N-CSRS 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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:

May 31, 2009

This report on Form N-CSR relates solely to the Registrant's Fidelity Advisor Dividend Growth Fund, Fidelity Advisor Dynamic Capital Appreciation Fund, Fidelity Advisor Equity Growth Fund, Fidelity Advisor Equity Income Fund, Fidelity Advisor Equity Value Fund, Fidelity Advisor Fifty Fund, Fidelity Advisor Growth & Income Fund, Fidelity Advisor Growth Opportunities Fund, Fidelity Advisor Large Cap Fund, Fidelity Advisor Mid Cap Fund, Fidelity Advisor Small Cap Fund, Fidelity Advisor Strategic Growth Fund and Fidelity Advisor Value Strategies Fund series (each, a "Fund" and collectively, the "Funds").

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Dividend Growth
Fund - Class A, Class T, Class B
and Class C

Semiannual Report

May 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-877-208-0098 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

Although there has been some encouraging news in the capital markets this spring, many economic uncertainties remain - including still-weak corporate earnings and sluggish consumer spending - which could call into question the sustainability and overall strength of the markets' recent forward momentum. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2008 to May 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2008	Ending Account Value May 31, 2009	Expenses Paid During Period* December 1, 2008 to May 31, 2009
Class A	.83%
Actual		$ 1,000.00	$ 1,245.30	$ 4.65
Hypothetical^A		$ 1,000.00	$ 1,020.79	$ 4.18
Class T	1.08%
Actual		$ 1,000.00	$ 1,243.00	$ 6.04
Hypothetical^A		$ 1,000.00	$ 1,019.55	$ 5.44
Class B	1.58%
Actual		$ 1,000.00	$ 1,238.90	$ 8.82
Hypothetical^A		$ 1,000.00	$ 1,017.05	$ 7.95
Class C	1.58%
Actual		$ 1,000.00	$ 1,241.10	$ 8.83
Hypothetical^A		$ 1,000.00	$ 1,017.05	$ 7.95
Institutional Class	.39%
Actual		$ 1,000.00	$ 1,246.80	$ 2.18
Hypothetical^A		$ 1,000.00	$ 1,022.99	$ 1.97

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Wells Fargo & Co.	2.7	1.9
JPMorgan Chase & Co.	2.0	1.7
Bank of America Corp.	1.9	1.8
National Oilwell Varco, Inc.	1.8	1.8
Pfizer, Inc.	1.6	0.5
Cisco Systems, Inc.	1.5	1.5
PNC Financial Services Group, Inc.	1.4	0.6
Petrohawk Energy Corp.	1.2	1.2
Weatherford International Ltd.	1.0	0.6
PICO Holdings, Inc.	1.0	0.9
	16.1
Top Five Market Sectors as of May 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	18.1	17.1
Financials	17.7	18.2
Energy	14.4	11.5
Health Care	12.1	11.4
Consumer Discretionary	11.8	11.2

Asset Allocation (% of fund's net assets)
As of May 31, 2009 *			As of November 30, 2008 **
	Stocks and Investment Companies 102.1%			Stocks and Investment Companies 97.8%
	Bonds 0.2%			Bonds 0.1%
	Convertible Securities 2.3%			Convertible Securities 1.7%
	Short-Term Investments and Net Other Assets^† (4.6)%			Short-Term Investments and Net Other Assets 0.4%
* Foreign investments		13.3%	** Foreign investments		10.4%

fid30

^† Short-term Investments and Net Other Assets are not included in the pie chart.

