509
			17,002
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	586,300		1,694
Forestar Group, Inc. (a)	200,884		1,511
Jones Lang LaSalle, Inc.	27,300		544
The St. Joe Co. (a)	2,871		53
			3,802
Thrifts & Mortgage Finance - 0.2%
Washington Federal, Inc.	104,300		1,188
Washington Mutual, Inc.	685,714		17
			1,205
TOTAL FINANCIALS			95,892
HEALTH CARE - 8.2%
Biotechnology - 0.3%
GTx, Inc. (a)(e)	190,202		1,771
Health Care Equipment & Supplies - 1.5%
Cooper Companies, Inc.	53,800		1,183
Covidien Ltd.	84,675		2,682
DENTSPLY International, Inc.	45,119		1,043
I-Flow Corp. (a)	59,800		190
Orthofix International NV (a)	99,600		1,583
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
RTI Biologics, Inc. (a)	172,200		$ 486
Sirona Dental Systems, Inc. (a)	40,300		449
			7,616
Health Care Providers & Services - 3.3%
Brookdale Senior Living, Inc. (e)	405,708		1,481
Capital Senior Living Corp. (a)	385,445		1,118
Community Health Systems, Inc. (a)	88,100		1,441
Emeritus Corp. (a)	521,651		3,505
HealthSouth Corp. (a)(e)	123,000		966
Henry Schein, Inc. (a)	49,858		1,829
LifePoint Hospitals, Inc. (a)	60,922		1,281
McKesson Corp.	22,600		927
Universal Health Services, Inc. Class B	26,600		980
VCA Antech, Inc. (a)	130,485		2,713
WellPoint, Inc. (a)	14,600		495
			16,736
Health Care Technology - 0.2%
IMS Health, Inc.	90,300		1,131
Life Sciences Tools & Services - 0.7%
AMAG Pharmaceuticals, Inc. (a)(e)	93,200		2,521
Thermo Fisher Scientific, Inc. (a)	38,000		1,378
			3,899
Pharmaceuticals - 2.2%
Allergan, Inc.	82,400		3,192
Elan Corp. PLC sponsored ADR (a)	83,000		513
Sepracor, Inc. (a)	167,500		2,509
Teva Pharmaceutical Industries Ltd. sponsored ADR	49,100		2,189
XenoPort, Inc. (a)	129,400		2,703
			11,106
TOTAL HEALTH CARE			42,259
INDUSTRIALS - 15.7%
Aerospace & Defense - 0.4%
Heico Corp. Class A	112,900		2,255
Building Products - 0.9%
Masco Corp.	435,300		2,242
Owens Corning (a)	272,400		2,275
			4,517
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 4.2%
ACCO Brands Corp. (a)	434,493		$ 413
Cenveo, Inc. (a)	345,006		983
Consolidated Graphics, Inc. (a)	117,986		1,592
EnergySolutions, Inc.	585,052		3,774
GeoEye, Inc. (a)	418,057		9,443
R.R. Donnelley & Sons Co.	331,400		2,582
Republic Services, Inc.	138,590		2,758
			21,545
Construction & Engineering - 1.9%
Chicago Bridge & Iron Co. NV (NY Shares)	13,300		80
Great Lakes Dredge & Dock Corp.	157,638		381
MYR Group, Inc. (a)(f)	238,700		3,203
MYR Group, Inc. (a)	235,400		3,159
URS Corp. (a)	96,475		2,983
			9,806
Electrical Equipment - 2.2%
Acuity Brands, Inc.	102,800		2,356
Cooper Industries Ltd. Class A	137,900		2,908
Energy Conversion Devices, Inc. (a)(e)	62,300		1,366
First Solar, Inc. (a)	2,900		307
Renewable Energy Corp. AS (a)	45,600		309
Sunpower Corp. Class B (a)	91,900		2,275
Zumtobel AG	206,100		1,676
			11,197
Industrial Conglomerates - 0.9%
McDermott International, Inc. (a)	142,900		1,685
Rheinmetall AG	6,100		199
Siemens AG (Reg.) (e)	52,600		2,663
			4,547
Machinery - 1.9%
Accuride Corp. (a)	588,626		159
Commercial Vehicle Group, Inc. (a)	155,800		98
Cummins, Inc.	171,900		3,576
Graco, Inc.	58,100		987
Navistar International Corp. (a)	104,900		2,958
PACCAR, Inc.	78,700		1,973
			9,751
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	513,153		1,057
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 1.7%
CoStar Group, Inc. (a)	114,843		$ 2,928
Equifax, Inc.	134,800		2,898
Experian PLC	272,691		1,611
Monster Worldwide, Inc. (a)(e)	168,100		1,108
			8,545
Road & Rail - 0.9%
Con-way, Inc.	193,270		2,920
P.A.M. Transportation Services, Inc. (a)	20,674		82
Ryder System, Inc.	64,900		1,484
			4,486
Transportation Infrastructure - 0.5%
Aegean Marine Petroleum Network, Inc.	128,400		2,106
Macquarie Infrastructure Co. LLC (e)	353,479		460
			2,566
TOTAL INDUSTRIALS			80,272
INFORMATION TECHNOLOGY - 16.6%
Communications Equipment - 1.3%
Comverse Technology, Inc. (a)	212,800		1,160
Corning, Inc.	205,300		2,166
Juniper Networks, Inc. (a)	224,200		3,186
			6,512
Computers & Peripherals - 0.4%
NCR Corp. (a)	98,200		778
Seagate Technology	282,500		1,215
			1,993
Electronic Equipment & Components - 3.4%
Agilent Technologies, Inc. (a)	159,800		2,216
Arrow Electronics, Inc. (a)	181,800		3,023
Avnet, Inc. (a)	213,850		3,693
Bell Microproducts, Inc. (a)	918,996		570
Ingram Micro, Inc. Class A (a)	275,200		2,997
Itron, Inc. (a)	65,670		2,933
Tyco Electronics Ltd.	237,375		2,250
			17,682
Internet Software & Services - 2.8%
DealerTrack Holdings, Inc. (a)	366,300		3,868
Dice Holdings, Inc. (a)	672,990		1,595
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Move, Inc. (a)	2,209,650		$ 3,580
VeriSign, Inc. (a)	275,100		5,318
			14,361
IT Services - 2.2%
Affiliated Computer Services, Inc. Class A (a)	18,300		853
CACI International, Inc. Class A (a)	32,300		1,381
Cognizant Technology Solutions Corp. Class A (a)	78,600		1,446
infoGROUP, Inc.	313,432		928
Lender Processing Services, Inc.	115,468		3,024
Sapient Corp. (a)	184,198		705
The Western Union Co.	81,780		913
VeriFone Holdings, Inc. (a)	349,109		1,515
Wright Express Corp. (a)	24,600		360
			11,125
Office Electronics - 0.3%
Xerox Corp.	322,148		1,669
Semiconductors & Semiconductor Equipment - 4.5%
Applied Materials, Inc.	368,600		3,395
ASML Holding NV (NY Shares)	254,500		3,851
Globe Specialty Metals, Inc. (Reg. S) (a)	360,745		1,984
International Rectifier Corp. (a)	54,700		686
Lam Research Corp. (a)	239,800		4,690
LTX-Credence Corp. (a)	631,397		126
ON Semiconductor Corp. (a)	1,434,670		5,251
Varian Semiconductor Equipment Associates, Inc. (a)	183,800		3,354
			23,337
Software - 1.7%
CA, Inc.	201,700		3,419
Electronic Arts, Inc. (a)	62,700		1,023
Gameloft (a)	972,670		1,534
Misys PLC	1,142,879		1,753
THQ, Inc. (a)	314,300		786
			8,515
TOTAL INFORMATION TECHNOLOGY			85,194
MATERIALS - 7.3%
Chemicals - 3.8%
Albemarle Corp.	159,900		3,094
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Arkema sponsored ADR	86,400		$ 1,166
Calgon Carbon Corp. (a)	2,862		42
Celanese Corp. Class A	325,136		2,777
FMC Corp.	75,640		3,058
H.B. Fuller Co.	239,800		2,734
Lubrizol Corp.	71,100		1,955
OMNOVA Solutions, Inc. (a)	305,323		260
Solutia, Inc. (a)	447,580		1,678
W.R. Grace & Co. (a)	472,364		2,645
			19,409
Containers & Packaging - 1.5%
Ball Corp.	48,300		1,946
Crown Holdings, Inc. (a)	157,800		3,326
Greif, Inc. Class A	5,858		180
Owens-Illinois, Inc. (a)	62,100		958
Temple-Inland, Inc. (e)	297,900		1,415
			7,825
Metals & Mining - 1.7%
Agnico-Eagle Mines Ltd.	55,000		2,765
Commercial Metals Co.	286,900		2,929
Newcrest Mining Ltd.	54,767		1,077
Randgold Resources Ltd. sponsored ADR	43,900		1,997
			8,768
Paper & Forest Products - 0.3%
Schweitzer-Mauduit International, Inc.	83,518		1,269
TOTAL MATERIALS			37,271
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.5%
Global Crossing Ltd. (a)	361,325		2,645
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp. (a)	355,700		1,170
TOTAL TELECOMMUNICATION SERVICES			3,815
UTILITIES - 4.6%
Electric Utilities - 2.6%
Allegheny Energy, Inc.	119,527		2,826
Entergy Corp.	69,400		4,677
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Exelon Corp.	70,600		$ 3,334
FirstEnergy Corp.	63,900		2,720
			13,557
Gas Utilities - 0.1%
Questar Corp.	17,800		513
Independent Power Producers & Energy Traders - 1.2%
AES Corp. (a)	308,400		1,943
Constellation Energy Group, Inc.	63,300		1,251
NRG Energy, Inc. (a)	144,824		2,737
			5,931
Multi-Utilities - 0.6%
Sempra Energy	73,500		3,055
Water Utilities - 0.1%
Southwest Water Co.	154,281		739
TOTAL UTILITIES			23,795
TOTAL COMMON STOCKS (Cost $1,030,079)		516,956
Preferred Stocks - 0.8%

