0000035341-11-000077.txt : 20111230 0000035341-11-000077.hdr.sgml : 20111230 20111230092837 ACCESSION NUMBER: 0000035341-11-000077 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111031 FILED AS OF DATE: 20111230 DATE AS OF CHANGE: 20111230 EFFECTIVENESS DATE: 20111230 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SECURITIES FUND CENTRAL INDEX KEY: 0000754510 IRS NUMBER: 000000000 FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04118 FILM NUMBER: 111288053 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 6174391706 MAIL ADDRESS: STREET 1: 82 DEVONSHIRE STREET STREET 2: MAILZONE Z1C CITY: BOSTON STATE: MA ZIP: 02109

0000754510 S000007191 Fidelity OTC Portfolio

C000019679 Fidelity OTC Portfolio FOCPX

C000064268 Class K FOCKX

0000754510 S000007192 Fidelity Real Estate Income Fund

C000019680 Fidelity Real Estate Income Fund FRIFX

C000087887 Fidelity Advisor Real Estate Income Fund: Class A FRINX

C000087889 Fidelity Advisor Real Estate Income Fund: Class C FRIOX

C000087890 Fidelity Advisor Real Estate Income Fund: Class T FRIQX

C000087891 Fidelity Advisor Real Estate Income Fund: Institutional Class FRIRX

0000754510 S000007193 Fidelity Small Cap Growth Fund

C000019681 Fidelity Small Cap Growth Fund FCPGX

C000019682 Fidelity Advisor Small Cap Growth Fund: Class A FCAGX

C000019683 Fidelity Advisor Small Cap Growth Fund: Class B FCBGX

C000019684 Fidelity Advisor Small Cap Growth Fund: Class C FCCGX

C000019685 Fidelity Advisor Small Cap Growth Fund: Class T FCTGX

C000019686 Fidelity Advisor Small Cap Growth Fund: Institutional Class FCIGX

C000076773 Class F FCPFX

0000754510 S000007194 Fidelity Small Cap Value Fund

C000019687 Fidelity Small Cap Value Fund FCPVX

C000019688 Fidelity Advisor Small Cap Value Fund: Class A FCVAX

C000019689 Fidelity Advisor Small Cap Value Fund: Class B FCVBX

C000019690 Fidelity Advisor Small Cap Value Fund: Class C FCVCX

C000019691 Fidelity Advisor Small Cap Value Fund: Class T FCVTX

C000019692 Fidelity Advisor Small Cap Value Fund: Institutional Class FCVIX

C000076774 Class F FSVFX

0000754510 S000007195 Fidelity Blue Chip Growth Fund

C000019693 Fidelity Blue Chip Growth Fund FBGRX

C000064269 Class K FBGKX

C000076775 Class F FBCFX

0000754510 S000007196 Fidelity Blue Chip Value Fund

C000019694 Fidelity Blue Chip Value Fund FBCVX

0000754510 S000007197 Fidelity Dividend Growth Fund

C000019695 Fidelity Dividend Growth Fund FDGFX

C000064270 Class K FDGKX

0000754510 S000007198 Fidelity Growth & Income Portfolio

C000019696 Fidelity Growth & Income Portfolio FGRIX

C000064271 Class K FGIKX

0000754510 S000007199 Fidelity International Real Estate Fund

C000019697 Fidelity International Real Estate Fund FIREX

C000047149 Fidelity Advisor International Real Estate Fund: Class A FIRAX

C000047150 Fidelity Advisor International Real Estate Fund: Class B FIRBX

C000047151 Fidelity Advisor International Real Estate Fund: Class C FIRCX

C000047152 Fidelity Advisor International Real Estate Fund: Class T FIRTX

C000047153 Fidelity Advisor International Real Estate Fund: Institutional Class FIRIX

0000754510 S000007200 Fidelity Leveraged Company Stock Fund

C000019698 Fidelity Leveraged Company Stock Fund FLVCX

C000064272 Class K FLCKX

0000754510 S000015587 Fidelity Series Small Cap Opportunities Fund

C000042507 Fidelity Series Small Cap Opportunities Fund FSOPX

C000076776 Class F FSOFX

0000754510 S000031548 Fidelity Series Real Estate Income Fund

C000098199 Fidelity Series Real Estate Income Fund FSREX

C000098200 Class F FSRWX

0000754510 S000033805 Fidelity Series Real Estate Equity Fund

C000104444 Fidelity Series Real Estate Equity Fund

C000104445 Class F

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 811-4118

Fidelity Securities Fund
(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:	July 31

Date of reporting period:	October 31, 2011

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund
Blue Chip Growth
Class K

Class F

October 31, 2011

1.809076.108

BCF-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 19.5%
Auto Components - 1.1%
Autoliv, Inc.	726,800		$ 41,987
Dana Holding Corp. (a)	968,200		13,690
Tenneco, Inc. (a)	918,998		30,070
TRW Automotive Holdings Corp. (a)	1,130,600		47,598
Visteon Corp. (a)	254,800		14,172
			147,517
Automobiles - 1.0%
Bayerische Motoren Werke AG (BMW)	398,650		32,583
Hyundai Motor Co.	75,033		15,054
Kia Motors Corp.	152,660		9,751
Tesla Motors, Inc. (a)(d)	2,647,600		77,760
			135,148
Diversified Consumer Services - 1.3%
Apollo Group, Inc. Class A (non-vtg.) (a)	788,400		37,331
New Oriental Education & Technology Group, Inc. sponsored ADR (a)	890,300		26,388
Weight Watchers International, Inc.	1,462,772		109,152
			172,871
Hotels, Restaurants & Leisure - 6.2%
Arcos Dorados Holdings, Inc.	1,324,400		30,991
Bravo Brio Restaurant Group, Inc.	750,800		14,588
Brinker International, Inc.	576,500		13,202
Chipotle Mexican Grill, Inc. (a)	141,200		47,460
Ctrip.com International Ltd. sponsored ADR (a)	152,700		5,323
Darden Restaurants, Inc.	231,700		11,094
Dunkin' Brands Group, Inc. (a)	758,600		22,083
Jubilant Foodworks Ltd. (a)	533,088		8,785
Las Vegas Sands Corp. (a)	1,957,400		91,900
Marriott International, Inc. Class A	612,900		19,306
McDonald's Corp.	3,035,630		281,858
MGM Mirage, Inc. (a)	2,866,200		33,019
Panera Bread Co. Class A (a)	254,800		34,064
Starbucks Corp.	3,173,500		134,366
Starwood Hotels & Resorts Worldwide, Inc.	304,400		15,253
Wyndham Worldwide Corp.	1,058,185		35,629
Yum! Brands, Inc.	756,700		40,536
			839,457
Household Durables - 0.6%
Lennar Corp. Class A	1,442,052		23,852
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
PulteGroup, Inc. (a)(d)	2,706,900		$ 14,022
SodaStream International Ltd.	286,400		9,761
Standard Pacific Corp. (a)	2,000,000		6,080
Tempur-Pedic International, Inc. (a)	42,800		2,913
Toll Brothers, Inc. (a)	1,368,100		23,860
			80,488
Internet & Catalog Retail - 3.3%
Amazon.com, Inc. (a)	1,697,700		362,476
Priceline.com, Inc. (a)	180,700		91,745
			454,221
Media - 0.2%
Lions Gate Entertainment Corp. (a)	1,900,000		15,618
Pandora Media, Inc.	35,800		566
The Walt Disney Co.	499,800		17,433
			33,617
Multiline Retail - 1.3%
Dollar Tree, Inc. (a)	222,500		17,791
Dollarama, Inc.	313,634		11,805
Macy's, Inc.	3,613,000		110,305
Target Corp.	754,679		41,319
			181,220
Specialty Retail - 2.4%
Abercrombie & Fitch Co. Class A	368,885		27,445
Bed Bath & Beyond, Inc. (a)	572,600		35,410
Cia.Hering SA	254,600		5,686
Foot Locker, Inc.	1,330,800		29,091
Home Depot, Inc.	213,400		7,640
Limited Brands, Inc.	1,709,100		72,996
Ross Stores, Inc.	179,600		15,756
TJX Companies, Inc.	1,665,340		98,138
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	508,000		34,183
			326,345
Textiles, Apparel & Luxury Goods - 2.1%
Arezzo Industria e Comercio SA	1,681,000		22,221
Crocs, Inc. (a)	1,173,000		20,727
Deckers Outdoor Corp. (a)	179,500		20,686
Fossil, Inc. (a)	393,800		40,821
Gitanjali Gems Ltd.	2,187,799		15,554
Liz Claiborne, Inc. (a)(d)	2,779,400		22,263
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - continued
lululemon athletica, Inc. (a)	80,000		$ 4,518
NIKE, Inc. Class B	668,300		64,391
PVH Corp.	469,000		34,898
Ralph Lauren Corp.	166,600		26,454
Steven Madden Ltd. (a)	232,050		8,563
VF Corp.	52,100		7,201
			288,297
TOTAL CONSUMER DISCRETIONARY			2,659,181
CONSUMER STAPLES - 10.6%
Beverages - 3.7%
Anheuser-Busch InBev SA NV ADR	379,300		21,040
Beam, Inc.	54,400		2,689
Dr Pepper Snapple Group, Inc.	915,700		34,293
Hansen Natural Corp. (a)	1,349,200		120,200
PepsiCo, Inc.	1,162,100		73,154
The Coca-Cola Co.	3,769,700		257,546
			508,922
Food & Staples Retailing - 2.0%
Casey's General Stores, Inc.	375,600		18,611
Costco Wholesale Corp.	274,600		22,860
CVS Caremark Corp.	2,599,200		94,351
Droga Raia SA	635,700		9,014
Sun Art Retail Group Ltd. (a)	977,500		1,248
Walgreen Co.	580,700		19,279
Whole Foods Market, Inc.	1,425,500		102,807
			268,170
Food Products - 1.6%
Calbee, Inc. (d)	408,300		18,615
Danone	396,900		27,628
Diamond Foods, Inc. (d)	355,200		23,354
Green Mountain Coffee Roasters, Inc. (a)(d)	2,131,700		138,603
Mead Johnson Nutrition Co. Class A	223,800		16,080
			224,280
Household Products - 0.6%
Church & Dwight Co., Inc.	144,700		6,393
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Household Products - continued
Kimberly-Clark Corp.	459,100		$ 32,004
Procter & Gamble Co.	700,300		44,812
			83,209
Personal Products - 0.5%
Estee Lauder Companies, Inc. Class A	375,000		36,919
Herbalife Ltd.	592,431		36,944
			73,863
Tobacco - 2.2%
Altria Group, Inc.	2,269,900		62,536
Lorillard, Inc.	424,800		47,008
Philip Morris International, Inc.	2,676,300		186,993
			296,537
TOTAL CONSUMER STAPLES			1,454,981
ENERGY - 10.0%
Energy Equipment & Services - 4.3%
Baker Hughes, Inc.	1,196,700		69,397
Dresser-Rand Group, Inc. (a)	375,300		18,165
Halliburton Co.	4,196,700		156,789
National Oilwell Varco, Inc.	1,044,000		74,469
Schlumberger Ltd.	2,261,900		166,182
Transocean Ltd. (United States)	1,899,300		108,545
			593,547
Oil, Gas & Consumable Fuels - 5.7%
Alpha Natural Resources, Inc. (a)	2,734,299		65,733
Anadarko Petroleum Corp.	623,900		48,976
Cabot Oil & Gas Corp.	750,800		58,352
Chesapeake Energy Corp.	723,000		20,331
Chevron Corp.	714,700		75,079
EV Energy Partners LP	216,100		16,084
Exxon Mobil Corp.	3,589,500		280,304
Hess Corp.	760,700		47,589
Murphy Oil Corp.	200,200		11,085
Occidental Petroleum Corp.	1,140,900		106,035
Range Resources Corp.	577,700		39,769
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Solazyme, Inc.	180,800		$ 1,839
Uranium One, Inc.	1,282,600		3,860
			775,036
TOTAL ENERGY			1,368,583
FINANCIALS - 3.8%
Capital Markets - 1.2%
Morgan Stanley	8,821,900		155,618
Commercial Banks - 0.3%
Axis Bank Ltd.	117,190		2,770
HDFC Bank Ltd.	1,262,465		12,590
ICICI Bank Ltd.	666,777		12,575
ICICI Bank Ltd. sponsored ADR	109,900		4,084
Punjab National Bank	133,123		2,712
Regions Financial Corp.	1,748,300		6,871
State Bank of India	104,764		4,075
			45,677
Consumer Finance - 0.4%
Discover Financial Services	1,578,300		37,185
Shriram Transport Finance Co. Ltd.	1,309,840		16,398
			53,583
Diversified Financial Services - 1.6%
Citigroup, Inc.	6,951,220		219,589
Real Estate Management & Development - 0.3%
Parsvnath Developers Ltd. (a)(e)	21,771,340		35,716
Thrifts & Mortgage Finance - 0.0%
Housing Development Finance Corp. Ltd.	335,144		4,716
TOTAL FINANCIALS			514,899
HEALTH CARE - 9.0%
Biotechnology - 2.9%
Alexion Pharmaceuticals, Inc. (a)	699,400		47,216
Alkermes PLC (a)	917,100		16,040
Amarin Corp. PLC ADR (a)	1,645,200		15,465
Amylin Pharmaceuticals, Inc. (a)	1,832,100		21,106
ARIAD Pharmaceuticals, Inc. (a)	1,000,000		11,630
Biogen Idec, Inc. (a)	733,900		85,397
Celgene Corp. (a)	168,400		10,917
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Cepheid, Inc. (a)	94,400		$ 3,387
Exelixis, Inc. (a)	2,913,200		22,519
InterMune, Inc. (a)	1,055,302		26,910
Micromet, Inc. (a)	1,322,420		8,688
Pharmasset, Inc. (a)	225,700		15,889
Regeneron Pharmaceuticals, Inc. (a)	180,000		9,954
Vertex Pharmaceuticals, Inc. (a)	2,585,800		102,372
			397,490
Health Care Equipment & Supplies - 1.3%
Baxter International, Inc.	245,700		13,509
Covidien PLC	1,177,800		55,404
Edwards Lifesciences Corp. (a)	165,100		12,452
Insulet Corp. (a)	100,000		1,632
Intuitive Surgical, Inc. (a)	26,400		11,454
Mako Surgical Corp. (a)	200,000		7,690
The Cooper Companies, Inc.	715,972		49,617
Volcano Corp. (a)	186,400		4,647
William Demant Holding A/S (a)	126,000		10,053
Zeltiq Aesthetics, Inc.	1,001,900		14,277
			180,735
Health Care Providers & Services - 2.6%
Aetna, Inc.	102,300		4,067
Apollo Hospitals Enterprise Ltd.	649,448		6,921
CIGNA Corp.	389,000		17,248
Express Scripts, Inc. (a)	1,793,080		81,998
Humana, Inc.	246,200		20,900
McKesson Corp.	1,060,500		86,484
Medco Health Solutions, Inc. (a)	1,745,100		95,736
UnitedHealth Group, Inc.	590,500		28,338
WellPoint, Inc.	136,000		9,370
			351,062
Health Care Technology - 0.5%
athenahealth, Inc. (a)	105,175		5,565
Cerner Corp. (a)	933,200		59,193
			64,758
Life Sciences Tools & Services - 0.0%
Sequenom, Inc. (a)(d)	385,925		1,918
Pharmaceuticals - 1.7%
Allergan, Inc.	126,100		10,608
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
AVANIR Pharmaceuticals Class A (a)(d)	1,264,000		$ 3,779
Elan Corp. PLC sponsored ADR (a)	2,231,100		26,751
Endocyte, Inc.	1,477,700		14,348
Johnson & Johnson	1,941,400		125,007
Salix Pharmaceuticals Ltd. (a)	208,700		7,149
Shire PLC sponsored ADR	182,000		17,163
Valeant Pharmaceuticals International, Inc. (Canada)	623,700		24,626
			229,431
TOTAL HEALTH CARE			1,225,394
INDUSTRIALS - 9.8%
Aerospace & Defense - 3.6%
Honeywell International, Inc.	940,800		49,298
Precision Castparts Corp.	729,800		119,067
The Boeing Co.	2,124,600		139,777
United Technologies Corp.	2,412,400		188,119
			496,261
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	728,400		51,163
Airlines - 0.2%
Copa Holdings SA Class A	426,600		29,465
Building Products - 0.3%
Armstrong World Industries, Inc.	924,900		39,391
Commercial Services & Supplies - 0.1%
Swisher Hygiene, Inc.	2,095,491		9,136

Construction & Engineering - 0.7%
Chicago Bridge & Iron Co. NV unit	73,500		2,689
Fluor Corp.	1,590,300		90,409
			93,098
Electrical Equipment - 0.5%
Cooper Industries PLC Class A	89,000		4,669
GrafTech International Ltd. (a)	456,800		7,176
Polypore International, Inc. (a)	667,500		35,010
Rockwell Automation, Inc.	283,900		19,206
			66,061
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - 1.1%
Carlisle Companies, Inc.	319,900		$ 13,346
Danaher Corp.	2,805,600		135,651
			148,997
Machinery - 2.1%
Briggs & Stratton Corp.	181,000		2,643
Caterpillar, Inc.	411,600		38,880
Cummins, Inc.	874,300		86,932
Eaton Corp.	498,700		22,352
Jain Irrigation Systems Ltd.	780,008		1,987
Joy Global, Inc.	260,100		22,681
Kennametal, Inc.	254,100		9,882
Manitowoc Co., Inc. (d)	921,100		10,206
PACCAR, Inc.	824,300		35,643
Terex Corp. (a)	1,094,800		18,217
WABCO Holdings, Inc. (a)	834,300		41,890
			291,313
Professional Services - 0.3%
Manpower, Inc.	843,600		36,393
Robert Half International, Inc.	183,900		4,860
			41,253
Road & Rail - 0.5%
CSX Corp.	522,900		11,614
Union Pacific Corp.	591,200		58,866
			70,480
Trading Companies & Distributors - 0.0%
Mills Estruturas e Servicos de Engenharia SA	827,400		8,263
TOTAL INDUSTRIALS			1,344,881
INFORMATION TECHNOLOGY - 32.9%
Communications Equipment - 3.0%
Alcatel-Lucent SA sponsored ADR (a)	8,244,895		22,591
Cisco Systems, Inc.	3,768,900		69,838
Juniper Networks, Inc. (a)	595,800		14,579
QUALCOMM, Inc.	5,878,100		303,310
Riverbed Technology, Inc. (a)	186,600		5,146
			415,464
Computers & Peripherals - 9.6%
Apple, Inc. (a)	2,803,800		1,134,925
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
EMC Corp. (a)	2,493,800		$ 61,123
Fusion-io, Inc.	100,600		3,121
NetApp, Inc. (a)	36,800		1,507
SanDisk Corp. (a)	2,196,300		111,287
			1,311,963
Internet Software & Services - 7.6%
Akamai Technologies, Inc. (a)	148,800		4,009
Baidu.com, Inc. sponsored ADR (a)	262,400		36,783
Bankrate, Inc.	320,024		6,231
DeNA Co. Ltd.	125,800		5,430
eBay, Inc. (a)	3,186,140		101,415
Facebook, Inc. Class B (g)	636,167		15,904
Google, Inc. Class A (a)	1,130,667		670,078
GREE, Inc.	445,800		14,387
IAC/InterActiveCorp	463,500		18,925
INFO Edge India Ltd.	293,110		4,088
Mail.ru Group Ltd. GDR (a)(f)	1,110,000		38,240
Rackspace Hosting, Inc. (a)	2,011,600		83,260
SINA Corp. (a)(d)	279,900		22,753
Velti PLC (a)	1,398,000		11,771
			1,033,274
IT Services - 2.8%
Accenture PLC Class A	594,900		35,849
Cognizant Technology Solutions Corp. Class A (a)	1,651,600		120,154
International Business Machines Corp.	36,100		6,665
MasterCard, Inc. Class A	562,300		195,253
ServiceSource International, Inc. (d)	322,900		4,298
Visa, Inc. Class A	162,423		15,148
			377,367
Semiconductors & Semiconductor Equipment - 4.5%
ASML Holding NV	210,400		8,822
Atmel Corp. (a)	2,909,500		30,724
Avago Technologies Ltd.	1,710,700		57,770
Broadcom Corp. Class A	3,806,600		137,380
Freescale Semiconductor Holdings I Ltd.	2,641,358		34,840
Marvell Technology Group Ltd. (a)	8,190,086		114,579
Mellanox Technologies Ltd. (a)	380,700		12,319
NVIDIA Corp. (a)	6,056,673		89,639
NXP Semiconductors NV (a)	5,845,300		105,040
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Rambus, Inc. (a)	259,700		$ 4,604
RF Micro Devices, Inc. (a)	2,909,200		21,354
			617,071
Software - 5.4%
BroadSoft, Inc. (a)	835,700		30,085
Check Point Software Technologies Ltd. (a)	1,317,800		75,945
Citrix Systems, Inc. (a)	1,044,400		76,064
Electronic Arts, Inc. (a)	541,700		12,649
Informatica Corp. (a)	948,800		43,170
Microsoft Corp.	1,994,500		53,114
Nuance Communications, Inc. (a)	342,500		9,069
Oracle Corp.	4,862,300		159,338
QLIK Technologies, Inc. (a)	621,163		17,747
Red Hat, Inc. (a)	1,203,000		59,729
salesforce.com, Inc. (a)	823,865		109,714
VMware, Inc. Class A (a)	906,100		88,571
			735,195
TOTAL INFORMATION TECHNOLOGY			4,490,334
MATERIALS - 3.1%
Chemicals - 2.1%
Celanese Corp. Class A	601,500		26,195
CF Industries Holdings, Inc.	491,700		79,788
E.I. du Pont de Nemours & Co.	951,800		45,753
LyondellBasell Industries NV Class A	965,700		31,733
Monsanto Co.	240,700		17,511
Potash Corp. of Saskatchewan, Inc.	270,700		12,812
The Mosaic Co.	1,177,000		68,925
			282,717
Metals & Mining - 1.0%
Allegheny Technologies, Inc.	335,900		15,586
Carpenter Technology Corp.	705,225		40,000
First Quantum Minerals Ltd.	144,300		3,027
Freeport-McMoRan Copper & Gold, Inc.	1,669,800		67,226
RTI International Metals, Inc. (a)	373,200		9,849
			135,688
TOTAL MATERIALS			418,405
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.0%
Multi-Utilities - 0.0%
NiSource, Inc.	299,400		$ 6,614
TOTAL COMMON STOCKS (Cost $10,513,209)		13,483,272
Preferred Stocks - 1.2%

Convertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.1%
Textiles, Apparel & Luxury Goods - 0.1%
Michael Kors Holdings Ltd. (g)	325,704		15,000
HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. Series G (g)	2,142,858		15,000
TOTAL CONVERTIBLE PREFERRED STOCKS			30,000
Nonconvertible Preferred Stocks - 1.0%
CONSUMER DISCRETIONARY - 1.0%
Automobiles - 1.0%
Porsche Automobil Holding SE (Germany)	565,500		33,170
Volkswagen AG	569,600		99,953
			133,123
TOTAL PREFERRED STOCKS (Cost $138,707)		163,123
Money Market Funds - 1.2%

Fidelity Cash Central Fund, 0.12% (b)	14,778,915		14,779
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	141,405,448		141,405
TOTAL MONEY MARKET FUNDS (Cost $156,184)		156,184
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $10,808,100)		13,802,579
NET OTHER ASSETS (LIABILITIES) - (1.1)%		(147,456)
NET ASSETS - 100%		$ 13,655,123

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. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(e) Affiliated company

(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 $38,240,000 or 0.3% of net assets.

(g) 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 $45,904,000 or 0.3% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 15,904
Merrimack Pharmaceuticals, Inc. Series G	3/31/11	$ 15,000
Michael Kors Holdings Ltd.	7/8/11	$ 15,000

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 13
Fidelity Securities Lending Cash Central Fund	352
Total	$ 365

Other Affiliated Issuers

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

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 22,924	$ -	$ -	$ -	$ 35,716

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	$ 2,807,304	$ 2,743,160	$ 49,144	$ 15,000
Consumer Staples	1,454,981	1,435,118	19,863	-
Energy	1,368,583	1,368,583	-	-
Financials	514,899	423,347	91,552	-
Health Care	1,240,394	1,218,473	6,921	15,000
Industrials	1,344,881	1,342,894	1,987	-
Information Technology	4,490,334	4,450,525	23,905	15,904
Materials	418,405	418,405	-	-
Utilities	6,614	6,614	-	-
Money Market Funds	156,184	156,184	-	-
Total Investments in Securities:	$ 13,802,579	$ 13,563,303	$ 193,372	$ 45,904

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	$ 45,904
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 45,904
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

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 October 31, 2011, the cost of investment securities for income tax purposes was $10,891,555,000. Net unrealized appreciation aggregated $2,911,024,000, of which $3,305,211,000 related to appreciated investment securities and $394,187,000 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:

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.

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.

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 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 ® Blue Chip Value Fund

October 31, 2011

1.809087.108

BCV-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%
	Shares		Value
CONSUMER DISCRETIONARY - 11.4%
Automobiles - 0.6%
Honda Motor Co. Ltd.	73,800		$ 2,207,179
Household Durables - 5.9%
D.R. Horton, Inc.	251,556		2,799,818
Garmin Ltd. (d)	586,602		20,173,239
			22,973,057
Media - 1.9%
Time Warner, Inc.	96,300		3,369,537
Washington Post Co. Class B (d)	11,960		4,068,314
			7,437,851
Multiline Retail - 2.4%
JCPenney Co., Inc. (d)	265,821		8,527,538
Target Corp.	18,400		1,007,400
			9,534,938
Specialty Retail - 0.6%
American Eagle Outfitters, Inc.	180,566		2,370,832
TOTAL CONSUMER DISCRETIONARY			44,523,857
CONSUMER STAPLES - 11.8%
Beverages - 5.0%
Grupo Modelo SAB de CV Series C	3,117,800		19,776,273
Food & Staples Retailing - 0.7%
CVS Caremark Corp.	28,361		1,029,504
Wal-Mart Stores, Inc.	33,053		1,874,766
			2,904,270
Food Products - 2.1%
Kraft Foods, Inc. Class A	235,561		8,287,036
Household Products - 3.3%
Procter & Gamble Co.	201,400		12,887,586
Tobacco - 0.7%
Lorillard, Inc.	22,890		2,533,007
TOTAL CONSUMER STAPLES			46,388,172
ENERGY - 11.6%
Energy Equipment & Services - 2.0%
Transocean Ltd. (United States)	78,715		4,498,562
Weatherford International Ltd. (a)	211,191		3,273,461
			7,772,023
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - 9.6%
Alpha Natural Resources, Inc. (a)	87,224		$ 2,096,865
Anadarko Petroleum Corp.	33,005		2,590,893
Apache Corp.	17,800		1,773,414
BP PLC sponsored ADR	62,120		2,744,462
Chevron Corp.	113,400		11,912,670
Marathon Petroleum Corp.	246,191		8,838,257
Occidental Petroleum Corp.	82,282		7,647,289
			37,603,850
TOTAL ENERGY			45,375,873
FINANCIALS - 23.0%
Capital Markets - 3.6%
Bank of New York Mellon Corp.	144,700		3,079,216
E*TRADE Financial Corp. (a)	450,114		4,883,737
Goldman Sachs Group, Inc.	27,747		3,039,684
Morgan Stanley	93,353		1,646,747
State Street Corp.	37,670		1,521,491
			14,170,875
Commercial Banks - 6.4%
Aozora Bank Ltd. (d)	2,815,000		7,117,302
KeyCorp	610,175		4,307,836
Sumitomo Mitsui Financial Group, Inc.	47,600		1,330,663
U.S. Bancorp	144,198		3,690,027
Wells Fargo & Co.	339,898		8,806,757
			25,252,585
Diversified Financial Services - 7.0%
Bank of America Corp.	264,635		1,807,457
Citigroup, Inc.	579,429		18,304,162
JPMorgan Chase & Co.	210,316		7,310,584
			27,422,203
Insurance - 5.1%
Assurant, Inc.	24,500		944,230
Berkshire Hathaway, Inc. Class B (a)	17,721		1,379,757
MetLife, Inc.	237,332		8,344,593
RenaissanceRe Holdings Ltd.	22,300		1,519,076
The Chubb Corp.	48,173		3,230,000
XL Group PLC Class A	202,124		4,394,176
			19,811,832
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.7%
Weyerhaeuser Co.	155,573		$ 2,797,203
Thrifts & Mortgage Finance - 0.2%
Radian Group, Inc.	259,699		610,293
TOTAL FINANCIALS			90,064,991
HEALTH CARE - 15.0%
Health Care Equipment & Supplies - 0.6%
CareFusion Corp. (a)	86,019		2,202,086
Pharmaceuticals - 14.4%
Bristol-Myers Squibb Co.	43,800		1,383,642
Eli Lilly & Co.	83,949		3,119,545
Johnson & Johnson	231,279		14,892,055
Merck & Co., Inc.	390,995		13,489,328
Pfizer, Inc.	859,284		16,549,810
Sanofi-aventis sponsored ADR	197,220		7,050,615
			56,484,995
TOTAL HEALTH CARE			58,687,081
INDUSTRIALS - 5.6%
Aerospace & Defense - 1.8%
United Technologies Corp.	90,200		7,033,796
Construction & Engineering - 0.6%
Jacobs Engineering Group, Inc. (a)	59,850		2,322,180
Industrial Conglomerates - 3.2%
General Electric Co.	764,941		12,782,164
TOTAL INDUSTRIALS			22,138,140
INFORMATION TECHNOLOGY - 10.8%
Communications Equipment - 6.8%
Alcatel-Lucent SA sponsored ADR (a)(d)	5,602,264		15,350,203
Cisco Systems, Inc.	147,399		2,731,303
Comverse Technology, Inc. (a)	1,240,450		8,546,701
			26,628,207
Electronic Equipment & Components - 1.0%
Corning, Inc.	268,243		3,833,192
Office Electronics - 0.7%
Xerox Corp.	319,300		2,611,874
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 1.8%
Advanced Micro Devices, Inc. (a)	1,232,411		$ 7,184,956
Software - 0.5%
Microsoft Corp.	71,093		1,893,207
TOTAL INFORMATION TECHNOLOGY			42,151,436
MATERIALS - 3.1%
Chemicals - 2.0%
Clariant AG (Reg.) (a)	733,178		8,016,458
Metals & Mining - 1.1%
Newmont Mining Corp.	63,925		4,272,108
TOTAL MATERIALS			12,288,566
TELECOMMUNICATION SERVICES - 0.4%
Diversified Telecommunication Services - 0.4%
CenturyLink, Inc.	50,100		1,766,526
UTILITIES - 2.9%
Electric Utilities - 2.9%
Exelon Corp.	63,120		2,801,897
FirstEnergy Corp.	79,657		3,581,379
NextEra Energy, Inc.	87,365		4,927,386
			11,310,662
TOTAL COMMON STOCKS (Cost $418,457,582)		374,695,304
Money Market Funds - 14.4%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	14,582,857		$ 14,582,857
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	41,673,595		41,673,595
TOTAL MONEY MARKET FUNDS (Cost $56,256,452)		56,256,452
TOTAL INVESTMENT PORTFOLIO - 110.0% (Cost $474,714,034)			430,951,756
NET OTHER ASSETS (LIABILITIES) - (10.0)%			(39,027,387)
NET ASSETS - 100%		$ 391,924,369

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 3,732
Fidelity Securities Lending Cash Central Fund	78,950
Total	$ 82,682

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 44,523,857	$ 42,316,678	$ 2,207,179	$ -
Consumer Staples	46,388,172	46,388,172	-	-
Energy	45,375,873	45,375,873	-	-
Financials	90,064,991	81,617,026	8,447,965	-
Health Care	58,687,081	58,687,081	-	-
Industrials	22,138,140	22,138,140	-	-
Information Technology	42,151,436	42,151,436	-	-
Materials	12,288,566	12,288,566	-	-
Telecommunication Services	1,766,526	1,766,526	-	-
Utilities	11,310,662	11,310,662	-	-
Money Market Funds	56,256,452	56,256,452	-	-
Total Investments in Securities:	$ 430,951,756	$ 420,296,612	$ 10,655,144	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $481,794,247. Net unrealized depreciation aggregated $50,842,491, of which $14,734,339 related to appreciated investment securities and $65,576,830 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund -

Dividend Growth
Class K

October 31, 2011

1.809095.108

DGF-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.4%
Auto Components - 0.7%
Autoliv, Inc.	214,958		$ 12,418
Modine Manufacturing Co. (a)	672,905		7,113
Nokian Tyres PLC	293,708		10,792
Stoneridge, Inc. (a)	202,554		1,594
Tenneco, Inc. (a)	582,612		19,063
TRW Automotive Holdings Corp. (a)	260,287		10,958
			61,938
Automobiles - 0.3%
Harley-Davidson, Inc.	163,844		6,374
Honda Motor Co. Ltd.	151,500		4,531
Winnebago Industries, Inc. (a)(d)(e)	1,869,336		15,216
			26,121
Distributors - 0.1%
Silver Base Group Holdings Ltd.	10,679,000		11,373
Diversified Consumer Services - 0.6%
Anhanguera Educacional Participacoes SA	623,900		9,174
DeVry, Inc.	241,385		9,095
Service Corp. International	1,023,200		10,232
Stewart Enterprises, Inc. Class A	1,785,724		11,500
Weight Watchers International, Inc.	143,500		10,708
			50,709
Hotels, Restaurants & Leisure - 1.7%
Accor SA	372,161		12,235
Bravo Brio Restaurant Group, Inc.	350,615		6,812
Brinker International, Inc.	1,119,763		25,643
Club Mediterranee SA (a)	609,547		11,565
Denny's Corp. (a)	2,632,703		9,478
DineEquity, Inc. (a)(d)	469,965		22,070
O'Charleys, Inc. (a)(d)(e)	1,589,292		9,870
Sands China Ltd. (a)	3,081,600		9,261
Spur Corp. Ltd.	2,155,450		3,680
Starbucks Corp.	352,677		14,932
Texas Roadhouse, Inc. Class A	393,170		5,634
WMS Industries, Inc. (a)	878,851		19,256
			150,436
Household Durables - 0.5%
Dorel Industries, Inc. Class B (sub. vtg.)	231,000		5,617
Garmin Ltd. (d)	311,022		10,696
Lennar Corp. Class A	109,500		1,811
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Household Durables - continued
Newell Rubbermaid, Inc.	765,367		$ 11,327
PulteGroup, Inc. (a)	405,207		2,099
Standard Pacific Corp. (a)(d)	3,568,586		10,849
Techtronic Industries Co. Ltd.	7,675,000		6,641
			49,040
Internet & Catalog Retail - 0.4%
Amazon.com, Inc. (a)	165,345		35,303
Leisure Equipment & Products - 0.2%
Hasbro, Inc.	365,173		13,898
Summer Infant, Inc. (a)	483,574		3,782
			17,680
Media - 2.5%
Antena 3 Television SA (d)	1,447,339		8,713
Comcast Corp. Class A	2,084,470		48,881
DISH Network Corp. Class A (a)	531,436		12,845
Liberty Media Corp. Interactive Series A (a)	567,424		9,323
Lions Gate Entertainment Corp. (a)	9,300		76
MDC Partners, Inc. Class A (sub. vtg.)	1,067,839		17,982
Mood Media Corp. (a)	1,083,500		3,239
Mood Media Corp. (g)	2,002,900		5,988
The Walt Disney Co.	1,558,925		54,375
Time Warner, Inc.	1,377,649		48,204
Valassis Communications, Inc. (a)(d)	507,784		9,917
			219,543
Multiline Retail - 0.9%
Maoye International Holdings Ltd. (a)	22,874,000		6,284
Marisa Lojas SA	816,500		11,269
PPR SA	88,400		13,812
Target Corp.	927,421		50,776
			82,141
Specialty Retail - 2.9%
Advance Auto Parts, Inc.	466,900		30,381
American Eagle Outfitters, Inc.	771,863		10,135
Best Buy Co., Inc.	534,542		14,021
Big 5 Sporting Goods Corp.	455,600		3,522
Carphone Warehouse Group PLC	1,419,949		8,015
Casual Male Retail Group, Inc. (a)	1,422,214		5,902
Cia.Hering SA	56,700		1,266
Citi Trends, Inc. (a)	274,100		3,396
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Collective Brands, Inc. (a)	687,190		$ 10,040
Destination Maternity Corp.	44,600		739
DSW, Inc. Class A	16,154		846
Express, Inc.	259,764		5,868
Fast Retailing Co. Ltd.	34,200		6,144
Foot Locker, Inc.	803,976		17,575
Foschini Ltd.	603,308		7,613
GameStop Corp. Class A (a)	125,578		3,211
GOME Electrical Appliances Holdings Ltd.	6,824,000		2,092
Guess?, Inc.	291,909		9,630
Hengdeli Holdings Ltd.	18,166,000		8,144
Home Depot, Inc.	138,368		4,954
Limited Brands, Inc.	225,562		9,634
Lowe's Companies, Inc.	1,944,612		40,876
Lumber Liquidators Holdings, Inc. (a)(d)	403,619		6,042
MarineMax, Inc. (a)	776,868		6,324
OfficeMax, Inc. (a)	1,422,022		7,281
rue21, Inc. (a)(d)	267,534		7,127
SuperGroup PLC (a)	1,040,087		10,437
Urban Outfitters, Inc. (a)(d)	557,468		15,191
			256,406
Textiles, Apparel & Luxury Goods - 0.6%
Bosideng International Holdings Ltd.	21,804,000		6,011
G-III Apparel Group Ltd. (a)	651,231		18,358
Peak Sport Products Co. Ltd.	1,334,000		394
PVH Corp.	304,956		22,692
VF Corp.	79,236		10,952
			58,407
TOTAL CONSUMER DISCRETIONARY			1,019,097
CONSUMER STAPLES - 8.5%
Beverages - 2.2%
Anheuser-Busch InBev SA NV	257,105		14,260
Beam, Inc.	8,100		400
Britvic PLC	1,708,264		9,063
Carlsberg A/S Series B	291,500		19,843
Dr Pepper Snapple Group, Inc.	425,160		15,922
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Beverages - continued
Grupo Modelo SAB de CV Series C	2,761,400		$ 17,516
The Coca-Cola Co.	1,713,516		117,067
			194,071
Food & Staples Retailing - 1.3%
Casey's General Stores, Inc.	51,970		2,575
CVS Caremark Corp.	1,982,638		71,970
Droga Raia SA	345,600		4,901
Eurocash SA	551,095		4,419
The Pantry, Inc. (a)	628,379		8,885
Walgreen Co.	809,511		26,876
			119,626
Food Products - 1.6%
Biostime International Holdings Ltd.	1,391,500		2,481
Calavo Growers, Inc.	461,033		10,406
Calbee, Inc.	57,200		2,608
Danone	199,800		13,908
Flowers Foods, Inc.	345,514		6,976
Green Mountain Coffee Roasters, Inc. (a)	301,500		19,604
Kraft Foods, Inc. Class A	1,404,697		49,417
Orion Corp.	2,040		1,090
Pilgrims Pride Corp. (a)(d)	558,641		2,816
Ralcorp Holdings, Inc. (a)	44,601		3,606
Sara Lee Corp.	860,646		15,319
Shenguan Holdings Group Ltd.	17,246,000		9,266
TreeHouse Foods, Inc. (a)	64,843		3,977
			141,474
Household Products - 1.6%
Procter & Gamble Co.	1,822,018		116,591
Spectrum Brands Holdings, Inc. (a)	411,959		10,456
Unicharm Corp.	314,800		14,100
Youyuan International Holdings Ltd. (a)	7,588,000		2,364
			143,511
Personal Products - 0.2%
Estee Lauder Companies, Inc. Class A	98,635		9,711
Hengan International Group Co. Ltd.	825,000		7,151
			16,862
Tobacco - 1.6%
British American Tobacco PLC (United Kingdom)	248,100		11,378
Imperial Tobacco Group PLC	389,210		14,234
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Tobacco - continued
Japan Tobacco, Inc.	2,674		$ 13,367
KT&G Corp.	44,688		2,785
Philip Morris International, Inc.	1,453,519		101,557
			143,321
TOTAL CONSUMER STAPLES			758,865
ENERGY - 13.1%
Energy Equipment & Services - 4.6%
Aker Solutions ASA	1,725,971		20,073
Baker Hughes, Inc.	785,410		45,546
Cal Dive International, Inc. (a)	1,718,783		3,850
Cameron International Corp. (a)	408,811		20,089
Cathedral Energy Services Ltd.	1,406,300		9,452
Ensco International Ltd. ADR	141,900		7,047
Essential Energy Services Ltd. (a)	4,626,000		8,260
Exterran Holdings, Inc. (a)	60,800		578
Halliburton Co.	932,764		34,848
Hornbeck Offshore Services, Inc. (a)	75,400		2,476
ION Geophysical Corp. (a)	2,251,778		17,159
Kvaerner ASA (a)	817,471		1,575
McDermott International, Inc. (a)	529,188		5,810
National Oilwell Varco, Inc.	995,923		71,039
Noble Corp.	341,208		12,263
Saipem SpA	368,697		16,532
Schlumberger Ltd.	1,030,912		75,741
Transocean Ltd. (United States)	530,070		30,294
Trinidad Drilling Ltd.	249,200		1,950
Unit Corp. (a)	194,078		9,521
Vantage Drilling Co. (a)	6,135,216		8,344
Xtreme Coil Drilling Corp. (a)	1,417,800		4,551
			406,998
Oil, Gas & Consumable Fuels - 8.5%
3Legs Resources PLC	284,300		617
Alpha Natural Resources, Inc. (a)	478,039		11,492
Americas Petrogas, Inc. (a)	2,288,200		3,856
Americas Petrogas, Inc. (f)	2,250,000		3,792
Amyris, Inc. (a)	8,100		166
Anadarko Petroleum Corp.	498,109		39,102
Apache Corp.	257,321		25,637
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Bonavista Energy Corp.	16,200		$ 417
Bonavista Energy Corp. (f)	166,200		4,278
BPZ Energy, Inc. (a)(d)	2,503,027		7,484
C&C Energia Ltd. (a)	20,300		171
Cabot Oil & Gas Corp.	56,700		4,407
Chesapeake Energy Corp.	846,327		23,799
Chevron Corp.	540,624		56,793
Concho Resources, Inc. (a)	100		9
Crown Point Ventures Ltd. (a)	770,200		827
Crown Point Ventures Ltd. (f)	1,487,700		1,597
CVR Energy, Inc. (a)	1,297,316		32,122
Denbury Resources, Inc. (a)	675,321		10,603
Double Eagle Petroleum Co. (a)(e)	1,041,103		9,245
EOG Resources, Inc.	107,145		9,582
EV Energy Partners LP	148,090		11,022
Exxon Mobil Corp.	758,297		59,215
Gazprom OAO sponsored ADR	626,335		7,272
Georesources, Inc. (a)	16,300		433
Gran Tierra Energy, Inc. (Canada) (a)	674,500		4,134
Gulfport Energy Corp. (a)	449,657		14,002
Hess Corp.	162,199		10,147
HollyFrontier Corp.	1,053,186		32,322
InterOil Corp. (a)(d)	349,755		16,617
Kosmos Energy Ltd.	551,400		8,547
Marathon Petroleum Corp.	558,188		20,039
Niko Resources Ltd.	168,100		9,246
Noble Energy, Inc.	162,724		14,538
Northern Oil & Gas, Inc. (a)(d)	2,006,054		48,486
Occidental Petroleum Corp.	622,737		57,877
Painted Pony Petroleum Ltd. (a)(f)	178,000		2,177
Painted Pony Petroleum Ltd. Class A (a)	80,700		987
Paladin Energy Ltd. (Australia) (a)	7,052,925		10,772
Pan Orient Energy Corp. (a)	938,500		2,137
Petroleum Development Corp. (a)	208,509		5,444
Resolute Energy Corp. (a)(d)	1,340,074		17,421
Royal Dutch Shell PLC Class A sponsored ADR	174,198		12,352
Southwestern Energy Co. (a)	267,505		11,246
Suncor Energy, Inc.	271,400		8,644
TAG Oil Ltd. (a)	950,000		5,890
Talisman Energy, Inc.	414,900		5,885
Targa Resources Corp.	169,200		5,709
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp. (a)	888,516		$ 23,048
Valero Energy Corp.	1,064,042		26,175
Voyager Oil & Gas, Inc. (a)(d)(e)	3,591,644		9,913
Voyager Oil & Gas, Inc. warrants 2/4/16 (a)(e)	1,198,388		1,677
Whiting Petroleum Corp. (a)	607,909		28,298
Williams Companies, Inc.	709,312		21,357
			759,025
TOTAL ENERGY			1,166,023
FINANCIALS - 13.4%
Capital Markets - 2.2%
American Capital Ltd. (a)	437,280		3,398
Ashmore Group PLC	1,392,900		7,728
BlackRock, Inc. Class A	67,417		10,638
FXCM, Inc. Class A (d)	164,212		1,888
Goldman Sachs Group, Inc.	292,177		32,008
GP Investments Ltd. (depositary receipt) (a)	3,049,082		8,061
ICAP PLC	1,355,800		8,811
ICG Group, Inc. (a)	559,836		6,041
Invesco Ltd.	702,387		14,097
Knight Capital Group, Inc. Class A (a)	1,230,697		15,371
Morgan Stanley	2,544,324		44,882
State Street Corp.	625,273		25,255
TD Ameritrade Holding Corp.	518,677		8,703
UBS AG (NY Shares) (a)	965,400		12,183
			199,064
Commercial Banks - 3.0%
Banco Pine SA	1,016,700		6,756
Bank of Ireland	185,687,209		26,725
CapitalSource, Inc.	3,930,887		25,000
CIT Group, Inc. (a)	612,408		21,342
Comerica, Inc.	162,100		4,142
Commercial Bank of Qatar GDR (Reg. S)	1,041,099		4,775
Guaranty Trust Bank PLC GDR (Reg. S)	793,992		3,652
Huntington Bancshares, Inc.	940,859		4,874
Itau Unibanco Banco Multiplo SA sponsored ADR	287,500		5,497
KeyCorp	972,600		6,867
Regions Financial Corp.	3,159,437		12,417
SunTrust Banks, Inc.	297,432		5,868
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Susquehanna Bancshares, Inc.	754,725		$ 5,479
Wells Fargo & Co.	5,147,791		133,379
			266,773
Consumer Finance - 0.9%
American Express Co.	622,012		31,486
Capital One Financial Corp.	287,830		13,142
Discover Financial Services	885,174		20,855
Imperial Holdings, Inc. (a)	473,196		1,065
SLM Corp.	776,332		10,612
			77,160
Diversified Financial Services - 3.4%
Citigroup, Inc.	4,511,123		142,506
CME Group, Inc.	68,427		18,856
JPMorgan Chase & Co.	3,124,454		108,606
PICO Holdings, Inc. (a)(e)	1,226,903		28,022
			297,990
Insurance - 1.7%
AEGON NV (a)	1,896,127		9,044
AFLAC, Inc.	511,298		23,054
Assured Guaranty Ltd.	2,270,714		28,929
Berkshire Hathaway, Inc. Class B (a)	116,652		9,083
Genworth Financial, Inc. Class A (a)	3,213,502		20,502
Hartford Financial Services Group, Inc.	361,400		6,957
MetLife, Inc.	1,121,217		39,422
Prudential Financial, Inc.	289,000		15,664
			152,655
Real Estate Investment Trusts - 1.6%
Beni Stabili SpA SIIQ	6,024,800		3,632
Boston Properties, Inc.	56,784		5,621
Campus Crest Communities, Inc.	340,903		3,897
CBL & Associates Properties, Inc.	1,559,440		23,984
Douglas Emmett, Inc.	571,459		11,143
Education Realty Trust, Inc.	826,300		7,643
Excel Trust, Inc.	136,700		1,437
Franklin Street Properties Corp.	606,400		7,701
Prologis, Inc.	857,386		25,516
SL Green Realty Corp.	259,470		17,901
Weyerhaeuser Co.	1,882,276		33,843
			142,318
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - 0.6%
CBRE Group, Inc. (a)	2,058,626		$ 36,602
Forest City Enterprises, Inc. Class A (a)	531,282		7,268
Iguatemi Empresa de Shopping Centers SA	357,900		6,934
Kenedix, Inc. (a)(d)	40,546		6,012
			56,816
TOTAL FINANCIALS			1,192,776
HEALTH CARE - 10.4%
Biotechnology - 3.2%
Acorda Therapeutics, Inc. (a)	211,400		4,617
Alexion Pharmaceuticals, Inc. (a)	237,100		16,007
Alnylam Pharmaceuticals, Inc. (a)	514,800		4,180
Amgen, Inc.	712,809		40,823
Amylin Pharmaceuticals, Inc. (a)	598,370		6,893
Ardea Biosciences, Inc. (a)	753,132		14,995
ARIAD Pharmaceuticals, Inc. (a)	1,822,309		21,193
ArQule, Inc. (a)	1,295,372		7,526
AVEO Pharmaceuticals, Inc. (a)	834,700		13,405
AVEO Pharmaceuticals, Inc.	290,609		4,667
Biogen Idec, Inc. (a)	215,622		25,090
Dynavax Technologies Corp. (a)	2,621,070		7,129
Gilead Sciences, Inc. (a)	392,454		16,350
Horizon Pharma, Inc.	448,800		4,035
Human Genome Sciences, Inc. (a)	644,450		6,612
Infinity Pharmaceuticals, Inc. (a)	175,819		1,331
InterMune, Inc. (a)	280,511		7,153
Isis Pharmaceuticals, Inc. (a)	347,500		2,881
Micromet, Inc. (a)	1,097,200		7,209
NPS Pharmaceuticals, Inc. (a)	553,635		2,862
PDL BioPharma, Inc. (d)	1,012,800		6,148
SIGA Technologies, Inc. (a)(d)	1,719,274		5,570
Theravance, Inc. (a)	1,231,961		27,386
Thrombogenics NV (a)(d)	392,497		10,320
United Therapeutics Corp. (a)	225,400		9,857
ZIOPHARM Oncology, Inc. (a)(d)	2,058,550		10,107
			284,346
Health Care Equipment & Supplies - 1.6%
Baxter International, Inc.	516,853		28,417
Boston Scientific Corp. (a)	1,864,800		10,984
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
C. R. Bard, Inc.	212,897		$ 18,298
Conceptus, Inc. (a)	611,801		7,048
Covidien PLC	709,384		33,369
Genmark Diagnostics, Inc. (a)	538,300		2,837
GN Store Nordic AS	842,174		6,257
Nakanishi, Inc.	26,800		2,500
Opto Circuits India Ltd.	303,809		1,561
Orthofix International NV (a)	432,888		15,199
Sirona Dental Systems, Inc. (a)	297,622		14,256
			140,726
Health Care Providers & Services - 3.0%
Brookdale Senior Living, Inc. (a)	2,456,200		40,724
Catalyst Health Solutions, Inc. (a)	319,690		17,573
CIGNA Corp.	752,681		33,374
Community Health Systems, Inc. (a)	668,518		11,686
DaVita, Inc. (a)	183,098		12,817
Emeritus Corp. (a)	600,933		10,643
Express Scripts, Inc. (a)	949,000		43,398
McKesson Corp.	325,992		26,585
Medco Health Solutions, Inc. (a)	513,187		28,153
Sunrise Senior Living, Inc. (a)	97,528		536
UnitedHealth Group, Inc.	194,627		9,340
Universal Health Services, Inc. Class B	333,687		13,337
WellPoint, Inc.	247,259		17,036
			265,202
Health Care Technology - 0.0%
SXC Health Solutions Corp. (a)	72,900		3,384
Life Sciences Tools & Services - 0.5%
Agilent Technologies, Inc. (a)	763,168		28,291
Sequenom, Inc. (a)(d)	969,995		4,821
Thermo Fisher Scientific, Inc. (a)	295,917		14,876
			47,988
Pharmaceuticals - 2.1%
Cadence Pharmaceuticals, Inc. (a)(d)(e)	3,424,220		19,963
Cardiome Pharma Corp. (a)	719,200		2,381
Columbia Laboratories, Inc. (a)	797,400		2,017
Elan Corp. PLC sponsored ADR (a)	449,800		5,393
Merck & Co., Inc.	2,023,649		69,816
Novo Nordisk A/S Series B	195,137		20,720
Roche Holding AG (participation certificate)	12,239		2,018
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Sanofi-aventis	204,458		$ 14,629
Teva Pharmaceutical Industries Ltd. sponsored ADR	341,419		13,947
Valeant Pharmaceuticals International, Inc. (Canada)	626,000		24,717
Watson Pharmaceuticals, Inc. (a)	91,392		6,138
			181,739
TOTAL HEALTH CARE			923,385
INDUSTRIALS - 14.2%
Aerospace & Defense - 3.2%
Alliant Techsystems, Inc.	32,500		1,888
DigitalGlobe, Inc. (a)	609,145		12,427
Esterline Technologies Corp. (a)	156,121		8,727
GeoEye, Inc. (a)(e)	1,398,684		46,954
Honeywell International, Inc.	568,730		29,801
Meggitt PLC	3,906,541		24,162
Precision Castparts Corp.	144,905		23,641
Raytheon Co.	457,426		20,214
Rockwell Collins, Inc.	187,700		10,479
Safran SA	163,500		5,356
Textron, Inc.	1,565,178		30,396
Ultra Electronics Holdings PLC	227,689		5,829
United Technologies Corp.	830,996		64,801
			284,675
Air Freight & Logistics - 0.1%
United Parcel Service, Inc. Class B	125,600		8,822
Airlines - 0.3%
Copa Holdings SA Class A	267,502		18,476
Gol Linhas Aereas Inteligentes SA (PN)	892,000		7,018
			25,494
Building Products - 0.6%
Armstrong World Industries, Inc.	406,440		17,310
Lennox International, Inc.	138,686		4,464
Masco Corp.	557,134		5,348
Owens Corning (a)	1,023,307		29,041
			56,163
Commercial Services & Supplies - 0.8%
KAR Auction Services, Inc. (a)	82,185		1,130
Knoll, Inc.	566,988		8,647
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Multiplus SA	230,900		$ 3,899
Pitney Bowes, Inc. (d)	197,612		4,027
Quad/Graphics, Inc.	16,200		319
Republic Services, Inc.	736,447		20,959
Schawk, Inc. Class A	218,367		2,946
Steelcase, Inc. Class A	1,422,963		10,544
Swisher Hygiene, Inc.	2,081,064		9,074
Swisher Hygiene, Inc. (Canada) (a)	60,800		267
The Geo Group, Inc. (a)	417,232		7,606
			69,418
Construction & Engineering - 1.3%
AECOM Technology Corp. (a)	333,783		6,983
Dycom Industries, Inc. (a)	757,733		14,723
Fluor Corp.	411,507		23,394
Foster Wheeler AG (a)	1,520,695		32,421
Great Lakes Dredge & Dock Corp.	637,273		3,282
Jacobs Engineering Group, Inc. (a)	122,616		4,758
Shaw Group, Inc. (a)	1,365,755		31,767
			117,328
Electrical Equipment - 1.5%
Alstom SA	331,615		12,437
AMETEK, Inc.	267,932		10,589
Cooper Industries PLC Class A	184,912		9,700
Emerson Electric Co.	700,805		33,723
Fushi Copperweld, Inc. (a)	580,088		3,689
GrafTech International Ltd. (a)	1,379,563		21,673
Hubbell, Inc. Class B	24,300		1,453
Prysmian SpA	813,400		12,326
Regal-Beloit Corp.	316,537		16,818
Roper Industries, Inc.	77,639		6,297
Zumtobel AG	323,930		6,756
			135,461
Industrial Conglomerates - 2.0%
Carlisle Companies, Inc.	222,875		9,298
Cookson Group PLC	1,046,653		8,090
General Electric Co.	8,051,639		134,543
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Industrial Conglomerates - continued
Koninklijke Philips Electronics NV	568,300		$ 11,832
Rheinmetall AG	202,900		10,813
			174,576
Machinery - 2.1%
Actuant Corp. Class A	628,702		14,146
Charter International PLC	672,700		9,704
Cummins, Inc.	205,484		20,431
Dover Corp.	168,071		9,333
Fiat Industrial SpA (a)	1,923,600		16,784
Gardner Denver, Inc.	56,822		4,394
Haitian International Holdings Ltd.	2,360,000		2,097
Ingersoll-Rand Co. Ltd.	1,630,238		50,749
Navistar International Corp. (a)	655,767		27,588
Pall Corp.	271,128		13,874
Stanley Black & Decker, Inc.	284,239		18,149
			187,249
Professional Services - 0.4%
CBIZ, Inc. (a)	571,013		3,615
Kforce, Inc. (a)	754,664		9,630
Robert Half International, Inc.	500,015		13,215
SR Teleperformance SA	412,788		8,729
			35,189
Road & Rail - 1.4%
Arkansas Best Corp.	265,197		5,463
Con-way, Inc.	544,181		16,037
CSX Corp.	1,528,031		33,938
Saia, Inc. (a)(e)	856,075		11,429
Tegma Gestao Logistica	114,400		1,486
Union Pacific Corp.	499,226		49,708
Universal Truckload Services, Inc.	531,627		8,251
			126,312
Trading Companies & Distributors - 0.5%
Barloworld Ltd.	584,400		4,904
Beacon Roofing Supply, Inc. (a)	517,300		9,534
DXP Enterprises, Inc. (a)	182,500		4,559
Mills Estruturas e Servicos de Engenharia SA	290,000		2,896
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Trading Companies & Distributors - continued
Rush Enterprises, Inc. Class A (a)	514,150		$ 9,923
Watsco, Inc.	215,980		13,317
			45,133
TOTAL INDUSTRIALS			1,265,820
INFORMATION TECHNOLOGY - 18.0%
Communications Equipment - 2.5%
Alcatel-Lucent SA sponsored ADR (a)	2,855,776		7,825
Brocade Communications Systems, Inc. (a)	1,300,645		5,697
Calix Networks, Inc. (a)	2,199,156		19,155
Cisco Systems, Inc.	4,352,557		80,653
Comverse Technology, Inc. (a)	5,778,600		39,815
Juniper Networks, Inc. (a)	438,003		10,718
Polycom, Inc. (a)	764,118		12,631
QUALCOMM, Inc.	382,735		19,749
Tekelec (a)	615,596		6,045
ViaSat, Inc. (a)	399,710		17,024
			219,312
Computers & Peripherals - 4.0%
Apple, Inc. (a)	770,176		311,745
Hewlett-Packard Co.	1,624,353		43,224
Seagate Technology	64,818		1,047
			356,016
Electronic Equipment & Components - 1.5%
Arrow Electronics, Inc. (a)	519,167		18,716
Avnet, Inc. (a)	956,188		28,982
Corning, Inc.	2,700,666		38,593
Ingram Micro, Inc. Class A (a)	372,250		6,656
Jabil Circuit, Inc.	351,252		7,222
Molex, Inc. (d)	629,880		15,552
TE Connectivity Ltd.	591,456		21,026
			136,747
Internet Software & Services - 0.8%
DealerTrack Holdings, Inc. (a)	145,900		3,165
DeNA Co. Ltd.	89,700		3,872
eAccess Ltd. (d)	20,253		5,470
eBay, Inc. (a)	489,973		15,596
Facebook, Inc. Class B (g)	488,526		12,213
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - continued
Google, Inc. Class A (a)	37,549		$ 22,253
Renren, Inc. ADR (d)	748,100		5,267
			67,836
IT Services - 2.1%
Acxiom Corp. (a)	237,512		3,133
Alliance Data Systems Corp. (a)	184,077		18,857
Cognizant Technology Solutions Corp. Class A (a)	377,080		27,433
Fidelity National Information Services, Inc.	635,635		16,641
Fiserv, Inc. (a)	167,581		9,865
Heartland Payment Systems, Inc.	413,000		8,987
MasterCard, Inc. Class A	194,872		67,667
Unisys Corp. (a)	1,079,893		28,066
Virtusa Corp. (a)	351,842		5,732
			186,381
Office Electronics - 0.3%
Xerox Corp.	3,487,581		28,528
Semiconductors & Semiconductor Equipment - 4.5%
Analog Devices, Inc.	573,040		20,956
ASML Holding NV	1,326,906		55,637
Avago Technologies Ltd.	472,489		15,956
Cymer, Inc. (a)	1,079,661		46,911
Entropic Communications, Inc. (a)(d)	523,884		3,049
Fairchild Semiconductor International, Inc. (a)	316,156		4,733
Freescale Semiconductor Holdings I Ltd.	1,486,346		19,605
Himax Technologies, Inc. sponsored ADR	2,323,763		2,463
Intersil Corp. Class A	1,359,420		16,272
KLA-Tencor Corp.	231,670		10,909
Lam Research Corp. (a)	324,649		13,957
LTX-Credence Corp. (a)(e)	3,651,437		23,114
Marvell Technology Group Ltd. (a)	3,459,472		48,398
Maxim Integrated Products, Inc.	834,651		21,834
Micron Technology, Inc. (a)	3,601,322		20,131
NVIDIA Corp. (a)	770,396		11,402
NXP Semiconductors NV (a)	1,109,942		19,946
ON Semiconductor Corp. (a)	3,060,294		23,166
RF Micro Devices, Inc. (a)	2,897,057		21,264
Spansion, Inc. Class A (a)	369,748		3,805
			403,508
Software - 2.3%
Aspen Technology, Inc. (a)	21,549		374
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Autodesk, Inc. (a)	200,539		$ 6,939
Citrix Systems, Inc. (a)	578,613		42,140
DemandTec, Inc. (a)	911,202		6,889
Informatica Corp. (a)	146,839		6,681
JDA Software Group, Inc. (a)	430,823		13,730
Micro Focus International PLC	2,117,019		11,562
Oracle Corp.	3,077,028		100,834
Sourcefire, Inc. (a)	248,475		6,845
Taleo Corp. Class A (a)	283,807		9,195
Temenos Group AG (a)	81,054		1,552
			206,741
TOTAL INFORMATION TECHNOLOGY			1,605,069
MATERIALS - 6.0%
Chemicals - 2.5%
Air Products & Chemicals, Inc.	55,449		4,776
Ashland, Inc.	230,960		12,232
CF Industries Holdings, Inc.	40,789		6,619
Clariant AG (Reg.) (a)	3,203,820		35,030
CVR Partners LP	204,650		5,147
Ecolab, Inc. (d)	224,833		12,105
Ferro Corp. (a)	381,473		2,468
Huabao International Holdings Ltd.	8,423,461		5,351
Israel Chemicals Ltd.	483,300		5,816
Kraton Performance Polymers, Inc. (a)	320,223		6,302
Lanxess AG	93,251		5,496
LyondellBasell Industries NV Class A	562,157		18,472
PolyOne Corp.	644,904		7,216
Spartech Corp. (a)(e)	1,622,853		6,589
The Mosaic Co.	461,002		26,996
W.R. Grace & Co. (a)	1,195,325		49,953
Yara International ASA	243,100		11,580
			222,148
Construction Materials - 0.1%
HeidelbergCement AG	258,244		11,787
Containers & Packaging - 0.2%
Rock-Tenn Co. Class A	287,442		17,014
Metals & Mining - 3.2%
Anglo American PLC (United Kingdom)	225,500		8,317
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - continued
AngloGold Ashanti Ltd. sponsored ADR	261,900		$ 11,840
Avion Gold Corp. (a)	3,402,700		7,271
Avion Gold Corp. (f)	289,800		619
Commercial Metals Co.	1,441,723		17,921
Eldorado Gold Corp.	660,578		12,412
First Quantum Minerals Ltd.	470,300		9,865
Freeport-McMoRan Copper & Gold, Inc.	704,985		28,383
Goldcorp, Inc.	779,600		37,930
Ivanhoe Mines Ltd. (a)	1,761,865		36,056
Kinross Gold Corp.	817,445		11,653
Mirabela Nickel Ltd. (a)	2,147,489		3,693
Newcrest Mining Ltd.	863,723		30,528
Pan American Silver Corp.	240,300		6,719
Randgold Resources Ltd. sponsored ADR	353,323		38,714
Reliance Steel & Aluminum Co.	166,233		7,346
Ternium SA sponsored ADR	180,795		4,437
Yamana Gold, Inc.	670,000		10,001
			283,705
TOTAL MATERIALS			534,654
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 0.5%
Cbeyond, Inc. (a)	387,855		3,196
CenturyLink, Inc.	515,866		18,189
China Telecom Corp. Ltd. (H Shares)	5,876,000		3,628
China Unicom (Hong Kong) Ltd.	5,138,000		10,331
Koninklijke KPN NV	734,515		9,653
Telefonica SA sponsored ADR (d)	115,160		2,461
			47,458
Wireless Telecommunication Services - 0.7%
American Tower Corp. Class A (a)	240,213		13,236
NII Holdings, Inc. (a)	264,800		6,231
SBA Communications Corp. Class A (a)	362,119		13,793
Sprint Nextel Corp. (a)	2,850,607		7,326
TIM Participacoes SA	1,943,220		10,049
Turkcell Iletisim Hizmet AS	1,697,000		8,357
			58,992
TOTAL TELECOMMUNICATION SERVICES			106,450
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 2.5%
Electric Utilities - 1.2%
American Electric Power Co., Inc.	252,395		$ 9,914
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) sponsored ADR (d)	502,200		7,006
Ceske Energeticke Zavody AS	100,000		4,229
Edison International	646,415		26,244
El Paso Electric Co.	221,777		7,104
FirstEnergy Corp.	164,800		7,409
Fortum Corp.	122,386		2,986
NextEra Energy, Inc.	422,156		23,810
NV Energy, Inc.	473,328		7,592
PPL Corp.	279,292		8,203
			104,497
Gas Utilities - 0.1%
Aygaz A/S	81,860		447
China Gas Holdings Ltd.	11,094,000		3,184
ONEOK, Inc.	130,788		9,946
			13,577
Independent Power Producers & Energy Traders - 0.7%
The AES Corp. (a)	5,811,556		65,206
Multi-Utilities - 0.5%
CenterPoint Energy, Inc.	590,285		12,302
CMS Energy Corp.	228,457		4,756
National Grid PLC	1,318,618		13,112
NiSource, Inc.	149,838		3,310
Sempra Energy	204,122		10,967
			44,447
TOTAL UTILITIES			227,727
TOTAL COMMON STOCKS (Cost $8,299,828)		8,799,866
Preferred Stocks - 0.6%