Semiannual Report

Investments May 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.9%
Autoliv, Inc.	27,200		$ 756
BorgWarner, Inc.	23,000		742
Federal-Mogul Corp. Class A (a)	102,957		1,030
Johnson Controls, Inc.	121,500		2,421
The Goodyear Tire & Rubber Co. (a)	129,700		1,485
			6,434
Automobiles - 0.1%
Harley-Davidson, Inc.	2,800		48
Thor Industries, Inc.	10,700		215
Winnebago Industries, Inc.	36,304		278
			541
Distributors - 0.1%
LKQ Corp. (a)	23,700		362
Diversified Consumer Services - 0.9%
H&R Block, Inc.	93,929		1,371
Hillenbrand, Inc.	100,200		1,719
Princeton Review, Inc. (a)	70,791		331
Regis Corp.	30,779		540
Service Corp. International	125,500		671
Stewart Enterprises, Inc. Class A	406,300		1,678
			6,310
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	91,742		1,642
Burger King Holdings, Inc.	39,400		652
DineEquity, Inc. (e)	73,800		2,046
Las Vegas Sands Corp. unit	18,611		3,106
McCormick & Schmick's Seafood Restaurants (a)	31,400		217
MGM Mirage, Inc. (a)	46,000		343
Sonic Corp. (a)	93,600		883
Starwood Hotels & Resorts Worldwide, Inc.	106,100		2,596
Vail Resorts, Inc. (a)	22,226		611
WMS Industries, Inc. (a)	22,900		812
Wyndham Worldwide Corp.	230,285		2,715
			15,623
Household Durables - 1.2%
Black & Decker Corp.	26,500		850
Centex Corp.	23,500		198
Dorel Industries, Inc. Class B (sub. vtg.)	20,300		420
Hooker Furniture Corp.	19,355		240
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Mohawk Industries, Inc. (a)	44,700		$ 1,711
Newell Rubbermaid, Inc.	87,900		1,012
Pulte Homes, Inc.	99,000		871
Stanley Furniture Co., Inc.	39,700		397
The Stanley Works	19,600		700
Whirlpool Corp.	46,300		1,951
			8,350
Media - 2.3%
Cablevision Systems Corp. - NY Group Class A	62,400		1,187
CC Media Holdings, Inc. Class A (a)	134,400		153
Comcast Corp. Class A (special) (non-vtg.)	330,299		4,294
DISH Network Corp. Class A (a)	120,700		1,979
Informa PLC	171,640		675
Lamar Advertising Co. Class A (a)	40,600		754
Liberty Media Corp. Entertainment Series A (a)	108,900		2,631
Live Nation, Inc. (a)	7,300		42
The DIRECTV Group, Inc. (a)	53,890		1,213
The Walt Disney Co.	81,493		1,974
Time Warner Cable, Inc.	28,875		889
			15,791
Multiline Retail - 0.4%
Target Corp.	60,536		2,379
Specialty Retail - 3.2%
Advance Auto Parts, Inc.	62,800		2,675
Asbury Automotive Group, Inc.	32,500		309
Best Buy Co., Inc.	26,700		937
Big 5 Sporting Goods Corp.	3,200		35
Collective Brands, Inc. (a)	74,290		1,097
Group 1 Automotive, Inc.	17,600		377
Gymboree Corp. (a)	18,600		685
Home Depot, Inc.	73,107		1,693
Lowe's Companies, Inc.	197,700		3,758
Lumber Liquidators, Inc. (a)	67,604		1,024
OfficeMax, Inc.	99,200		818
Sally Beauty Holdings, Inc. (a)	163,075		1,159
Sherwin-Williams Co.	6,270		331
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	79,500		756
Staples, Inc.	137,318		2,808
The Men's Wearhouse, Inc.	90,600		1,548
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Tween Brands, Inc. (a)	313,800		$ 1,654
Urban Outfitters, Inc. (a)	1,800		37
			21,701
Textiles, Apparel & Luxury Goods - 0.1%
American Apparel, Inc. (a)	177,109		701
TOTAL CONSUMER DISCRETIONARY			78,192
CONSUMER STAPLES - 7.4%
Beverages - 1.5%
Anheuser-Busch InBev NV	96,060		3,389
Carlsberg AS Series B	24,142		1,542
Coca-Cola Enterprises, Inc.	91,300		1,521
The Coca-Cola Co.	71,200		3,500
			9,952
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.	33,200		1,611
CVS Caremark Corp.	148,191		4,416
Kroger Co.	66,800		1,523
Wal-Mart Stores, Inc.	21,200		1,054
Winn-Dixie Stores, Inc. (a)	198,700		3,032
			11,636
Food Products - 2.5%
Bunge Ltd.	6,000		380
Cermaq ASA	131,400		917
Corn Products International, Inc.	60,510		1,598
Global Bio-Chem Technology Group Co. Ltd.	4,928,000		929
Leroy Seafood Group ASA (e)	113,900		1,547
Marine Harvest ASA (a)	7,483,000		4,407
Nestle SA (Reg.)	39,522		1,439
Smithfield Foods, Inc. (a)	113,300		1,408
The J.M. Smucker Co.	13,397		539
Tyson Foods, Inc. Class A	291,550		3,883
Unilever NV (Certificaten Van Aandelen)	11,100		267
			17,314
Household Products - 0.7%
Clorox Co.	22,100		1,159
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - continued
Energizer Holdings, Inc. (a)	34,597		$ 1,808
Kimberly-Clark Corp.	34,604		1,796
			4,763
Personal Products - 0.2%
Avon Products, Inc.	39,985		1,062
Tobacco - 0.8%
Lorillard, Inc.	23,088		1,578
Philip Morris International, Inc.	97,800		4,170
			5,748
TOTAL CONSUMER STAPLES			50,475
ENERGY - 14.0%
Energy Equipment & Services - 5.6%
Diamond Offshore Drilling, Inc.	12,600		1,062
Global Industries Ltd. (a)	372,562		2,608
Halliburton Co.	83,400		1,912
Helix Energy Solutions Group, Inc. (a)	78,400		882
Nabors Industries Ltd. (a)	68,586		1,226
National Oilwell Varco, Inc. (a)	311,400		12,026
Noble Corp.	106,766		3,670
Parker Drilling Co. (a)	123,400		578
Patterson-UTI Energy, Inc.	14,600		209
Pride International, Inc. (a)	49,100		1,189
Smith International, Inc.	98,400		2,872
Superior Energy Services, Inc. (a)	41,800		964
Tidewater, Inc.	44,300		2,112
Weatherford International Ltd. (a)	345,364		7,149
			38,459
Oil, Gas & Consumable Fuels - 8.4%
Arch Coal, Inc.	35,305		654
Berry Petroleum Co. Class A	78,600		1,534
Boardwalk Pipeline Partners, LP	55,200		1,139
Brigham Exploration Co. (a)	229,300		775
Cabot Oil & Gas Corp.	27,794		976
Chesapeake Energy Corp.	237,900		5,391
Cimarex Energy Co.	23,000		750
Comstock Resources, Inc. (a)	7,500		299
Concho Resources, Inc. (a)	29,900		958
Denbury Resources, Inc. (a)	94,200		1,619
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
El Paso Corp.	115,600		$ 1,127
Energy Transfer Equity LP	24,100		633
EXCO Resources, Inc. (a)	194,461		2,993
Foundation Coal Holdings, Inc.	71,700		2,104
Frontier Oil Corp.	66,500		1,162
Goodrich Petroleum Corp. (a)	18,500		494
Hess Corp.	73,500		4,894
Holly Corp.	24,900		602
Nexen, Inc.	89,100		2,183
Occidental Petroleum Corp.	2,800		188
OPTI Canada, Inc. (a)(e)	727,500		2,186
Peabody Energy Corp.	19,800		673
Penn Virginia Corp.	41,000		784
Petro-Canada	39,200		1,705
Petrohawk Energy Corp. (a)	317,013		7,989
Plains Exploration & Production Co. (a)	149,000		4,214
Quicksilver Resources, Inc. (a)	38,400		432
Range Resources Corp.	65,500		3,001
Rosetta Resources, Inc. (a)	95,700		835
Southwestern Energy Co. (a)	68,800		2,991
Sunoco, Inc.	38,760		1,179
Uranium One, Inc. (a)	74,100		149
Venoco, Inc. (a)	97,100		697
Whiting Petroleum Corp. (a)	900		42
			57,352
TOTAL ENERGY			95,811
FINANCIALS - 16.9%
Capital Markets - 2.7%
Ameriprise Financial, Inc.	23,500		710
Bank of New York Mellon Corp.	30,613		850
Bank Sarasin & Co. Ltd. Series B (Reg.) (a)	23,578		737
Cohen & Steers, Inc. (e)	15,497		239
Deutsche Bank AG (NY Shares)	11,600		784
Fortress Investment Group LLC (e)	153,300		713
Goldman Sachs Group, Inc.	44,053		6,369
Lazard Ltd. Class A	13,400		379
Morgan Stanley	157,000		4,760
Nomura Holdings, Inc. sponsored ADR	60,600		459
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	38,300		$ 1,779
The Blackstone Group LP	42,100		461
			18,240
Commercial Banks - 5.2%
BB&T Corp.	26,300		590
CapitalSource, Inc.	550,555		2,065
Mitsubishi UFJ Financial Group, Inc.	146,500		930
PNC Financial Services Group, Inc.	212,753		9,691
U.S. Bancorp, Delaware	201,300		3,865
Wells Fargo & Co.	721,215		18,394
			35,535
Consumer Finance - 0.5%
Capital One Financial Corp.	93,600		2,288
Discover Financial Services	93,887		898
Promise Co. Ltd.	29,250		389
			3,575
Diversified Financial Services - 5.1%
Bank of America Corp.	1,172,721		13,217
BM&F BOVESPA SA	236,100		1,354
JPMorgan Chase & Co.	367,200		13,550
PICO Holdings, Inc. (a)	245,300		6,851
Ricoh Leasing Co. Ltd.	6,600		116
			35,088
Insurance - 2.0%
ACE Ltd.	27,400		1,205
Assurant, Inc.	22,500		532
Berkshire Hathaway, Inc. Class B (a)	200		594
Endurance Specialty Holdings Ltd.	16,300		448
Everest Re Group Ltd.	16,400		1,135
Hartford Financial Services Group, Inc.	12,500		179
Lincoln National Corp.	30,400		576
Loews Corp.	21,700		587
Maiden Holdings Ltd. (f)	104,100		532
MBIA, Inc. (a)	163,923		1,057
MetLife, Inc.	42,774		1,347
Montpelier Re Holdings Ltd.	53,600		717
Platinum Underwriters Holdings Ltd.	21,200		611
Protective Life Corp.	64,800		801
Prudential Financial, Inc.	14,400		575
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
The Travelers Companies, Inc.	45,300		$ 1,842
XL Capital Ltd. Class A	55,500		562
			13,300
Real Estate Investment Trusts - 0.7%
Brandywine Realty Trust (SBI)	48,300		360
Developers Diversified Realty Corp.	32,247		158
Duke Realty LP	36,400		346
Highwoods Properties, Inc. (SBI)	5,400		122
ProLogis Trust	166,200		1,411
SL Green Realty Corp.	37,500		859
UDR, Inc.	20,427		225
Unibail-Rodamco	1,000		161
Ventas, Inc.	8,100		246
Vornado Realty Trust	15,466		722
			4,610
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	489,600		3,574
Forestar Group, Inc. (a)	20,600		250
Jones Lang LaSalle, Inc.	27,100		950
Unite Group PLC	78,400		159
			4,933
TOTAL FINANCIALS			115,281
HEALTH CARE - 11.7%
Biotechnology - 2.6%
Alexion Pharmaceuticals, Inc. (a)	5,500		201
Amgen, Inc. (a)	79,500		3,970
Biogen Idec, Inc. (a)	29,700		1,538
Cephalon, Inc. (a)	32,900		1,918
Dendreon Corp. (a)(e)	32,400		735
DUSA Pharmaceuticals, Inc. (a)	182,172		248
Genzyme Corp. (a)	18,600		1,100
Gilead Sciences, Inc. (a)	50,500		2,177
PDL BioPharma, Inc.	5,984		42
Theravance, Inc. (a)	204,680		3,029
United Therapeutics Corp. (a)	9,700		777
Vertex Pharmaceuticals, Inc. (a)	81,800		2,438
			18,173
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.6%
Boston Scientific Corp. (a)	27,600		$ 259
C.R. Bard, Inc.	19,400		1,387
Cooper Companies, Inc.	13,804		366
Covidien Ltd.	61,300		2,190
DENTSPLY International, Inc.	32,072		938
Integra LifeSciences Holdings Corp. (a)	51,500		1,337
Inverness Medical Innovations, Inc. (a)	31,000		1,008
Kinetic Concepts, Inc. (a)	28,300		734
Orthofix International NV (a)	27,781		703
Sonova Holding AG	24,623		1,828
			10,750
Health Care Providers & Services - 2.4%
Brookdale Senior Living, Inc.	142,400		1,650
CardioNet, Inc. (a)	2,300		41
CIGNA Corp.	31,300		694
Coventry Health Care, Inc. (a)	33,200		599
Express Scripts, Inc. (a)	30,300		1,941
Fresenius Medical Care AG & Co. KGaA	16,400		693
Genoptix, Inc. (a)	28,100		817
McKesson Corp.	19,900		819
Medco Health Solutions, Inc. (a)	52,900		2,428
Triple-S Management Corp. (a)	72,364		1,032
UnitedHealth Group, Inc.	70,500		1,875
Universal Health Services, Inc. Class B	29,900		1,642
WellPoint, Inc. (a)	41,700		1,942
			16,173
Health Care Technology - 0.1%
IMS Health, Inc.	45,600		549
Life Sciences Tools & Services - 0.3%
Bruker BioSciences Corp. (a)	73,700		481
Life Technologies Corp. (a)	23,500		911
Thermo Fisher Scientific, Inc. (a)	10,100		393
			1,785
Pharmaceuticals - 4.7%
Allergan, Inc.	35,100		1,549
Ardea Biosciences, Inc. (a)	8,345		131
Cadence Pharmaceuticals, Inc. (a)	67,634		717
King Pharmaceuticals, Inc. (a)	21,000		199
Merck & Co., Inc.	205,995		5,681
Novo Nordisk AS Series B	14,400		751
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Optimer Pharmaceuticals, Inc. (a)	6,500		$ 81
Perrigo Co.	31,200		838
Pfizer, Inc.	722,200		10,970
Sanofi-Aventis	10,600		677
Schering-Plough Corp.	109,700		2,677
Teva Pharmaceutical Industries Ltd. sponsored ADR	32,500		1,507
Vivus, Inc. (a)	133,095		688
Wyeth	116,300		5,217
XenoPort, Inc. (a)	26,800		464
			32,147
TOTAL HEALTH CARE			79,577
INDUSTRIALS - 10.7%
Aerospace & Defense - 1.7%
Alliant Techsystems, Inc. (a)	8,400		725
Finmeccanica SpA	32,596		461
Honeywell International, Inc.	85,400		2,832
Northrop Grumman Corp.	41,000		1,952
Orbital Sciences Corp. (a)	69,000		1,016
United Technologies Corp.	85,100		4,477
			11,463
Air Freight & Logistics - 0.2%
FedEx Corp.	23,800		1,319
Airlines - 0.4%
Delta Air Lines, Inc. (a)	531,825		3,090
Building Products - 0.4%
Masco Corp.	151,900		1,574
Owens Corning (a)	63,675		887
			2,461
Commercial Services & Supplies - 1.2%
ACCO Brands Corp. (a)	129,742		383
Cintas Corp.	28,700		668
Clean Harbors, Inc. (a)	21,810		1,189
Consolidated Graphics, Inc. (a)	13,400		217
Corrections Corp. of America (a)	62,300		956
EnergySolutions, Inc.	44,577		360
GeoEye, Inc. (a)	90,109		1,934
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
R.R. Donnelley & Sons Co.	135,397		$ 1,825
Republic Services, Inc.	40,600		925
			8,457
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	87,800		1,133
Great Lakes Dredge & Dock Corp.	417,161		2,173
MYR Group, Inc. (a)	43,196		825
Perini Corp. (a)	32,700		675
Quanta Services, Inc. (a)	2,800		64
URS Corp. (a)	28,500		1,370
			6,240
Electrical Equipment - 1.8%
AMETEK, Inc.	22,645		712
Cooper Industries Ltd. Class A	135,549		4,449
First Solar, Inc. (a)	5,200		988
JA Solar Holdings Co. Ltd. ADR (a)	74,634		316
Regal-Beloit Corp.	6,800		269
Renewable Energy Corp. AS (a)(e)	163,200		1,788
Roper Industries, Inc.	900		39
Saft Groupe SA	36,263		1,516
Sunpower Corp.:
Class A (a)(e)	52,300		1,524
Class B (a)	30,500		784
			12,385
Industrial Conglomerates - 1.3%
McDermott International, Inc. (a)	139,745		3,070
Rheinmetall AG	4,500		187
Siemens AG sponsored ADR	36,700		2,695
Textron, Inc.	240,668		2,768
			8,720
Machinery - 1.1%
Cummins, Inc.	56,700		1,839
Danaher Corp.	24,200		1,460
Ingersoll-Rand Co. Ltd. Class A	29,900		605
JTEKT Corp.	38,800		340
Navistar International Corp. (a)	60,500		2,409
Vallourec SA	9,000		1,138
			7,791
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Marine - 0.1%
Alexander & Baldwin, Inc.	22,300		$ 552
Professional Services - 0.1%
Manpower, Inc.	2,300		98
Monster Worldwide, Inc. (a)	67,100		784
			882
Road & Rail - 1.5%
Burlington Northern Santa Fe Corp.	6,200		449
Con-way, Inc.	49,600		1,592
CSX Corp.	37,700		1,197
Old Dominion Freight Lines, Inc. (a)	15,800		465
Ryder System, Inc.	49,500		1,395
Saia, Inc. (a)	12,400		171
Union Pacific Corp.	59,600		2,936
Universal Truckload Services, Inc.	128,300		1,744
			9,949
TOTAL INDUSTRIALS			73,309
INFORMATION TECHNOLOGY - 17.8%
Communications Equipment - 3.9%
Adtran, Inc.	85,200		1,770
Cisco Systems, Inc. (a)	546,200		10,105
Comverse Technology, Inc. (a)	203,100		1,442
Corning, Inc.	195,800		2,878
Juniper Networks, Inc. (a)	187,700		4,642
Motorola, Inc.	562,389		3,408
Nice Systems Ltd. sponsored ADR (a)	8,300		191
Palm, Inc. (a)	39,900		487
QUALCOMM, Inc.	44,592		1,944
			26,867
Computers & Peripherals - 1.8%
Apple, Inc. (a)	26,600		3,613
Hewlett-Packard Co.	168,700		5,795
SanDisk Corp. (a)	32,545		510
Seagate Technology	248,200		2,162
			12,080
Electronic Equipment & Components - 1.8%
Agilent Technologies, Inc. (a)	21,200		386
Amphenol Corp. Class A	57,400		1,917
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Arrow Electronics, Inc. (a)	72,300		$ 1,749
Avnet, Inc. (a)	172,700		3,974
Bell Microproducts, Inc. (a)	350,800		375
BYD Co. Ltd. (H Shares) (a)	35,500		143
Ingram Micro, Inc. Class A (a)	107,800		1,781
Itron, Inc. (a)	17,176		1,002
Tyco Electronics Ltd.	53,777		934
			12,261
Internet Software & Services - 0.9%
Art Technology Group, Inc. (a)	150,933		543
Google, Inc. Class A (sub. vtg.) (a)	9,400		3,922
VeriSign, Inc. (a)	82,614		1,934
			6,399
IT Services - 1.9%
Affiliated Computer Services, Inc. Class A (a)	12,000		539
Alliance Data Systems Corp. (a)	41,100		1,665
Atos Origin SA	21,265		722
Fidelity National Information Services, Inc.	115,400		2,223
Lender Processing Services, Inc.	71,959		2,090
Metavante Technologies, Inc. (a)	46,268		1,187
Perot Systems Corp. Class A (a)	72,000		984
Sapient Corp. (a)	138,300		734
The Western Union Co.	53,306		940
Unisys Corp. (a)	389,000		541
Visa, Inc.	11,000		745
WNS Holdings Ltd. sponsored ADR (a)	65,500		568
			12,938
Office Electronics - 0.1%
Xerox Corp.	83,000		564
Semiconductors & Semiconductor Equipment - 5.0%
Analog Devices, Inc.	63,700		1,555
Applied Materials, Inc.	239,000		2,691
Atmel Corp. (a)	1,598,241		6,153
Cymer, Inc. (a)	61,100		1,696
Fairchild Semiconductor International, Inc. (a)	306,900		2,167
International Rectifier Corp. (a)	81,100		1,174
Lam Research Corp. (a)	233,107		6,105
LTX-Credence Corp. (a)	1,404,236		786
Maxim Integrated Products, Inc.	133,000		2,159
MEMC Electronic Materials, Inc. (a)	52,700		1,017
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Micron Technology, Inc. (a)	259,000		$ 1,311
National Semiconductor Corp.	88,823		1,233
ON Semiconductor Corp. (a)	578,802		3,965
Semitool, Inc. (a)	135,200		662
Teradyne, Inc. (a)	3,738		27
Varian Semiconductor Equipment Associates, Inc. (a)	67,550		1,589
			34,290
Software - 2.4%
BMC Software, Inc. (a)	30,900		1,054
CA, Inc.	36,800		642
Citrix Systems, Inc. (a)	23,500		738
Informatica Corp. (a)	45,500		743
McAfee, Inc. (a)	5,620		220
Microsoft Corp.	173,300		3,620
Misys PLC	337,000		914
Oracle Corp.	200,200		3,922
Phoenix Technologies Ltd. (a)	12,367		35
Quest Software, Inc. (a)	119,400		1,543
Sourcefire, Inc. (a)	124,799		1,523
Symantec Corp. (a)	49,101		765
Ubisoft Entertainment SA (a)	27,642		566
			16,285
TOTAL INFORMATION TECHNOLOGY			121,684
MATERIALS - 7.0%
Chemicals - 3.4%
Air Products & Chemicals, Inc.	6,900		447
Airgas, Inc.	27,600		1,166
Albemarle Corp.	36,400		1,027
Arkema sponsored ADR	32,592		891
Ashland, Inc.	77,500		2,077
Celanese Corp. Class A	142,801		2,929
CF Industries Holdings, Inc.	5,100		396
Dow Chemical Co.	30,100		532
Huabao International Holdings Ltd.	200,000		182
Lubrizol Corp.	25,600		1,144
Monsanto Co.	43,000		3,532
Rockwood Holdings, Inc. (a)	29,588		441
Solutia, Inc. (a)	197,500		968
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Spartech Corp.	159,761		$ 676
Terra Industries, Inc.	51,750		1,438
The Mosaic Co.	35,400		1,936
Valspar Corp.	46,800		1,069
W.R. Grace & Co. (a)	200,326		2,600
			23,451
Construction Materials - 0.0%
Eagle Materials, Inc.	11,500		283
Containers & Packaging - 1.2%
Ball Corp.	7,800		310
Owens-Illinois, Inc. (a)	85,924		2,460
Pactiv Corp. (a)	33,700		755
Rock-Tenn Co. Class A	36,200		1,389
Temple-Inland, Inc.	225,568		2,883
			7,797
Metals & Mining - 2.3%
Agnico-Eagle Mines Ltd. (Canada)	6,800		420
ArcelorMittal SA (NY Shares) Class A	38,100		1,264
Commercial Metals Co.	110,600		1,877
Compass Minerals International, Inc.	3,700		198
Eldorado Gold Corp. (a)	183,100		1,815
First Quantum Minerals Ltd.	900		40
Franco-Nevada Corp.	1,400		39
Ivanhoe Mines Ltd. (a)	236,800		1,280
Lihir Gold Ltd. (a)	467,043		1,213
Newcrest Mining Ltd.	54,653		1,451
Newmont Mining Corp.	23,000		1,124
Silver Wheaton Corp. (a)	57,900		609
Timminco Ltd. (a)(e)	178,100		245
United States Steel Corp.	41,200		1,404
Vale SA sponsored ADR	16,800		322
Xstrata PLC	14,100		158
Yamana Gold, Inc.	191,100		2,247
			15,706
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.1%
Clearwater Paper Corp. (a)	23,900		$ 566
Weyerhaeuser Co.	1,900		64
			630
TOTAL MATERIALS			47,867
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	118,516		2,938
Cincinnati Bell, Inc. (a)	335,000		935
Qwest Communications International, Inc.	917,643		4,001
Verizon Communications, Inc.	72,428		2,119
			9,993
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	558,300		2,875
Vivo Participacoes SA sponsored ADR	31,300		631
			3,506
TOTAL TELECOMMUNICATION SERVICES			13,499
UTILITIES - 2.7%
Electric Utilities - 1.4%
Allegheny Energy, Inc.	95,900		2,398
Entergy Corp.	25,202		1,881
Exelon Corp.	47,200		2,266
FirstEnergy Corp.	58,500		2,211
Public Power Corp. of Greece	30,900		703
			9,459
Gas Utilities - 0.2%
EQT Corp.	36,600		1,363
Questar Corp.	7,000		237
			1,600
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	120,900		1,208
Constellation Energy Group, Inc.	7,800		213
Dynegy, Inc. Class A (a)	244,400		491
NRG Energy, Inc. (a)	155,461		3,498
RRI Energy, Inc. (a)	188,350		1,032
			6,442
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 0.2%
CMS Energy Corp.	22,900		$ 260
Public Service Enterprise Group, Inc.	9,300		296
Sempra Energy	15,300		699
			1,255
TOTAL UTILITIES			18,756
TOTAL COMMON STOCKS (Cost $765,952)		694,451
Preferred Stocks - 1.4%