Convertible Preferred Stocks - 0.7%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
SandRidge Energy, Inc. 8.50% (a)(f)	3,100		307
FINANCIALS - 0.6%
Commercial Banks - 0.6%
Fifth Third Bancorp 8.50%	16,100		486
Huntington Bancshares, Inc. 8.50%	700		183
UCBH Holdings, Inc. Series B, 8.50%	3,100		1,171
Wells Fargo & Co. 7.50%	2,646		1,217
			3,057
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
FINANCIALS - continued
Diversified Financial Services - 0.0%
CIT Group, Inc. Series C, 8.75%	12,500		$ 187
TOTAL FINANCIALS			3,244
TOTAL CONVERTIBLE PREFERRED STOCKS			3,551
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	284,500		735
TOTAL PREFERRED STOCKS (Cost $9,460)		4,286
Corporate Bonds - 0.5%
	Principal Amount (000s)
Convertible Bonds - 0.3%
CONSUMER DISCRETIONARY - 0.3%
Specialty Retail - 0.3%
Lithia Motors, Inc. 2.875% 5/1/14	$ 1,580		1,422
Nonconvertible Bonds - 0.2%
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
Rouse Co. 3.625% 3/15/09 (d)	1,185		385
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Textron, Inc. 4.5% 8/1/10	640		484
TOTAL NONCONVERTIBLE BONDS			869
TOTAL CORPORATE BONDS (Cost $2,829)		2,291
Money Market Funds - 3.2%
	Shares		Value (000s)
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c) (Cost $16,395)	16,394,571		$ 16,395
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $1,058,763)			539,928
NET OTHER ASSETS - (5.3)%			(27,261)
NET ASSETS - 100%		$ 512,667

Legend

(a) Non-income producing

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

(e) 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
Fidelity Securities Lending Cash Central Fund	243
Total	$ 244

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 539,928	$ 517,467	$ 22,461	$ -

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $1,072,985,000. Net unrealized depreciation aggregated $533,057,000, of which $8,417,000 related to appreciated investment securities and $541,474,000 related to depreciated investment securities.

Investment Valuation

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Value Strategies Fund
Fidelity Value Stategies Fund Class K

(Classes of Fidelity® Advisor
Value Strategies Fund)

