N-Q 1 main.htm

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3785

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	November 30

Date of reporting period:	August 31, 2010

Item 1. Schedule of Investments

Quarterly Holdings Report

for

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

August 31, 2010

1.805738.106

ADGF-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.3%
Auto Components - 0.3%
Modine Manufacturing Co. (a)	24,132		$ 240
Stoneridge, Inc. (a)	90,919		785
Tenneco, Inc. (a)	30,515		754
TRW Automotive Holdings Corp. (a)	6,720		234
			2,013
Automobiles - 0.6%
Bayerische Motoren Werke AG (BMW)	15,284		807
Fiat SpA	18,400		216
Harley-Davidson, Inc.	17,468		425
Mazda Motor Corp.	241,000		539
Thor Industries, Inc.	54,078		1,262
Winnebago Industries, Inc. (a)	153,804		1,320
			4,569
Diversified Consumer Services - 0.3%
Service Corp. International	103,000		792
Stewart Enterprises, Inc. Class A	225,346		1,073
Universal Technical Institute, Inc.	25,809		399
			2,264
Hotels, Restaurants & Leisure - 2.3%
Accor SA	25,883		794
Ameristar Casinos, Inc.	50,101		822
Bally Technologies, Inc. (a)	36,487		1,148
Brinker International, Inc.	104,712		1,649
DineEquity, Inc. (a)	80,600		2,573
InterContinental Hotel Group PLC	23,400		352
International Game Technology	50,470		737
NH Hoteles SA (a)	212,361		762
O'Charleys, Inc. (a)	132,927		732
Sol Melia SA	79,740		631
Sonic Corp. (a)	52,128		400
The Cheesecake Factory, Inc. (a)	15,860		355
WMS Industries, Inc. (a)	62,600		2,212
Wyndham Worldwide Corp.	170,728		3,959
			17,126
Household Durables - 0.9%
Ethan Allen Interiors, Inc.	15,500		209
Gafisa SA sponsored ADR	52,600		724
La-Z-Boy, Inc. (a)	28,184		189
Libbey, Inc. (a)	39,800		447
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Newell Rubbermaid, Inc.	36,956		$ 555
PulteGroup, Inc. (a)	97,612		784
Stanley Black & Decker, Inc.	41,976		2,252
Techtronic Industries Co. Ltd.	410,500		357
Tempur-Pedic International, Inc. (a)	30,600		820
			6,337
Internet & Catalog Retail - 0.1%
Expedia, Inc.	33,410		764
Media - 2.4%
CC Media Holdings, Inc. Class A (a)	134,400		874
Comcast Corp.:
Class A	5,697		98
Class A (special) (non-vtg.)	200,136		3,216
Informa PLC	159,057		936
Interpublic Group of Companies, Inc. (a)	49,031		418
Lamar Advertising Co. Class A (a)	25,254		662
Liberty Media Corp. Starz Series A (a)	13,333		797
McGraw-Hill Companies, Inc.	44,000		1,217
MDC Partners, Inc. Class A (sub. vtg.)	137,900		1,611
The Walt Disney Co.	69,943		2,279
Time Warner Cable, Inc.	71,475		3,689
United Business Media Ltd.	60,700		514
Viacom, Inc. Class B (non-vtg.)	17,346		545
Wolters Kluwer NV (Certificaten Van Aandelen)	40,300		752
			17,608
Multiline Retail - 0.6%
Maoye International Holdings Ltd.	476,000		208
Target Corp.	87,118		4,457
			4,665
Specialty Retail - 2.5%
Advance Auto Parts, Inc.	48,000		2,615
AnnTaylor Stores Corp. (a)	51,786		794
Asbury Automotive Group, Inc. (a)	47,300		564
Best Buy Co., Inc.	39,962		1,254
Big 5 Sporting Goods Corp.	49,200		584
Carphone Warehouse Group PLC (a)	142,226		474
Casual Male Retail Group, Inc. (a)	227,100		729
Collective Brands, Inc. (a)(e)	27,819		360
Foot Locker, Inc.	64,327		755
Hengdeli Holdings Ltd.	2,520,000		1,173
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Home Depot, Inc.	37,707		$ 1,049
I.T Ltd.	92,000		49
Lowe's Companies, Inc.	182,432		3,703
Lumber Liquidators Holdings, Inc. (a)	25,004		501
MarineMax, Inc. (a)	60,700		398
OfficeMax, Inc. (a)	89,400		871
Sally Beauty Holdings, Inc. (a)	100,094		864
Staples, Inc.	90,450		1,607
West Marine, Inc. (a)	12,473		105
			18,449
Textiles, Apparel & Luxury Goods - 0.3%
G-III Apparel Group Ltd. (a)	17,798		429
Peak Sport Products Co. Ltd.	215,000		144
Phillips-Van Heusen Corp.	25,300		1,156
			1,729
TOTAL CONSUMER DISCRETIONARY			75,524
CONSUMER STAPLES - 8.8%
Beverages - 1.4%
Anheuser-Busch InBev SA NV	29,866		1,554
Carlsberg AS Series B	10,600		999
Dr Pepper Snapple Group, Inc.	35,715		1,315
The Coca-Cola Co.	110,205		6,163
			10,031
Food & Staples Retailing - 2.7%
CVS Caremark Corp.	100,856		2,723
Drogasil SA	13,100		276
Kroger Co.	257,060		5,072
PriceSmart, Inc.	31,282		807
Sysco Corp.	69,409		1,908
Wal-Mart Stores, Inc.	104,557		5,242
Walgreen Co.	97,201		2,613
Winn-Dixie Stores, Inc. (a)	184,100		1,208
			19,849
Food Products - 1.9%
Ausnutria Dairy Hunan Co. Ltd. (H Shares)	1,306,000		596
Calavo Growers, Inc.	28,900		567
Chiquita Brands International, Inc. (a)	39,327		494
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Diamond Foods, Inc.	9,700		$ 410
Kellogg Co.	14,550		723
Kerry Group PLC Class A	8,331		274
M. Dias Branco SA	1,300		30
Marine Harvest ASA (e)	4,963,000		3,787
Nestle SA	41,261		2,138
Seneca Foods Corp. Class A (a)	10,469		261
Smithfield Foods, Inc. (a)	177,100		2,857
Tingyi (Cayman Islands) Holding Corp.	238,000		602
TreeHouse Foods, Inc. (a)	3,500		145
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	38,100		1,017
			13,901
Household Products - 1.3%
Energizer Holdings, Inc. (a)	15,697		990
Kimberly-Clark Corp.	34,152		2,199
Procter & Gamble Co.	103,520		6,177
			9,366
Personal Products - 0.6%
Avon Products, Inc.	69,544		2,024
BaWang International (Group) Holding Ltd.	1,914,000		876
Estee Lauder Companies, Inc. Class A	3,980		223
Hengan International Group Co. Ltd.	111,500		988
Herbalife Ltd.	11,600		645
			4,756
Tobacco - 0.9%
Imperial Tobacco Group PLC	24,840		686
Lorillard, Inc.	11,963		909
Philip Morris International, Inc.	99,500		5,118
			6,713
TOTAL CONSUMER STAPLES			64,616
ENERGY - 10.5%
Energy Equipment & Services - 3.2%
Aker Solutions ASA	85,239		931
Baker Hughes, Inc.	68,806		2,586
Global Industries Ltd. (a)	107,519		491
Halliburton Co.	87,950		2,481
Helix Energy Solutions Group, Inc. (a)	72,346		658
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
ION Geophysical Corp. (a)	187,696		$ 642
National Oilwell Varco, Inc.	119,288		4,484
Noble Corp.	36,979		1,151
Schlumberger Ltd.	88,754		4,733
Superior Energy Services, Inc. (a)	11,098		239
Transocean Ltd. (a)	19,069		971
Union Drilling, Inc. (a)	49,228		230
Vantage Drilling Co. (a)	507,400		685
Weatherford International Ltd. (a)	239,753		3,575
			23,857
Oil, Gas & Consumable Fuels - 7.3%
Anadarko Petroleum Corp.	45,900		2,111
Apache Corp.	34,701		3,118
Arch Coal, Inc.	31,705		714
Berry Petroleum Co. Class A	70,900		1,925
BP PLC sponsored ADR	67,600		2,355
Chesapeake Energy Corp.	89,308		1,847
Chevron Corp.	26,165		1,940
Cimarex Energy Co.	3,200		209
Compton Petroleum Corp. (a)	226,400		87
Concho Resources, Inc. (a)	13,488		788
Concho Resources, Inc. (a)(g)(h)	22,820		1,200
Denbury Resources, Inc. (a)	104,000		1,533
EOG Resources, Inc.	26,900		2,337
EXCO Resources, Inc.	62,615		842
Exxon Mobil Corp.	39,232		2,321
Holly Corp.	32,900		856
International Coal Group, Inc. (a)	226,827		1,037
InterOil Corp. (a)(e)	12,300		723
Marathon Oil Corp.	54,494		1,662
Massey Energy Co.	64,302		1,849
Niko Resources Ltd.	6,500		642
Northern Oil & Gas, Inc. (a)	202,610		2,845
Occidental Petroleum Corp.	20,654		1,509
OPTI Canada, Inc. (a)	1,012,800		978
OPTI Canada, Inc. (a)(f)	280,600		271
Pan Orient Energy Corp. (a)	94,900		469
PetroBakken Energy Ltd. Class A	27,568		520
Petrohawk Energy Corp. (a)	259,213		3,919
Petroplus Holdings AG	50,710		569
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Plains Exploration & Production Co. (a)	247,170		$ 5,902
Rodinia Oil Corp.	35,700		25
Southwestern Energy Co. (a)	63,830		2,089
Suncor Energy, Inc.	40,780		1,236
Sunoco, Inc.	23,271		784
Talisman Energy, Inc.	61,600		969
Valero Energy Corp.	83,676		1,320
			53,501
TOTAL ENERGY			77,358
FINANCIALS - 16.4%
Capital Markets - 2.3%
AllianceBernstein Holding LP	15,400		364
Bank of New York Mellon Corp.	83,732		2,032
Bank Sarasin & Co. Ltd. Series B (Reg.)	20,119		729
BlueBay Asset Management	132,884		587
GCA Savvian Group Corp. (a)	328		303
Goldman Sachs Group, Inc.	36,948		5,060
Invesco Ltd.	41,632		754
Janus Capital Group, Inc.	61,800		561
Morgan Stanley	179,600		4,434
State Street Corp.	50,760		1,781
TD Ameritrade Holding Corp. (a)	18,404		269
			16,874
Commercial Banks - 4.5%
Associated Banc-Corp.	136,400		1,645
Banco Do Brasil SA	29,100		470
CapitalSource, Inc.	594,955		3,005
CIT Group, Inc. (a)	15,915		584
Huntington Bancshares, Inc.	302,222		1,599
Itau Unibanco Banco Multiplo SA ADR (a)(f)	25,600		552
KeyCorp	7,900		58
Mitsubishi UFJ Financial Group, Inc.	72,000		341
Mizuho Financial Group, Inc.	275,800		423
PNC Financial Services Group, Inc.	115,067		5,864
Regions Financial Corp.	115,228		741
SunTrust Banks, Inc.	86,570		1,947
Susquehanna Bancshares, Inc., Pennsylvania	46,000		364
SVB Financial Group (a)	40,662		1,511
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Wells Fargo & Co.	545,043		$ 12,836
Wilmington Trust Corp., Delaware	141,080		1,242
			33,182
Consumer Finance - 0.7%
American Express Co.	50,427		2,011
Capital One Financial Corp.	31,090		1,177
Discover Financial Services	92,487		1,342
SLM Corp. (a)	35,367		391
			4,921
Diversified Financial Services - 4.5%
Bank of America Corp.	595,501		7,414
BM&F Bovespa SA	141,300		1,026
Citigroup, Inc. (a)	1,787,241		6,649
CME Group, Inc.	3,300		819
Deutsche Boerse AG	12,339		754
JPMorgan Chase & Co.	348,550		12,673
Moody's Corp.	21,472		454
PICO Holdings, Inc. (a)	117,351		3,276
			33,065
Insurance - 1.8%
Aegon NV (a)	118,900		606
Allstate Corp.	2,800		77
Assured Guaranty Ltd.	124,618		1,925
Delphi Financial Group, Inc. Class A	33,075		738
Endurance Specialty Holdings Ltd.	24,000		884
Everest Re Group Ltd.	11,500		910
Genworth Financial, Inc. Class A (a)	201,900		2,187
Lincoln National Corp.	65,900		1,539
MBIA, Inc. (a)(e)	171,523		1,605
MetLife, Inc.	18,600		699
Old Republic International Corp.	36,547		467
Platinum Underwriters Holdings Ltd.	17,300		696
Protective Life Corp.	60,000		1,121
			13,454
Real Estate Investment Trusts - 1.2%
Boston Properties, Inc.	5,509		448
CBL & Associates Properties, Inc.	62,400		761
Education Realty Trust, Inc.	44,800		306
Franklin Street Properties Corp.	61,400		720
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
ProLogis Trust	98,700		$ 1,071
Public Storage	12,913		1,266
Segro PLC	106,596		442
SL Green Realty Corp.	27,800		1,676
The Macerich Co.	12,831		531
U-Store-It Trust	54,800		438
Vornado Realty Trust	12,450		1,009
Westfield Group unit	17,370		193
			8,861
Real Estate Management & Development - 1.4%
CB Richard Ellis Group, Inc. Class A (a)	403,600		6,627
Iguatemi Empresa de Shopping Centers SA	43,800		854
Jones Lang LaSalle, Inc.	25,100		1,895
Kenedix, Inc. (a)	4,596		749
Unite Group PLC (a)	37,316		108
			10,233
Thrifts & Mortgage Finance - 0.0%
Bank Mutual Corp.	49,394		251
TOTAL FINANCIALS			120,841
HEALTH CARE - 10.1%
Biotechnology - 3.0%
Alexion Pharmaceuticals, Inc. (a)	12,400		700
Allos Therapeutics, Inc. (a)	39,827		145
Amgen, Inc. (a)	72,041		3,677
Amylin Pharmaceuticals, Inc. (a)	45,220		929
ARIAD Pharmaceuticals, Inc. (a)	166,272		582
AVEO Pharmaceuticals, Inc.	77,400		675
Biogen Idec, Inc. (a)	24,862		1,338
Cephalon, Inc. (a)	14,400		815
China Biologic Products, Inc. (a)(e)	50,564		523
Clinical Data, Inc. (a)	78,252		1,170
Genzyme Corp. (a)	23,769		1,666
Gilead Sciences, Inc. (a)	18,700		596
Human Genome Sciences, Inc. (a)	59,100		1,719
ImmunoGen, Inc. (a)	33,200		178
InterMune, Inc. (a)	20,300		212
Micromet, Inc. (a)	99,900		613
Neurocrine Biosciences, Inc. (a)	73,868		397
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
NPS Pharmaceuticals, Inc. (a)	57,588		$ 375
OREXIGEN Therapeutics, Inc. (a)	198,366		873
PDL BioPharma, Inc.	99,200		561
Protalix BioTherapeutics, Inc. (a)(e)	83,250		642
SIGA Technologies, Inc. (a)	133,382		1,000
Theravance, Inc. (a)	102,180		1,235
United Therapeutics Corp. (a)	21,900		1,012
ZIOPHARM Oncology, Inc. (a)	95,016		342
			21,975
Health Care Equipment & Supplies - 1.8%
AGA Medical Holdings, Inc.	55,966		764
C. R. Bard, Inc.	26,230		2,015
Cooper Companies, Inc.	10,600		428
Covidien PLC	31,702		1,120
Hill-Rom Holdings, Inc.	29,000		931
Hologic, Inc. (a)	57,507		816
Kinetic Concepts, Inc. (a)	22,418		716
Orthofix International NV (a)	34,081		910
Orthovita, Inc. (a)	144,612		237
St. Jude Medical, Inc. (a)	25,934		897
Stryker Corp.	29,300		1,265
Symmetry Medical, Inc. (a)	83,896		754
Volcano Corp. (a)	3,200		71
William Demant Holding AS (a)	11,300		767
Wright Medical Group, Inc. (a)	66,974		889
Zimmer Holdings, Inc. (a)	10,000		472
			13,052
Health Care Providers & Services - 2.2%
Brookdale Senior Living, Inc. (a)	111,800		1,498
CIGNA Corp.	97,980		3,157
Emeritus Corp. (a)	28,397		437
Express Scripts, Inc. (a)	79,900		3,404
LHC Group, Inc. (a)	14,000		280
McKesson Corp.	24,094		1,399
Medco Health Solutions, Inc. (a)	50,603		2,200
MEDNAX, Inc. (a)	14,952		693
Quest Diagnostics, Inc.	30,324		1,319
RehabCare Group, Inc. (a)	30,189		500
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
Sun Healthcare Group, Inc. (a)	101,800		$ 825
VCA Antech, Inc. (a)	32,900		650
			16,362
Health Care Technology - 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	70,700		1,181
Computer Programs & Systems, Inc.	9,200		376
			1,557
Life Sciences Tools & Services - 0.3%
Life Technologies Corp. (a)	16,076		688
Lonza Group AG	11,519		956
PerkinElmer, Inc.	21,600		454
			2,098
Pharmaceuticals - 2.6%
Ardea Biosciences, Inc. (a)	70,608		1,422
Biovail Corp. (e)	34,300		785
Cadence Pharmaceuticals, Inc. (a)(e)	164,058		1,296
Merck & Co., Inc.	239,159		8,409
Novartis AG sponsored ADR	17,953		942
Novo Nordisk AS Series B	18,888		1,614
Pfizer, Inc.	35,500		566
Pronova BioPharma ASA (a)	366,769		686
Sanofi-Aventis	30,998		1,775
Teva Pharmaceutical Industries Ltd. sponsored ADR	33,010		1,670
			19,165
TOTAL HEALTH CARE			74,209
INDUSTRIALS - 13.6%
Aerospace & Defense - 2.7%
BE Aerospace, Inc. (a)	27,770		748
DigitalGlobe, Inc. (a)	26,738		820
Esterline Technologies Corp. (a)	15,404		709
European Aeronautic Defence and Space Co. EADS NV (a)	13,800		304
GeoEye, Inc. (a)	55,439		2,020
Goodrich Corp.	25,600		1,753
Heico Corp. Class A	40,783		1,250
Honeywell International, Inc.	57,417		2,244
Orbital Sciences Corp. (a)	6,100		79
Precision Castparts Corp.	24,397		2,761
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
Raytheon Co.	40,582		$ 1,782
United Technologies Corp.	77,504		5,054
			19,524
Airlines - 0.3%
AMR Corp. (a)	48,775		298
Delta Air Lines, Inc. (a)	40,040		419
Southwest Airlines Co.	123,250		1,362
UAL Corp. (a)	14,928		316
			2,395
Building Products - 0.4%
Armstrong World Industries, Inc. (a)	8,312		327
Masco Corp.	127,800		1,341
Owens Corning (a)	50,475		1,373
			3,041
Commercial Services & Supplies - 1.5%
Avery Dennison Corp.	29,000		943
Casella Waste Systems, Inc. Class A (a)	58,826		261
Corrections Corp. of America (a)	19,200		428
Interface, Inc. Class A	168,280		2,157
Knoll, Inc.	71,163		955
Pitney Bowes, Inc.	19,855		382
Quad/Graphics, Inc. (a)	13,872		585
R.R. Donnelley & Sons Co.	89,297		1,352
Republic Services, Inc.	47,400		1,395
Schawk, Inc. Class A	13,521		206
Steelcase, Inc. Class A	30,710		191
The Brink's Co.	48,500		915
The Geo Group, Inc. (a)	67,079		1,482
			11,252
Construction & Engineering - 0.9%
Aveng Ltd.	91,600		472
Fluor Corp.	50,211		2,242
Foster Wheeler Ag (a)	47,050		1,004
Granite Construction, Inc.	31,443		692
Great Lakes Dredge & Dock Corp.	126,377		638
Jacobs Engineering Group, Inc. (a)	21,300		739
KBR, Inc.	9,337		217
MasTec, Inc. (a)	34,900		338
			6,342
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.8%
Alstom SA	6,750		$ 322
AMETEK, Inc.	19,445		836
Cooper Industries PLC Class A	35,254		1,484
Emerson Electric Co.	18,224		850
Prysmian SpA	50,000		784
Regal-Beloit Corp.	2,348		130
Schneider Electric SA	9,668		1,026
Zumtobel AG	43,207		717
			6,149
Industrial Conglomerates - 2.3%
General Electric Co.	796,294		11,530
Koninklijke Philips Electronics NV	50,400		1,405
Rheinmetall AG	22,100		1,224
Siemens AG sponsored ADR	11,752		1,064
Textron, Inc.	122,601		2,093
			17,316
Machinery - 2.4%
Actuant Corp. Class A	57,573		1,141
AGCO Corp. (a)	6,809		225
ArvinMeritor, Inc. (a)	64,663		845
Blount International, Inc. (a)	13,457		156
Briggs & Stratton Corp.	44,075		800
Bucyrus International, Inc. Class A	16,270		935
Caterpillar, Inc.	11,876		774
Commercial Vehicle Group, Inc. (a)	57,200		519
Cummins, Inc.	28,343		2,109
Hardinge, Inc.	30,141		247
Ingersoll-Rand Co. Ltd.	58,176		1,892
Navistar International Corp. (a)	86,600		3,627
NSK Ltd.	109,000		650
Pall Corp.	21,721		743
Timken Co.	23,600		772
Trinity Industries, Inc.	34,900		597
Vallourec SA	13,690		1,176
WABCO Holdings, Inc. (a)	14,300		504
			17,712
Professional Services - 0.3%
Kforce, Inc. (a)	84,600		894
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
Robert Half International, Inc.	50,100		$ 1,081
Towers Watson & Co.	10,698		480
			2,455
Road & Rail - 1.8%
Arkansas Best Corp.	30,400		627
Con-way, Inc.	41,404		1,085
CSX Corp.	68,000		3,393
Norfolk Southern Corp.	20,123		1,080
Saia, Inc. (a)	78,080		913
Union Pacific Corp.	69,900		5,099
Universal Truckload Services, Inc. (a)	55,187		742
			12,939
Trading Companies & Distributors - 0.2%
Finning International, Inc.	25,000		483
Kaman Corp.	34,700		742
			1,225
TOTAL INDUSTRIALS			100,350
INFORMATION TECHNOLOGY - 17.0%
Communications Equipment - 2.3%
Calix Networks, Inc. (a)(e)	50,405		613
Cisco Systems, Inc. (a)	433,200		8,686
Comverse Technology, Inc. (a)	161,500		840
HTC Corp.	9,300		170
Infinera Corp. (a)	100,032		844
Juniper Networks, Inc. (a)	137,800		3,748
QUALCOMM, Inc.	45,792		1,754
			16,655
Computers & Peripherals - 3.3%
Apple, Inc. (a)	69,208		16,835
Hewlett-Packard Co.	180,400		6,942
NCR Corp. (a)	45,379		583
			24,360
Electronic Equipment & Components - 1.6%
Agilent Technologies, Inc. (a)	131,508		3,547
Anixter International, Inc. (a)	8,585		394
Avnet, Inc. (a)	92,444		2,117
Corning, Inc.	151,000		2,368
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Keyence Corp.	5,400		$ 1,119
Molex, Inc. (e)	42,187		745
Tyco Electronics Ltd.	56,651		1,389
			11,679
Internet Software & Services - 1.2%
Akamai Technologies, Inc. (a)	13,214		609
DealerTrack Holdings, Inc. (a)	33,247		490
eAccess Ltd.	22		16
eBay, Inc. (a)	98,703		2,294
Google, Inc. Class A (a)	6,794		3,057
Monster Worldwide, Inc. (a)	62,200		686
NetEase.com, Inc. sponsored ADR (a)	21,318		847
Open Text Corp. (a)	19,900		876
			8,875
IT Services - 1.1%
Acxiom Corp. (a)	56,231		697
Alliance Data Systems Corp. (a)	24,966		1,403
Atos Origin SA (a)	19,665		761
China Information Technology, Inc. (a)(e)	15,883		80
Fidelity National Information Services, Inc.	22,683		586
Fiserv, Inc. (a)	12,405		621
MasterCard, Inc. Class A	7,684		1,524
Visa, Inc. Class A	34,800		2,401
			8,073
Office Electronics - 0.2%
Xerox Corp.	208,581		1,760
Semiconductors & Semiconductor Equipment - 5.0%
Advanced Micro Devices, Inc. (a)	91,413		514
Analog Devices, Inc.	63,400		1,768
ASML Holding NV	62,900		1,556
Atmel Corp. (a)	634,412		3,680
Avago Technologies Ltd.	157,653		3,177
Cymer, Inc. (a)	19,300		568
Fairchild Semiconductor International, Inc. (a)	208,500		1,612
First Solar, Inc. (a)	7,200		921
Himax Technologies, Inc. sponsored ADR	218,664		529
Intersil Corp. Class A	52,680		527
Kulicke & Soffa Industries, Inc. (a)	150,232		862
Lam Research Corp. (a)	201,407		7,273
Linear Technology Corp.	5,724		164
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
LTX-Credence Corp. (a)	924,244		$ 1,996
Mattson Technology, Inc. (a)	123,032		256
Maxim Integrated Products, Inc.	75,400		1,197
Microchip Technology, Inc. (e)	16,269		450
Micron Technology, Inc. (a)	388,903		2,514
National Semiconductor Corp.	65,723		829
NVIDIA Corp. (a)	61,516		574
NXP Semiconductors NV	121,900		1,350
ON Semiconductor Corp. (a)	578,802		3,577
Standard Microsystems Corp. (a)	40,008		725
Teradyne, Inc. (a)	43,863		394
			37,013
Software - 2.3%
BMC Software, Inc. (a)	52,178		1,882
CA, Inc.	63,027		1,135
Citrix Systems, Inc. (a)	26,272		1,522
Informatica Corp. (a)	55,882		1,797
MacDonald Dettwiler & Associates Ltd. (a)	7,400		324
Micro Focus International PLC	164,724		762
Microsoft Corp.	55,897		1,312
Oracle Corp.	292,695		6,404
Radiant Systems, Inc. (a)	42,138		755
Sage Group PLC	103,400		388
Ultimate Software Group, Inc. (a)	6,144		202
			16,483
TOTAL INFORMATION TECHNOLOGY			124,898
MATERIALS - 6.8%
Chemicals - 3.0%
Air Products & Chemicals, Inc.	17,782		1,316
Arkema sponsored ADR	5,400		224
Celanese Corp. Class A	67,803		1,810
CF Industries Holdings, Inc.	12,100		1,119
Clariant AG (Reg.) (a)	103,840		1,336
Dow Chemical Co.	117,265		2,858
Huabao International Holdings Ltd.	785,000		1,146
Monsanto Co.	25,598		1,348
Solutia, Inc. (a)	126,766		1,716
Spartech Corp. (a)	163,361		1,459
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
STR Holdings, Inc. (e)	5,664		$ 117
The Mosaic Co.	28,700		1,684
Valspar Corp.	15,500		467
W.R. Grace & Co. (a)	146,726		3,712
Yara International ASA	29,700		1,194
			21,506
Construction Materials - 0.2%
HeidelbergCement AG	34,397		1,380
Containers & Packaging - 0.2%
Ball Corp.	17		1
Owens-Illinois, Inc. (a)	62,730		1,572
			1,573
Metals & Mining - 3.3%
Agnico-Eagle Mines Ltd. (Canada)	14,900		970
Anglo American PLC (United Kingdom)	22,100		793
Camino Minerals Corp. (a)	6,400		2
Commercial Metals Co.	119,800		1,561
Compass Minerals International, Inc.	3,215		231
Eldorado Gold Corp.	149,263		2,931
Freeport-McMoRan Copper & Gold, Inc.	26,544		1,911
Grande Cache Coal Corp. (a)	66,100		355
Gulf Resources, Inc. (a)	57,136		496
Gulf Resources, Inc. (h)	200,630		1,741
Ivanhoe Mines Ltd. (a)	172,900		3,081
Mitsubishi Materials Corp. (a)	72,000		190
Newcrest Mining Ltd.	88,007		2,918
Orko Silver Corp. (a)	22,200		36
Pan American Silver Corp.	21,600		535
Randgold Resources Ltd. sponsored ADR	34,300		3,172
Red Back Mining, Inc. (a)	47,800		1,427
Seabridge Gold, Inc. (a)	9,900		297
Silver Standard Resources, Inc. (a)	31,800		560
Silver Wheaton Corp. (a)	35,300		796
Steel Dynamics, Inc.	20,400		279
Thompson Creek Metals Co., Inc. (a)	800		7
			24,289
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Paper & Forest Products - 0.1%
Weyerhaeuser Co.	56,200		$ 882
TOTAL MATERIALS			49,630
TELECOMMUNICATION SERVICES - 1.4%
Diversified Telecommunication Services - 0.8%
China Unicom (Hong Kong) Ltd.	512,000		708
Frontier Communications Corp.	77,740		601
Iliad Group SA	12,842		1,208
Qwest Communications International, Inc.	445,100		2,515
Telefonica SA sponsored ADR	10,039		668
			5,700
Wireless Telecommunication Services - 0.6%
Clearwire Corp. Class A (a)	37,335		239
SOFTBANK CORP.	17,500		502
Sprint Nextel Corp. (a)	847,285		3,457
Syniverse Holdings, Inc. (a)	11,959		246
			4,444
TOTAL TELECOMMUNICATION SERVICES			10,144
UTILITIES - 2.7%
Electric Utilities - 0.9%
American Electric Power Co., Inc.	21,820		773
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR	48,800		715
Entergy Corp.	21,002		1,656
FirstEnergy Corp.	26,047		951
NextEra Energy, Inc.	5,368		288
PPL Corp.	66,245		1,799
			6,182
Gas Utilities - 0.1%
China Gas Holdings Ltd.	144,000		73
Xinao Gas Holdings Ltd.	322,000		863
			936
Independent Power Producers & Energy Traders - 0.8%
AES Corp. (a)	579,945		5,939
Multi-Utilities - 0.9%
Alliant Energy Corp.	22,160		776
CMS Energy Corp.	174,300		3,050
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - continued
PG&E Corp.	30,600		$ 1,431
Public Service Enterprise Group, Inc.	23,812		761
Sempra Energy	16,854		858
			6,876
TOTAL UTILITIES			19,933
TOTAL COMMON STOCKS (Cost $760,591)		717,503
Preferred Stocks - 0.7%

Convertible Preferred Stocks - 0.7%
ENERGY - 0.3%
Oil, Gas & Consumable Fuels - 0.3%
SandRidge Energy, Inc. 8.50%	9,700		816
Whiting Petroleum Corp. 6.25%	5,000		1,046
			1,862
FINANCIALS - 0.3%
Diversified Financial Services - 0.3%
Citigroup, Inc. 7.50%	16,600		1,900
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 9.50% (a)	18,800		1,061
TOTAL CONVERTIBLE PREFERRED STOCKS			4,823
Nonconvertible Preferred Stocks - 0.0%
CONSUMER DISCRETIONARY - 0.0%
Automobiles - 0.0%
Volkswagen AG	4,000		398
TOTAL PREFERRED STOCKS (Cost $4,837)		5,221
Investment Companies - 0.4%

Ares Capital Corp. (Cost $2,297)	181,476		2,711

Corporate Bonds - 1.2%
	Principal Amount (000s)		Value (000s)
Convertible Bonds - 0.8%
FINANCIALS - 0.4%
Real Estate Management & Development - 0.1%
Forest City Enterprises, Inc. 5% 10/15/16 (f)	$ 650		$ 699
Thrifts & Mortgage Finance - 0.3%
MGIC Investment Corp. 9% 4/1/63 (a)(d)(f)	1,875		1,833
TOTAL FINANCIALS			2,532
HEALTH CARE - 0.3%
Biotechnology - 0.2%
Incyte Corp. 4.75% 10/1/15 (f)	600		1,010
Pharmaceuticals - 0.1%
Endo Pharmaceuticals Holdings, Inc. 1.75% 4/15/15 (f)	870		955
TOTAL HEALTH CARE			1,965
INDUSTRIALS - 0.0%
Trading Companies & Distributors - 0.0%
United Rentals, Inc. 4% 11/15/15	190		234
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6% 4/15/14	470		873
TOTAL CONVERTIBLE BONDS			5,604
Nonconvertible Bonds - 0.4%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
OPTI Canada, Inc.:
7.875% 12/15/14	620		477
8.25% 12/15/14	625		481
			958
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - continued
INFORMATION TECHNOLOGY - 0.3%
Semiconductors & Semiconductor Equipment - 0.3%
Freescale Semiconductor, Inc. 10.125% 12/15/16	$ 2,462		$ 2,031
TOTAL NONCONVERTIBLE BONDS			2,989
TOTAL CORPORATE BONDS (Cost $6,426)		8,593

Money Market Funds - 1.1%
	Shares
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c) (Cost $8,511)	8,510,537		8,511
TOTAL INVESTMENT PORTFOLIO - 101.0% (Cost $782,662)			742,539
NET OTHER ASSETS (LIABILITIES) - (1.0)%			(7,540)
NET ASSETS - 100%		$ 734,999

Legend

(a) Non-income producing

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

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

(e) Security or a portion of the security 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 $5,320,000 or 0.7% of net assets.