Convertible Preferred Stocks - 1.3%
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
McMoRan Exploration Co. 6.75%	6,000		336
SandRidge Energy, Inc. 8.50% (a)(f)	9,700		1,433
			1,769
FINANCIALS - 0.6%
Commercial Banks - 0.2%
East West Bancorp, Inc. Series A, 8.00%	400		210
Huntington Bancshares, Inc. 8.50%	1,819		1,155
UCBH Holdings, Inc. Series B, 8.50%	600		220
			1,585
Diversified Financial Services - 0.4%
CIT Group, Inc. Series C, 8.75%	85,800		2,049
Citigroup, Inc. Series T, 6.50%	12,300		479
			2,528
TOTAL FINANCIALS			4,113
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50%	900		765
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
MATERIALS - 0.3%
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	24,800		$ 2,095
TOTAL CONVERTIBLE PREFERRED STOCKS			8,742
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA (a)	147,006		957
TOTAL PREFERRED STOCKS (Cost $11,855)		9,699
Investment Companies - 0.3%

Ares Capital Corp. (Cost $3,519)	279,068		2,135

Corporate Bonds - 1.2%
	Principal Amount (000s)
Convertible Bonds - 1.0%
CONSUMER DISCRETIONARY - 0.2%
Media - 0.2%
Virgin Media, Inc. 6.5% 11/15/16 (f)	$ 1,490		1,173
FINANCIALS - 0.2%
Real Estate Investment Trusts - 0.1%
Digital Realty Trust LP 5.5% 4/15/29 (f)	460		449
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (d)(f)	1,845		745
TOTAL FINANCIALS			1,194
HEALTH CARE - 0.3%
Biotechnology - 0.1%
BioMarin Pharmaceutical, Inc. 1.875% 4/23/17	960		799
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
HEALTH CARE - continued
Pharmaceuticals - 0.2%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (f)	$ 1,500		$ 1,135
TOTAL HEALTH CARE			1,934
INDUSTRIALS - 0.1%
Airlines - 0.1%
U.S. Airways Group, Inc. 7.25% 5/15/14	460		357
Machinery - 0.0%
Terex Corp. 4% 6/1/15	300		315
TOTAL INDUSTRIALS			672
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc. 6% 5/1/15	1,730		830
Amkor Technology, Inc. 6% 4/15/14 (f)	470		752
			1,582
TOTAL CONVERTIBLE BONDS			6,555
Nonconvertible Bonds - 0.2%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OPTI Canada, Inc.:
7.875% 12/15/14	620		422
8.25% 12/15/14	625		428
			850
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. 10.125% 12/15/16	2,462		714
TOTAL NONCONVERTIBLE BONDS			1,564
TOTAL CORPORATE BONDS (Cost $8,604)		8,119

Money Market Funds - 1.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.53% (b)	3,110,786		$ 3,111
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	8,631,865		8,632
TOTAL MONEY MARKET FUNDS (Cost $11,743)		11,743
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $801,673)			726,147
NET OTHER ASSETS - (6.3)%			(43,288)
NET ASSETS - 100%		$ 682,859

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) 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 $6,219,000 or 0.9% of net assets.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 8
Fidelity Securities Lending Cash Central Fund	101
Total	$ 109

Other Information

The following is a summary of the inputs used, as of May 31, 2009, involving the Fund's assets and liabilities 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 Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 726,147	$ 672,693	$ 53,454	$ -

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)	654
Total Unrealized Gain (Loss)	1,244
Cost of Purchases	-
Proceeds of Sales	(2,486)
Amortization/Accretion	-
Transfer in/out of Level 3	(3,106)
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.