February 28, 2009

1.814094.104

SOI-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.0%
Auto Components - 1.8%
BorgWarner, Inc. (e)	174,700		$ 3,014
Federal-Mogul Corp. Class A (a)	346,200		2,240
Johnson Controls, Inc.	233,200		2,654
The Goodyear Tire & Rubber Co. (a)	359,500		1,596
			9,504
Automobiles - 0.2%
Renault SA	58,700		843
Diversified Consumer Services - 1.2%
H&R Block, Inc.	178,100		3,402
Princeton Review, Inc. (a)	268,294		1,234
Regis Corp.	105,700		1,332
			5,968
Hotels, Restaurants & Leisure - 2.9%
Burger King Holdings, Inc.	158,100		3,398
Darden Restaurants, Inc.	141,000		3,827
McCormick & Schmick's Seafood Restaurants (a)	194,500		447
Royal Caribbean Cruises Ltd.	79,300		476
Starwood Hotels & Resorts Worldwide, Inc.	149,887		1,737
Vail Resorts, Inc. (a)(e)	107,606		2,032
Wendy's/Arby's Group, Inc.	137,600		623
WMS Industries, Inc. (a)	116,900		2,119
			14,659
Household Durables - 4.0%
Black & Decker Corp.	76,900		1,820
Centex Corp.	477,200		2,963
Ethan Allen Interiors, Inc.	143,500		1,369
KB Home	60,000		534
Mohawk Industries, Inc. (a)	94,600		2,137
Newell Rubbermaid, Inc.	344,100		1,944
Pulte Homes, Inc.	337,000		3,094
Stanley Furniture Co., Inc.	149,400		1,195
The Stanley Works	118,800		3,179
Whirlpool Corp.	105,225		2,339
			20,574
Leisure Equipment & Products - 0.3%
Brunswick Corp.	256,100		791
Hasbro, Inc.	23,400		536
			1,327
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - 2.4%
Ascent Media Corp. (a)	22,710		$ 533
Discovery Communications, Inc. (a)	121,800		1,889
DISH Network Corp. Class A (a)	307,979		3,465
Grupo Televisa SA de CV (CPO) sponsored ADR	223,600		2,721
Liberty Media Corp. - Capital Series A (a)	367,100		1,887
Virgin Media, Inc.	415,800		1,988
			12,483
Multiline Retail - 0.1%
Tuesday Morning Corp. (a)	918,908		809
Specialty Retail - 5.7%
Abercrombie & Fitch Co. Class A	125,600		2,762
Advance Auto Parts, Inc.	82,700		3,163
Asbury Automotive Group, Inc.	584,041		1,665
Dick's Sporting Goods, Inc. (a)	106,000		1,309
Group 1 Automotive, Inc. (e)	267,328		2,860
J. Crew Group, Inc. (a)	60,300		679
Jos. A. Bank Clothiers, Inc. (a)(e)	55,858		1,262
Lowe's Companies, Inc.	178,000		2,820
Lumber Liquidators, Inc. (a)	230,004		2,203
MarineMax, Inc. (a)	166,200		239
OfficeMax, Inc.	513,200		1,960
PetSmart, Inc.	82,100		1,645
Shoe Carnival, Inc. (a)	45,515		312
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	461,966		661
Staples, Inc.	227,100		3,622
The Men's Wearhouse, Inc.	167,963		1,794
Tween Brands, Inc. (a)	340,252		408
			29,364
Textiles, Apparel & Luxury Goods - 0.4%
Hanesbrands, Inc. (a)	233,900		1,637
Heelys, Inc.	161,345		297
			1,934
TOTAL CONSUMER DISCRETIONARY			97,465
CONSUMER STAPLES - 2.3%
Beverages - 0.0%
Molson Coors Brewing Co. Class B	7,400		261
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - 0.8%
CVS Caremark Corp.	98,900		$ 2,546
Winn-Dixie Stores, Inc. (a)	150,279		1,453
			3,999
Food Products - 1.2%
Cermaq ASA	397,100		1,607
Lighthouse Caledonia ASA (a)(e)	634,971		16
Marine Harvest ASA (a)(e)	5,659,000		1,353
Ralcorp Holdings, Inc. (a)	31,300		1,897
Tyson Foods, Inc. Class A	159,100		1,341
			6,214
Household Products - 0.2%
Energizer Holdings, Inc. (a)	29,600		1,249
Personal Products - 0.1%
Mead Johnson Nutrition Co. Class A (a)	10,200		281
TOTAL CONSUMER STAPLES			12,004
ENERGY - 7.6%
Energy Equipment & Services - 1.3%
National Oilwell Varco, Inc. (a)	85,700		2,291
Noble Corp.	72,600		1,785
Weatherford International Ltd. (a)	219,900		2,346
			6,422
Oil, Gas & Consumable Fuels - 6.3%
Boardwalk Pipeline Partners, LP	67,750		1,430
Cabot Oil & Gas Corp.	22,808		465
Canadian Natural Resources Ltd.	73,800		2,373
Comstock Resources, Inc. (a)	23,800		724
Concho Resources, Inc. (a)	98,400		1,963
Copano Energy LLC	73,513		1,045
Denbury Resources, Inc. (a)	570,758		7,351
Energy Transfer Equity LP	216,500		4,250
EXCO Resources, Inc. (a)	111,800		1,018
Hess Corp.	59,100		3,232
Petrohawk Energy Corp. (a)	311,530		5,302
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Plains Exploration & Production Co. (a)	62,900		$ 1,204
Ultra Petroleum Corp. (a)	62,897		2,210
			32,567
TOTAL ENERGY			38,989
FINANCIALS - 18.7%
Capital Markets - 4.3%
AllianceBernstein Holding LP	131,148		1,596
Ameriprise Financial, Inc.	163,700		2,609
Bank of New York Mellon Corp.	266,846		5,916
Cohen & Steers, Inc. (e)	210,017		1,888
Credit Suisse Group sponsored ADR	75,300		1,819
EFG International	168,774		1,171
Fortress Investment Group LLC (e)	743,284		929
GFI Group, Inc.	145,700		326
State Street Corp.	157,100		3,970
Waddell & Reed Financial, Inc. Class A	138,500		1,956
			22,180
Commercial Banks - 2.6%
Associated Banc-Corp.	254,600		3,682
CapitalSource, Inc.	787,286		1,472
First Horizon National Corp.	82,200		754
KeyCorp	59,400		416
PNC Financial Services Group, Inc.	143,200		3,915
Wells Fargo & Co.	270,674		3,275
			13,514
Consumer Finance - 0.7%
Capital One Financial Corp. (e)	178,800		2,155
Discover Financial Services	203,602		1,167
			3,322
Diversified Financial Services - 1.0%
JPMorgan Chase & Co.	226,600		5,178
Insurance - 5.8%
ACE Ltd.	124,500		4,545
Allied World Assurance Co. Holdings Ltd.	83,500		3,207
Argo Group International Holdings, Ltd. (a)	141,887		4,020
Axis Capital Holdings Ltd.	107,400		2,404
Everest Re Group Ltd.	107,000		6,969
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
MetLife, Inc.	81,300		$ 1,501
PartnerRe Ltd.	68,800		4,259
W.R. Berkley Corp.	133,800		2,784
			29,689
Real Estate Investment Trusts - 3.3%
Alexandria Real Estate Equities, Inc.	71,301		2,849
Big Yellow Group PLC	95,700		255
CBL & Associates Properties, Inc.	71,750		222
Corporate Office Properties Trust (SBI)	202,300		5,058
Developers Diversified Realty Corp.	240,615		710
Potlatch Corp.	45,100		1,027
Public Storage	45,225		2,509
Simon Property Group, Inc.	8,000		265
SL Green Realty Corp.	38,600		449
Tanger Factory Outlet Centers, Inc.	114,100		3,149
The Macerich Co. (e)	44,600		509
			17,002
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	586,300		1,694
Forestar Group, Inc. (a)	200,884		1,511
Jones Lang LaSalle, Inc.	27,300		544
The St. Joe Co. (a)	2,871		53
			3,802
Thrifts & Mortgage Finance - 0.2%
Washington Federal, Inc.	104,300		1,188
Washington Mutual, Inc.	685,714		17
			1,205
TOTAL FINANCIALS			95,892
HEALTH CARE - 8.2%
Biotechnology - 0.3%
GTx, Inc. (a)(e)	190,202		1,771
Health Care Equipment & Supplies - 1.5%
Cooper Companies, Inc.	53,800		1,183
Covidien Ltd.	84,675		2,682
DENTSPLY International, Inc.	45,119		1,043
I-Flow Corp. (a)	59,800		190
Orthofix International NV (a)	99,600		1,583
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
RTI Biologics, Inc. (a)	172,200		$ 486
Sirona Dental Systems, Inc. (a)	40,300		449
			7,616
Health Care Providers & Services - 3.3%
Brookdale Senior Living, Inc. (e)	405,708		1,481
Capital Senior Living Corp. (a)	385,445		1,118
Community Health Systems, Inc. (a)	88,100		1,441
Emeritus Corp. (a)	521,651		3,505
HealthSouth Corp. (a)(e)	123,000		966
Henry Schein, Inc. (a)	49,858		1,829
LifePoint Hospitals, Inc. (a)	60,922		1,281
McKesson Corp.	22,600		927
Universal Health Services, Inc. Class B	26,600		980
VCA Antech, Inc. (a)	130,485		2,713
WellPoint, Inc. (a)	14,600		495
			16,736
Health Care Technology - 0.2%
IMS Health, Inc.	90,300		1,131
Life Sciences Tools & Services - 0.7%
AMAG Pharmaceuticals, Inc. (a)(e)	93,200		2,521
Thermo Fisher Scientific, Inc. (a)	38,000		1,378
			3,899
Pharmaceuticals - 2.2%
Allergan, Inc.	82,400		3,192
Elan Corp. PLC sponsored ADR (a)	83,000		513
Sepracor, Inc. (a)	167,500		2,509
Teva Pharmaceutical Industries Ltd. sponsored ADR	49,100		2,189
XenoPort, Inc. (a)	129,400		2,703
			11,106
TOTAL HEALTH CARE			42,259
INDUSTRIALS - 15.7%
Aerospace & Defense - 0.4%
Heico Corp. Class A	112,900		2,255
Building Products - 0.9%
Masco Corp.	435,300		2,242
Owens Corning (a)	272,400		2,275
			4,517
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - 4.2%
ACCO Brands Corp. (a)	434,493		$ 413
Cenveo, Inc. (a)	345,006		983
Consolidated Graphics, Inc. (a)	117,986		1,592
EnergySolutions, Inc.	585,052		3,774
GeoEye, Inc. (a)	418,057		9,443
R.R. Donnelley & Sons Co.	331,400		2,582
Republic Services, Inc.	138,590		2,758
			21,545
Construction & Engineering - 1.9%
Chicago Bridge & Iron Co. NV (NY Shares)	13,300		80
Great Lakes Dredge & Dock Corp.	157,638		381
MYR Group, Inc. (a)(f)	238,700		3,203
MYR Group, Inc. (a)	235,400		3,159
URS Corp. (a)	96,475		2,983
			9,806
Electrical Equipment - 2.2%
Acuity Brands, Inc.	102,800		2,356
Cooper Industries Ltd. Class A	137,900		2,908
Energy Conversion Devices, Inc. (a)(e)	62,300		1,366
First Solar, Inc. (a)	2,900		307
Renewable Energy Corp. AS (a)	45,600		309
Sunpower Corp. Class B (a)	91,900		2,275
Zumtobel AG	206,100		1,676
			11,197
Industrial Conglomerates - 0.9%
McDermott International, Inc. (a)	142,900		1,685
Rheinmetall AG	6,100		199
Siemens AG (Reg.) (e)	52,600		2,663
			4,547
Machinery - 1.9%
Accuride Corp. (a)	588,626		159
Commercial Vehicle Group, Inc. (a)	155,800		98
Cummins, Inc.	171,900		3,576
Graco, Inc.	58,100		987
Navistar International Corp. (a)	104,900		2,958
PACCAR, Inc.	78,700		1,973
			9,751
Marine - 0.2%
Ultrapetrol (Bahamas) Ltd. (a)	513,153		1,057
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - 1.7%
CoStar Group, Inc. (a)	114,843		$ 2,928
Equifax, Inc.	134,800		2,898
Experian PLC	272,691		1,611
Monster Worldwide, Inc. (a)(e)	168,100		1,108
			8,545
Road & Rail - 0.9%
Con-way, Inc.	193,270		2,920
P.A.M. Transportation Services, Inc. (a)	20,674		82
Ryder System, Inc.	64,900		1,484
			4,486
Transportation Infrastructure - 0.5%
Aegean Marine Petroleum Network, Inc.	128,400		2,106
Macquarie Infrastructure Co. LLC (e)	353,479		460
			2,566
TOTAL INDUSTRIALS			80,272
INFORMATION TECHNOLOGY - 16.6%
Communications Equipment - 1.3%
Comverse Technology, Inc. (a)	212,800		1,160
Corning, Inc.	205,300		2,166
Juniper Networks, Inc. (a)	224,200		3,186
			6,512
Computers & Peripherals - 0.4%
NCR Corp. (a)	98,200		778
Seagate Technology	282,500		1,215
			1,993
Electronic Equipment & Components - 3.4%
Agilent Technologies, Inc. (a)	159,800		2,216
Arrow Electronics, Inc. (a)	181,800		3,023
Avnet, Inc. (a)	213,850		3,693
Bell Microproducts, Inc. (a)	918,996		570
Ingram Micro, Inc. Class A (a)	275,200		2,997
Itron, Inc. (a)	65,670		2,933
Tyco Electronics Ltd.	237,375		2,250
			17,682
Internet Software & Services - 2.8%
DealerTrack Holdings, Inc. (a)	366,300		3,868
Dice Holdings, Inc. (a)	672,990		1,595
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Move, Inc. (a)	2,209,650		$ 3,580
VeriSign, Inc. (a)	275,100		5,318
			14,361
IT Services - 2.2%
Affiliated Computer Services, Inc. Class A (a)	18,300		853
CACI International, Inc. Class A (a)	32,300		1,381
Cognizant Technology Solutions Corp. Class A (a)	78,600		1,446
infoGROUP, Inc.	313,432		928
Lender Processing Services, Inc.	115,468		3,024
Sapient Corp. (a)	184,198		705
The Western Union Co.	81,780		913
VeriFone Holdings, Inc. (a)	349,109		1,515
Wright Express Corp. (a)	24,600		360
			11,125
Office Electronics - 0.3%
Xerox Corp.	322,148		1,669
Semiconductors & Semiconductor Equipment - 4.5%
Applied Materials, Inc.	368,600		3,395
ASML Holding NV (NY Shares)	254,500		3,851
Globe Specialty Metals, Inc. (Reg. S) (a)	360,745		1,984
International Rectifier Corp. (a)	54,700		686
Lam Research Corp. (a)	239,800		4,690
LTX-Credence Corp. (a)	631,397		126
ON Semiconductor Corp. (a)	1,434,670		5,251
Varian Semiconductor Equipment Associates, Inc. (a)	183,800		3,354
			23,337
Software - 1.7%
CA, Inc.	201,700		3,419
Electronic Arts, Inc. (a)	62,700		1,023
Gameloft (a)	972,670		1,534
Misys PLC	1,142,879		1,753
THQ, Inc. (a)	314,300		786
			8,515
TOTAL INFORMATION TECHNOLOGY			85,194
MATERIALS - 7.3%
Chemicals - 3.8%
Albemarle Corp.	159,900		3,094
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Arkema sponsored ADR	86,400		$ 1,166
Calgon Carbon Corp. (a)	2,862		42
Celanese Corp. Class A	325,136		2,777
FMC Corp.	75,640		3,058
H.B. Fuller Co.	239,800		2,734
Lubrizol Corp.	71,100		1,955
OMNOVA Solutions, Inc. (a)	305,323		260
Solutia, Inc. (a)	447,580		1,678
W.R. Grace & Co. (a)	472,364		2,645
			19,409
Containers & Packaging - 1.5%
Ball Corp.	48,300		1,946
Crown Holdings, Inc. (a)	157,800		3,326
Greif, Inc. Class A	5,858		180
Owens-Illinois, Inc. (a)	62,100		958
Temple-Inland, Inc. (e)	297,900		1,415
			7,825
Metals & Mining - 1.7%
Agnico-Eagle Mines Ltd.	55,000		2,765
Commercial Metals Co.	286,900		2,929
Newcrest Mining Ltd.	54,767		1,077
Randgold Resources Ltd. sponsored ADR	43,900		1,997
			8,768
Paper & Forest Products - 0.3%
Schweitzer-Mauduit International, Inc.	83,518		1,269
TOTAL MATERIALS			37,271
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.5%
Global Crossing Ltd. (a)	361,325		2,645
Wireless Telecommunication Services - 0.3%
Sprint Nextel Corp. (a)	355,700		1,170
TOTAL TELECOMMUNICATION SERVICES			3,815
UTILITIES - 4.6%
Electric Utilities - 2.6%
Allegheny Energy, Inc.	119,527		2,826
Entergy Corp.	69,400		4,677
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
Exelon Corp.	70,600		$ 3,334
FirstEnergy Corp.	63,900		2,720
			13,557
Gas Utilities - 0.1%
Questar Corp.	17,800		513
Independent Power Producers & Energy Traders - 1.2%
AES Corp. (a)	308,400		1,943
Constellation Energy Group, Inc.	63,300		1,251
NRG Energy, Inc. (a)	144,824		2,737
			5,931
Multi-Utilities - 0.6%
Sempra Energy	73,500		3,055
Water Utilities - 0.1%
Southwest Water Co.	154,281		739
TOTAL UTILITIES			23,795
TOTAL COMMON STOCKS (Cost $1,030,079)		516,956
Preferred Stocks - 0.8%