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

(h) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,941,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Concho Resources, Inc.	7/20/10	$ 1,034
Gulf Resources, Inc.	12/11/09	$ 1,705

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 (Amount in thousands)
Fidelity Cash Central Fund	$ 5
Fidelity Securities Lending Cash Central Fund	142
Total	$ 147

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 75,922	$ 75,570	$ 352	$ -
Consumer Staples	64,616	63,599	1,017	-
Energy	79,220	77,204	2,016	-
Financials	122,741	119,471	3,270	-
Health Care	74,209	70,820	3,389	-
Industrials	100,350	98,945	1,405	-
Information Technology	124,898	124,898	-	-
Materials	49,630	49,630	-	-
Telecommunication Services	10,144	9,436	708	-
Utilities	20,994	19,933	1,061	-
Investment Companies	2,711	2,711	-	-
Corporate Bonds	8,593	-	8,593	-
Money Market Funds	8,511	8,511	-	-
Total Investments in Securities:	$ 742,539	$ 720,728	$ 21,811	$ -

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $794,269,000. Net unrealized depreciation aggregated $51,730,000, of which $59,462,000 related to appreciated investment securities and $111,192,000 related to depreciated investment securities.

Investment Valuation

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

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

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

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates fair value and are categorized as Level 2 in the hierarchy.

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

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805757.106

AEV-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value
CONSUMER DISCRETIONARY - 10.8%
Auto Components - 0.2%
Tenneco, Inc. (a)	7,358		$ 181,890
Automobiles - 0.4%
Bayerische Motoren Werke AG (BMW)	6,231		329,049
Hotels, Restaurants & Leisure - 1.2%
Brinker International, Inc.	200		3,150
Starwood Hotels & Resorts Worldwide, Inc.	5,900		275,707
The Cheesecake Factory, Inc. (a)	6,300		141,057
WMS Industries, Inc. (a)	7,200		254,448
Wyndham Worldwide Corp.	9,500		220,305
			894,667
Household Durables - 3.7%
D.R. Horton, Inc.	80,075		821,570
Lennar Corp. Class A	35,600		468,852
PulteGroup, Inc. (a)	92,262		740,864
Stanley Black & Decker, Inc.	15,725		843,489
			2,874,775
Media - 2.8%
The Walt Disney Co.	28,695		935,170
Time Warner Cable, Inc.	8,400		433,524
Virgin Media, Inc.	37,053		771,073
			2,139,767
Specialty Retail - 1.2%
Advance Auto Parts, Inc.	6,600		359,502
Best Buy Co., Inc.	6,600		207,174
Group 1 Automotive, Inc. (a)	3,000		75,720
OfficeMax, Inc. (a)	11,299		110,052
TJX Companies, Inc.	3,900		154,791
			907,239
Textiles, Apparel & Luxury Goods - 1.3%
Phillips-Van Heusen Corp.	8,100		370,008
Polo Ralph Lauren Corp. Class A	4,319		327,121
VF Corp.	4,300		303,666
			1,000,795
TOTAL CONSUMER DISCRETIONARY			8,328,182
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 7.7%
Beverages - 0.8%
Anheuser-Busch InBev SA NV	2,593		$ 134,894
The Coca-Cola Co.	9,000		503,280
			638,174
Food & Staples Retailing - 1.7%
CVS Caremark Corp.	16,000		432,000
Kroger Co.	19,300		380,789
Susser Holdings Corp. (a)	7,750		89,978
Wal-Mart Stores, Inc.	3,200		160,448
Whole Foods Market, Inc. (a)	6,400		222,656
			1,285,871
Household Products - 2.3%
Kimberly-Clark Corp.	6,500		418,600
Procter & Gamble Co.	22,842		1,362,982
			1,781,582
Personal Products - 0.5%
Avon Products, Inc.	9,500		276,450
USANA Health Sciences, Inc. (a)	2,433		103,403
			379,853
Tobacco - 2.4%
Philip Morris International, Inc.	35,600		1,831,264
TOTAL CONSUMER STAPLES			5,916,744
ENERGY - 10.6%
Energy Equipment & Services - 3.4%
Baker Hughes, Inc.	6,967		261,820
Ensco International Ltd. ADR	11,550		475,052
Halliburton Co.	9,600		270,816
National Oilwell Varco, Inc.	14,500		545,055
Noble Corp.	14,300		445,016
Pride International, Inc. (a)	14,368		338,366
Weatherford International Ltd. (a)	17,900		266,889
			2,603,014
Oil, Gas & Consumable Fuels - 7.2%
Alpha Natural Resources, Inc. (a)	4,900		181,937
Apache Corp.	6,600		593,010
Chevron Corp.	29,100		2,158,056
Exxon Mobil Corp.	7,800		461,448
Frontier Oil Corp.	8,200		96,022
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Marathon Oil Corp.	25,100		$ 765,299
Pioneer Natural Resources Co.	8,700		503,034
Southwestern Energy Co. (a)	11,642		380,926
Sunoco, Inc.	5,600		188,608
Talisman Energy, Inc.	13,700		215,474
			5,543,814
TOTAL ENERGY			8,146,828
FINANCIALS - 25.7%
Capital Markets - 2.0%
Goldman Sachs Group, Inc.	2,900		397,126
Morgan Stanley	46,800		1,155,492
			1,552,618
Commercial Banks - 6.4%
City National Corp.	3,800		184,072
Comerica, Inc.	4,600		158,286
Huntington Bancshares, Inc.	40,833		216,007
PNC Financial Services Group, Inc.	11,276		574,625
Regions Financial Corp.	27,290		175,475
Southwest Bancorp, Inc., Oklahoma	5,099		60,729
SunTrust Banks, Inc.	11,400		256,386
SVB Financial Group (a)	5,800		215,586
U.S. Bancorp, Delaware	46,700		971,360
Wells Fargo & Co.	89,928		2,117,804
			4,930,330
Consumer Finance - 2.3%
American Express Co.	22,900		913,023
Capital One Financial Corp.	16,000		605,760
Discover Financial Services	18,300		265,533
			1,784,316
Diversified Financial Services - 7.6%
Bank of America Corp.	153,274		1,908,261
Citigroup, Inc. (a)	405,917		1,510,011
JPMorgan Chase & Co.	66,695		2,425,030
			5,843,302
Insurance - 3.7%
AFLAC, Inc.	4,000		189,000
Allstate Corp.	15,200		419,520
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
Assured Guaranty Ltd.	8,500		$ 131,325
Delphi Financial Group, Inc. Class A	12,003		267,667
Everest Re Group Ltd.	5,100		403,614
Lincoln National Corp.	19,822		463,042
MetLife, Inc.	10,700		402,320
Unum Group	4,700		94,235
XL Capital Ltd. Class A	28,400		508,644
			2,879,367
Real Estate Investment Trusts - 1.8%
CBL & Associates Properties, Inc.	32,844		400,697
DiamondRock Hospitality Co.	27,900		244,404
Public Storage	2,600		254,852
The Macerich Co.	10,935		452,928
			1,352,881
Real Estate Management & Development - 1.9%
CB Richard Ellis Group, Inc. Class A (a)	62,500		1,026,250
Jones Lang LaSalle, Inc.	5,300		400,203
			1,426,453
TOTAL FINANCIALS			19,769,267
HEALTH CARE - 11.8%
Biotechnology - 1.9%
Amgen, Inc. (a)	11,300		576,752
ARIAD Pharmaceuticals, Inc. (a)(d)	27,200		95,200
BioMarin Pharmaceutical, Inc. (a)	5,100		103,479
Genzyme Corp. (a)	1,700		119,187
Gilead Sciences, Inc. (a)	7,300		232,578
Incyte Corp. (a)	3,300		41,316
Keryx Biopharmaceuticals, Inc. (a)	20,800		72,800
United Therapeutics Corp. (a)	3,100		143,282
ZIOPHARM Oncology, Inc. (a)	17,101		61,564
			1,446,158
Health Care Equipment & Supplies - 0.7%
Abiomed, Inc. (a)	9,000		81,450
AGA Medical Holdings, Inc. (d)	6,800		92,820
Cooper Companies, Inc.	4,500		181,530
Edwards Lifesciences Corp. (a)	1,000		57,570
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Stryker Corp.	1,700		$ 73,423
Wright Medical Group, Inc. (a)	5,600		74,312
			561,105
Health Care Providers & Services - 1.4%
CIGNA Corp.	12,700		409,194
Emeritus Corp. (a)(d)	8,600		132,268
Fresenius Medical Care AG & Co. KGaA sponsored ADR	1,500		84,990
Medco Health Solutions, Inc. (a)	10,047		436,844
Sunrise Senior Living, Inc. (a)	19,997		44,193
			1,107,489
Health Care Technology - 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	4,600		76,866
MedAssets, Inc. (a)	3,472		68,815
			145,681
Life Sciences Tools & Services - 0.6%
Covance, Inc. (a)	2,500		94,825
PAREXEL International Corp. (a)	8,600		171,054
PerkinElmer, Inc.	7,900		165,979
			431,858
Pharmaceuticals - 7.0%
Ardea Biosciences, Inc. (a)	7,100		142,994
Biovail Corp.	5,300		121,235
Cadence Pharmaceuticals, Inc. (a)	9,800		77,420
Cardiome Pharma Corp. (a)	5,960		36,221
Johnson & Johnson	26,208		1,494,380
Merck & Co., Inc.	49,209		1,730,188
Pfizer, Inc.	91,300		1,454,409
Teva Pharmaceutical Industries Ltd. sponsored ADR	5,800		293,364
			5,350,211
TOTAL HEALTH CARE			9,042,502
INDUSTRIALS - 11.3%
Aerospace & Defense - 2.2%
DigitalGlobe, Inc. (a)	3,100		95,077
Precision Castparts Corp.	4,600		520,628
United Technologies Corp.	16,100		1,049,881
			1,665,586
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Airlines - 0.6%
AMR Corp. (a)	9,900		$ 60,489
Southwest Airlines Co.	24,906		275,211
UAL Corp. (a)	5,100		108,069
			443,769
Building Products - 0.2%
Owens Corning (a)	5,759		156,645
Commercial Services & Supplies - 0.3%
Republic Services, Inc.	4,100		120,663
Schawk, Inc. Class A	2,500		38,000
The Geo Group, Inc. (a)	4,700		103,870
			262,533
Construction & Engineering - 0.2%
KBR, Inc.	5,600		129,920
Electrical Equipment - 0.8%
Regal-Beloit Corp.	11,500		636,180
Industrial Conglomerates - 1.5%
General Electric Co.	63,547		920,161
Textron, Inc.	14,100		240,687
			1,160,848
Machinery - 2.5%
Cummins, Inc.	9,606		714,782
Danaher Corp.	13,300		483,189
Gardner Denver, Inc.	5,600		267,344
SPX Corp.	3,500		196,210
Timken Co.	7,300		238,783
			1,900,308
Marine - 0.0%
Alexander & Baldwin, Inc.	1,400		47,376
Professional Services - 0.5%
Equifax, Inc.	5,700		167,979
Manpower, Inc.	5,000		212,500
			380,479
Road & Rail - 2.5%
Con-way, Inc.	5,500		144,155
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Road & Rail - continued
CSX Corp.	14,400		$ 718,416
Union Pacific Corp.	14,200		1,035,748
			1,898,319
TOTAL INDUSTRIALS			8,681,963
INFORMATION TECHNOLOGY - 8.4%
Communications Equipment - 1.2%
Adtran, Inc.	8,000		251,440
Cisco Systems, Inc. (a)	10,222		204,951
Juniper Networks, Inc. (a)	8,800		239,360
QUALCOMM, Inc.	6,500		249,015
			944,766
Electronic Equipment & Components - 1.6%
Amphenol Corp. Class A	5,200		211,744
Avnet, Inc. (a)	20,540		470,366
Flextronics International Ltd. (a)	40,900		201,637
Tyco Electronics Ltd.	14,600		357,992
			1,241,739
Internet Software & Services - 0.8%
eBay, Inc. (a)	16,800		390,432
Google, Inc. Class A (a)	500		225,010
			615,442
IT Services - 0.7%
MasterCard, Inc. Class A	2,600		515,736
Office Electronics - 0.2%
Xerox Corp.	18,544		156,511
Semiconductors & Semiconductor Equipment - 3.4%
Advanced Micro Devices, Inc. (a)	46,836		263,218
Analog Devices, Inc.	5,800		161,704
ASML Holding NV	10,300		254,719
Avago Technologies Ltd.	9,600		193,440
KLA-Tencor Corp.	5,600		156,856
Lam Research Corp. (a)	11,800		426,098
Marvell Technology Group Ltd. (a)	11,800		188,092
Micron Technology, Inc. (a)	27,800		179,727
ON Semiconductor Corp. (a)	100,989		624,112
Standard Microsystems Corp. (a)	8,975		162,627
			2,610,593
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 0.5%
BMC Software, Inc. (a)	4,900		$ 176,694
Oracle Corp.	9,242		202,215
			378,909
TOTAL INFORMATION TECHNOLOGY			6,463,696
MATERIALS - 3.7%
Chemicals - 2.1%
Albemarle Corp.	9,880		396,089
CF Industries Holdings, Inc.	1,100		101,750
Clariant AG (Reg.) (a)	18,830		242,238
Praxair, Inc.	4,900		421,547
Solutia, Inc. (a)	27,400		370,996
Symrise AG	2,100		51,902
			1,584,522
Containers & Packaging - 0.4%
Ball Corp.	3,300		185,064
Owens-Illinois, Inc. (a)	4,600		115,276
			300,340
Metals & Mining - 0.8%
Carpenter Technology Corp.	5,700		176,757
Goldcorp, Inc.	3,200		141,955
Newcrest Mining Ltd.	4,582		151,905
Newmont Mining Corp.	2,400		147,168
			617,785
Paper & Forest Products - 0.4%
Weyerhaeuser Co.	20,800		326,560
TOTAL MATERIALS			2,829,207
TELECOMMUNICATION SERVICES - 5.7%
Diversified Telecommunication Services - 3.8%
AboveNet, Inc. (a)	9,759		503,760
AT&T, Inc.	25,900		700,077
Cbeyond, Inc. (a)	19,047		227,612
China Unicom (Hong Kong) Ltd. sponsored ADR	9,300		128,898
Iliad Group SA	992		93,292
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - continued
Diversified Telecommunication Services - continued
Qwest Communications International, Inc.	102,700		$ 580,255
Verizon Communications, Inc.	25,200		743,652
			2,977,546
Wireless Telecommunication Services - 1.9%
American Tower Corp. Class A (a)	10,400		487,344
Leap Wireless International, Inc. (a)	200		2,074
SBA Communications Corp. Class A (a)	6,600		236,280
Sprint Nextel Corp. (a)	178,100		726,648
			1,452,346
TOTAL TELECOMMUNICATION SERVICES			4,429,892
UTILITIES - 3.6%
Electric Utilities - 2.9%
American Electric Power Co., Inc.	18,100		640,921
FirstEnergy Corp.	15,300		558,909
PPL Corp.	38,378		1,042,346
			2,242,176
Independent Power Producers & Energy Traders - 0.7%
Calpine Corp. (a)	39,300		499,896
TOTAL UTILITIES			2,742,072
TOTAL COMMON STOCKS (Cost $79,026,943)		76,350,353
Money Market Funds - 0.7%

Fidelity Cash Central Fund, 0.24% (b)	316,711		316,711
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	183,950		183,950
TOTAL MONEY MARKET FUNDS (Cost $500,661)		500,661
TOTAL INVESTMENT PORTFOLIO - 100.0% (Cost $79,527,604)			76,851,014
NET OTHER ASSETS (LIABILITIES) - 0.0%			15,739
NET ASSETS - 100%		$ 76,866,753

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 913
Fidelity Securities Lending Cash Central Fund	2,845
Total	$ 3,758

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $82,359,811. Net unrealized depreciation aggregated $5,508,797, of which $4,459,586 related to appreciated investment securities and $9,968,383 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805762.106

AFIF-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 87.3%
	Shares		Value
CONSUMER DISCRETIONARY - 14.3%
Hotels, Restaurants & Leisure - 3.2%
Las Vegas Sands Corp. (a)(d)	21,500		$ 609,095
Starbucks Corp.	41,700		958,683
			1,567,778
Leisure Equipment & Products - 1.5%
Hasbro, Inc.	18,400		742,624
Media - 6.1%
DIRECTV (a)	52,500		1,990,800
The Walt Disney Co.	31,455		1,025,118
			3,015,918
Multiline Retail - 3.5%
Dollar General Corp.	62,300		1,701,413
TOTAL CONSUMER DISCRETIONARY			7,027,733
CONSUMER STAPLES - 14.2%
Beverages - 10.9%
Anheuser-Busch InBev SA NV	53,641		2,790,538
The Coca-Cola Co.	46,056		2,575,452
			5,365,990
Household Products - 0.0%
Procter & Gamble Co.	100		5,967
Tobacco - 3.3%
Philip Morris International, Inc.	30,822		1,585,484
TOTAL CONSUMER STAPLES			6,957,441
ENERGY - 7.4%
Energy Equipment & Services - 1.7%
Weatherford International Ltd. (a)	56,595		843,831
Oil, Gas & Consumable Fuels - 5.7%
Exxon Mobil Corp.	47,208		2,792,826
TOTAL ENERGY			3,636,657
FINANCIALS - 7.9%
Commercial Banks - 1.9%
PNC Financial Services Group, Inc.	17,757		904,897
Diversified Financial Services - 3.4%
JPMorgan Chase & Co.	26,691		970,485
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Diversified Financial Services - continued
Moody's Corp. (d)	23,850		$ 504,189
NBH Holdings Corp. Class A (a)(e)	10,500		204,750
			1,679,424
Insurance - 2.6%
Berkshire Hathaway, Inc. Class B (a)	16,361		1,288,920
TOTAL FINANCIALS			3,873,241
HEALTH CARE - 10.1%
Health Care Equipment & Supplies - 1.1%
Edwards Lifesciences Corp. (a)	9,033		520,030
Health Care Providers & Services - 2.9%
McKesson Corp.	24,700		1,433,835
Pharmaceuticals - 6.1%
Merck & Co., Inc.	38,300		1,346,628
Pfizer, Inc.	105,197		1,675,788
			3,022,416
TOTAL HEALTH CARE			4,976,281
INDUSTRIALS - 4.6%
Air Freight & Logistics - 0.0%
United Parcel Service, Inc. Class B	100		6,380
Commercial Services & Supplies - 1.7%
Waste Management, Inc.	24,193		800,546
Industrial Conglomerates - 0.0%
3M Co.	100		7,855
Machinery - 1.8%
Ingersoll-Rand Co. Ltd.	27,500		894,575
Road & Rail - 1.1%
America Latina Logistica SA unit	60,100		553,674
TOTAL INDUSTRIALS			2,263,030
INFORMATION TECHNOLOGY - 23.5%
Communications Equipment - 3.8%
HTC Corp.	7,000		127,759
Juniper Networks, Inc. (a)	20,153		548,162
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
QUALCOMM, Inc.	20,109		$ 770,376
Tekelec (a)	39,100		428,536
			1,874,833
Computers & Peripherals - 3.6%
Apple, Inc. (a)	7,174		1,745,936
Internet Software & Services - 7.3%
Akamai Technologies, Inc. (a)	21,414		986,543
Baidu.com, Inc. sponsored ADR (a)	7,500		588,225
eBay, Inc. (a)	85,827		1,994,619
Google, Inc. Class A (a)	100		45,002
			3,614,389
IT Services - 7.9%
Fiserv, Inc. (a)	39,205		1,961,426
MasterCard, Inc. Class A	9,634		1,911,000
			3,872,426
Software - 0.9%
Autonomy Corp. PLC (a)	19,500		466,612
TOTAL INFORMATION TECHNOLOGY			11,574,196
MATERIALS - 4.3%
Chemicals - 0.5%
Ecolab, Inc.	5,700		270,180
The Mosaic Co.	30		1,760
			271,940
Metals & Mining - 3.8%
Agnico-Eagle Mines Ltd. (Canada)	19,900		1,295,996
AngloGold Ashanti Ltd. sponsored ADR	3,300		139,557
Newcrest Mining Ltd.	12,787		423,921
			1,859,474
TOTAL MATERIALS			2,131,414
UTILITIES - 1.0%
Electric Utilities - 1.0%
Southern Co.	13,600		498,984
TOTAL COMMON STOCKS (Cost $42,804,280)		42,938,977
Nonconvertible Preferred Stocks - 4.2%
	Shares		Value
CONSUMER DISCRETIONARY - 4.2%
Automobiles - 4.2%
Porsche Automobil Holding SE	10,500		$ 488,878
Volkswagen AG	15,856		1,578,193
			2,067,071
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,057,849)		2,067,071
Money Market Funds - 10.9%

Fidelity Cash Central Fund, 0.24% (b)	4,384,472		4,384,472
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	1,004,775		1,004,775
TOTAL MONEY MARKET FUNDS (Cost $5,389,247)		5,389,247
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $50,251,376)			50,395,295
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(1,192,908)
NET ASSETS - 100%		$ 49,202,387

Legend

(a) Non-income producing

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $204,750 or 0.4% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,552
Fidelity Securities Lending Cash Central Fund	4,342
Total	$ 5,894

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 9,094,804	$ 9,094,804	$ -	$ -
Consumer Staples	6,957,441	6,957,441	-	-
Energy	3,636,657	3,636,657	-	-
Financials	3,873,241	3,668,491	-	204,750
Health Care	4,976,281	4,976,281	-	-
Industrials	2,263,030	2,263,030	-	-
Information Technology	11,574,196	11,574,196	-	-
Materials	2,131,414	2,131,414	-	-
Utilities	498,984	498,984	-	-
Money Market Funds	5,389,247	5,389,247	-	-
Total Investments in Securities:	$ 50,395,295	$ 50,190,545	$ -	$ 204,750

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(12,100)
Cost of Purchases	101,350
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	115,500
Transfers out of Level 3	-
Ending Balance	$ 204,750
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (12,100)

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

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $50,650,881. Net unrealized depreciation aggregated $255,586, of which $2,782,091 related to appreciated investment securities and $3,037,677 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