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.7%
Switzerland	2.3%
Canada	2.1%
Bermuda	1.9%
Norway	1.3%
Others (individually less than 1%)	5.7%
	100.0%

Income Tax Information

At November 30, 2008, the fund had a capital loss carryforward of approximately $197,128,000 all of which will expire on November 30, 2016.

The fund intends to elect to defer to its fiscal year ending November 30, 2009 approximately $3,905,000 of losses recognized during the period November 1, 2008 to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $8,378) - See accompanying schedule: Unaffiliated issuers (cost $789,930)	$ 714,404
Fidelity Central Funds (cost $11,743)	11,743
Total Investments (cost $801,673)		$ 726,147
Foreign currency held at value (cost $32)		32
Receivable for investments sold		5,037
Receivable for fund shares sold		354
Dividends receivable		1,107
Interest receivable		187
Distributions receivable from Fidelity Central Funds		22
Prepaid expenses		7
Other receivables		1
Total assets		732,894

Liabilities
Payable for investments purchased	$ 5,058
Payable for fund shares redeemed	35,504
Accrued management fee	298
Distribution fees payable	302
Other affiliated payables	198
Other payables and accrued expenses	43
Collateral on securities loaned, at value	8,632
Total liabilities		50,035

Net Assets		$ 682,859
Net Assets consist of:
Paid in capital		$ 1,106,444
Undistributed net investment income		1,045
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(349,108)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(75,522)
Net Assets		$ 682,859

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($197,372 ÷ 24,380 shares)		$ 8.10

Maximum offering price per share (100/94.25 of $8.10)		$ 8.59
Class T: Net Asset Value and redemption price per share ($259,167 ÷ 32,073 shares)		$ 8.08

Maximum offering price per share (100/96.50 of $8.08)		$ 8.37
Class B: Net Asset Value and offering price per share ($68,605 ÷ 8,670 shares)^A		$ 7.91

Class C: Net Asset Value and offering price per share ($109,998 ÷ 13,946 shares)^A		$ 7.89


Institutional Class: Net Asset Value, offering price and redemption price per share ($47,717 ÷ 5,698 shares)		$ 8.37

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands	Six months ended May 31, 2009 (Unaudited)

Investment Income
Dividends		$ 5,781
Interest		268
Income from Fidelity Central Funds		109
Total income		6,158

Expenses
Management fee Basic fee	$ 1,770
Performance adjustment	(1,205)
Transfer agent fees	947
Distribution fees	1,647
Accounting and security lending fees	127
Custodian fees and expenses	54
Independent trustees' compensation	3
Registration fees	36
Audit	27
Legal	2
Miscellaneous	12
Total expenses before reductions	3,420
Expense reductions	(7)	3,413
Net investment income (loss)		2,745
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(130,963)
Foreign currency transactions	18
Total net realized gain (loss)		(130,945)
Change in net unrealized appreciation (depreciation) on: Investment securities	267,246
Assets and liabilities in foreign currencies	(8)
Total change in net unrealized appreciation (depreciation)		267,238
Net gain (loss)		136,293
Net increase (decrease) in net assets resulting from operations		$ 139,038

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2009 (Unaudited)	Year ended November 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,745	$ 18,311
Net realized gain (loss)	(130,945)	(306,180)
Change in net unrealized appreciation (depreciation)	267,238	(717,143)
Net increase (decrease) in net assets resulting from operations	139,038	(1,005,012)
Distributions to shareholders from net investment income	(9,305)	(17,860)
Distributions to shareholders from net realized gain	-	(209,478)
Total distributions	(9,305)	(227,338)
Share transactions - net increase (decrease)	(134,567)	(1,033,853)
Total increase (decrease) in net assets	(4,834)	(2,266,203)

Net Assets
Beginning of period	687,693	2,953,896
End of period (including undistributed net investment income of $1,045 and undistributed net investment income of $16,669, respectively)	$ 682,859	$ 687,693

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.64	$ 13.75	$ 13.61	$ 12.08	$ 11.49	$ 10.67
Income from Investment Operations
Net investment income (loss)^E	.04	.11	.12	.11	.08	.13^H
Net realized and unrealized gain (loss)	1.56	(6.13)	.43	1.44	.63	.75
Total from investment operations	1.60	(6.02)	.55	1.55	.71	.88
Distributions from net investment income	(.14)	(.10)	(.14)	(.02)	(.12)	(.06)
Distributions from net realized gain	-	(.99)	(.28)	-	-	-
Total distributions	(.14)	(1.09)	(.41)^J	(.02)	(.12)	(.06)
Net asset value, end of period	$ 8.10	$ 6.64	$ 13.75	$ 13.61	$ 12.08	$ 11.49
Total Return^B,C,D	24.53%	(47.51)%	4.12%	12.86%	6.22%	8.27%
Ratios to Average Net Assets^F,I
Expenses before reductions	.83%^A	1.08%	1.12%	1.13%	1.15%	1.15%
Expenses net of fee waivers, if any	.83%^A	1.08%	1.12%	1.13%	1.15%	1.15%
Expenses net of all reductions	.82%^A	1.08%	1.11%	1.12%	1.13%	1.14%
Net investment income (loss)	1.15%^A	1.02%	.84%	.90%	.68%	1.13%
Supplemental Data
Net assets, end of period (in millions)	$ 197	$ 192	$ 529	$ 530	$ 473	$ 469
Portfolio turnover rate^G	88%^A	122%	36%	29%	32%	32%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.06 per share.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Total distributions of $.413 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.276 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class T

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.60	$ 13.67	$ 13.52	$ 12.00	$ 11.42	$ 10.60
Income from Investment Operations
Net investment income (loss)^E	.03	.09	.09	.09	.06	.11^H
Net realized and unrealized gain (loss)	1.55	(6.11)	.44	1.43	.62	.75
Total from investment operations	1.58	(6.02)	.53	1.52	.68	.86
Distributions from net investment income	(.10)	(.06)	(.10)	-	(.10)	(.04)
Distributions from net realized gain	-	(.99)	(.28)	-	-	-
Total distributions	(.10)	(1.05)	(.38)^J	-	(.10)	(.04)
Net asset value, end of period	$ 8.08	$ 6.60	$ 13.67	$ 13.52	$ 12.00	$ 11.42
Total Return^B,C,D	24.30%	(47.66)%	3.97%	12.67%	5.99%	8.13%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.08%^A	1.29%	1.33%	1.32%	1.31%	1.33%
Expenses net of fee waivers, if any	1.08%^A	1.29%	1.33%	1.32%	1.31%	1.33%
Expenses net of all reductions	1.08%^A	1.28%	1.32%	1.32%	1.29%	1.32%
Net investment income (loss)	.89%^A	.82%	.63%	.71%	.52%	.95%
Supplemental Data
Net assets, end of period (in millions)	$ 259	$ 263	$ 962	$ 1,257	$ 1,511	$ 2,673
Portfolio turnover rate^G	88%^A	122%	36%	29%	32%	32%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.06 per share.

^J Total distributions of $.380 per share is comprised of distributions from net investment income of $.104 and distributions from net realized gain of $.276 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class B

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.42	$ 13.29	$ 13.14	$ 11.74	$ 11.16	$ 10.39
Income from Investment Operations
Net investment income (loss)^E	.01	.03	-^J	.01	(.01)	.04^H
Net realized and unrealized gain (loss)	1.52	(5.94)	.43	1.39	.61	.73
Total from investment operations	1.53	(5.91)	.43	1.40	.60	.77
Distributions from net investment income	(.04)	-	(.01)	-	(.02)	-
Distributions from net realized gain	-	(.96)	(.28)	-	-	-
Total distributions	(.04)	(.96)	(.28)^K	-	(.02)	-
Net asset value, end of period	$ 7.91	$ 6.42	$ 13.29	$ 13.14	$ 11.74	$ 11.16
Total Return^B,C,D	23.89%	(47.88)%	3.32%	11.93%	5.38%	7.41%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.58%^A	1.85%	1.92%	1.93%	1.95%	1.95%
Expenses net of fee waivers, if any	1.58%^A	1.85%	1.92%	1.93%	1.95%	1.95%
Expenses net of all reductions	1.58%^A	1.85%	1.92%	1.93%	1.94%	1.94%
Net investment income (loss)	.39%^A	.26%	.04%	.10%	(.12)%	.33%
Supplemental Data
Net assets, end of period (in millions)	$ 69	$ 75	$ 238	$ 314	$ 439	$ 559
Portfolio turnover rate^G	88%^A	122%	36%	29%	32%	32%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.06 per share.

^J Amount represents less than $.01 per share.

^K Total distributions of $.283 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.276 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class C

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.41	$ 13.30	$ 13.17	$ 11.76	$ 11.18	$ 10.40
Income from Investment Operations
Net investment income (loss)^E	.01	.03	.01	.02	(.01)	.04^H
Net realized and unrealized gain (loss)	1.52	(5.94)	.43	1.39	.62	.74
Total from investment operations	1.53	(5.91)	.44	1.41	.61	.78
Distributions from net investment income	(.05)	-	(.04)	-	(.03)	-
Distributions from net realized gain	-	(.98)	(.28)	-	-	-
Total distributions	(.05)	(.98)	(.31)^J	-	(.03)	-
Net asset value, end of period	$ 7.89	$ 6.41	$ 13.30	$ 13.17	$ 11.76	$ 11.18
Total Return^B,C,D	24.11%	(47.93)%	3.40%	11.99%	5.47%	7.50%
Ratios to Average Net Assets^F,I
Expenses before reductions	1.58%^A	1.82%	1.86%	1.87%	1.88%	1.88%
Expenses net of fee waivers, if any	1.58%^A	1.82%	1.86%	1.87%	1.88%	1.88%
Expenses net of all reductions	1.58%^A	1.81%	1.86%	1.86%	1.87%	1.87%
Net investment income (loss)	.39%^A	.29%	.10%	.17%	(.06)%	.40%
Supplemental Data
Net assets, end of period (in millions)	$ 110	$ 103	$ 277	$ 328	$ 379	$ 508
Portfolio turnover rate ^G	88%^A	122%	36%	29%	32%	32%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.06 per share.

^J Total distributions of $.314 per share is comprised of distributions from net investment income of $.038 and distributions from net realized gain of $.276 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Institutional Class

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.73	$ 13.92	$ 13.76	$ 12.22	$ 11.61	$ 10.78
Income from Investment Operations
Net investment income (loss)^D	.05	.15	.16	.16	.12	.17^G
Net realized and unrealized gain (loss)	1.61	(6.21)	.46	1.44	.64	.75
Total from investment operations	1.66	(6.06)	.62	1.60	.76	.92
Distributions from net investment income	(.02)	(.14)	(.18)	(.06)	(.15)	(.09)
Distributions from net realized gain	-	(.99)	(.28)	-	-	-
Total distributions	(.02)	(1.13)	(.46)^I	(.06)	(.15)	(.09)
Net asset value, end of period	$ 8.37	$ 6.73	$ 13.92	$ 13.76	$ 12.22	$ 11.61
Total Return^B,C	24.68%	(47.34)%	4.55%	13.17%	6.60%	8.57%
Ratios to Average Net Assets^E,H
Expenses before reductions	.39%^A	.76%	.82%	.80%	.80%	.82%
Expenses net of fee waivers, if any	.39%^A	.76%	.82%	.80%	.80%	.82%
Expenses net of all reductions	.39%^A	.75%	.82%	.80%	.79%	.81%
Net investment income (loss)	1.58%^A	1.35%	1.14%	1.23%	1.02%	1.46%
Supplemental Data
Net assets, end of period (in millions)	$ 48	$ 55	$ 948	$ 1,149	$ 922	$ 863
Portfolio turnover rate^F	88%^A	122%	36%	29%	32%	32%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower had certain expenses not been reduced during the periods shown.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.06 per share.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Total distributions of $.456 per share is comprised of distributions from net investment income of $.180 and distributions from net realized gain of $.276 per share.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Notes to Financial Statements

For the period ended May 31, 2009 (Unaudited)

(Amounts in thousands except ratios)

1. Organization.

Fidelity Advisor Dividend Growth Fund (the Fund) is a fund of Fidelity Advisor Series I (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class B, Class C, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 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. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. 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 (NAV) 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.