Convertible Preferred Stocks - 0.7%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
SandRidge Energy, Inc. 8.50% (a)(f)	3,100		307
FINANCIALS - 0.6%
Commercial Banks - 0.6%
Fifth Third Bancorp 8.50%	16,100		486
Huntington Bancshares, Inc. 8.50%	700		183
UCBH Holdings, Inc. Series B, 8.50%	3,100		1,171
Wells Fargo & Co. 7.50%	2,646		1,217
			3,057
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
FINANCIALS - continued
Diversified Financial Services - 0.0%
CIT Group, Inc. Series C, 8.75%	12,500		$ 187
TOTAL FINANCIALS			3,244
TOTAL CONVERTIBLE PREFERRED STOCKS			3,551
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA	284,500		735
TOTAL PREFERRED STOCKS (Cost $9,460)		4,286
Corporate Bonds - 0.5%
	Principal Amount (000s)
Convertible Bonds - 0.3%
CONSUMER DISCRETIONARY - 0.3%
Specialty Retail - 0.3%
Lithia Motors, Inc. 2.875% 5/1/14	$ 1,580		1,422
Nonconvertible Bonds - 0.2%
FINANCIALS - 0.1%
Real Estate Investment Trusts - 0.1%
Rouse Co. 3.625% 3/15/09 (d)	1,185		385
INDUSTRIALS - 0.1%
Industrial Conglomerates - 0.1%
Textron, Inc. 4.5% 8/1/10	640		484
TOTAL NONCONVERTIBLE BONDS			869
TOTAL CORPORATE BONDS (Cost $2,829)		2,291
Money Market Funds - 3.2%
	Shares		Value (000s)
Fidelity Securities Lending Cash Central Fund, 0.66% (b)(c) (Cost $16,395)	16,394,571		$ 16,395
TOTAL INVESTMENT PORTFOLIO - 105.3% (Cost $1,058,763)			539,928
NET OTHER ASSETS - (5.3)%			(27,261)
NET ASSETS - 100%		$ 512,667

Legend

(a) Non-income producing

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

(e) 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
Fidelity Securities Lending Cash Central Fund	243
Total	$ 244

Other Information

The following is a summary of the inputs used, as of February 28, 2009, 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	$ 539,928	$ 517,467	$ 22,461	$ -