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

August 31, 2010

1.805763.106

AGAI-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 10.3%
Auto Components - 0.3%
Fuel Systems Solutions, Inc. (a)	17,100		$ 555
Tenneco, Inc. (a)	39,100		967
TRW Automotive Holdings Corp. (a)	75,300		2,617
			4,139
Automobiles - 0.4%
Ford Motor Co. (a)	345,200		3,897
Harley-Davidson, Inc.	66,000		1,605
			5,502
Distributors - 0.2%
Li & Fung Ltd.	468,000		2,370
Hotels, Restaurants & Leisure - 1.4%
Buffalo Wild Wings, Inc. (a)(d)	76,189		3,186
Darden Restaurants, Inc.	45,600		1,881
Jack in the Box, Inc. (a)	46,300		934
Little Sheep Group Ltd.	107,000		64
Marriott International, Inc. Class A	153,734		4,921
Sonic Corp. (a)	79,500		610
Starbucks Corp.	286,350		6,583
			18,179
Household Durables - 1.5%
D.R. Horton, Inc.	167,838		1,722
Ethan Allen Interiors, Inc.	50,570		682
Newell Rubbermaid, Inc.	104,900		1,576
Stanley Black & Decker, Inc.	137,800		7,392
Toll Brothers, Inc. (a)	353,500		6,108
Whirlpool Corp.	13,700		1,016
			18,496
Internet & Catalog Retail - 0.6%
Amazon.com, Inc. (a)	43,600		5,443
Expedia, Inc.	111,410		2,547
			7,990
Media - 2.6%
Comcast Corp. Class A (special) (non-vtg.)	319,109		5,128
DIRECTV (a)	166,842		6,327
Lamar Advertising Co. Class A (a)	51,900		1,360
McGraw-Hill Companies, Inc.	88,600		2,450
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
The Walt Disney Co.	300,122		$ 9,781
Time Warner, Inc.	283,367		8,495
			33,541
Multiline Retail - 1.9%
Kohl's Corp. (a)	150,800		7,085
Target Corp.	319,800		16,361
			23,446
Specialty Retail - 0.9%
Best Buy Co., Inc.	173,119		5,434
Lowe's Companies, Inc.	250,322		5,082
RadioShack Corp.	65,515		1,211
			11,727
Textiles, Apparel & Luxury Goods - 0.5%
Polo Ralph Lauren Corp. Class A	79,255		6,003
TOTAL CONSUMER DISCRETIONARY			131,393
CONSUMER STAPLES - 8.2%
Beverages - 2.5%
Coca-Cola Enterprises, Inc.	186,200		5,299
Dr Pepper Snapple Group, Inc.	49,200		1,812
The Coca-Cola Co.	451,403		25,242
			32,353
Food & Staples Retailing - 1.1%
CVS Caremark Corp.	179,819		4,855
Wal-Mart de Mexico SA de CV Series V	556,900		1,245
Wal-Mart Stores, Inc.	123,508		6,193
Whole Foods Market, Inc. (a)	47,500		1,653
			13,946
Food Products - 1.6%
Bunge Ltd.	81,650		4,327
Kraft Foods, Inc. Class A	75,500		2,261
Mead Johnson Nutrition Co. Class A	68,900		3,596
Nestle SA	200,968		10,413
			20,597
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 1.4%
Colgate-Palmolive Co.	111,545		$ 8,236
Procter & Gamble Co.	157,400		9,392
			17,628
Tobacco - 1.6%
Philip Morris International, Inc.	405,277		20,847
TOTAL CONSUMER STAPLES			105,371
ENERGY - 11.1%
Energy Equipment & Services - 4.2%
Cameron International Corp. (a)	299,572		11,018
Ensco International Ltd. ADR	45,900		1,888
Halliburton Co.	589,100		16,619
Nabors Industries Ltd. (a)	600		9
Oil States International, Inc. (a)	62,400		2,573
Schlumberger Ltd.	230,500		12,293
Weatherford International Ltd. (a)	620,400		9,250
			53,650
Oil, Gas & Consumable Fuels - 6.9%
Anadarko Petroleum Corp.	22,500		1,035
Apache Corp.	62,700		5,634
Cameco Corp.	72,200		1,762
Chesapeake Energy Corp.	3,575		74
Exxon Mobil Corp.	869,220		51,420
Falkland Oil & Gas Ltd. (a)	72,200		133
Occidental Petroleum Corp.	101,861		7,444
Peabody Energy Corp.	109,783		4,699
Petrohawk Energy Corp. (a)	233,500		3,531
Plains Exploration & Production Co. (a)	135,690		3,240
Range Resources Corp.	5,700		193
Southwestern Energy Co. (a)	170,150		5,567
Ultra Petroleum Corp. (a)	83,800		3,269
			88,001
TOTAL ENERGY			141,651
FINANCIALS - 17.3%
Capital Markets - 3.2%
Ameriprise Financial, Inc.	186,959		8,148
Charles Schwab Corp.	4,408		56
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
Goldman Sachs Group, Inc.	37,317		$ 5,110
Janus Capital Group, Inc.	239,904		2,178
Morgan Stanley	313,600		7,743
State Street Corp.	370,102		12,983
T. Rowe Price Group, Inc.	114,500		5,013
			41,231
Commercial Banks - 4.0%
FirstMerit Corp.	100,900		1,746
Huntington Bancshares, Inc.	203,100		1,074
PNC Financial Services Group, Inc.	232,300		11,838
Sterling Bancshares, Inc.	99,000		491
SunTrust Banks, Inc.	222,900		5,013
Synovus Financial Corp.	331,100		682
U.S. Bancorp, Delaware	460,811		9,585
Wells Fargo & Co.	856,702		20,175
			50,604
Consumer Finance - 1.3%
American Express Co.	265,200		10,574
Capital One Financial Corp.	143,300		5,425
Discover Financial Services	73,600		1,068
			17,067
Diversified Financial Services - 4.8%
Bank of America Corp.	594,836		7,406
Citigroup, Inc. (a)	6,086,100		22,640
JPMorgan Chase & Co.	856,728		31,151
NBH Holdings Corp. Class A (a)(e)	39,100		762
			61,959
Insurance - 2.7%
Berkshire Hathaway, Inc. Class B (a)	264,647		20,849
Hartford Financial Services Group, Inc.	1,300		26
Lincoln National Corp.	81,900		1,913
MetLife, Inc.	294,800		11,084
			33,872
Real Estate Investment Trusts - 1.0%
CBL & Associates Properties, Inc.	103,700		1,265
Public Storage	65,600		6,430
Simon Property Group, Inc.	27,145		2,455
SL Green Realty Corp.	37,500		2,261
			12,411
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - 0.3%
CB Richard Ellis Group, Inc. Class A (a)	263,200		$ 4,322
Thrifts & Mortgage Finance - 0.0%
Radian Group, Inc.	65,500		415
TOTAL FINANCIALS			221,881
HEALTH CARE - 10.2%
Biotechnology - 1.5%
Amgen, Inc. (a)	114,463		5,842
ARIAD Pharmaceuticals, Inc. (a)	179,400		628
ArQule, Inc. (a)	85,200		445
Biogen Idec, Inc. (a)	23,200		1,248
BioMarin Pharmaceutical, Inc. (a)	66,900		1,357
Cephalon, Inc. (a)	23,900		1,353
Genzyme Corp. (a)	26,200		1,837
Gilead Sciences, Inc. (a)	59,932		1,909
Incyte Corp. (a)	65,900		825
SIGA Technologies, Inc. (a)	62,300		467
Vertex Pharmaceuticals, Inc. (a)	106,500		3,551
			19,462
Health Care Equipment & Supplies - 0.9%
Alcon, Inc.	14,400		2,336
Covidien PLC	205,155		7,250
Hill-Rom Holdings, Inc.	42,600		1,367
St. Jude Medical, Inc. (a)	29,477		1,019
			11,972
Health Care Providers & Services - 2.3%
Brookdale Senior Living, Inc. (a)	78,700		1,055
CIGNA Corp.	58,800		1,895
Express Scripts, Inc. (a)	171,200		7,293
Henry Schein, Inc. (a)	156,674		8,272
McKesson Corp.	72,200		4,191
Medco Health Solutions, Inc. (a)	41,500		1,804
UnitedHealth Group, Inc.	150,700		4,780
			29,290
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)	57,800		2,479
Life Technologies Corp. (a)	46,000		1,967
			4,446
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - 5.1%
Abbott Laboratories	136,690		$ 6,744
Allergan, Inc.	46,500		2,856
Auxilium Pharmaceuticals, Inc. (a)	26,200		679
Bristol-Myers Squibb Co.	78,600		2,050
Johnson & Johnson	254,683		14,522
Merck & Co., Inc.	533,490		18,758
Perrigo Co.	30,100		1,715
Pfizer, Inc.	900,224		14,341
Teva Pharmaceutical Industries Ltd. sponsored ADR	61,300		3,101
			64,766
TOTAL HEALTH CARE			129,936
INDUSTRIALS - 15.5%
Aerospace & Defense - 5.0%
AeroVironment, Inc. (a)	46,203		1,045
BE Aerospace, Inc. (a)	242,400		6,533
Goodrich Corp.	121,200		8,300
Honeywell International, Inc.	6,600		258
Lockheed Martin Corp.	553		38
Precision Castparts Corp.	77,200		8,737
The Boeing Co.	209,600		12,813
United Technologies Corp.	398,436		25,982
			63,706
Air Freight & Logistics - 1.4%
C.H. Robinson Worldwide, Inc.	94,800		6,161
United Parcel Service, Inc. Class B	186,954		11,928
			18,089
Airlines - 0.3%
Delta Air Lines, Inc. (a)	164,877		1,725
UAL Corp. (a)	71,900		1,524
			3,249
Building Products - 0.2%
Owens Corning (a)	72,100		1,961
Commercial Services & Supplies - 0.3%
Avery Dennison Corp.	120,900		3,932
Construction & Engineering - 0.7%
Fluor Corp.	124,600		5,565
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Construction & Engineering - continued
Jacobs Engineering Group, Inc. (a)	62,300		$ 2,161
Orion Marine Group, Inc. (a)	78,600		882
			8,608
Electrical Equipment - 0.0%
Vestas Wind Systems AS (a)	3,398		127
Industrial Conglomerates - 2.0%
3M Co.	191,121		15,013
General Electric Co.	519,383		7,521
Textron, Inc.	200,659		3,425
			25,959
Machinery - 2.6%
Cummins, Inc.	119,100		8,862
Danaher Corp.	218,800		7,949
Ingersoll-Rand Co. Ltd.	366,700		11,929
NN, Inc. (a)	36,100		267
PACCAR, Inc.	114,700		4,702
			33,709
Professional Services - 0.2%
Robert Half International, Inc.	144,300		3,114
Road & Rail - 2.8%
CSX Corp.	287,500		14,343
Landstar System, Inc.	168,955		6,079
Union Pacific Corp.	202,089		14,740
			35,162
TOTAL INDUSTRIALS			197,616
INFORMATION TECHNOLOGY - 20.6%
Communications Equipment - 3.1%
Cisco Systems, Inc. (a)	951,109		19,070
Juniper Networks, Inc. (a)	154,378		4,199
Motorola, Inc. (a)	478,100		3,600
QUALCOMM, Inc.	322,120		12,340
			39,209
Computers & Peripherals - 6.1%
Apple, Inc. (a)	210,800		51,302
EMC Corp. (a)	57,333		1,046
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Hewlett-Packard Co.	640,350		$ 24,641
Isilon Systems, Inc. (a)	31,800		634
			77,623
Electronic Equipment & Components - 0.5%
Agilent Technologies, Inc. (a)	119,612		3,226
Corning, Inc.	239,300		3,752
			6,978
Internet Software & Services - 3.5%
eBay, Inc. (a)	565,250		13,136
Google, Inc. Class A (a)	58,318		26,244
Move, Inc. (a)	1,092,673		2,054
OpenTable, Inc. (a)	34,100		1,818
Rackspace Hosting, Inc. (a)	98,500		1,939
Tencent Holdings Ltd.	1,100		20
			45,211
IT Services - 2.0%
Cognizant Technology Solutions Corp. Class A (a)	83,800		4,827
Fiserv, Inc. (a)	36,000		1,801
International Business Machines Corp.	45,800		5,644
MasterCard, Inc. Class A	40,000		7,934
Visa, Inc. Class A	70,532		4,865
			25,071
Semiconductors & Semiconductor Equipment - 2.5%
Altera Corp.	8,900		220
Applied Materials, Inc.	10,172		106
ASML Holding NV	433,900		10,730
Avago Technologies Ltd.	65,500		1,320
Intersil Corp. Class A	131,000		1,309
Lam Research Corp. (a)	227,300		8,208
Marvell Technology Group Ltd. (a)	183,900		2,931
MEMC Electronic Materials, Inc. (a)	323,200		3,326
Micron Technology, Inc. (a)	299,100		1,934
NXP Semiconductors NV	158,700		1,758
Xilinx, Inc.	8,500		205
			32,047
Software - 2.9%
BMC Software, Inc. (a)	126,174		4,550
Citrix Systems, Inc. (a)	60,200		3,488
Informatica Corp. (a)	72,000		2,316
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Longtop Financial Technologies Ltd. ADR (a)	15,520		$ 506
Microsoft Corp.	675,160		15,853
Novell, Inc. (a)	236,600		1,330
Nuance Communications, Inc. (a)	98,700		1,449
Oracle Corp.	229,469		5,021
Red Hat, Inc. (a)	56,700		1,959
Salesforce.com, Inc. (a)	700		77
VMware, Inc. Class A (a)	8,500		668
			37,217
TOTAL INFORMATION TECHNOLOGY			263,356
MATERIALS - 3.8%
Chemicals - 2.5%
Albemarle Corp.	138,015		5,533
CF Industries Holdings, Inc.	42,600		3,941
Dow Chemical Co.	35,200		858
Ecolab, Inc.	107,054		5,074
FMC Corp.	103,872		6,469
Praxair, Inc.	69,696		5,996
The Mosaic Co.	69,100		4,053
			31,924
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	150,300		6,356
Barrick Gold Corp. (d)	136,100		6,376
Carpenter Technology Corp.	114,900		3,563
Freeport-McMoRan Copper & Gold, Inc.	500		36
			16,331
TOTAL MATERIALS			48,255
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.4%
Verizon Communications, Inc.	157,500		4,648
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.8%
American Tower Corp. Class A (a)	143,486		$ 6,724
Sprint Nextel Corp. (a)	1,012,000		4,129
			10,853
TOTAL TELECOMMUNICATION SERVICES			15,501
UTILITIES - 0.6%
Electric Utilities - 0.4%
FirstEnergy Corp.	127,800		4,669
Multi-Utilities - 0.2%
Public Service Enterprise Group, Inc.	88,500		2,828
TOTAL UTILITIES			7,497
TOTAL COMMON STOCKS (Cost $1,285,553)		1,262,457
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 0.24% (b)	26,494,542		26,495
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	7,032,275		7,032
TOTAL MONEY MARKET FUNDS (Cost $33,527)		33,527
TOTAL INVESTMENT PORTFOLIO - 101.4% (Cost $1,319,080)			1,295,984
NET OTHER ASSETS (LIABILITIES) - (1.4)%			(17,751)
NET ASSETS - 100%		$ 1,278,233

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 33
Fidelity Securities Lending Cash Central Fund	8
Total	$ 41

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 131,393	$ 131,393	$ -	$ -
Consumer Staples	105,371	105,371	-	-
Energy	141,651	141,651	-	-
Financials	221,881	221,119	-	762
Health Care	129,936	129,936	-	-
Industrials	197,616	197,616	-	-
Information Technology	263,356	263,356	-	-
Materials	48,255	48,255	-	-
Telecommunication Services	15,501	15,501	-	-
Utilities	7,497	7,497	-	-
Money Market Funds	33,527	33,527	-	-
Total Investments in Securities:	$ 1,295,984	$ 1,295,222	$ -	$ 762

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(59)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	821
Transfers out of Level 3	-
Ending Balance	$ 762
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (59)

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $1,360,064,000. Net unrealized depreciation aggregated $64,080,000, of which $84,343,000 related to appreciated investment securities and $148,423,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

(formerly Fidelity Advisor Dynamic Capital Appreciation Fund)

August 31, 2010

1.805756.106

ARG-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Equity Central Funds - 100.1%
	Shares		Value
Fidelity Consumer Discretionary Central Fund (a)	563,534		$ 56,776,085
Fidelity Consumer Staples Central Fund (a)	632,417		73,916,948
Fidelity Energy Central Fund (a)	746,799		67,338,906
Fidelity Financials Central Fund (a)	2,281,720		116,116,732
Fidelity Health Care Central Fund (a)	698,593		70,571,832
Fidelity Industrials Central Fund (a)	554,518		61,163,347
Fidelity Information Technology Central Fund (a)	754,137		100,466,185
Fidelity Materials Central Fund (a)	177,406		22,942,142
Fidelity Telecom Services Central Fund (a)	191,728		20,367,221
Fidelity Utilities Central Fund (a)	257,483		24,288,403
TOTAL EQUITY CENTRAL FUNDS (Cost $665,731,482)		613,947,801
Cash Equivalents - 0.0%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.24%, dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations) # (Cost $34,000)	$ 34,000		34,000
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $665,765,482)			613,981,801
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(714,521)
NET ASSETS - 100%		$ 613,267,280

Legend

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

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

Repurchase Agreement / Counterparty	Value
$34,000 due 9/01/10 at 0.24%
BNP Paribas Securities Corp.	$ 8,548
Bank of America NA	3,005
Barclays Capital, Inc.	2,014
Credit Suisse Securities (USA) LLC	1,502
Deutsche Bank Securities, Inc.	751
HSBC Securities (USA), Inc.	2,254
J.P. Morgan Securities, Inc.	10,518
Mizuho Securities USA, Inc.	1,502
Societe Generale, New York Branch	3,756
Wells Fargo Securities LLC	150
	$ 34,000

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 29,687
Fidelity Consumer Discretionary Central Fund	327,064
Fidelity Consumer Staples Central Fund	996,952
Fidelity Energy Central Fund	512,087
Fidelity Financials Central Fund	719,382
Fidelity Health Care Central Fund	293,498
Fidelity Industrials Central Fund	438,470
Fidelity Information Technology Central Fund	258,367
Fidelity Materials Central Fund	601,835
Fidelity Securities Lending Cash Central Fund	19,132
Fidelity Telecom Services Central Fund	302,325
Fidelity Utilities Central Fund	312,278
Total	$ 4,811,077

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

Fund	Value, beginning of period	Purchases*	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Consumer Discretionary Central Fund	$ -	$ 63,726,526	$ 4,921,376	$ 56,776,085	10.6%
Fidelity Consumer Staples Central Fund	-	80,872,133	3,711,658	73,916,948	12.8%
Fidelity Energy Central Fund	-	82,567,691	3,051,900	67,338,906	12.1%
Fidelity Financials Central Fund	-	138,669,568	3,754,277	116,116,732	12.9%
Fidelity Health Care Central Fund	-	84,677,737	4,432,213	70,571,832	11.2%
Fidelity Industrials Central Fund	-	66,824,363	2,998,660	61,163,347	10.5%
Fidelity Information Technology Central Fund	-	110,378,905	9,130,156	100,466,185	10.7%
Fidelity Materials Central Fund	-	25,301,838	626,398	22,942,142	11.2%
Fidelity Telecom Services Central Fund	-	21,944,408	490,720	20,367,221	12.5%
Fidelity Utilities Central Fund	-	23,568,566	468,207	24,288,403	11.3%
Total	$ -	$ 698,531,735	$ 33,585,565	$ 613,947,801

* Includes the value of shares purchased through in-kind transactions.

Effective after the close of business on March 12, 2010, the Fund exchanged securities for shares of each of the 10 Fidelity Equity Sector Central Funds, which are affiliated investment companies managed by FMR Co., Inc., an affiliate of FMR. Each of the Fidelity Equity Sector Central Funds seeks capital appreciation and invests primarily in securities of companies whose principal business activities fall within a specific industry. In accordance with the Fund's investment objectives, it allocated its assets among the Fidelity Equity Sector Central Funds.

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Cash Equivalents which are categorized as Level 2. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $666,515,821. Net unrealized depreciation aggregated $52,534,020, of which $1,318,842 related to appreciated investment securities and $53,852,862 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels. Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Valuation techniques used to value the Fund's investments by major category are as follows.

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805747.106

ASCF-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 6.6%
Diversified Consumer Services - 0.6%
Best Bridal, Inc.	1,835		$ 5,078
Meiko Network Japan Co. Ltd. (e)	2,530,000		18,669
			23,747
Hotels, Restaurants & Leisure - 2.6%
AFC Enterprises, Inc. (a)(e)	2,545,930		27,369
Brinker International, Inc.	679,200		10,697
CEC Entertainment, Inc. (a)	508,657		15,957
Cracker Barrel Old Country Store, Inc.	517,500		23,086
Einstein Noah Restaurant Group, Inc. (a)(e)	1,354,629		13,302
Toridoll Corp. (d)	7,026		11,950
			102,361
Household Durables - 1.2%
Tupperware Brands Corp.	1,266,243		49,814
Internet & Catalog Retail - 0.1%
Toupargel-Agrigel	136,301		2,583
Leisure Equipment & Products - 0.7%
RC2 Corp. (a)(e)	1,440,662		26,523
Specialty Retail - 1.2%
Charming Shoppes, Inc. (a)(e)	7,015,679		23,643
Gulliver International Co. Ltd. (d)	131,660		5,124
Jumbo SA (a)	2,750,307		17,569
			46,336
Textiles, Apparel & Luxury Goods - 0.2%
Movado Group, Inc. (a)	540,000		5,476
Sanei-International Co. Ltd.	228,800		2,573
			8,049
TOTAL CONSUMER DISCRETIONARY			259,413
CONSUMER STAPLES - 6.2%
Food & Staples Retailing - 2.3%
BJ's Wholesale Club, Inc. (a)	1,059,200		44,444
Ingles Markets, Inc. Class A	225,000		3,326
PriceSmart, Inc.	1,239,938		32,003
The Pantry, Inc. (a)	499,588		9,402
			89,175
Food Products - 1.0%
TreeHouse Foods, Inc. (a)	994,084		41,254
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - 1.0%
Spectrum Brands Holdings, Inc. (a)	1,581,300		$ 40,339
Personal Products - 1.9%
Herbalife Ltd.	1,329,900		73,916
TOTAL CONSUMER STAPLES			244,684
ENERGY - 6.7%
Energy Equipment & Services - 4.1%
Natural Gas Services Group, Inc. (a)(e)	979,161		13,904
Superior Energy Services, Inc. (a)	1,810,200		38,919
TETRA Technologies, Inc. (a)(e)	7,505,996		62,975
Unit Corp. (a)	930,200		31,692
Vantage Drilling Co. (a)	10,459,608		14,120
			161,610
Oil, Gas & Consumable Fuels - 2.6%
Atlas Pipeline Holdings LP (a)(e)	2,543,727		19,739
Atlas Pipeline Partners, LP (a)	2,396,000		40,828
Buckeye GP Holdings LP	502,560		20,851
Petroleum Development Corp. (a)	864,343		23,251
			104,669
TOTAL ENERGY			266,279
FINANCIALS - 2.7%
Capital Markets - 1.0%
AllianceBernstein Holding LP	1,685,500		39,862
Insurance - 1.6%
Delphi Financial Group, Inc. Class A	866,883		19,331
First Mercury Financial Corp. (e)	1,135,749		10,347
Mercer Insurance Group, Inc. (e)	656,100		11,377
National Financial Partners Corp. (a)	1,994,522		21,222
			62,277
Real Estate Management & Development - 0.1%
Relo Holdings Corp.	212,100		3,299
TOTAL FINANCIALS			105,438
HEALTH CARE - 12.1%
Health Care Equipment & Supplies - 3.1%
COLTENE Holding AG (e)	421,900		22,441
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Cooper Companies, Inc.	1,581,400		$ 63,794
Cutera, Inc. (a)(e)	1,284,550		9,043
Cynosure, Inc. Class A (a)(e)	733,468		6,851
Guerbet	125,000		12,674
Palomar Medical Technologies, Inc. (a)	869,880		7,690
			122,493
Health Care Providers & Services - 7.9%
Addus HomeCare Corp.	397,034		2,076
AmSurg Corp. (a)(e)	2,305,267		38,429
Centene Corp. (a)	467,781		9,459
HealthSouth Corp. (a)	3,956,521		64,333
Healthways, Inc. (a)(e)	3,325,705		41,571
Molina Healthcare, Inc. (a)(e)	1,616,851		41,003
United Drug PLC (Ireland) (e)	12,649,710		36,427
Universal Health Services, Inc. Class B	2,543,400		79,863
			313,161
Health Care Technology - 0.0%
Transcend Services, Inc. (a)	126,046		1,792
Life Sciences Tools & Services - 0.7%
eResearchTechnology, Inc. (a)(e)	3,600,000		26,658
Pharmaceuticals - 0.4%
Vetoquinol SA	426,006		14,632
TOTAL HEALTH CARE			478,736
INDUSTRIALS - 21.2%
Aerospace & Defense - 6.9%
Alliant Techsystems, Inc. (a)(e)	1,871,996		123,369
Esterline Technologies Corp. (a)	1,332,581		61,299
Moog, Inc. Class A (a)	1,260,648		39,332
QinetiQ Group PLC	16,377,205		27,106
Teledyne Technologies, Inc. (a)	560,196		20,268
			271,374
Air Freight & Logistics - 1.2%
Dynamex, Inc. (a)(e)	783,796		9,609
UTI Worldwide, Inc.	2,543,750		35,638
			45,247
Commercial Services & Supplies - 6.1%
ABM Industries, Inc.	1,141,679		22,388
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Babcock International Group PLC	12,002,948		$ 93,069
Prosegur Compania de Seguridad SA (Reg.)	1,353,825		68,979
Spice PLC (d)(e)	28,301,570		24,528
The Geo Group, Inc. (a)	1,500,000		33,150
			242,114
Construction & Engineering - 0.4%
Daimei Telecom Engineering Corp. (e)	2,072,700		13,963
Industrial Conglomerates - 1.4%
DCC PLC (Ireland)	2,216,198		55,504
Machinery - 0.5%
John Bean Technologies Corp.	1,306,600		19,429
Professional Services - 4.7%
Benefit One, Inc. (e)	12,837		9,457
CBIZ, Inc. (a)(e)	5,313,124		31,507
en-japan, Inc. (a)	7,320		10,446
FTI Consulting, Inc. (a)	2,229,800		73,093
Towers Watson & Co.	1,057,973		47,503
VSE Corp. (e)	513,186		14,410
			186,416
Trading Companies & Distributors - 0.0%
MonotaRO Co. Ltd. (d)	30,000		266
TOTAL INDUSTRIALS			834,313
INFORMATION TECHNOLOGY - 36.2%
Communications Equipment - 3.0%
Emulex Corp. (a)	2,266,400		21,621
Mitsui Knowledge Industry Co. Ltd.	19,962		3,383
Opnext, Inc. (a)	3,982,175		5,495
ViaSat, Inc. (a)(e)	2,536,804		88,661
			119,160
Computers & Peripherals - 0.1%
Rimage Corp. (a)	291,757		4,464
Electronic Equipment & Components - 4.7%
Benchmark Electronics, Inc. (a)	2,897,600		40,653
Diploma PLC (e)	7,495,967		29,780
Electro Scientific Industries, Inc. (a)(e)	1,753,990		19,031
Insight Enterprises, Inc. (a)(e)	3,420,690		44,948
PC Connection, Inc. (a)	1,079,276		7,026
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
Vishay Intertechnology, Inc. (a)	3,134,900		$ 24,107
Vishay Precision Group, Inc. (a)(e)	1,230,606		17,831
			183,376
Internet Software & Services - 0.7%
Macromill, Inc.	4,399		6,785
Perficient, Inc. (a)(e)	2,123,752		18,434
			25,219
IT Services - 16.7%
Acxiom Corp. (a)(e)	5,485,710		67,995
Broadridge Financial Solutions, Inc.	2,249,226		48,021
CACI International, Inc. Class A (a)	1,244,200		50,776
CGI Group, Inc. Class A (sub. vtg.) (a)	5,210,545		72,031
Convergys Corp. (a)	4,453,800		45,117
DST Systems, Inc.	759,620		30,947
Euronet Worldwide, Inc. (a)	1,837,477		25,872
Fidelity National Information Services, Inc.	2,622,362		67,762
Global Cash Access Holdings, Inc. (a)	2,970,600		10,754
Groupe Steria SCA	1,054,374		25,979
Heartland Payment Systems, Inc.	1,224,299		17,324
Integral Systems, Inc. (a)(e)	1,412,288		9,547
MindTree Consulting Ltd.	834,563		8,897
Patni Computer Systems Ltd. sponsored ADR	1,166,133		22,273
Sopra Group SA	188,480		12,365
Syntel, Inc.	1,987,197		76,497
Telvent GIT SA (a)(d)	87,512		1,659
TNS, Inc. (a)(e)	2,300,300		34,551
WNS Holdings Ltd. sponsored ADR (a)(d)	3,441,306		31,247
			659,614
Semiconductors & Semiconductor Equipment - 5.2%
Axell Corp. (d)	253,500		7,528
centrotherm photovoltaics AG (a)(d)	630,321		26,759
DSP Group, Inc. (a)(e)	1,796,093		12,088
GT Solar International, Inc. (a)(d)(e)	10,849,500		83,867
Manz Automation AG (a)(d)	149,241		9,441
Microtune, Inc. (a)(e)	5,208,000		11,874
Omnivision Technologies, Inc. (a)	341,782		7,007
Roth & Rau AG (a)(d)	557,700		14,038
Rudolph Technologies, Inc. (a)	1,410,000		11,146
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Shinkawa Ltd.	223,700		$ 2,449
Silicon Image, Inc. (a)(e)	4,923,495		17,823
			204,020
Software - 5.8%
Deltek, Inc. (a)	2,013,575		14,397
ebix.com, Inc. (a)(d)(e)	1,992,318		37,137
EPIQ Systems, Inc. (e)	3,242,369		40,367
Infotech Enterprises Ltd.	727,323		2,428
JDA Software Group, Inc. (a)	1,469,997		33,766
NIIT Technologies Ltd. (e)	3,545,963		13,653
Progress Software Corp. (a)	1,581,200		42,234
S1 Corp. (a)(e)	3,057,080		14,888
Simplex Technology, Inc. (d)	5,915		3,865
SWORD Group (e)	636,565		20,856
Zensar Technologies Ltd.	1,719,840		6,159
			229,750
TOTAL INFORMATION TECHNOLOGY			1,425,603
MATERIALS - 1.3%
Chemicals - 0.1%
Fujikura Kasei Co., Ltd.	381,900		2,100
Metals & Mining - 1.2%
A.M. Castle & Co. (a)(e)	1,257,905		17,535
Reliance Steel & Aluminum Co.	819,800		30,538
			48,073
TOTAL MATERIALS			50,173
TELECOMMUNICATION SERVICES - 1.9%
Diversified Telecommunication Services - 0.9%
AboveNet, Inc. (a)	400,000		20,648
Premiere Global Services, Inc. (a)(e)	3,412,348		16,925
			37,573
Wireless Telecommunication Services - 1.0%
Syniverse Holdings, Inc. (a)	1,931,073		39,722
TOTAL TELECOMMUNICATION SERVICES			77,295
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.6%
Gas Utilities - 0.6%
UGI Corp.	858,800		$ 23,703
TOTAL COMMON STOCKS (Cost $3,678,066)		3,765,637
Money Market Funds - 6.3%

Fidelity Cash Central Fund, 0.24% (b)	182,439,199		182,439
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	64,872,044		64,872
TOTAL MONEY MARKET FUNDS (Cost $247,311)		247,311
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $3,925,377)			4,012,948
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(72,230)
NET ASSETS - 100%		$ 3,940,718

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 284
Fidelity Securities Lending Cash Central Fund	1,118
Total	$ 1,402

Other Affiliated Issuers

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

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
A.M. Castle & Co.	$ 16,479	$ -	$ -	$ -	$ 17,535
Acxiom Corp.	61,588	1,750	-	-	67,995
AFC Enterprises, Inc.	19,800	147	-	-	27,369
Alliant Techsystems, Inc.	144,241	15,510	-	-	123,369
AmSurg Corp.	47,742	-	-	-	38,429
Atlas Pipeline Holdings LP	-	15,819	-	-	19,739
Benefit One, Inc.	6,615	2,685	-	323	9,457
CBIZ, Inc.	17,978	18,925	-	-	31,507
Charming Shoppes, Inc.	17,278	20,159	-	-	23,643
COLTENE Holding AG	21,985	-	-	1,027	22,441
Cutera, Inc.	11,587	-	-	-	9,043
Cynosure, Inc. Class A	4,301	3,003	-	-	6,851
Daimei Telecom Engineering Corp.	11,667	4,118	-	208	13,963
Diploma PLC	21,178	-	-	301	29,780
DSP Group, Inc.	7,227	4,305	-	-	12,088
Dynamex, Inc.	13,111	409	-	-	9,609
ebix.com, Inc.	34,474	-	-	-	37,137
Einstein Noah Restaurant Group, Inc.	-	16,889	-	-	13,302
Electro Scientific Industries, Inc.	17,066	-	-	-	19,031
EPIQ Systems, Inc.	41,989	-	-	113	40,367
eResearchTechnology, Inc.	21,240	-	-	-	26,658
First Mercury Financial Corp.	14,719	-	-	2,357	10,347
GT Solar International, Inc.	-	62,191	-	-	83,867
Guerbet	24,094	-	5,464	295	-
Healthways, Inc.	57,102	-	-	-	41,571
Insight Enterprises, Inc.	9,954	30,424	-	-	44,948
Integral Systems, Inc.	9,759	2,663	-	-	9,547
Meiko Network Japan Co. Ltd.	12,072	4,786	-	486	18,669
Mercer Insurance Group, Inc.	11,272	-	-	164	11,377
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Microtune, Inc.	$ 9,062	$ -	$ -	$ -	$ 11,874
Molina Healthcare, Inc.	-	44,377	-	-	41,003
Natural Gas Services Group, Inc.	21,157	-	4,610	-	13,904
NIIT Technologies Ltd.	-	14,490	-	384	13,653
Opnext, Inc.	12,228	-	4,941	-	-
Perficient, Inc.	10,744	7,399	-	-	18,434
Petroleum Development Corp.	26,688	-	13,994	-	-
Premiere Global Services, Inc.	18,309	7,962	-	-	16,925
RC2 Corp.	-	25,803	-	-	26,523
S1 Corp.	-	18,300	-	-	14,888
Silicon Image, Inc.	14,722	-	4,439	-	17,823
Spice PLC	33,404	-	-	716	24,528
SWORD Group	9,811	12,995	-	464	20,856
TETRA Technologies, Inc.	77,762	-	-	-	62,975
TNS, Inc.	-	39,903	-	-	34,551
United Drug PLC (Ireland)	55,679	1,466	15,803	361	36,427
ViaSat, Inc.	77,753	-	-	-	88,661
Vishay Precision Group, Inc.	-	11,877	-	-	17,831
VSE Corp.	12,382	10,678	-	71	14,410
Total	$ 1,056,219	$ 399,033	$ 49,251	$ 7,270	$ 1,294,905

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $3,926,496,000. Net unrealized appreciation aggregated $86,452,000, of which $555,542,000 related to appreciated investment securities and $469,090,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805773.106