Semiannual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

The three levels of the hierarchy under SFAS 157 are described below:

Level 1	Quoted prices in active markets for identical securities.
Level 2	Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3	Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable 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.

The aggregate value by input level, as of May 31, 2009, for the Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Semiannual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, foreign currency transactions, passive foreign investment companies (PFIC), market discount, partnerships, capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.

The federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:

Unrealized appreciation	$ 72,715
Unrealized depreciation	(166,930)
Net unrealized appreciation (depreciation)	$ (94,215)
Cost for federal income tax purposes	$ 820,362

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the Securities and Exchange Commission (the SEC) which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $279,154 and $378,346, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and a group fee rate that averaged .27% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over the performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the Institutional Class of the Fund as compared to an appropriate benchmark index. The Fund's performance period began on August 1, 2007 and subsequent months will be added until the performance period includes 36 months. The Fund's performance adjustment took effect in July 2008. For the period, the total annualized management fee rate, including the performance adjustment, was .18% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 213	$ 3
Class T	.25%	.25%	625	1
Class B	.75%	.25%	329	247
Class C	.75%	.25%	480	16
			$ 1,647	$ 267

Semiannual Report

6. Fees and Other Transactions with Affiliates - continued

Sales Load - continued

depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 14
Class T	8
Class B*	58
Class C*	3
	$ 83

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets*
Class A	$ 267	.31
Class T	398	.32
Class B	104	.32
Class C	151	.31
Institutional Class	27	.13
	$ 947

* Annualized

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

6. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $11 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,298	.25%	$ -*

* Amount represents less than one thousand

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $2 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses

Semiannual Report

8. Security Lending - continued

associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $101.

9. Expense Reductions.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Six months ended May 31, 2009	Year ended November 30, 2008
From net investment income
Class A	$ 3,933	$ 3,778
Class T	3,997	4,316
Class B	410	-
Class C	849	-
Institutional Class	116	9,766
Total	$ 9,305	$ 17,860
From net realized gain
Class A	$ -	$ 36,714
Class T	-	67,807
Class B	-	16,957
Class C	-	20,251
Institutional Class	-	67,749
Total	$ -	$ 209,478

Semiannual Report

Notes to Financial Statements (Unaudited) - continued

(Amounts in thousands except ratios)

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
	Six months ended May 31, 2009	Year ended November 30, 2008	Six months ended May 31, 2009	Year ended November 30, 2008
Class A
Shares sold	3,363	7,662	$ 22,251	$ 83,975
Reinvestment of distributions	533	2,966	3,557	37,418
Shares redeemed	(8,491)	(20,128)	(55,831)	(220,919)
Net increase (decrease)	(4,595)	(9,500)	$ (30,023)	$ (99,526)
Class T
Shares sold	3,955	5,847	$ 26,022	$ 61,118
Reinvestment of distributions	578	5,598	3,851	70,320
Shares redeemed	(12,308)	(41,984)	(86,609)	(471,240)
Net increase (decrease)	(7,775)	(30,539)	$ (56,736)	$ (339,802)
Class B
Shares sold	295	615	$ 1,910	$ 6,461
Reinvestment of distributions	55	1,182	358	14,513
Shares redeemed	(3,358)	(8,034)	(21,335)	(83,404)
Net increase (decrease)	(3,008)	(6,237)	$ (19,067)	$ (62,430)
Class C
Shares sold	664	1,260	$ 4,287	$ 13,203
Reinvestment of distributions	107	1,340	695	16,436
Shares redeemed	(2,847)	(7,382)	(17,791)	(75,632)
Net increase (decrease)	(2,076)	(4,782)	$ (12,809)	$ (45,993)
Institutional Class
Shares sold	521	14,230	$ 3,694	$ 155,630
Reinvestment of distributions	13	4,390	86	55,945
Shares redeemed	(2,961)	(78,607)	(19,712)	(697,677)
Net increase (decrease)	(2,427)	(59,987)	$ (15,932)	$ (486,102)

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Semiannual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investment Advisors

FIL Investment Advisors (U.K.) Ltd.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Investments Japan Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

State Street Bank and Trust Company

Quincy, MA

ADGF-USAN-0709
1.786779.106

fid32

(Fidelity Investment logo)(registered trademark)
Fidelity® Advisor
Dividend Growth
Fund - Institutional Class

Semiannual Report

May 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Semiannual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Semiannual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2008 to May 31, 2009).

Actual Expenses

Hypothetical Example for Comparison Purposes

Semiannual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value December 1, 2008	Ending Account Value May 31, 2009	Expenses Paid During Period* December 1, 2008 to May 31, 2009
Class A	.83%
Actual		$ 1,000.00	$ 1,245.30	$ 4.65
Hypothetical^A		$ 1,000.00	$ 1,020.79	$ 4.18
Class T	1.08%
Actual		$ 1,000.00	$ 1,243.00	$ 6.04
Hypothetical^A		$ 1,000.00	$ 1,019.55	$ 5.44
Class B	1.58%
Actual		$ 1,000.00	$ 1,238.90	$ 8.82
Hypothetical^A		$ 1,000.00	$ 1,017.05	$ 7.95
Class C	1.58%
Actual		$ 1,000.00	$ 1,241.10	$ 8.83
Hypothetical^A		$ 1,000.00	$ 1,017.05	$ 7.95
Institutional Class	.39%
Actual		$ 1,000.00	$ 1,246.80	$ 2.18
Hypothetical^A		$ 1,000.00	$ 1,022.99	$ 1.97

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Semiannual Report

Investment Changes (Unaudited)

Top Ten Stocks as of May 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Wells Fargo & Co.	2.7	1.9
JPMorgan Chase & Co.	2.0	1.7
Bank of America Corp.	1.9	1.8
National Oilwell Varco, Inc.	1.8	1.8
Pfizer, Inc.	1.6	0.5
Cisco Systems, Inc.	1.5	1.5
PNC Financial Services Group, Inc.	1.4	0.6
Petrohawk Energy Corp.	1.2	1.2
Weatherford International Ltd.	1.0	0.6
PICO Holdings, Inc.	1.0	0.9
	16.1
Top Five Market Sectors as of May 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	18.1	17.1
Financials	17.7	18.2
Energy	14.4	11.5
Health Care	12.1	11.4
Consumer Discretionary	11.8	11.2

Asset Allocation (% of fund's net assets)
As of May 31, 2009 *			As of November 30, 2008 **
	Stocks and Investment Companies 102.1%			Stocks and Investment Companies 97.8%
	Bonds 0.2%			Bonds 0.1%
	Convertible Securities 2.3%			Convertible Securities 1.7%
	Short-Term Investments and Net Other Assets^† (4.6)%			Short-Term Investments and Net Other Assets 0.4%
* Foreign investments		13.3%	** Foreign investments		10.4%

fid48

^† Short-term Investments and Net Other Assets are not included in the pie chart.