Income Tax Information

Investment Valuation

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

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

Quarterly Report

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

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate High
Income Fund

February 28, 2009

1.814099.104

REHI-QTLY-0409

Investments February 28, 2009 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 5.3%
		Principal Amount (c)		Value
Convertible Bonds - 2.6%
Homebuilding/Real Estate - 2.6%
Anthracite Capital, Inc. 11.75% 9/1/27 (e)		$ 1,500,000		$ 115,350
ERP Operating LP 3.85% 8/15/26		2,230,000		1,949,355
ProLogis Trust 1.875% 11/15/37		1,000,000		454,680
SL Green Realty Corp. 3% 3/30/27 (e)		1,500,000		913,125
Vornado Realty Trust 2.85% 4/1/27		3,000,000		2,268,720
Weingarten Realty Investors 3.95% 8/1/26		3,000,000		2,182,500
				7,883,730
Nonconvertible Bonds - 2.7%
Diversified Financial Services - 0.2%
Wrightwood Capital LLC 9% 6/1/14 (e)		1,000,000		635,000
Healthcare - 0.5%
Skilled Healthcare Group, Inc. 11% 1/15/14		1,540,000		1,493,800
Homebuilding/Real Estate - 1.5%
Forest City Enterprises, Inc.:
6.5% 2/1/17		500,000		190,000
7.625% 6/1/15		500,000		220,000
Highwoods/Forsyth LP 5.85% 3/15/17		1,000,000		580,000
HMB Capital Trust V 5.5963% 12/15/36 (b)(e)(f)		1,000,000		100
iStar Financial, Inc. 5.15% 3/1/12		3,000,000		1,140,000
Nationwide Health Properties, Inc. 6% 5/20/15		1,000,000		707,456
Rouse Co.:
5.375% 11/26/13 (b)		2,455,000		736,500
7.2% 9/15/12 (b)		75,000		22,500
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (b)(e)		3,335,000		1,000,500
				4,597,056
Hotels - 0.5%
Times Square Hotel Trust 8.528% 8/1/26 (e)		2,458,192		1,474,915
TOTAL NONCONVERTIBLE BONDS				8,200,771
TOTAL CORPORATE BONDS (Cost $26,895,011)			16,084,501
Asset-Backed Securities - 8.9%
		Principal Amount (c)		Value
Ameriquest Mortgage Securities, Inc. pass-thru certificates Series 2004-R9 Class M9, 2.9738% 10/25/34 (e)(f)		$ 398,266		$ 11,293
Anthracite CDO I Ltd. Series 2002-CIBA Class E, 9.314% 5/24/37 (e)		1,500,000		720,000
Anthracite CDO II Ltd. Series 2002-2A:
Class F, 7.6% 12/24/37 (e)		2,445,000		1,141,815
Class G, 9.75% 12/24/37 (e)		3,225,000		1,385,460
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.8331% 3/23/19 (e)(f)		2,321,998		1,597,664
Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 3.2738% 6/26/34 (f)		342,302		60,909
Atherton Franchise Loan Funding LLP:
Series 1998-A Class E, 8.25% 5/15/20 (b)(e)		1,500,000		52,500
Series 1998-A Class F, 7.44% 11/15/14 (b)(e)		832,513		0
Capital Trust RE CDO Ltd. Series 2005-1A:
Class D, 1.97% 3/20/50 (e)(f)		750,000		150,000
Class E, 2.57% 3/20/50 (e)(f)		3,000,000		456,213
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)		3,920,000		2,975,970
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (e)		344,423		10,333
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)		1,595,000		717,750
Class B2, 2.8163% 12/28/35 (e)(f)		1,665,000		682,650
Class D, 9% 12/28/35 (e)		5,170,000		2,300,650
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)		4,300,000		2,110,440
Crest G-Star Ltd. Series 2001-2A Class C, 10% 2/25/32 (e)		1,330,000		292,600
Crest Ltd.:
Series 2000-1A Class D, 10% 8/31/36 (e)		2,200,000		629,957
Series 2004-1A Class H1, 4.8738% 1/28/40 (e)(f)		2,150,000		268,750
Fairfield Street Solar Corp. Series 2004-1A:
Class E1, 4.6263% 11/28/39 (e)(f)		1,000,000		125,000
Class F, 6.1263% 11/28/39 (e)(f)		1,050,000		105,000
G-Star Ltd. Series 2002-1A Class C, 8% 4/25/37 (e)		3,123,098		1,561,549
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.9738% 6/25/35 (f)(h)		1,070,000		33,919
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 2.1238% 9/25/46 (e)(f)		1,580,000		126,400
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 2.0238% 8/26/30 (e)(f)		$ 550,000		$ 99,000
Class E, 2.4738% 8/26/30 (e)(f)		1,055,000		126,600
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (b)(e)		990,000		1
Leafs CMBS I Ltd. Series 2002-1A Class D, 4.13% 11/20/37 (e)		1,000,438		380,167
Lenox Ltd. Series 2007-1 14.6084% 3/4/45 (e)(f)		1,865,000		2
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (e)		906,885		91
Merit Securities Corp. Series 13 Class M1, 8.63% 12/28/33		1,665,000		541,125
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 2.9363% 8/28/38 (e)(f)		3,635,000		1,817,500
Class C1B, 7.696% 8/28/38 (e)		893,000		357,200
Park Place Securities, Inc.:
Series 2004-WHQ2 Class M10, 2.9738% 2/25/35 (e)(f)		134,713		410
Series 2005-WHQ1 Class M10, 2.9738% 3/25/35 (e)(f)		1,472,237		34,309
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A Class A2, 4.646% 7/24/39 (e)		2,972,736		1,783,642
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33		566,596		169,979
Resource Real Estate Funding CDO Series 2007-1A Class J, 3.4238% 9/25/46 (e)(f)		1,190,000		59,500
Taberna Preferred Funding III Ltd. Series 2005-3A:
Class D, 3.8838% 2/5/36 (e)(f)		2,111,728		21,117
Class E, 5.7338% 2/5/36 (e)(f)		568,811		5,688
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp.:
Series 2002-1A:
Class IIFX, 6.77% 5/22/37 (e)		1,925,000		1,347,500
Class IV, 6.84% 5/22/37 (e)		2,787,000		1,393,500
Series 2003-1A Class B2, 5.4802% 12/28/38 (e)		700,000		360,010
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 6.9663% 9/25/26 (e)(f)		4,815,000		288,900
Series 2006-1A Class A2A, 1.6863% 9/25/26 (e)(f)		2,320,000		765,600
TOTAL ASSET-BACKED SECURITIES (Cost $71,462,246)			27,068,663
Collateralized Mortgage Obligations - 6.0%
		Principal Amount (c)		Value
Private Sponsor - 5.6%
Countrywide Home Loans, Inc. Series 2005-R3:
Class B3, 5.5% 9/25/35 (e)(f)		$ 634,542		$ 72,082
Class B4, 5.5% 9/25/35 (e)(f)		366,008		15,431
Countrywide Home Loans, Inc.:
Series 2002-R1:
Class B3, 6.61% 7/25/32 (e)(f)		750,485		148,294
Class B4, 6.61% 7/25/32 (e)(f)		1,360,246		135,602
Series 2002-R2 Class 2B4, 5.7794% 7/25/33 (e)(f)		126,391		20,876
Series 2002-R3:
Class B3, 5.75% 8/25/43 (e)		702,511		161,673
Class B4, 5.75% 8/25/43 (e)		399,672		31,944
Class B5, 5.75% 8/25/43 (e)		140,201		2,790
Series 2003-40:
Class B3, 4.5% 10/25/18 (e)		174,551		43,638
Class B4, 4.5% 10/25/18 (e)		69,820		11,869
Class B5, 4.5% 10/25/18 (e)		225,680		18,348
Series 2003-50:
Class B4, 5% 11/25/18 (e)		210,687		46,351
Class B5, 5% 11/25/18 (e)		210,196		16,816
Series 2003-R1:
Class 2B4, 5.6958% 2/25/43 (e)(f)		98,977		13,898
Class 2B5, 5.6958% 2/25/43 (e)(f)		343,897		36,599
Series 2003-R2 Class B3, 5.5% 5/25/43 (e)		690,955		49,751
Series 2003-R3 Class B3, 5.5% 11/25/33 (e)		661,735		96,746
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (e)(f)		903,472		90,992
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2004-6 Class B4, 4.7565% 9/25/19 (e)(f)		152,132		30,426
Credit Suisse First Boston Mortgage Securities Corp.:
Series 2002-26:
Class 4B3, 7% 10/25/17		259,779		35,070
Class 4B4, 7% 10/25/17		79,223		7,130
Class 4B5, 7% 10/25/17 (e)		46,710		817
Series 2004-5:
Class CB5, 5.0644% 8/25/19 (e)(f)		147,428		7,371
Class CB6, 5.0644% 8/25/19 (e)(f)		97,799		3,423
Series 2005-10 Class CB5, 5.195% 11/25/20 (e)(f)		262,623		3,939
Series 2005-2 Class CB4, 5.2194% 3/25/35 (e)(f)		669,727		26,789
Diversified REIT Trust:
Series 1999-1A:
Class F, 6.78% 3/18/11 (e)(f)		1,936,600		1,847,874
Class G, 6.78% 3/18/11 (e)(f)		2,425,400		2,241,129
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
Diversified REIT Trust: - continued
Series 1999-1A:
Class H, 6.78% 3/18/11 (e)(f)		$ 1,390,000		$ 1,225,019
Series 2000-1A:
Class F, 6.971% 3/8/10 (e)		1,170,000		163,800
Class G, 6.971% 3/8/10 (e)		1,335,000		160,200
Class H, 6.971% 3/8/10 (e)		1,835,000		183,500
GMAC Commercial Mortgage Securities, Inc. Series 1993-C3 Class L, 6.974% 8/15/36 (e)		3,374,241		168,712
GMAC Mortgage Loan Trust Series 2003-J4 Class B1, 4.75% 9/25/18 (e)		205,544		143,447
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class F, 6% 10/15/35 (e)		1,347,456		1,339,510
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.955% 6/15/22 (e)(f)		5,997,768		3,688,628
Nomura Asset Acceptance Corp. Series 2001-R1A:
Class B1, 7% 2/19/30 (e)		494,946		372,873
Class B2, 7% 2/19/30 (e)		424,240		125,986
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.3988% 7/10/35 (e)(f)		1,391,212		693,380
Series 2005-A Class B6, 2.4488% 3/10/37 (e)(f)		750,546		114,683
Series 2006-B Class B6, 2.1613% 7/15/38 (e)(f)		1,108,999		50,570
Residential Funding Securities Corp. Series 2002-RM1 Class BI2, 5.5% 12/25/17 (e)		134,891		22,290
RESIX Finance Ltd. floater:
Series 2003-D Class B9, 11.9488% 12/10/35 (e)(f)		435,281		168,018
Series 2004-A:
Class B7, 4.6988% 2/10/36 (e)(f)		459,464		145,742
Class B9, 9.4488% 2/10/36 (e)(f)		748,007		214,753
Series 2004-B:
Class B8, 5.1988% 2/10/36 (e)(f)		382,672		68,613
Class B9, 8.6988% 2/10/36 (e)(f)		649,439		117,743
Series 2004-C:
Class B7, 3.9488% 9/10/36 (e)(f)		1,956,663		400,333
Class B8, 4.6988% 9/10/36 (e)(f)		1,742,362		291,149
Class B9, 7.4488% 9/10/36 (f)		652,221		98,420
Series 2005-A:
Class B10, 8.9488% 3/10/37 (e)(f)		469,091		48,457
Class B7, 3.4488% 3/10/37 (e)(f)		1,407,274		188,434
Class B9, 6.1988% 3/10/37 (e)(f)		1,634,314		168,661
Series 2005-B:
Class B7, 3.5488% 6/10/37 (e)(f)		1,666,180		182,280
Class B8, 4.3488% 6/10/37 (e)(f)		573,906		45,740
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2005-B:
Class B9, 6.1988% 6/10/37 (e)(f)		$ 555,393		$ 45,709
Series 2005-C:
Class B7, 3.5488% 9/10/37 (e)(f)		1,745,410		148,011
Class B8, 4.1988% 9/10/37 (e)(f)		1,008,354		70,383
Class B9, 6.1488% 9/10/37 (e)(f)		1,650,551		119,995
Series 2005-D:
Class B7, 4.7113% 12/15/37 (e)(f)		1,587,895		151,168
Class B8, 6.2113% 12/15/37 (e)(f)		1,307,678		120,306
Series 2006-A:
Class B7, 3.9613% 3/15/38 (e)(f)		1,030,348		58,833
Class B8, 4.3113% 3/15/38 (e)(f)		661,339		30,025
Class B9, 5.9613% 3/15/38 (e)(f)		412,139		19,865
Series 2006-B Class B7, 4.3113% 7/15/38 (e)(f)		1,146,593		67,993
Series 2007-A Class B10, 5.2113% 2/15/39 (e)(f)		1,578,283		42,929
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 7.3588% 12/5/36 (e)(f)		3,367,087		33,671
Wells Fargo Mortgage Backed Securities Trust Series 2003-3 Class 2B4, 5.25% 4/25/33 (e)		327,596		239,674
TOTAL PRIVATE SPONSOR				16,957,171
U.S. Government Agency - 0.4%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates:
Class B3, 7% 9/25/41 (h)		658,072		205,082
Class B4, 7% 9/25/41 (h)		360,390		83,650
Class B5, 7% 9/25/41 (h)		328,017		16,771
Series 2002-W1 subordinate REMIC pass thru certificates:
Class 3B3, 5.2711% 2/25/42 (e)(f)		139,460		35,284
Class 3B5, 5.2711% 2/25/42 (e)(f)		125,250		11,897
Class B4, 6% 2/25/42 (e)		789,096		50,216
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 5.3372% 1/25/42 (e)(f)		115,973		21,078
Series 2003-W1 subordinate REMIC pass thru certificates:
Class B3, 5.75% 12/25/42 (h)		2,173,058		452,590
Class B4, 5.75% 12/25/42 (h)		1,329,653		210,407
Class B5, 5.75% 12/25/42 (h)		421,300		13,845
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W10 subordinate REMIC pass thru certificates:
Class 2B4, 5.4679% 6/25/43 (f)(h)		$ 360,287		$ 47,144
Class 2B5, 5.4679% 6/25/43 (f)(h)		330,403		34,855
TOTAL U.S. GOVERNMENT AGENCY				1,182,819
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $60,673,846)			18,139,990
Commercial Mortgage Securities - 66.6%