ATQG-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.1%
	Shares		Value
CONSUMER DISCRETIONARY - 13.7%
Auto Components - 0.5%
TRW Automotive Holdings Corp. (a)	2,400		$ 83,424
Automobiles - 0.4%
Ford Motor Co. (a)	6,600		74,514
Hotels, Restaurants & Leisure - 1.0%
McDonald's Corp.	2,300		168,038
Household Durables - 1.8%
iRobot Corp. (a)	2,200		36,454
La-Z-Boy, Inc. (a)	7,000		46,900
Tempur-Pedic International, Inc. (a)	8,300		222,440
			305,794
Internet & Catalog Retail - 2.0%
Amazon.com, Inc. (a)	2,600		324,558
Leisure Equipment & Products - 1.1%
Hasbro, Inc.	4,400		177,584
Media - 2.1%
DIRECTV (a)	4,800		182,016
The Walt Disney Co.	2,400		78,216
Virgin Media, Inc.	4,200		87,402
			347,634
Specialty Retail - 3.5%
Best Buy Co., Inc.	3,400		106,726
Sally Beauty Holdings, Inc. (a)(d)	22,100		190,723
TJX Companies, Inc.	4,600		182,574
Urban Outfitters, Inc. (a)	3,100		93,992
			574,015
Textiles, Apparel & Luxury Goods - 1.3%
Deckers Outdoor Corp. (a)	900		39,123
Phillips-Van Heusen Corp.	1,700		77,656
Polo Ralph Lauren Corp. Class A	1,300		98,462
			215,241
TOTAL CONSUMER DISCRETIONARY			2,270,802
CONSUMER STAPLES - 8.8%
Beverages - 2.6%
Anheuser-Busch InBev SA NV	1,558		81,051
Dr Pepper Snapple Group, Inc.	2,700		99,414
The Coca-Cola Co.	4,600		257,232
			437,697
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - continued
Food & Staples Retailing - 1.4%
Kroger Co.	4,000		$ 78,920
Wal-Mart Stores, Inc.	2,100		105,294
Walgreen Co.	1,600		43,008
			227,222
Food Products - 1.5%
Danone	844		45,362
Mead Johnson Nutrition Co. Class A	900		46,971
Nestle SA sponsored ADR	1,650		85,058
The J.M. Smucker Co.	800		46,784
Tingyi (Cayman Islands) Holding Corp.	12,000		30,328
			254,503
Household Products - 0.6%
Procter & Gamble Co.	1,700		101,439
Personal Products - 2.7%
BaWang International (Group) Holding Ltd.	32,000		14,645
Estee Lauder Companies, Inc. Class A	1,100		61,677
Hengan International Group Co. Ltd.	3,000		26,591
Herbalife Ltd.	4,400		244,552
Schiff Nutrition International, Inc.	10,700		92,127
			439,592
TOTAL CONSUMER STAPLES			1,460,453
ENERGY - 10.8%
Energy Equipment & Services - 2.5%
Baker Hughes, Inc.	1,300		48,854
Complete Production Services, Inc. (a)	1,000		17,640
Halliburton Co.	3,900		110,019
Newpark Resources, Inc. (a)	3,600		31,428
Schlumberger Ltd.	3,120		166,390
Weatherford International Ltd. (a)	2,600		38,766
			413,097
Oil, Gas & Consumable Fuels - 8.3%
Arch Coal, Inc.	1,100		24,761
Atlas Pipeline Partners, LP (a)	2,200		37,488
Chesapeake Energy Corp.	1,500		31,020
Chevron Corp.	1,400		103,824
Exxon Mobil Corp.	18,440		1,090,909
Massey Energy Co.	1,100		31,625
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Southwestern Energy Co. (a)	900		$ 29,448
Whiting Petroleum Corp. (a)	300		25,452
			1,374,527
TOTAL ENERGY			1,787,624
FINANCIALS - 5.2%
Capital Markets - 1.0%
Bank of New York Mellon Corp.	2,000		48,540
Goldman Sachs Group, Inc.	300		41,082
Morgan Stanley	3,170		78,267
			167,889
Commercial Banks - 1.1%
PNC Financial Services Group, Inc.	900		45,864
Regions Financial Corp.	11,300		72,659
Wells Fargo & Co.	2,500		58,875
			177,398
Consumer Finance - 1.0%
American Express Co.	3,400		135,558
SLM Corp. (a)	2,700		29,835
			165,393
Diversified Financial Services - 1.4%
Citigroup, Inc. (a)	33,900		126,108
JPMorgan Chase & Co.	2,800		101,808
			227,916
Real Estate Management & Development - 0.7%
CB Richard Ellis Group, Inc. Class A (a)	2,900		47,618
Henderson Land Development Co. Ltd.	2,000		12,238
Jones Lang LaSalle, Inc.	700		52,857
			112,713
TOTAL FINANCIALS			851,309
HEALTH CARE - 9.4%
Biotechnology - 3.4%
Alexion Pharmaceuticals, Inc. (a)	1,232		69,571
Amgen, Inc. (a)	600		30,624
Amicus Therapeutics, Inc. (a)	6,900		22,632
Amylin Pharmaceuticals, Inc. (a)	200		4,108
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
ARIAD Pharmaceuticals, Inc. (a)	10,700		$ 37,450
Biogen Idec, Inc. (a)	800		43,040
BioMarin Pharmaceutical, Inc. (a)	2,700		54,783
Dendreon Corp. (a)	650		23,296
Genzyme Corp. (a)	500		35,055
Gilead Sciences, Inc. (a)	5,400		172,044
Nanosphere, Inc. (a)	2,100		6,111
SIGA Technologies, Inc. (a)	2,200		16,489
Theravance, Inc. (a)	400		4,836
United Therapeutics Corp. (a)	1,000		46,220
			566,259
Health Care Equipment & Supplies - 1.7%
Alere, Inc. (a)	3,075		86,008
Edwards Lifesciences Corp. (a)	1,100		63,327
Hologic, Inc. (a)	4,900		69,531
Mako Surgical Corp. (a)	1,100		11,484
NuVasive, Inc. (a)	500		14,675
Orthovita, Inc. (a)	5,100		8,364
RTI Biologics, Inc. (a)	8,400		17,808
			271,197
Health Care Providers & Services - 1.0%
Express Scripts, Inc. (a)	2,100		89,460
Medco Health Solutions, Inc. (a)	1,400		60,872
Team Health Holdings, Inc.	1,400		17,654
			167,986
Health Care Technology - 1.5%
Cerner Corp. (a)	3,450		251,333
Life Sciences Tools & Services - 0.3%
Life Technologies Corp. (a)	1,100		47,047
Pharmaceuticals - 1.5%
Allergan, Inc.	1,600		98,272
Ardea Biosciences, Inc. (a)	300		6,042
Cadence Pharmaceuticals, Inc. (a)	5,400		42,660
MAP Pharmaceuticals, Inc. (a)	100		1,082
Teva Pharmaceutical Industries Ltd. sponsored ADR	800		40,464
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Valeant Pharmaceuticals International (a)	700		$ 40,383
ViroPharma, Inc. (a)	2,000		25,080
			253,983
TOTAL HEALTH CARE			1,557,805
INDUSTRIALS - 12.5%
Aerospace & Defense - 5.0%
Alliant Techsystems, Inc. (a)	1,300		85,670
DigitalGlobe, Inc. (a)	4,500		138,015
Precision Castparts Corp.	1,700		192,406
Raytheon Co.	2,200		96,624
United Technologies Corp.	4,900		319,529
			832,244
Air Freight & Logistics - 0.8%
C.H. Robinson Worldwide, Inc.	2,000		129,980
Airlines - 0.8%
AMR Corp. (a)	7,300		44,603
Delta Air Lines, Inc. (a)	4,500		47,070
Southwest Airlines Co.	3,900		43,095
			134,768
Building Products - 0.1%
Masco Corp.	2,400		25,176
Commercial Services & Supplies - 0.6%
Stericycle, Inc. (a)	1,400		91,700
Construction & Engineering - 1.3%
Fluor Corp.	2,000		89,320
Foster Wheeler Ag (a)	1,200		25,596
Jacobs Engineering Group, Inc. (a)	1,500		52,020
KBR, Inc.	2,000		46,400
			213,336
Electrical Equipment - 0.5%
American Superconductor Corp. (a)	3,000		80,670
Industrial Conglomerates - 0.4%
Textron, Inc.	4,400		75,108
Machinery - 1.9%
Cummins, Inc.	900		66,969
Duoyuan Global Water, Inc. ADR (a)(d)	2,300		48,898
Ingersoll-Rand Co. Ltd.	3,100		100,843
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
PACCAR, Inc.	1,400		$ 57,386
Weg SA	4,100		40,036
			314,132
Road & Rail - 0.6%
Union Pacific Corp.	1,400		102,116
Trading Companies & Distributors - 0.5%
WESCO International, Inc. (a)	2,400		77,472
TOTAL INDUSTRIALS			2,076,702
INFORMATION TECHNOLOGY - 32.4%
Communications Equipment - 5.3%
Cisco Systems, Inc. (a)	15,700		314,785
Juniper Networks, Inc. (a)	7,100		193,120
Motorola, Inc. (a)	11,500		86,595
QUALCOMM, Inc.	7,600		291,156
			885,656
Computers & Peripherals - 6.8%
Apple, Inc. (a)	3,560		866,397
Hewlett-Packard Co.	6,800		261,664
			1,128,061
Electronic Equipment & Components - 1.5%
Agilent Technologies, Inc. (a)	2,100		56,637
Ingram Micro, Inc. Class A (a)	9,800		147,588
Vishay Intertechnology, Inc. (a)	4,900		37,681
			241,906
Internet Software & Services - 5.1%
Baidu.com, Inc. sponsored ADR (a)	1,300		101,959
eBay, Inc. (a)	12,600		292,824
Google, Inc. Class A (a)	806		362,716
NetEase.com, Inc. sponsored ADR (a)	1,400		55,622
Rackspace Hosting, Inc. (a)	1,700		33,473
			846,594
IT Services - 4.7%
Cognizant Technology Solutions Corp. Class A (a)	3,400		195,857
International Business Machines Corp.	3,000		369,690
MasterCard, Inc. Class A	300		59,508
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
IT Services - continued
Teradata Corp. (a)	1,500		$ 49,110
Visa, Inc. Class A	1,500		103,470
			777,635
Semiconductors & Semiconductor Equipment - 3.1%
Intel Corp.	7,000		124,040
Marvell Technology Group Ltd. (a)	7,500		119,550
NVIDIA Corp. (a)	5,000		46,650
Power Integrations, Inc.	1,300		35,607
Skyworks Solutions, Inc. (a)	6,100		108,946
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	4,123		38,797
Teradyne, Inc. (a)	4,400		39,512
			513,102
Software - 5.9%
Autonomy Corp. PLC (a)	1,800		43,072
BMC Software, Inc. (a)	1,900		68,514
Check Point Software Technologies Ltd. (a)	1,400		48,846
Citrix Systems, Inc. (a)	1,100		63,734
Informatica Corp. (a)	2,900		93,264
Intuit, Inc. (a)	600		25,680
MICROS Systems, Inc. (a)	2,400		91,440
Microsoft Corp.	3,800		89,224
Nuance Communications, Inc. (a)	3,600		52,848
Radiant Systems, Inc. (a)	5,000		89,550
Red Hat, Inc. (a)	2,400		82,920
Salesforce.com, Inc. (a)	525		57,687
Solera Holdings, Inc.	1,400		55,552
Symantec Corp. (a)	3,600		49,068
VMware, Inc. Class A (a)	800		62,856
			974,255
TOTAL INFORMATION TECHNOLOGY			5,367,209
MATERIALS - 5.2%
Chemicals - 2.6%
Air Products & Chemicals, Inc.	900		66,627
Cabot Corp.	1,700		48,331
CF Industries Holdings, Inc.	1,200		111,000
Dow Chemical Co.	1,600		38,992
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
Monsanto Co.	1,800		$ 94,770
The Mosaic Co.	1,300		76,258
			435,978
Containers & Packaging - 0.2%
Owens-Illinois, Inc. (a)	1,500		37,590
Metals & Mining - 2.0%
AngloGold Ashanti Ltd. sponsored ADR	2,000		84,580
Freeport-McMoRan Copper & Gold, Inc.	700		50,386
Newmont Mining Corp.	3,100		190,092
			325,058
Paper & Forest Products - 0.4%
International Paper Co.	2,700		55,242
TOTAL MATERIALS			853,868
TELECOMMUNICATION SERVICES - 2.0%
Wireless Telecommunication Services - 2.0%
American Tower Corp. Class A (a)	3,700		173,382
Sprint Nextel Corp. (a)	37,600		153,408
			326,790
UTILITIES - 0.1%
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	2,200		22,528
TOTAL COMMON STOCKS (Cost $16,851,991)		16,575,090
Money Market Funds - 1.4%

Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c) (Cost $239,850)	239,850		239,850
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $17,091,841)			16,814,940
NET OTHER ASSETS (LIABILITIES) - (1.5)%			(252,138)
NET ASSETS - 100%		$ 16,562,802

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 369
Fidelity Securities Lending Cash Central Fund	1,151
Total	$ 1,520

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $17,191,060. Net unrealized depreciation aggregated $376,120, of which $1,148,249 related to appreciated investment securities and $1,524,369 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805739.106

EPG-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 16.3%
Auto Components - 0.2%
Gentex Corp.	345,300		$ 6,067
Automobiles - 0.9%
Bayerische Motoren Werke AG (BMW)	73,876		3,901
Harley-Davidson, Inc. (d)	780,200		18,974
			22,875
Diversified Consumer Services - 1.1%
Navitas Ltd.	2,091,637		8,265
Strayer Education, Inc. (d)	114,995		16,649
Universal Technical Institute, Inc.	337,383		5,213
			30,127
Hotels, Restaurants & Leisure - 3.6%
Chipotle Mexican Grill, Inc. (a)	12,600		1,900
Denny's Corp. (a)	902,180		2,152
Home Inns & Hotels Management, Inc. sponsored ADR (a)	104,337		4,378
Marriott International, Inc. Class A	181,249		5,802
McDonald's Corp.	470,500		34,375
Starbucks Corp.	1,085,701		24,960
Starwood Hotels & Resorts Worldwide, Inc.	231,155		10,802
The Cheesecake Factory, Inc. (a)	463,277		10,373
			94,742
Household Durables - 0.4%
Mohawk Industries, Inc. (a)	225,989		10,014
Internet & Catalog Retail - 2.0%
Amazon.com, Inc. (a)	430,204		53,702
Media - 1.7%
DIRECTV (a)	334,200		12,673
Discovery Communications, Inc. Class C (a)	365,509		12,354
Interpublic Group of Companies, Inc. (a)	1,305,049		11,132
McGraw-Hill Companies, Inc.	334,070		9,237
			45,396
Multiline Retail - 1.3%
Dollarama, Inc.	602,645		14,300
Dollarama, Inc. (e)	108,600		2,577
Target Corp.	360,026		18,419
			35,296
Specialty Retail - 3.1%
Bed Bath & Beyond, Inc. (a)	73,300		2,637
Lowe's Companies, Inc.	1,018,654		20,679
Ross Stores, Inc.	250,658		12,440
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
TJX Companies, Inc.	389,941		$ 15,477
Urban Outfitters, Inc. (a)	467,000		14,159
Vitamin Shoppe, Inc.	663,712		16,201
			81,593
Textiles, Apparel & Luxury Goods - 2.0%
Coach, Inc.	421,800		15,117
lululemon athletica, Inc. (a)(d)	586,089		19,353
LVMH Moet Hennessy - Louis Vuitton	24,223		2,817
Polo Ralph Lauren Corp. Class A	208,732		15,809
			53,096
TOTAL CONSUMER DISCRETIONARY			432,908
CONSUMER STAPLES - 5.7%
Beverages - 0.8%
The Coca-Cola Co.	367,559		20,554
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.	61,100		3,455
Walgreen Co.	485,369		13,047
Whole Foods Market, Inc. (a)	618,549		21,519
			38,021
Food Products - 0.9%
Diamond Foods, Inc. (d)	363,372		15,345
Mead Johnson Nutrition Co. Class A	186,600		9,739
			25,084
Household Products - 1.7%
Colgate-Palmolive Co.	352,710		26,044
Procter & Gamble Co.	300,641		17,939
			43,983
Personal Products - 0.9%
Estee Lauder Companies, Inc. Class A	125,271		7,024
Herbalife Ltd.	316,801		17,608
			24,632
TOTAL CONSUMER STAPLES			152,274
ENERGY - 3.5%
Energy Equipment & Services - 1.3%
Halliburton Co.	325,600		9,185
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Oceaneering International, Inc. (a)	54,400		$ 2,721
Schlumberger Ltd.	444,266		23,693
			35,599
Oil, Gas & Consumable Fuels - 2.2%
Concho Resources, Inc. (a)	116,287		6,793
Denbury Resources, Inc. (a)	1,015,223		14,964
Exxon Mobil Corp.	234,100		13,849
Southwestern Energy Co. (a)	339,605		11,112
Whiting Petroleum Corp. (a)	130,100		11,038
			57,756
TOTAL ENERGY			93,355
FINANCIALS - 6.1%
Capital Markets - 0.8%
BlackRock, Inc. Class A	60,300		8,560
Charles Schwab Corp.	708,401		9,039
Goldman Sachs Group, Inc.	21,000		2,876
JMP Group, Inc.	114,000		653
			21,128
Commercial Banks - 2.2%
M&T Bank Corp. (d)	73,645		6,307
PNC Financial Services Group, Inc.	335,781		17,111
Wells Fargo & Co.	1,520,517		35,808
			59,226
Consumer Finance - 1.3%
American Express Co.	859,500		34,268
Diversified Financial Services - 1.0%
CME Group, Inc.	18,605		4,616
JPMorgan Chase & Co.	619,602		22,529
			27,145
Insurance - 0.5%
AFLAC, Inc.	265,800		12,559
Real Estate Investment Trusts - 0.1%
Dynex Capital, Inc.	82,200		826
Real Estate Management & Development - 0.2%
CB Richard Ellis Group, Inc. Class A (a)	361,800		5,941
TOTAL FINANCIALS			161,093
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - 13.5%
Biotechnology - 2.5%
Alexion Pharmaceuticals, Inc. (a)	158,468		$ 8,949
Clinical Data, Inc. (a)	598,362		8,946
Human Genome Sciences, Inc. (a)	337,984		9,832
Incyte Corp. (a)	624,363		7,817
United Therapeutics Corp. (a)	687,338		31,769
			67,313
Health Care Equipment & Supplies - 1.7%
AGA Medical Holdings, Inc. (d)	665,932		9,090
C. R. Bard, Inc.	31,400		2,412
DENTSPLY International, Inc.	51,754		1,440
Edwards Lifesciences Corp. (a)	223,760		12,882
NuVasive, Inc. (a)(d)	444,330		13,041
Sonova Holding AG Class B	43,348		5,547
			44,412
Health Care Providers & Services - 3.3%
Emergency Medical Services Corp. Class A (a)	177,400		8,524
Express Scripts, Inc. (a)	842,234		35,879
Henry Schein, Inc. (a)	82,988		4,382
Medco Health Solutions, Inc. (a)	566,334		24,624
VCA Antech, Inc. (a)	754,428		14,915
			88,324
Life Sciences Tools & Services - 1.9%
Illumina, Inc. (a)	596,075		25,566
Life Technologies Corp. (a)	400,212		17,117
QIAGEN NV (a)(d)	368,300		6,563
			49,246
Pharmaceuticals - 4.1%
Allergan, Inc.	103,600		6,363
Biovail Corp. (d)	913,700		20,900
Novo Nordisk AS Series B	432,999		37,001
Perrigo Co.	289,600		16,504
Teva Pharmaceutical Industries Ltd. sponsored ADR	338,375		17,115
Valeant Pharmaceuticals International (a)	184,207		10,627
			108,510
TOTAL HEALTH CARE			357,805
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 13.9%
Aerospace & Defense - 5.8%
Esterline Technologies Corp. (a)	263,312		$ 12,112
Goodrich Corp.	332,600		22,776
Honeywell International, Inc.	628,354		24,562
Precision Castparts Corp.	181,900		20,587
TransDigm Group, Inc.	107,294		6,211
United Technologies Corp.	1,059,900		69,116
			155,364
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	274,800		17,859
Airlines - 0.4%
Southwest Airlines Co.	971,002		10,730
Building Products - 0.3%
Lennox International, Inc.	175,900		7,456
Commercial Services & Supplies - 0.9%
Higher One Holdings, Inc. (a)	411,400		4,768
Republic Services, Inc.	513,800		15,121
Waste Connections, Inc. (a)	124,000		4,681
			24,570
Construction & Engineering - 0.1%
Fluor Corp.	63,400		2,831
Electrical Equipment - 0.9%
Acuity Brands, Inc.	180,934		7,009
AMETEK, Inc.	345,500		14,853
Crompton Greaves Ltd.	483,642		3,047
			24,909
Industrial Conglomerates - 1.0%
3M Co.	331,604		26,047
Machinery - 2.5%
Cummins, Inc.	292,766		21,785
Danaher Corp.	409,632		14,882
Gardner Denver, Inc.	125,066		5,971
Ingersoll-Rand Co. Ltd.	184,830		6,013
PACCAR, Inc.	212,900		8,727
WABCO Holdings, Inc. (a)	75,800		2,673
Weg SA	758,700		7,409
			67,460
Professional Services - 0.8%
51job, Inc. sponsored ADR (a)	85,064		2,356
CoStar Group, Inc. (a)	37,735		1,557
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
Equifax, Inc.	53,800		$ 1,585
IHS, Inc. Class A (a)	50,900		3,145
Robert Half International, Inc.	546,200		11,787
			20,430
Road & Rail - 0.5%
Union Pacific Corp.	170,100		12,407
TOTAL INDUSTRIALS			370,063
INFORMATION TECHNOLOGY - 37.1%
Communications Equipment - 13.0%
Cisco Systems, Inc. (a)	6,226,815		124,848
DG FastChannel, Inc. (a)	164,477		2,605
Juniper Networks, Inc. (a)	2,924,693		79,552
Polycom, Inc. (a)	446,094		12,705
QUALCOMM, Inc.	2,573,118		98,576
Riverbed Technology, Inc. (a)	671,387		25,754
			344,040
Computers & Peripherals - 7.2%
Apple, Inc. (a)	621,579		151,276
EMC Corp. (a)	513,275		9,362
NetApp, Inc. (a)	762,544		30,837
			191,475
Electronic Equipment & Components - 2.1%
Agilent Technologies, Inc. (a)	1,425,677		38,451
Corning, Inc.	650,852		10,205
IPG Photonics Corp. (a)	234,952		5,089
Keyence Corp.	13,300		2,756
			56,501
Internet Software & Services - 6.1%
Baidu.com, Inc. sponsored ADR (a)	342,875		26,892
eBay, Inc. (a)	810,649		18,839
Google, Inc. Class A (a)	137,064		61,682
KIT Digital, Inc. (a)(d)	313,464		2,693
The Knot, Inc. (a)	316,945		2,238
VeriSign, Inc. (a)	775,714		22,597
WebMD Health Corp. (a)	556,033		28,324
			163,265
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 2.8%
Accenture PLC Class A	162,850		$ 5,960
Cognizant Technology Solutions Corp. Class A (a)	492,800		28,388
Fidelity National Information Services, Inc.	101,500		2,623
MasterCard, Inc. Class A	58,048		11,514
RightNow Technologies, Inc. (a)	181,409		3,033
Visa, Inc. Class A	334,963		23,106
			74,624
Semiconductors & Semiconductor Equipment - 1.8%
ARM Holdings PLC	676,500		3,776
ARM Holdings PLC sponsored ADR (d)	1,278,565		21,326
Avago Technologies Ltd.	446,189		8,991
Monolithic Power Systems, Inc. (a)	807,489		13,251
			47,344
Software - 4.1%
Advent Software, Inc. (a)(d)	8,403		417
Citrix Systems, Inc. (a)	529,549		30,682
Concur Technologies, Inc. (a)	65,490		3,063
Fortinet, Inc. (d)	320,765		6,540
Informatica Corp. (a)	132,500		4,261
Kingdee International Software Group Co. Ltd.	7,152,000		2,712
Oracle Corp.	607,441		13,291
Red Hat, Inc. (a)	176,200		6,088
Salesforce.com, Inc. (a)	121,392		13,339
Solera Holdings, Inc.	42,813		1,699
VanceInfo Technologies, Inc. ADR (a)	251,224		7,323
VMware, Inc. Class A (a)	239,785		18,840
			108,255
TOTAL INFORMATION TECHNOLOGY			985,504
MATERIALS - 2.7%
Chemicals - 1.6%
Air Products & Chemicals, Inc.	388,700		28,775
Ecolab, Inc.	127,500		6,044
Sherwin-Williams Co.	119,273		8,394
			43,213
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 1.1%
Consolidated Thompson Iron Mines Ltd. (a)	2,424,400		$ 19,100
Newmont Mining Corp.	143,300		8,787
			27,887
TOTAL MATERIALS			71,100
TELECOMMUNICATION SERVICES - 1.1%
Wireless Telecommunication Services - 1.1%
Syniverse Holdings, Inc. (a)	447,855		9,212
Vivo Participacoes SA sponsored ADR	813,000		19,512
			28,724
TOTAL COMMON STOCKS (Cost $2,628,312)		2,652,826
Money Market Funds - 2.0%

Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c) (Cost $54,498)	54,498,327		54,498
TOTAL INVESTMENT PORTFOLIO - 101.9% (Cost $2,682,810)			2,707,324
NET OTHER ASSETS (LIABILITIES) - (1.9)%			(51,452)
NET ASSETS - 100%		$ 2,655,872

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 43
Fidelity Securities Lending Cash Central Fund	500
Total	$ 543

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 432,908	$ 432,908	$ -	$ -
Consumer Staples	152,274	152,274	-	-
Energy	93,355	93,355	-	-
Financials	161,093	161,093	-	-
Health Care	357,805	320,804	37,001	-
Industrials	370,063	370,063	-	-
Information Technology	985,504	981,728	3,776	-
Materials	71,100	71,100	-	-
Telecommunication Services	28,724	28,724	-	-
Money Market Funds	54,498	54,498	-	-
Total Investments in Securities:	$ 2,707,324	$ 2,666,547	$ 40,777	$ -

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $2,700,924,000. Net unrealized appreciation aggregated $6,400,000, of which $255,956,000 related to appreciated investment securities and $249,556,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805771.106

EPI-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.4%
Auto Components - 1.4%
Johnson Controls, Inc.	714,862		$ 18,965
Michelin CGDE Series B	105,400		7,830
The Goodyear Tire & Rubber Co. (a)	997,300		9,215
			36,010
Automobiles - 1.4%
Daimler AG (Germany) (a)	148,904		7,240
Fiat SpA	580,923		6,807
Harley-Davidson, Inc.	691,000		16,805
Thor Industries, Inc.	112,500		2,626
Winnebago Industries, Inc. (a)	215,300		1,847
			35,325
Diversified Consumer Services - 0.4%
H&R Block, Inc.	841,900		10,818
Hotels, Restaurants & Leisure - 0.2%
Sands China Ltd.	2,549,600		3,959
Household Durables - 4.4%
KB Home	178,700		1,842
Lennar Corp. Class A	354,400		4,667
Newell Rubbermaid, Inc.	935,500		14,051
PulteGroup, Inc. (a)	360,700		2,896
Stanley Black & Decker, Inc.	389,583		20,897
Techtronic Industries Co. Ltd.	2,061,000		1,791
Toll Brothers, Inc. (a)	2,909,600		50,278
Whirlpool Corp.	185,708		13,772
			110,194
Internet & Catalog Retail - 0.2%
Liberty Media Corp. Interactive Series A (a)	438,874		4,630
Media - 2.3%
Belo Corp. Series A (a)	605,110		3,165
Comcast Corp.:
Class A	528,000		9,039
Class A (special) (non-vtg.)	451,800		7,260
The Walt Disney Co.	515,900		16,813
Time Warner, Inc.	675,400		20,248
			56,525
Multiline Retail - 1.7%
Kohl's Corp. (a)	278,700		13,093
Macy's, Inc.	543,900		10,573
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - continued
Target Corp.	356,700		$ 18,249
Tuesday Morning Corp. (a)	288,100		1,069
			42,984
Specialty Retail - 2.2%
Home Depot, Inc.	1,012,000		28,144
Lowe's Companies, Inc.	497,200		10,093
OfficeMax, Inc. (a)	253,200		2,466
RadioShack Corp.	296,100		5,472
Staples, Inc.	469,600		8,345
			54,520
Textiles, Apparel & Luxury Goods - 0.2%
Phillips-Van Heusen Corp.	85,284		3,896
Warnaco Group, Inc. (a)	60,400		2,530
			6,426
TOTAL CONSUMER DISCRETIONARY			361,391
CONSUMER STAPLES - 4.6%
Beverages - 0.8%
Carlsberg AS Series B	84,102		7,925
The Coca-Cola Co.	235,971		13,195
			21,120
Food & Staples Retailing - 1.2%
CVS Caremark Corp.	285,800		7,717
Kroger Co.	526,300		10,384
Walgreen Co.	305,440		8,210
Winn-Dixie Stores, Inc. (a)	356,790		2,341
			28,652
Food Products - 0.6%
Nestle SA	291,894		15,124
Household Products - 1.1%
Kimberly-Clark Corp.	10,100		650
Procter & Gamble Co.	442,825		26,423
			27,073
Tobacco - 0.9%
Philip Morris International, Inc.	438,100		22,536
TOTAL CONSUMER STAPLES			114,505
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 14.5%
Energy Equipment & Services - 2.5%
Baker Hughes, Inc.	449,533		$ 16,893
Halliburton Co.	388,636		10,963
Noble Corp.	582,817		18,137
Pride International, Inc. (a)	478,287		11,264
Schlumberger Ltd.	12,472		665
Transocean Ltd. (a)	60,377		3,073
			60,995
Oil, Gas & Consumable Fuels - 12.0%
Anadarko Petroleum Corp.	232,840		10,708
Apache Corp.	105,000		9,434
BP PLC sponsored ADR	332,287		11,574
Chevron Corp.	822,830		61,021
ConocoPhillips	569,900		29,880
CONSOL Energy, Inc.	272,800		8,784
Devon Energy Corp.	115,800		6,980
EOG Resources, Inc.	84,500		7,341
Exxon Mobil Corp.	1,109,944		65,664
Marathon Oil Corp.	402,119		12,261
Occidental Petroleum Corp.	241,434		17,644
Royal Dutch Shell PLC:
Class A sponsored ADR (e)	726,000		38,514
Class B ADR	135,700		6,965
Southwestern Energy Co. (a)	349,100		11,423
Ultra Petroleum Corp. (a)	70,600		2,754
			300,947
TOTAL ENERGY			361,942
FINANCIALS - 25.9%
Capital Markets - 4.8%
Bank of New York Mellon Corp.	820,310		19,909
Bank Sarasin & Co. Ltd. Series B (Reg.)	99,932		3,622
Goldman Sachs Group, Inc.	182,903		25,047
Morgan Stanley	1,424,301		35,166
State Street Corp.	424,231		14,882
UBS AG (a)	398,230		6,682
UBS AG (NY Shares) (a)	832,200		14,006
			119,314
Commercial Banks - 8.2%
Associated Banc-Corp.	1,048,552		12,646
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Barclays PLC	1,296,968		$ 5,955
BB&T Corp.	409,414		9,056
Comerica, Inc.	236,000		8,121
Huntington Bancshares, Inc.	963,200		5,095
KeyCorp	1,629,700		12,011
Marshall & Ilsley Corp.	436,000		2,856
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	1,827,800		8,682
Mizuho Financial Group, Inc.	2,112,300		3,239
PNC Financial Services Group, Inc.	997,389		50,827
U.S. Bancorp, Delaware	684,400		14,236
Wells Fargo & Co.	3,040,792		71,611
			204,335
Consumer Finance - 1.7%
American Express Co.	300,420		11,978
Capital One Financial Corp.	315,916		11,961
Discover Financial Services	890,700		12,924
SLM Corp. (a)	559,500		6,182
			43,045
Diversified Financial Services - 8.0%
Bank of America Corp.	5,623,116		70,008
Citigroup, Inc. (a)	6,947,698		25,845
CME Group, Inc.	18,922		4,694
JPMorgan Chase & Co.	2,369,547		86,159
Moody's Corp. (e)	688,599		14,557
			201,263
Insurance - 1.7%
Berkshire Hathaway, Inc. Class B (a)	63,700		5,018
First American Financial Corp.	242,992		3,604
Hartford Financial Services Group, Inc.	232,389		4,685
Marsh & McLennan Companies, Inc.	211,645		5,020
Montpelier Re Holdings Ltd.	377,053		5,973
The Travelers Companies, Inc.	157,903		7,734
Unum Group	371,226		7,443
XL Capital Ltd. Class A	211,391		3,786
			43,263
Real Estate Investment Trusts - 1.1%
Boston Properties, Inc.	70,821		5,765
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - continued
HCP, Inc.	509,700		$ 17,952
Segro PLC	731,100		3,032
			26,749
Real Estate Management & Development - 0.4%
CB Richard Ellis Group, Inc. Class A (a)	564,300		9,266
Unite Group PLC (a)	379,028		1,093
			10,359
TOTAL FINANCIALS			648,328
HEALTH CARE - 8.3%
Biotechnology - 1.3%
Amgen, Inc. (a)	348,100		17,767
Cephalon, Inc. (a)	77,700		4,399
Genta, Inc. (a)	1		0
Gilead Sciences, Inc. (a)	328,607		10,469
			32,635
Health Care Equipment & Supplies - 1.1%
C. R. Bard, Inc.	100,095		7,690
CareFusion Corp. (a)	399,800		8,628
Covidien PLC	80,600		2,848
Stryker Corp.	201,200		8,690
			27,856
Health Care Providers & Services - 0.5%
UnitedHealth Group, Inc.	355,600		11,280
Pharmaceuticals - 5.4%
Johnson & Johnson	414,083		23,611
Merck & Co., Inc.	1,198,491		42,139
Pfizer, Inc.	3,586,829		57,138
Sanofi-Aventis	228,458		13,080
			135,968
TOTAL HEALTH CARE			207,739
INDUSTRIALS - 10.9%
Aerospace & Defense - 2.8%
Goodrich Corp.	65,100		4,458
Honeywell International, Inc.	514,562		20,114
Spirit AeroSystems Holdings, Inc. Class A (a)	407,100		7,873
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Aerospace & Defense - continued
The Boeing Co.	229,200		$ 14,011
United Technologies Corp.	347,700		22,674
			69,130
Building Products - 0.4%
Armstrong World Industries, Inc. (a)	60,505		2,378
Masco Corp.	706,300		7,409
			9,787
Commercial Services & Supplies - 0.2%
Pitney Bowes, Inc.	181,900		3,500
Republic Services, Inc.	70,500		2,075
			5,575
Construction & Engineering - 0.7%
Fluor Corp.	164,200		7,333
KBR, Inc.	472,800		10,969
			18,302
Industrial Conglomerates - 3.5%
General Electric Co.	2,712,049		39,270
Koninklijke Philips Electronics NV unit	201,500		5,624
Rheinmetall AG	172,700		9,561
Siemens AG sponsored ADR	214,400		19,410
Textron, Inc.	412,300		7,038
Tyco International Ltd.	195,300		7,281
			88,184
Machinery - 2.5%
Briggs & Stratton Corp.	586,610		10,647
Caterpillar, Inc.	63,500		4,138
Cummins, Inc.	202,800		15,090
Eaton Corp.	45,800		3,182
Ingersoll-Rand Co. Ltd.	372,400		12,114
Kennametal, Inc.	243,100		6,126
Navistar International Corp. (a)	135,400		5,671
Parker Hannifin Corp.	20,200		1,195
SPX Corp.	74,100		4,154
			62,317
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 0.8%
CSX Corp.	183,700		$ 9,165
Union Pacific Corp.	135,600		9,891
			19,056
TOTAL INDUSTRIALS			272,351
INFORMATION TECHNOLOGY - 6.0%
Communications Equipment - 0.6%
Cisco Systems, Inc. (a)	432,091		8,663
Comverse Technology, Inc. (a)	804,375		4,183
Motorola, Inc. (a)	474,153		3,570
			16,416
Computers & Peripherals - 0.8%
Hewlett-Packard Co.	512,239		19,711
Electronic Equipment & Components - 1.3%
Agilent Technologies, Inc. (a)	338,388		9,126
Arrow Electronics, Inc. (a)	157,862		3,612
Avnet, Inc. (a)	269,700		6,176
Tyco Electronics Ltd.	522,700		12,817
			31,731
IT Services - 0.3%
CoreLogic, Inc. (a)	169,575		2,929
MoneyGram International, Inc. (a)	232,100		469
Visa, Inc. Class A	60,374		4,165
			7,563
Office Electronics - 0.3%
Xerox Corp.	826,200		6,973
Semiconductors & Semiconductor Equipment - 2.7%
Analog Devices, Inc.	110,700		3,086
Applied Materials, Inc.	1,271,300		13,209
Intel Corp.	1,446,200		25,627
Micron Technology, Inc. (a)	951,800		6,153
National Semiconductor Corp.	791,400		9,980
Samsung Electronics Co. Ltd.	6,723		4,239
Teradyne, Inc. (a)	196,400		1,764
Varian Semiconductor Equipment Associates, Inc. (a)	195,600		4,855
			68,913
TOTAL INFORMATION TECHNOLOGY			151,307
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - 2.6%
Chemicals - 1.8%
Clariant AG (Reg.) (a)	729,742		$ 9,388
Dow Chemical Co.	326,068		7,946
E.I. du Pont de Nemours & Co.	375,500		15,309
Monsanto Co.	131,700		6,934
Wacker Chemie AG	29,900		4,536
			44,113
Construction Materials - 0.1%
HeidelbergCement AG	100,400		4,028
Metals & Mining - 0.6%
Alcoa, Inc.	663,900		6,778
Commercial Metals Co.	230,800		3,007
Freeport-McMoRan Copper & Gold, Inc.	68,113		4,903
			14,688
Paper & Forest Products - 0.1%
Weyerhaeuser Co.	156,266		2,453
TOTAL MATERIALS			65,282
TELECOMMUNICATION SERVICES - 5.8%
Diversified Telecommunication Services - 5.3%
AT&T, Inc.	2,400,656		64,890
Frontier Communications Corp.	409,699		3,167
Qwest Communications International, Inc.	3,478,600		19,654
Telenet Group Holding NV	20,127		601
Verizon Communications, Inc.	1,477,183		43,592
			131,904
Wireless Telecommunication Services - 0.5%
Sprint Nextel Corp. (a)	3,099,436		12,646
TOTAL TELECOMMUNICATION SERVICES			144,550
UTILITIES - 4.0%
Electric Utilities - 2.7%
Allegheny Energy, Inc.	453,009		10,215
American Electric Power Co., Inc.	648,436		22,961
Entergy Corp.	146,480		11,548
FirstEnergy Corp.	537,453		19,633
PPL Corp.	79,800		2,167
			66,524
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Independent Power Producers & Energy Traders - 0.6%
AES Corp. (a)	1,375,700		$ 14,087
Multi-Utilities - 0.7%
Alliant Energy Corp.	204,037		7,145
CMS Energy Corp.	292,100		5,112
PG&E Corp.	70,463		3,295
Public Service Enterprise Group, Inc.	100,584		3,215
			18,767
TOTAL UTILITIES			99,378
TOTAL COMMON STOCKS (Cost $2,441,592)		2,426,773
Preferred Stocks - 1.3%