Semiannual Report

Investments May 31, 2009 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 101.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.5%
Auto Components - 0.9%
Autoliv, Inc.	27,200		$ 756
BorgWarner, Inc.	23,000		742
Federal-Mogul Corp. Class A (a)	102,957		1,030
Johnson Controls, Inc.	121,500		2,421
The Goodyear Tire & Rubber Co. (a)	129,700		1,485
			6,434
Automobiles - 0.1%
Harley-Davidson, Inc.	2,800		48
Thor Industries, Inc.	10,700		215
Winnebago Industries, Inc.	36,304		278
			541
Distributors - 0.1%
LKQ Corp. (a)	23,700		362
Diversified Consumer Services - 0.9%
H&R Block, Inc.	93,929		1,371
Hillenbrand, Inc.	100,200		1,719
Princeton Review, Inc. (a)	70,791		331
Regis Corp.	30,779		540
Service Corp. International	125,500		671
Stewart Enterprises, Inc. Class A	406,300		1,678
			6,310
Hotels, Restaurants & Leisure - 2.3%
Brinker International, Inc.	91,742		1,642
Burger King Holdings, Inc.	39,400		652
DineEquity, Inc. (e)	73,800		2,046
Las Vegas Sands Corp. unit	18,611		3,106
McCormick & Schmick's Seafood Restaurants (a)	31,400		217
MGM Mirage, Inc. (a)	46,000		343
Sonic Corp. (a)	93,600		883
Starwood Hotels & Resorts Worldwide, Inc.	106,100		2,596
Vail Resorts, Inc. (a)	22,226		611
WMS Industries, Inc. (a)	22,900		812
Wyndham Worldwide Corp.	230,285		2,715
			15,623
Household Durables - 1.2%
Black & Decker Corp.	26,500		850
Centex Corp.	23,500		198
Dorel Industries, Inc. Class B (sub. vtg.)	20,300		420
Hooker Furniture Corp.	19,355		240
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Mohawk Industries, Inc. (a)	44,700		$ 1,711
Newell Rubbermaid, Inc.	87,900		1,012
Pulte Homes, Inc.	99,000		871
Stanley Furniture Co., Inc.	39,700		397
The Stanley Works	19,600		700
Whirlpool Corp.	46,300		1,951
			8,350
Media - 2.3%
Cablevision Systems Corp. - NY Group Class A	62,400		1,187
CC Media Holdings, Inc. Class A (a)	134,400		153
Comcast Corp. Class A (special) (non-vtg.)	330,299		4,294
DISH Network Corp. Class A (a)	120,700		1,979
Informa PLC	171,640		675
Lamar Advertising Co. Class A (a)	40,600		754
Liberty Media Corp. Entertainment Series A (a)	108,900		2,631
Live Nation, Inc. (a)	7,300		42
The DIRECTV Group, Inc. (a)	53,890		1,213
The Walt Disney Co.	81,493		1,974
Time Warner Cable, Inc.	28,875		889
			15,791
Multiline Retail - 0.4%
Target Corp.	60,536		2,379
Specialty Retail - 3.2%
Advance Auto Parts, Inc.	62,800		2,675
Asbury Automotive Group, Inc.	32,500		309
Best Buy Co., Inc.	26,700		937
Big 5 Sporting Goods Corp.	3,200		35
Collective Brands, Inc. (a)	74,290		1,097
Group 1 Automotive, Inc.	17,600		377
Gymboree Corp. (a)	18,600		685
Home Depot, Inc.	73,107		1,693
Lowe's Companies, Inc.	197,700		3,758
Lumber Liquidators, Inc. (a)	67,604		1,024
OfficeMax, Inc.	99,200		818
Sally Beauty Holdings, Inc. (a)	163,075		1,159
Sherwin-Williams Co.	6,270		331
Sonic Automotive, Inc. Class A (sub. vtg.) (e)	79,500		756
Staples, Inc.	137,318		2,808
The Men's Wearhouse, Inc.	90,600		1,548
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Tween Brands, Inc. (a)	313,800		$ 1,654
Urban Outfitters, Inc. (a)	1,800		37
			21,701
Textiles, Apparel & Luxury Goods - 0.1%
American Apparel, Inc. (a)	177,109		701
TOTAL CONSUMER DISCRETIONARY			78,192
CONSUMER STAPLES - 7.4%
Beverages - 1.5%
Anheuser-Busch InBev NV	96,060		3,389
Carlsberg AS Series B	24,142		1,542
Coca-Cola Enterprises, Inc.	91,300		1,521
The Coca-Cola Co.	71,200		3,500
			9,952
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.	33,200		1,611
CVS Caremark Corp.	148,191		4,416
Kroger Co.	66,800		1,523
Wal-Mart Stores, Inc.	21,200		1,054
Winn-Dixie Stores, Inc. (a)	198,700		3,032
			11,636
Food Products - 2.5%
Bunge Ltd.	6,000		380
Cermaq ASA	131,400		917
Corn Products International, Inc.	60,510		1,598
Global Bio-Chem Technology Group Co. Ltd.	4,928,000		929
Leroy Seafood Group ASA (e)	113,900		1,547
Marine Harvest ASA (a)	7,483,000		4,407
Nestle SA (Reg.)	39,522		1,439
Smithfield Foods, Inc. (a)	113,300		1,408
The J.M. Smucker Co.	13,397		539
Tyson Foods, Inc. Class A	291,550		3,883
Unilever NV (Certificaten Van Aandelen)	11,100		267
			17,314
Household Products - 0.7%
Clorox Co.	22,100		1,159
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - continued
Energizer Holdings, Inc. (a)	34,597		$ 1,808
Kimberly-Clark Corp.	34,604		1,796
			4,763
Personal Products - 0.2%
Avon Products, Inc.	39,985		1,062
Tobacco - 0.8%
Lorillard, Inc.	23,088		1,578
Philip Morris International, Inc.	97,800		4,170
			5,748
TOTAL CONSUMER STAPLES			50,475
ENERGY - 14.0%
Energy Equipment & Services - 5.6%
Diamond Offshore Drilling, Inc.	12,600		1,062
Global Industries Ltd. (a)	372,562		2,608
Halliburton Co.	83,400		1,912
Helix Energy Solutions Group, Inc. (a)	78,400		882
Nabors Industries Ltd. (a)	68,586		1,226
National Oilwell Varco, Inc. (a)	311,400		12,026
Noble Corp.	106,766		3,670
Parker Drilling Co. (a)	123,400		578
Patterson-UTI Energy, Inc.	14,600		209
Pride International, Inc. (a)	49,100		1,189
Smith International, Inc.	98,400		2,872
Superior Energy Services, Inc. (a)	41,800		964
Tidewater, Inc.	44,300		2,112
Weatherford International Ltd. (a)	345,364		7,149
			38,459
Oil, Gas & Consumable Fuels - 8.4%
Arch Coal, Inc.	35,305		654
Berry Petroleum Co. Class A	78,600		1,534
Boardwalk Pipeline Partners, LP	55,200		1,139
Brigham Exploration Co. (a)	229,300		775
Cabot Oil & Gas Corp.	27,794		976
Chesapeake Energy Corp.	237,900		5,391
Cimarex Energy Co.	23,000		750
Comstock Resources, Inc. (a)	7,500		299
Concho Resources, Inc. (a)	29,900		958
Denbury Resources, Inc. (a)	94,200		1,619
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
El Paso Corp.	115,600		$ 1,127
Energy Transfer Equity LP	24,100		633
EXCO Resources, Inc. (a)	194,461		2,993
Foundation Coal Holdings, Inc.	71,700		2,104
Frontier Oil Corp.	66,500		1,162
Goodrich Petroleum Corp. (a)	18,500		494
Hess Corp.	73,500		4,894
Holly Corp.	24,900		602
Nexen, Inc.	89,100		2,183
Occidental Petroleum Corp.	2,800		188
OPTI Canada, Inc. (a)(e)	727,500		2,186
Peabody Energy Corp.	19,800		673
Penn Virginia Corp.	41,000		784
Petro-Canada	39,200		1,705
Petrohawk Energy Corp. (a)	317,013		7,989
Plains Exploration & Production Co. (a)	149,000		4,214
Quicksilver Resources, Inc. (a)	38,400		432
Range Resources Corp.	65,500		3,001
Rosetta Resources, Inc. (a)	95,700		835
Southwestern Energy Co. (a)	68,800		2,991
Sunoco, Inc.	38,760		1,179
Uranium One, Inc. (a)	74,100		149
Venoco, Inc. (a)	97,100		697
Whiting Petroleum Corp. (a)	900		42
			57,352
TOTAL ENERGY			95,811
FINANCIALS - 16.9%
Capital Markets - 2.7%
Ameriprise Financial, Inc.	23,500		710
Bank of New York Mellon Corp.	30,613		850
Bank Sarasin & Co. Ltd. Series B (Reg.) (a)	23,578		737
Cohen & Steers, Inc. (e)	15,497		239
Deutsche Bank AG (NY Shares)	11,600		784
Fortress Investment Group LLC (e)	153,300		713
Goldman Sachs Group, Inc.	44,053		6,369
Lazard Ltd. Class A	13,400		379
Morgan Stanley	157,000		4,760
Nomura Holdings, Inc. sponsored ADR	60,600		459
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	38,300		$ 1,779
The Blackstone Group LP	42,100		461
			18,240
Commercial Banks - 5.2%
BB&T Corp.	26,300		590
CapitalSource, Inc.	550,555		2,065
Mitsubishi UFJ Financial Group, Inc.	146,500		930
PNC Financial Services Group, Inc.	212,753		9,691
U.S. Bancorp, Delaware	201,300		3,865
Wells Fargo & Co.	721,215		18,394
			35,535
Consumer Finance - 0.5%
Capital One Financial Corp.	93,600		2,288
Discover Financial Services	93,887		898
Promise Co. Ltd.	29,250		389
			3,575
Diversified Financial Services - 5.1%
Bank of America Corp.	1,172,721		13,217
BM&F BOVESPA SA	236,100		1,354
JPMorgan Chase & Co.	367,200		13,550
PICO Holdings, Inc. (a)	245,300		6,851
Ricoh Leasing Co. Ltd.	6,600		116
			35,088
Insurance - 2.0%
ACE Ltd.	27,400		1,205
Assurant, Inc.	22,500		532
Berkshire Hathaway, Inc. Class B (a)	200		594
Endurance Specialty Holdings Ltd.	16,300		448
Everest Re Group Ltd.	16,400		1,135
Hartford Financial Services Group, Inc.	12,500		179
Lincoln National Corp.	30,400		576
Loews Corp.	21,700		587
Maiden Holdings Ltd. (f)	104,100		532
MBIA, Inc. (a)	163,923		1,057
MetLife, Inc.	42,774		1,347
Montpelier Re Holdings Ltd.	53,600		717
Platinum Underwriters Holdings Ltd.	21,200		611
Protective Life Corp.	64,800		801
Prudential Financial, Inc.	14,400		575
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - continued
The Travelers Companies, Inc.	45,300		$ 1,842
XL Capital Ltd. Class A	55,500		562
			13,300
Real Estate Investment Trusts - 0.7%
Brandywine Realty Trust (SBI)	48,300		360
Developers Diversified Realty Corp.	32,247		158
Duke Realty LP	36,400		346
Highwoods Properties, Inc. (SBI)	5,400		122
ProLogis Trust	166,200		1,411
SL Green Realty Corp.	37,500		859
UDR, Inc.	20,427		225
Unibail-Rodamco	1,000		161
Ventas, Inc.	8,100		246
Vornado Realty Trust	15,466		722
			4,610
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	489,600		3,574
Forestar Group, Inc. (a)	20,600		250
Jones Lang LaSalle, Inc.	27,100		950
Unite Group PLC	78,400		159
			4,933
TOTAL FINANCIALS			115,281
HEALTH CARE - 11.7%
Biotechnology - 2.6%
Alexion Pharmaceuticals, Inc. (a)	5,500		201
Amgen, Inc. (a)	79,500		3,970
Biogen Idec, Inc. (a)	29,700		1,538
Cephalon, Inc. (a)	32,900		1,918
Dendreon Corp. (a)(e)	32,400		735
DUSA Pharmaceuticals, Inc. (a)	182,172		248
Genzyme Corp. (a)	18,600		1,100
Gilead Sciences, Inc. (a)	50,500		2,177
PDL BioPharma, Inc.	5,984		42
Theravance, Inc. (a)	204,680		3,029
United Therapeutics Corp. (a)	9,700		777
Vertex Pharmaceuticals, Inc. (a)	81,800		2,438
			18,173
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 1.6%
Boston Scientific Corp. (a)	27,600		$ 259
C.R. Bard, Inc.	19,400		1,387
Cooper Companies, Inc.	13,804		366
Covidien Ltd.	61,300		2,190
DENTSPLY International, Inc.	32,072		938
Integra LifeSciences Holdings Corp. (a)	51,500		1,337
Inverness Medical Innovations, Inc. (a)	31,000		1,008
Kinetic Concepts, Inc. (a)	28,300		734
Orthofix International NV (a)	27,781		703
Sonova Holding AG	24,623		1,828
			10,750
Health Care Providers & Services - 2.4%