Asset Securitization Corp.:
Series 1996-D2 Class B1A, 8.934% 2/14/29 (e)(f)		1,895,000		1,653,486
Series 1997-D4 Class B5, 7.525% 4/14/29		4,476,925		641,887
Series 1997-D5 Class A7, 7.6581% 2/14/43 (f)		2,700,000		1,599,920
Banc of America Commercial Mortgage Trust Series 2008-1 Class D, 6.2006% 2/10/51 (e)(f)		1,970,000		354,600
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2005-1 Class A3, 4.877% 11/10/42		3,499,368		3,248,308
Series 2004-4:
Class K, 4.637% 7/10/42 (e)(f)		1,650,000		136,933
Class L, 4.637% 7/10/42 (e)(f)		1,690,000		137,833
Series 2005-4 Class H, 5.1539% 7/10/45 (e)(f)		525,000		67,347
Banc of America Large Loan, Inc. floater Series 2005-MIB1 Class K, 2.455% 3/15/22 (e)(f)		2,310,000		924,000
Bear Stearns Commercial Mortgage Securities Trust:
Series 1998-C1 Class F, 6% 6/16/30 (e)		600,000		477,811
Series 1999-C1:
Class G, 5.64% 2/14/31 (e)		915,000		624,447
Class H, 5.64% 2/14/31 (e)		1,475,030		354,007
Class I, 5.64% 2/14/31 (e)		3,200,000		384,000
Series 2007-BBA8:
Class K, 1.655% 3/15/22 (e)(f)		1,595,000		638,000
Class L, 2.355% 3/15/22 (e)(f)		3,703,000		1,110,900
Beckman Coulter, Inc. sequential pay Series 2000-A Class A, 7.4975% 12/15/18 (e)		4,624,761		2,127,390
Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0.0538% 8/1/24 (e)(f)		136,955		67,930
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
BKB Commercial Mortgage Trust weighted average coupon Series 1997-C1 Class H, 0.6947% 10/25/22 (e)(f)		$ 76,998		$ 8,079
Chase Commercial Mortgage Securities Corp.:
Series 1998-1:
Class F, 6.56% 5/18/30 (e)		2,500,000		2,283,750
Class H, 6.34% 5/18/30 (e)		2,000,000		1,100,000
Series 1998-2 Class J, 6.39% 11/18/30 (e)		3,352,464		535,724
Chase Manhattan Bank-First Union National Bank Commercial Mortgage Trust Series 1999-1 Class G, 6.4% 8/15/31 (e)		4,000,000		2,908,229
COMM pass-thru certificates Series 2001-J2A Class F, 7.031% 7/16/34 (e)(f)		1,520,000		681,779
Commercial Mortgage Asset Trust:
Series 1999-C1 Class F, 6.25% 1/17/32 (e)		5,380,000		3,597,861
Series 1999-C2:
Class G, 6% 11/17/32		4,575,000		2,790,750
Class H, 6% 11/17/32		4,372,000		2,448,320
Credit Suisse First Boston Mortgage Securities Corp.:
floater Series 1997-C2 Class H, 7.46% 1/17/35 (e)(f)		3,190,000		865,821
Series 1998-C1:
Class F, 6% 5/17/40 (e)		12,000,000		6,129,556
Class H, 6% 5/17/40 (e)		3,600,000		693,663
Series 1998-C2:
Class F, 6.75% 11/11/30 (e)		4,000,000		2,503,954
Class G, 6.75% 11/11/30 (e)		1,065,000		431,716
Series 2001-CK6 Class NW, 6.08% 8/15/36 (h)		2,011,601		181,044
Series 2001-SPGA Class C, 6.809% 8/13/18 (e)		400,000		291,650
Series 2002-CKP1 Class KZ, 6.294% 12/15/35 (e)(f)		6,026,000		1,265,460
Series 2003-C3 Class J, 4.231% 5/15/38 (e)		2,400,000		456,000
Series 2004-TF2A Class AX, 0% 11/15/19 (e)(f)(g)		3,186,451		319
Credit Suisse Mortgage Capital Certificates floater Series 2007-TFL1 Class L, 2.355% 2/15/22 (e)(f)		2,385,000		214,650
Credit Suisse/Morgan Stanley Commercial Mortgage Trust Series 2006-HC1A Class K, 1.932% 5/15/23 (e)(f)		2,824,000		1,187,059
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)		6,101,000		2,997,116
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1:
Class F, 7.5% 6/15/31		3,600,000		3,547,350
Class J, 6.22% 6/15/31		6,665,000		2,666,000
DLJ Commercial Mortgage Corp.:
Series 1998-CF2 Class B3, 6.04% 11/12/31 (e)		5,785,000		4,968,923
Series 1998-CG1 Class B4, 7.1354% 6/10/31 (e)(f)		1,690,000		1,538,283
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
DLJ Mortgage Acceptance Corp. Series 1996-CF1 Class B4, 8.1593% 3/13/28 (f)		$ 2,105,000		$ 1,442,583
First Chicago/Lennar Trust I Series 1997-CHL1 Class E, 8.0047% 4/29/39 (e)(f)		1,042,708		1,042,708
First Union National Bank Commercial Mortgage Trust sequential pay Series 1999-C4 Class G, 6.5% 12/15/31 (e)		3,700,000		2,925,913
First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1 Class H, 7.039% 3/15/33 (e)		920,000		683,897
First Union-Lehman Brothers-Bank of America Commercial Mortgage Trust sequential payer Series 1998-C2 Class G, 7% 11/18/35 (e)(f)		2,388,000		1,486,894
GE Capital Commercial Mortgage Corp.:
sequential payer Series 2000-1 Class A2, 6.496% 1/15/33		2,020,090		1,895,750
Series 2001-3 Class C, 6.51% 6/10/38		1,920,000		1,756,369
Series 2002-1A Class H, 7.1524% 12/10/35 (e)(f)		1,015,000		795,894
Series 2005-C3 Class J, 5.1153% 7/10/45 (e)(f)		2,277,000		301,948
Global Signal Trust II Series 2004-2A:
Class D, 5.093% 12/15/14 (e)		5,000,000		4,875,000
Class E, 5.587% 12/15/14 (e)		1,350,000		1,316,250
Global Signal Trust III Series 2006-1:
Class D, 6.052% 2/15/36 (e)		1,045,000		940,500
Class E, 6.495% 2/15/36 (e)		620,000		558,000
Class F, 7.036% 2/15/36		1,576,000		1,418,400
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C1 Class H, 6.6% 7/15/29		3,129,834		437,749
Series 1997-C2:
Class E, 7.624% 4/15/29 (f)		93,535		93,293
Class F, 6.75% 4/15/29 (f)		7,631,000		6,558,028
Class G, 6.75% 4/15/29 (f)		4,000,000		1,354,373
Class H, 6.75% 4/15/29 (f)		6,995,714		604,034
Series 1999-C1 Class F, 6.02% 5/15/33 (e)		7,100,000		5,325,000
Series 1999-C2I Class K, 6.481% 9/15/33 (h)		7,875,000		371,587
Series 1999-C3:
Class J, 6.974% 8/15/36 (e)		2,788,000		2,501,585
Class K, 6.974% 8/15/36 (e)		5,260,000		1,357,068
Series 2000-C1:
Class G, 7% 3/15/33 (e)		2,150,000		1,742,982
Class H, 7% 3/15/33 (e)		1,093,000		804,216
Class K, 7% 3/15/33		2,473,000		1,088,747
Greenwich Capital Commercial Funding Corp.:
Series 2003-C2 Class J, 5.234% 11/5/13 (e)(f)		3,210,000		984,319
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Greenwich Capital Commercial Funding Corp.: - continued
Series 2005-GG3:
Class J, 4.685% 8/10/42 (e)(f)		$ 900,000		$ 68,707
Class K, 4.685% 8/10/42 (e)(f)		1,700,000		127,760
GS Mortgage Securities Corp. II:
Series 1997-GL Class H, 8.0595% 7/13/30 (e)(f)		3,736,000		2,932,760
Series 1998-GLII:
Class F, 7.751% 4/13/31 (e)(f)		478,047		445,032
Class G, 7.751% 4/13/31 (e)(f)		2,083,000		1,666,400
Series 2001-GL3A Class JGGP, 7.397% 8/5/18 (e)(f)		2,850,000		1,282,500
Series 2004-GG2:
Class J, 5.067% 8/1/38 (e)(f)		420,000		75,600
Class K, 5.067% 8/1/38 (e)(f)		720,000		86,400
Series 2006-RR2:
Class M, 5.691% 6/1/46 (e)(f)		727,000		36,350
Class N, 5.691% 6/1/46 (e)(f)		160,000		8,000
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (e)(f)		2,003,000		360,540
Class X, 1.6491% 10/15/32 (e)(f)(g)		23,076,038		220,838
Series 2002-C1 Class E, 6.135% 7/12/37 (e)		1,540,000		895,978
Series 2002-CIB4:
Class E, 6.7222% 5/12/34 (e)(f)		1,500,000		975,000
Class F, 7.1142% 5/12/34 (e)(f)		1,400,000		700,000
Series 2003-CB7 Class L, 5.173% 1/12/38 (e)(f)		4,096,000		353,535
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2004-CBX Class D, 5.097% 1/12/37 (f)		1,140,000		342,000
Series 2005-PRKS Class A, 10.075% 1/15/15 (e)(f)		2,279,919		1,481,947
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		7,750,000		6,953,891
Series 1999-C7:
Class F, 6% 10/15/35 (e)		201,219		198,201
Class G, 6% 10/15/35 (e)		13,273,000		10,799,353
Class H, 6% 10/15/35 (e)		1,991,000		895,950
Class NR, 6% 10/15/35 (e)		2,601,689		390,253
Series 1999-C8:
Class G, 6% 7/15/31 (e)		1,075,000		215,000
Class H, 6% 7/15/31 (e)		2,045,000		245,400
LB Commercial Conduit Mortgage Trust:
Series 1998-C1 Class K, 6.3% 2/18/30 (e)		2,483,000		124,398
Series 1998-C4 Class G, 5.6% 10/15/35 (e)		2,660,000		1,941,800
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0935% 4/25/21 (e)(f)		$ 337,405		$ 246,575
LB-UBS Commercial Mortgage Trust:
Series 2001-C7:
Class M, 5.868% 11/15/33		4,957,000		1,429,089
Class P, 5.868% 11/15/33		1,320,000		150,480
Series 2002-C1:
Class J, 6.95% 3/15/34 (e)(f)		1,319,000		692,097
Class K, 6.428% 3/15/34 (e)		3,751,000		1,646,818
Series 2002-C2 Class M, 5.683% 7/15/35 (e)		950,000		410,231
Mach One Trust LLC Series 2004-1A:
Class L, 5.45% 5/28/40 (e)(f)		1,393,000		97,510
Class M, 5.45% 5/28/40 (e)(f)		1,533,000		91,980
Merrill Lynch Financial Asset, Inc.:
Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	551,000		232,843
Class G, 4.384% 7/12/15	CAD	275,000		110,808
Class H, 4.384% 7/12/15	CAD	184,000		70,730
Class J, 4.384% 7/12/15	CAD	275,000		100,913
Class K, 4.384% 7/12/15	CAD	275,000		96,383
Class L, 4.384% 7/12/15	CAD	184,000		61,626
Class M, 4.384% 7/12/15	CAD	772,000		169,061
Series 2005-CA17:
Class F, 4.525% 11/12/37 (f)	CAD	812,000		326,011
Class G, 4.525% 11/12/37 (f)	CAD	846,000		322,615
Class H, 4.525% 11/12/37 (f)	CAD	235,000		84,152
Class J, 4.525% 11/12/37 (f)	CAD	248,000		81,503
Class K, 4.525% 11/12/37 (f)	CAD	261,000		81,472
Class L, 4.525% 11/12/37 (f)	CAD	248,000		73,593
Class M, 4.525% 11/12/37 (f)	CAD	2,057,000		385,293
Merrill Lynch Mortgage Investors Trust:
Series 1997-C2 Class F, 6.25% 12/10/29 (f)		7,281,750		6,235,354
Series 1998-C3 Class E, 6.9968% 12/15/30 (f)		1,335,000		734,250
Series 1999-C1 Class G, 6.71% 11/15/31 (e)		2,604,000		349,457
Series 2001-HRPA Class H, 6.778% 2/3/16 (e)		2,075,000		1,296,875
Merrill Lynch Mortgage Trust:
Series 2002-MW1:
Class H, 5.695% 7/12/34 (e)		1,975,000		793,065
Class J, 5.695% 7/12/34 (e)		700,000		169,020
Series 2004-KEY2:
Class J, 5.091% 8/12/39 (e)(f)		1,869,000		191,911
Class K, 5.091% 8/12/39 (e)(f)		1,482,000		139,912
Series 2006-KEY2 Class L, 5.091% 8/12/39 (e)		1,370,000		127,079
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Mezz Capital Commercial Mortgage Trust:
Series 2004-C1:
Class F, 9.422% 10/15/13 (e)		$ 645,000		$ 148,350
Class G, 12.349% 10/15/13 (e)		465,000		93,000
Class IO, 8.0057% 1/15/18 (f)(g)		925,106		123,928
Series 2004-C2:
Class D, 7.347% 10/15/40 (e)		1,074,000		214,800
Class E, 8.309% 10/15/40 (e)		441,000		88,200
Class F, 10.223% 10/15/40 (e)		772,000		154,400
Class G, 12.933% 10/15/40 (e)		497,000		99,400
Series 2005-C3:
Class D, 7.7% 5/20/44 (e)		1,039,000		176,630
Class E, 8.757% 5/20/44 (e)		738,000		125,460
Class F, 10.813% 5/20/44 (e)		479,000		81,430
Class G, 10% 5/20/44 (e)		673,000		114,410
Morgan Stanley Capital I Trust:
sequential payer Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)		2,792,604		2,613,157
Series 1997-RR Class G1, 7.0952% 4/30/39 (e)(f)		2,875,853		966,862
Series 1998-CF1 Class F, 7.35% 7/15/32 (e)		2,020,000		1,888,012
Series 1998-HF2 Class G, 6.01% 11/15/30 (e)		3,985,745		3,848,660
Series 1999-CAM1:
Class M, 6.54% 3/15/32 (e)		2,106,170		344,359
Class N, 6.54% 3/15/32 (e)		293,573		35,275
Series 2005-HQ7:
Class E, 5.2077% 11/14/42 (f)		1,175,000		272,494
Class F, 5.2077% 11/14/42 (f)		2,380,000		520,197
Morgan Stanley Dean Witter Capital I Trust:
Series 2000-LIFE Class H, 6.5% 11/15/36 (e)		773,000		625,828
Series 2003-TOP9 Class E, 5.7121% 11/13/36 (e)(f)		575,000		174,830
NationsLink Funding Corp.:
Series 1998-2:
Class F, 7.105% 8/20/30 (e)		5,463,162		5,054,637
Class G, 5% 8/20/30 (e)		1,315,000		936,908
Class J, 5% 8/20/30 (e)		2,000,000		720,000
Series 1999-1 Class H, 6% 1/20/31 (e)		16,311		16,251
Nomura Asset Securities Corp. Series 1998-D6 Class B1, 6% 3/15/30 (e)		7,453,000		4,517,173
Penn Mutual Life Insurance Co./Penn Insurance & Annuity Co. floater Series 1996-PML Class M, 7.9% 11/15/26 (e)		1,939,367		1,939,277
Prudential Securities Secured Financing Corp.:
Series 1998-C1 Class F, 6.8762% 2/15/13 (e)(f)		3,765,000		3,471,160
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Prudential Securities Secured Financing Corp.: - continued
Series 1999-NRF1 Class F, 6.074% 11/1/31 (e)		$ 2,250,000		$ 2,058,054
Real Estate Asset Liquidity Trust:
Series 2006-2:
Class F, 4.456% 9/12/38 (e)	CAD	1,170,000		553,983
Class G, 4.456% 9/12/38 (e)	CAD	585,000		261,039
Class H, 4.456% 9/12/38 (e)	CAD	390,000		164,155
Class J, 4.456% 9/12/38 (e)	CAD	390,000		154,614
Class K, 4.456% 9/12/38 (e)	CAD	195,000		68,900
Class L, 4.456% 9/12/38 (e)	CAD	281,000		93,355
Class M, 4.456% 9/12/38 (e)	CAD	1,413,000		246,068
Series 2007-1:
Class F, 4.57% 4/12/23	CAD	1,515,000		724,268
Class G, 4.57% 4/12/23	CAD	505,000		227,584
Class H, 4.57% 4/12/23	CAD	505,000		214,727
Class J, 4.57% 4/12/23	CAD	505,000		202,782
Class K, 4.57% 4/12/23	CAD	253,000		96,027
Class L, 4.57% 4/12/23	CAD	757,000		271,833
Class M, 4.57% 4/12/23	CAD	2,222,418		406,993
RMF Commercial Mortgage, Inc. Series 1997-1 Class G, 9.1% 1/15/19 (b)(e)(f)		384,889		0
Salomon Brothers Mortgage Securities VII, Inc.:
floater Series 1999-C1 Class H, 6.9844% 5/18/32 (e)(f)		2,500,000		1,966,893
Series 2001-C1 Class E, 6.31% 12/18/35		1,155,000		804,762
Series 2001-MMA:
Class E6, 6.5% 2/18/34 (e)(f)		2,150,000		1,822,309
Class F6, 6.5% 2/18/34 (e)(f)		475,000		394,467
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (e)		2,630,000		1,472,800
UBS Commercial Mortgage Trust Series 2007-FL1 Class G, 1.0363% 9/15/09 (e)(f)		2,500,000		550,000
Wachovia Bank Commercial Mortgage Trust Series 2004-C15 Class 175C, 6.0432% 10/15/41 (e)(f)		1,229,280		259,786
Washington Mutual Multi-family Mortgage LLC Series 2001-1 Class B4, 7.1883% 10/18/31 (e)(f)		5,163,000		4,354,858
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $331,777,306)			203,062,586