Convertible Preferred Stocks - 0.4%
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
Citigroup, Inc. 7.50%	157,200		14,940
Preferred Stocks - continued
	Shares		Value (000s)
Convertible Preferred Stocks - continued
INFORMATION TECHNOLOGY - 0.1%
IT Services - 0.1%
Unisys Corp. Series A, 6.25%	100,800		$ 7,772
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 9.50%	187,100		10,637
TOTAL CONVERTIBLE PREFERRED STOCKS			33,349
Nonconvertible Preferred Stocks - 0.2%
CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Volkswagen AG	105,800		18,566
TOTAL PREFERRED STOCKS (Cost $44,592)		51,915
Investment Companies - 0.2%

Ares Capital Corp. (Cost $13,972)	1,093,680		16,919

Convertible Bonds - 0.2%
	Principal Amount (000s)
FINANCIALS - 0.1%
Thrifts & Mortgage Finance - 0.1%
MGIC Investment Corp. 9% 4/1/63 (f)	$ 18,163		7,401
INDUSTRIALS - 0.1%
Electrical Equipment - 0.1%
Aspen Aerogels, Inc. 8% 6/1/14 (g)	4,085		4,085
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
Clearwire Communications LLC/Clearwire Finance, Inc. 8.25% 12/1/40 (f)	4,080		1,862
TOTAL CONVERTIBLE BONDS (Cost $16,737)		13,348

Money Market Funds - 2.1%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.12% (b)	15,498,927		$ 15,499
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	171,262,032		171,262
TOTAL MONEY MARKET FUNDS (Cost $186,761)		186,761
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $8,561,890)			9,068,809
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(156,156)
NET ASSETS - 100%		$ 8,912,653

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Aspen Aerogels, Inc. 8% 6/1/14	6/1/11	$ 4,085
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 12,217
Mood Media Corp.	2/2/11	$ 4,054

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	$ 12
Fidelity Securities Lending Cash Central Fund	1,687
Total	$ 1,699

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cadence Pharmaceuticals, Inc.	$ 28,450	$ 992	$ -	$ -	$ 19,963
Double Eagle Petroleum Co.	10,542	643	-	-	9,245
GeoEye, Inc.	53,351	2,565	660	-	46,954
LTX-Credence Corp.	24,118	1,636	-	-	23,114
O'Charleys, Inc.	9,150	477	-	-	9,870
PICO Holdings, Inc.	32,970	1,061	682	-	28,022
Saia, Inc.	13,037	-	127	-	11,429
Spartech Corp.	9,331	-	-	-	6,589
Voyager Oil & Gas, Inc.	11,252	138	-	-	9,913
Voyager Oil & Gas, Inc. warrants 2/4/16	1,539	-	-	-	1,677
Winnebago Industries, Inc.	15,684	-	-	-	15,216
Total	$ 209,424	$ 7,512	$ 1,469	$ -	$ 181,992

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,037,663	$ 976,788	$ 60,875	$ -
Consumer Staples	758,865	678,015	80,850	-
Energy	1,166,023	1,153,574	12,449	-
Financials	1,207,716	1,192,660	15,056	-
Health Care	923,385	883,975	39,410	-
Industrials	1,265,820	1,251,891	13,929	-
Information Technology	1,612,841	1,591,286	9,342	12,213
Materials	534,654	495,082	39,572	-
Telecommunication Services	106,450	84,134	22,316	-
Utilities	238,364	222,068	16,296	-
Investment Companies	16,919	16,919	-	-
Corporate Bonds	13,348	-	9,263	4,085
Money Market Funds	186,761	186,761	-	-
Total Investments in Securities:	$ 9,068,809	$ 8,733,153	$ 319,358	$ 16,298

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	$ 18,002
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	4,085
Transfers out of Level 3	(5,789)
Ending Balance	$ 16,298
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $8,620,880,000. Net unrealized appreciation aggregated $447,929,000, of which $1,230,368,000 related to appreciated investment securities and $782,439,000 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:

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ®
Growth & Income Portfolio -
Growth & Income
Class K

October 31, 2011

1.809089.108

GAI-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.1%
Auto Components - 0.2%
Autoliv, Inc.	165,802		$ 9,578
Automobiles - 0.1%
Bayerische Motoren Werke AG (BMW)	91,245		7,458
Distributors - 0.4%
Li & Fung Ltd.	10,968,000		21,137
LKQ Corp. (a)	35,400		1,033
			22,170
Hotels, Restaurants & Leisure - 2.2%
Darden Restaurants, Inc.	92,000		4,405
McDonald's Corp.	815,136		75,685
Yum! Brands, Inc.	602,402		32,271
			112,361
Household Durables - 1.3%
D.R. Horton, Inc.	1,542,071		17,163
Lennar Corp. Class A	141,100		2,334
Ryland Group, Inc. (d)	1,480,000		19,980
Toll Brothers, Inc. (a)	1,479,152		25,796
			65,273
Leisure Equipment & Products - 0.3%
Hasbro, Inc.	463,189		17,629
Media - 3.5%
Comcast Corp. Class A	2,211,600		51,862
Informa PLC	264,983		1,544
Kabel Deutschland Holding AG (a)	169,500		9,678
Regal Entertainment Group Class A (d)	322,064		4,651
The Walt Disney Co.	569,673		19,870
Time Warner Cable, Inc.	84,449		5,379
Time Warner, Inc.	1,979,917		69,277
Viacom, Inc. Class B (non-vtg.)	376,591		16,514
			178,775
Multiline Retail - 1.9%
Target Corp.	1,802,659		98,696
Specialty Retail - 2.1%
Foot Locker, Inc.	64,600		1,412
Limited Brands, Inc.	158,600		6,774
Lowe's Companies, Inc.	3,353,983		70,501
Staples, Inc.	1,835,528		27,459
			106,146
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.1%
VF Corp.	32,200		$ 4,451
TOTAL CONSUMER DISCRETIONARY			622,537
CONSUMER STAPLES - 11.9%
Beverages - 4.1%
Dr Pepper Snapple Group, Inc.	743,370		27,839
Molson Coors Brewing Co. Class B	73,797		3,125
PepsiCo, Inc.	1,636,603		103,024
The Coca-Cola Co.	1,104,029		75,427
			209,415
Food & Staples Retailing - 1.2%
CVS Caremark Corp.	541,804		19,667
Sysco Corp.	691,547		19,170
Walgreen Co.	763,100		25,335
			64,172
Food Products - 0.9%
Danone	591,477		41,173
Tate & Lyle PLC	453,524		4,759
			45,932
Household Products - 3.6%
Colgate-Palmolive Co.	392,256		35,448
Kimberly-Clark Corp.	876,786		61,121
Procter & Gamble Co.	1,342,043		85,877
WD-40 Co.	12,536		552
			182,998
Tobacco - 2.1%
British American Tobacco PLC sponsored ADR	756,132		69,753
Lorillard, Inc.	352,930		39,055
			108,808
TOTAL CONSUMER STAPLES			611,325
ENERGY - 11.9%
Energy Equipment & Services - 1.3%
Exterran Partners LP	803,485		19,766
Halliburton Co.	442,010		16,513
Transocean Ltd. (United States)	538,194		30,758
			67,037
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - 10.6%
ARC Resources Ltd. (d)	448,200		$ 11,398
Atlas Pipeline Partners, LP	288,500		10,040
Bonavista Energy Corp. (e)	220,600		5,678
Chevron Corp.	1,859,691		195,361
EXCO Resources, Inc.	585,000		7,377
Exxon Mobil Corp.	2,257,976		176,325
Inergy LP	229,100		6,577
Legacy Reserves LP	161,330		4,754
Occidental Petroleum Corp.	44,900		4,173
Penn West Petroleum Ltd.	405,100		7,238
QEP Resources, Inc.	158,900		5,649
Royal Dutch Shell PLC Class A (United Kingdom)	1,837,036		65,089
Suncor Energy, Inc.	820,700		26,140
Talisman Energy, Inc.	273,600		3,881
Williams Companies, Inc.	491,829		14,809
			544,489
TOTAL ENERGY			611,526
FINANCIALS - 16.5%
Capital Markets - 3.4%
Apollo Global Management LLC Class A	687,403		9,108
Ashmore Group PLC	4,689,959		26,021
BlackRock, Inc. Class A	44,903		7,085
Charles Schwab Corp.	856,436		10,517
Goldman Sachs Group, Inc.	192,541		21,093
ICAP PLC	346,300		2,251
KKR & Co. LP	1,593,109		21,475
Morgan Stanley	1,641,978		28,964
Northern Trust Corp.	491,871		19,906
State Street Corp.	240,553		9,716
T. Rowe Price Group, Inc.	41,900		2,214
The Blackstone Group LP	1,177,217		17,317
			175,667
Commercial Banks - 7.0%
BB&T Corp.	2,338,398		54,578
Comerica, Inc.	64,600		1,651
DBS Group Holdings Ltd.	262,164		2,560
FirstMerit Corp.	103,516		1,450
Regions Financial Corp.	4,447,504		17,479
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Commercial Banks - continued
Standard Chartered PLC (United Kingdom)	638,065		$ 14,971
SunTrust Banks, Inc.	1,244,677		24,557
U.S. Bancorp	2,569,166		65,745
Wells Fargo & Co.	6,722,490		174,180
			357,171
Diversified Financial Services - 4.3%
Citigroup, Inc.	930,250		29,387
JPMorgan Chase & Co.	4,575,425		159,042
KKR Financial Holdings LLC	3,767,478		31,458
			219,887
Insurance - 0.4%
Genworth Financial, Inc. Class A (a)	492,757		3,144
MetLife, Inc.	233,900		8,224
MetLife, Inc. unit (a)	135,300		9,131
			20,499
Real Estate Investment Trusts - 1.2%
American Capital Agency Corp.	288,000		7,923
BRE Properties, Inc.	161,100		8,074
CBL & Associates Properties, Inc.	1,036,296		15,938
Public Storage	173,766		22,425
Rayonier, Inc.	100,600		4,198
Ventas, Inc.	79,900		4,443
			63,001
Thrifts & Mortgage Finance - 0.2%
First Niagara Financial Group, Inc.	758,363		6,969
MGIC Investment Corp. (a)	16,978		45
Radian Group, Inc.	680,837		1,600
			8,614
TOTAL FINANCIALS			844,839
HEALTH CARE - 9.7%
Biotechnology - 1.3%
Amgen, Inc.	1,067,804		61,153
ARIAD Pharmaceuticals, Inc. (a)	445,081		5,176
			66,329
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.1%
Meridian Bioscience, Inc.	272,322		$ 4,962
Steris Corp.	15,900		493
			5,455
Health Care Providers & Services - 1.5%
Brookdale Senior Living, Inc. (a)	795,200		13,184
Express Scripts, Inc. (a)	183,468		8,390
McKesson Corp.	592,654		48,331
Medco Health Solutions, Inc. (a)	181,775		9,972
			79,877
Life Sciences Tools & Services - 0.2%
QIAGEN NV (a)(d)	698,208		9,621
Pharmaceuticals - 6.6%
Abbott Laboratories	688,927		37,112
Cardiome Pharma Corp. (a)	593,100		1,963
GlaxoSmithKline PLC sponsored ADR	1,195,854		53,562
Johnson & Johnson	889,208		57,256
Merck & Co., Inc.	2,559,889		88,316
Pfizer, Inc.	3,616,300		69,650
Roche Holding AG (participation certificate)	121,165		19,979
Sanofi-aventis	146,420		10,476
			338,314
TOTAL HEALTH CARE			499,596
INDUSTRIALS - 14.5%
Aerospace & Defense - 3.9%
Embraer SA sponsored ADR	267,700		7,447
Honeywell International, Inc.	780,076		40,876
MTU Aero Engines Holdings AG	59,700		4,012
Raytheon Co.	285,312		12,608
Rockwell Collins, Inc.	679,196		37,920
The Boeing Co.	623,800		41,040
United Technologies Corp.	711,500		55,483
			199,386
Air Freight & Logistics - 1.0%
C.H. Robinson Worldwide, Inc.	182,826		12,694
United Parcel Service, Inc. Class B	536,164		37,660
			50,354
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Building Products - 0.9%
Lennox International, Inc.	311,487		$ 10,027
Owens Corning (a)	943,489		26,776
Quanex Building Products Corp.	775,829		11,443
			48,246
Commercial Services & Supplies - 0.8%
Aggreko PLC	189,150		5,208
Healthcare Services Group, Inc. (d)	453,915		7,875
Interface, Inc. Class A	151,500		1,976
Intrum Justitia AB	111,600		1,836
Republic Services, Inc.	545,539		15,526
Ritchie Brothers Auctioneers, Inc. (d)	208,900		4,165
US Ecology, Inc.	3,300		60
Waste Management, Inc.	180,168		5,933
			42,579
Construction & Engineering - 0.0%
VINCI SA	61,700		3,048
Electrical Equipment - 0.8%
Alstom SA	137,571		5,159
Emerson Electric Co.	660,225		31,770
Rockwell Automation, Inc.	25,346		1,715
Zumtobel AG	52,052		1,086
			39,730
Industrial Conglomerates - 4.2%
Danaher Corp.	777,700		37,602
General Electric Co.	6,988,470		116,777
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	2,868,280		59,804
			214,183
Machinery - 1.6%
Douglas Dynamics, Inc.	711,920		10,693
Graco, Inc.	148,963		6,396
Ingersoll-Rand Co. Ltd.	1,369,364		42,628
PACCAR, Inc.	262,600		11,355
Pfeiffer Vacuum Technology AG	29,403		2,988
SPX Corp.	114,334		6,244
			80,304
Professional Services - 1.0%
Bureau Veritas SA	318,871		24,809
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Professional Services - continued
Michael Page International PLC	2,932,057		$ 18,946
Robert Half International, Inc.	363,338		9,603
			53,358
Trading Companies & Distributors - 0.3%
Watsco, Inc.	235,806		14,540
TOTAL INDUSTRIALS			745,728
INFORMATION TECHNOLOGY - 18.1%
Communications Equipment - 2.5%
Cisco Systems, Inc.	4,150,626		76,911
Juniper Networks, Inc. (a)	1,059,418		25,924
QUALCOMM, Inc.	501,027		25,853
			128,688
Computers & Peripherals - 5.2%
Apple, Inc. (a)	473,190		191,538
EMC Corp. (a)	1,545,300		37,875
Hewlett-Packard Co.	1,335,720		35,544
			264,957
Electronic Equipment & Components - 0.9%
Coretronic Corp.	8,780,000		6,605
Corning, Inc.	1,850,700		26,447
Everlight Electronics Co. Ltd.	3,789,000		7,007
Premier Farnell PLC	1,084,982		3,054
			43,113
Internet Software & Services - 1.7%
Google, Inc. Class A (a)	150,293		89,070
IT Services - 5.1%
Accenture PLC Class A	52,900		3,188
Cognizant Technology Solutions Corp. Class A (a)	247,050		17,973
Fidelity National Information Services, Inc.	573,455		15,013
International Business Machines Corp.	269,000		49,665
MasterCard, Inc. Class A	195,554		67,904
Paychex, Inc.	2,097,528		61,122
Visa, Inc. Class A	515,563		48,081
			262,946
Semiconductors & Semiconductor Equipment - 0.9%
KLA-Tencor Corp.	350,082		16,485
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Siliconware Precision Industries Co. Ltd. sponsored ADR (d)	4,160,721		$ 21,636
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	705,138		8,899
			47,020
Software - 1.8%
ANSYS, Inc. (a)	141,001		7,665
Microsoft Corp.	2,198,674		58,551
Oracle Corp.	521,713		17,097
Royalblue Group PLC	111,714		2,923
Solera Holdings, Inc.	116,442		6,361
			92,597
TOTAL INFORMATION TECHNOLOGY			928,391
MATERIALS - 0.9%
Chemicals - 0.6%
Air Products & Chemicals, Inc.	101,656		8,757
Akzo Nobel NV	79,364		4,197
PPG Industries, Inc.	59,000		5,098
Praxair, Inc.	138,028		14,033
			32,085
Construction Materials - 0.0%
Eagle Materials, Inc.	86,100		1,772
Metals & Mining - 0.3%
Commercial Metals Co.	419,084		5,209
Nucor Corp.	231,300		8,739
			13,948
TOTAL MATERIALS			47,805
TELECOMMUNICATION SERVICES - 0.5%
Diversified Telecommunication Services - 0.5%
CenturyLink, Inc.	243,021		8,569
Koninklijke KPN NV	1,077,467		14,160
			22,729
UTILITIES - 1.8%
Electric Utilities - 0.7%
American Electric Power Co., Inc.	221,562		8,703
FirstEnergy Corp.	87,861		3,950
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - continued
Electric Utilities - continued
NextEra Energy, Inc.	167,168		$ 9,428
PPL Corp.	481,053		14,129
			36,210
Gas Utilities - 0.3%
National Fuel Gas Co.	170,165		10,429
ONEOK, Inc.	63,395		4,821
			15,250
Multi-Utilities - 0.8%
National Grid PLC	3,224,074		32,060
TECO Energy, Inc.	343,348		6,376
			38,436
TOTAL UTILITIES			89,896
TOTAL COMMON STOCKS (Cost $5,059,414)		5,024,372
Preferred Stocks - 1.9%

Convertible Preferred Stocks - 0.7%
HEALTH CARE - 0.6%
Health Care Equipment & Supplies - 0.5%
Alere, Inc. 3.00%	121,074		27,364
Health Care Providers & Services - 0.1%
Omnicare Capital Trust II Series B, 4.00%	79,200		3,341
TOTAL HEALTH CARE			30,705
UTILITIES - 0.1%
Electric Utilities - 0.1%
PPL Corp. 8.75%	111,300		6,038
TOTAL CONVERTIBLE PREFERRED STOCKS			36,743
Preferred Stocks - continued
	Shares		Value (000s)
Nonconvertible Preferred Stocks - 1.2%
CONSUMER DISCRETIONARY - 1.2%
Automobiles - 1.2%
Porsche Automobil Holding SE (Germany)	500,850		$ 29,378
Volkswagen AG	170,475		29,915
			59,293
TOTAL PREFERRED STOCKS (Cost $103,208)		96,036

Convertible Bonds - 0.1%
	Principal Amount (000s)
HEALTH CARE - 0.1%
Health Care Providers & Services - 0.1%
Omnicare, Inc. 3.75% 12/15/25 (Cost $6,421)	$ 5,450	6,815

Money Market Funds - 0.6%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	1,975,537		1,976
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	27,377,509		27,378
TOTAL MONEY MARKET FUNDS (Cost $29,354)		29,354
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $5,198,397)			5,156,577
NET OTHER ASSETS (LIABILITIES) - (0.5)%			(25,860)
NET ASSETS - 100%		$ 5,130,717

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 $5,678,000 or 0.1% of net assets.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 6
Fidelity Securities Lending Cash Central Fund	53
Total	$ 59

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	$ 681,830	$ 660,693	$ 21,137	$ -
Consumer Staples	611,325	611,325	-	-
Energy	611,526	546,437	65,089	-
Financials	844,839	833,148	11,691	-
Health Care	530,301	519,825	10,476	-
Industrials	745,728	745,728	-	-
Information Technology	928,391	914,779	13,612	-
Materials	47,805	47,805	-	-
Telecommunication Services	22,729	22,729	-	-
Utilities	95,934	57,836	38,098	-
Corporate Bonds	6,815	-	6,815	-
Money Market Funds	29,354	29,354	-	-
Total Investments in Securities:	$ 5,156,577	$ 4,989,659	$ 166,918	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $5,231,446,000. Net unrealized depreciation aggregated $74,869,000, of which $364,615,000 related to appreciated investment securities and $439,484,000 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:

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

October 31, 2011

1.809077.108

IRE-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
Australia - 14.9%
Abacus Property Group unit	2,093,153		$ 4,166,112
Charter Hall Group unit	1,646,213		3,382,683
Goodman Group unit	3,379,720		2,196,491
Mirvac Group unit	5,641,552		7,388,249
The GPT Group unit	2,144,073		7,076,753
Westfield Group unit	2,144,954		17,269,345
TOTAL AUSTRALIA			41,479,633
Bailiwick of Jersey - 1.0%
Atrium European Real Estate Ltd.	527,524		2,671,948
Belgium - 0.6%
Warehouses de Pauw	32,185		1,686,316
Bermuda - 1.7%
Asia Standard International Group	2,218,000		367,572
C C Land Holdings Ltd.	3,500,000		841,415
Csi Properties Ltd.	41,180,000		1,009,692
Great Eagle Holdings Ltd.	1,198,088		2,660,875
TOTAL BERMUDA			4,879,554
Brazil - 2.5%
BR Malls Participacoes SA	63,300		683,796
Companhia Brasileira de Desenvolvimento Imobiliario Turistico (a)	124,100		1,257,477
Even Construtora e Incorporadora SA	347,000		1,291,247
Iguatemi Empresa de Shopping Centers SA	52,300		1,013,290
Multiplan Empreendimentos Imobiliarios SA	69,900		1,413,305
Tecnisa SA	200,300		1,283,077
TOTAL BRAZIL			6,942,192
Cayman Islands - 0.5%
Longfor Properties Co. Ltd.	1,054,500		1,351,550
SPG Land (Holdings) Ltd.	679,000		140,916
TOTAL CAYMAN ISLANDS			1,492,466
Chile - 0.5%
Parque Arauco SA	732,471		1,403,797
France - 8.8%
Altarea	18,981		3,414,552
Gecina SA	40,950		4,056,489
Common Stocks - continued
	Shares		Value
France - continued
Societe Fonciere Lyonnaise SA	30,100		$ 1,485,431
Unibail-Rodamco	78,107		15,619,334
TOTAL FRANCE			24,575,806
Germany - 4.0%
alstria office REIT-AG	376,365		4,838,711
GSW Immobilien AG	144,468		4,708,334
IVG Immobilien AG (a)	351,413		1,574,219
TOTAL GERMANY			11,121,264
Hong Kong - 20.9%
China Overseas Land & Investment Ltd.	3,011,000		5,571,525
Hang Lung Properties Ltd.	2,739,000		9,974,934
Hongkong Land Holdings Ltd.	1,767,000		9,285,651
Hysan Development Co. Ltd.	1,383,500		4,827,828
Kerry Properties Ltd.	1,613,000		5,919,598
Magnificent Estates Ltd.	27,344,000		869,411
Soundwill Holdings Ltd.	662,000		714,558
Sun Hung Kai Properties Ltd.	1,534,000		21,121,306
TOTAL HONG KONG			58,284,811
Italy - 1.6%
Beni Stabili SpA SIIQ	6,480,200		3,906,438
Pirelli & C. Real Estate SpA (a)	2,190,900		644,600
TOTAL ITALY			4,551,038
Japan - 18.6%
Goldcrest Co. Ltd.	129,860		2,382,783
Hulic Co. Ltd. (d)	309,600		3,314,910
Japan Retail Fund Investment Corp.	3,806		5,892,340
Kenedix, Inc. (a)(d)	32,817		4,865,718
Mitsubishi Estate Co. Ltd.	190,000		3,218,449
Mitsui Fudosan Co. Ltd.	940,000		15,634,469
Nomura Real Estate Holdings, Inc.	306,800		4,946,438
Sumitomo Realty & Development Co. Ltd.	532,000		11,028,243
Tosei Corp. (d)	2,284		634,581
TOTAL JAPAN			51,917,931
Russia - 0.4%
LSR Group OJSC GDR (Reg. S)	236,700		1,133,793
Singapore - 6.2%
CapitaLand Ltd.	2,926,870		6,303,523
Common Stocks - continued
	Shares		Value
Singapore - continued
Global Logistic Properties Ltd.	4,553,000		$ 6,337,010
Wing Tai Holdings Ltd.	4,676,000		4,741,653
TOTAL SINGAPORE			17,382,186
Sweden - 2.9%
Castellum AB (d)	325,600		4,427,367
Wihlborgs Fastigheter AB	256,700		3,523,963
TOTAL SWEDEN			7,951,330
United Kingdom - 11.4%
Big Yellow Group PLC	1,371,900		5,771,654
British Land Co. PLC	960,589		7,886,302
Capital Shopping Centres Group PLC	846,000		4,480,249
Derwent London PLC	256,800		7,012,498
Helical Bar PLC	857,600		2,758,385
Quintain Estates & Development PLC (a)	2,148,600		1,287,128
St. Modwen Properties PLC	1,217,800		2,448,082
TOTAL UNITED KINGDOM			31,644,298
TOTAL COMMON STOCKS (Cost $327,297,332)		269,118,363
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.12% (b)	5,544,406		5,544,406
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	1,986,180		1,986,180
TOTAL MONEY MARKET FUNDS (Cost $7,530,586)		7,530,586
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $334,827,918)			276,648,949
NET OTHER ASSETS (LIABILITIES) - 0.8%			2,140,316
NET ASSETS - 100%		$ 278,789,265

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	$ 2,930
Fidelity Securities Lending Cash Central Fund	4,211
Total	$ 7,141

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 58,284,811	$ -	$ 58,284,811	$ -
Japan	51,917,931	-	51,917,931	-
Australia	41,479,633	-	41,479,633	-
United Kingdom	31,644,298	31,644,298	-	-
France	24,575,806	24,575,806	-	-
Singapore	17,382,186	-	17,382,186	-
Germany	11,121,264	11,121,264	-	-
Sweden	7,951,330	7,951,330	-	-
Brazil	6,942,192	6,942,192	-	-
Other	17,818,912	11,446,892	6,372,020	-
Money Market Funds	7,530,586	7,530,586	-	-
Total Investments in Securities:	$ 276,648,949	$ 101,212,368	$ 175,436,581	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $338,385,945. Net unrealized depreciation aggregated $61,736,996, of which $4,470,291 related to appreciated investment securities and $66,207,287 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Advisor International
Real Estate Fund
Class A
Class T
Class B
Class C
Institutional Class

October 31, 2011

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity International Real Estate Fund

1.859110.105

AIRE-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%
	Shares		Value
Australia - 14.9%
Abacus Property Group unit	2,093,153		$ 4,166,112
Charter Hall Group unit	1,646,213		3,382,683
Goodman Group unit	3,379,720		2,196,491
Mirvac Group unit	5,641,552		7,388,249
The GPT Group unit	2,144,073		7,076,753
Westfield Group unit	2,144,954		17,269,345
TOTAL AUSTRALIA			41,479,633
Bailiwick of Jersey - 1.0%
Atrium European Real Estate Ltd.	527,524		2,671,948
Belgium - 0.6%
Warehouses de Pauw	32,185		1,686,316
Bermuda - 1.7%
Asia Standard International Group	2,218,000		367,572
C C Land Holdings Ltd.	3,500,000		841,415
Csi Properties Ltd.	41,180,000		1,009,692
Great Eagle Holdings Ltd.	1,198,088		2,660,875
TOTAL BERMUDA			4,879,554
Brazil - 2.5%
BR Malls Participacoes SA	63,300		683,796
Companhia Brasileira de Desenvolvimento Imobiliario Turistico (a)	124,100		1,257,477
Even Construtora e Incorporadora SA	347,000		1,291,247
Iguatemi Empresa de Shopping Centers SA	52,300		1,013,290
Multiplan Empreendimentos Imobiliarios SA	69,900		1,413,305
Tecnisa SA	200,300		1,283,077
TOTAL BRAZIL			6,942,192
Cayman Islands - 0.5%
Longfor Properties Co. Ltd.	1,054,500		1,351,550
SPG Land (Holdings) Ltd.	679,000		140,916
TOTAL CAYMAN ISLANDS			1,492,466
Chile - 0.5%
Parque Arauco SA	732,471		1,403,797
France - 8.8%
Altarea	18,981		3,414,552
Gecina SA	40,950		4,056,489
Common Stocks - continued
	Shares		Value
France - continued
Societe Fonciere Lyonnaise SA	30,100		$ 1,485,431
Unibail-Rodamco	78,107		15,619,334
TOTAL FRANCE			24,575,806
Germany - 4.0%
alstria office REIT-AG	376,365		4,838,711
GSW Immobilien AG	144,468		4,708,334
IVG Immobilien AG (a)	351,413		1,574,219
TOTAL GERMANY			11,121,264
Hong Kong - 20.9%
China Overseas Land & Investment Ltd.	3,011,000		5,571,525
Hang Lung Properties Ltd.	2,739,000		9,974,934
Hongkong Land Holdings Ltd.	1,767,000		9,285,651
Hysan Development Co. Ltd.	1,383,500		4,827,828
Kerry Properties Ltd.	1,613,000		5,919,598
Magnificent Estates Ltd.	27,344,000		869,411
Soundwill Holdings Ltd.	662,000		714,558
Sun Hung Kai Properties Ltd.	1,534,000		21,121,306
TOTAL HONG KONG			58,284,811
Italy - 1.6%
Beni Stabili SpA SIIQ	6,480,200		3,906,438
Pirelli & C. Real Estate SpA (a)	2,190,900		644,600
TOTAL ITALY			4,551,038
Japan - 18.6%
Goldcrest Co. Ltd.	129,860		2,382,783
Hulic Co. Ltd. (d)	309,600		3,314,910
Japan Retail Fund Investment Corp.	3,806		5,892,340
Kenedix, Inc. (a)(d)	32,817		4,865,718
Mitsubishi Estate Co. Ltd.	190,000		3,218,449
Mitsui Fudosan Co. Ltd.	940,000		15,634,469
Nomura Real Estate Holdings, Inc.	306,800		4,946,438
Sumitomo Realty & Development Co. Ltd.	532,000		11,028,243
Tosei Corp. (d)	2,284		634,581
TOTAL JAPAN			51,917,931
Russia - 0.4%
LSR Group OJSC GDR (Reg. S)	236,700		1,133,793
Singapore - 6.2%
CapitaLand Ltd.	2,926,870		6,303,523
Common Stocks - continued
	Shares		Value
Singapore - continued
Global Logistic Properties Ltd.	4,553,000		$ 6,337,010
Wing Tai Holdings Ltd.	4,676,000		4,741,653
TOTAL SINGAPORE			17,382,186
Sweden - 2.9%
Castellum AB (d)	325,600		4,427,367
Wihlborgs Fastigheter AB	256,700		3,523,963
TOTAL SWEDEN			7,951,330
United Kingdom - 11.4%
Big Yellow Group PLC	1,371,900		5,771,654
British Land Co. PLC	960,589		7,886,302
Capital Shopping Centres Group PLC	846,000		4,480,249
Derwent London PLC	256,800		7,012,498
Helical Bar PLC	857,600		2,758,385
Quintain Estates & Development PLC (a)	2,148,600		1,287,128
St. Modwen Properties PLC	1,217,800		2,448,082
TOTAL UNITED KINGDOM			31,644,298
TOTAL COMMON STOCKS (Cost $327,297,332)		269,118,363
Money Market Funds - 2.7%

Fidelity Cash Central Fund, 0.12% (b)	5,544,406		5,544,406
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	1,986,180		1,986,180
TOTAL MONEY MARKET FUNDS (Cost $7,530,586)		7,530,586
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $334,827,918)			276,648,949
NET OTHER ASSETS (LIABILITIES) - 0.8%			2,140,316
NET ASSETS - 100%		$ 278,789,265

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	$ 2,930
Fidelity Securities Lending Cash Central Fund	4,211
Total	$ 7,141

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Hong Kong	$ 58,284,811	$ -	$ 58,284,811	$ -
Japan	51,917,931	-	51,917,931	-
Australia	41,479,633	-	41,479,633	-
United Kingdom	31,644,298	31,644,298	-	-
France	24,575,806	24,575,806	-	-
Singapore	17,382,186	-	17,382,186	-
Germany	11,121,264	11,121,264	-	-
Sweden	7,951,330	7,951,330	-	-
Brazil	6,942,192	6,942,192	-	-
Other	17,818,912	11,446,892	6,372,020	-
Money Market Funds	7,530,586	7,530,586	-	-
Total Investments in Securities:	$ 276,648,949	$ 101,212,368	$ 175,436,581	$ -

Income Tax Information

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company
Stock Fund
Leveraged Company Stock
Class K