Brookdale Senior Living, Inc.	142,400		1,650
CardioNet, Inc. (a)	2,300		41
CIGNA Corp.	31,300		694
Coventry Health Care, Inc. (a)	33,200		599
Express Scripts, Inc. (a)	30,300		1,941
Fresenius Medical Care AG & Co. KGaA	16,400		693
Genoptix, Inc. (a)	28,100		817
McKesson Corp.	19,900		819
Medco Health Solutions, Inc. (a)	52,900		2,428
Triple-S Management Corp. (a)	72,364		1,032
UnitedHealth Group, Inc.	70,500		1,875
Universal Health Services, Inc. Class B	29,900		1,642
WellPoint, Inc. (a)	41,700		1,942
			16,173
Health Care Technology - 0.1%
IMS Health, Inc.	45,600		549
Life Sciences Tools & Services - 0.3%
Bruker BioSciences Corp. (a)	73,700		481
Life Technologies Corp. (a)	23,500		911
Thermo Fisher Scientific, Inc. (a)	10,100		393
			1,785
Pharmaceuticals - 4.7%
Allergan, Inc.	35,100		1,549
Ardea Biosciences, Inc. (a)	8,345		131
Cadence Pharmaceuticals, Inc. (a)	67,634		717
King Pharmaceuticals, Inc. (a)	21,000		199
Merck & Co., Inc.	205,995		5,681
Novo Nordisk AS Series B	14,400		751
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Optimer Pharmaceuticals, Inc. (a)	6,500		$ 81
Perrigo Co.	31,200		838
Pfizer, Inc.	722,200		10,970
Sanofi-Aventis	10,600		677
Schering-Plough Corp.	109,700		2,677
Teva Pharmaceutical Industries Ltd. sponsored ADR	32,500		1,507
Vivus, Inc. (a)	133,095		688
Wyeth	116,300		5,217
XenoPort, Inc. (a)	26,800		464
			32,147
TOTAL HEALTH CARE			79,577
INDUSTRIALS - 10.7%
Aerospace & Defense - 1.7%
Alliant Techsystems, Inc. (a)	8,400		725
Finmeccanica SpA	32,596		461
Honeywell International, Inc.	85,400		2,832
Northrop Grumman Corp.	41,000		1,952
Orbital Sciences Corp. (a)	69,000		1,016
United Technologies Corp.	85,100		4,477
			11,463
Air Freight & Logistics - 0.2%
FedEx Corp.	23,800		1,319
Airlines - 0.4%
Delta Air Lines, Inc. (a)	531,825		3,090
Building Products - 0.4%
Masco Corp.	151,900		1,574
Owens Corning (a)	63,675		887
			2,461
Commercial Services & Supplies - 1.2%
ACCO Brands Corp. (a)	129,742		383
Cintas Corp.	28,700		668
Clean Harbors, Inc. (a)	21,810		1,189
Consolidated Graphics, Inc. (a)	13,400		217
Corrections Corp. of America (a)	62,300		956
EnergySolutions, Inc.	44,577		360
GeoEye, Inc. (a)	90,109		1,934
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
R.R. Donnelley & Sons Co.	135,397		$ 1,825
Republic Services, Inc.	40,600		925
			8,457
Construction & Engineering - 0.9%
Chicago Bridge & Iron Co. NV (NY Shares)	87,800		1,133
Great Lakes Dredge & Dock Corp.	417,161		2,173
MYR Group, Inc. (a)	43,196		825
Perini Corp. (a)	32,700		675
Quanta Services, Inc. (a)	2,800		64
URS Corp. (a)	28,500		1,370
			6,240
Electrical Equipment - 1.8%
AMETEK, Inc.	22,645		712
Cooper Industries Ltd. Class A	135,549		4,449
First Solar, Inc. (a)	5,200		988
JA Solar Holdings Co. Ltd. ADR (a)	74,634		316
Regal-Beloit Corp.	6,800		269
Renewable Energy Corp. AS (a)(e)	163,200		1,788
Roper Industries, Inc.	900		39
Saft Groupe SA	36,263		1,516
Sunpower Corp.:
Class A (a)(e)	52,300		1,524
Class B (a)	30,500		784
			12,385
Industrial Conglomerates - 1.3%
McDermott International, Inc. (a)	139,745		3,070
Rheinmetall AG	4,500		187
Siemens AG sponsored ADR	36,700		2,695
Textron, Inc.	240,668		2,768
			8,720
Machinery - 1.1%
Cummins, Inc.	56,700		1,839
Danaher Corp.	24,200		1,460
Ingersoll-Rand Co. Ltd. Class A	29,900		605
JTEKT Corp.	38,800		340
Navistar International Corp. (a)	60,500		2,409
Vallourec SA	9,000		1,138
			7,791
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Marine - 0.1%
Alexander & Baldwin, Inc.	22,300		$ 552
Professional Services - 0.1%
Manpower, Inc.	2,300		98
Monster Worldwide, Inc. (a)	67,100		784
			882
Road & Rail - 1.5%
Burlington Northern Santa Fe Corp.	6,200		449
Con-way, Inc.	49,600		1,592
CSX Corp.	37,700		1,197
Old Dominion Freight Lines, Inc. (a)	15,800		465
Ryder System, Inc.	49,500		1,395
Saia, Inc. (a)	12,400		171
Union Pacific Corp.	59,600		2,936
Universal Truckload Services, Inc.	128,300		1,744
			9,949
TOTAL INDUSTRIALS			73,309
INFORMATION TECHNOLOGY - 17.8%
Communications Equipment - 3.9%
Adtran, Inc.	85,200		1,770
Cisco Systems, Inc. (a)	546,200		10,105
Comverse Technology, Inc. (a)	203,100		1,442
Corning, Inc.	195,800		2,878
Juniper Networks, Inc. (a)	187,700		4,642
Motorola, Inc.	562,389		3,408
Nice Systems Ltd. sponsored ADR (a)	8,300		191
Palm, Inc. (a)	39,900		487
QUALCOMM, Inc.	44,592		1,944
			26,867
Computers & Peripherals - 1.8%
Apple, Inc. (a)	26,600		3,613
Hewlett-Packard Co.	168,700		5,795
SanDisk Corp. (a)	32,545		510
Seagate Technology	248,200		2,162
			12,080
Electronic Equipment & Components - 1.8%
Agilent Technologies, Inc. (a)	21,200		386
Amphenol Corp. Class A	57,400		1,917
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Arrow Electronics, Inc. (a)	72,300		$ 1,749
Avnet, Inc. (a)	172,700		3,974
Bell Microproducts, Inc. (a)	350,800		375
BYD Co. Ltd. (H Shares) (a)	35,500		143
Ingram Micro, Inc. Class A (a)	107,800		1,781
Itron, Inc. (a)	17,176		1,002
Tyco Electronics Ltd.	53,777		934
			12,261
Internet Software & Services - 0.9%
Art Technology Group, Inc. (a)	150,933		543
Google, Inc. Class A (sub. vtg.) (a)	9,400		3,922
VeriSign, Inc. (a)	82,614		1,934
			6,399
IT Services - 1.9%
Affiliated Computer Services, Inc. Class A (a)	12,000		539
Alliance Data Systems Corp. (a)	41,100		1,665
Atos Origin SA	21,265		722
Fidelity National Information Services, Inc.	115,400		2,223
Lender Processing Services, Inc.	71,959		2,090
Metavante Technologies, Inc. (a)	46,268		1,187
Perot Systems Corp. Class A (a)	72,000		984
Sapient Corp. (a)	138,300		734
The Western Union Co.	53,306		940
Unisys Corp. (a)	389,000		541
Visa, Inc.	11,000		745
WNS Holdings Ltd. sponsored ADR (a)	65,500		568
			12,938
Office Electronics - 0.1%
Xerox Corp.	83,000		564
Semiconductors & Semiconductor Equipment - 5.0%
Analog Devices, Inc.	63,700		1,555
Applied Materials, Inc.	239,000		2,691
Atmel Corp. (a)	1,598,241		6,153
Cymer, Inc. (a)	61,100		1,696
Fairchild Semiconductor International, Inc. (a)	306,900		2,167
International Rectifier Corp. (a)	81,100		1,174
Lam Research Corp. (a)	233,107		6,105
LTX-Credence Corp. (a)	1,404,236		786
Maxim Integrated Products, Inc.	133,000		2,159
MEMC Electronic Materials, Inc. (a)	52,700		1,017
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Micron Technology, Inc. (a)	259,000		$ 1,311
National Semiconductor Corp.	88,823		1,233
ON Semiconductor Corp. (a)	578,802		3,965
Semitool, Inc. (a)	135,200		662
Teradyne, Inc. (a)	3,738		27
Varian Semiconductor Equipment Associates, Inc. (a)	67,550		1,589
			34,290
Software - 2.4%
BMC Software, Inc. (a)	30,900		1,054
CA, Inc.	36,800		642
Citrix Systems, Inc. (a)	23,500		738
Informatica Corp. (a)	45,500		743
McAfee, Inc. (a)	5,620		220
Microsoft Corp.	173,300		3,620
Misys PLC	337,000		914
Oracle Corp.	200,200		3,922
Phoenix Technologies Ltd. (a)	12,367		35
Quest Software, Inc. (a)	119,400		1,543
Sourcefire, Inc. (a)	124,799		1,523
Symantec Corp. (a)	49,101		765
Ubisoft Entertainment SA (a)	27,642		566
			16,285
TOTAL INFORMATION TECHNOLOGY			121,684
MATERIALS - 7.0%
Chemicals - 3.4%
Air Products & Chemicals, Inc.	6,900		447
Airgas, Inc.	27,600		1,166
Albemarle Corp.	36,400		1,027
Arkema sponsored ADR	32,592		891
Ashland, Inc.	77,500		2,077
Celanese Corp. Class A	142,801		2,929
CF Industries Holdings, Inc.	5,100		396
Dow Chemical Co.	30,100		532
Huabao International Holdings Ltd.	200,000		182
Lubrizol Corp.	25,600		1,144
Monsanto Co.	43,000		3,532
Rockwood Holdings, Inc. (a)	29,588		441
Solutia, Inc. (a)	197,500		968
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Spartech Corp.	159,761		$ 676
Terra Industries, Inc.	51,750		1,438
The Mosaic Co.	35,400		1,936
Valspar Corp.	46,800		1,069
W.R. Grace & Co. (a)	200,326		2,600
			23,451
Construction Materials - 0.0%
Eagle Materials, Inc.	11,500		283
Containers & Packaging - 1.2%
Ball Corp.	7,800		310
Owens-Illinois, Inc. (a)	85,924		2,460
Pactiv Corp. (a)	33,700		755
Rock-Tenn Co. Class A	36,200		1,389
Temple-Inland, Inc.	225,568		2,883
			7,797
Metals & Mining - 2.3%
Agnico-Eagle Mines Ltd. (Canada)	6,800		420
ArcelorMittal SA (NY Shares) Class A	38,100		1,264
Commercial Metals Co.	110,600		1,877
Compass Minerals International, Inc.	3,700		198
Eldorado Gold Corp. (a)	183,100		1,815
First Quantum Minerals Ltd.	900		40
Franco-Nevada Corp.	1,400		39
Ivanhoe Mines Ltd. (a)	236,800		1,280
Lihir Gold Ltd. (a)	467,043		1,213
Newcrest Mining Ltd.	54,653		1,451
Newmont Mining Corp.	23,000		1,124
Silver Wheaton Corp. (a)	57,900		609
Timminco Ltd. (a)(e)	178,100		245
United States Steel Corp.	41,200		1,404
Vale SA sponsored ADR	16,800		322
Xstrata PLC	14,100		158
Yamana Gold, Inc.	191,100		2,247
			15,706
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.1%
Clearwater Paper Corp. (a)	23,900		$ 566
Weyerhaeuser Co.	1,900		64
			630
TOTAL MATERIALS			47,867
TELECOMMUNICATION SERVICES - 2.0%
Diversified Telecommunication Services - 1.5%
AT&T, Inc.	118,516		2,938
Cincinnati Bell, Inc. (a)	335,000		935
Qwest Communications International, Inc.	917,643		4,001
Verizon Communications, Inc.	72,428		2,119
			9,993
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	558,300		2,875
Vivo Participacoes SA sponsored ADR	31,300		631
			3,506
TOTAL TELECOMMUNICATION SERVICES			13,499
UTILITIES - 2.7%
Electric Utilities - 1.4%
Allegheny Energy, Inc.	95,900		2,398
Entergy Corp.	25,202		1,881
Exelon Corp.	47,200		2,266
FirstEnergy Corp.	58,500		2,211
Public Power Corp. of Greece	30,900		703
			9,459
Gas Utilities - 0.2%
EQT Corp.	36,600		1,363
Questar Corp.	7,000		237
			1,600
Independent Power Producers & Energy Traders - 0.9%
AES Corp. (a)	120,900		1,208
Constellation Energy Group, Inc.	7,800		213
Dynegy, Inc. Class A (a)	244,400		491
NRG Energy, Inc. (a)	155,461		3,498
RRI Energy, Inc. (a)	188,350		1,032
			6,442
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 0.2%
CMS Energy Corp.	22,900		$ 260
Public Service Enterprise Group, Inc.	9,300		296
Sempra Energy	15,300		699
			1,255
TOTAL UTILITIES			18,756
TOTAL COMMON STOCKS (Cost $765,952)		694,451
Preferred Stocks - 1.4%