Nonconvertible Preferred Stocks - 2.9%
	Shares		Value
Banks and Thrifts - 0.0%
MFH Financial Trust I 9.50% (e)	16,845		$ 84,225
Homebuilding/Real Estate - 2.8%
Annaly Capital Management, Inc. Series A, 7.875%	79,155		1,603,680
Apartment Investment & Management Co.:
Series G, 9.375%	16,500		202,125
Series T, 8.00%	103,000		1,144,330
Series U, 7.75%	16,000		172,000
Cedar Shopping Centers, Inc. 8.875%	34,311		435,407
CenterPoint Properties Trust Series D, 5.377%	2,775		832,500
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	107,000		577,800
Hersha Hospitality Trust Series A, 8.00%	17,122		159,235
Lexington Realty Trust 7.55%	20,000		167,000
Mid-America Apartment Communities, Inc. Series H, 8.30%	61,200		1,239,300
PS Business Parks, Inc. (depositary shares) Series L, 7.60%	44,000		723,800
Public Storage Series M, 6.625%	67,791		1,163,971
Strategic Hotel & Resorts, Inc. Series B, 8.25%	40,256		100,640
			8,521,788
Hotels - 0.1%
Innkeepers USA Trust Series C, 8.00%	35,000		17,500
Red Lion Hotels Capital Trust 9.50%	27,750		339,938
			357,438
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,969,137)		8,963,451