October 31, 2011

1.809078.108

LSF-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 20.4%
Auto Components - 1.0%
Exide Technologies (a)	3,643,393		$ 16,395
Tenneco, Inc. (a)	97,700		3,197
TRW Automotive Holdings Corp. (a)	456,100		19,202
			38,794
Automobiles - 2.3%
Daimler AG (United States)	209,400		10,646
Ford Motor Co. (a)	1,978,733		23,112
General Motors Co.	1,218,966		31,510
General Motors Co.:
warrants 7/10/16 (a)	445,805		7,556
warrants 7/10/19 (a)	445,805		5,260
Toyota Motor Corp. sponsored ADR (e)	89,500		5,971
			84,055
Diversified Consumer Services - 4.6%
Service Corp. International (f)	15,781,118		157,811
Stewart Enterprises, Inc. Class A	1,515,242		9,758
			167,569
Hotels, Restaurants & Leisure - 1.0%
Ameristar Casinos, Inc.	110,100		2,037
Biglari Holdings, Inc. (a)	32,970		11,379
O'Charleys, Inc. (a)	207,849		1,291
Penn National Gaming, Inc. (a)	582,836		20,982
Station Holdco LLC warrants 6/15/18 (a)(i)(j)	146,846		4
Wendy's Co. (a)	546,800		2,767
			38,460
Household Durables - 1.5%
Hovnanian Enterprises, Inc. Class A (a)(e)	1,419,000		2,043
Lennar Corp. Class A	983,400		16,265
Newell Rubbermaid, Inc.	2,516,201		37,240
			55,548
Leisure Equipment & Products - 0.3%
Callaway Golf Co.	1,630,035		9,471
Media - 4.9%
AMC Networks, Inc. Class A	135,331		4,414
Belo Corp. Series A	163,800		1,038
Cablevision Systems Corp. - NY Group Class A	541,324		7,833
Cinemark Holdings, Inc.	2,601,645		53,776
Comcast Corp. Class A	3,962,898		92,930
Gray Television, Inc. (a)(f)	3,766,164		7,156
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
LIN TV Corp. Class A (a)	818,437		$ 2,554
Nexstar Broadcasting Group, Inc. Class A (a)	1,130,500		10,288
			179,989
Multiline Retail - 0.3%
Target Corp.	186,100		10,189
Specialty Retail - 2.5%
Asbury Automotive Group, Inc. (a)	385,122		7,183
Charming Shoppes, Inc. (a)	3,932,700		13,646
GameStop Corp. Class A (a)(e)	2,634,307		67,359
Sally Beauty Holdings, Inc. (a)	300,000		5,757
			93,945
Textiles, Apparel & Luxury Goods - 2.0%
Coach, Inc.	314,020		20,433
Hanesbrands, Inc. (a)	404,100		10,656
PVH Corp.	548,718		40,830
			71,919
TOTAL CONSUMER DISCRETIONARY			749,939
CONSUMER STAPLES - 2.4%
Food & Staples Retailing - 0.4%
Whole Foods Market, Inc.	222,009		16,011
Food Products - 1.8%
Darling International, Inc. (a)	3,664,042		51,370
Smithfield Foods, Inc. (a)	559,606		12,793
			64,163
Personal Products - 0.2%
Revlon, Inc. (a)	553,261		8,150
TOTAL CONSUMER STAPLES			88,324
ENERGY - 15.2%
Energy Equipment & Services - 3.6%
Ensco International Ltd. ADR	110,000		5,463
Halliburton Co.	1,191,593		44,518
Noble Corp.	447,200		16,072
Oil States International, Inc. (a)	270,700		18,843
Parker Drilling Co. (a)	1,200,000		6,636
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Schlumberger Ltd.	109,400		$ 8,038
Transocean Ltd. (United States)	552,800		31,593
			131,163
Oil, Gas & Consumable Fuels - 11.6%
Alpha Natural Resources, Inc. (a)	1,852,717		44,539
Carrizo Oil & Gas, Inc. (a)	438,502		11,927
Chesapeake Energy Corp.	454,320		12,775
El Paso Corp.	8,076,730		201,999
Forest Oil Corp. (a)	1,314,652		15,329
HollyFrontier Corp.	1,783,796		54,745
Lone Pine Resources, Inc.	805,204		6,063
Nexen, Inc.	188,000		3,193
Overseas Shipholding Group, Inc. (e)	384,692		4,801
Peabody Energy Corp.	1,265,614		54,890
Range Resources Corp.	247,200		17,017
			427,278
TOTAL ENERGY			558,441
FINANCIALS - 6.7%
Capital Markets - 0.6%
Morgan Stanley	1,187,000		20,939
Commercial Banks - 2.4%
Huntington Bancshares, Inc.	11,032,080		57,146
Regions Financial Corp.	2,011,695		7,906
SunTrust Banks, Inc.	1,240,000		24,465
			89,517
Consumer Finance - 0.7%
American Express Co.	501,647		25,393
Diversified Financial Services - 0.9%
Citigroup, Inc.	746,447		23,580
JPMorgan Chase & Co.	259,000		9,003
			32,583
Insurance - 1.5%
AFLAC, Inc.	641,700		28,934
Assured Guaranty Ltd.	1,249,684		15,921
Lincoln National Corp.	435,700		8,300
			53,155
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Investment Trusts - 0.6%
FelCor Lodging Trust, Inc. (a)	1,085,852		$ 3,268
Host Hotels & Resorts, Inc.	1,016,122		14,500
Sabra Health Care REIT, Inc.	547,507		5,623
			23,391
TOTAL FINANCIALS			244,978
HEALTH CARE - 6.0%
Health Care Equipment & Supplies - 0.6%
Alere, Inc. (a)	419,708		10,938
Boston Scientific Corp. (a)	2,009,900		11,838
			22,776
Health Care Providers & Services - 4.3%
Community Health Systems, Inc. (a)	554,676		9,696
DaVita, Inc. (a)	367,826		25,748
HCA Holdings, Inc.	1,216,779		28,533
Kindred Healthcare, Inc. (a)	108,330		1,262
Sun Healthcare Group, Inc. (a)	547,507		1,434
Tenet Healthcare Corp. (a)	15,892,339		75,171
Universal Health Services, Inc. Class B	385,505		15,409
			157,253
Pharmaceuticals - 1.1%
Hospira, Inc. (a)	360,258		11,330
Merck & Co., Inc.	813,300		28,059
			39,389
TOTAL HEALTH CARE			219,418
INDUSTRIALS - 13.2%
Aerospace & Defense - 1.0%
American Science & Engineering, Inc.	85,370		5,807
Teledyne Technologies, Inc. (a)	340,694		18,558
Textron, Inc.	602,700		11,704
			36,069
Airlines - 1.9%
Delta Air Lines, Inc. (a)	5,304,334		45,193
Southwest Airlines Co.	571,283		4,884
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Airlines - continued
United Continental Holdings, Inc. (a)	370,700		$ 7,162
US Airways Group, Inc. (a)	2,034,580		11,740
			68,979
Building Products - 1.9%
Armstrong World Industries, Inc.	1,173,030		49,959
Owens Corning (a)	678,219		19,248
Owens Corning warrants 10/31/13 (a)	406,600		590
			69,797
Commercial Services & Supplies - 2.3%
Cenveo, Inc. (a)(e)	2,858,300		10,719
Deluxe Corp.	1,786,873		42,206
R.R. Donnelley & Sons Co.	450,900		7,350
The Brink's Co.	464,740		12,915
Waste Management, Inc.	340,992		11,229
			84,419
Electrical Equipment - 2.4%
Belden, Inc.	1,170,366		37,779
Emerson Electric Co.	163,500		7,868
General Cable Corp. (a)	549,400		15,405
Polypore International, Inc. (a)	548,400		28,764
			89,816
Industrial Conglomerates - 1.0%
Carlisle Companies, Inc.	109,910		4,585
General Electric Co.	1,103,883		18,446
Tyco International Ltd.	328,233		14,951
			37,982
Machinery - 1.8%
Accuride Corp. warrants 2/26/12 (a)	778,347		4
Fiat Industrial SpA (a)	1,634,423		14,261
Ingersoll-Rand Co. Ltd.	981,400		30,551
Stanley Black & Decker, Inc.	185,817		11,864
Timken Co.	228,734		9,634
			66,314
Marine - 0.2%
Navios Maritime Holdings, Inc.	2,162,794		8,132
Road & Rail - 0.7%
Avis Budget Group, Inc. (a)	719,914		10,151
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Road & Rail - continued
CSX Corp.	328,200		$ 7,289
Hertz Global Holdings, Inc. (a)	707,700		8,209
			25,649
TOTAL INDUSTRIALS			487,157
INFORMATION TECHNOLOGY - 11.4%
Communications Equipment - 1.0%
Cisco Systems, Inc.	1,888,100		34,986
JDS Uniphase Corp. (a)	163,300		1,960
			36,946
Computers & Peripherals - 3.4%
Apple, Inc. (a)	308,063		124,698
Electronic Equipment & Components - 0.9%
Avnet, Inc. (a)	594,313		18,014
DDi Corp. (a)	295,899		2,719
Viasystems Group, Inc. (a)	540,460		11,128
			31,861
Internet Software & Services - 0.2%
VeriSign, Inc.	194,300		6,235
IT Services - 0.4%
CACI International, Inc. Class A (a)	248,000		13,613
Office Electronics - 0.4%
Xerox Corp.	1,756,342		14,367
Semiconductors & Semiconductor Equipment - 4.4%
Fairchild Semiconductor International, Inc. (a)	1,284,774		19,233
Freescale Semiconductor Holdings I Ltd.	365,800		4,825
Intel Corp.	454,981		11,165
Intersil Corp. Class A	1,460,387		17,481
Micron Technology, Inc. (a)	1,737,600		9,713
NXP Semiconductors NV (a)	275,200		4,945
ON Semiconductor Corp. (a)	12,669,015		95,904
			163,266
Software - 0.7%
Citrix Systems, Inc. (a)	285,499		20,793
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Microsoft Corp.	108,800		$ 2,897
Nuance Communications, Inc. (a)	163,600		4,332
			28,022
TOTAL INFORMATION TECHNOLOGY			419,008
MATERIALS - 13.8%
Chemicals - 10.7%
Dow Chemical Co.	1,651,894		46,055
H.B. Fuller Co.	461,829		9,925
LyondellBasell Industries NV Class A	8,358,409		274,659
OMNOVA Solutions, Inc. (a)(f)	2,778,107		12,307
Phosphate Holdings, Inc. (a)	307,500		2,460
Solutia, Inc. (a)	657,600		10,686
W.R. Grace & Co. (a)	891,869		37,271
			393,363
Containers & Packaging - 1.6%
Rock-Tenn Co. Class A	977,123		57,836
Metals & Mining - 1.3%
AngloGold Ashanti Ltd. sponsored ADR	526,100		23,785
Ormet Corp. (a)	330,000		2,145
Ormet Corp. (a)(j)	1,075,000		6,988
Teck Resources Ltd. Class B (sub. vtg.)	417,300		16,728
			49,646
Paper & Forest Products - 0.2%
Neenah Paper, Inc.	518,300		8,552
TOTAL MATERIALS			509,397
TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
CenturyLink, Inc.	771,680		27,209
UTILITIES - 4.8%
Independent Power Producers & Energy Traders - 4.8%
Calpine Corp. (a)	2,598,800		39,424
The AES Corp. (a)	12,253,924		137,489
			176,913
TOTAL COMMON STOCKS (Cost $3,373,722)		3,480,784
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value (000s)
CONSUMER STAPLES - 0.1%
Personal Products - 0.1%
Revlon, Inc. Series A 12.75%	639,576		$ 3,607
FINANCIALS - 0.2%
Diversified Financial Services - 0.2%
GMAC Capital Trust I Series 2, 8.125%	439,013		9,202
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $19,207)		12,809

Nonconvertible Bonds - 0.2%
	Principal Amount (000s)
CONSUMER DISCRETIONARY - 0.1%
Automobiles - 0.0%
General Motors Corp.:
6.75% 5/1/28 (d)	$ 3,075		34
7.125% 7/15/13 (d)	8,320		91
7.2% 1/15/11 (d)	22,980		250
8.25% 7/15/23 (d)	25,035		273
8.375% 7/15/33 (d)	50,210		547
8.8% 3/1/21 (d)	10,765		117
			1,312
Leisure Equipment & Products - 0.1%
Eastman Kodak Co. 9.75% 3/1/18 (g)	2,745		1,935
TOTAL CONSUMER DISCRETIONARY			3,247
FINANCIALS - 0.1%
Commercial Banks - 0.1%
Regions Bank 6.45% 6/26/37	5,430		4,507
TOTAL NONCONVERTIBLE BONDS (Cost $7,299)		7,754
Floating Rate Loans - 0.4%

INDUSTRIALS - 0.3%
Airlines - 0.3%
US Airways Group, Inc. term loan 2.7458% 3/23/14 (h)	10,990		9,479
Floating Rate Loans - continued
	Principal Amount (000s)		Value (000s)
UTILITIES - 0.1%
Electric Utilities - 0.1%
Texas Competitive Electric Holdings Co. LLC/Texas Competitive Electric Holdings Finance, Inc. Tranche B, term loan 4.7574% 10/10/17 (h)	$ 5,458		$ 3,759
TOTAL FLOATING RATE LOANS (Cost $14,165)		13,238

Money Market Funds - 4.7%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	163,749,369		163,749
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	9,474,000		9,474
TOTAL MONEY MARKET FUNDS (Cost $173,223)		173,223
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $3,587,616)		3,687,808
NET OTHER ASSETS (LIABILITIES) - (0.2)%		(8,647)
NET ASSETS - 100%		$ 3,679,161

Legend

(a) Non-income producing

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

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

(f) Affiliated company

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,935,000 or 0.1% of net assets.

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) Investment is owned by an entity that is treated as a corporation for U.S. tax purposes which is owned by the Fund.

(j) 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 $6,992,000 or 0.2% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Ormet Corp.	2/27/07 - 4/4/07	$ 20,556
Station Holdco LLC warrants 6/15/18	10/28/08 - 12/1/08	$ 5,990

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	$ 45
Fidelity Securities Lending Cash Central Fund	110
Total	$ 155

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Cenveo, Inc.	$ 21,182	$ -	$ 2,557	$ -	$ -
Gray Television, Inc.	9,152	-	-	-	7,156
OMNOVA Solutions, Inc.	18,584	110	-	-	12,307
Service Corp. International	160,784	4,160	-	768	157,811
Total	$ 209,702	$ 4,270	$ 2,557	$ 768	$ 177,274

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 749,939	$ 749,935	$ -	$ 4
Consumer Staples	91,931	88,324	-	3,607
Energy	558,441	558,441	-	-
Financials	254,180	254,180	-	-
Health Care	219,418	219,418	-	-
Industrials	487,157	487,157	-	-
Information Technology	419,008	419,008	-	-
Materials	509,397	509,397	-	-
Telecommunication Services	27,209	27,209	-	-
Utilities	176,913	176,913	-	-
Corporate Bonds	7,754	-	6,442	1,312
Floating Rate Loans	13,238	-	13,238	-
Money Market Funds	173,223	173,223	-	-
Total Investments in Securities:	$ 3,687,808	$ 3,663,205	$ 19,680	$ 4,923

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	$ 4,985
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(506)
Cost of Purchases	-
Proceeds of Sales	(419)
Amortization/Accretion	863
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 4,923
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (506)

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $3,587,728,000. Net unrealized appreciation aggregated $100,080,000, of which $641,600,000 related to appreciated investment securities and $541,520,000 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:

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio -
OTC
Class K

October 31, 2011

1.809071.108

OTC-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 17.9%
Auto Components - 0.6%
Gentex Corp.	1,498,400		$ 45,132
Automobiles - 2.1%
Tesla Motors, Inc. (a)(d)	5,132,864		150,752
Volkswagen AG sponsored ADR	250,500		7,853
			158,605
Diversified Consumer Services - 0.0%
Coinstar, Inc. (a)	14,600		697
Hotels, Restaurants & Leisure - 2.2%
BJ's Restaurants, Inc. (a)	374,800		19,838
Bravo Brio Restaurant Group, Inc.	661,025		12,844
China Lodging Group Ltd. ADR (a)(d)	188,800		2,932
Dunkin' Brands Group, Inc. (a)	37,400		1,089
Las Vegas Sands Corp. (a)	42,200		1,981
Starbucks Corp.	2,502,400		105,952
Texas Roadhouse, Inc. Class A	1,286,200		18,431
Wynn Resorts Ltd.	4,700		624
			163,691
Household Durables - 1.7%
D.R. Horton, Inc.	2,440,400		27,162
iRobot Corp. (a)(d)(e)	1,989,645		67,369
Lennar Corp. Class A	221,900		3,670
PulteGroup, Inc. (a)	98,700		511
SodaStream International Ltd. (d)	228,258		7,779
Techtronic Industries Co. Ltd.	672,500		582
Toll Brothers, Inc. (a)	1,270,000		22,149
			129,222
Internet & Catalog Retail - 3.8%
Amazon.com, Inc. (a)	1,228,196		262,232
ASOS PLC (a)	149,100		3,731
E-Commerce China Dangdang, Inc. ADR (d)	62,900		438
Ocado Group PLC (a)	3,183,671		4,795
Priceline.com, Inc. (a)	31,100		15,790
			286,986
Media - 6.0%
Comcast Corp. Class A	6,333,000		148,509
DIRECTV (a)	1,812,800		82,410
Discovery Communications, Inc. (a)	463,900		20,161
DISH Network Corp. Class A (a)	2,704,300		65,363
Focus Media Holding Ltd. ADR (a)	23,500		639
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Media - continued
Lions Gate Entertainment Corp. (a)	4,490,093		$ 36,909
Pandora Media, Inc. (d)	1,336,900		21,123
Sirius XM Radio, Inc. (a)(d)	44,484,384		79,627
WPP PLC sponsored ADR (d)	11,900		617
			455,358
Specialty Retail - 0.0%
Francescas Holdings Corp. (a)	9,100		234
I.T Ltd.	722,000		450
Teavana Holdings, Inc. (a)(d)	10,300		235
			919
Textiles, Apparel & Luxury Goods - 1.5%
Burberry Group PLC sponsored ADR	507,400		21,996
Deckers Outdoor Corp. (a)	8,000		922
lululemon athletica, Inc. (a)	1,482,546		83,734
Ralph Lauren Corp.	5,100		810
Steven Madden Ltd. (a)	34,950		1,290
Trinity Ltd.	700,000		634
			109,386
TOTAL CONSUMER DISCRETIONARY			1,349,996
CONSUMER STAPLES - 2.7%
Beverages - 0.0%
Hansen Natural Corp. (a)	8,700		775
Food & Staples Retailing - 0.0%
Droga Raia SA	37,000		525
Whole Foods Market, Inc.	10,900		786
			1,311
Food Products - 2.7%
Green Mountain Coffee Roasters, Inc. (a)(d)	2,946,000		191,549
Tingyi (Cayman Islands) Holding Corp. ADR	11,100		623
Want Want China Holdings Ltd. ADR	217,500		10,191
			202,363
Personal Products - 0.0%
USANA Health Sciences, Inc. (a)(d)	22,500		779
TOTAL CONSUMER STAPLES			205,228
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 2.6%
Energy Equipment & Services - 0.7%
Halliburton Co.	61,400		$ 2,294
ION Geophysical Corp. (a)	2,479,100		18,891
National Oilwell Varco, Inc.	145,100		10,350
Transocean Ltd. (United States)	362,700		20,728
			52,263
Oil, Gas & Consumable Fuels - 1.9%
Alpha Natural Resources, Inc. (a)	550,800		13,241
Amyris, Inc. (a)(d)	1,928,928		39,543
Georesources, Inc. (a)(d)(e)	1,869,300		49,611
Petroleum Development Corp. (a)(e)	1,219,551		31,842
Solazyme, Inc.	1,000,269		10,173
			144,410
TOTAL ENERGY			196,673
FINANCIALS - 2.0%
Capital Markets - 0.0%
Goldman Sachs Group, Inc.	300		33
WisdomTree Investments, Inc. (a)	285,920		2,133
			2,166
Commercial Banks - 0.7%
Associated Banc-Corp.	54,700		610
Fulton Financial Corp.	63,700		601
HDFC Bank Ltd. sponsored ADR	1,147,400		36,327
Huntington Bancshares, Inc.	114,900		595
National Penn Bancshares, Inc.	88,300		689
Popular, Inc. (a)	271,600		505
Standard Chartered PLC	26,500		620
SVB Financial Group (a)	19,800		910
Wells Fargo & Co.	215,200		5,576
Zions Bancorporation	62,600		1,087
			47,520
Diversified Financial Services - 1.3%
Citigroup, Inc.	1,424,560		45,002
CME Group, Inc.	181,600		50,042
Hong Kong Exchanges and Clearing Ltd.	34,800		590
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Diversified Financial Services - continued
JPMorgan Chase & Co.	17,700		$ 615
NBH Holdings Corp. Class A (a)(f)	110,800		1,773
			98,022
TOTAL FINANCIALS			147,708
HEALTH CARE - 16.0%
Biotechnology - 7.1%
Achillion Pharmaceuticals, Inc. (a)	1,547,500		9,811
Alnylam Pharmaceuticals, Inc. (a)	69,600		565
Amarin Corp. PLC ADR (a)	5,055,361		47,520
Amgen, Inc.	1,261,200		72,229
Amylin Pharmaceuticals, Inc. (a)	976,939		11,254
Anthera Pharmaceuticals, Inc. (a)	1,934,500		12,361
ARIAD Pharmaceuticals, Inc. (a)	83,400		970
Biogen Idec, Inc. (a)	135,600		15,778
BioMarin Pharmaceutical, Inc. (a)	90,400		3,084
Cepheid, Inc. (a)	330,800		11,869
Dendreon Corp. (a)	20,836		228
Genomic Health, Inc. (a)	26,320		563
Human Genome Sciences, Inc. (a)	2,169,312		22,257
ImmunoGen, Inc. (a)	297,309		4,037
Inhibitex, Inc. (a)	179,200		697
InterMune, Inc. (a)	782,620		19,957
Ironwood Pharmaceuticals, Inc. Class A (a)	2,084,400		28,348
Isis Pharmaceuticals, Inc. (a)	80,849		670
NPS Pharmaceuticals, Inc. (a)	337,200		1,743
Pharmasset, Inc. (a)	342,600		24,119
Seattle Genetics, Inc. (a)	397,303		8,741
Targacept, Inc. (a)	216,749		3,815
Theravance, Inc. (a)	705,500		15,683
Vertex Pharmaceuticals, Inc. (a)	5,229,188		207,024
Vical, Inc. (a)(e)	3,623,900		10,835
			534,158
Health Care Equipment & Supplies - 0.5%
Endologix, Inc. (a)	93,600		1,019
Mako Surgical Corp. (a)(d)	966,463		37,161
Masimo Corp.	22,700		469
Zoll Medical Corp. (a)	38,200		1,444
			40,093
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - 4.2%
Accretive Health, Inc. (a)(d)(e)	9,342,045		$ 222,434
Express Scripts, Inc. (a)	1,958,000		89,539
IPC The Hospitalist Co., Inc. (a)	174,948		7,336
			319,309
Health Care Technology - 0.4%
athenahealth, Inc. (a)	170,400		9,016
Merge Healthcare, Inc. (a)	2,791,055		18,421
SXC Health Solutions Corp. (a)	12,200		566
			28,003
Life Sciences Tools & Services - 0.0%
Fluidigm Corp. (a)	43,083		601
Pharmaceuticals - 3.8%
Elan Corp. PLC sponsored ADR (a)	2,295,500		27,523
Endocyte, Inc.	706,700		6,862
Questcor Pharmaceuticals, Inc. (a)(e)	4,944,434		200,793
Shire PLC sponsored ADR	529,500		49,932
			285,110
TOTAL HEALTH CARE			1,207,274
INDUSTRIALS - 0.2%
Airlines - 0.1%
United Continental Holdings, Inc. (a)	350,000		6,762
Construction & Engineering - 0.0%
Foster Wheeler AG (a)	49,384		1,053
Electrical Equipment - 0.1%
Polypore International, Inc. (a)	182,200		9,556
Trading Companies & Distributors - 0.0%
Rush Enterprises, Inc. Class A (a)	34,900		674
TOTAL INDUSTRIALS			18,045
INFORMATION TECHNOLOGY - 54.6%
Communications Equipment - 6.6%
Acme Packet, Inc. (a)	11,074		401
Aruba Networks, Inc. (a)(d)(e)	8,033,727		190,319
Brocade Communications Systems, Inc. (a)	7,856,300		34,411
Cisco Systems, Inc.	4,910,600		90,993
HTC Corp.	310,542		6,979
Meru Networks, Inc. (a)(d)	367,534		1,996
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
Polycom, Inc. (a)	3,830,372		$ 63,316
QUALCOMM, Inc.	1,596,109		82,359
Riverbed Technology, Inc. (a)	1,000,703		27,599
			498,373
Computers & Peripherals - 13.2%
Apple, Inc. (a)	2,228,800		902,177
Catcher Technology Co. Ltd.	566,000		3,153
Fusion-io, Inc. (d)	568,160		17,624
SanDisk Corp. (a)	1,180,350		59,808
Silicon Graphics International Corp. (a)(d)	1,177,474		17,026
			999,788
Electronic Equipment & Components - 0.6%
Corning, Inc.	265,300		3,791
E Ink Holdings, Inc.	11,374,000		23,219
E Ink Holdings, Inc. GDR (a)(f)	35,700		740
IPG Photonics Corp. (a)	16,258		859
Maxwell Technologies, Inc. (a)	827,037		16,516
			45,125
Internet Software & Services - 14.5%
Active Network, Inc.	51,200		688
Baidu.com, Inc. sponsored ADR (a)	718,700		100,747
eBay, Inc. (a)	2,207,894		70,277
Facebook, Inc. Class B (g)	335,669		8,392
Google, Inc. Class A (a)	1,018,622		603,676
IntraLinks Holdings, Inc. (a)	746,586		6,488
LogMeIn, Inc. (a)	716,040		29,121
Mail.ru Group Ltd. GDR (a)(f)	11,300		389
Rackspace Hosting, Inc. (a)(d)(e)	6,541,334		270,746
Renren, Inc. ADR (d)	119,800		843
SINA Corp. (a)	16,000		1,301
Velti PLC (a)	356,351		3,000
			1,095,668
IT Services - 3.4%
Cognizant Technology Solutions Corp. Class A (a)	3,206,545		233,276
HiSoft Technology International Ltd. ADR (a)	1,478,580		18,305
MasterCard, Inc. Class A	7,300		2,535
ServiceSource International, Inc.	27,300		363
			254,479
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 5.8%
ASML Holding NV	356,400		$ 14,944
Cypress Semiconductor Corp.	32,550		622
Mellanox Technologies Ltd. (a)	1,524,151		49,322
Micron Technology, Inc. (a)	91,900		514
NVIDIA Corp. (a)	18,263,712		270,303
NXP Semiconductors NV (a)	3,585,689		64,435
Skyworks Solutions, Inc. (a)	549,400		10,884
Standard Microsystems Corp. (a)	29,100		721
Volterra Semiconductor Corp. (a)	1,206,500		28,594
			440,339
Software - 10.5%
Ariba, Inc. (a)	2,120,714		67,184
BMC Software, Inc. (a)	13,600		473
BroadSoft, Inc. (a)(d)	874,180		31,470
Citrix Systems, Inc. (a)	554,900		40,413
DemandTec, Inc. (a)	257,533		1,947
Fortinet, Inc. (a)	33,200		766
Gameloft (a)(d)(e)	7,479,787		41,716
Informatica Corp. (a)	24,400		1,110
Kingdee International Software Group Co. Ltd.	1,288,800		522
Magma Design Automation, Inc. (a)	245,314		1,295
Microsoft Corp.	5,391,965		143,588
MicroStrategy, Inc. Class A (a)	549,800		72,447
Oracle Corp.	3,846,300		126,043
QLIK Technologies, Inc. (a)	941,600		26,902
Rovi Corp. (a)	751,300		37,219
salesforce.com, Inc. (a)	4,400		586
Sourcefire, Inc. (a)(d)	914,300		25,189
SuccessFactors, Inc. (a)	2,319,700		61,936
Synchronoss Technologies, Inc. (a)(d)(e)	3,690,727		110,943
			791,749
TOTAL INFORMATION TECHNOLOGY			4,125,521
MATERIALS - 1.5%
Chemicals - 0.1%
Celanese Corp. Class A	13,300		579
CF Industries Holdings, Inc.	37,700		6,118
Innophos Holdings, Inc.	15,056		662
			7,359
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Metals & Mining - 1.4%
Fortescue Metals Group Ltd. ADR	336,800		$ 8,514
Randgold Resources Ltd. sponsored ADR	881,533		96,590
Royal Gold, Inc.	17,500		1,253
			106,357
TOTAL MATERIALS			113,716
TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 0.0%
Cbeyond, Inc. (a)	20,502		169
Wireless Telecommunication Services - 1.0%
Clearwire Corp. Class A (a)(d)	3,463,334		6,650
NII Holdings, Inc. (a)	2,291,400		53,917
Sprint Nextel Corp. (a)	3,547,181		9,116
Vodafone Group PLC sponsored ADR	49,400		1,375
			71,058
TOTAL TELECOMMUNICATION SERVICES			71,227
TOTAL COMMON STOCKS (Cost $6,688,831)		7,435,388
Nonconvertible Preferred Stocks - 0.2%

CONSUMER DISCRETIONARY - 0.2%
Automobiles - 0.2%
Porsche Automobil Holding SE (Germany)	201,175		11,800
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $11,068)		11,800
Money Market Funds - 8.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.12% (b)	152,940,140		$ 152,940
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	467,660,541		467,661
TOTAL MONEY MARKET FUNDS (Cost $620,601)		620,601
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $7,320,500)			8,067,789
NET OTHER ASSETS (LIABILITIES) - (6.9)%			(517,502)
NET ASSETS - 100%		$ 7,550,287

Legend

(a) Non-income producing

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

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Facebook, Inc. Class B	3/31/11 - 5/19/11	$ 8,394

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	$ 17
Fidelity Securities Lending Cash Central Fund	3,941
Total	$ 3,958

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Accretive Health, Inc.	$ 225,437	$ 46,905	$ -	$ -	$ 222,434
Aruba Networks, Inc.	179,343	4,553	-	-	190,319
Gameloft	51,802	-	-	-	41,716
Georesources, Inc.	47,705	-	-	-	49,611
iRobot Corp.	57,960	9,102	-	-	67,369
Meru Networks, Inc.	8,324	3,822	7,055	-	-
Petroleum Development Corp.	44,294	-	-	-	31,842
Questcor Pharmaceuticals, Inc.	-	144,255	2,529	-	200,793
Rackspace Hosting, Inc.	228,165	33,276	-	-	270,746
Synchronoss Technologies, Inc.	94,771	13,907	-	-	110,943
Vical, Inc.	11,079	5,826	-	-	10,835
Total	$ 948,880	$ 261,646	$ 9,584	$ -	$ 1,196,608

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 1,361,796	$ 1,360,130	$ 1,666	$ -
Consumer Staples	205,228	205,228	-	-
Energy	196,673	196,673	-	-
Financials	147,708	145,345	590	1,773
Health Care	1,207,274	1,207,274	-	-
Industrials	18,045	18,045	-	-
Information Technology	4,125,521	4,083,256	33,873	8,392
Materials	113,716	113,716	-	-
Telecommunication Services	71,227	71,227	-	-
Money Market Funds	620,601	620,601	-	-
Total Investments in Securities:	$ 8,067,789	$ 8,021,495	$ 36,129	$ 10,165

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	$ 10,386
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(221)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 10,165
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (221)

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $7,406,521,000. Net unrealized appreciation aggregated $661,268,000, of which $1,137,344,000 related to appreciated investment securities and $476,076,000 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2011