Convertible Preferred Stocks - 1.2%
ENERGY - 0.1%
Oil, Gas & Consumable Fuels - 0.1%
Apache Corp. 6.00% (a)	55,800		3,015
FINANCIALS - 0.9%
Commercial Banks - 0.2%
Huntington Bancshares, Inc. 8.50%	5,200		5,382
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	50,900		5,826
Insurance - 0.5%
Hartford Financial Services Group, Inc. Series F 7.25%	167,000		3,690
XL Capital Ltd. 10.75%	292,900		7,929
			11,619
TOTAL FINANCIALS			22,827
UTILITIES - 0.2%
Electric Utilities - 0.2%
PPL Corp. 9.50% (a)	62,300		3,517
TOTAL CONVERTIBLE PREFERRED STOCKS			29,359
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 0.1%
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.1%
Volkswagen AG	40,294		$ 4,011
TOTAL PREFERRED STOCKS (Cost $29,197)		33,370

Convertible Bonds - 0.9%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.6%
Automobiles - 0.3%
Ford Motor Co. 4.25% 11/15/16	$ 6,130		8,511
Hotels, Restaurants & Leisure - 0.2%
MGM Mirage, Inc. 4.25% 4/15/15 (f)	4,770		3,908
Leisure Equipment & Products - 0.0%
Eastman Kodak Co. 7% 4/1/17 (f)	1,240		1,058
Media - 0.1%
Liberty Global, Inc. 4.5% 11/15/16 (f)	2,050		2,511
TOTAL CONSUMER DISCRETIONARY			15,988
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (a)(d)(f)	3,390		3,314
INDUSTRIALS - 0.1%
Airlines - 0.1%
AMR Corp. 6.25% 10/15/14	1,170		1,102
INFORMATION TECHNOLOGY - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology, Inc. 1.875% 6/1/14	3,420		2,965
TOTAL CONVERTIBLE BONDS (Cost $21,637)		23,369

Money Market Funds - 1.1%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.24% (b)	15,258,980		$ 15,259
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	12,760,000		12,760
TOTAL MONEY MARKET FUNDS (Cost $28,019)		28,019
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $2,520,445)			2,511,531
NET OTHER ASSETS (LIABILITIES) - (0.3)%			(8,104)
NET ASSETS - 100%		$ 2,503,427

Legend

(a) Non-income producing

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

(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	$ 27
Fidelity Securities Lending Cash Central Fund	294
Total	$ 321

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 365,402	$ 358,162	$ 7,240	$ -
Consumer Staples	114,505	114,505	-	-
Energy	364,957	364,957	-	-
Financials	671,155	640,381	30,774	-
Health Care	207,739	194,659	13,080	-
Industrials	272,351	272,351	-	-
Information Technology	151,307	151,307	-	-
Materials	65,282	65,282	-	-
Telecommunication Services	144,550	144,550	-	-
Utilities	102,895	99,378	3,517	-
Corporate Bonds	23,369	-	23,369	-
Money Market Funds	28,019	28,019	-	-
Total Investments in Securities:	$ 2,511,531	$ 2,433,551	$ 77,980	$ -

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $2,593,143,000. Net unrealized depreciation aggregated $81,612,000, of which $300,599,000 related to appreciated investment securities and $382,211,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805740.106

GO-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 0.7%
Johnson Controls, Inc.	122,000		$ 3,237
Tenneco, Inc. (a)	247,400		6,116
			9,353
Automobiles - 0.2%
Ford Motor Co. (a)	161,200		1,820
Diversified Consumer Services - 1.0%
Coinstar, Inc. (a)(d)	298,300		12,976
Hotels, Restaurants & Leisure - 4.7%
BJ's Restaurants, Inc. (a)	285,921		6,845
Buffalo Wild Wings, Inc. (a)(d)	36,000		1,506
Chipotle Mexican Grill, Inc. (a)	6,000		905
Hyatt Hotels Corp. Class A	466,800		17,580
Las Vegas Sands Corp. unit	13,100		6,240
McDonald's Corp.	193,900		14,166
Starbucks Corp.	280,300		6,444
Starwood Hotels & Resorts Worldwide, Inc.	104,900		4,902
Texas Roadhouse, Inc. Class A (a)	224,000		2,970
			61,558
Household Durables - 0.9%
Lennar Corp. Class A	428,500		5,643
Tempur-Pedic International, Inc. (a)	84,800		2,273
Tupperware Brands Corp.	101,600		3,997
			11,913
Internet & Catalog Retail - 1.7%
Amazon.com, Inc. (a)	174,200		21,745
MakeMyTrip Ltd.	4,200		143
			21,888
Media - 1.0%
Comcast Corp. Class A	66,500		1,138
DIRECTV (a)	173,300		6,572
DreamWorks Animation SKG, Inc. Class A (a)	40,200		1,191
The Walt Disney Co.	122,000		3,976
			12,877
Multiline Retail - 0.8%
Target Corp.	210,800		10,785
Specialty Retail - 1.7%
Bed Bath & Beyond, Inc. (a)	54,000		1,942
Best Buy Co., Inc.	104,000		3,265
Home Depot, Inc.	156,000		4,338
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Jos. A. Bank Clothiers, Inc. (a)	80,400		$ 2,937
Lumber Liquidators Holdings, Inc. (a)(d)	92,509		1,853
Staples, Inc.	283,700		5,041
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	114,600		2,596
			21,972
Textiles, Apparel & Luxury Goods - 2.7%
Coach, Inc.	146,100		5,236
lululemon athletica, Inc. (a)(d)	480,170		15,855
NIKE, Inc. Class B	54,700		3,829
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)	400,800		10,208
			35,128
TOTAL CONSUMER DISCRETIONARY			200,270
CONSUMER STAPLES - 6.7%
Beverages - 2.1%
Dr Pepper Snapple Group, Inc.	205,500		7,567
PepsiCo, Inc.	84,900		5,449
The Coca-Cola Co.	250,100		13,986
			27,002
Food & Staples Retailing - 1.5%
Costco Wholesale Corp.	67,500		3,817
Wal-Mart Stores, Inc.	255,380		12,805
Walgreen Co.	93,500		2,513
			19,135
Food Products - 0.4%
Green Mountain Coffee Roasters, Inc. (a)	159,300		4,910
Household Products - 0.2%
Procter & Gamble Co.	35,600		2,124
Personal Products - 1.1%
Avon Products, Inc.	199,542		5,807
Herbalife Ltd.	136,200		7,570
Nu Skin Enterprises, Inc. Class A	66,200		1,693
			15,070
Tobacco - 1.4%
Philip Morris International, Inc.	367,590		18,909
TOTAL CONSUMER STAPLES			87,150
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 6.8%
Energy Equipment & Services - 2.4%
FMC Technologies, Inc. (a)	36,670		$ 2,268
Halliburton Co.	156,500		4,415
National Oilwell Varco, Inc.	85,088		3,198
Schlumberger Ltd.	358,800		19,135
Transocean Ltd. (a)	38,986		1,984
			31,000
Oil, Gas & Consumable Fuels - 4.4%
Cameco Corp.	58,600		1,430
Chesapeake Energy Corp.	194,064		4,013
EOG Resources, Inc.	44,800		3,892
EXCO Resources, Inc.	118,800		1,598
Exxon Mobil Corp.	596,300		35,277
Occidental Petroleum Corp.	33,400		2,441
Petrohawk Energy Corp. (a)	353,700		5,348
Southwestern Energy Co. (a)	120,093		3,929
			57,928
TOTAL ENERGY			88,928
FINANCIALS - 3.0%
Capital Markets - 0.6%
Charles Schwab Corp.	229,200		2,925
Goldman Sachs Group, Inc.	13,791		1,889
Knight Capital Group, Inc. Class A (a)	107,300		1,275
Morgan Stanley	44,400		1,096
			7,185
Commercial Banks - 0.5%
Signature Bank, New York (a)	45,400		1,659
Wells Fargo & Co.	194,100		4,571
			6,230
Consumer Finance - 0.9%
Discover Financial Services	768,833		11,156
Diversified Financial Services - 0.9%
BM&F Bovespa SA	601,758		4,369
Citigroup, Inc. (a)	395,000		1,469
CME Group, Inc.	4,400		1,092
JPMorgan Chase & Co.	140,400		5,105
			12,035
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.1%
Simon Property Group, Inc.	21,578		$ 1,952
TOTAL FINANCIALS			38,558
HEALTH CARE - 16.2%
Biotechnology - 11.9%
Alexion Pharmaceuticals, Inc. (a)	205,400		11,599
Alkermes, Inc. (a)	237,628		3,151
Alnylam Pharmaceuticals, Inc. (a)(d)	221,943		3,041
Celgene Corp. (a)	66,335		3,418
Cepheid, Inc. (a)	512,999		7,546
Dendreon Corp. (a)	510,900		18,311
Exelixis, Inc. (a)	216,500		641
Human Genome Sciences, Inc. (a)	608,258		17,694
ImmunoGen, Inc. (a)(d)	722,272		3,871
Immunomedics, Inc. (a)(d)	1,731,587		4,952
InterMune, Inc. (a)(d)	553,500		5,767
Isis Pharmaceuticals, Inc. (a)(d)	1,192,434		9,349
Metabolix, Inc. (a)(d)	456,800		5,171
Micromet, Inc. (a)(d)	339,034		2,082
Momenta Pharmaceuticals, Inc. (a)	96,000		1,387
Myrexis, Inc. (a)	291,900		1,095
Pharmasset, Inc. (a)	246,447		5,986
Regeneron Pharmaceuticals, Inc. (a)	480,300		10,557
Rigel Pharmaceuticals, Inc. (a)	821,200		6,430
Seattle Genetics, Inc. (a)	1,471,110		16,844
Transition Therapeutics, Inc. (a)	537,433		2,213
Vertex Pharmaceuticals, Inc. (a)	437,790		14,596
			155,701
Health Care Equipment & Supplies - 0.9%
Baxter International, Inc.	45,000		1,915
Hospira, Inc. (a)	155,500		7,986
Thoratec Corp. (a)	59,600		1,919
			11,820
Health Care Providers & Services - 0.8%
Express Scripts, Inc. (a)	105,300		4,486
McKesson Corp.	44,900		2,606
Medco Health Solutions, Inc. (a)	79,600		3,461
			10,553
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Technology - 0.1%
Cerner Corp. (a)	17,800		$ 1,297
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)	109,500		4,696
Pharmaceuticals - 2.1%
Abbott Laboratories	186,800		9,217
Allergan, Inc.	90,400		5,552
Elan Corp. PLC sponsored ADR (a)	664,100		2,909
Johnson & Johnson	45,200		2,577
MAP Pharmaceuticals, Inc. (a)(d)	346,857		3,751
Teva Pharmaceutical Industries Ltd. sponsored ADR	56,100		2,838
			26,844
TOTAL HEALTH CARE			210,911
INDUSTRIALS - 6.5%
Aerospace & Defense - 1.7%
Honeywell International, Inc.	137,100		5,359
ITT Corp.	57,900		2,461
The Boeing Co.	233,200		14,256
			22,076
Air Freight & Logistics - 1.1%
C.H. Robinson Worldwide, Inc.	22,800		1,482
United Parcel Service, Inc. Class B	198,700		12,677
			14,159
Construction & Engineering - 0.2%
Fluor Corp.	32,500		1,451
Quanta Services, Inc. (a)	81,559		1,463
			2,914
Electrical Equipment - 0.0%
American Superconductor Corp. (a)(d)	25,800		694
Industrial Conglomerates - 1.2%
3M Co.	113,900		8,947
General Electric Co.	442,100		6,402
			15,349
Machinery - 1.6%
Caterpillar, Inc.	154,800		10,087
Danaher Corp.	208,200		7,564
Deere & Co.	43,100		2,727
			20,378
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - 0.7%
Union Pacific Corp.	124,200		$ 9,059
TOTAL INDUSTRIALS			84,629
INFORMATION TECHNOLOGY - 41.7%
Communications Equipment - 4.1%
Cisco Systems, Inc. (a)	951,800		19,084
F5 Networks, Inc. (a)	73,100		6,391
Infinera Corp. (a)	619,526		5,229
Juniper Networks, Inc. (a)	164,300		4,469
QUALCOMM, Inc.	293,495		11,244
Research In Motion Ltd. (a)	26,400		1,132
Riverbed Technology, Inc. (a)	146,150		5,606
			53,155
Computers & Peripherals - 7.2%
Apple, Inc. (a)	294,658		71,709
Hewlett-Packard Co.	329,300		12,671
NetApp, Inc. (a)	227,800		9,212
			93,592
Electronic Equipment & Components - 1.2%
Corning, Inc.	77,500		1,215
E Ink Holdings, Inc. GDR (a)(e)	10,600		157
Universal Display Corp. (a)(d)	715,400		14,101
			15,473
Internet Software & Services - 4.5%
Baidu.com, Inc. sponsored ADR (a)	82,800		6,494
eBay, Inc. (a)	121,400		2,821
Google, Inc. Class A (a)	80,015		36,008
LogMeIn, Inc. (a)	232,300		7,612
OpenTable, Inc. (a)(d)	107,300		5,719
			58,654
IT Services - 4.6%
Cognizant Technology Solutions Corp. Class A (a)	191,216		11,015
CoreLogic, Inc. (a)	115,900		2,002
International Business Machines Corp.	115,000		14,171
MasterCard, Inc. Class A	21,200		4,205
VeriFone Holdings, Inc. (a)	337,900		8,170
Visa, Inc. Class A	296,200		20,432
			59,995
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 9.6%
Advanced Micro Devices, Inc. (a)	502,900		$ 2,826
Analog Devices, Inc.	46,200		1,288
Applied Materials, Inc.	174,600		1,814
Atheros Communications, Inc. (a)	323,400		7,975
Broadcom Corp. Class A	245,400		7,355
Cree, Inc. (a)	231,800		12,411
Cypress Semiconductor Corp. (a)	1,592,568		16,857
First Solar, Inc. (a)(d)	38,800		4,961
Intel Corp.	604,980		10,720
International Rectifier Corp. (a)	298,100		5,470
NVIDIA Corp. (a)	883,800		8,246
Power Integrations, Inc.	35,900		983
Rambus, Inc. (a)(d)	611,400		10,901
Rubicon Technology, Inc. (a)(d)	223,895		5,488
Silicon Laboratories, Inc. (a)(d)	588,600		22,449
Tessera Technologies, Inc. (a)	140,458		2,135
Xilinx, Inc.	145,900		3,523
			125,402
Software - 10.5%
ArcSight, Inc. (a)	310,600		11,927
Citrix Systems, Inc. (a)	132,700		7,689
Microsoft Corp.	799,300		18,768
Oracle Corp.	387,100		8,470
QLIK Technologies, Inc.	77,074		1,436
RealD, Inc. (d)	42,800		715
RealPage, Inc.	50,825		852
Red Hat, Inc. (a)	783,300		27,063
Salesforce.com, Inc. (a)	371,700		40,842
Solera Holdings, Inc.	75,500		2,996
SuccessFactors, Inc. (a)	498,900		10,527
TiVo, Inc. (a)	825,300		6,487
			137,772
TOTAL INFORMATION TECHNOLOGY			544,043
MATERIALS - 2.1%
Chemicals - 0.7%
Dow Chemical Co.	102,500		2,498
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Monsanto Co.	83,800		$ 4,412
The Mosaic Co.	28,700		1,684
			8,594
Metals & Mining - 1.4%
Barrick Gold Corp. (d)	108,200		5,069
Freeport-McMoRan Copper & Gold, Inc.	144,900		10,430
Molycorp, Inc.	37,200		623
Nucor Corp.	74,100		2,725
			18,847
TOTAL MATERIALS			27,441
TOTAL COMMON STOCKS (Cost $1,146,991)		1,281,930
Money Market Funds - 9.0%

Fidelity Cash Central Fund, 0.24% (b)	20,779,364		20,779
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	96,727,470		96,727
TOTAL MONEY MARKET FUNDS (Cost $117,506)		117,506
TOTAL INVESTMENT PORTFOLIO - 107.4% (Cost $1,264,497)			1,399,436
NET OTHER ASSETS (LIABILITIES) - (7.4)%			(95,926)
NET ASSETS - 100%		$ 1,303,510

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 14
Fidelity Securities Lending Cash Central Fund	638
Total	$ 652

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 200,270	$ 194,030	$ 6,240	$ -
Consumer Staples	87,150	87,150	-	-
Energy	88,928	88,928	-	-
Financials	38,558	38,558	-	-
Health Care	210,911	210,911	-	-
Industrials	84,629	84,629	-	-
Information Technology	544,043	544,043	-	-
Materials	27,441	27,441	-	-
Money Market Funds	117,506	117,506	-	-
Total Investments in Securities:	$ 1,399,436	$ 1,393,196	$ 6,240	$ -

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $1,267,988,000. Net unrealized appreciation aggregated $131,448,000, of which $244,796,000 related to appreciated investment securities and $113,348,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805746.106

LC-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
CONSUMER DISCRETIONARY - 9.0%
Auto Components - 0.2%
Johnson Controls, Inc.	68,756		$ 1,824,097
Diversified Consumer Services - 0.2%
Strayer Education, Inc.	17,700		2,562,606
Hotels, Restaurants & Leisure - 0.1%
Yum! Brands, Inc.	13,700		571,290
Household Durables - 0.9%
KB Home (e)	591,079		6,094,024
Lennar Corp. Class A	226,973		2,989,234
			9,083,258
Internet & Catalog Retail - 0.2%
Amazon.com, Inc. (a)	16,612		2,073,676
Media - 1.8%
Comcast Corp. Class A (special) (non-vtg.)	772,372		12,412,018
McGraw-Hill Companies, Inc.	56,970		1,575,221
Time Warner, Inc.	77,890		2,335,142
Viacom, Inc. Class B (non-vtg.)	79,900		2,510,458
			18,832,839
Multiline Retail - 0.9%
Nordstrom, Inc.	36,231		1,047,801
Target Corp.	163,614		8,370,492
			9,418,293
Specialty Retail - 4.3%
Best Buy Co., Inc.	273,512		8,585,542
CarMax, Inc. (a)	116,200		2,315,866
Home Depot, Inc.	264,738		7,362,364
Lowe's Companies, Inc.	561,644		11,401,373
Office Depot, Inc. (a)	89,800		306,218
Select Comfort Corp. (a)	103,200		557,280
Staples, Inc.	761,892		13,538,821
			44,067,464
Textiles, Apparel & Luxury Goods - 0.4%
Hanesbrands, Inc. (a)	110,719		2,650,613
Warnaco Group, Inc. (a)	46,800		1,959,984
			4,610,597
TOTAL CONSUMER DISCRETIONARY			93,044,120
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 6.1%
Beverages - 1.3%
PepsiCo, Inc.	133,457		$ 8,565,270
The Coca-Cola Co.	93,114		5,206,935
			13,772,205
Food & Staples Retailing - 0.6%
Walgreen Co.	243,089		6,534,232
Food Products - 0.8%
Archer Daniels Midland Co.	89,807		2,764,259
Danone	97,011		5,213,974
Tingyi (Cayman Islands) Holding Corp.	42,000		106,149
			8,084,382
Household Products - 1.0%
Colgate-Palmolive Co.	42,300		3,123,432
Kimberly-Clark Corp.	81,229		5,231,148
Mcbride PLC	120,900		258,701
Reckitt Benckiser Group PLC	23,300		1,166,192
			9,779,473
Personal Products - 0.3%
Alberto-Culver Co.	104,326		3,239,322
Hengan International Group Co. Ltd.	12,000		106,365
			3,345,687
Tobacco - 2.1%
Lorillard, Inc.	72,313		5,496,511
Philip Morris International, Inc.	320,943		16,509,308
			22,005,819
TOTAL CONSUMER STAPLES			63,521,798
ENERGY - 13.6%
Energy Equipment & Services - 2.9%
Baker Hughes, Inc.	144,847		5,443,350
Dresser-Rand Group, Inc. (a)	137,990		4,901,405
Halliburton Co.	66,950		1,888,660
Noble Corp.	60,386		1,879,212
Schlumberger Ltd.	116,332		6,203,986
Weatherford International Ltd. (a)	655,204		9,769,092
			30,085,705
Oil, Gas & Consumable Fuels - 10.7%
Anadarko Petroleum Corp.	44,165		2,031,148
Chevron Corp.	415,370		30,803,839
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
EXCO Resources, Inc.	203,609		$ 2,738,541
Exxon Mobil Corp.	779,325		46,104,867
Hess Corp.	93,645		4,705,661
Marathon Oil Corp.	177,127		5,400,602
Occidental Petroleum Corp.	140,400		10,260,432
Penn West Energy Trust	6,500		122,106
Southwestern Energy Co. (a)	60,412		1,976,681
Suncor Energy, Inc.	238,300		7,221,077
			111,364,954
TOTAL ENERGY			141,450,659
FINANCIALS - 22.0%
Capital Markets - 1.2%
Bank of New York Mellon Corp.	255,399		6,198,534
Morgan Stanley	277,105		6,841,722
			13,040,256
Commercial Banks - 9.1%
Banco Santander SA	17,895		208,407
BB&T Corp.	324,680		7,181,922
Marshall & Ilsley Corp.	135,350		886,543
PNC Financial Services Group, Inc.	167,477		8,534,628
Regions Financial Corp.	988,526		6,356,222
SunTrust Banks, Inc.	201,980		4,542,530
U.S. Bancorp, Delaware	648,315		13,484,952
Wells Fargo & Co.	2,261,561		53,259,761
			94,454,965
Diversified Financial Services - 9.6%
Bank of America Corp.	2,826,839		35,194,146
Citigroup, Inc. (a)	2,654,491		9,874,707
JPMorgan Chase & Co.	1,302,617		47,363,154
KKR Financial Holdings LLC	891,835		6,938,476
			99,370,483
Insurance - 0.7%
Allstate Corp.	56,050		1,546,980
Genworth Financial, Inc. Class A (a)	311,121		3,369,440
Lincoln National Corp.	108,948		2,545,025
			7,461,445
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 0.8%
CB Richard Ellis Group, Inc. Class A (a)	491,698		$ 8,073,681
Thrifts & Mortgage Finance - 0.6%
MGIC Investment Corp. (a)	109		787
Radian Group, Inc.	924,722		5,853,490
			5,854,277
TOTAL FINANCIALS			228,255,107
HEALTH CARE - 14.1%
Biotechnology - 1.7%
Amgen, Inc. (a)	250,202		12,770,310
Genzyme Corp. (a)	27,973		1,961,187
Vertex Pharmaceuticals, Inc. (a)	76,687		2,556,745
			17,288,242
Health Care Equipment & Supplies - 2.6%
Alere, Inc. (a)	885,547		24,768,750
C. R. Bard, Inc.	34		2,612
Hologic, Inc. (a)	140,800		1,997,952
			26,769,314
Health Care Providers & Services - 1.4%
Emergency Medical Services Corp. Class A (a)	30,926		1,485,994
McKesson Corp.	61,100		3,546,855
Medco Health Solutions, Inc. (a)	78,027		3,392,614
UnitedHealth Group, Inc.	205,727		6,525,660
			14,951,123
Health Care Technology - 0.2%
Allscripts-Misys Healthcare Solutions, Inc. (a)	134,700		2,250,837
Life Sciences Tools & Services - 0.2%
Covance, Inc. (a)	21,200		804,116
PerkinElmer, Inc.	50,700		1,065,207
			1,869,323
Pharmaceuticals - 8.0%
Abbott Laboratories	223,300		11,017,622
Johnson & Johnson	348,360		19,863,487
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - continued
Merck & Co., Inc.	660,660		$ 23,228,806
Pfizer, Inc.	1,812,386		28,871,309
			82,981,224
TOTAL HEALTH CARE			146,110,063
INDUSTRIALS - 8.1%
Aerospace & Defense - 1.6%
AerCap Holdings NV (a)	92,218		990,421
Honeywell International, Inc.	412,402		16,120,794
			17,111,215
Air Freight & Logistics - 0.9%
Air Lease Corp. Class A (a)(f)	80,200		1,604,000
C.H. Robinson Worldwide, Inc.	32,200		2,092,678
FedEx Corp.	22,600		1,763,930
United Parcel Service, Inc. Class B	61,983		3,954,515
			9,415,123
Building Products - 0.4%
Masco Corp.	211,566		2,219,327
Owens Corning (a)	58,975		1,604,120
			3,823,447
Commercial Services & Supplies - 0.3%
Avery Dennison Corp.	63,987		2,080,857
Steelcase, Inc. Class A	82,100		509,841
			2,590,698
Electrical Equipment - 0.5%
Acuity Brands, Inc.	31,200		1,208,688
Roper Industries, Inc.	72,085		4,186,697
			5,395,385
Industrial Conglomerates - 1.3%
3M Co.	33,100		2,600,005
General Electric Co.	586,934		8,498,804
Koninklijke Philips Electronics NV unit	37,700		1,052,207
Textron, Inc.	89,800		1,532,886
			13,683,902
Machinery - 2.4%
Dover Corp.	37,265		1,667,981
Ingersoll-Rand Co. Ltd.	549,426		17,872,828
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Machinery - continued
PACCAR, Inc.	91,066		$ 3,732,795
WABCO Holdings, Inc. (a)	57,000		2,009,820
			25,283,424
Road & Rail - 0.7%
Con-way, Inc.	46,428		1,216,878
Union Pacific Corp.	76,974		5,614,484
			6,831,362
TOTAL INDUSTRIALS			84,134,556
INFORMATION TECHNOLOGY - 22.4%
Communications Equipment - 5.1%
Cisco Systems, Inc. (a)	1,462,883		29,330,804
Juniper Networks, Inc. (a)	337,860		9,189,792
QUALCOMM, Inc.	374,465		14,345,754
			52,866,350
Computers & Peripherals - 4.1%
Apple, Inc. (a)	113,330		27,581,122
EMC Corp. (a)	520,478		9,493,519
Hewlett-Packard Co.	155,397		5,979,677
			43,054,318
Electronic Equipment & Components - 1.0%
Corning, Inc.	612,010		9,596,317
Measurement Specialties, Inc. (a)	43,700		647,634
			10,243,951
Internet Software & Services - 1.9%
eBay, Inc. (a)	269,255		6,257,486
Google, Inc. Class A (a)	29,876		13,444,798
			19,702,284
IT Services - 3.4%
Accenture PLC Class A	53,029		1,940,861
International Business Machines Corp.	98,131		12,092,683
MasterCard, Inc. Class A	70,500		13,984,380
Paychex, Inc.	214,436		5,337,312
Visa, Inc. Class A	28,900		1,993,522
			35,348,758
Semiconductors & Semiconductor Equipment - 4.4%
ASM International NV unit (a)	156,246		3,438,974
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
ASML Holding NV	224,975		$ 5,563,632
Intersil Corp. Class A	89,600		895,552
KLA-Tencor Corp.	190,500		5,335,905
Lam Research Corp. (a)	171,198		6,181,960
MEMC Electronic Materials, Inc. (a)	1,135,226		11,681,476
NXP Semiconductors NV	256,383		2,839,442
Taiwan Semiconductor Manufacturing Co. Ltd.	1,427,679		2,609,359
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	576,140		5,421,477
Teradyne, Inc. (a)	192,700		1,730,446
			45,698,223
Software - 2.5%
Adobe Systems, Inc. (a)	56,395		1,565,525
ANSYS, Inc. (a)	13,200		511,896
Autodesk, Inc. (a)	156,890		4,353,698
Autonomy Corp. PLC (a)	483,581		11,571,532
CommVault Systems, Inc. (a)	20,000		491,000
Nuance Communications, Inc. (a)	91,600		1,344,688
Oracle Corp.	127,171		2,782,501
Salesforce.com, Inc. (a)	25,980		2,854,682
			25,475,522
TOTAL INFORMATION TECHNOLOGY			232,389,406
MATERIALS - 2.4%
Chemicals - 2.4%
Dow Chemical Co.	231,715		5,646,895
E.I. du Pont de Nemours & Co.	179,297		7,309,939
Ecolab, Inc.	49,120		2,328,288
Monsanto Co.	157,853		8,310,960
The Mosaic Co.	25,050		1,469,433
			25,065,515
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.6%
Verizon Communications, Inc.	204,662		6,039,576
Wireless Telecommunication Services - 0.2%
Sprint Nextel Corp. (a)	474,757		1,937,009
TOTAL TELECOMMUNICATION SERVICES			7,976,585
Common Stocks - continued
	Shares		Value
UTILITIES - 0.4%
Electric Utilities - 0.4%
FirstEnergy Corp.	72,772		$ 2,658,361
PPL Corp.	64,500		1,751,820
			4,410,181
TOTAL COMMON STOCKS (Cost $1,146,405,766)		1,026,357,990
Nonconvertible Preferred Stocks - 1.2%

CONSUMER DISCRETIONARY - 1.2%
Automobiles - 1.2%
Porsche Automobil Holding SE	122,977		5,725,782
Volkswagen AG	65,581		6,527,464
			12,253,246
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $12,913,117)		12,253,246

Convertible Bonds - 0.0%
	Principal Amount
UTILITIES - 0.0%
Independent Power Producers & Energy Traders - 0.0%
Calpine Corp.:
6% 9/30/14 (d)(g)	$ 1,480,000		0
7.75% 6/1/15 (d)	3,200,000		0
TOTAL CONVERTIBLE BONDS (Cost $326,150)		0

Money Market Funds - 0.1%
	Shares		Value
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c) (Cost $1,340,525)	1,340,525		$ 1,340,525
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $1,160,985,558)			1,039,951,761
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(2,450,690)
NET ASSETS - 100%		$ 1,037,501,071

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.