Convertible Preferred Stocks - 1.3%
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
McMoRan Exploration Co. 6.75%	6,000		336
SandRidge Energy, Inc. 8.50% (a)(f)	9,700		1,433
			1,769
FINANCIALS - 0.6%
Commercial Banks - 0.2%
East West Bancorp, Inc. Series A, 8.00%	400		210
Huntington Bancshares, Inc. 8.50%	1,819		1,155
UCBH Holdings, Inc. Series B, 8.50%	600		220
			1,585
Diversified Financial Services - 0.4%
CIT Group, Inc. Series C, 8.75%	85,800		2,049
Citigroup, Inc. Series T, 6.50%	12,300		479
			2,528
TOTAL FINANCIALS			4,113
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Mylan, Inc. 6.50%	900		765
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
MATERIALS - 0.3%
Metals & Mining - 0.3%
Freeport-McMoRan Copper & Gold, Inc. 6.75%	24,800		$ 2,095
TOTAL CONVERTIBLE PREFERRED STOCKS			8,742
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Fiat SpA (a)	147,006		957
TOTAL PREFERRED STOCKS (Cost $11,855)		9,699
Investment Companies - 0.3%

Ares Capital Corp. (Cost $3,519)	279,068		2,135

Corporate Bonds - 1.2%
	Principal Amount (000s)
Convertible Bonds - 1.0%
CONSUMER DISCRETIONARY - 0.2%
Media - 0.2%
Virgin Media, Inc. 6.5% 11/15/16 (f)	$ 1,490		1,173
FINANCIALS - 0.2%
Real Estate Investment Trusts - 0.1%
Digital Realty Trust LP 5.5% 4/15/29 (f)	460		449
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (d)(f)	1,845		745
TOTAL FINANCIALS			1,194
HEALTH CARE - 0.3%
Biotechnology - 0.1%
BioMarin Pharmaceutical, Inc. 1.875% 4/23/17	960		799
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Convertible Bonds - continued
HEALTH CARE - continued
Pharmaceuticals - 0.2%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (f)	$ 1,500		$ 1,135
TOTAL HEALTH CARE			1,934
INDUSTRIALS - 0.1%
Airlines - 0.1%
U.S. Airways Group, Inc. 7.25% 5/15/14	460		357
Machinery - 0.0%
Terex Corp. 4% 6/1/15	300		315
TOTAL INDUSTRIALS			672
INFORMATION TECHNOLOGY - 0.2%
Semiconductors & Semiconductor Equipment - 0.2%
Advanced Micro Devices, Inc. 6% 5/1/15	1,730		830
Amkor Technology, Inc. 6% 4/15/14 (f)	470		752
			1,582
TOTAL CONVERTIBLE BONDS			6,555
Nonconvertible Bonds - 0.2%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OPTI Canada, Inc.:
7.875% 12/15/14	620		422
8.25% 12/15/14	625		428
			850
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Freescale Semiconductor, Inc. 10.125% 12/15/16	2,462		714
TOTAL NONCONVERTIBLE BONDS			1,564
TOTAL CORPORATE BONDS (Cost $8,604)		8,119

Money Market Funds - 1.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.53% (b)	3,110,786		$ 3,111
Fidelity Securities Lending Cash Central Fund, 0.28% (b)(c)	8,631,865		8,632
TOTAL MONEY MARKET FUNDS (Cost $11,743)		11,743
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $801,673)			726,147
NET OTHER ASSETS - (6.3)%			(43,288)
NET ASSETS - 100%		$ 682,859

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	$ 8
Fidelity Securities Lending Cash Central Fund	101
Total	$ 109

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities	$ 726,147	$ 672,693	$ 53,454	$ -

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)	654
Total Unrealized Gain (Loss)	1,244
Cost of Purchases	-
Proceeds of Sales	(2,486)
Amortization/Accretion	-
Transfer in/out of Level 3	(3,106)
Ending Balance	$ -

Distribution of investments by country of issue, as a percentage of total net assets, is as follows: (Unaudited)

United States of America	86.7%
Switzerland	2.3%
Canada	2.1%
Bermuda	1.9%
Norway	1.3%
Others (individually less than 1%)	5.7%
	100.0%

Income Tax Information

At November 30, 2008, the fund had a capital loss carryforward of approximately $197,128,000 all of which will expire on November 30, 2016.

The fund intends to elect to defer to its fiscal year ending November 30, 2009 approximately $3,905,000 of losses recognized during the period November 1, 2008 to November 30, 2008.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	May 31, 2009 (Unaudited)

Assets
Investment in securities, at value (including securities loaned of $8,378) - See accompanying schedule: Unaffiliated issuers (cost $789,930)	$ 714,404
Fidelity Central Funds (cost $11,743)	11,743
Total Investments (cost $801,673)		$ 726,147
Foreign currency held at value (cost $32)		32
Receivable for investments sold		5,037
Receivable for fund shares sold		354
Dividends receivable		1,107
Interest receivable		187
Distributions receivable from Fidelity Central Funds		22
Prepaid expenses		7
Other receivables		1
Total assets		732,894

Liabilities
Payable for investments purchased	$ 5,058
Payable for fund shares redeemed	35,504
Accrued management fee	298
Distribution fees payable	302
Other affiliated payables	198
Other payables and accrued expenses	43
Collateral on securities loaned, at value	8,632
Total liabilities		50,035

Net Assets		$ 682,859
Net Assets consist of:
Paid in capital		$ 1,106,444
Undistributed net investment income		1,045
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(349,108)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(75,522)
Net Assets		$ 682,859

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	May 31, 2009 (Unaudited)

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($197,372 ÷ 24,380 shares)		$ 8.10

Maximum offering price per share (100/94.25 of $8.10)		$ 8.59
Class T: Net Asset Value and redemption price per share ($259,167 ÷ 32,073 shares)		$ 8.08

Maximum offering price per share (100/96.50 of $8.08)		$ 8.37
Class B: Net Asset Value and offering price per share ($68,605 ÷ 8,670 shares)^A		$ 7.91

Class C: Net Asset Value and offering price per share ($109,998 ÷ 13,946 shares)^A		$ 7.89


Institutional Class: Net Asset Value, offering price and redemption price per share ($47,717 ÷ 5,698 shares)		$ 8.37

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Statement of Operations

Amounts in thousands	Six months ended May 31, 2009 (Unaudited)

Investment Income
Dividends		$ 5,781
Interest		268
Income from Fidelity Central Funds		109
Total income		6,158

Expenses
Management fee Basic fee	$ 1,770
Performance adjustment	(1,205)
Transfer agent fees	947
Distribution fees	1,647
Accounting and security lending fees	127
Custodian fees and expenses	54
Independent trustees' compensation	3
Registration fees	36
Audit	27
Legal	2
Miscellaneous	12
Total expenses before reductions	3,420
Expense reductions	(7)	3,413
Net investment income (loss)		2,745
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(130,963)
Foreign currency transactions	18
Total net realized gain (loss)		(130,945)
Change in net unrealized appreciation (depreciation) on: Investment securities	267,246
Assets and liabilities in foreign currencies	(8)
Total change in net unrealized appreciation (depreciation)		267,238
Net gain (loss)		136,293
Net increase (decrease) in net assets resulting from operations		$ 139,038

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Six months ended May 31, 2009 (Unaudited)	Year ended November 30, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,745	$ 18,311
Net realized gain (loss)	(130,945)	(306,180)
Change in net unrealized appreciation (depreciation)	267,238	(717,143)
Net increase (decrease) in net assets resulting from operations	139,038	(1,005,012)
Distributions to shareholders from net investment income	(9,305)	(17,860)
Distributions to shareholders from net realized gain	-	(209,478)
Total distributions	(9,305)	(227,338)
Share transactions - net increase (decrease)	(134,567)	(1,033,853)
Total increase (decrease) in net assets	(4,834)	(2,266,203)

Net Assets
Beginning of period	687,693	2,953,896
End of period (including undistributed net investment income of $1,045 and undistributed net investment income of $16,669, respectively)	$ 682,859	$ 687,693

See accompanying notes which are an integral part of the financial statements.

Semiannual Report

Financial Highlights - Class A

	Six months ended May 31, 2009	Years ended November 30,
	(Unaudited)	2008	2007	2006	2005	2004
Selected Per-Share Data
Net asset value, beginning of period	$ 6.64	$ 13.75	$ 13.61	$ 12.08	$ 11.49	$ 10.67
Income from Investment Operations
Net investment income (loss)^E	.04	.11	.12	.11	.08	.13^H
Net realized and unrealized gain (loss)	1.56	(6.13)	.43	1.44	.63	.75
Total from investment operations	1.60	(6.02)	.55	1.55	.71	.88
Distributions from net investment income	(.14)	(.10)	(.14)	(.02)	(.12)	(.06)
Distributions from net realized gain	-	(.99)	(.28)	-	-	-
Total distributions	(.14)	(1.09)	(.41)^J	(.02)	(.12)	(.06)
Net asset value, end of period	$ 8.10	$ 6.64	$ 13.75	$ 13.61	$ 12.08	$ 11.49
Total Return^B,C,D	24.53%	(47.51)%	4.12%	12.86%	6.22%	8.27%
Ratios to Average Net Assets^F,I
Expenses before reductions	.83%^A	1.08%	1.12%	1.13%	1.15%	1.15%
Expenses net of fee waivers, if any	.83%^A	1.08%	1.12%	1.13%	1.15%	1.15%
Expenses net of all reductions	.82%^A	1.08%	1.11%	1.12%	1.13%	1.14%
Net investment income (loss)	1.15%^A	1.02%	.84%	.90%	.68%	1.13%
Supplemental Data
Net assets, end of period (in millions)	$ 197	$ 192	$ 529	$ 530	$ 473	$ 469
Portfolio turnover rate^G	88%^A	122%	36%	29%	32%	32%