1.809106.108

REI-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 24.2%
	Shares		Value
CONSUMER DISCRETIONARY - 1.0%
Hotels, Restaurants & Leisure - 0.2%
Starwood Hotels & Resorts Worldwide, Inc.	70,700		$ 3,542,777
Household Durables - 0.8%
Standard Pacific Corp. (a)(f)	3,215,200		9,774,208
Stanley Martin Communities LLC Class B (a)	4,620		3,792,281
			13,566,489
TOTAL CONSUMER DISCRETIONARY			17,109,266
FINANCIALS - 22.0%
Capital Markets - 0.4%
HFF, Inc. (a)	610,514		6,715,654
Real Estate Investment Trusts - 21.4%
Acadia Realty Trust (SBI)	1,357,149		28,120,127
Alexandria Real Estate Equities, Inc.	55,200		3,648,168
American Assets Trust, Inc.	89,000		1,804,030
American Campus Communities, Inc.	110,400		4,297,872
American Capital Agency Corp.	128,500		3,535,035
Annaly Capital Management, Inc.	286,050		4,819,943
Anworth Mortgage Asset Corp.	819,010		5,282,615
Apartment Investment & Management Co. Class A	201,100		4,961,137
AvalonBay Communities, Inc.	17,525		2,342,917
Brandywine Realty Trust (SBI)	376,900		3,433,559
Canadian (REIT)	107,800		3,836,830
CapLease, Inc.	1,511,600		5,910,356
CBL & Associates Properties, Inc.	455,573		7,006,713
Cedar Shopping Centers, Inc.	232,800		854,376
Chartwell Seniors Housing (REIT) (f)	509,700		3,972,884
Chesapeake Lodging Trust	223,500		3,339,090
CommonWealth REIT	111,700		2,161,395
Coresite Realty Corp.	271,700		4,523,805
Cousins Properties, Inc.	419,500		2,751,920
Cys Investments, Inc. (f)	838,839		10,636,479
DCT Industrial Trust, Inc.	1,135,300		5,631,088
DiamondRock Hospitality Co.	588,900		5,329,545
Duke Realty LP	290,483		3,567,131
Dynex Capital, Inc. (f)	1,484,186		13,001,469
Education Realty Trust, Inc.	140,600		1,300,550
Equity Lifestyle Properties, Inc.	417,430		27,604,646
Equity Residential (SBI)	42,600		2,499,768
Excel Trust, Inc.	697,228		7,327,866
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
H&R REIT/H&R Finance Trust	206,500		$ 4,509,711
HCP, Inc.	110,700		4,411,395
Healthcare Realty Trust, Inc.	206,300		3,897,007
Highwoods Properties, Inc. (SBI)	64,300		1,992,014
Hospitality Properties Trust (SBI)	106,400		2,556,792
Lexington Corporate Properties Trust (f)	1,215,300		9,552,258
LTC Properties, Inc.	339,113		9,617,245
MFA Financial, Inc.	4,072,542		27,489,659
Mid-America Apartment Communities, Inc.	53,900		3,363,360
Monmouth Real Estate Investment Corp. Class A	455,073		3,822,613
National Health Investors, Inc.	105,306		4,706,125
National Retail Properties, Inc.	114,100		3,109,225
Newcastle Investment Corp.	400,000		1,836,000
Omega Healthcare Investors, Inc. (f)	532,179		9,451,499
Pebblebrook Hotel Trust	210,482		4,005,472
Prologis, Inc.	682,587		20,313,789
RioCan (REIT)	83,800		2,125,999
Senior Housing Properties Trust (SBI)	175,600		3,940,464
Simon Property Group, Inc.	113,001		14,513,848
Stag Industrial, Inc.	382,692		4,110,112
Summit Hotel Properties, Inc.	673,500		5,435,145
Sunstone Hotel Investors, Inc. (a)	485,000		3,370,750
Two Harbors Investment Corp.	635,580		5,942,673
Ventas, Inc.	694,346		38,612,581
Weyerhaeuser Co.	505,229		9,084,017
Whitestone REIT Class B (f)	379,067		4,435,084
			379,706,151
Real Estate Management & Development - 0.2%
Brookfield Asset Management, Inc. Class A	118,900		3,439,912
TOTAL FINANCIALS			389,861,717
HEALTH CARE - 1.2%
Health Care Providers & Services - 1.2%
Brookdale Senior Living, Inc. (a)	630,300		10,450,374
Capital Senior Living Corp. (a)	617,750		4,824,628
Emeritus Corp. (a)	334,393		5,922,100
			21,197,102
TOTAL COMMON STOCKS (Cost $385,815,245)		428,168,085
Preferred Stocks - 12.8%
	Shares		Value
Convertible Preferred Stocks - 1.7%
FINANCIALS - 1.7%
Real Estate Investment Trusts - 1.7%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		$ 2,190,938
CommonWealth REIT 6.50%	150,000		3,054,000
Excel Trust, Inc. 7.00% (g)	248,200		5,537,963
Health Care REIT, Inc. Series I, 6.50%	46,800		2,310,750
Lexington Corporate Properties Trust Series C 6.50%	347,551		14,412,940
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		1,641,600
			29,148,191
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 12.00% (g)	27,500		699,875
TOTAL FINANCIALS			29,848,066
Nonconvertible Preferred Stocks - 11.1%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	38,200		556,574
FINANCIALS - 11.1%
Diversified Financial Services - 0.2%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		428,250
Red Lion Hotels Capital Trust 9.50%	163,225		4,072,464
			4,500,714
Real Estate Investment Trusts - 10.8%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		1,717,880
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		124
Annaly Capital Management, Inc. Series A, 7.875%	134,900		3,518,192
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		7,842,928
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,439,800
Series U, 7.75%	150,773		3,778,371
Ashford Hospitality Trust, Inc. Series E, 9.00%	21,200		499,048
Brandywine Realty Trust Series C, 7.50%	37,615		939,623
CapLease, Inc. Series A, 8.125%	83,400		2,029,122
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		$ 3,614,712
7.375%	216,213		5,059,384
Cedar Shopping Centers, Inc. 8.875%	290,352		7,000,387
CenterPoint Properties Trust Series D, 5.377%	3,575		2,037,750
Cogdell Spencer, Inc. 8.50%	114,300		2,697,480
Corporate Office Properties Trust Series H, 7.50%	5,000		125,700
Cousins Properties, Inc. Series A, 7.75%	93,330		2,265,119
CubeSmart Series A, 7.75%	40,000		1,000,000
DDR Corp. Series I, 7.50%	23,733		567,219
Digital Realty Trust, Inc. Series E, 7.00%	40,000		1,004,400
Duke Realty LP:
8.375%	128,517		3,282,324
Series L, 6.60%	10,666		259,077
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		84,000
Equity Lifestyle Properties, Inc. 8.034%	885,479		22,331,780
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,016,000
First Potomac Realty Trust 7.75%	80,779		2,059,057
Glimcher Realty Trust Series G, 8.125%	171,111		4,132,331
Hersha Hospitality Trust Series B, 8.00%	96,060		2,218,986
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series B, 8.875%	88,600		2,285,880
Series C, 7.00%	58,500		1,413,360
Hudson Pacific Properties, Inc. 8.375%	263,800		6,766,470
Inland Real Estate Corp. Series A, 8.125%	223,500		5,531,625
Kimco Realty Corp. Series G, 7.75%	113,026		2,897,987
Kite Realty Group Trust 8.25%	96,100		2,330,425
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,274,317
Series G, 7.25%	114,485		2,712,150
Series H, 7.50%	100,000		2,405,000
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,346,000
Series B, 7.625% (a)	31,240		531,080
Lexington Corporate Properties Trust Series B, 8.05%	40,300		990,171
Lexington Realty Trust 7.55%	23,800		547,400
MFA Financial, Inc. Series A, 8.50%	484,281		12,286,209
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,004,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Newcastle Investment Corp. Series B, 9.75%	34,530		$ 835,626
Parkway Properties, Inc. Series D, 8.00%	237,900		5,664,399
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		8,954,040
Series B, 8.00%	160,000		3,918,400
Prologis, Inc. Series Q, 8.54%	94,446		5,421,795
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		334,495
6.875%	50,000		1,263,000
7.20%	83,040		2,100,082
7.375%	100,610		2,529,335
Series P, 6.70%	36,000		896,400
Public Storage Series N, 7.00%	4,200		109,116
Regency Centers Corp.:
7.25%	10,500		262,815
Series C 7.45%	18,000		453,240
Saul Centers, Inc.:
8.00%	93,700		2,390,287
Series B (depositary shares) 9.00%	118,550		3,295,690
Stag Industrial, Inc. Series A, 9.00% (a)	280,000		6,944,000
Summit Hotel Properties, Inc. Series A, 9.25% (a)	120,000		2,952,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	152,200		3,424,500
UMH Properties, Inc. Series A, 8.25%	310,000		7,827,500
Vornado Realty Trust 6.75%	20,000		509,800
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,416,996
			190,346,397
Real Estate Management & Development - 0.1%
Vornado Realty LP 7.875%	54,682		1,463,290
TOTAL FINANCIALS			196,310,401
TOTAL NONCONVERTIBLE PREFERRED STOCKS			196,866,975
TOTAL PREFERRED STOCKS (Cost $237,013,227)		226,715,041

Corporate Bonds - 24.7%
		Principal Amount (e)		Value
Convertible Bonds - 3.3%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 1,340,000		$ 1,031,800
FINANCIALS - 3.2%
Real Estate Investment Trusts - 1.9%
Acadia Realty Trust 3.75% 12/15/26		6,000,000		6,022,500
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,152,500
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,192,950
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		992,000
Hospitality Properties Trust 3.8% 3/15/27		6,100,000		6,069,500
Inland Real Estate Corp. 4.625% 11/15/26		5,870,000		5,870,294
ProLogis LP:
1.875% 11/15/37		2,450,000		2,388,750
2.625% 5/15/38		1,500,000		1,485,000
The Macerich Co. 3.25% 3/15/12 (g)		4,800,000		4,782,000
				33,955,494
Real Estate Management & Development - 1.3%
Corporate Office Properties LP 4.25% 4/15/30 (g)		2,000,000		1,874,000
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		3,960,000
Kilroy Realty LP 3.25% 4/15/12 (g)		2,185,000		2,174,075
Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)		14,950,000		15,006,063
SL Green Realty Corp. 3% 3/30/27 (g)		500,000		498,125
				23,512,263
TOTAL FINANCIALS				57,467,757
TOTAL CONVERTIBLE BONDS				58,499,557
Nonconvertible Bonds - 21.4%
CONSUMER DISCRETIONARY - 7.8%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (g)		1,945,000		2,003,350
FelCor Escrow Holdings, LLC 6.75% 6/1/19 (g)		1,195,000		1,102,388
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,802,000
Landry's Restaurants, Inc.:
11.625% 12/1/15		1,000,000		1,050,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Landry's Restaurants, Inc.: - continued
11.625% 12/1/15 (g)		$ 325,000		$ 341,250
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,296,579		9,892,165
				16,191,153
Household Durables - 6.3%
KB Home:
5.75% 2/1/14		510,000		475,575
5.875% 1/15/15		5,000,000		4,475,000
6.25% 6/15/15		8,500,000		7,522,500
7.25% 6/15/18		2,840,000		2,385,600
9.1% 9/15/17		13,625,000		12,466,875
Lennar Corp.:
5.5% 9/1/14		1,000,000		972,500
5.6% 5/31/15		6,000,000		6,000,000
6.5% 4/15/16		4,000,000		3,860,000
6.95% 6/1/18		13,500,000		13,230,000
M/I Homes, Inc.:
6.875% 4/1/12		2,150,000		1,935,000
8.625% 11/15/18		16,880,000		15,023,200
Meritage Homes Corp.:
6.25% 3/15/15		2,500,000		2,400,000
7.15% 4/15/20		2,500,000		2,275,000
Ryland Group, Inc. 8.4% 5/15/17		4,310,000		4,223,800
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,150,000
8.375% 5/15/18		22,823,000		20,910,433
10.75% 9/15/16		8,415,000		8,709,525
				111,015,008
Multiline Retail - 0.4%
Sears Holdings Corp. 6.625% 10/15/18		9,065,000		7,886,550
Specialty Retail - 0.2%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,751,450
TOTAL CONSUMER DISCRETIONARY				137,844,161
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		$ 1,195,175		$ 1,344,572
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		4,400,000		4,620,000
				5,964,572
FINANCIALS - 12.1%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		10,820,000		11,090,500
Real Estate Investment Trusts - 7.0%
Camden Property Trust 5% 6/15/15		1,100,000		1,173,629
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,730,025
6.25% 6/15/14		5,005,000		5,365,380
Developers Diversified Realty Corp.:
5.375% 10/15/12		500,000		505,850
5.5% 5/1/15		4,000,000		4,072,232
7.5% 4/1/17		6,000,000		6,501,900
7.5% 7/15/18		8,756,000		9,362,957
7.875% 9/1/20		4,637,000		5,032,327
9.625% 3/15/16		3,836,000		4,437,420
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,644,162
6.25% 12/15/14		4,081,000		4,347,216
6.25% 1/15/17		3,000,000		3,179,292
Health Care Property Investors, Inc.:
6% 3/1/15		1,000,000		1,067,103
7.072% 6/8/15		1,500,000		1,636,557
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		1,050,570
6.2% 6/1/16		750,000		804,397
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		3,650,000		3,772,979
5.75% 1/15/21		2,000,000		2,002,068
6.5% 1/17/17		1,875,000		2,026,298
HMB Capital Trust V 3.9471% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		933,759
6.75% 2/15/13		610,000		624,170
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
7.875% 8/15/14		$ 1,000,000		$ 1,096,843
HRPT Properties Trust:
5.75% 11/1/15		3,600,000		3,772,087
6.25% 8/15/16		1,500,000		1,589,807
6.5% 1/15/13		200,000		203,885
iStar Financial, Inc.:
5.875% 3/15/16		4,400,000		3,718,000
5.95% 10/15/13		6,330,000		5,507,100
6.05% 4/15/15		4,725,000		3,780,000
Kimco Realty Corp. 5.783% 3/15/16		450,000		489,720
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 (g)		2,000,000		1,990,000
Nationwide Health Properties, Inc.:
6.25% 2/1/13		1,000,000		1,041,176
8.25% 7/1/12		1,300,000		1,336,993
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,141,438
7% 1/15/16		1,295,000		1,324,138
7.5% 2/15/20		1,000,000		1,060,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,883,821
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,000,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,071,916
7.625% 7/1/17		4,690,000		5,307,068
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,211,800
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		4,965,415
6.75% 4/15/20		2,000,000		2,161,952
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		526,848
5.25% 1/15/15		1,000,000		1,068,785
5.25% 1/15/16		4,000,000		4,298,340
				123,817,423
Real Estate Management & Development - 4.4%
AMB Property LP 5.9% 8/15/13		400,000		416,052
BioMed Realty LP 3.85% 4/15/16		2,000,000		1,969,350
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Brandywine Operating Partnership LP:
5.4% 11/1/14		$ 6,750,000		$ 7,004,340
5.75% 4/1/12		1,000,000		1,010,058
7.5% 5/15/15		1,000,000		1,102,773
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,226,088
11.625% 6/15/17		1,500,000		1,728,750
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,545,939
6.25% 6/15/14		3,094,000		3,257,215
6.875% 8/15/12		1,000,000		1,023,402
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,591,535
Duke Realty LP 6.25% 5/15/13		750,000		789,094
Forest City Enterprises, Inc.:
6.5% 2/1/17		16,120,000		15,152,800
7.625% 6/1/15		4,180,000		4,159,100
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		2,974,028
Host Hotels & Resorts, Inc.:
5.875% 6/15/19 (g)		2,725,000		2,765,875
6.875% 11/1/14		500,000		506,250
9% 5/15/17		750,000		838,125
Post Apartment Homes LP:
5.45% 6/1/12		713,000		723,226
6.3% 6/1/13		2,000,000		2,097,620
Realogy Corp. 7.875% 2/15/19 (g)		3,535,000		3,128,475
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,853,812
5.875% 6/15/17		400,000		439,886
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,040,000
Ventas Realty LP Series 1, 6.5% 6/1/16		11,370,000		11,879,569
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,054,411
				77,277,773
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20		4,349,567		1,496,251
TOTAL FINANCIALS				213,681,947
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 1.2%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		$ 5,290,000		$ 5,118,075
Health Care Providers & Services - 0.9%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		13,660,000		13,420,950
Skilled Healthcare Group, Inc. 11% 1/15/14		3,080,000		2,979,900
				16,400,850
TOTAL HEALTH CARE				21,518,925
TOTAL NONCONVERTIBLE BONDS				379,009,605
TOTAL CORPORATE BONDS (Cost $429,982,383)			437,509,162
Asset-Backed Securities - 5.7%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,356,320
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6047% 3/23/19 (g)(h)		289,331		234,358
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7447% 3/20/50 (g)(h)		2,250,000		84,375
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		6,527,003		6,461,733
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.4358% 1/20/37 (g)(h)		1,397,997		1,125,387
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,330,284		1,157,347
CBRE Realty Finance CDO 2007-1/LLC 0.6336% 4/7/52 (g)(h)		22,654,293		13,989,026
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		394,323
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,177,500
Class B2, 1.7128% 12/28/35 (g)(h)		1,575,000		1,023,750
Class D, 9% 12/28/35 (g)		501,103		115,254
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.8628% 6/28/38 (g)(h)		$ 1,230,000		$ 1,039,350
Class D, 9% 6/28/38 (g)		997,000		697,900
Crest Ltd. Series 2002-IGA:
Class A, 0.8747% 7/28/17 (g)(h)		19,166		18,838
Class B, 1.7747% 7/28/35 (g)(h)		1,500,000		1,440,000
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,565,761
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.684% 11/28/39 (g)(h)		550,000		16,500
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,679,692
Series 1997-3 Class M1, 7.53% 3/15/28		7,686,439		6,190,374
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7447% 6/25/35 (h)(j)		1,259,000		62,024
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7947% 8/26/30 (g)(h)		761,339		106,587
Class E, 2.2447% 8/26/30 (g)(h)		1,497,723		44,932
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,263,201		471,759
Merit Securities Corp. Series 13 Class M1, 7.9186% 12/28/33 (h)		1,923,000		1,738,550
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		883,000		649,888
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (g)		4,377,731		4,420,631
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:
Class A2, 4.646% 7/24/39 (g)		66,826		66,659
Class D, 5.194% 7/24/39 (g)		4,590,000		4,234,275
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9183% 2/5/36 (g)(h)		3,499,557		350
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		3,165,000		3,149,175
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		2,000,000		800,000
Series 2006-1A:
Class A1A, 0.6181% 9/25/26 (g)(h)		20,535,903		16,018,005
Class A1B, 0.6881% 9/25/26 (g)(h)		6,285,000		4,588,050
Class A2A, 0.5781% 9/25/26 (g)(h)		9,366,843		7,774,480
Class A2B, 0.6681% 9/25/26 (g)(h)		1,550,000		1,178,000
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class B, 0.7181% 9/25/26 (g)(h)		$ 890,000		$ 658,600
Class G, 1.7081% 9/25/26 (g)(h)		1,150,000		718,750
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.6178% 11/21/40 (g)(h)		10,500,000		8,085,000
Class F, 2.2478% 11/21/40 (g)(h)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $112,239,479)			101,583,503
Collateralized Mortgage Obligations - 1.2%
Private Sponsor - 1.2%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4533% 3/15/22 (g)(h)		463,838		463,237
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4233% 6/15/22 (g)(h)		3,250,000		2,980,318
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		79,411		57,986
Series 2002-R2 Class 2B3, 4.0408% 7/25/33 (g)(h)		219,486		85,748
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		123,680		66,376
Series 2003-R2 Class B3, 5.5% 5/25/43 (g)		85,292		27
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,475,135		326,706
Class B3, 5.5% 11/25/33		233,990		17,509
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		165,287		6,289
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6183% 4/25/20 (g)(h)		3,200,000		2,934,964
Series 2010-K6 Class B, 5.5325% 12/25/46 (g)(h)		4,500,000		4,276,252
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,170,552
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,600,811
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1929% 7/10/35 (g)(h)		412,008		301,837
Series 2005-A Class B6, 2.2429% 3/10/37 (g)(h)		1,569,395		219,715
Series 2005-B Class B6, 1.8429% 6/10/37 (g)(h)		872,465		43,623
Series 2005-D Class B6, 2.4933% 12/15/37 (g)(h)		443,739		887
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		58,446		49,828
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7429% 12/10/35 (g)(h)		389,564		158,514
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2004-A Class B7, 4.4929% 2/10/36 (g)(h)		$ 414,702		$ 205,153
Series 2004-B Class B7, 4.2429% 2/10/36 (g)(h)		501,366		248,076
Series 2005-C Class B7, 3.3429% 9/10/37 (g)(h)		1,628,742		9,772
TOTAL PRIVATE SPONSOR				21,224,180
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)		177,406		42,775
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6001% 2/25/42 (g)(h)		109,688		49,262
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)		254,510		72,354
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5971% 6/25/43 (g)(h)		159,791		64,342
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.6269% 10/25/42 (g)(h)		69,878		25,147
TOTAL U.S. GOVERNMENT AGENCY				253,880
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,897,735)			21,478,060
Commercial Mortgage Securities - 20.3%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (j)		6,021,248		5,799,214
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		1,914,957
Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,586,248
Class B2, 7.525% 4/14/29		560,000		569,171
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,179,844
Series 2005-1 Class CJ, 5.1861% 11/10/42 (h)		3,580,000		3,508,790
Series 2005-6 Class AJ, 5.3671% 9/10/47 (h)		5,000,000		4,608,455
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.993% 11/15/15 (g)(h)		46,181,624		41,346,397
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2933% 3/15/22 (g)(h)		2,000,000		1,700,000
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Banc of America Large Loan, Inc. floater Series 2005-MIB1: - continued
Class K, 2.2433% 3/15/22 (g)(h)		$ 4,190,000		$ 3,268,200
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4522% 3/11/39 (h)		5,700,000		4,925,250
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7049% 4/12/38 (g)(h)		2,520,000		2,075,973
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2 Class VPM2, 5.8052% 1/15/46 (g)(h)		3,500,000		3,046,176
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3733% 12/15/20 (g)(h)		8,000,000		7,296,880
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		9,621,611		9,140,531
Communication Mortgage Trust Series 2011-THL Class F, 4.867% 6/9/28 (g)		11,090,000		9,011,501
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C2 Class F, 6.75% 11/15/30 (g)		3,000,000		3,125,706
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8947% 3/25/17 (g)(h)		2,512,000		1,758,400
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4447% 3/25/17 (g)(h)		3,860,000		2,509,000
Class G, 7.2447% 3/25/17 (g)(h)		3,272,000		1,963,200
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7285% 11/10/46 (g)(h)		3,240,000		2,557,662
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		961,480
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4529% 6/10/31 (g)(h)		2,500,000		2,632,353
Series 2000-CKP1 Class B3, 7.9041% 11/10/33 (h)		2,970,000		2,920,250
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (g)		2,500,000		2,426,427
FHMLC Multi-class participation certificates guaranteed:
Series K013 Class X3, 2.8845% 1/25/43 (h)(i)		14,360,000		2,483,364
Series KAIV Class X2, 3.6146% 6/25/46 (h)(i)		7,430,000		1,562,294
First Union National Bank Commercial Mortgage Trust Series 2001-C4:
Class H, 7.036% 12/12/33 (g)		2,000,000		1,997,110
Class K, 6% 12/12/33 (g)		2,000,000		1,984,426
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.6617% 12/25/43 (h)(i)		12,206,096		1,964,657
Series K012 Class X3, 2.3656% 1/25/41 (h)(i)		21,072,888		2,915,615
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		$ 12,569,192		$ 12,066,424
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		818,889
Series 2002-1A Class H, 7.3551% 12/10/35 (g)(h)		991,000		989,136
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,699,280		1,773,329
Class G, 6.75% 4/15/29 (h)		1,250,000		1,343,353
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		679,698		681,241
Class J, 6.974% 8/15/36		1,500,000		1,433,100
Series 2000-C1 Class K, 7% 3/15/33		1,100,000		743,422
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,034,491
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,039,094
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		879,122
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 6.4193% 3/6/20 (g)(h)		1,400,000		1,374,589
Series 2010-C1:
Class D, 6.1418% 8/10/43 (g)(h)		4,000,000		3,233,540
Class E, 4% 8/10/43 (g)		3,000,000		1,710,600
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		9,000,000		8,464,500
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.475% 8/10/44 (g)(h)		9,000,000		7,238,147
JP Morgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4453% 12/5/27 (g)(h)		6,500,000		6,367,621
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		4,000,000		3,581,670
Series 2010-CNTR:
Class D, 6.1838% 8/5/32 (g)(h)		4,500,000		3,698,960
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,749,880
JP Morgan Chase Commercial Mortgage Securities Trust:
floater Series 2005-FL1A Class A2, 0.4233% 2/15/19 (g)(h)		1,841,201		1,804,377
Series 2005-LDP5 Class AJ, 5.4931% 12/15/44 (h)		3,470,000		3,385,880
JP Morgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		1,152,269		1,179,841
Series 1999-C8:
Class G, 6% 7/15/31 (g)		1,367,795		1,393,355
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JP Morgan Commercial Mortgage Finance Corp.: - continued
Series 1999-C8:
Class H, 6% 7/15/31 (g)		$ 1,325,643		$ 412,933
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,038,274		3,057
Class X, 0.9168% 10/15/32 (g)(h)(i)		4,870,680		5,407
JPMorgan Chase Commercial Mortgage Security Trust Series 2011-C5 Class B. 5.3139% 8/15/46 (g)(h)		7,500,000		6,619,252
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,920,000		3,020,156
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		1,962,313
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		7,262,416
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		1,858,526
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		8,744,319
Series 2006-C4:
Class AJ, 6.0868% 6/15/38 (h)		6,005,000		4,819,409
Class AM, 6.0868% 6/15/38 (h)		6,700,000		6,767,248
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.759% 6/25/43 (g)(h)		4,699,000		3,299,097
Series 2011-1 Class B, 5.759% 6/25/43 (g)(h)		5,720,000		5,090,742
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		502,190
Class G, 4.384% 7/12/37	CAD	355,000		243,420
Class H, 4.384% 7/12/37	CAD	236,000		156,909
Class J, 4.384% 7/12/37	CAD	355,000		228,909
Class K, 4.384% 7/12/37	CAD	355,000		222,050
Class L, 4.384% 7/12/37	CAD	236,000		143,222
Class M, 4.384% 7/12/37	CAD	995,000		459,227
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		2,966,605		1,735,464
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8546% 5/12/39 (h)		1,200,000		1,189,027
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		75
Class E, 7.983% 1/15/37 (g)		1,453,000		145
Class IO, 8.3572% 1/15/37 (h)(i)		5,160,214		309,613
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		$ 1,535,043		$ 1,535,043
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		7,838,077
Series 1997-RR Class F, 7.4% 4/30/39 (g)(h)		2,052,203		1,949,593
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,611,095		1,253,326
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		6,944,250
Series 2011-C2:
Class D, 5.4963% 6/15/44 (g)(h)		4,610,000		3,710,405
Class E, 5.4963% 6/15/44 (g)(h)		9,600,000		7,387,680
Class F, 5.4963% 6/15/44 (g)(h)		4,440,000		2,966,808
Class XB, 0.5401% 6/15/44 (g)(h)(i)		63,708,222		1,844,353
Series 2011-C3 Class D, 5.357% 7/15/49 (g)		7,400,000		5,737,102
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (i)		2,613,299		2,273,570
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		3,375,238		3,611,505
RBSCF Trust Series 2010-MB1 Class D, 4.8269% 4/15/24 (g)(h)		5,820,000		5,333,485
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		2,989,173
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,015,846
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,170,623
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.947% 8/15/39 (h)		2,080,000		1,962,680
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		9,711,685
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8183% 7/15/24 (g)(h)		1,200,000		516,769
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (g)		2,540,000		2,341,156
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,962,196
Series 2004-C11:
Class D, 5.548% 1/15/41 (h)		5,177,000		4,764,300
Class E, 5.598% 1/15/41 (h)		3,785,000		3,246,383
Series 2004-C12 Class D, 5.495% 7/15/41 (h)		2,750,000		2,580,881
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,221,636
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (g)		4,000,000		3,961,492
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $370,464,859)			358,609,235
Floating Rate Loans - 4.1%
		Principal Amount (e)		Value
CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.5%
Extended Stay America, Inc. term loan 9.75% 11/1/15		$ 9,000,000		$ 8,842,500
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)		2,842,875		2,601,231
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.33% 10/27/13 (h)		1,978,327		1,918,977
TOTAL CONSUMER DISCRETIONARY				13,362,708
FINANCIALS - 2.2%
Diversified Financial Services - 0.7%
Capital Automotive LP term loan 5% 3/11/17 (h)		8,326,188		8,180,480
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		3,895,192		3,890,517
				12,070,997
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		1,366,264		1,359,433
Real Estate Management & Development - 1.4%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7423% 9/4/19 (h)		1,995,000		1,940,138
CityCenter term loan 8.75% 7/1/13 (h)		8,000,000		7,760,000
Equity Inns Reality LLC:
Tranche A, term loan 9% 11/2/12 (h)		2,000,000		1,670,000
Tranche B 2LN, term loan 6.05% 11/2/12 (h)		5,000,000		4,275,000
Realogy Corp.:
Credit-Linked Deposit 3.1911% 10/10/13 (h)		618,745		580,073
Credit-Linked Deposit 4.4933% 10/10/16 (h)		210,312		184,549
term loan 4.5217% 10/10/16 (h)		1,249,372		1,096,324
Tranche 2LN, term loan 13.5% 10/15/17		2,500,000		2,425,000
Tranche B, term loan 3.2717% 10/10/13 (h)		5,221,181		4,894,857
				24,825,941
TOTAL FINANCIALS				38,256,371
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
Community Health Systems, Inc.:
Tranche B, term loan 2.569% 7/25/14 (h)		2,838,817		2,746,556
Floating Rate Loans - continued
		Principal Amount (e)		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Community Health Systems, Inc.: - continued
Tranche DD, term loan 2.569% 7/25/14 (h)		$ 145,651		$ 140,918
Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)		3,729,471		3,515,027
				6,402,501
INDUSTRIALS - 0.6%
Construction & Engineering - 0.6%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)		11,969,283		10,712,509
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
TowerCo Finance LLC Tranche B, term loan 5.25% 2/2/17 (h)		2,985,000		2,970,075
TOTAL FLOATING RATE LOANS (Cost $74,486,066)			71,704,164

Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		427,000
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)	810,000		8
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
TOTAL PREFERRED SECURITIES (Cost $3,378,185)		442,008
Money Market Funds - 7.7%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	106,483,047		$ 106,483,047
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	29,481,323		29,481,323
TOTAL MONEY MARKET FUNDS (Cost $135,964,370)		135,964,370
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $1,776,241,549)			1,782,173,628
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(12,632,044)
NET ASSETS - 100%		$ 1,769,541,584

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(i) 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 restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 5,830,761
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 153,733
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 191,797
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7447% 6/25/35	6/3/05	$ 1,110,697

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	$ 36,125
Fidelity Securities Lending Cash Central Fund	17,104
Total	$ 53,229

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 17,665,840	$ 13,873,559	$ -	$ 3,792,281
Financials	616,020,184	582,322,308	29,314,001	4,383,875
Health Care	21,197,102	21,197,102	-	-
Corporate Bonds	437,509,162	-	436,012,911	1,496,251
Asset-Backed Securities	101,583,503	-	33,004,928	68,578,575
Collateralized Mortgage Obligations	21,478,060	-	20,613,711	864,349
Commercial Mortgage Securities	358,609,235	-	323,015,867	35,593,368
Floating Rate Loans	71,704,164	-	55,101,664	16,602,500
Preferred Securities	442,008	-	-	442,008
Money Market Funds	135,964,370	135,964,370	-	-
Total Investments in Securities:	$ 1,782,173,628	$ 753,357,339	$ 897,063,082	$ 131,753,207

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,528,571
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	263,710
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,792,281
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ 263,710
Equities - Financials
Beginning Balance	$ 4,941,370
Total Realized Gain (Loss)	(607)
Total Unrealized Gain (Loss)	(557,000)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	124
Transfers out of Level 3	(12)
Ending Balance	$ 4,383,875
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (557,000)
Corporate Bonds
Beginning Balance	$ 1,400,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(253,316)
Cost of Purchases	4,349,567
Proceeds of Sales	(4,000,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,496,251
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (2,853,316)
Asset-Backed Securities
Beginning Balance	$ 79,390,084
Total Realized Gain (Loss)	427,619
Total Unrealized Gain (Loss)	(3,439,940)
Cost of Purchases	2,532,354
Proceeds of Sales	(3,129,120)
Amortization/Accretion	227,488
Transfers in to Level 3	3,448,211
Transfers out of Level 3	(10,878,121)
Ending Balance	$ 68,578,575
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (3,439,940)
Collateralized Mortgage Obligations
Beginning Balance	$ 862,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	104,641
Cost of Purchases	-
Proceeds of Sales	(77,607)
Amortization/Accretion	(24,685)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 864,349
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ 104,641
Commercial Mortgage Securities
Beginning Balance	$ 31,940,633
Total Realized Gain (Loss)	(161,638)
Total Unrealized Gain (Loss)	(992,843)
Cost of Purchases	-
Proceeds of Sales	(1,350,779)
Amortization/Accretion	(97,018)
Transfers in to Level 3	6,255,013
Transfers out of Level 3	-
Ending Balance	$ 35,593,368
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (1,235,835)
Floating Rate Loans
Beginning Balance	$ 16,984,800
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(385,290)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	2,990
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 16,602,500
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (385,290)
Preferred Securities
Beginning Balance	$ 442,008
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(686)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	686
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 442,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (686)

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $1,777,601,719. Net unrealized appreciation aggregated $4,571,909, of which $109,144,193 related to appreciated investment securities and $104,572,284 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:

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, floating rate loans 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.

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. 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.

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.