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,722
Fidelity Securities Lending Cash Central Fund	46,083
Total	$ 47,805

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 105,297,366	$ 105,297,366	$ -	$ -
Consumer Staples	63,521,798	63,521,798	-	-
Energy	141,450,659	141,450,659	-	-
Financials	228,255,107	228,046,700	208,407	-
Health Care	146,110,063	146,110,063	-	-
Industrials	84,134,556	82,530,556	-	1,604,000
Information Technology	232,389,406	229,780,047	2,609,359	-
Materials	25,065,515	25,065,515	-	-
Telecommunication Services	7,976,585	7,976,585	-	-
Utilities	4,410,181	4,410,181	-	-
Corporate Bonds	-	-	-	-
Money Market Funds	1,340,525	1,340,525	-	-
Total Investments in Securities:	$ 1,039,951,761	$ 1,035,529,995	$ 2,817,766	$ 1,604,000

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

Investments in Securities:
Beginning Balance	$ 185,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(185,000)
Cost of Purchases	1,604,000
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,604,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (185,000)

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $1,187,596,403. Net unrealized depreciation aggregated $147,644,642, of which $22,525,267 related to appreciated investment securities and $170,169,909 related to depreciated investment securities.

Investment Valuation

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805741.106

MC-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 83.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 18.6%
Hotels, Restaurants & Leisure - 4.0%
Las Vegas Sands Corp. (a)(d)	1,113,100		$ 31,534
Pinnacle Entertainment, Inc. (a)	2,500,000		24,500
Starbucks Corp.	2,038,100		46,856
			102,890
Household Durables - 1.7%
Harman International Industries, Inc. (a)	1,413,532		44,060
Leisure Equipment & Products - 2.5%
Hasbro, Inc.	1,593,000		64,293
Media - 3.9%
DIRECTV (a)	2,583,500		97,966
Multiline Retail - 4.0%
Dollar General Corp.	3,714,716		101,449
Specialty Retail - 1.4%
Abercrombie & Fitch Co. Class A	1,026,236		35,508
Textiles, Apparel & Luxury Goods - 1.1%
Liz Claiborne, Inc. (a)(d)(e)	5,000,000		21,000
Warnaco Group, Inc. (a)	189,600		7,940
			28,940
TOTAL CONSUMER DISCRETIONARY			475,106
CONSUMER STAPLES - 7.0%
Beverages - 5.7%
Anheuser-Busch InBev SA NV	2,290,044		119,134
Coca-Cola Enterprises, Inc.	913,000		25,984
			145,118
Food Products - 1.1%
Want Want China Holdings Ltd.	33,341,000		26,959
Tobacco - 0.2%
Souza Cruz Industria Comerico	115,700		5,397
TOTAL CONSUMER STAPLES			177,474
ENERGY - 8.2%
Energy Equipment & Services - 5.8%
Dresser-Rand Group, Inc. (a)	913,000		32,430
SEACOR Holdings, Inc. (a)	550,335		43,295
Weatherford International Ltd. (a)	4,755,300		70,902
			146,627
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 2.4%
EXCO Resources, Inc.	1,810,267		$ 24,348
Southern Union Co.	1,657,700		37,298
			61,646
TOTAL ENERGY			208,273
FINANCIALS - 5.2%
Capital Markets - 3.3%
Ashmore Global Opps Ltd. (e)	4,179,276		28,733
Ashmore Group PLC	12,561,813		55,898
			84,631
Diversified Financial Services - 1.9%
Moody's Corp. (d)	1,823,400		38,547
NBH Holdings Corp. Class A (a)(f)	538,600		10,503
			49,050
TOTAL FINANCIALS			133,681
HEALTH CARE - 9.2%
Health Care Equipment & Supplies - 4.9%
Edwards Lifesciences Corp. (a)	826,378		47,575
Hill-Rom Holdings, Inc.	1,215,657		39,023
Hologic, Inc. (a)	2,767,700		39,274
			125,872
Health Care Providers & Services - 2.8%
McKesson Corp.	1,221,400		70,902
Life Sciences Tools & Services - 1.5%
Charles River Laboratories International, Inc. (a)(d)	1,341,700		37,903
TOTAL HEALTH CARE			234,677
INDUSTRIALS - 8.8%
Commercial Services & Supplies - 2.2%
Higher One Holdings, Inc. (a)	89,959		1,043
Republic Services, Inc.	1,733,300		51,011
Standard Parking Corp. (a)	174,906		2,737
			54,791
Construction & Engineering - 1.6%
Fluor Corp.	939,100		41,940
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - 3.2%
Ingersoll-Rand Co. Ltd.	1,467,400		$ 47,735
WABCO Holdings, Inc. (a)	943,100		33,254
			80,989
Road & Rail - 1.8%
America Latina Logistica SA unit	5,099,600		46,980
TOTAL INDUSTRIALS			224,700
INFORMATION TECHNOLOGY - 19.5%
Communications Equipment - 3.1%
HTC Corp.	682,000		12,447
Juniper Networks, Inc. (a)	1,447,250		39,365
Tekelec (a)	2,379,056		26,074
			77,886
Computers & Peripherals - 0.3%
Isilon Systems, Inc. (a)	123,291		2,460
NetApp, Inc. (a)	156,700		6,337
			8,797
Internet Software & Services - 3.5%
Akamai Technologies, Inc. (a)	1,255,200		57,827
Baidu.com, Inc. sponsored ADR (a)	407,000		31,921
			89,748
IT Services - 8.4%
Fiserv, Inc. (a)	2,388,568		119,501
MasterCard, Inc. Class A	472,067		93,639
			213,140
Software - 4.2%
AsiaInfo Holdings, Inc. (a)(d)	1,281,428		22,886
Autonomy Corp. PLC (a)	1,007,200		24,101
NetSuite, Inc. (a)	97,800		1,858
Rovi Corp. (a)	619,200		26,941
VMware, Inc. Class A (a)	401,950		31,581
			107,367
TOTAL INFORMATION TECHNOLOGY			496,938
MATERIALS - 4.5%
Chemicals - 0.6%
Ecolab, Inc.	299,100		14,177
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 3.9%
Agnico-Eagle Mines Ltd. (Canada)	1,032,400		$ 67,236
AngloGold Ashanti Ltd. sponsored ADR	333,300		14,095
Gem Diamonds Ltd. (a)	941,248		2,873
Newcrest Mining Ltd.	451,063		14,954
			99,158
TOTAL MATERIALS			113,335
TELECOMMUNICATION SERVICES - 2.5%
Diversified Telecommunication Services - 1.4%
Iridium Communications, Inc. (a)(d)(e)	3,566,720		30,923
Iridium Communications, Inc. warrants 2/14/13 (a)	1,375,120		3,809
			34,732
Wireless Telecommunication Services - 1.1%
American Tower Corp. Class A (a)	593,086		27,792
TOTAL TELECOMMUNICATION SERVICES			62,524
TOTAL COMMON STOCKS (Cost $2,055,788)		2,126,708
Nonconvertible Preferred Stocks - 4.4%

CONSUMER DISCRETIONARY - 4.4%
Automobiles - 4.4%
Porsche Automobil Holding SE	1,170,792		54,512
Volkswagen AG	580,378		57,767
			112,279
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $117,371)		112,279
Money Market Funds - 19.7%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.24% (b)	355,737,422		$ 355,737
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	147,277,562		147,278
TOTAL MONEY MARKET FUNDS (Cost $503,015)		503,015
TOTAL INVESTMENT PORTFOLIO - 107.6% (Cost $2,676,174)			2,742,002
NET OTHER ASSETS (LIABILITIES) - (7.6)%			(194,145)
NET ASSETS - 100%		$ 2,547,857

Legend

(a) Non-income producing

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

(e) Affiliated company

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 173
Fidelity Securities Lending Cash Central Fund	646
Total	$ 819

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ashmore Global Opps Ltd.	$ 18,660	$ 9,270	$ -	$ 685	$ 28,733
Iridium Communications, Inc.	17,465	588	-	-	30,923
Liz Claiborne, Inc.	24,485	9,593	15,590	-	21,000
Ruth's Hospitality Group, Inc.	-	5,872	7,331	-	-
Total	$ 60,610	$ 25,323	$ 22,921	$ 685	$ 80,656

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 587,385	$ 587,385	$ -	$ -
Consumer Staples	177,474	177,474	-	-
Energy	208,273	208,273	-	-
Financials	133,681	123,178	-	10,503
Health Care	234,677	234,677	-	-
Industrials	224,700	224,700	-	-
Information Technology	496,938	496,938	-	-
Materials	113,335	113,335	-	-
Telecommunication Services	62,524	62,524	-	-
Money Market Funds	503,015	503,015	-	-
Total Investments in Securities:	$ 2,742,002	$ 2,731,499	$ -	$ 10,503

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

(Amounts in thousands)
Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(623)
Cost of Purchases	5,120
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	6,006
Transfers out of Level 3	-
Ending Balance	$ 10,503
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ (623)

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $2,680,075,000. Net unrealized appreciation aggregated $61,927,000, of which $224,323,000 related to appreciated investment securities and $162,396,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

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

August 31, 2010

1.805748.106

SO-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.2%
Auto Components - 0.6%
Autoliv, Inc. (d)	56,100		$ 3,037
TRW Automotive Holdings Corp. (a)	77,600		2,697
			5,734
Automobiles - 0.5%
Bayerische Motoren Werke AG (BMW)	36,387		1,922
Harley-Davidson, Inc.	148,300		3,607
			5,529
Diversified Consumer Services - 0.8%
Service Corp. International	768,000		5,906
Stewart Enterprises, Inc. Class A	536,600		2,554
			8,460
Hotels, Restaurants & Leisure - 2.6%
Ameristar Casinos, Inc.	197,900		3,248
Brinker International, Inc.	177,108		2,789
DineEquity, Inc. (a)	62,800		2,005
McCormick & Schmick's Seafood Restaurants (a)	167,595		1,039
O'Charleys, Inc. (a)	404,555		2,229
Starwood Hotels & Resorts Worldwide, Inc.	96,687		4,518
WMS Industries, Inc. (a)	148,800		5,259
Wyndham Worldwide Corp.	203,867		4,728
			25,815
Household Durables - 3.3%
Ethan Allen Interiors, Inc. (d)	117,730		1,588
KB Home	243,794		2,514
Lennar Corp. Class A	212,200		2,795
Mohawk Industries, Inc. (a)	83,200		3,687
PulteGroup, Inc. (a)	1,078,525		8,661
Stanley Black & Decker, Inc.	161,437		8,659
Techtronic Industries Co. Ltd.	3,985,500		3,463
Whirlpool Corp.	19,412		1,440
			32,807
Internet & Catalog Retail - 0.5%
Liberty Media Corp. Interactive Series A (a)	472,300		4,983
Media - 2.1%
Cablevision Systems Corp. - NY Group Class A	184,535		4,630
Charter Communications, Inc. Class A (a)	20,100		678
McGraw-Hill Companies, Inc.	85,801		2,372
MDC Partners, Inc. Class A (sub. vtg.)	92,800		1,084
Omnicom Group, Inc.	125,512		4,394
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Time Warner Cable, Inc.	58,600		$ 3,024
United Business Media Ltd.	192,600		1,631
Valassis Communications, Inc. (a)	121,789		3,570
			21,383
Specialty Retail - 2.9%
Advance Auto Parts, Inc.	166,790		9,085
Asbury Automotive Group, Inc. (a)	483,141		5,764
Carphone Warehouse Group PLC (a)	528,788		1,764
Casual Male Retail Group, Inc. (a)	421,708		1,354
Charming Shoppes, Inc. (a)	184,800		623
Jos. A. Bank Clothiers, Inc. (a)	88,587		3,236
Sonic Automotive, Inc. Class A (sub. vtg.) (a)(d)	276,166		2,433
Staples, Inc.	260,400		4,627
			28,886
Textiles, Apparel & Luxury Goods - 0.9%
Hanesbrands, Inc. (a)	217,900		5,217
Iconix Brand Group, Inc. (a)	240,139		3,659
			8,876
TOTAL CONSUMER DISCRETIONARY			142,473
CONSUMER STAPLES - 4.0%
Beverages - 1.7%
Coca-Cola Enterprises, Inc.	211,645		6,023
Cott Corp. (a)	232,700		1,608
Dr Pepper Snapple Group, Inc.	194,600		7,165
Molson Coors Brewing Co. Class B	53,033		2,310
			17,106
Food & Staples Retailing - 0.7%
Safeway, Inc.	122,846		2,310
Whole Foods Market, Inc. (a)	76,800		2,672
Winn-Dixie Stores, Inc. (a)	243,785		1,599
			6,581
Food Products - 1.1%
Bunge Ltd.	102,500		5,433
Ralcorp Holdings, Inc. (a)	89,500		5,339
			10,772
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.5%
Avon Products, Inc.	190,396		$ 5,541
TOTAL CONSUMER STAPLES			40,000
ENERGY - 7.1%
Energy Equipment & Services - 0.8%
Pride International, Inc. (a)	145,241		3,420
Weatherford International Ltd. (a)	317,600		4,735
			8,155
Oil, Gas & Consumable Fuels - 6.3%
Arch Coal, Inc.	230,900		5,198
Atlas Pipeline Partners, LP (a)	250,100		4,262
Cabot Oil & Gas Corp.	153,900		4,285
Concho Resources, Inc. (a)	75,400		4,405
ConocoPhillips	200,300		10,502
Denbury Resources, Inc. (a)	589,958		8,696
Petrobank Energy & Resources Ltd. (a)	51,400		1,783
Petrohawk Energy Corp. (a)	291,959		4,414
Pioneer Natural Resources Co.	56,000		3,238
Southwestern Energy Co. (a)	215,487		7,051
Suncor Energy, Inc.	73,200		2,218
Ultra Petroleum Corp. (a)	114,500		4,467
Whiting Petroleum Corp. (a)	25,500		2,163
			62,682
TOTAL ENERGY			70,837
FINANCIALS - 18.0%
Capital Markets - 0.0%
GCA Savvian Group Corp. (a)	351		324
Commercial Banks - 5.7%
BB&T Corp.	170,931		3,781
CapitalSource, Inc.	1,001,324		5,057
CIT Group, Inc. (a)	6,100		224
PNC Financial Services Group, Inc.	195,300		9,952
Regions Financial Corp.	812,863		5,227
SVB Financial Group (a)	72,715		2,703
U.S. Bancorp, Delaware	794,584		16,527
Wells Fargo & Co.	585,285		13,783
			57,254
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 0.8%
Bank of America Corp.	424,706		$ 5,288
JPMorgan Chase & Co.	81,700		2,971
			8,259
Insurance - 7.8%
Aegon NV (a)	714,900		3,643
AFLAC, Inc.	435,155		20,554
Assurant, Inc.	85,200		3,115
Delphi Financial Group, Inc. Class A	298,511		6,657
Everest Re Group Ltd.	61,425		4,861
First American Financial Corp.	151,200		2,242
Genworth Financial, Inc. Class A (a)	424,100		4,593
Lincoln National Corp.	419,000		9,788
Old Republic International Corp.	265,200		3,389
Platinum Underwriters Holdings Ltd.	160,100		6,438
Reinsurance Group of America, Inc.	80,400		3,517
Unum Group	245,860		4,929
XL Capital Ltd. Class A	208,512		3,734
			77,460
Real Estate Investment Trusts - 2.0%
CBL & Associates Properties, Inc.	289,413		3,531
Corporate Office Properties Trust (SBI)	139,200		5,025
Host Hotels & Resorts, Inc.	373,500		4,904
SL Green Realty Corp.	111,700		6,733
			20,193
Real Estate Management & Development - 1.7%
CB Richard Ellis Group, Inc. Class A (a)	614,871		10,096
Forest City Enterprises, Inc. Class A (a)	207,800		2,342
Jones Lang LaSalle, Inc.	52,719		3,981
			16,419
TOTAL FINANCIALS			179,909
HEALTH CARE - 9.8%
Biotechnology - 1.3%
Biogen Idec, Inc. (a)	90,800		4,885
Genzyme Corp. (a)	57,600		4,038
Gilead Sciences, Inc. (a)	36,300		1,157
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
OREXIGEN Therapeutics, Inc. (a)(d)	217,795		$ 958
PDL BioPharma, Inc.	361,000		2,043
			13,081
Health Care Equipment & Supplies - 2.7%
AGA Medical Holdings, Inc.	96,700		1,320
C. R. Bard, Inc.	76,900		5,908
Cooper Companies, Inc.	103,831		4,189
Covidien PLC	114,575		4,049
Hill-Rom Holdings, Inc.	56,300		1,807
Hologic, Inc. (a)	149,200		2,117
Hospira, Inc. (a)	39,100		2,008
Orthofix International NV (a)	94,517		2,524
Symmetry Medical, Inc. (a)	236,212		2,124
Wright Medical Group, Inc. (a)	83,046		1,102
			27,148
Health Care Providers & Services - 3.6%
Aetna, Inc.	160,300		4,283
Centene Corp. (a)	126,600		2,560
CIGNA Corp.	180,900		5,829
DaVita, Inc. (a)	80,798		5,221
Emeritus Corp. (a)(d)	356,066		5,476
Quest Diagnostics, Inc.	174,182		7,577
Universal Health Services, Inc. Class B	143,714		4,513
			35,459
Life Sciences Tools & Services - 1.2%
Life Technologies Corp. (a)	74,100		3,169
Lonza Group AG	34,098		2,830
PerkinElmer, Inc.	211,600		4,446
Thermo Fisher Scientific, Inc. (a)	33,600		1,415
			11,860
Pharmaceuticals - 1.0%
Ardea Biosciences, Inc. (a)	88,497		1,782
Cadence Pharmaceuticals, Inc. (a)(d)	303,676		2,399
King Pharmaceuticals, Inc. (a)	342,140		2,980
Teva Pharmaceutical Industries Ltd. sponsored ADR	61,000		3,085
			10,246
TOTAL HEALTH CARE			97,794
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 16.0%
Aerospace & Defense - 3.5%
Alliant Techsystems, Inc. (a)	79,200		$ 5,219
BE Aerospace, Inc. (a)	86,870		2,341
DigitalGlobe, Inc. (a)	337,600		10,354
Esterline Technologies Corp. (a)	101,822		4,684
Precision Castparts Corp.	19,410		2,197
Raytheon Co.	40,390		1,774
TransDigm Group, Inc.	146,900		8,504
			35,073
Airlines - 0.2%
US Airways Group, Inc. (a)	231,750		2,095
Building Products - 2.0%
Armstrong World Industries, Inc. (a)	77,022		3,027
Masco Corp.	601,500		6,310
Owens Corning (a)	389,311		10,589
			19,926
Commercial Services & Supplies - 2.6%
Avery Dennison Corp.	195,700		6,364
Cintas Corp.	161,300		4,112
Interface, Inc. Class A	96,773		1,241
Republic Services, Inc.	234,253		6,894
The Brink's Co.	135,300		2,553
The Geo Group, Inc. (a)	101,400		2,241
Viad Corp.	168,489		2,671
			26,076
Construction & Engineering - 1.0%
Fluor Corp.	112,926		5,043
Jacobs Engineering Group, Inc. (a)	47,700		1,654
MYR Group, Inc. (a)	210,200		2,928
			9,625
Electrical Equipment - 0.3%
Acuity Brands, Inc.	80,898		3,134
Industrial Conglomerates - 0.5%
Rheinmetall AG	31,300		1,733
Textron, Inc.	223,717		3,819
			5,552
Machinery - 3.6%
Accuride Corp. (a)	1,430,900		1,574
AGCO Corp. (a)	112,500		3,718
ArvinMeritor, Inc. (a)	317,819		4,154
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Blount International, Inc. (a)	292,004		$ 3,384
Commercial Vehicle Group, Inc. (a)	320,720		2,912
Cummins, Inc.	77,300		5,752
Ingersoll-Rand Co. Ltd.	214,800		6,987
Navistar International Corp. (a)	56,789		2,378
Timken Co.	145,704		4,766
			35,625
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	524,853		2,651
Professional Services - 0.4%
Equifax, Inc.	150,700		4,441
Road & Rail - 1.4%
Contrans Group, Inc. Class A	85,000		647
Saia, Inc. (a)	180,070		2,105
Union Pacific Corp.	148,800		10,853
			13,605
Trading Companies & Distributors - 0.2%
Houston Wire & Cable Co.	189,311		1,711
TOTAL INDUSTRIALS			159,514
INFORMATION TECHNOLOGY - 10.7%
Communications Equipment - 0.7%
Comverse Technology, Inc. (a)	613,366		3,190
Juniper Networks, Inc. (a)	129,100		3,512
			6,702
Computers & Peripherals - 0.3%
Western Digital Corp. (a)	107,800		2,603
Electronic Equipment & Components - 1.7%
Agilent Technologies, Inc. (a)	184,300		4,971
Anixter International, Inc. (a)	109,180		5,009
Avnet, Inc. (a)	183,661		4,206
Molex, Inc. (d)	141,960		2,506
			16,692
Internet Software & Services - 1.0%
NetEase.com, Inc. sponsored ADR (a)	107,800		4,283
Rackspace Hosting, Inc. (a)	308,985		6,084
			10,367
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 1.8%
Acxiom Corp. (a)	215,782		$ 2,675
CoreLogic, Inc. (a)	196,000		3,385
Fidelity National Information Services, Inc.	268,430		6,936
The Western Union Co.	156,100		2,448
Wright Express Corp. (a)	92,700		2,977
			18,421
Office Electronics - 0.5%
Xerox Corp.	572,377		4,831
Semiconductors & Semiconductor Equipment - 3.8%
KLA-Tencor Corp.	174,580		4,890
Lam Research Corp. (a)	212,153		7,661
MEMC Electronic Materials, Inc. (a)	283,800		2,920
Micron Technology, Inc. (a)	154,700		1,000
National Semiconductor Corp.	243,244		3,067
Novellus Systems, Inc. (a)	130,099		3,031
ON Semiconductor Corp. (a)	1,064,470		6,578
Spansion, Inc. Class A (a)	641,043		9,443
			38,590
Software - 0.9%
Ariba, Inc. (a)	262,219		4,057
Epicor Software Corp. (a)	700,473		4,756
			8,813
TOTAL INFORMATION TECHNOLOGY			107,019
MATERIALS - 9.4%
Chemicals - 5.4%
Air Products & Chemicals, Inc.	63,070		4,669
Albemarle Corp.	131,098		5,256
Celanese Corp. Class A	202,936		5,418
Clariant AG (Reg.) (a)	186,250		2,396
Ferro Corp. (a)	501,500		5,366
Innophos Holdings, Inc.	369,610		10,782
LyondellBasell Industries NV Class A (a)	268,400		5,502
Solutia, Inc. (a)	430,260		5,826
W.R. Grace & Co. (a)	219,128		5,544
Wacker Chemie AG	22,171		3,364
			54,123
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 1.4%
Owens-Illinois, Inc. (a)	164,139		$ 4,113
Pactiv Corp. (a)	148,601		4,767
Rexam PLC	1,117,500		5,187
			14,067
Metals & Mining - 2.5%
Carpenter Technology Corp.	86,796		2,692
Compass Minerals International, Inc.	110,135		7,902
Globe Specialty Metals, Inc. (a)	360,745		3,943
Gulf Resources, Inc. (a)(d)	65,439		568
Gulf Resources, Inc. (e)	180,390		1,566
Horsehead Holding Corp. (a)	76,800		608
Newcrest Mining Ltd.	230,011		7,625
			24,904
Paper & Forest Products - 0.1%
Weyerhaeuser Co.	67,500		1,060
TOTAL MATERIALS			94,154
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. (a)	327,858		2,859
Global Crossing Ltd. (a)	533,568		6,563
Qwest Communications International, Inc.	563,500		3,184
			12,606
Wireless Telecommunication Services - 0.9%
NII Holdings, Inc. (a)	241,530		8,755
TOTAL TELECOMMUNICATION SERVICES			21,361
UTILITIES - 5.9%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	306,600		10,857
FirstEnergy Corp.	130,269		4,759
			15,616
Gas Utilities - 0.1%
Questar Corp.	88,400		1,439
Independent Power Producers & Energy Traders - 2.8%
AES Corp. (a)	1,707,000		17,480
Calpine Corp. (a)	839,263		10,675
			28,155
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 1.4%
Alliant Energy Corp.	191,200		$ 6,696
CMS Energy Corp. (d)	429,700		7,520
			14,216
TOTAL UTILITIES			59,426
TOTAL COMMON STOCKS (Cost $1,038,203)		972,487
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.24% (b)	36,121,094		36,121
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	14,325,575		14,326
TOTAL MONEY MARKET FUNDS (Cost $50,447)		50,447
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $1,088,650)			1,022,934
NET OTHER ASSETS (LIABILITIES) - (2.2)%			(22,284)
NET ASSETS - 100%		$ 1,000,650

Legend

(a) Non-income producing

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

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,566,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Gulf Resources, Inc.	12/11/09	$ 1,533

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 30
Fidelity Securities Lending Cash Central Fund	69
Total	$ 99

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 142,473	$ 142,473	$ -	$ -
Consumer Staples	40,000	40,000	-	-
Energy	70,837	70,837	-	-
Financials	179,909	176,266	3,643	-
Health Care	97,794	97,794	-	-
Industrials	159,514	159,514	-	-
Information Technology	107,019	107,019	-	-
Materials	94,154	94,154	-	-
Telecommunication Services	21,361	21,361	-	-
Utilities	59,426	59,426	-	-
Money Market Funds	50,447	50,447	-	-
Total Investments in Securities:	$ 1,022,934	$ 1,019,291	$ 3,643	$ -

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $1,098,225,000. Net unrealized depreciation aggregated $75,291,000, of which $72,082,000 related to appreciated investment securities and $147,373,000 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity Value Strategies Fund
Fidelity Value Strategies Fund Class K

(Classes of Fidelity® Advisor
Value Strategies Fund)