Floating Rate Loans - 0.3%
	Principal Amount (c)
Homebuilding/Real Estate - 0.1%
MDS Realty Holdings LLC:
Tranche M1, term loan 4.1263% 1/1/09 (f)	$ 142,038		71,019
Tranche M3, term loan 5.3763% 1/1/09 (f)	161,164		80,582
Tishman Speyer Properties term loan 2.22% 12/27/12 (f)	986,000		345,100
			496,701
Specialty Retailing - 0.2%
Toys 'R' US, Inc. term loan 3.4125% 12/8/09 (f)	1,149,282		522,923
TOTAL FLOATING RATE LOANS (Cost $2,418,349)		1,019,624
Interfund Loans - 1.8%
	Principal Amount (c)		Value
Fidelity Advisor Capital Development Fund, at 1.31% due 3/2/09 (d) (Cost $5,547,000)	$ 5,547,000		$ 5,547,000

Preferred Securities - 0.4%

Diversified Financial Services - 0.0%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (e)	1,100,000		781
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (e)	2,140,000		2
Ipswich Street CDO Series 2006-1, 6/27/46 (b)(e)	2,515,000		0
Kent Funding III Ltd. 11/5/47 (a)(e)	1,100,000		0
			783
Homebuilding/Real Estate - 0.4%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)	3,000,000		418,803
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (e)	2,730,000		671,635
Crest G-Star Ltd. Series 2001-2A Class PS, 2/25/32 (e)	1,100,000		218,963
			1,309,401
TOTAL PREFERRED SECURITIES (Cost $13,473,761)		1,310,184
Cash Equivalents - 6.4%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.25%, dated 2/27/09 due 3/2/09 (Collateralized by U.S. Treasury Obligations) # (Cost $19,441,000)	19,441,412		19,441,000
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $552,657,656)			300,636,999
NET OTHER ASSETS - 1.4%			4,161,753
NET ASSETS - 100%		$ 304,798,752

Currency Abbreviation
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

(d) Loan is with an affiliated fund.

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

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,650,894 or 0.5% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-CK6 Class NW, 6.08% 8/15/36	7/1/02	$ 1,048,076
Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates: Class B3, 7% 9/25/41	5/21/03	$ 553,719
Class B4, 7% 9/25/41	11/2/01	$ 121,939
Class B5, 7% 9/25/41	11/2/01	$ 51,790
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates: Class B3, 5.75% 12/25/42	3/25/03	$ 1,587,400
Class B4, 5.75% 12/25/42	3/25/03	$ 641,103
Class B5, 5.75% 12/25/42	3/25/03	$ 107,111
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates: Class 2B4, 5.4679% 6/25/43	9/29/03	$ 122,732
Class 2B5, 5.4679% 6/25/43	9/29/03	$ 18,810
GMAC Commercial Mortgage Securities, Inc. Series 1999-C2I Class K, 6.481% 9/15/33	3/23/07	$ 4,528,125
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.9738% 6/25/35	6/3/05	$ 943,960

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

Repurchase Agreement / Counterparty	Value
$19,441,000 due 3/02/09 at 0.25%
BNP Paribas Securities Corp.	$ 10,448,657
Barclays Capital, Inc.	2,522,552
Citigroup Global Markets, Inc.	1,441,458
HSBC Securities (USA), Inc.	720,729
J.P. Morgan Securities, Inc.	1,424,687
Societe Generale, New York Branch	2,882,917
	$ 19,441,000

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 300,636,999	$ 8,046,726	$ 222,579,547	$ 70,010,726
Percentage of Market Value	100%	2.7%	74.0%	23.3%

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

	Investments in Securities
Beginning Balance	$ 88,494,287
Total Realized Gain (Loss)	(291,675)
Total Unrealized Gain (Loss)	(17,392,017)
Cost of Purchases	2,770,824
Proceeds of Sales	(1,787,431)
Amortization/Accretion	(3,303,559)
Transfer in/out of Level 3	1,520,297
Ending Balance	$ 70,010,726

Income Tax Information

At February 28, 2009, the aggregate cost of investment securities for income tax purposes was $552,652,871. Net unrealized depreciation aggregated $252,015,872, of which $1,851,670 related to appreciated investment securities and $253,867,542 related to depreciated investment securities.

At November 30, 2008, the fund had a capital loss carryforward of approximately $7,057,288 all of which will expire on November 30, 2016.

Investment Valuation

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 dealer supplied prices. Dealers who make markets in below investment grade securities, such as asset backed securities, collateralized mortgage obligations and commercial mortgage backed securities also consider such factors as the structure of the issue, cash flow assumptions, the value of underlying assets as well as any guarantees. During the year, instability in the credit markets for these asset classes resulted in less frequent observable market trading and fewer dealers valuing these securities. 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 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. Factors used in determining value may include significant market or security specific events and changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent.

As of February 28, 2009, 17% of the securities held by the Fund were either valued based on a price provided by a single source or dealer or were fair valued. Actual prices may differ from the values that would be realized if the securities were sold, and the differences could be material.

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 may use in pricing a security. These may include quoted prices for similar securities, vintage year of securities, collateral quality, credit enhancement, market transactions in comparable securities, various relationships between security values and yield to maturity, interest rates, prepayment speeds, credit risk and others.

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

Credit and Liquidity Risk

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

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series I

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

Date:	April 29, 2009

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

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

Date:	April 29, 2009
By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	April 29, 2009