Quarterly Report

Quarterly Holdings Report
for
Fidelity® Advisor Real Estate Income Fund
Class A
Class T
Class C
Institutional Class
October 31, 2011

Class A, Class T, Class C
and Institutional Class are classes of
Fidelity Real Estate Income Fund

1.907555.102

REIA-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 24.2%
	Shares		Value
CONSUMER DISCRETIONARY - 1.0%
Hotels, Restaurants & Leisure - 0.2%
Starwood Hotels & Resorts Worldwide, Inc.	70,700		$ 3,542,777
Household Durables - 0.8%
Standard Pacific Corp. (a)(f)	3,215,200		9,774,208
Stanley Martin Communities LLC Class B (a)	4,620		3,792,281
			13,566,489
TOTAL CONSUMER DISCRETIONARY			17,109,266
FINANCIALS - 22.0%
Capital Markets - 0.4%
HFF, Inc. (a)	610,514		6,715,654
Real Estate Investment Trusts - 21.4%
Acadia Realty Trust (SBI)	1,357,149		28,120,127
Alexandria Real Estate Equities, Inc.	55,200		3,648,168
American Assets Trust, Inc.	89,000		1,804,030
American Campus Communities, Inc.	110,400		4,297,872
American Capital Agency Corp.	128,500		3,535,035
Annaly Capital Management, Inc.	286,050		4,819,943
Anworth Mortgage Asset Corp.	819,010		5,282,615
Apartment Investment & Management Co. Class A	201,100		4,961,137
AvalonBay Communities, Inc.	17,525		2,342,917
Brandywine Realty Trust (SBI)	376,900		3,433,559
Canadian (REIT)	107,800		3,836,830
CapLease, Inc.	1,511,600		5,910,356
CBL & Associates Properties, Inc.	455,573		7,006,713
Cedar Shopping Centers, Inc.	232,800		854,376
Chartwell Seniors Housing (REIT) (f)	509,700		3,972,884
Chesapeake Lodging Trust	223,500		3,339,090
CommonWealth REIT	111,700		2,161,395
Coresite Realty Corp.	271,700		4,523,805
Cousins Properties, Inc.	419,500		2,751,920
Cys Investments, Inc. (f)	838,839		10,636,479
DCT Industrial Trust, Inc.	1,135,300		5,631,088
DiamondRock Hospitality Co.	588,900		5,329,545
Duke Realty LP	290,483		3,567,131
Dynex Capital, Inc. (f)	1,484,186		13,001,469
Education Realty Trust, Inc.	140,600		1,300,550
Equity Lifestyle Properties, Inc.	417,430		27,604,646
Equity Residential (SBI)	42,600		2,499,768
Excel Trust, Inc.	697,228		7,327,866
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
H&R REIT/H&R Finance Trust	206,500		$ 4,509,711
HCP, Inc.	110,700		4,411,395
Healthcare Realty Trust, Inc.	206,300		3,897,007
Highwoods Properties, Inc. (SBI)	64,300		1,992,014
Hospitality Properties Trust (SBI)	106,400		2,556,792
Lexington Corporate Properties Trust (f)	1,215,300		9,552,258
LTC Properties, Inc.	339,113		9,617,245
MFA Financial, Inc.	4,072,542		27,489,659
Mid-America Apartment Communities, Inc.	53,900		3,363,360
Monmouth Real Estate Investment Corp. Class A	455,073		3,822,613
National Health Investors, Inc.	105,306		4,706,125
National Retail Properties, Inc.	114,100		3,109,225
Newcastle Investment Corp.	400,000		1,836,000
Omega Healthcare Investors, Inc. (f)	532,179		9,451,499
Pebblebrook Hotel Trust	210,482		4,005,472
Prologis, Inc.	682,587		20,313,789
RioCan (REIT)	83,800		2,125,999
Senior Housing Properties Trust (SBI)	175,600		3,940,464
Simon Property Group, Inc.	113,001		14,513,848
Stag Industrial, Inc.	382,692		4,110,112
Summit Hotel Properties, Inc.	673,500		5,435,145
Sunstone Hotel Investors, Inc. (a)	485,000		3,370,750
Two Harbors Investment Corp.	635,580		5,942,673
Ventas, Inc.	694,346		38,612,581
Weyerhaeuser Co.	505,229		9,084,017
Whitestone REIT Class B (f)	379,067		4,435,084
			379,706,151
Real Estate Management & Development - 0.2%
Brookfield Asset Management, Inc. Class A	118,900		3,439,912
TOTAL FINANCIALS			389,861,717
HEALTH CARE - 1.2%
Health Care Providers & Services - 1.2%
Brookdale Senior Living, Inc. (a)	630,300		10,450,374
Capital Senior Living Corp. (a)	617,750		4,824,628
Emeritus Corp. (a)	334,393		5,922,100
			21,197,102
TOTAL COMMON STOCKS (Cost $385,815,245)		428,168,085
Preferred Stocks - 12.8%
	Shares		Value
Convertible Preferred Stocks - 1.7%
FINANCIALS - 1.7%
Real Estate Investment Trusts - 1.7%
Alexandria Real Estate Equities, Inc. Series D 7.00%	95,000		$ 2,190,938
CommonWealth REIT 6.50%	150,000		3,054,000
Excel Trust, Inc. 7.00% (g)	248,200		5,537,963
Health Care REIT, Inc. Series I, 6.50%	46,800		2,310,750
Lexington Corporate Properties Trust Series C 6.50%	347,551		14,412,940
Ramco-Gershenson Properties Trust (SBI) Series D, 7.25%	40,000		1,641,600
			29,148,191
Real Estate Management & Development - 0.0%
Grubb & Ellis Co. 12.00% (g)	27,500		699,875
TOTAL FINANCIALS			29,848,066
Nonconvertible Preferred Stocks - 11.1%
CONSUMER DISCRETIONARY - 0.0%
Household Durables - 0.0%
M/I Homes, Inc. Series A, 9.75% (a)	38,200		556,574
FINANCIALS - 11.1%
Diversified Financial Services - 0.2%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		428,250
Red Lion Hotels Capital Trust 9.50%	163,225		4,072,464
			4,500,714
Real Estate Investment Trusts - 10.8%
Alexandria Real Estate Equities, Inc. Series C, 8.375%	67,000		1,717,880
American Home Mortgage Investment Corp.:
Series A, 9.375% (a)	120,300		12
Series B, 9.25% (a)	124,100		124
Annaly Capital Management, Inc. Series A, 7.875%	134,900		3,518,192
Anworth Mortgage Asset Corp. Series A, 8.625%	309,630		7,842,928
Apartment Investment & Management Co.:
Series T, 8.00%	57,500		1,439,800
Series U, 7.75%	150,773		3,778,371
Ashford Hospitality Trust, Inc. Series E, 9.00%	21,200		499,048
Brandywine Realty Trust Series C, 7.50%	37,615		939,623
CapLease, Inc. Series A, 8.125%	83,400		2,029,122
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
CBL & Associates Properties, Inc.:
(depositary shares) Series C, 7.75%	147,962		$ 3,614,712
7.375%	216,213		5,059,384
Cedar Shopping Centers, Inc. 8.875%	290,352		7,000,387
CenterPoint Properties Trust Series D, 5.377%	3,575		2,037,750
Cogdell Spencer, Inc. 8.50%	114,300		2,697,480
Corporate Office Properties Trust Series H, 7.50%	5,000		125,700
Cousins Properties, Inc. Series A, 7.75%	93,330		2,265,119
CubeSmart Series A, 7.75%	40,000		1,000,000
DDR Corp. Series I, 7.50%	23,733		567,219
Digital Realty Trust, Inc. Series E, 7.00%	40,000		1,004,400
Duke Realty LP:
8.375%	128,517		3,282,324
Series L, 6.60%	10,666		259,077
Eagle Hospitality Properties Trust, Inc. 8.25% (a)	24,000		84,000
Equity Lifestyle Properties, Inc. 8.034%	885,479		22,331,780
Essex Property Trust, Inc. Series H, 7.125%	40,000		1,016,000
First Potomac Realty Trust 7.75%	80,779		2,059,057
Glimcher Realty Trust Series G, 8.125%	171,111		4,132,331
Hersha Hospitality Trust Series B, 8.00%	96,060		2,218,986
HomeBanc Mortgage Corp. Series A (a)	104,685		1
Hospitality Properties Trust:
Series B, 8.875%	88,600		2,285,880
Series C, 7.00%	58,500		1,413,360
Hudson Pacific Properties, Inc. 8.375%	263,800		6,766,470
Inland Real Estate Corp. Series A, 8.125%	223,500		5,531,625
Kimco Realty Corp. Series G, 7.75%	113,026		2,897,987
Kite Realty Group Trust 8.25%	96,100		2,330,425
LaSalle Hotel Properties:
Series E, 8.00%	50,468		1,274,317
Series G, 7.25%	114,485		2,712,150
Series H, 7.50%	100,000		2,405,000
LBA Realty Fund II:
Series A, 8.75% (a)	69,000		2,346,000
Series B, 7.625% (a)	31,240		531,080
Lexington Corporate Properties Trust Series B, 8.05%	40,300		990,171
Lexington Realty Trust 7.55%	23,800		547,400
MFA Financial, Inc. Series A, 8.50%	484,281		12,286,209
Monmouth Real Estate Investment Corp. 7.625%	80,000		2,004,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Newcastle Investment Corp. Series B, 9.75%	34,530		$ 835,626
Parkway Properties, Inc. Series D, 8.00%	237,900		5,664,399
Pebblebrook Hotel Trust:
Series A, 7.875%	372,000		8,954,040
Series B, 8.00%	160,000		3,918,400
Prologis, Inc. Series Q, 8.54%	94,446		5,421,795
PS Business Parks, Inc.:
(depositary shares) Series H, 7.00%	13,300		334,495
6.875%	50,000		1,263,000
7.20%	83,040		2,100,082
7.375%	100,610		2,529,335
Series P, 6.70%	36,000		896,400
Public Storage Series N, 7.00%	4,200		109,116
Regency Centers Corp.:
7.25%	10,500		262,815
Series C 7.45%	18,000		453,240
Saul Centers, Inc.:
8.00%	93,700		2,390,287
Series B (depositary shares) 9.00%	118,550		3,295,690
Stag Industrial, Inc. Series A, 9.00% (a)	280,000		6,944,000
Summit Hotel Properties, Inc. Series A, 9.25% (a)	120,000		2,952,000
Sunstone Hotel Investors, Inc. Series A, 8.00%	152,200		3,424,500
UMH Properties, Inc. Series A, 8.25%	310,000		7,827,500
Vornado Realty Trust 6.75%	20,000		509,800
Weingarten Realty Investors (SBI) Series F, 6.50%	56,230		1,416,996
			190,346,397
Real Estate Management & Development - 0.1%
Vornado Realty LP 7.875%	54,682		1,463,290
TOTAL FINANCIALS			196,310,401
TOTAL NONCONVERTIBLE PREFERRED STOCKS			196,866,975
TOTAL PREFERRED STOCKS (Cost $237,013,227)		226,715,041

Corporate Bonds - 24.7%
		Principal Amount (e)		Value
Convertible Bonds - 3.3%
CONSUMER DISCRETIONARY - 0.1%
Hotels, Restaurants & Leisure - 0.1%
Morgans Hotel Group Co. 2.375% 10/15/14		$ 1,340,000		$ 1,031,800
FINANCIALS - 3.2%
Real Estate Investment Trusts - 1.9%
Acadia Realty Trust 3.75% 12/15/26		6,000,000		6,022,500
Annaly Capital Management, Inc. 4% 2/15/15		1,000,000		1,152,500
CapLease, Inc. 7.5% 10/1/27 (g)		5,180,000		5,192,950
Developers Diversified Realty Corp. 1.75% 11/15/40		1,000,000		992,000
Hospitality Properties Trust 3.8% 3/15/27		6,100,000		6,069,500
Inland Real Estate Corp. 4.625% 11/15/26		5,870,000		5,870,294
ProLogis LP:
1.875% 11/15/37		2,450,000		2,388,750
2.625% 5/15/38		1,500,000		1,485,000
The Macerich Co. 3.25% 3/15/12 (g)		4,800,000		4,782,000
				33,955,494
Real Estate Management & Development - 1.3%
Corporate Office Properties LP 4.25% 4/15/30 (g)		2,000,000		1,874,000
Grubb & Ellis Co. 7.95% 5/1/15 (g)		5,500,000		3,960,000
Kilroy Realty LP 3.25% 4/15/12 (g)		2,185,000		2,174,075
Lexington Master Ltd. Partnership 5.45% 1/15/27 (g)		14,950,000		15,006,063
SL Green Realty Corp. 3% 3/30/27 (g)		500,000		498,125
				23,512,263
TOTAL FINANCIALS				57,467,757
TOTAL CONVERTIBLE BONDS				58,499,557
Nonconvertible Bonds - 21.4%
CONSUMER DISCRETIONARY - 7.8%
Hotels, Restaurants & Leisure - 0.9%
CityCenter Holdings LLC/CityCenter Finance Corp. 7.625% 1/15/16 (g)		1,945,000		2,003,350
FelCor Escrow Holdings, LLC 6.75% 6/1/19 (g)		1,195,000		1,102,388
GWR Operating Partnership LLP/Great Wolf Finance Corp. 10.875% 4/1/17		1,700,000		1,802,000
Landry's Restaurants, Inc.:
11.625% 12/1/15		1,000,000		1,050,000
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Hotels, Restaurants & Leisure - continued
Landry's Restaurants, Inc.: - continued
11.625% 12/1/15 (g)		$ 325,000		$ 341,250
Times Square Hotel Trust 8.528% 8/1/26 (g)		9,296,579		9,892,165
				16,191,153
Household Durables - 6.3%
KB Home:
5.75% 2/1/14		510,000		475,575
5.875% 1/15/15		5,000,000		4,475,000
6.25% 6/15/15		8,500,000		7,522,500
7.25% 6/15/18		2,840,000		2,385,600
9.1% 9/15/17		13,625,000		12,466,875
Lennar Corp.:
5.5% 9/1/14		1,000,000		972,500
5.6% 5/31/15		6,000,000		6,000,000
6.5% 4/15/16		4,000,000		3,860,000
6.95% 6/1/18		13,500,000		13,230,000
M/I Homes, Inc.:
6.875% 4/1/12		2,150,000		1,935,000
8.625% 11/15/18		16,880,000		15,023,200
Meritage Homes Corp.:
6.25% 3/15/15		2,500,000		2,400,000
7.15% 4/15/20		2,500,000		2,275,000
Ryland Group, Inc. 8.4% 5/15/17		4,310,000		4,223,800
Standard Pacific Corp.:
7% 8/15/15		4,000,000		4,150,000
8.375% 5/15/18		22,823,000		20,910,433
10.75% 9/15/16		8,415,000		8,709,525
				111,015,008
Multiline Retail - 0.4%
Sears Holdings Corp. 6.625% 10/15/18		9,065,000		7,886,550
Specialty Retail - 0.2%
Toys 'R' Us Property Co. I LLC 10.75% 7/15/17		2,490,000		2,751,450
TOTAL CONSUMER DISCRETIONARY				137,844,161
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		$ 1,195,175		$ 1,344,572
C&S Group Enterprises LLC 8.375% 5/1/17 (g)		4,400,000		4,620,000
				5,964,572
FINANCIALS - 12.1%
Diversified Financial Services - 0.6%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 7.75% 1/15/16		10,820,000		11,090,500
Real Estate Investment Trusts - 7.0%
Camden Property Trust 5% 6/15/15		1,100,000		1,173,629
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		2,526,000		2,730,025
6.25% 6/15/14		5,005,000		5,365,380
Developers Diversified Realty Corp.:
5.375% 10/15/12		500,000		505,850
5.5% 5/1/15		4,000,000		4,072,232
7.5% 4/1/17		6,000,000		6,501,900
7.5% 7/15/18		8,756,000		9,362,957
7.875% 9/1/20		4,637,000		5,032,327
9.625% 3/15/16		3,836,000		4,437,420
Equity One, Inc.:
5.375% 10/15/15		3,500,000		3,644,162
6.25% 12/15/14		4,081,000		4,347,216
6.25% 1/15/17		3,000,000		3,179,292
Health Care Property Investors, Inc.:
6% 3/1/15		1,000,000		1,067,103
7.072% 6/8/15		1,500,000		1,636,557
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		1,050,570
6.2% 6/1/16		750,000		804,397
Healthcare Realty Trust, Inc.:
5.125% 4/1/14		3,650,000		3,772,979
5.75% 1/15/21		2,000,000		2,002,068
6.5% 1/17/17		1,875,000		2,026,298
HMB Capital Trust V 3.9471% 12/15/36 (d)(g)(h)		2,530,000		0
Hospitality Properties Trust:
5.625% 3/15/17		915,000		933,759
6.75% 2/15/13		610,000		624,170
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Hospitality Properties Trust: - continued
7.875% 8/15/14		$ 1,000,000		$ 1,096,843
HRPT Properties Trust:
5.75% 11/1/15		3,600,000		3,772,087
6.25% 8/15/16		1,500,000		1,589,807
6.5% 1/15/13		200,000		203,885
iStar Financial, Inc.:
5.875% 3/15/16		4,400,000		3,718,000
5.95% 10/15/13		6,330,000		5,507,100
6.05% 4/15/15		4,725,000		3,780,000
Kimco Realty Corp. 5.783% 3/15/16		450,000		489,720
MPT Operating Partnership LP/MPT Finance Corp. 6.875% 5/1/21 (g)		2,000,000		1,990,000
Nationwide Health Properties, Inc.:
6.25% 2/1/13		1,000,000		1,041,176
8.25% 7/1/12		1,300,000		1,336,993
Omega Healthcare Investors, Inc.:
6.75% 10/15/22		2,115,000		2,141,438
7% 1/15/16		1,295,000		1,324,138
7.5% 2/15/20		1,000,000		1,060,000
Pan Pacific Retail Properties, Inc. 5.95% 6/1/14		1,750,000		1,883,821
Potlatch Corp. 7.5% 11/1/19		1,000,000		1,000,000
ProLogis LP:
6.625% 5/15/18		6,480,000		7,071,916
7.625% 7/1/17		4,690,000		5,307,068
Reckson Operating Partnership LP/SL Green Realty Corp./SL Green Operating Partnership LP 7.75% 3/15/20		2,000,000		2,211,800
Senior Housing Properties Trust:
4.3% 1/15/16		5,000,000		4,965,415
6.75% 4/15/20		2,000,000		2,161,952
United Dominion Realty Trust, Inc.:
5.13% 1/15/14		500,000		526,848
5.25% 1/15/15		1,000,000		1,068,785
5.25% 1/15/16		4,000,000		4,298,340
				123,817,423
Real Estate Management & Development - 4.4%
AMB Property LP 5.9% 8/15/13		400,000		416,052
BioMed Realty LP 3.85% 4/15/16		2,000,000		1,969,350
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Management & Development - continued
Brandywine Operating Partnership LP:
5.4% 11/1/14		$ 6,750,000		$ 7,004,340
5.75% 4/1/12		1,000,000		1,010,058
7.5% 5/15/15		1,000,000		1,102,773
CB Richard Ellis Services, Inc.:
6.625% 10/15/20		1,205,000		1,226,088
11.625% 6/15/17		1,500,000		1,728,750
Colonial Properties Trust:
6.15% 4/15/13		1,500,000		1,545,939
6.25% 6/15/14		3,094,000		3,257,215
6.875% 8/15/12		1,000,000		1,023,402
Colonial Realty LP 6.05% 9/1/16		2,500,000		2,591,535
Duke Realty LP 6.25% 5/15/13		750,000		789,094
Forest City Enterprises, Inc.:
6.5% 2/1/17		16,120,000		15,152,800
7.625% 6/1/15		4,180,000		4,159,100
Highwoods/Forsyth LP 5.85% 3/15/17		2,800,000		2,974,028
Host Hotels & Resorts, Inc.:
5.875% 6/15/19 (g)		2,725,000		2,765,875
6.875% 11/1/14		500,000		506,250
9% 5/15/17		750,000		838,125
Post Apartment Homes LP:
5.45% 6/1/12		713,000		723,226
6.3% 6/1/13		2,000,000		2,097,620
Realogy Corp. 7.875% 2/15/19 (g)		3,535,000		3,128,475
Regency Centers LP:
5.25% 8/1/15		4,509,000		4,853,812
5.875% 6/15/17		400,000		439,886
Toys 'R' Us Property Co. II LLC 8.5% 12/1/17		1,000,000		1,040,000
Ventas Realty LP Series 1, 6.5% 6/1/16		11,370,000		11,879,569
Wells Operating Partnership II LP 5.875% 4/1/18		3,000,000		3,054,411
				77,277,773
Thrifts & Mortgage Finance - 0.1%
Wrightwood Capital LLC 1.9% 4/20/20		4,349,567		1,496,251
TOTAL FINANCIALS				213,681,947
Corporate Bonds - continued
		Principal Amount (e)		Value
Nonconvertible Bonds - continued
HEALTH CARE - 1.2%
Health Care Equipment & Supplies - 0.3%
Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp. 7.75% 2/15/19		$ 5,290,000		$ 5,118,075
Health Care Providers & Services - 0.9%
Sabra Health Care LP/Sabra Capital Corp. 8.125% 11/1/18		13,660,000		13,420,950
Skilled Healthcare Group, Inc. 11% 1/15/14		3,080,000		2,979,900
				16,400,850
TOTAL HEALTH CARE				21,518,925
TOTAL NONCONVERTIBLE BONDS				379,009,605
TOTAL CORPORATE BONDS (Cost $429,982,383)			437,509,162
Asset-Backed Securities - 5.7%

Anthracite CDO I Ltd. Series 2002-CIBA Class B, 6.633% 5/24/37 (g)		1,384,000		1,356,320
Anthracite CDO III Ltd./Anthracite CDO III Corp. Series 2004-1A Class A, 0.6047% 3/23/19 (g)(h)		289,331		234,358
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1.7447% 3/20/50 (g)(h)		2,250,000		84,375
Capital Trust RE CDO Ltd./Capital Trust RE CDO Corp. Series 2005-3A Class A2, 5.16% 6/25/35 (g)		6,527,003		6,461,733
CapitalSource Real Estate Loan Trust Series 2006-1A Class A2A, 0.4358% 1/20/37 (g)(h)		1,397,997		1,125,387
CapLease CDO Ltd. Series 2005-1A Class A, 4.926% 1/29/40 (g)		1,330,284		1,157,347
CBRE Realty Finance CDO 2007-1/LLC 0.6336% 4/7/52 (g)(h)		22,654,293		13,989,026
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33		500,000		394,323
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A:
Class B1, 6.065% 12/28/35 (g)		1,570,000		1,177,500
Class B2, 1.7128% 12/28/35 (g)(h)		1,575,000		1,023,750
Class D, 9% 12/28/35 (g)		501,103		115,254
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A:
Class B1, 1.8628% 6/28/38 (g)(h)		$ 1,230,000		$ 1,039,350
Class D, 9% 6/28/38 (g)		997,000		697,900
Crest Ltd. Series 2002-IGA:
Class A, 0.8747% 7/28/17 (g)(h)		19,166		18,838
Class B, 1.7747% 7/28/35 (g)(h)		1,500,000		1,440,000
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27		9,500,000		8,565,761
Fairfield Street Solar Corp. Series 2004-1A Class E1, 3.684% 11/28/39 (g)(h)		550,000		16,500
Green Tree Financial Corp.:
Series 1996-4 Class M1, 7.75% 6/15/27		1,788,179		1,679,692
Series 1997-3 Class M1, 7.53% 3/15/28		7,686,439		6,190,374
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7447% 6/25/35 (h)(j)		1,259,000		62,024
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 1.7947% 8/26/30 (g)(h)		761,339		106,587
Class E, 2.2447% 8/26/30 (g)(h)		1,497,723		44,932
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 3/15/28		1,263,201		471,759
Merit Securities Corp. Series 13 Class M1, 7.9186% 12/28/33 (h)		1,923,000		1,738,550
N-Star Real Estate CDO Ltd. Series 1A Class C1B, 7.696% 8/28/38 (g)		883,000		649,888
Newcastle Investment Trust Series 2011-MH1 Class A, 2.45% 12/10/33 (g)		4,377,731		4,420,631
Prima Capital CDO Ltd./Prima Capital CDO Corp. Series 2005-1A:
Class A2, 4.646% 7/24/39 (g)		66,826		66,659
Class D, 5.194% 7/24/39 (g)		4,590,000		4,234,275
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 2.9183% 2/5/36 (g)(h)		3,499,557		350
TIAA Real Estate CDO Ltd./TIAA Real Estate CDO Corp. Series 2002-1A Class IIFX, 6.77% 5/22/37 (g)		3,165,000		3,149,175
Wachovia Ltd./Wachovia LLC:
Series 2006-1 Class 1ML, 0% 9/25/26 (g)(h)		2,000,000		800,000
Series 2006-1A:
Class A1A, 0.6181% 9/25/26 (g)(h)		20,535,903		16,018,005
Class A1B, 0.6881% 9/25/26 (g)(h)		6,285,000		4,588,050
Class A2A, 0.5781% 9/25/26 (g)(h)		9,366,843		7,774,480
Class A2B, 0.6681% 9/25/26 (g)(h)		1,550,000		1,178,000
Asset-Backed Securities - continued
		Principal Amount (e)		Value
Wachovia Ltd./Wachovia LLC: - continued
Series 2006-1A:
Class B, 0.7181% 9/25/26 (g)(h)		$ 890,000		$ 658,600
Class G, 1.7081% 9/25/26 (g)(h)		1,150,000		718,750
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A:
Class A1, 0.6178% 11/21/40 (g)(h)		10,500,000		8,085,000
Class F, 2.2478% 11/21/40 (g)(h)		250,000		50,000
TOTAL ASSET-BACKED SECURITIES (Cost $112,239,479)			101,583,503
Collateralized Mortgage Obligations - 1.2%
Private Sponsor - 1.2%
Banc of America Large Loan, Inc. Series 2005-MIB1 Class A2, 0.4533% 3/15/22 (g)(h)		463,838		463,237
COMM pass-thru certificates Series 2007-FL14 Class AJ, 0.4233% 6/15/22 (g)(h)		3,250,000		2,980,318
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (g)		79,411		57,986
Series 2002-R2 Class 2B3, 4.0408% 7/25/33 (g)(h)		219,486		85,748
Series 2003-40 Class B3, 4.5% 10/25/18 (g)		123,680		66,376
Series 2003-R2 Class B3, 5.5% 5/25/43 (g)		85,292		27
Series 2003-R3:
Class B2, 5.5% 11/25/33 (g)		1,475,135		326,706
Class B3, 5.5% 11/25/33		233,990		17,509
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (g)(h)		165,287		6,289
FREMF Mortgage Trust:
Series 2010 K7 Class B, 5.6183% 4/25/20 (g)(h)		3,200,000		2,934,964
Series 2010-K6 Class B, 5.5325% 12/25/46 (g)(h)		4,500,000		4,276,252
Merrill Lynch Mortgage Investors Trust Series 1998-C3 Class F, 6% 12/15/30 (g)		7,120,000		7,170,552
Merrill Lynch Mortgage Trust Series 2002-MW1 Class E, 6.219% 7/12/34 (g)		1,600,000		1,600,811
RESI Finance LP/RESI Finance DE Corp. floater:
Series 2003-B Class B9, 12.1929% 7/10/35 (g)(h)		412,008		301,837
Series 2005-A Class B6, 2.2429% 3/10/37 (g)(h)		1,569,395		219,715
Series 2005-B Class B6, 1.8429% 6/10/37 (g)(h)		872,465		43,623
Series 2005-D Class B6, 2.4933% 12/15/37 (g)(h)		443,739		887
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (g)		58,446		49,828
RESIX Finance Ltd. floater:
Series 2003-D Class B8, 6.7429% 12/10/35 (g)(h)		389,564		158,514
Collateralized Mortgage Obligations - continued
		Principal Amount (e)		Value
Private Sponsor - continued
RESIX Finance Ltd. floater: - continued
Series 2004-A Class B7, 4.4929% 2/10/36 (g)(h)		$ 414,702		$ 205,153
Series 2004-B Class B7, 4.2429% 2/10/36 (g)(h)		501,366		248,076
Series 2005-C Class B7, 3.3429% 9/10/37 (g)(h)		1,628,742		9,772
TOTAL PRIVATE SPONSOR				21,224,180
U.S. Government Agency - 0.0%
Fannie Mae REMIC Trust:
Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41 (j)		177,406		42,775
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 3.6001% 2/25/42 (g)(h)		109,688		49,262
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42 (j)		254,510		72,354
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 3.5971% 6/25/43 (g)(h)		159,791		64,342
Series 2003-W4 subordinate REMIC pass thru certificates, Class 2B3, 3.6269% 10/25/42 (g)(h)		69,878		25,147
TOTAL U.S. GOVERNMENT AGENCY				253,880
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $26,897,735)			21,478,060
Commercial Mortgage Securities - 20.3%