August 31, 2010

1.806763.106

SOI-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.2%
Auto Components - 0.6%
Autoliv, Inc. (d)	56,100		$ 3,037
TRW Automotive Holdings Corp. (a)	77,600		2,697
			5,734
Automobiles - 0.5%
Bayerische Motoren Werke AG (BMW)	36,387		1,922
Harley-Davidson, Inc.	148,300		3,607
			5,529
Diversified Consumer Services - 0.8%
Service Corp. International	768,000		5,906
Stewart Enterprises, Inc. Class A	536,600		2,554
			8,460
Hotels, Restaurants & Leisure - 2.6%
Ameristar Casinos, Inc.	197,900		3,248
Brinker International, Inc.	177,108		2,789
DineEquity, Inc. (a)	62,800		2,005
McCormick & Schmick's Seafood Restaurants (a)	167,595		1,039
O'Charleys, Inc. (a)	404,555		2,229
Starwood Hotels & Resorts Worldwide, Inc.	96,687		4,518
WMS Industries, Inc. (a)	148,800		5,259
Wyndham Worldwide Corp.	203,867		4,728
			25,815
Household Durables - 3.3%
Ethan Allen Interiors, Inc. (d)	117,730		1,588
KB Home	243,794		2,514
Lennar Corp. Class A	212,200		2,795
Mohawk Industries, Inc. (a)	83,200		3,687
PulteGroup, Inc. (a)	1,078,525		8,661
Stanley Black & Decker, Inc.	161,437		8,659
Techtronic Industries Co. Ltd.	3,985,500		3,463
Whirlpool Corp.	19,412		1,440
			32,807
Internet & Catalog Retail - 0.5%
Liberty Media Corp. Interactive Series A (a)	472,300		4,983
Media - 2.1%
Cablevision Systems Corp. - NY Group Class A	184,535		4,630
Charter Communications, Inc. Class A (a)	20,100		678
McGraw-Hill Companies, Inc.	85,801		2,372
MDC Partners, Inc. Class A (sub. vtg.)	92,800		1,084
Omnicom Group, Inc.	125,512		4,394
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Time Warner Cable, Inc.	58,600		$ 3,024
United Business Media Ltd.	192,600		1,631
Valassis Communications, Inc. (a)	121,789		3,570
			21,383
Specialty Retail - 2.9%
Advance Auto Parts, Inc.	166,790		9,085
Asbury Automotive Group, Inc. (a)	483,141		5,764
Carphone Warehouse Group PLC (a)	528,788		1,764
Casual Male Retail Group, Inc. (a)	421,708		1,354
Charming Shoppes, Inc. (a)	184,800		623
Jos. A. Bank Clothiers, Inc. (a)	88,587		3,236
Sonic Automotive, Inc. Class A (sub. vtg.) (a)(d)	276,166		2,433
Staples, Inc.	260,400		4,627
			28,886
Textiles, Apparel & Luxury Goods - 0.9%
Hanesbrands, Inc. (a)	217,900		5,217
Iconix Brand Group, Inc. (a)	240,139		3,659
			8,876
TOTAL CONSUMER DISCRETIONARY			142,473
CONSUMER STAPLES - 4.0%
Beverages - 1.7%
Coca-Cola Enterprises, Inc.	211,645		6,023
Cott Corp. (a)	232,700		1,608
Dr Pepper Snapple Group, Inc.	194,600		7,165
Molson Coors Brewing Co. Class B	53,033		2,310
			17,106
Food & Staples Retailing - 0.7%
Safeway, Inc.	122,846		2,310
Whole Foods Market, Inc. (a)	76,800		2,672
Winn-Dixie Stores, Inc. (a)	243,785		1,599
			6,581
Food Products - 1.1%
Bunge Ltd.	102,500		5,433
Ralcorp Holdings, Inc. (a)	89,500		5,339
			10,772
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.5%
Avon Products, Inc.	190,396		$ 5,541
TOTAL CONSUMER STAPLES			40,000
ENERGY - 7.1%
Energy Equipment & Services - 0.8%
Pride International, Inc. (a)	145,241		3,420
Weatherford International Ltd. (a)	317,600		4,735
			8,155
Oil, Gas & Consumable Fuels - 6.3%
Arch Coal, Inc.	230,900		5,198
Atlas Pipeline Partners, LP (a)	250,100		4,262
Cabot Oil & Gas Corp.	153,900		4,285
Concho Resources, Inc. (a)	75,400		4,405
ConocoPhillips	200,300		10,502
Denbury Resources, Inc. (a)	589,958		8,696
Petrobank Energy & Resources Ltd. (a)	51,400		1,783
Petrohawk Energy Corp. (a)	291,959		4,414
Pioneer Natural Resources Co.	56,000		3,238
Southwestern Energy Co. (a)	215,487		7,051
Suncor Energy, Inc.	73,200		2,218
Ultra Petroleum Corp. (a)	114,500		4,467
Whiting Petroleum Corp. (a)	25,500		2,163
			62,682
TOTAL ENERGY			70,837
FINANCIALS - 18.0%
Capital Markets - 0.0%
GCA Savvian Group Corp. (a)	351		324
Commercial Banks - 5.7%
BB&T Corp.	170,931		3,781
CapitalSource, Inc.	1,001,324		5,057
CIT Group, Inc. (a)	6,100		224
PNC Financial Services Group, Inc.	195,300		9,952
Regions Financial Corp.	812,863		5,227
SVB Financial Group (a)	72,715		2,703
U.S. Bancorp, Delaware	794,584		16,527
Wells Fargo & Co.	585,285		13,783
			57,254
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - 0.8%
Bank of America Corp.	424,706		$ 5,288
JPMorgan Chase & Co.	81,700		2,971
			8,259
Insurance - 7.8%
Aegon NV (a)	714,900		3,643
AFLAC, Inc.	435,155		20,554
Assurant, Inc.	85,200		3,115
Delphi Financial Group, Inc. Class A	298,511		6,657
Everest Re Group Ltd.	61,425		4,861
First American Financial Corp.	151,200		2,242
Genworth Financial, Inc. Class A (a)	424,100		4,593
Lincoln National Corp.	419,000		9,788
Old Republic International Corp.	265,200		3,389
Platinum Underwriters Holdings Ltd.	160,100		6,438
Reinsurance Group of America, Inc.	80,400		3,517
Unum Group	245,860		4,929
XL Capital Ltd. Class A	208,512		3,734
			77,460
Real Estate Investment Trusts - 2.0%
CBL & Associates Properties, Inc.	289,413		3,531
Corporate Office Properties Trust (SBI)	139,200		5,025
Host Hotels & Resorts, Inc.	373,500		4,904
SL Green Realty Corp.	111,700		6,733
			20,193
Real Estate Management & Development - 1.7%
CB Richard Ellis Group, Inc. Class A (a)	614,871		10,096
Forest City Enterprises, Inc. Class A (a)	207,800		2,342
Jones Lang LaSalle, Inc.	52,719		3,981
			16,419
TOTAL FINANCIALS			179,909
HEALTH CARE - 9.8%
Biotechnology - 1.3%
Biogen Idec, Inc. (a)	90,800		4,885
Genzyme Corp. (a)	57,600		4,038
Gilead Sciences, Inc. (a)	36,300		1,157
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
OREXIGEN Therapeutics, Inc. (a)(d)	217,795		$ 958
PDL BioPharma, Inc.	361,000		2,043
			13,081
Health Care Equipment & Supplies - 2.7%
AGA Medical Holdings, Inc.	96,700		1,320
C. R. Bard, Inc.	76,900		5,908
Cooper Companies, Inc.	103,831		4,189
Covidien PLC	114,575		4,049
Hill-Rom Holdings, Inc.	56,300		1,807
Hologic, Inc. (a)	149,200		2,117
Hospira, Inc. (a)	39,100		2,008
Orthofix International NV (a)	94,517		2,524
Symmetry Medical, Inc. (a)	236,212		2,124
Wright Medical Group, Inc. (a)	83,046		1,102
			27,148
Health Care Providers & Services - 3.6%
Aetna, Inc.	160,300		4,283
Centene Corp. (a)	126,600		2,560
CIGNA Corp.	180,900		5,829
DaVita, Inc. (a)	80,798		5,221
Emeritus Corp. (a)(d)	356,066		5,476
Quest Diagnostics, Inc.	174,182		7,577
Universal Health Services, Inc. Class B	143,714		4,513
			35,459
Life Sciences Tools & Services - 1.2%
Life Technologies Corp. (a)	74,100		3,169
Lonza Group AG	34,098		2,830
PerkinElmer, Inc.	211,600		4,446
Thermo Fisher Scientific, Inc. (a)	33,600		1,415
			11,860
Pharmaceuticals - 1.0%
Ardea Biosciences, Inc. (a)	88,497		1,782
Cadence Pharmaceuticals, Inc. (a)(d)	303,676		2,399
King Pharmaceuticals, Inc. (a)	342,140		2,980
Teva Pharmaceutical Industries Ltd. sponsored ADR	61,000		3,085
			10,246
TOTAL HEALTH CARE			97,794
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 16.0%
Aerospace & Defense - 3.5%
Alliant Techsystems, Inc. (a)	79,200		$ 5,219
BE Aerospace, Inc. (a)	86,870		2,341
DigitalGlobe, Inc. (a)	337,600		10,354
Esterline Technologies Corp. (a)	101,822		4,684
Precision Castparts Corp.	19,410		2,197
Raytheon Co.	40,390		1,774
TransDigm Group, Inc.	146,900		8,504
			35,073
Airlines - 0.2%
US Airways Group, Inc. (a)	231,750		2,095
Building Products - 2.0%
Armstrong World Industries, Inc. (a)	77,022		3,027
Masco Corp.	601,500		6,310
Owens Corning (a)	389,311		10,589
			19,926
Commercial Services & Supplies - 2.6%
Avery Dennison Corp.	195,700		6,364
Cintas Corp.	161,300		4,112
Interface, Inc. Class A	96,773		1,241
Republic Services, Inc.	234,253		6,894
The Brink's Co.	135,300		2,553
The Geo Group, Inc. (a)	101,400		2,241
Viad Corp.	168,489		2,671
			26,076
Construction & Engineering - 1.0%
Fluor Corp.	112,926		5,043
Jacobs Engineering Group, Inc. (a)	47,700		1,654
MYR Group, Inc. (a)	210,200		2,928
			9,625
Electrical Equipment - 0.3%
Acuity Brands, Inc.	80,898		3,134
Industrial Conglomerates - 0.5%
Rheinmetall AG	31,300		1,733
Textron, Inc.	223,717		3,819
			5,552
Machinery - 3.6%
Accuride Corp. (a)	1,430,900		1,574
AGCO Corp. (a)	112,500		3,718
ArvinMeritor, Inc. (a)	317,819		4,154
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Machinery - continued
Blount International, Inc. (a)	292,004		$ 3,384
Commercial Vehicle Group, Inc. (a)	320,720		2,912
Cummins, Inc.	77,300		5,752
Ingersoll-Rand Co. Ltd.	214,800		6,987
Navistar International Corp. (a)	56,789		2,378
Timken Co.	145,704		4,766
			35,625
Marine - 0.3%
Ultrapetrol (Bahamas) Ltd. (a)	524,853		2,651
Professional Services - 0.4%
Equifax, Inc.	150,700		4,441
Road & Rail - 1.4%
Contrans Group, Inc. Class A	85,000		647
Saia, Inc. (a)	180,070		2,105
Union Pacific Corp.	148,800		10,853
			13,605
Trading Companies & Distributors - 0.2%
Houston Wire & Cable Co.	189,311		1,711
TOTAL INDUSTRIALS			159,514
INFORMATION TECHNOLOGY - 10.7%
Communications Equipment - 0.7%
Comverse Technology, Inc. (a)	613,366		3,190
Juniper Networks, Inc. (a)	129,100		3,512
			6,702
Computers & Peripherals - 0.3%
Western Digital Corp. (a)	107,800		2,603
Electronic Equipment & Components - 1.7%
Agilent Technologies, Inc. (a)	184,300		4,971
Anixter International, Inc. (a)	109,180		5,009
Avnet, Inc. (a)	183,661		4,206
Molex, Inc. (d)	141,960		2,506
			16,692
Internet Software & Services - 1.0%
NetEase.com, Inc. sponsored ADR (a)	107,800		4,283
Rackspace Hosting, Inc. (a)	308,985		6,084
			10,367
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
IT Services - 1.8%
Acxiom Corp. (a)	215,782		$ 2,675
CoreLogic, Inc. (a)	196,000		3,385
Fidelity National Information Services, Inc.	268,430		6,936
The Western Union Co.	156,100		2,448
Wright Express Corp. (a)	92,700		2,977
			18,421
Office Electronics - 0.5%
Xerox Corp.	572,377		4,831
Semiconductors & Semiconductor Equipment - 3.8%
KLA-Tencor Corp.	174,580		4,890
Lam Research Corp. (a)	212,153		7,661
MEMC Electronic Materials, Inc. (a)	283,800		2,920
Micron Technology, Inc. (a)	154,700		1,000
National Semiconductor Corp.	243,244		3,067
Novellus Systems, Inc. (a)	130,099		3,031
ON Semiconductor Corp. (a)	1,064,470		6,578
Spansion, Inc. Class A (a)	641,043		9,443
			38,590
Software - 0.9%
Ariba, Inc. (a)	262,219		4,057
Epicor Software Corp. (a)	700,473		4,756
			8,813
TOTAL INFORMATION TECHNOLOGY			107,019
MATERIALS - 9.4%
Chemicals - 5.4%
Air Products & Chemicals, Inc.	63,070		4,669
Albemarle Corp.	131,098		5,256
Celanese Corp. Class A	202,936		5,418
Clariant AG (Reg.) (a)	186,250		2,396
Ferro Corp. (a)	501,500		5,366
Innophos Holdings, Inc.	369,610		10,782
LyondellBasell Industries NV Class A (a)	268,400		5,502
Solutia, Inc. (a)	430,260		5,826
W.R. Grace & Co. (a)	219,128		5,544
Wacker Chemie AG	22,171		3,364
			54,123
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Containers & Packaging - 1.4%
Owens-Illinois, Inc. (a)	164,139		$ 4,113
Pactiv Corp. (a)	148,601		4,767
Rexam PLC	1,117,500		5,187
			14,067
Metals & Mining - 2.5%
Carpenter Technology Corp.	86,796		2,692
Compass Minerals International, Inc.	110,135		7,902
Globe Specialty Metals, Inc. (a)	360,745		3,943
Gulf Resources, Inc. (a)(d)	65,439		568
Gulf Resources, Inc. (e)	180,390		1,566
Horsehead Holding Corp. (a)	76,800		608
Newcrest Mining Ltd.	230,011		7,625
			24,904
Paper & Forest Products - 0.1%
Weyerhaeuser Co.	67,500		1,060
TOTAL MATERIALS			94,154
TELECOMMUNICATION SERVICES - 2.1%
Diversified Telecommunication Services - 1.2%
Cogent Communications Group, Inc. (a)	327,858		2,859
Global Crossing Ltd. (a)	533,568		6,563
Qwest Communications International, Inc.	563,500		3,184
			12,606
Wireless Telecommunication Services - 0.9%
NII Holdings, Inc. (a)	241,530		8,755
TOTAL TELECOMMUNICATION SERVICES			21,361
UTILITIES - 5.9%
Electric Utilities - 1.6%
American Electric Power Co., Inc.	306,600		10,857
FirstEnergy Corp.	130,269		4,759
			15,616
Gas Utilities - 0.1%
Questar Corp.	88,400		1,439
Independent Power Producers & Energy Traders - 2.8%
AES Corp. (a)	1,707,000		17,480
Calpine Corp. (a)	839,263		10,675
			28,155
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Multi-Utilities - 1.4%
Alliant Energy Corp.	191,200		$ 6,696
CMS Energy Corp. (d)	429,700		7,520
			14,216
TOTAL UTILITIES			59,426
TOTAL COMMON STOCKS (Cost $1,038,203)		972,487
Money Market Funds - 5.0%

Fidelity Cash Central Fund, 0.24% (b)	36,121,094		36,121
Fidelity Securities Lending Cash Central Fund, 0.27% (b)(c)	14,325,575		14,326
TOTAL MONEY MARKET FUNDS (Cost $50,447)		50,447
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $1,088,650)			1,022,934
NET OTHER ASSETS (LIABILITIES) - (2.2)%			(22,284)
NET ASSETS - 100%		$ 1,000,650

Legend

(a) Non-income producing

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Gulf Resources, Inc.	12/11/09	$ 1,533

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 30
Fidelity Securities Lending Cash Central Fund	69
Total	$ 99

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 142,473	$ 142,473	$ -	$ -
Consumer Staples	40,000	40,000	-	-
Energy	70,837	70,837	-	-
Financials	179,909	176,266	3,643	-
Health Care	97,794	97,794	-	-
Industrials	159,514	159,514	-	-
Information Technology	107,019	107,019	-	-
Materials	94,154	94,154	-	-
Telecommunication Services	21,361	21,361	-	-
Utilities	59,426	59,426	-	-
Money Market Funds	50,447	50,447	-	-
Total Investments in Securities:	$ 1,022,934	$ 1,019,291	$ 3,643	$ -

Income Tax Information

Investment Valuation

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

Quarterly Report

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

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

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate High
Income Fund

August 31, 2010

1.805767.106

REHI-QTLY-1010

Investments August 31, 2010 (Unaudited)

Showing Percentage of Net Assets

Corporate Bonds - 6.1%
		Principal Amount (c)		Value
Convertible Bonds - 1.2%
Homebuilding/Real Estate - 1.2%
Developers Diversified Realty Corp. 3% 3/15/12		$ 1,960,000		$ 1,901,200
Inland Real Estate Corp. 4.625% 11/15/26		1,693,000		1,667,605
Lexington Master Ltd. Partnership 5.45% 1/15/27 (e)		500,000		495,000
ProLogis Trust 1.875% 11/15/37		1,000,000		925,000
SL Green Realty Corp. 3% 3/30/27 (e)		1,500,000		1,456,875
				6,445,680
Nonconvertible Bonds - 4.9%
Diversified Financial Services - 0.1%
Wrightwood Capital LLC 9% 6/1/14 (b)(e)		1,000,000		360,000
Healthcare - 1.9%
Omega Healthcare Investors, Inc. 7% 4/1/14		2,000,000		2,040,000
Senior Housing Properties Trust 6.75% 4/15/20		3,000,000		3,075,000
Skilled Healthcare Group, Inc. 11% 1/15/14		1,540,000		1,339,800
Sun Healthcare Group, Inc. 9.125% 4/15/15		1,000,000		1,047,500
Ventas Realty LP:
6.5% 6/1/16		1,000,000		1,020,000
6.75% 4/1/17		2,080,000		2,142,400
				10,664,700
Homebuilding/Real Estate - 1.8%
Developers Diversified Realty Corp.:
7.5% 4/1/17		214,000		215,457
7.875% 9/1/20		2,437,000		2,481,193
Forest City Enterprises, Inc.:
6.5% 2/1/17		1,000,000		840,000
7.625% 6/1/15		605,000		550,550
Highwoods/Forsyth LP 5.85% 3/15/17		1,000,000		1,028,743
HMB Capital Trust V 4.1371% 12/15/36 (b)(e)(f)		1,000,000		0
Nationwide Health Properties, Inc. 6% 5/20/15		1,000,000		1,112,895
Reckson Operating Partnership LP 7.75% 3/15/20 (e)		925,000		925,000
Rouse Co.:
5.375% 11/26/13 (b)		2,455,000		2,798,700
7.2% 9/15/12 (b)		75,000		89,813
				10,042,351
Corporate Bonds - continued
		Principal Amount (c)		Value
Nonconvertible Bonds - continued
Hotels - 1.1%
Host Marriott LP 6.375% 3/15/15		$ 2,000,000		$ 2,000,000
Times Square Hotel Trust 8.528% 8/1/26 (e)		4,146,399		4,224,144
				6,224,144
TOTAL NONCONVERTIBLE BONDS				27,291,195
TOTAL CORPORATE BONDS (Cost $34,025,225)			33,736,875
Asset-Backed Securities - 8.4%

Anthracite CDO I Ltd. Series 2002-CIBA:
Class B, 6.633% 5/24/37 (e)		856,000		756,490
Class E, 9.314% 5/24/37 (e)		1,570,000		1,301,844
Anthracite CDO II Ltd. Series 2002-2A:
Class F, 7.6% 12/24/37 (e)		2,445,000		1,051,350
Class G, 9.75% 12/24/37 (e)		3,225,000		1,225,500
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6247% 3/23/19 (e)(f)		2,089,210		1,566,908
Argent Securities, Inc. pass-thru certificates Series 2004-W9 Class M7, 3.0638% 6/26/34 (e)(f)		254,146		23,128
Atherton Franchise Loan Funding LLP:
Series 1998-A Class E, 8.25% 5/15/20 (b)(e)(i)		1,500,000		247,500
Series 1998-A Class F, 7.44% 5/15/20 (b)(e)(i)		837,349		41,867
Capital Trust RE CDO Ltd. Series 2005-1A:
Class D, 1.7663% 3/20/50 (e)(f)		750,000		75,000
Class E, 2.3663% 3/20/50 (e)(f)		3,000,000		150,000
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (e)		4,719,000		4,636,418
Countrywide Home Loan Trust Series 2006-BC2 Class N, 6.5% 2/25/47 (e)		344,423		0
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (e)		1,595,000		1,148,400
Class B2, 1.8872% 12/28/35 (e)(f)		1,665,000		990,675
Class D, 9% 12/28/35 (e)		5,170,000		1,531,354
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (e)		4,400,000		1,232,000
Crest G-Star Ltd. Series 2001-2A Class C, 10% 2/25/32 (e)		1,330,000		399,000
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Crest Ltd.:
Series 2000-1A Class D, 10% 8/31/36 (e)		$ 2,200,000		$ 1,870,000
Series 2002-IGA:
Class A, 0.9375% 7/28/17 (e)(f)		1,858,088		1,765,184
Class B, 1.8375% 7/28/35 (e)(f)		921,000		816,282
Series 2004-1A Class H1, 4.1775% 1/28/40 (e)(f)		2,171,814		141,168
Fairfield Street Solar Corp. Series 2004-1A:
Class E1, 3.6644% 11/28/39 (e)(f)		1,000,000		70,000
Class F, 5.1644% 11/28/39 (e)(f)		1,050,000		63,000
G-Star Ltd. Series 2002-1A Class C, 8% 4/25/37 (e)		3,123,098		437,600
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7638% 6/25/35 (f)(h)		1,070,000		63,345
Guggenheim Structured Real Estate Funding Ltd. Series 2006-3 Class E, 1.9138% 9/25/46 (e)(f)		1,601,368		192,164
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.8138% 8/26/30 (e)(f)		561,980		56,198
Class E, 2.2638% 8/26/30 (e)(f)		1,083,726		54,186
Home Equity Asset Trust Series 2006-3N Class B, 6.5% 8/27/36 (e)		990,000		1
Long Beach Asset Holdings Corp. Series 2006-4 Class N1, 5.877% 6/25/46 (e)		906,885		0
Merit Securities Corp. Series 13 Class M1, 7.9882% 12/28/33		1,665,000		1,551,695
N-Star Real Estate CDO Ltd. Series 1A:
Class B1, 1.9744% 8/28/38 (e)(f)		3,810,000		2,400,300
Class C1B, 7.696% 8/28/38 (e)		893,000		539,461
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:
Class A2, 4.646% 7/24/39 (e)		2,972,113		2,793,786
Class C, 5.08% 7/24/39 (e)		1,225,000		784,000
Residential Asset Securities Corp. Series 2003-KS10 Class MI3, 6.41% 12/25/33		461,576		157,599
Resource Real Estate Funding CDO Series 2007-1A Class J, 3.2138% 9/25/46 (e)(f)		1,190,000		53,550
Taberna Preferred Funding III Ltd. Series 2005-3A:
Class D, 3.0847% 2/5/36 (e)(f)		2,201,814		220
Class E, 4.9347% 2/5/36 (e)(f)		607,015		61
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp.:
Series 2002-1A:
Class IIFX, 6.77% 5/22/37 (e)		2,897,000		2,752,150
Class IV, 6.84% 5/22/37 (e)		2,787,000		1,811,550
Series 2003-1A Class B2, 5.4802% 12/28/38 (e)		778,000		544,600
Asset-Backed Securities - continued
		Principal Amount (c)		Value
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 5.7835% 9/25/26 (e)(f)		$ 4,815,000		$ 1,300,050
Series 2006-1A:
Class A1A, 0.7983% 9/25/26 (e)(f)		1,370,000		1,109,700
Class A1B, 0.8683% 9/25/26 (e)(f)		2,455,000		1,853,525
Class A2A, 0.7583% 9/25/26 (e)(f)		8,775,000		7,283,250
TOTAL ASSET-BACKED SECURITIES (Cost $78,098,723)			46,842,059
Collateralized Mortgage Obligations - 6.6%

Private Sponsor - 6.3%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4859% 3/15/22 (e)(f)		6,068,837		5,879,863
Bear Stearns Commercial Mortgage Securities Trust Series 2006-BBA7 Class C, 0.5159% 3/15/19 (e)(f)		2,630,000		2,242,870
Countrywide Home Loans, Inc. Series 2005-R3 Class B3, 5.5% 9/25/35 (e)(f)		515,298		38,519
Countrywide Home Loans, Inc.:
Series 2002-R1:
Class B3, 6.61% 7/25/32 (e)(f)		677,917		219,477
Class B4, 6.61% 7/25/32 (e)(f)		1,003,563		81,914
Series 2002-R2 Class 2B4, 4.7357% 7/25/33 (e)(f)		121,028		27,130
Series 2002-R3:
Class B3, 5.75% 8/25/43 (e)		636,508		201,699
Class B4, 5.75% 8/25/43 (e)		312,609		23,095
Series 2003-40:
Class B3, 4.5% 10/25/18 (e)		135,613		15,894
Class B4, 4.5% 10/25/18 (e)		54,245		6,162
Class B5, 4.5% 10/25/18 (e)		172,268		14,143
Series 2003-50:
Class B4, 5% 11/25/18 (e)		163,501		15,255
Class B5, 5% 11/25/18 (e)		162,379		11,935
Series 2003-R1:
Class 2B4, 4.6437% 2/25/43 (e)(f)		92,718		19,702
Class 2B5, 4.6437% 2/25/43 (e)(f)		280,965		19,287
Series 2003-R2 Class B3, 5.5% 5/25/43 (e)		427,847		19,028
Series 2003-R3 Class B3, 5.5% 11/25/33 (e)		606,436		55,325
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (e)(f)		549,034		24,676
Credit Suisse First Boston Mortgage Acceptance Corp. Series 2004-6 Class B4, 4.7566% 9/25/19 (e)(f)		123,779		30,945
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
Credit Suisse First Boston Mortgage Securities Corp.:
Series 2002-26:
Class 4B3, 7% 10/25/17		$ 221,359		$ 22,136
Class 4B4, 7% 10/25/17		67,506		2,363
Class 4B5, 7% 10/25/17 (e)		13,600		17
Series 2005-10 Class CB5, 5.1764% 11/25/20 (e)(f)		5,494		7
Series 2005-2 Class CB4, 5.2206% 3/25/35 (e)(f)		639,833		6,398
Freddie Mac Series 2010 K7 Class B, 5.4341% 4/25/20 (e)(f)		2,240,000		1,979,712
FREMF Mortgage Trust Series 2010-K6 Class B, 5.3574% 12/26/46 (e)(f)		3,650,000		3,180,415
GMAC Commercial Mortgage Securities, Inc. Series 1993-C3 Class L, 6.974% 8/15/36 (e)		3,243,871		30,817
GMAC Mortgage Loan Trust Series 2003-J4 Class B1, 4.75% 9/25/18 (e)		145,684		32,060
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class F, 6% 10/15/35 (e)		404,128		407,240
LB-UBS Commercial Mortgage Trust sequential payer Series 2006-C6 Class A4, 5.372% 9/15/39		3,000,000		3,234,850
Merrill Lynch Floating Trust floater Series 2006-1 Class TM, 0.776% 6/15/22 (e)(f)		7,197,322		6,225,684
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (e)		7,500,000		7,299,000
Nomura Asset Acceptance Corp. Series 2001-R1A:
Class B1, 7% 2/19/30 (e)		425,089		171,293
Class B2, 7% 2/19/30 (e)		250,732		46,695
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.2434% 7/10/35 (e)(f)		989,557		522,387
Series 2005-A Class B6, 2.2934% 3/10/37 (e)(f)		704,244		124,229
Series 2006-B Class B6, 1.9759% 7/15/38 (e)(f)		1,086,537		11,735
RESIX Finance Ltd. floater:
Series 2003-D Class B9, 11.7934% 12/10/35 (e)(f)		335,250		124,545
Series 2004-A:
Class B7, 4.5434% 2/10/36 (e)(f)		368,558		164,266
Class B9, 9.2934% 2/10/36 (e)(f)		600,012		215,644
Series 2004-B:
Class B8, 5.0434% 2/10/36 (e)(f)		309,392		82,143
Class B9, 8.5434% 2/10/36 (e)(f)		525,073		155,422
Series 2004-C:
Class B7, 3.7934% 9/10/36 (e)(f)		1,684,633		521,226
Class B8, 4.5434% 9/10/36 (e)(f)		1,500,126		332,578
Class B9, 7.2934% 9/10/36 (e)(f)		561,544		124,887
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2005-A:
Class B10, 8.7934% 3/10/37 (e)(f)		$ 440,153		$ 60,345
Class B7, 3.2934% 3/10/37 (e)(f)		1,320,458		214,971
Class B9, 6.0434% 3/10/37 (e)(f)		1,533,492		215,916
Series 2005-B:
Class B7, 3.3934% 6/10/37 (e)(f)		1,613,014		115,169
Class B8, 4.1934% 6/10/37 (e)(f)		555,594		31,447
Class B9, 6.0434% 6/10/37 (e)(f)		537,671		31,561
Series 2005-C:
Class B7, 3.3934% 9/10/37 (e)(f)		1,697,358		127,981
Class B8, 4.0434% 9/10/37 (e)(f)		980,594		60,993
Class B9, 5.9934% 9/10/37 (e)(f)		1,605,111		103,851
Series 2005-D:
Class B7, 4.5259% 12/15/37 (e)(f)		1,537,203		66,561
Class B8, 6.0259% 12/15/37 (e)(f)		1,265,932		48,232
Series 2006-A:
Class B7, 3.7759% 3/15/38 (e)(f)		1,002,740		31,586
Class B8, 4.1259% 3/15/38 (e)(f)		643,619		12,229
Class B9, 5.7759% 3/15/38 (e)(f)		401,720		5,463
Series 2006-B Class B7, 4.1259% 7/15/38 (e)(f)		728,504		6,119
Taberna Preferred Funding VI Ltd. Series 2006-6A Class F1, 4.9347% 12/5/36 (e)(f)		3,591,454		359
Wells Fargo Mortgage Backed Securities Trust Series 2003-3 Class 2B4, 5.25% 4/25/33 (e)		236,366		154,729
TOTAL PRIVATE SPONSOR				35,252,180
U.S. Government Agency - 0.3%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates:
Class B3, 7% 9/25/41 (h)		574,627		325,924
Class B4, 7% 9/25/41 (h)		314,692		110,944
Class B5, 7% 9/25/41 (h)		235,887		17,585
Series 2002-W1 subordinate REMIC pass thru certificates:
Class 3B3, 4.4454% 2/25/42 (e)(f)		125,131		55,220
Class 3B5, 4.4454% 2/25/42 (e)(f)		107,996		8,430
Class B4, 6% 2/25/42 (e)		440,574		19,061
Series 2002-W6 subordinate REMIC pass thru certificates, Class 3B4, 4.4307% 1/25/42 (e)(f)		105,254		29,411
Collateralized Mortgage Obligations - continued
		Principal Amount (c)		Value
U.S. Government Agency - continued
Fannie Mae REMIC Trust: - continued
Series 2003-W1 subordinate REMIC pass thru certificates:
Class B3, 5.75% 12/25/42 (h)		$ 1,986,648		$ 598,040
Class B4, 5.75% 12/25/42 (h)		1,167,183		120,427
Series 2003-W10 subordinate REMIC pass thru certificates:
Class 2B4, 4.5582% 6/25/43 (f)(h)		341,357		75,008
Class 2B5, 4.5582% 6/25/43 (f)(h)		294,909		24,100
TOTAL U.S. GOVERNMENT AGENCY				1,384,150
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $65,788,591)			36,636,330
Commercial Mortgage Securities - 69.6%

Asset Securitization Corp.:
Series 1996-D2 Class B1A, 8.6374% 2/14/29 (e)(f)		2,225,000		2,160,698
Series 1997-D4:
Class B1, 7.525% 4/14/29		1,355,000		1,419,229
Class B2, 7.525% 4/14/29		26,000		26,915
Class B5, 7.525% 4/14/29		4,476,925		2,881,071
Series 1997-D5:
Class A3, 6.8628% 2/14/43 (f)		1,007,000		1,092,586
Class A5, 6.9328% 2/14/43 (f)		1,679,000		1,808,381
Class A6, 7.1828% 2/14/43 (f)		1,675,000		1,790,930
Class A7, 7.4228% 2/14/43 (f)		2,865,000		3,051,518
Banc of America Commercial Mortgage Trust Series 2008-1 Class D, 6.4159% 2/10/51 (e)(f)		1,970,000		640,167
Banc of America Commercial Mortgage, Inc.:
sequential payer:
Series 2002-2 Class F, 5.487% 7/11/43		2,848,575		2,741,889
Series 2005-1 Class A3, 4.877% 11/10/42		1,674,554		1,682,573
Series 2003-1 Class G, 5.608% 9/11/36 (e)		2,210,000		2,167,728
Series 2004-4:
Class K, 4.637% 7/10/42 (e)(f)		1,650,000		6,435
Class L, 4.637% 7/10/42 (e)(f)		1,690,000		3,042
Series 2005-1 Class CJ, 5.1705% 11/10/42 (f)		4,020,000		3,905,821
Series 2005-4 Class H, 5.3475% 7/10/45 (e)(f)		525,000		16,202
Series 2005-6 Class AJ, 5.1778% 9/10/47 (f)		2,000,000		1,832,838
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class B, 0.5359% 3/15/22 (e)(f)		$ 1,215,000		$ 1,057,901
Class J, 1.3259% 3/15/22 (e)(f)		2,050,000		1,332,500
Class K, 2.2759% 3/15/22 (e)(f)		2,460,000		1,057,800
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.6234% 3/11/39 (f)		3,175,000		2,816,432
Bear Stearns Commercial Mortgage Securities Trust:
floater Series 2006-BBA7:
Class D, 0.5359% 3/15/19 (e)(f)		1,420,000		1,201,131
Class E, 0.5959% 3/15/19 (e)(f)		2,220,000		1,819,188
Class F, 0.6159% 3/15/19 (e)(f)		940,000		738,899
Class G, 0.7159% 3/15/19 (e)(f)		1,585,000		1,158,588
Series 1998-C1 Class F, 6% 6/16/30 (e)		675,000		678,222
Series 1999-C1:
Class G, 5.64% 2/14/31 (e)		1,005,000		920,854
Class H, 5.64% 2/14/31 (e)		1,625,030		1,328,192
Class I, 5.64% 2/14/31 (e)		3,455,000		1,073,910
Series 2006-T22 Class B, 5.4623% 4/12/38 (e)(f)		1,370,000		1,154,298
Series 2007-BBA8:
Class K, 1.4759% 3/15/22 (e)(f)		1,720,000		464,400
Class L, 2.1759% 3/15/22 (e)(f)		3,981,215		875,867
Beckman Coulter, Inc. sequential payer Series 2000-A Class A, 7.4975% 12/15/18 (e)		4,435,138		3,814,219
Berkeley Federal Bank & Trust FSB Series 1994-1 Class B, 0.136% 8/1/24 (e)(f)		130,698		52,802
BKB Commercial Mortgage Trust weighted average coupon Series 1997-C1 Class H, 0.5971% 10/25/22 (e)(f)		67,649		8,108
Chase Commercial Mortgage Securities Corp.:
Series 1998-1:
Class F, 6.56% 5/18/30 (e)		2,500,000		2,629,673
Class H, 6.34% 5/18/30 (e)		3,300,000		2,510,963
Series 1998-2 Class J, 6.39% 11/18/30 (e)		3,342,897		711,368
Chase Manhattan Bank-First Union National Bank Commercial Mortgage Trust Series 1999-1 Class G, 6.4% 8/15/31 (e)		4,000,000		4,155,769
Citigroup Commercial Mortgage Trust floater Series 2007-FL3A Classs MLA2, 1.3259% 4/15/22 (e)(f)		385,000		314,328
COMM pass-thru certificates:
floater Series 2005-F10A Class E, 0.6459% 4/15/17 (e)(f)		3,100,000		2,325,000
Series 2001-J2A Class F, 7.0306% 7/16/34 (e)(f)		1,583,000		1,330,398
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Commercial Mortgage Acceptance Corp.:
Series 1998-C1 Class F, 6.23% 7/15/31 (e)		$ 644,753		$ 660,209
weighted average coupon Series 1998-C2 Class F, 5.44% 9/15/30 (e)(f)		1,340,675		1,389,200
Commercial Mortgage Asset Trust:
Series 1999-C1 Class F, 6.25% 1/17/32 (e)		5,380,000		4,506,951
Series 1999-C2:
Class G, 6% 11/17/32		4,575,000		4,448,173
Class H, 6% 11/17/32		4,372,000		3,195,908
Credit Suisse First Boston Mortgage Securities Corp.:
floater Series 1997-C2 Class H, 7.46% 1/17/35 (e)(f)		3,190,000		1,273,095
Series 1997-C2 Class F, 7.46% 1/17/35 (f)		2,876,000		3,180,744
Series 1998-C1:
Class F, 6% 5/17/40 (e)		12,000,000		11,959,251
Class H, 6% 5/17/40 (e)		3,600,000		321,151
Series 1998-C2:
Class F, 6.75% 11/11/30 (e)		6,500,000		6,620,845
Class G, 6.75% 11/11/30 (e)		1,065,000		971,063
Series 2001-CK6 Class NW, 6.08% 8/15/36 (h)		225,115		36,018
Series 2001-SPGA Class C, 6.809% 8/13/18 (e)		670,000		640,132
Series 2002-CKP1 Class KZ, 6.294% 12/15/35 (e)(f)		6,026,000		3,615,600
Series 2003-C3 Class J, 4.231% 5/15/38 (e)		2,400,000		1,433,799
Series 2004-TF2A Class AX, 0.013% 11/15/19 (e)(f)(g)		3,053,109		153
Credit Suisse Mortgage Capital Certificates floater Series 2007-TFL1 Class L, 2.1759% 2/15/22 (e)(f)		2,385,000		47,700
Credit Suisse/Morgan Stanley Commercial Mortgage Trust:
floater Series 2006-HC1A:
Class A2, 0.5359% 5/15/23 (e)(f)		3,290,000		3,125,152
Class D, 0.7459% 5/15/23 (e)(f)		1,500,000		1,387,262
Class F, 0.8759% 5/15/23 (e)(f)		1,035,000		941,407
Series 2006-HC1A:
Class A1, 0.4659% 5/15/23 (e)(f)		913,730		874,106
Class K, 1.7532% 5/15/23 (e)(f)		2,824,000		2,461,824
Crest Ltd. Series 2001-1A Class C, 9% 2/25/34 (e)		6,101,000		2,684,440
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1:
Class F, 7.5% 6/15/31		2,356,668		2,376,581
Class J, 6.22% 6/15/31		7,160,000		5,934,571
DLJ Commercial Mortgage Corp.:
Series 1998-CF2 Class B3, 6.04% 11/12/31 (e)		5,508,529		5,848,946
Series 1998-CG1 Class B4, 7.2267% 6/10/31 (e)(f)		5,777,000		6,323,243
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
DLJ Commercial Mortgage Corp.: - continued
Series 2000-CKP1 Class B3, 8.1791% 11/10/33 (f)		$ 1,620,000		$ 1,616,846
DLJ Mortgage Acceptance Corp. Series 1996-CF1 Class B4, 8.1704% 3/13/28 (f)		2,205,000		2,077,346
First Union National Bank Commercial Mortgage Trust:
sequential pay Series 1999-C4 Class G, 6.5% 12/15/31 (e)		3,700,000		3,788,907
Series 2001-C4 Class K, 6% 12/12/33 (e)		3,700,000		3,611,117
First Union National Bank-Bank of America Commercial Mortgage Trust Series 2001-C1 Class H, 7.039% 3/15/33 (e)		1,015,000		1,013,515
First Union-Lehman Brothers-Bank of America Commercial Mortgage Trust sequential payer Series 1998-C2 Class G, 7% 11/18/35 (e)(f)		3,007,000		3,147,689
Four Times Square Trust sequential payer Series 2006-4TS Class A, 5.401% 12/13/28 (e)		1,600,000		1,768,628
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (e)		2,496,000		2,333,760
GE Capital Commercial Mortgage Corp.:
sequential payer Series 2000-1 Class A2, 6.496% 1/15/33		1,048,236		1,055,309
Series 2001-3 Class C, 6.51% 6/10/38		1,920,000		1,955,187
Series 2002-1A Class H, 7.1591% 12/10/35 (e)(f)		1,055,000		1,021,571
Series 2005-C3 Class J, 5.2822% 7/10/45 (e)(f)		2,277,000		471,274
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C1 Class H, 6.6% 7/15/29		2,990,784		738,160
Series 1997-C2:
Class F, 6.75% 4/15/29 (f)		7,414,372		7,788,659
Class G, 6.75% 4/15/29 (f)		4,128,000		4,221,963
Class H, 5.6125% 4/15/29 (f)		6,130,384		1,701,965
Series 1999-C1 Class F, 6.02% 5/15/33 (e)		7,400,000		7,265,598
Series 1999-C2I Class K, 6.481% 9/15/33 (h)		7,875,000		441,000
Series 1999-C3:
Class G, 6.974% 8/15/36 (e)		942,595		946,471
Class J, 6.974% 8/15/36 (e)		2,788,000		2,787,874
Class K, 6.974% 8/15/36 (e)		5,260,000		3,062,429
Series 2000-C1:
Class H, 7% 3/15/33 (e)		446,330		446,150
Class K, 7% 3/15/33		2,473,000		2,005,779
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (e)		3,380,000		3,451,835
Series 2003-C2 Class J, 5.234% 1/5/36 (e)(f)		3,210,000		2,539,165
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Greenwich Capital Commercial Funding Corp.: - continued
Series 2005-GG3:
Class J, 4.685% 8/10/42 (e)(f)		$ 900,000		$ 171,759
Class K, 4.685% 8/10/42 (e)(f)		1,700,000		249,223
GS Mortgage Securities Corp. II:
Series 1997-GL Class H, 8.0595% 7/13/30 (e)(f)		3,736,000		3,957,918
Series 1998-GLII:
Class F, 7.742% 4/13/31 (e)(f)		429,506		432,892
Class G, 7.742% 4/13/31 (e)(f)		2,083,000		1,903,744
Series 2001-GL3A Class JGGP, 7.6436% 8/5/18 (e)(f)		2,850,000		1,995,000
Series 2004-GG2:
Class J, 5.067% 8/1/38 (e)(f)		420,000		123,174
Class K, 5.067% 8/1/38 (e)(f)		720,000		142,854
Series 2006-RR2:
Class M, 5.68% 6/1/46 (e)(f)		727,000		0
Class N, 5.68% 6/1/46 (e)(f)		160,000		0
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-A:
Class G, 6% 10/15/32 (e)(f)		2,003,000		10,015
Class X, 0.9767% 10/15/32 (e)(f)(g)		9,606,393		267
Series 2002-C1:
Class C, 5.613% 7/12/37		705,000		721,532
Class E, 6.135% 7/12/37 (e)		1,686,000		1,594,342
Series 2003-C1 Class D, 5.192% 1/12/37		1,510,000		1,496,401
Series 2003-CB7 Class L, 5.173% 1/12/38 (e)(f)		4,096,000		141,312
Series 2009-IWST Class D, 7.6935% 12/5/27 (e)(f)		1,750,000		1,919,709
JPMorgan Chase Commercial Mortgage Securities Trust:
floater:
Series 2005-FL1A Class A2, 0.4559% 2/15/19 (e)(f)		1,965,211		1,855,027
Series 2006-FL1A Class E, 0.6459% 2/15/20 (e)(f)		621,075		490,845
sequential payer Series 2005-LDP2 Class A4, 4.738% 7/15/42		2,000,000		2,135,272
Series 2004-CBX Class D, 5.097% 1/12/37 (f)		1,215,000		1,014,525
Series 2005-PRKS Class A, 10.075% 1/15/15 (e)(f)		2,410,722		688,743
JPMorgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		6,524,606		6,924,358
Series 1999-C7:
Class G, 6% 10/15/35 (e)		4,570,353		4,670,426
Class H, 6% 10/15/35 (e)		1,991,000		2,020,739
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
JPMorgan Commercial Mortgage Finance Corp.: - continued
Series 1999-C7:
Class NR, 6% 10/15/35 (e)		$ 2,655,844		$ 1,074,015
Series 1999-C8:
Class G, 6% 7/15/31 (e)		1,075,000		1,050,148
Class H, 6% 7/15/31 (e)		2,045,000		102,250
LB Commercial Conduit Mortgage Trust:
Series 1998-C1 Class K, 6.3% 2/18/30 (e)		2,483,000		47,177
Series 1998-C4 Class G, 5.6% 10/15/35 (e)		4,037,000		4,118,144
LB Multi-family Mortgage Trust Series 1991-4 Class A1, 7.0831% 4/25/21 (e)(f)		230,294		151,626
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		1,170,000		1,102,574
Series 2005-C7:
Class AJ, 5.323% 11/15/40		3,740,000		3,369,895
Class AM, 5.263% 11/15/40 (f)		518,000		521,897
Series 2006-C7 Class AM, 5.378% 11/15/38		1,160,000		1,041,739
Series 2001-C7:
Class M, 5.868% 11/15/33		4,957,000		2,853,493
Class P, 5.868% 11/15/33		1,320,000		349,600
Series 2002-C1:
Class J, 6.95% 3/15/34 (e)(f)		1,319,000		1,282,540
Class K, 6.428% 3/15/34 (e)		4,024,000		3,722,050
Series 2002-C2 Class M, 5.683% 7/15/35 (e)		950,000		633,473
Series 2005-C2 Class AJ, 5.205% 4/15/30 (f)		5,260,000		4,818,283
Series 2006-C4:
Class AJ, 5.9022% 6/15/38 (f)		3,315,000		2,676,545
Class AM, 5.9022% 6/15/38 (f)		3,840,000		3,559,417
Lehman Brothers Floating Rate Commercial Mortgage Trust floater Series 2004-LLFA Class J, 1.4759% 10/15/17 (e)(f)		1,190,000		1,052,089
Mach One Trust LLC Series 2004-1A:
Class L, 5.45% 5/28/40 (e)(f)		1,393,000		191,538
Class M, 5.45% 5/28/40 (e)(f)		1,533,000		150,234
Merrill Lynch Financial Asset, Inc.:
Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	551,000		274,450
Class G, 4.384% 7/12/37	CAD	275,000		131,922
Class H, 4.384% 7/12/37	CAD	184,000		85,035
Class J, 4.384% 7/12/37	CAD	275,000		122,485
Class K, 4.384% 7/12/37	CAD	275,000		118,082
Class L, 4.384% 7/12/37	CAD	184,000		76,189
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Merrill Lynch Financial Asset, Inc.: - continued
Series 2005-CA16:
Class M, 4.384% 7/12/37	CAD	$ 772,000		$ 219,555
Series 2005-CA17:
Class F, 4.525% 11/12/37 (f)	CAD	812,000		368,391
Class G, 4.525% 11/12/37 (f)	CAD	846,000		368,055
Class H, 4.525% 11/12/37 (f)	CAD	235,000		95,243
Class J, 4.525% 11/12/37 (f)	CAD	248,000		92,967
Class K, 4.525% 11/12/37 (f)	CAD	261,000		93,712
Class L, 4.525% 11/12/37 (f)	CAD	248,000		85,334
Class M, 4.525% 11/12/37 (f)	CAD	2,006,355		455,592
Merrill Lynch Mortgage Investors Trust:
Series 1997-C2 Class F, 6.25% 12/10/29 (f)		7,281,750		7,559,377
Series 1998-C3 Class E, 6.8483% 12/15/30 (f)		1,462,000		1,583,517
Series 1999-C1 Class G, 6.71% 11/15/31 (e)		1,950,034		195
Merrill Lynch Mortgage Trust:
Series 2002-MW1:
Class H, 5.695% 7/12/34 (e)		1,975,000		1,418,902
Class J, 5.695% 7/12/34 (e)		700,000		343,869
Series 2004-KEY2:
Class J, 5.091% 8/12/39 (e)(f)		1,869,000		132,057
Class K, 5.091% 8/12/39 (e)(f)		1,482,000		59,280
Series 2004-MKB1 Class F, 5.509% 2/12/42 (e)(f)		1,380,000		1,319,809
Series 2006-C1:
Class AJ, 5.6549% 5/12/39 (f)		1,240,000		1,023,079
Class AM, 5.6549% 5/12/39 (f)		700,000		640,357
Series 2006-KEY2 Class L, 5.091% 8/12/39 (e)		1,370,000		50,005
Mezz Capital Commercial Mortgage Trust:
Series 2004-C1:
Class F, 9.422% 1/15/37 (e)		645,000		0
Class G, 12.349% 1/15/37 (e)		465,000		0
Class IO, 8.1375% 1/15/37 (f)(g)		766,647		72,831
Series 2004-C2:
Class D, 7.347% 10/15/40 (e)		1,074,000		21,480
Class E, 8.309% 10/15/40 (e)		441,000		6,615
Class F, 10.223% 10/15/40 (e)		772,000		3,860
Class G, 12.933% 10/15/40 (e)		497,000		0
Series 2005-C3:
Class D, 7.7% 5/20/44 (e)		1,039,000		0
Class E, 8.757% 5/20/44 (e)		738,000		0
Class F, 10.813% 5/20/44 (e)		479,000		0
Class G, 10% 5/20/44 (e)		673,000		0
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Morgan Stanley Capital I Trust:
floater Series 2006-XLF Class J, 0.702% 7/15/19 (e)(f)		$ 2,750,000		$ 1,100,000
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (e)		3,294,300		3,310,772
Series 2006-HQ10 Class AM, 5.36% 11/12/41		4,640,000		4,296,458
Series 2006-HQ9 Class AM, 5.773% 7/12/44		1,098,000		1,059,311
Series 1997-RR:
Class F, 7.4307% 4/30/39 (e)(f)		1,773,681		1,631,786
Class G1, 3.0961% 4/30/39 (e)(f)		2,577,956		497,288
Series 1998-CF1:
Class F, 7.35% 7/15/32 (e)		2,170,000		2,262,442
Class G, 7.35% 7/15/32 (e)		1,590,000		874,500
Series 1998-HF2 Class G, 6.01% 11/15/30 (e)		4,405,745		4,394,943
Series 1999-CAM1:
Class M, 6.54% 3/15/32 (e)		2,262,373		523,503
Class N, 6.54% 3/15/32 (e)		305,233		305
Series 1999-WF1 Class L, 5.91% 11/15/31 (e)		1,071,000		1,000,365
Series 2003-IQ5 Class C, 5.2983% 4/15/38 (f)		1,200,000		1,186,979
Series 2005-HQ7:
Class E, 5.2057% 11/14/42 (f)		1,175,000		646,250
Class F, 5.2057% 11/14/42 (f)		2,480,000		1,240,000
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		5,000,000		4,150,000
Morgan Stanley Dean Witter Capital I Trust:
Series 2000-LIFE Class H, 6.5% 11/15/36 (e)		1,237,000		660,104
Series 2000-PRIN Class C, 7.9522% 2/23/34 (f)		2,519,000		2,820,910
Series 2001-IQA Class F, 6.79% 12/18/32 (e)		1,256,395		1,273,117
Series 2001-TOP3 Class E, 7.2382% 7/15/33 (e)(f)		1,130,000		1,121,549
Series 2003-TOP9 Class E, 5.7399% 11/13/36 (e)(f)		630,000		568,731
NationsLink Funding Corp. Series 1998-2:
Class F, 7.105% 8/20/30 (e)		4,411,169		4,765,723
Class G, 5% 8/20/30 (e)		2,427,000		2,527,069
Class J, 5% 8/20/30 (e)		2,240,000		1,996,960
Nomura Asset Securities Corp. Series 1998-D6 Class B1, 6% 3/15/30 (e)		7,453,000		7,549,952
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (e)		1,876,867		1,876,868
Prudential Securities Secured Financing Corp.:
Series 1998-C1 Class F, 6.8749% 2/15/13 (e)(f)		3,765,000		4,014,404
Series 1999-NRF1 Class F, 6.074% 11/1/31 (e)		1,597,825		1,614,921
RBSCF Trust Series 2010-MB1 Class D, 4.8204% 4/15/24 (e)(f)		3,230,000		3,089,697
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Real Estate Asset Liquidity Trust:
Series 2006-2:
Class F, 4.456% 9/12/38 (e)	CAD	$ 1,170,000		$ 725,746
Class G, 4.456% 9/12/38 (e)	CAD	585,000		344,680
Class H, 4.456% 9/12/38 (e)	CAD	390,000		218,400
Class J, 4.456% 9/12/38 (e)	CAD	390,000		206,904
Class K, 4.456% 9/12/38 (e)	CAD	195,000		92,188
Class L, 4.456% 9/12/38 (e)	CAD	281,000		125,727
Class M, 4.456% 9/12/38 (e)	CAD	1,400,602		309,991
Series 2007-1:
Class F, 4.57% 4/12/23	CAD	1,515,000		947,093
Class G, 4.57% 4/12/23	CAD	505,000		299,931
Class H, 4.57% 4/12/23	CAD	505,000		285,121
Class J, 4.57% 4/12/23	CAD	505,000		271,201
Class K, 4.57% 4/12/23	CAD	253,000		129,313
Class L, 4.57% 4/12/23	CAD	757,000		368,465
Class M, 4.57% 4/12/23	CAD	2,222,418		466,640
RMF Commercial Mortgage, Inc. Series 1997-1 Class G, 9.35% 1/15/19 (b)(e)(f)		384,889		118,500
Salomon Brothers Mortgage Securities VII, Inc.:
floater Series 1999-C1 Class H, 6.747% 5/18/32 (e)(f)		2,500,000		2,611,461
Series 2001-C1 Class E, 6.31% 12/18/35		1,155,000		1,145,573
Series 2001-MMA:
Class E6, 6.5% 2/18/34 (e)(f)		2,341,000		2,036,670
Class F6, 6.5% 2/18/34 (e)(f)		517,000		429,110
Structured Asset Securities Corp.:
Series 1996-CFL Class I, 7.75% 2/25/28 (e)		1,312,705		1,345,523
Series 1997-LLI Class F, 7.3% 10/12/34 (e)		3,185,000		3,229,858
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 6.071% 8/15/39 (f)		1,150,000		1,137,574
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (e)		1,200,000		1,188,000
UBS Commercial Mortgage Trust Series 2007-FL1 Class G, 0.8509% 7/15/24 (e)(f)		2,500,000		600,375
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/20 (e)		1,330,000		1,376,904
Wachovia Bank Commercial Mortgage Trust:
floater:
Series 2007-ESH Class A1, 0.7259% 6/15/19 (e)(f)		1,131,877		1,123,472
Series 2007-WHL8 Class MH1, 1.0759% 6/15/20 (e)(f)		865,000		726,889
Commercial Mortgage Securities - continued
		Principal Amount (c)		Value
Wachovia Bank Commercial Mortgage Trust: - continued
Series 2004-C10 Class E, 4.931% 2/15/41		$ 2,430,000		$ 2,254,214
Series 2004-C11:
Class D, 5.4914% 1/15/41 (f)		2,720,000		2,350,050
Class E, 5.5414% 1/15/41 (f)		2,465,000		2,001,045
Series 2004-C12 Class D, 5.3053% 7/15/41 (f)		2,030,000		1,818,474
Series 2004-C14:
Class B, 5.17% 8/15/41		1,920,000		1,874,096
Class C, 5.21% 8/15/41		1,260,000		1,182,699
Series 2004-C15 Class 175C, 5.8479% 10/15/41 (e)(f)		1,250,000		892,913
Washington Mutual Multi-family Mortgage LLC Series 2001-1 Class B4, 7.1015% 10/18/31 (e)(f)		5,163,000		5,217,666
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $433,186,011)			387,132,976

Common Stocks - 0.0%
	Shares
Homebuilding/Real Estate - 0.0%
Wrightwood Capital LLC warrants 7/31/14 (a)(e) (Cost $152)	15,170		152
Nonconvertible Preferred Stocks - 3.7%

Homebuilding/Real Estate - 3.7%
Annaly Capital Management, Inc. Series A, 7.875%	108,781		2,790,233
Apartment Investment & Management Co.:
Series G, 9.375%	16,500		419,100
Series T, 8.00%	103,000		2,592,510
Series U, 7.75%	16,000		399,360
CBL & Associates Properties, Inc. 7.375%	94,172		2,227,168
Cedar Shopping Centers, Inc. 8.875%	56,272		1,428,183
CenterPoint Properties Trust Series D, 5.377%	2,775		1,283,438
Corporate Office Properties Trust Series H, 7.50%	5,000		125,000
Developers Diversified Realty Corp. (depositary shares) Series G, 8.00%	107,000		2,649,320
LaSalle Hotel Properties Series G, 7.25%	51,925		1,204,141
Lexington Realty Trust 7.55%	20,000		463,600
MFA Financial, Inc. Series A, 8.50%	12,100		306,856
PS Business Parks, Inc.:
(depositary shares) Series L, 7.60%	44,000		1,111,880
Nonconvertible Preferred Stocks - continued
	Shares		Value
Homebuilding/Real Estate - continued
PS Business Parks, Inc.: - continued
7.20%	19,500		$ 489,060
7.375%	10,000		256,600
Public Storage Series M, 6.625%	112,791		2,886,322
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $21,132,823)		20,632,771

Interfund Loans - 1.3%
	Principal Amount (c)
With Fidelity Series 100 Index Fund at .47% due 9/1/10 (d)	$ 6,182,000		6,182,000
With Fidelity Transportation Portfolio at .47% due 9/1/10 (d)	1,205,000		1,205,000
TOTAL INTERFUND LOANS (Cost $7,387,000)		7,387,000

Preferred Securities - 0.2%

Diversified Financial Services - 0.0%
Cairn High Grade ABS CDO PLC Series 2006-2A Class SUB, 1/13/47 (e)	1,100,000		0
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (e)	2,140,000		21
Ipswich Street CDO Series 2006-1, 6/27/46 (b)(e)	2,515,000		0
Kent Funding III Ltd. 11/5/47 (e)	1,100,000		0
Lenox Ltd. Series 2007-1 3/4/45 (e)	1,865,000		0
			21
Homebuilding/Real Estate - 0.2%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (e)	3,000,000		510,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (e)	3,100,000		713,000
Crest G-Star Ltd. Series 2001-2A Class PS, 2/25/32 (e)	1,100,000		77,000
			1,300,000
TOTAL PREFERRED SECURITIES (Cost $15,277,899)		1,300,021
Cash Equivalents - 3.7%
	Maturity Amount		Value
Investments in repurchase agreements in a joint trading account at 0.24%, dated 8/31/10 due 9/1/10 (Collateralized by U.S. Government Obligations) # (Cost $20,528,000)	$ 20,528,136		$ 20,528,000
TOTAL INVESTMENT PORTFOLIO - 99.6% (Cost $675,424,424)			554,196,184
NET OTHER ASSETS (LIABILITIES) - 0.4%			2,197,894
NET ASSETS - 100%		$ 556,394,078

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

(d) Loan is with an affiliated fund.

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-CK6 Class NW, 6.08% 8/15/36	7/1/02	$ 115,090
Fannie Mae REMIC Trust Series 2001-W3 subordinate REMIC pass thru certificates: Class B3, 7% 9/25/41	5/21/03	$ 497,951
Class B4, 7% 9/25/41	11/2/01	$ 146,332
Class B5, 7% 9/25/41	11/2/01	$ 50,716
Security	Acquisition Date	Acquisition Cost
Fannie Mae REMIC Trust Series 2003-W1 subordinate REMIC pass thru certificates: Class B3, 5.75% 12/25/42	3/25/03	$ 1,497,126
Class B4, 5.75% 12/25/42	3/25/03	$ 621,525
Fannie Mae REMIC Trust Series 2003-W10 subordinate REMIC pass thru certificates: Class 2B4, 4.5582% 6/25/43	9/29/03	$ 138,623
Class 2B5, 4.5582% 6/25/43	9/29/03	$ 40,253
GMAC Commercial Mortgage Securities, Inc. Series 1999-C2I Class K, 6.481% 9/15/33	3/23/07	$ 4,528,125
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7638% 6/25/35	6/3/05	$ 943,960

(i) Partial interest payment received on the last interest payment date.

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

Repurchase Agreement / Counterparty	Value
$20,528,000 due 9/01/10 at 0.24%
BNP Paribas Securities Corp.	$ 5,160,972
Bank of America NA	1,814,222
Barclays Capital, Inc.	1,216,099
Credit Suisse Securities (USA) LLC	907,111
Deutsche Bank Securities, Inc.	453,555
HSBC Securities (USA), Inc.	1,360,666
J.P. Morgan Securities, Inc.	6,349,776
Mizuho Securities USA, Inc.	907,111
Societe Generale, New York Branch	2,267,777
Wells Fargo Securities LLC	90,711
	$ 20,528,000

Other Information

The following is a summary of the inputs used, as of August 31, 2010, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities - Financials	$ 20,632,923	$ 19,349,333	$ -	$ 1,283,590
Corporate Bonds	33,736,875	-	33,376,875	360,000
Asset-Backed Securities	46,842,059	-	16,381,112	30,460,947
Collateralized Mortgage Obligations	36,636,330	-	34,146,794	2,489,536
Commercial Mortgage Securities	387,132,976	-	351,114,038	36,018,938
Interfund Loans	7,387,000	7,387,000	-	-
Preferred Securities	1,300,021	-	-	1,300,021
Cash Equivalents	20,528,000	-	20,528,000	-
Total Investments in Securities:	$ 554,196,184	$ 26,736,333	$ 455,546,819	$ 71,913,032
Percentage of Market Value	100%	4.8%	82.2%	13.0%

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

Investments in Securities:
Equities - Financials
Beginning Balance	$ 1,227,938
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	55,500
Cost of Purchases	152
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,283,590
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 55,500
Corporate Bonds
Beginning Balance	$ 2,683,288
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	14,900
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(2,338,188)
Ending Balance	$ 360,000
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 14,900
Asset-Backed Securities
Beginning Balance	$ 22,051,704
Total Realized Gain (Loss)	324,457
Total Unrealized Gain (Loss)	8,021,776
Cost of Purchases	6,865.846
Proceeds of Sales	(3,174,753)
Amortization/Accretion	(1,341,672)
Transfers in to Level 3	3,609,202
Transfers out of Level 3	(5,895,613)
Ending Balance	$ 30,460,947
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 7,892,169
Collateralized Mortgage Obligations
Beginning Balance	$ 5,561,996
Total Realized Gain (Loss)	502
Total Unrealized Gain (Loss)	1,897,217
Cost of Purchases	143,997
Proceeds of Sales	(3,435,261)
Amortization/Accretion	(570,684)
Transfers in to Level 3	28,878
Transfers out of Level 3	(1,137,109)
Ending Balance	$ 2,489,536
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 574,670
Commercial Mortgage Securities
Beginning Balance	$ 43,186,411
Total Realized Gain (Loss)	946,935
Total Unrealized Gain (Loss)	3,636,364
Cost of Purchases	3,650,053
Proceeds of Sales	(3,942,634)
Amortization/Accretion	(1,042,246)
Transfers in to Level 3	6,287,250
Transfers out of Level 3	(16,703,195)
Ending Balance	$ 36,018,938
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 4,088,763
Preferred Securities
Beginning Balance	$ 952,207
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	276,184
Cost of Purchases	66,600
Proceeds of Sales	-
Amortization/Accretion	5,030
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,300,021
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at August 31, 2010	$ 276,184

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Significant transfers from Level 3 to Level 2 were attributable to observable market data becoming available for these securities. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Income Tax Information

At August 31, 2010, the cost of investment securities for income tax purposes was $675,426,582. Net unrealized depreciation aggregated $121,230,398, of which $30,297,392 related to appreciated investment securities and $151,527,790 related to depreciated investment securities.

Investment Valuation

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

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

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

The Fund attempts to obtain prices from more than one independent pricing service or dealer. For certain securities, independent prices may be unavailable, unreliable or limited to a single source or dealer. As of August 31, 2010, 45% of the securities held by the Fund were either valued based on a price provided by a single source or dealer or were fair valued. Actual prices may differ from the values that would be realized if the securities were sold, and the differences could be material.

Credit and Liquidity Risk

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

Quarterly Report

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Fidelity Advisor Series I

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

Date:	November 1, 2010

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

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

Date:	November 1, 2010

By:	/s/Christine Reynolds
	Christine Reynolds
	Chief Financial Officer

Date:	November 1, 2010