ACGS Series 2004-1 Class P, 7.4651% 8/1/19 (j)		6,021,248		5,799,214
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (g)		2,000,000		1,914,957
Asset Securitization Corp. Series 1997-D4:
Class B1, 7.525% 4/14/29		1,565,000		1,586,248
Class B2, 7.525% 4/14/29		560,000		569,171
Banc of America Commercial Mortgage, Inc.:
sequential payer Series 2002-2 Class F, 5.487% 7/11/43		4,185,000		4,179,844
Series 2005-1 Class CJ, 5.1861% 11/10/42 (h)		3,580,000		3,508,790
Series 2005-6 Class AJ, 5.3671% 9/10/47 (h)		5,000,000		4,608,455
Banc of America Large Loan Trust floater Series 2010-HLTN Class HLTN, 1.993% 11/15/15 (g)(h)		46,181,624		41,346,397
Banc of America Large Loan, Inc. floater Series 2005-MIB1:
Class J, 1.2933% 3/15/22 (g)(h)		2,000,000		1,700,000
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Banc of America Large Loan, Inc. floater Series 2005-MIB1: - continued
Class K, 2.2433% 3/15/22 (g)(h)		$ 4,190,000		$ 3,268,200
Bear Stearns Commercial Mortgage Securities, Inc. Series 2006-PW11 Class AJ, 5.4522% 3/11/39 (h)		5,700,000		4,925,250
Bear Stearns Commercial Mortgage Securities Trust Series 2006-T22 Class B, 5.7049% 4/12/38 (g)(h)		2,520,000		2,075,973
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2006-CD2 Class VPM2, 5.8052% 1/15/46 (g)(h)		3,500,000		3,046,176
COMM pass-thru certificates:
floater Series 2006-FL12 Class AJ, 0.3733% 12/15/20 (g)(h)		8,000,000		7,296,880
sequential payer Series 2004-RS1 Class A, 5.648% 3/3/41 (g)		9,621,611		9,140,531
Communication Mortgage Trust Series 2011-THL Class F, 4.867% 6/9/28 (g)		11,090,000		9,011,501
Credit Suisse First Boston Mortgage Securities Corp. Series 1998-C2 Class F, 6.75% 11/15/30 (g)		3,000,000		3,125,706
CRESI Finance Ltd. Partnership floater Series 2006-A Class E, 1.8947% 3/25/17 (g)(h)		2,512,000		1,758,400
CRESIX Finance Ltd. Series 2006-AA:
Class F, 4.4447% 3/25/17 (g)(h)		3,860,000		2,509,000
Class G, 7.2447% 3/25/17 (g)(h)		3,272,000		1,963,200
DBUBS Mortgage Trust Series 2011-LC1A Class E, 5.7285% 11/10/46 (g)(h)		3,240,000		2,557,662
Deutsche Mortgage & Asset Receiving Corp. Series 1998-C1 Class J, 6.22% 6/15/31		1,200,000		961,480
DLJ Commercial Mortgage Corp.:
Series 1998-CG1 Class B4, 7.4529% 6/10/31 (g)(h)		2,500,000		2,632,353
Series 2000-CKP1 Class B3, 7.9041% 11/10/33 (h)		2,970,000		2,920,250
Extended Stay America Trust Series 2010-ESHA Class D, 5.4983% 11/5/27 (g)		2,500,000		2,426,427
FHMLC Multi-class participation certificates guaranteed:
Series K013 Class X3, 2.8845% 1/25/43 (h)(i)		14,360,000		2,483,364
Series KAIV Class X2, 3.6146% 6/25/46 (h)(i)		7,430,000		1,562,294
First Union National Bank Commercial Mortgage Trust Series 2001-C4:
Class H, 7.036% 12/12/33 (g)		2,000,000		1,997,110
Class K, 6% 12/12/33 (g)		2,000,000		1,984,426
Freddie Mac Multi-class participation certificates guaranteed:
Series K011 Class X3, 2.6617% 12/25/43 (h)(i)		12,206,096		1,964,657
Series K012 Class X3, 2.3656% 1/25/41 (h)(i)		21,072,888		2,915,615
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
G-Force LLC sequential payer Series 2005-RRA Class A2, 4.83% 8/22/36 (g)		$ 12,569,192		$ 12,066,424
GE Capital Commercial Mortgage Corp.:
Series 2001-3 Class C, 6.51% 6/10/38		820,000		818,889
Series 2002-1A Class H, 7.3551% 12/10/35 (g)(h)		991,000		989,136
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2:
Class F, 6.75% 4/15/29 (h)		1,699,280		1,773,329
Class G, 6.75% 4/15/29 (h)		1,250,000		1,343,353
Series 1999-C3:
Class G, 6.974% 8/15/36 (g)		679,698		681,241
Class J, 6.974% 8/15/36		1,500,000		1,433,100
Series 2000-C1 Class K, 7% 3/15/33		1,100,000		743,422
Series 2002-C3 Class D, 5.27% 7/10/39		3,000,000		3,034,491
Greenwich Capital Commercial Funding Corp.:
sequential payer Series 2003-C1 Class D, 4.29% 7/5/35 (g)		2,000,000		2,039,094
Series 2002-C1 Class H, 5.903% 1/11/35 (g)		880,000		879,122
GS Mortgage Securities Corp. II:
floater Series 2007-EOP Class L, 6.4193% 3/6/20 (g)(h)		1,400,000		1,374,589
Series 2010-C1:
Class D, 6.1418% 8/10/43 (g)(h)		4,000,000		3,233,540
Class E, 4% 8/10/43 (g)		3,000,000		1,710,600
GS Mortgage Securities Corp. Trust Series 2011-ALF Class E, 4.953% 2/10/21 (g)		9,000,000		8,464,500
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.475% 8/10/44 (g)(h)		9,000,000		7,238,147
JP Morgan Chase Commercial Mortgage Securities Corp.:
Series 2009-IWST Class D, 7.4453% 12/5/27 (g)(h)		6,500,000		6,367,621
Series 2010-CNTM Class MZ, 8.5% 8/5/20 (g)		4,000,000		3,581,670
Series 2010-CNTR:
Class D, 6.1838% 8/5/32 (g)(h)		4,500,000		3,698,960
Class XB, 0.9305% 8/5/32 (g)(i)		32,655,000		1,749,880
JP Morgan Chase Commercial Mortgage Securities Trust:
floater Series 2005-FL1A Class A2, 0.4233% 2/15/19 (g)(h)		1,841,201		1,804,377
Series 2005-LDP5 Class AJ, 5.4931% 12/15/44 (h)		3,470,000		3,385,880
JP Morgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		1,152,269		1,179,841
Series 1999-C8:
Class G, 6% 7/15/31 (g)		1,367,795		1,393,355
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
JP Morgan Commercial Mortgage Finance Corp.: - continued
Series 1999-C8:
Class H, 6% 7/15/31 (g)		$ 1,325,643		$ 412,933
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (g)(h)		2,038,274		3,057
Class X, 0.9168% 10/15/32 (g)(h)(i)		4,870,680		5,407
JPMorgan Chase Commercial Mortgage Security Trust Series 2011-C5 Class B. 5.3139% 8/15/46 (g)(h)		7,500,000		6,619,252
LB Commercial Conduit Mortgage Trust Series 1998-C4 Class G, 5.6% 10/15/35 (g)		2,920,000		3,020,156
LB-UBS Commercial Mortgage Trust:
sequential payer:
Series 2004-C2 Class E, 4.487% 3/15/36		2,060,000		1,962,313
Series 2005-C7 Class AJ, 5.323% 11/15/40		8,000,000		7,262,416
Series 2006-C7 Class AM, 5.378% 11/15/38		2,040,000		1,858,526
Series 2005-C2 Class AJ, 5.205% 4/15/30 (h)		8,910,000		8,744,319
Series 2006-C4:
Class AJ, 6.0868% 6/15/38 (h)		6,005,000		4,819,409
Class AM, 6.0868% 6/15/38 (h)		6,700,000		6,767,248
Lstar Commercial Mortgage Trust:
Series 2011-1 Class D, 5.759% 6/25/43 (g)(h)		4,699,000		3,299,097
Series 2011-1 Class B, 5.759% 6/25/43 (g)(h)		5,720,000		5,090,742
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/37	CAD	710,000		502,190
Class G, 4.384% 7/12/37	CAD	355,000		243,420
Class H, 4.384% 7/12/37	CAD	236,000		156,909
Class J, 4.384% 7/12/37	CAD	355,000		228,909
Class K, 4.384% 7/12/37	CAD	355,000		222,050
Class L, 4.384% 7/12/37	CAD	236,000		143,222
Class M, 4.384% 7/12/37	CAD	995,000		459,227
Merrill Lynch Mortgage Investors Trust Series 1999-C1 Class G, 6.71% 11/15/31 (g)		2,966,605		1,735,464
Merrill Lynch Mortgage Trust Series 2006-C1 Class AM, 5.8546% 5/12/39 (h)		1,200,000		1,189,027
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 1/15/37 (g)		750,000		75
Class E, 7.983% 1/15/37 (g)		1,453,000		145
Class IO, 8.3572% 1/15/37 (h)(i)		5,160,214		309,613
Commercial Mortgage Securities - continued
		Principal Amount (e)		Value
Morgan Stanley Capital I Trust:
sequential payer:
Series 2004-RR2 Class A2, 5.45% 10/28/33 (g)		$ 1,535,043		$ 1,535,043
Series 2006-HQ10 Class AM, 5.36% 11/12/41		8,200,000		7,838,077
Series 1997-RR Class F, 7.4% 4/30/39 (g)(h)		2,052,203		1,949,593
Series 1998-CF1 Class G, 7.35% 7/15/32 (g)		2,611,095		1,253,326
Series 2006-IQ12 Class AMFX, 5.37% 12/15/43		7,500,000		6,944,250
Series 2011-C2:
Class D, 5.4963% 6/15/44 (g)(h)		4,610,000		3,710,405
Class E, 5.4963% 6/15/44 (g)(h)		9,600,000		7,387,680
Class F, 5.4963% 6/15/44 (g)(h)		4,440,000		2,966,808
Class XB, 0.5401% 6/15/44 (g)(h)(i)		63,708,222		1,844,353
Series 2011-C3 Class D, 5.357% 7/15/49 (g)		7,400,000		5,737,102
NationsLink Funding Corp. Series 1999-SL Class X, 11/10/30 (i)		2,613,299		2,273,570
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (g)		3,375,238		3,611,505
RBSCF Trust Series 2010-MB1 Class D, 4.8269% 4/15/24 (g)(h)		5,820,000		5,333,485
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-MMA:
Class E3, 6.5% 2/18/34 (g)(h)		3,000,000		2,989,173
Class E5, 6.5% 2/18/34 (g)(h)		3,000,000		3,015,846
Structured Asset Securities Corp. Series 1997-LLI Class F, 7.3% 10/12/34 (g)		2,170,000		2,170,623
TIAA Seasoned Commercial Mortgage Trust sequential payer Series 2007-C4 Class AJ, 5.947% 8/15/39 (h)		2,080,000		1,962,680
TimberStar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (g)		10,630,000		9,711,685
UBS Commercial Mortgage Trust Series 2007-FL1 Class F, 0.8183% 7/15/24 (g)(h)		1,200,000		516,769
Vornado DP LLC Series 2010-VNO Class D, 6.3555% 9/13/28 (g)		2,540,000		2,341,156
Wachovia Bank Commercial Mortgage Trust:
Series 2004-C10 Class E, 4.931% 2/15/41		2,000,000		1,962,196
Series 2004-C11:
Class D, 5.548% 1/15/41 (h)		5,177,000		4,764,300
Class E, 5.598% 1/15/41 (h)		3,785,000		3,246,383
Series 2004-C12 Class D, 5.495% 7/15/41 (h)		2,750,000		2,580,881
Series 2004-C14 Class B, 5.17% 8/15/41		3,180,000		3,221,636
WFDB Commercial Mortgage Trust Series 2011-BXR Class D, 5.914% 7/5/24 (g)		4,000,000		3,961,492
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $370,464,859)			358,609,235
Floating Rate Loans - 4.1%
		Principal Amount (e)		Value
CONSUMER DISCRETIONARY - 0.7%
Hotels, Restaurants & Leisure - 0.5%
Extended Stay America, Inc. term loan 9.75% 11/1/15		$ 9,000,000		$ 8,842,500
Media - 0.1%
PRIMEDIA, Inc. Tranche B, term loan 7.5% 1/13/18 (h)		2,842,875		2,601,231
Specialty Retail - 0.1%
The Pep Boys - Manny, Moe & Jack term loan 2.33% 10/27/13 (h)		1,978,327		1,918,977
TOTAL CONSUMER DISCRETIONARY				13,362,708
FINANCIALS - 2.2%
Diversified Financial Services - 0.7%
Capital Automotive LP term loan 5% 3/11/17 (h)		8,326,188		8,180,480
Pilot Travel Centers LLC Tranche B, term loan 4.25% 3/30/18 (h)		3,895,192		3,890,517
				12,070,997
Real Estate Investment Trusts - 0.1%
iStar Financial, Inc. Tranche A 1LN, term loan 5% 6/28/13 (h)		1,366,264		1,359,433
Real Estate Management & Development - 1.4%
CB Richard Ellis Services, Inc. Tranche D, term loan 3.7423% 9/4/19 (h)		1,995,000		1,940,138
CityCenter term loan 8.75% 7/1/13 (h)		8,000,000		7,760,000
Equity Inns Reality LLC:
Tranche A, term loan 9% 11/2/12 (h)		2,000,000		1,670,000
Tranche B 2LN, term loan 6.05% 11/2/12 (h)		5,000,000		4,275,000
Realogy Corp.:
Credit-Linked Deposit 3.1911% 10/10/13 (h)		618,745		580,073
Credit-Linked Deposit 4.4933% 10/10/16 (h)		210,312		184,549
term loan 4.5217% 10/10/16 (h)		1,249,372		1,096,324
Tranche 2LN, term loan 13.5% 10/15/17		2,500,000		2,425,000
Tranche B, term loan 3.2717% 10/10/13 (h)		5,221,181		4,894,857
				24,825,941
TOTAL FINANCIALS				38,256,371
HEALTH CARE - 0.4%
Health Care Providers & Services - 0.4%
Community Health Systems, Inc.:
Tranche B, term loan 2.569% 7/25/14 (h)		2,838,817		2,746,556
Floating Rate Loans - continued
		Principal Amount (e)		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Community Health Systems, Inc.: - continued
Tranche DD, term loan 2.569% 7/25/14 (h)		$ 145,651		$ 140,918
Skilled Healthcare Group, Inc. term loan 5.25% 4/9/16 (h)		3,729,471		3,515,027
				6,402,501
INDUSTRIALS - 0.6%
Construction & Engineering - 0.6%
Drumm Investors LLC Tranche B, term loan 5% 5/4/18 (h)		11,969,283		10,712,509
TELECOMMUNICATION SERVICES - 0.2%
Wireless Telecommunication Services - 0.2%
TowerCo Finance LLC Tranche B, term loan 5.25% 2/2/17 (h)		2,985,000		2,970,075
TOTAL FLOATING RATE LOANS (Cost $74,486,066)			71,704,164

Preferred Securities - 0.0%

FINANCIALS - 0.0%
Diversified Financial Services - 0.0%
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (g)	500,000		15,000
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (g)	1,220,000		427,000
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (g)	810,000		8
Ipswich Street CDO Series 2006-1, 6/27/46 (d)(g)	1,350,000		0
TOTAL PREFERRED SECURITIES (Cost $3,378,185)		442,008
Money Market Funds - 7.7%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	106,483,047		$ 106,483,047
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	29,481,323		29,481,323
TOTAL MONEY MARKET FUNDS (Cost $135,964,370)		135,964,370
TOTAL INVESTMENT PORTFOLIO - 100.7% (Cost $1,776,241,549)			1,782,173,628
NET OTHER ASSETS (LIABILITIES) - (0.7)%			(12,632,044)
NET ASSETS - 100%		$ 1,769,541,584

Currency Abbreviations
CAD	-	Canadian dollar

Legend

(a) Non-income producing

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

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

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

(h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
ACGS Series 2004-1 Class P, 7.4651% 8/1/19	2/17/11	$ 5,830,761
Fannie Mae REMIC Trust: Series 2001-W3 subordinate REMIC pass thru certificates, Class B3, 7% 9/25/41	5/21/03	$ 153,733
Series 2003-W1 subordinate REMIC pass thru certificates, Class B3, 5.75% 12/25/42	3/25/03	$ 191,797
GSR Mortgage Loan Trust Series 2005-HE3 Class B3, 2.7447% 6/25/35	6/3/05	$ 1,110,697

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	$ 36,125
Fidelity Securities Lending Cash Central Fund	17,104
Total	$ 53,229

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 17,665,840	$ 13,873,559	$ -	$ 3,792,281
Financials	616,020,184	582,322,308	29,314,001	4,383,875
Health Care	21,197,102	21,197,102	-	-
Corporate Bonds	437,509,162	-	436,012,911	1,496,251
Asset-Backed Securities	101,583,503	-	33,004,928	68,578,575
Collateralized Mortgage Obligations	21,478,060	-	20,613,711	864,349
Commercial Mortgage Securities	358,609,235	-	323,015,867	35,593,368
Floating Rate Loans	71,704,164	-	55,101,664	16,602,500
Preferred Securities	442,008	-	-	442,008
Money Market Funds	135,964,370	135,964,370	-	-
Total Investments in Securities:	$ 1,782,173,628	$ 753,357,339	$ 897,063,082	$ 131,753,207

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

Investments in Securities:
Equities - Consumer Discretionary
Beginning Balance	$ 3,528,571
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	263,710
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 3,792,281
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ 263,710
Equities - Financials
Beginning Balance	$ 4,941,370
Total Realized Gain (Loss)	(607)
Total Unrealized Gain (Loss)	(557,000)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	124
Transfers out of Level 3	(12)
Ending Balance	$ 4,383,875
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (557,000)
Corporate Bonds
Beginning Balance	$ 1,400,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(253,316)
Cost of Purchases	4,349,567
Proceeds of Sales	(4,000,000)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 1,496,251
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (2,853,316)
Asset-Backed Securities
Beginning Balance	$ 79,390,084
Total Realized Gain (Loss)	427,619
Total Unrealized Gain (Loss)	(3,439,940)
Cost of Purchases	2,532,354
Proceeds of Sales	(3,129,120)
Amortization/Accretion	227,488
Transfers in to Level 3	3,448,211
Transfers out of Level 3	(10,878,121)
Ending Balance	$ 68,578,575
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (3,439,940)
Collateralized Mortgage Obligations
Beginning Balance	$ 862,000
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	104,641
Cost of Purchases	-
Proceeds of Sales	(77,607)
Amortization/Accretion	(24,685)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 864,349
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ 104,641
Commercial Mortgage Securities
Beginning Balance	$ 31,940,633
Total Realized Gain (Loss)	(161,638)
Total Unrealized Gain (Loss)	(992,843)
Cost of Purchases	-
Proceeds of Sales	(1,350,779)
Amortization/Accretion	(97,018)
Transfers in to Level 3	6,255,013
Transfers out of Level 3	-
Ending Balance	$ 35,593,368
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (1,235,835)
Floating Rate Loans
Beginning Balance	$ 16,984,800
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(385,290)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	2,990
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 16,602,500
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (385,290)
Preferred Securities
Beginning Balance	$ 442,008
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	(686)
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	686
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 442,008
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (686)

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, 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:

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, floating rate loans 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.

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.

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 ® Series Small Cap
Opportunities Fund

October 31, 2011

1.858552.105

SMO-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CONSUMER DISCRETIONARY - 13.8%
Auto Components - 0.9%
Tenneco, Inc. (a)	485,186		$ 15,875,286
Hotels, Restaurants & Leisure - 1.5%
Cracker Barrel Old Country Store, Inc.	163,612		6,935,513
Vail Resorts, Inc. (d)	167,559		7,466,429
WMS Industries, Inc. (a)	165,200		3,619,532
Wyndham Worldwide Corp.	294,300		9,909,081
			27,930,555
Household Durables - 2.3%
iRobot Corp. (a)	332,383		11,254,488
La-Z-Boy, Inc. (a)	588,090		5,974,994
Meritage Homes Corp. (a)	431,700		7,662,675
Tempur-Pedic International, Inc. (a)	243,206		16,552,600
			41,444,757
Media - 0.4%
MDC Partners, Inc. Class A (sub. vtg.)	483,900		8,148,879
Multiline Retail - 0.5%
Dollarama, Inc.	243,066		9,148,655
Specialty Retail - 5.5%
Ascena Retail Group, Inc. (a)	417,580		12,068,062
Body Central Corp.	236,637		4,969,377
Cabela's, Inc. Class A (a)	558,138		13,908,799
DSW, Inc. Class A	303,458		15,882,992
Fourlis Holdings SA (a)	556,700		2,403,701
GameStop Corp. Class A (a)	389,800		9,967,186
Shoe Carnival, Inc. (a)	497,414		13,574,428
Signet Jewelers Ltd.	316,600		13,648,626
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	205,308		13,815,175
			100,238,346
Textiles, Apparel & Luxury Goods - 2.7%
Deckers Outdoor Corp. (a)	99,233		11,435,611
G-III Apparel Group Ltd. (a)	485,300		13,680,607
PVH Corp.	175,300		13,044,073
Vera Bradley, Inc. (d)	246,898		11,184,479
			49,344,770
TOTAL CONSUMER DISCRETIONARY			252,131,248
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 2.6%
Beverages - 0.6%
Hansen Natural Corp. (a)	88,400		$ 7,875,556
Primo Water Corp. (d)	439,700		2,673,376
			10,548,932
Food & Staples Retailing - 0.6%
Casey's General Stores, Inc.	127,729		6,328,972
Crumbs Bake Shop, Inc. (a)	99,215		525,840
United Natural Foods, Inc. (a)	121,555		4,437,973
			11,292,785
Food Products - 0.8%
Chiquita Brands International, Inc. (a)	297,330		2,640,290
Diamond Foods, Inc. (d)	51,600		3,392,700
Green Mountain Coffee Roasters, Inc. (a)	142,800		9,284,856
			15,317,846
Personal Products - 0.6%
Elizabeth Arden, Inc. (a)	289,584		9,926,940
TOTAL CONSUMER STAPLES			47,086,503
ENERGY - 6.6%
Energy Equipment & Services - 1.4%
Newpark Resources, Inc. (a)	1,135,528		10,140,265
Superior Energy Services, Inc. (a)	355,600		9,999,472
Willbros Group, Inc. (a)	1,184,518		6,029,197
			26,168,934
Oil, Gas & Consumable Fuels - 5.2%
Atlas Pipeline Partners, LP	415,529		14,460,409
Berry Petroleum Co. Class A	327,700		11,322,035
Cloud Peak Energy, Inc. (a)	631,900		14,502,105
Energen Corp.	69,938		3,431,158
Petroleum Development Corp. (a)	412,129		10,760,688
SM Energy Co.	229,807		19,053,298
Targa Resources Corp.	311,100		10,496,514
Whiting Petroleum Corp. (a)	227,670		10,598,039
			94,624,246
TOTAL ENERGY			120,793,180
Common Stocks - continued
	Shares		Value
FINANCIALS - 20.0%
Capital Markets - 2.4%
Affiliated Managers Group, Inc. (a)	75,100		$ 6,955,011
Duff & Phelps Corp. Class A	1,113,477		14,130,023
Knight Capital Group, Inc. Class A (a)	1,003,185		12,529,781
Waddell & Reed Financial, Inc. Class A	335,341		9,299,006
			42,913,821
Commercial Banks - 5.1%
Associated Banc-Corp.	1,106,728		12,340,017
CapitalSource, Inc.	3,444,724		21,908,445
Cathay General Bancorp	607,724		8,502,059
City National Corp.	268,800		11,402,496
Nara Bancorp, Inc. (a)	612,100		5,190,608
National Penn Bancshares, Inc.	2,861,700		22,321,260
PacWest Bancorp	684,939		12,082,324
			93,747,209
Insurance - 3.6%
Alterra Capital Holdings Ltd.	706,811		15,323,662
Amerisafe, Inc. (a)	818,100		17,630,055
Endurance Specialty Holdings Ltd.	319,300		11,877,960
ProAssurance Corp.	283,076		21,669,468
			66,501,145
Real Estate Investment Trusts - 8.0%
American Assets Trust, Inc.	1,063,100		21,549,037
Franklin Street Properties Corp.	1,474,900		18,731,230
Glimcher Realty Trust	2,784,905		25,509,730
Highwoods Properties, Inc. (SBI)	634,200		19,647,516
Home Properties, Inc.	391,549		23,062,236
National Retail Properties, Inc. (d)	800,700		21,819,075
Ramco-Gershenson Properties Trust (SBI)	1,599,150		15,431,798
			145,750,622
Thrifts & Mortgage Finance - 0.9%
Washington Federal, Inc.	584,694		7,981,073
WSFS Financial Corp.	218,759		8,695,670
			16,676,743
TOTAL FINANCIALS			365,589,540
HEALTH CARE - 10.4%
Biotechnology - 2.4%
Achillion Pharmaceuticals, Inc. (a)	588,816		3,733,093
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Biotechnology - continued
Ardea Biosciences, Inc. (a)	194,301		$ 3,868,533
ARIAD Pharmaceuticals, Inc. (a)	562,123		6,537,490
ArQule, Inc. (a)	492,442		2,861,088
BioMarin Pharmaceutical, Inc. (a)	132,994		4,536,425
Chelsea Therapeutics International Ltd. (a)	698,599		3,164,653
Dynavax Technologies Corp. (a)	1,663,159		4,523,792
Infinity Pharmaceuticals, Inc. (a)(d)	323,327		2,447,585
Pharmasset, Inc. (a)	66,066		4,651,046
Targacept, Inc. (a)	154,378		2,717,053
Telik, Inc. (a)	1,198,957		323,718
Theravance, Inc. (a)	194,319		4,319,711
			43,684,187
Health Care Equipment & Supplies - 1.6%
Analogic Corp.	177,305		9,588,654
Cerus Corp. (a)(d)	564,579		1,507,426
Conceptus, Inc. (a)	211,686		2,438,623
Endologix, Inc. (a)	366,020		3,985,958
Sirona Dental Systems, Inc. (a)	180,600		8,650,740
Uroplasty, Inc. (a)(d)	734,391		3,312,103
			29,483,504
Health Care Providers & Services - 4.5%
Air Methods Corp. (a)	125,777		10,165,297
Catalyst Health Solutions, Inc. (a)	97,199		5,343,029
Centene Corp. (a)	137,747		4,841,807
Corvel Corp. (a)	143,734		7,412,362
HealthSpring, Inc. (a)	284,100		15,324,354
Humana, Inc.	110,172		9,352,501
MEDNAX, Inc. (a)	141,825		9,332,085
Omnicare, Inc.	169,093		5,042,353
PSS World Medical, Inc. (a)	414,369		9,219,710
Wellcare Health Plans, Inc. (a)	140,375		6,879,779
			82,913,277
Health Care Technology - 0.7%
Epocrates, Inc. (a)	687,310		5,979,597
Omnicell, Inc. (a)	473,784		7,083,071
			13,062,668
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Life Sciences Tools & Services - 0.3%
eResearchTechnology, Inc. (a)	858,769		$ 4,388,310
Sequenom, Inc. (a)	18,319		91,045
			4,479,355
Pharmaceuticals - 0.9%
Cardiome Pharma Corp. (a)	424,143		1,404,095
Columbia Laboratories, Inc. (a)(d)	730,232		1,847,487
Endocyte, Inc. (d)	186,900		1,814,799
Questcor Pharmaceuticals, Inc. (a)	187,810		7,626,964
XenoPort, Inc. (a)	552,700		3,371,470
			16,064,815
TOTAL HEALTH CARE			189,687,806
INDUSTRIALS - 14.4%
Aerospace & Defense - 1.5%
Alliant Techsystems, Inc.	103,600		6,017,088
Teledyne Technologies, Inc. (a)	371,449		20,232,827
			26,249,915
Air Freight & Logistics - 0.4%
UTI Worldwide, Inc.	534,300		7,806,123
Building Products - 1.6%
A.O. Smith Corp.	184,261		6,847,139
AAON, Inc.	496,850		10,518,315
Armstrong World Industries, Inc.	264,974		11,285,243
			28,650,697
Commercial Services & Supplies - 1.4%
Swisher Hygiene, Inc.	961,491		4,192,101
Sykes Enterprises, Inc. (a)	576,298		9,180,427
United Stationers, Inc.	398,800		12,685,828
			26,058,356
Construction & Engineering - 0.9%
Foster Wheeler AG (a)	407,528		8,688,497
Shaw Group, Inc. (a)	341,313		7,938,940
			16,627,437
Electrical Equipment - 1.3%
General Cable Corp. (a)	490,685		13,758,807
GrafTech International Ltd. (a)	668,503		10,502,182
			24,260,989
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Industrial Conglomerates - 0.5%
Carlisle Companies, Inc.	228,900		$ 9,549,708
Machinery - 3.1%
Actuant Corp. Class A	477,431		10,742,198
Altra Holdings, Inc. (a)	450,023		6,615,338
CLARCOR, Inc.	307,686		14,916,617
Greenbrier Companies, Inc. (a)	341,470		6,354,757
TriMas Corp. (a)	355,708		6,932,749
Wabtec Corp.	152,154		10,221,706
			55,783,365
Professional Services - 2.4%
Advisory Board Co. (a)	197,195		12,078,194
Equifax, Inc.	319,600		11,233,940
Manpower, Inc.	104,500		4,508,130
Stantec, Inc. (a)	371,300		9,129,320
Towers Watson & Co.	102,000		6,701,400
			43,650,984
Trading Companies & Distributors - 1.3%
Interline Brands, Inc. (a)	570,893		8,506,306
Watsco, Inc. (d)	254,677		15,703,384
			24,209,690
TOTAL INDUSTRIALS			262,847,264
INFORMATION TECHNOLOGY - 18.6%
Communications Equipment - 2.7%
Brocade Communications Systems, Inc. (a)	4,020,842		17,611,288
DG FastChannel, Inc. (a)(d)	371,615		6,926,904
Ixia (a)	1,133,708		12,844,912
NETGEAR, Inc. (a)	180,213		6,390,353
Oclaro, Inc. (a)(d)	1,124,416		4,621,350
			48,394,807
Computers & Peripherals - 3.5%
NCR Corp. (a)	561,900		10,698,576
Quantum Corp. (a)	7,477,473		19,516,205
Super Micro Computer, Inc. (a)	1,004,802		16,076,832
Synaptics, Inc. (a)(d)	492,772		16,650,766
			62,942,379
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.6%
DDi Corp.	131,731		$ 1,210,608
Fabrinet (a)	825,139		10,231,724
			11,442,332
Internet Software & Services - 3.1%
Constant Contact, Inc. (a)(d)	313,789		6,351,089
InfoSpace, Inc. (a)	488,699		4,281,003
Rackspace Hosting, Inc. (a)	293,399		12,143,785
Travelzoo, Inc. (a)(d)	278,958		8,887,602
VeriSign, Inc.	384,899		12,351,409
Web.com, Inc. (a)(d)	1,299,218		12,550,446
			56,565,334
IT Services - 1.4%
Camelot Information Systems, Inc. ADR (a)(d)	719,396		2,345,231
Cardtronics, Inc. (a)	502,212		12,520,145
Euronet Worldwide, Inc. (a)	331,295		6,417,184
HiSoft Technology International Ltd. ADR (a)(d)	386,924		4,790,119
			26,072,679
Semiconductors & Semiconductor Equipment - 2.7%
Advanced Micro Devices, Inc. (a)	589,261		3,435,392
Cymer, Inc. (a)	113,500		4,931,575
Entegris, Inc. (a)	602,430		5,397,773
Marvell Technology Group Ltd. (a)	653,856		9,147,445
Micron Technology, Inc. (a)	1,071,888		5,991,854
ON Semiconductor Corp. (a)	633,432		4,795,080
RF Micro Devices, Inc. (a)	1,467,100		10,768,514
Spansion, Inc. Class A (a)	96,900		997,101
TriQuint Semiconductor, Inc. (a)	762,306		4,055,468
			49,520,202
Software - 4.6%
Aspen Technology, Inc. (a)	410,473		7,117,602
BroadSoft, Inc. (a)(d)	197,496		7,109,856
JDA Software Group, Inc. (a)	344,353		10,974,530
Kenexa Corp. (a)	325,145		7,436,066
Magma Design Automation, Inc. (a)	827,729		4,370,409
Micro Focus International PLC	1,918,807		10,479,463
Nuance Communications, Inc. (a)	216,200		5,724,976
Parametric Technology Corp. (a)	746,530		15,550,220
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - continued
SolarWinds, Inc. (a)	163,865		$ 4,729,144
Synchronoss Technologies, Inc. (a)	340,144		10,224,729
			83,716,995
TOTAL INFORMATION TECHNOLOGY			338,654,728
MATERIALS - 4.4%
Chemicals - 1.1%
Cabot Corp.	318,000		9,597,240
Rockwood Holdings, Inc. (a)	249,550		11,489,282
			21,086,522
Containers & Packaging - 1.0%
Aptargroup, Inc.	154,800		7,425,756
Rock-Tenn Co. Class A	178,500		10,565,415
			17,991,171
Metals & Mining - 2.3%
Carpenter Technology Corp.	254,287		14,423,159
Coeur d'Alene Mines Corp. (a)	396,700		10,143,619
Compass Minerals International, Inc.	149,500		11,372,465
HudBay Minerals, Inc.	568,900		6,232,019
			42,171,262
TOTAL MATERIALS			81,248,955
TELECOMMUNICATION SERVICES - 1.1%
Diversified Telecommunication Services - 0.3%
AboveNet, Inc.	59,788		3,548,418
VocalTec Communications Ltd. (a)(d)	51,517		1,272,470
			4,820,888
Wireless Telecommunication Services - 0.8%
Clearwire Corp. Class A (a)(d)	6,617,905		12,706,378
NII Holdings, Inc. (a)	85,157		2,003,744
			14,710,122
TOTAL TELECOMMUNICATION SERVICES			19,531,010
UTILITIES - 3.2%
Electric Utilities - 1.7%
Cleco Corp.	287,200		10,589,064
Common Stocks - continued
	Shares		Value
UTILITIES - continued
Electric Utilities - continued
Empire District Electric Co.	239,697		$ 4,786,749
Great Plains Energy, Inc.	338,800		7,026,712
IDACORP, Inc.	217,793		8,794,481
			31,197,006
Gas Utilities - 1.1%
Northwest Natural Gas Co. (d)	218,581		10,212,104
Piedmont Natural Gas Co., Inc. (d)	290,022		9,480,819
			19,692,923
Multi-Utilities - 0.4%
NorthWestern Energy Corp.	217,000		7,475,650
TOTAL UTILITIES			58,365,579
TOTAL COMMON STOCKS (Cost $1,545,725,433)		1,735,935,813
Convertible Preferred Stocks - 0.1%

HEALTH CARE - 0.1%
Pharmaceuticals - 0.1%
Merrimack Pharmaceuticals, Inc. Series G (f) (Cost $2,665,600)	380,800		2,665,600

U.S. Treasury Obligations - 0.2%
	Principal Amount
U.S. Treasury Bills, yield at date of purchase 0% to 0.01% 11/3/11 to 12/15/11 (e) (Cost $2,849,992)	$ 2,850,000	2,849,980

Money Market Funds - 6.4%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	75,665,061		$ 75,665,061
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	41,288,804		41,288,804
TOTAL MONEY MARKET FUNDS (Cost $116,953,865)		116,953,865
TOTAL INVESTMENT PORTFOLIO - 101.8% (Cost $1,668,194,890)			1,858,405,258
NET OTHER ASSETS (LIABILITIES) - (1.8)%			(33,450,318)
NET ASSETS - 100%		$ 1,824,954,940

Futures Contracts
	Expiration Date	Underlying Face Amount at Value	Unrealized Appreciation/ (Depreciation)
Purchased
Equity Index Contracts
132 NYFE Russell 2000 Mini Index Contracts	Dec. 2011	$ 9,758,760	$ 679,495

The face value of futures purchased as a percentage of net assets is 0.5%

Legend

(a) Non-income producing

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

(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At the period end, the value of securities pledged amounted to $999,985.

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,665,600 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Merrimack Pharmaceuticals, Inc. Series G	3/31/11	$ 2,665,600

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	$ 21,600
Fidelity Securities Lending Cash Central Fund	670,858
Total	$ 692,458

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Western Liberty Bancorp	$ 3,020,000	$ -	$ 2,360,204	$ -	$ -
Total	$ 3,020,000	$ -	$ 2,360,204	$ -	$ -

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 252,131,248	$ 252,131,248	$ -	$ -
Consumer Staples	47,086,503	47,086,503	-	-
Energy	120,793,180	120,793,180	-	-
Financials	365,589,540	365,589,540	-	-
Health Care	192,353,406	189,687,806	-	2,665,600
Industrials	262,847,264	262,847,264	-	-
Information Technology	338,654,728	338,654,728	-	-
Materials	81,248,955	81,248,955	-	-
Telecommunication Services	19,531,010	19,531,010	-	-
Utilities	58,365,579	58,365,579	-	-
U.S. Government and Government Agency Obligations	2,849,980	-	2,849,980	-
Money Market Funds	116,953,865	116,953,865	-	-
Total Investments in Securities:	$ 1,858,405,258	$ 1,852,889,678	$ 2,849,980	$ 2,665,600
Derivative Instruments:
Assets
Futures Contracts	$ 679,495	$ 679,495	$ -	$ -

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

Investments in Securities:
Beginning Balance	$ 2,665,600
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 2,665,600
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $1,669,170,435. Net unrealized appreciation aggregated $189,234,823, of which $339,093,305 related to appreciated investment securities and $149,858,482 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:

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

October 31, 2011

1.823237.107

SCP-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 2.1%
Modine Manufacturing Co. (a)	1,544,000		$ 16,320,080
Tenneco, Inc. (a)	603,000		19,730,160
			36,050,240
Diversified Consumer Services - 0.7%
Steiner Leisure Ltd. (a)	262,768		12,660,162
Hotels, Restaurants & Leisure - 0.7%
Texas Roadhouse, Inc. Class A	825,000		11,822,250
Household Durables - 1.5%
Skullcandy, Inc. (a)(d)	270,000		4,252,500
Tempur-Pedic International, Inc. (a)	304,000		20,690,240
			24,942,740
Internet & Catalog Retail - 0.5%
Start Today Co. Ltd.	400,000		8,462,775
Multiline Retail - 1.5%
Dollarama, Inc.	374,900		14,110,697
Marisa Lojas SA	856,600		11,822,397
			25,933,094
Specialty Retail - 5.4%
Delticom AG	91,409		10,221,274
DSW, Inc. Class A	191,800		10,038,812
Sally Beauty Holdings, Inc. (a)	886,000		17,002,340
Signet Jewelers Ltd.	457,400		19,718,514
SuperGroup PLC (a)(d)	710,000		7,124,969
Tom Tailor Holding AG (a)	14,834		231,565
Tractor Supply Co.	208,000		14,755,520
Vitamin Shoppe, Inc. (a)	349,000		13,160,790
			92,253,784
Textiles, Apparel & Luxury Goods - 3.0%
PVH Corp.	282,559		21,025,215
Steven Madden Ltd. (a)	527,500		19,464,750
Ted Baker PLC	941,073		11,672,357
			52,162,322
TOTAL CONSUMER DISCRETIONARY			264,287,367
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 1.4%
Chefs' Warehouse Holdings (a)	715,000		$ 10,217,350
Fresh Market, Inc. (d)	330,600		13,224,000
			23,441,350
Food Products - 0.5%
Calavo Growers, Inc. (d)	408,500		9,219,845
Personal Products - 1.2%
Inter Parfums, Inc.	1,147,000		21,150,680
TOTAL CONSUMER STAPLES			53,811,875
ENERGY - 8.1%
Energy Equipment & Services - 3.6%
ION Geophysical Corp. (a)	2,442,023		18,608,215
Newpark Resources, Inc. (a)	1,253,900		11,197,327
Rowan Companies, Inc. (a)	556,000		19,176,440
Western Energy Services Corp. (a)	1,530,000		13,276,320
			62,258,302
Oil, Gas & Consumable Fuels - 4.5%
Alpha Natural Resources, Inc. (a)	714,000		17,164,560
Gulfport Energy Corp. (a)	490,000		15,258,600
HollyFrontier Corp.	410,000		12,582,900
Petroleum Development Corp. (a)	642,200		16,767,842
Targa Resources Corp.	454,500		15,334,830
			77,108,732
TOTAL ENERGY			139,367,034
FINANCIALS - 5.3%
Capital Markets - 1.0%
Financial Engines, Inc. (a)(d)	781,000		17,736,510
Commercial Banks - 1.3%
Banco Pine SA	1,618,519		10,754,310
CapitalSource, Inc.	1,800,200		11,449,272
			22,203,582
Real Estate Investment Trusts - 1.7%
CBL & Associates Properties, Inc.	1,022,000		15,718,360
Highwoods Properties, Inc. (SBI)	419,000		12,980,620
			28,698,980
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc.	329,900		$ 21,318,138
TOTAL FINANCIALS			89,957,210
HEALTH CARE - 16.3%
Biotechnology - 2.8%
Acadia Pharmaceuticals, Inc. (a)	741,716		912,311
Acorda Therapeutics, Inc. (a)	11,500		251,160
Allos Therapeutics, Inc. (a)	651,106		957,126
Alnylam Pharmaceuticals, Inc. (a)	33,968		275,820
Ardea Biosciences, Inc. (a)(d)	249,273		4,963,025
ArQule, Inc. (a)	750,000		4,357,500
Astex Pharmaceuticals, Inc. (a)	322,991		623,373
BioCryst Pharmaceuticals, Inc. (a)(d)	15,200		46,664
BioMarin Pharmaceutical, Inc. (a)	190,000		6,480,900
BioMimetic Therapeutics, Inc. (a)	32,609		105,653
Codexis, Inc. (a)	117,389		541,163
Emergent BioSolutions, Inc. (a)	12,200		230,092
Horizon Pharma, Inc.	550,000		4,944,500
Insmed, Inc. (a)(d)	71,899		253,803
Maxygen, Inc.	145,771		860,049
Momenta Pharmaceuticals, Inc. (a)	70,600		1,044,880
Myrexis, Inc. (a)	247,133		687,030
Myriad Genetics, Inc. (a)	11,100		236,208
Osiris Therapeutics, Inc. (a)(d)	105,118		563,432
Progenics Pharmaceuticals, Inc. (a)	114,112		749,716
Repligen Corp. (a)	156,896		538,153
SIGA Technologies, Inc. (a)	54,409		176,285
Theravance, Inc. (a)(d)	299,000		6,646,770
United Therapeutics Corp. (a)	229,900		10,053,527
Vanda Pharmaceuticals, Inc. (a)	150,991		877,258
			47,376,398
Health Care Equipment & Supplies - 4.5%
Cyberonics, Inc. (a)	487,000		14,025,600
Integra LifeSciences Holdings Corp. (a)	462,400		14,824,544
Sirona Dental Systems, Inc. (a)	335,000		16,046,500
The Cooper Companies, Inc.	270,800		18,766,440
Wright Medical Group, Inc. (a)	825,000		14,181,750
			77,844,834
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 6.7%
Air Methods Corp. (a)	216,000		$ 17,457,120
Catalyst Health Solutions, Inc. (a)	293,000		16,106,210
Corvel Corp. (a)	400,000		20,628,000
IPC The Hospitalist Co., Inc. (a)(d)	340,000		14,256,200
MEDNAX, Inc. (a)	130,000		8,554,000
MWI Veterinary Supply, Inc. (a)	120,000		9,060,000
PSS World Medical, Inc. (a)	447,000		9,945,750
Synergy Health PLC	595,411		7,981,096
Team Health Holdings, Inc. (a)	482,941		9,813,361
			113,801,737
Health Care Technology - 0.0%
Omnicell, Inc. (a)	23,300		348,335
Life Sciences Tools & Services - 0.5%
Bruker BioSciences Corp. (a)	609,000		8,787,870
Pharmaceuticals - 1.8%
Cadence Pharmaceuticals, Inc. (a)(d)	767,693		4,475,650
Cardiome Pharma Corp. (a)	1,025,000		3,393,189
Dechra Pharmaceuticals PLC	597,931		4,711,804
Impax Laboratories, Inc. (a)	370,000		6,996,700
Questcor Pharmaceuticals, Inc. (a)	295,000		11,979,950
			31,557,293
TOTAL HEALTH CARE			279,716,467
INDUSTRIALS - 18.7%
Aerospace & Defense - 2.9%
BE Aerospace, Inc. (a)	390,000		14,714,700
Teledyne Technologies, Inc. (a)	327,000		17,811,690
TransDigm Group, Inc. (a)	189,000		17,750,880
			50,277,270
Building Products - 2.0%
A.O. Smith Corp.	308,000		11,445,280
Armstrong World Industries, Inc.	539,000		22,956,009
			34,401,289
Commercial Services & Supplies - 1.3%
Higher One Holdings, Inc. (a)(d)	575,000		10,143,000
Sykes Enterprises, Inc. (a)	719,621		11,463,563
			21,606,563
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.9%
Foster Wheeler AG (a)	837,400		$ 17,853,368
Outotec Oyj	311,095		14,543,113
			32,396,481
Electrical Equipment - 2.4%
Acuity Brands, Inc.	340,500		15,765,150
GrafTech International Ltd. (a)	808,000		12,693,680
Zumtobel AG	555,596		11,587,162
			40,045,992
Machinery - 2.9%
Blount International, Inc. (a)	774,000		12,020,220
Greenbrier Companies, Inc. (a)	530,000		9,863,300
Nordson Corp.	293,000		13,586,410
Wabtec Corp.	195,000		13,100,100
			48,570,030
Professional Services - 2.7%
Advisory Board Co. (a)	274,000		16,782,500
Equifax, Inc.	506,400		17,799,960
Kforce, Inc. (a)	956,000		12,198,560
			46,781,020
Trading Companies & Distributors - 2.6%
Rush Enterprises, Inc. Class A (a)	928,254		17,915,302
Watsco, Inc.	279,000		17,203,140
WESCO International, Inc. (a)	205,000		9,934,300
			45,052,742
TOTAL INDUSTRIALS			319,131,387
INFORMATION TECHNOLOGY - 26.9%
Communications Equipment - 2.2%
Anaren, Inc. (a)	656,774		12,564,087
Aruba Networks, Inc. (a)(d)	375,000		8,883,750
Polycom, Inc. (a)	1,013,000		16,744,890
			38,192,727
Computers & Peripherals - 0.9%
Super Micro Computer, Inc. (a)	980,923		15,694,768
Electronic Equipment & Components - 4.8%
Fabrinet (a)	558,429		6,924,520
Insight Enterprises, Inc. (a)	837,400		14,152,060
Jabil Circuit, Inc.	1,013,000		20,827,280
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
OSI Systems, Inc. (a)	349,000		$ 15,460,700
SYNNEX Corp. (a)	467,800		13,505,386
TTM Technologies, Inc. (a)	945,000		10,555,650
			81,425,596
Internet Software & Services - 6.4%
Demand Media, Inc. (d)	1,430,000		9,967,100
LivePerson, Inc. (a)	1,210,000		15,233,900
Open Text Corp. (a)	277,000		16,953,172
Perficient, Inc. (a)(e)	2,061,502		19,646,114
Rackspace Hosting, Inc. (a)(d)	498,000		20,612,220
Sohu.com, Inc. (a)(d)	240,000		14,496,000
Travelzoo, Inc. (a)(d)	413,000		13,158,180
			110,066,686
IT Services - 1.4%
Virtusa Corp. (a)	915,000		14,905,350
WNS Holdings Ltd. sponsored ADR (a)	709,787		8,588,423
			23,493,773
Semiconductors & Semiconductor Equipment - 5.3%
Ceva, Inc. (a)	372,508		11,573,824
Cymer, Inc. (a)	306,901		13,334,848
Entegris, Inc. (a)	2,506,500		22,458,240
Hittite Microwave Corp. (a)	183,821		9,668,985
International Rectifier Corp. (a)	403,000		9,788,870
ON Semiconductor Corp. (a)	1,614,000		12,217,980
Standard Microsystems Corp. (a)	437,185		10,824,701
			89,867,448
Software - 5.9%
Aspen Technology, Inc. (a)	704,000		12,207,360
BroadSoft, Inc. (a)(d)	382,591		13,773,276
ebix.com, Inc. (d)	867,510		14,843,096
Informatica Corp. (a)	274,000		12,467,000
Kenexa Corp. (a)	610,000		13,950,700
Solera Holdings, Inc.	332,000		18,137,160
TIBCO Software, Inc. (a)	550,900		15,915,501
			101,294,093
TOTAL INFORMATION TECHNOLOGY			460,035,091
Common Stocks - continued
	Shares		Value
MATERIALS - 3.4%
Chemicals - 2.2%
Rockwood Holdings, Inc. (a)	435,000		$ 20,027,400
Solutia, Inc. (a)	1,072,000		17,420,000
			37,447,400
Metals & Mining - 1.2%
Carpenter Technology Corp.	352,000		19,965,440
TOTAL MATERIALS			57,412,840
TOTAL COMMON STOCKS (Cost $1,497,568,811)		1,663,719,271
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.12% (b)	32,993,281		32,993,281
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	98,977,291		98,977,291
TOTAL MONEY MARKET FUNDS (Cost $131,970,572)		131,970,572
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $1,629,539,383)			1,795,689,843
NET OTHER ASSETS (LIABILITIES) - (4.9)%			(84,417,895)
NET ASSETS - 100%		$ 1,711,271,948

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
Fidelity Cash Central Fund	$ 9,783
Fidelity Securities Lending Cash Central Fund	1,299,081
Total	$ 1,308,864

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 16,826,331	$ -	$ 8,059,881	$ -	$ -
Perficient, Inc.	17,202,205	2,900,335	-	-	19,646,114
Total	$ 34,028,536	$ 2,900,335	$ 8,059,881	$ -	$ 19,646,114

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 264,287,367	$ 255,824,592	$ 8,462,775	$ -
Consumer Staples	53,811,875	53,811,875	-	-
Energy	139,367,034	139,367,034	-	-
Financials	89,957,210	89,957,210	-	-
Health Care	279,716,467	279,716,467	-	-
Industrials	319,131,387	319,131,387	-	-
Information Technology	460,035,091	460,035,091	-	-
Materials	57,412,840	57,412,840	-	-
Money Market Funds	131,970,572	131,970,572	-	-
Total Investments in Securities:	$ 1,795,689,843	$ 1,787,227,068	$ 8,462,775	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $1,641,205,658. Net unrealized appreciation aggregated $154,484,185, of which $273,062,384 related to appreciated investment securities and $118,578,199 related to depreciated investment securities.

Investment Valuation

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

Quarterly Report

Quarterly Holdings Report

for

Fidelity Advisor
Small Cap Growth Fund

Class A
Class T
Class B
Class C
Institutional Class

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Growth Fund.

October 31, 2010

1.824307.107

ASCP-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
CONSUMER DISCRETIONARY - 15.4%
Auto Components - 2.1%
Modine Manufacturing Co. (a)	1,544,000		$ 16,320,080
Tenneco, Inc. (a)	603,000		19,730,160
			36,050,240
Diversified Consumer Services - 0.7%
Steiner Leisure Ltd. (a)	262,768		12,660,162
Hotels, Restaurants & Leisure - 0.7%
Texas Roadhouse, Inc. Class A	825,000		11,822,250
Household Durables - 1.5%
Skullcandy, Inc. (a)(d)	270,000		4,252,500
Tempur-Pedic International, Inc. (a)	304,000		20,690,240
			24,942,740
Internet & Catalog Retail - 0.5%
Start Today Co. Ltd.	400,000		8,462,775
Multiline Retail - 1.5%
Dollarama, Inc.	374,900		14,110,697
Marisa Lojas SA	856,600		11,822,397
			25,933,094
Specialty Retail - 5.4%
Delticom AG	91,409		10,221,274
DSW, Inc. Class A	191,800		10,038,812
Sally Beauty Holdings, Inc. (a)	886,000		17,002,340
Signet Jewelers Ltd.	457,400		19,718,514
SuperGroup PLC (a)(d)	710,000		7,124,969
Tom Tailor Holding AG (a)	14,834		231,565
Tractor Supply Co.	208,000		14,755,520
Vitamin Shoppe, Inc. (a)	349,000		13,160,790
			92,253,784
Textiles, Apparel & Luxury Goods - 3.0%
PVH Corp.	282,559		21,025,215
Steven Madden Ltd. (a)	527,500		19,464,750
Ted Baker PLC	941,073		11,672,357
			52,162,322
TOTAL CONSUMER DISCRETIONARY			264,287,367
Common Stocks - continued
	Shares		Value
CONSUMER STAPLES - 3.1%
Food & Staples Retailing - 1.4%
Chefs' Warehouse Holdings (a)	715,000		$ 10,217,350
Fresh Market, Inc. (d)	330,600		13,224,000
			23,441,350
Food Products - 0.5%
Calavo Growers, Inc. (d)	408,500		9,219,845
Personal Products - 1.2%
Inter Parfums, Inc.	1,147,000		21,150,680
TOTAL CONSUMER STAPLES			53,811,875
ENERGY - 8.1%
Energy Equipment & Services - 3.6%
ION Geophysical Corp. (a)	2,442,023		18,608,215
Newpark Resources, Inc. (a)	1,253,900		11,197,327
Rowan Companies, Inc. (a)	556,000		19,176,440
Western Energy Services Corp. (a)	1,530,000		13,276,320
			62,258,302
Oil, Gas & Consumable Fuels - 4.5%
Alpha Natural Resources, Inc. (a)	714,000		17,164,560
Gulfport Energy Corp. (a)	490,000		15,258,600
HollyFrontier Corp.	410,000		12,582,900
Petroleum Development Corp. (a)	642,200		16,767,842
Targa Resources Corp.	454,500		15,334,830
			77,108,732
TOTAL ENERGY			139,367,034
FINANCIALS - 5.3%
Capital Markets - 1.0%
Financial Engines, Inc. (a)(d)	781,000		17,736,510
Commercial Banks - 1.3%
Banco Pine SA	1,618,519		10,754,310
CapitalSource, Inc.	1,800,200		11,449,272
			22,203,582
Real Estate Investment Trusts - 1.7%
CBL & Associates Properties, Inc.	1,022,000		15,718,360
Highwoods Properties, Inc. (SBI)	419,000		12,980,620
			28,698,980
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc.	329,900		$ 21,318,138
TOTAL FINANCIALS			89,957,210
HEALTH CARE - 16.3%
Biotechnology - 2.8%
Acadia Pharmaceuticals, Inc. (a)	741,716		912,311
Acorda Therapeutics, Inc. (a)	11,500		251,160
Allos Therapeutics, Inc. (a)	651,106		957,126
Alnylam Pharmaceuticals, Inc. (a)	33,968		275,820
Ardea Biosciences, Inc. (a)(d)	249,273		4,963,025
ArQule, Inc. (a)	750,000		4,357,500
Astex Pharmaceuticals, Inc. (a)	322,991		623,373
BioCryst Pharmaceuticals, Inc. (a)(d)	15,200		46,664
BioMarin Pharmaceutical, Inc. (a)	190,000		6,480,900
BioMimetic Therapeutics, Inc. (a)	32,609		105,653
Codexis, Inc. (a)	117,389		541,163
Emergent BioSolutions, Inc. (a)	12,200		230,092
Horizon Pharma, Inc.	550,000		4,944,500
Insmed, Inc. (a)(d)	71,899		253,803
Maxygen, Inc.	145,771		860,049
Momenta Pharmaceuticals, Inc. (a)	70,600		1,044,880
Myrexis, Inc. (a)	247,133		687,030
Myriad Genetics, Inc. (a)	11,100		236,208
Osiris Therapeutics, Inc. (a)(d)	105,118		563,432
Progenics Pharmaceuticals, Inc. (a)	114,112		749,716
Repligen Corp. (a)	156,896		538,153
SIGA Technologies, Inc. (a)	54,409		176,285
Theravance, Inc. (a)(d)	299,000		6,646,770
United Therapeutics Corp. (a)	229,900		10,053,527
Vanda Pharmaceuticals, Inc. (a)	150,991		877,258
			47,376,398
Health Care Equipment & Supplies - 4.5%
Cyberonics, Inc. (a)	487,000		14,025,600
Integra LifeSciences Holdings Corp. (a)	462,400		14,824,544
Sirona Dental Systems, Inc. (a)	335,000		16,046,500
The Cooper Companies, Inc.	270,800		18,766,440
Wright Medical Group, Inc. (a)	825,000		14,181,750
			77,844,834
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - 6.7%
Air Methods Corp. (a)	216,000		$ 17,457,120
Catalyst Health Solutions, Inc. (a)	293,000		16,106,210
Corvel Corp. (a)	400,000		20,628,000
IPC The Hospitalist Co., Inc. (a)(d)	340,000		14,256,200
MEDNAX, Inc. (a)	130,000		8,554,000
MWI Veterinary Supply, Inc. (a)	120,000		9,060,000
PSS World Medical, Inc. (a)	447,000		9,945,750
Synergy Health PLC	595,411		7,981,096
Team Health Holdings, Inc. (a)	482,941		9,813,361
			113,801,737
Health Care Technology - 0.0%
Omnicell, Inc. (a)	23,300		348,335
Life Sciences Tools & Services - 0.5%
Bruker BioSciences Corp. (a)	609,000		8,787,870
Pharmaceuticals - 1.8%
Cadence Pharmaceuticals, Inc. (a)(d)	767,693		4,475,650
Cardiome Pharma Corp. (a)	1,025,000		3,393,189
Dechra Pharmaceuticals PLC	597,931		4,711,804
Impax Laboratories, Inc. (a)	370,000		6,996,700
Questcor Pharmaceuticals, Inc. (a)	295,000		11,979,950
			31,557,293
TOTAL HEALTH CARE			279,716,467
INDUSTRIALS - 18.7%
Aerospace & Defense - 2.9%
BE Aerospace, Inc. (a)	390,000		14,714,700
Teledyne Technologies, Inc. (a)	327,000		17,811,690
TransDigm Group, Inc. (a)	189,000		17,750,880
			50,277,270
Building Products - 2.0%
A.O. Smith Corp.	308,000		11,445,280
Armstrong World Industries, Inc.	539,000		22,956,009
			34,401,289
Commercial Services & Supplies - 1.3%
Higher One Holdings, Inc. (a)(d)	575,000		10,143,000
Sykes Enterprises, Inc. (a)	719,621		11,463,563
			21,606,563
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 1.9%
Foster Wheeler AG (a)	837,400		$ 17,853,368
Outotec Oyj	311,095		14,543,113
			32,396,481
Electrical Equipment - 2.4%
Acuity Brands, Inc.	340,500		15,765,150
GrafTech International Ltd. (a)	808,000		12,693,680
Zumtobel AG	555,596		11,587,162
			40,045,992
Machinery - 2.9%
Blount International, Inc. (a)	774,000		12,020,220
Greenbrier Companies, Inc. (a)	530,000		9,863,300
Nordson Corp.	293,000		13,586,410
Wabtec Corp.	195,000		13,100,100
			48,570,030
Professional Services - 2.7%
Advisory Board Co. (a)	274,000		16,782,500
Equifax, Inc.	506,400		17,799,960
Kforce, Inc. (a)	956,000		12,198,560
			46,781,020
Trading Companies & Distributors - 2.6%
Rush Enterprises, Inc. Class A (a)	928,254		17,915,302
Watsco, Inc.	279,000		17,203,140
WESCO International, Inc. (a)	205,000		9,934,300
			45,052,742
TOTAL INDUSTRIALS			319,131,387
INFORMATION TECHNOLOGY - 26.9%
Communications Equipment - 2.2%
Anaren, Inc. (a)	656,774		12,564,087
Aruba Networks, Inc. (a)(d)	375,000		8,883,750
Polycom, Inc. (a)	1,013,000		16,744,890
			38,192,727
Computers & Peripherals - 0.9%
Super Micro Computer, Inc. (a)	980,923		15,694,768
Electronic Equipment & Components - 4.8%
Fabrinet (a)	558,429		6,924,520
Insight Enterprises, Inc. (a)	837,400		14,152,060
Jabil Circuit, Inc.	1,013,000		20,827,280
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - continued
OSI Systems, Inc. (a)	349,000		$ 15,460,700
SYNNEX Corp. (a)	467,800		13,505,386
TTM Technologies, Inc. (a)	945,000		10,555,650
			81,425,596
Internet Software & Services - 6.4%
Demand Media, Inc. (d)	1,430,000		9,967,100
LivePerson, Inc. (a)	1,210,000		15,233,900
Open Text Corp. (a)	277,000		16,953,172
Perficient, Inc. (a)(e)	2,061,502		19,646,114
Rackspace Hosting, Inc. (a)(d)	498,000		20,612,220
Sohu.com, Inc. (a)(d)	240,000		14,496,000
Travelzoo, Inc. (a)(d)	413,000		13,158,180
			110,066,686
IT Services - 1.4%
Virtusa Corp. (a)	915,000		14,905,350
WNS Holdings Ltd. sponsored ADR (a)	709,787		8,588,423
			23,493,773
Semiconductors & Semiconductor Equipment - 5.3%
Ceva, Inc. (a)	372,508		11,573,824
Cymer, Inc. (a)	306,901		13,334,848
Entegris, Inc. (a)	2,506,500		22,458,240
Hittite Microwave Corp. (a)	183,821		9,668,985
International Rectifier Corp. (a)	403,000		9,788,870
ON Semiconductor Corp. (a)	1,614,000		12,217,980
Standard Microsystems Corp. (a)	437,185		10,824,701
			89,867,448
Software - 5.9%
Aspen Technology, Inc. (a)	704,000		12,207,360
BroadSoft, Inc. (a)(d)	382,591		13,773,276
ebix.com, Inc. (d)	867,510		14,843,096
Informatica Corp. (a)	274,000		12,467,000
Kenexa Corp. (a)	610,000		13,950,700
Solera Holdings, Inc.	332,000		18,137,160
TIBCO Software, Inc. (a)	550,900		15,915,501
			101,294,093
TOTAL INFORMATION TECHNOLOGY			460,035,091
Common Stocks - continued
	Shares		Value
MATERIALS - 3.4%
Chemicals - 2.2%
Rockwood Holdings, Inc. (a)	435,000		$ 20,027,400
Solutia, Inc. (a)	1,072,000		17,420,000
			37,447,400
Metals & Mining - 1.2%
Carpenter Technology Corp.	352,000		19,965,440
TOTAL MATERIALS			57,412,840
TOTAL COMMON STOCKS (Cost $1,497,568,811)		1,663,719,271
Money Market Funds - 7.7%

Fidelity Cash Central Fund, 0.12% (b)	32,993,281		32,993,281
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	98,977,291		98,977,291
TOTAL MONEY MARKET FUNDS (Cost $131,970,572)		131,970,572
TOTAL INVESTMENT PORTFOLIO - 104.9% (Cost $1,629,539,383)			1,795,689,843
NET OTHER ASSETS (LIABILITIES) - (4.9)%			(84,417,895)
NET ASSETS - 100%		$ 1,711,271,948

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
Fidelity Cash Central Fund	$ 9,783
Fidelity Securities Lending Cash Central Fund	1,299,081
Total	$ 1,308,864

Other Affiliated Issuers

Affiliates	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Calavo Growers, Inc.	$ 16,826,331	$ -	$ 8,059,881	$ -	$ -
Perficient, Inc.	17,202,205	2,900,335	-	-	19,646,114
Total	$ 34,028,536	$ 2,900,335	$ 8,059,881	$ -	$ 19,646,114

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 264,287,367	$ 255,824,592	$ 8,462,775	$ -
Consumer Staples	53,811,875	53,811,875	-	-
Energy	139,367,034	139,367,034	-	-
Financials	89,957,210	89,957,210	-	-
Health Care	279,716,467	279,716,467	-	-
Industrials	319,131,387	319,131,387	-	-
Information Technology	460,035,091	460,035,091	-	-
Materials	57,412,840	57,412,840	-	-
Money Market Funds	131,970,572	131,970,572	-	-
Total Investments in Securities:	$ 1,795,689,843	$ 1,787,227,068	$ 8,462,775	$ -

Income Tax Information

Investment Valuation

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

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 ® Small Cap Value Fund
Small Cap Value

Class F

October 31, 2011

1.823236.107

SCV-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CONSUMER DISCRETIONARY - 13.0%
Diversified Consumer Services - 4.0%
Matthews International Corp. Class A	715,187		$ 25,131,671
Regis Corp. (e)	4,045,824		66,189,681
			91,321,352
Household Durables - 5.8%
KB Home (d)	3,300,000		23,001,000
M.D.C. Holdings, Inc. (d)(e)	2,424,300		54,304,320
Meritage Homes Corp. (a)	1,536,160		27,266,840
Ryland Group, Inc. (d)	2,171,537		29,315,750
			133,887,910
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a)	1,465,159		27,325,215
Ascena Retail Group, Inc. (a)	960,700		27,764,230
Tsutsumi Jewelry Co. Ltd.	791,400		18,443,757
			73,533,202
TOTAL CONSUMER DISCRETIONARY			298,742,464
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 0.3%
Ingles Markets, Inc. Class A	403,831		6,097,848
Food Products - 2.3%
Chiquita Brands International, Inc. (a)	2,070,900		18,389,592
Dean Foods Co. (a)	3,600,000		34,992,000
			53,381,592
TOTAL CONSUMER STAPLES			59,479,440
ENERGY - 3.3%
Energy Equipment & Services - 1.8%
Superior Energy Services, Inc. (a)(d)	1,466,700		41,243,604
Oil, Gas & Consumable Fuels - 1.5%
Berry Petroleum Co. Class A	1,025,000		35,413,750
TOTAL ENERGY			76,657,354
Common Stocks - continued
	Shares		Value
FINANCIALS - 35.0%
Capital Markets - 3.3%
Knight Capital Group, Inc. Class A (a)	3,454,903		$ 43,151,738
Waddell & Reed Financial, Inc. Class A	1,210,000		33,553,300
			76,705,038
Commercial Banks - 11.0%
Associated Banc-Corp.	4,432,650		49,424,048
CapitalSource, Inc.	6,548,461		41,648,212
City National Corp.	784,900		33,295,458
National Penn Bancshares, Inc. (d)	4,266,604		33,279,511
PacWest Bancorp (e)	1,857,600		32,768,064
TCF Financial Corp.	5,255,800		55,921,712
Western Liberty Bancorp (a)(e)	2,400,000		6,528,000
			252,865,005
Insurance - 7.7%
Alterra Capital Holdings Ltd.	2,337,411		50,675,070
Aspen Insurance Holdings Ltd.	1,520,200		40,270,098
Platinum Underwriters Holdings Ltd.	1,694,139		58,668,034
ProAssurance Corp.	350,000		26,792,500
			176,405,702
Real Estate Investment Trusts - 8.1%
DCT Industrial Trust, Inc.	12,180,586		60,415,707
Franklin Street Properties Corp.	3,160,000		40,132,000
Highwoods Properties, Inc. (SBI) (d)	1,720,330		53,295,823
National Retail Properties, Inc. (d)	1,140,000		31,065,000
			184,908,530
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,996,875		25,959,375
Thrifts & Mortgage Finance - 3.8%
Astoria Financial Corp. (d)(e)	5,418,152		44,970,662
Washington Federal, Inc.	3,086,175		42,126,289
			87,096,951
TOTAL FINANCIALS			803,940,601
HEALTH CARE - 7.9%
Health Care Providers & Services - 7.9%
Centene Corp. (a)	1,274,832		44,810,345
Chemed Corp.	390,200		23,162,272
MEDNAX, Inc. (a)	779,700		51,304,260
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)(e)	1,016,495		$ 12,706,188
Team Health Holdings, Inc. (a)	2,441,500		49,611,280
			181,594,345
INDUSTRIALS - 14.6%
Commercial Services & Supplies - 7.7%
ACCO Brands Corp. (a)	2,170,000		14,907,900
HNI Corp. (d)(e)	3,049,619		73,343,336
Knoll, Inc.	1,712,898		26,121,695
United Stationers, Inc.	1,980,800		63,009,248
			177,382,179
Machinery - 2.4%
Blount International, Inc. (a)(e)	2,604,723		40,451,348
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,047,872		15,707,601
			56,158,949
Trading Companies & Distributors - 4.5%
H&E Equipment Services, Inc. (a)(e)	2,742,264		30,082,636
WESCO International, Inc. (a)	1,503,633		72,866,055
			102,948,691
TOTAL INDUSTRIALS			336,489,819
INFORMATION TECHNOLOGY - 11.7%
Communications Equipment - 1.9%
ViaSat, Inc. (a)	1,034,472		44,058,162
Electronic Equipment & Components - 6.8%
Ingram Micro, Inc. Class A (a)	2,753,100		49,225,428
Macnica, Inc.	677,400		14,315,872
Ryoyo Electro Corp. (e)	1,972,700		17,922,317
SYNNEX Corp. (a)	675,710		19,507,748
Tech Data Corp. (a)	1,114,600		54,816,028
			155,787,393
Internet Software & Services - 1.0%
j2 Global Communications, Inc.	730,149		22,473,986
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		11,192,515
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 1.5%
Monotype Imaging Holdings, Inc. (a)(e)	2,604,000		$ 35,336,280
TOTAL INFORMATION TECHNOLOGY			268,848,336
MATERIALS - 5.0%
Chemicals - 0.9%
PolyOne Corp.	1,750,000		19,582,500
Metals & Mining - 4.1%
Carpenter Technology Corp.	634,380		35,982,034
Haynes International, Inc.	496,108		29,017,357
RTI International Metals, Inc. (a)	1,120,997		29,583,111
			94,582,502
TOTAL MATERIALS			114,165,002
UTILITIES - 5.4%
Electric Utilities - 2.1%
Westar Energy, Inc. (d)	1,760,000		47,977,600
Gas Utilities - 3.3%
Southwest Gas Corp.	836,756		33,035,127
UGI Corp.	1,502,654		43,081,090
			76,116,217
TOTAL UTILITIES			124,093,817
TOTAL COMMON STOCKS (Cost $2,075,530,947)		2,264,011,178
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		10,933,328
FINANCIALS - 0.8%
Real Estate Investment Trusts - 0.8%
DDR Corp. Series H, 7.375%	818,790		19,151,498
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		30,084,826
Money Market Funds - 6.2%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	4,271,298		$ 4,271,298
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	137,580,075		137,580,075
TOTAL MONEY MARKET FUNDS (Cost $141,851,373)		141,851,373
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $2,237,737,090)			2,435,947,377
NET OTHER ASSETS (LIABILITIES) - (6.0)%			(137,032,201)
NET ASSETS - 100%		$ 2,298,915,176

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
Fidelity Cash Central Fund	$ 2,324
Fidelity Securities Lending Cash Central Fund	34,208
Total	$ 36,532

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 56,131,471	$ 5,135,258	$ -	$ 652,360	$ 44,970,662
Blount International, Inc.	43,316,543	-	-	-	40,451,348
Columbus McKinnon Corp. (NY Shares)	15,792,000	1,137,487	-	-	15,707,601
DCT Industrial Trust, Inc.	74,961,776	-	7,151,583	856,141	-
Forestar Group, Inc.	-	24,473,760	-	-	25,959,375
H&E Equipment Services, Inc.	29,272,896	2,743,497	-	-	30,082,636
Haynes International, Inc.	42,301,857	-	8,879,973	119,222	-
HNI Corp.	49,131,621	18,981,945	7,942,190	598,473	73,343,336
Ingles Markets, Inc. Class A	10,225,970	-	3,819,157	78,182	-
M.D.C. Holdings, Inc.	54,813,423	-	-	606,075	54,304,320
Miraial Co. Ltd.	15,046,860	-	-	-	11,192,515
Monotype Imaging Holdings, Inc.	35,396,690	274,945	-	-	35,336,280
PacWest Bancorp	36,873,360	-	-	18,576	32,768,064
Providence Service Corp.	12,045,466	-	-	-	12,706,188
Regis Corp.	60,080,486	-	-	242,749	66,189,681
Ryoyo Electro Corp.	19,684,709	-	-	-	17,922,317
Western Liberty Bancorp	7,248,000	-	-	-	6,528,000
Total	$ 562,323,128	$ 52,746,892	$ 27,792,903	$ 3,171,778	$ 467,462,323

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 309,675,792	$ 291,232,035	$ 18,443,757	$ -
Consumer Staples	59,479,440	59,479,440	-	-
Energy	76,657,354	76,657,354	-	-
Financials	823,092,099	823,092,099	-	-
Health Care	181,594,345	181,594,345	-	-
Industrials	336,489,819	336,489,819	-	-
Information Technology	268,848,336	225,417,632	43,430,704	-
Materials	114,165,002	114,165,002	-	-
Utilities	124,093,817	124,093,817	-	-
Money Market Funds	141,851,373	141,851,373	-	-
Total Investments in Securities:	$ 2,435,947,377	$ 2,374,072,916	$ 61,874,461	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $2,239,747,925. Net unrealized appreciation aggregated $196,199,452, of which $373,744,816 related to appreciated investment securities and $177,545,364 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

Quarterly Holdings Report

for

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

Class A, Class T, Class B, Class C
and Institutional Class are classes of
Fidelity® Small Cap Value Fund

October 31, 2011

1.824309.107

ASCV-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares		Value
CONSUMER DISCRETIONARY - 13.0%
Diversified Consumer Services - 4.0%
Matthews International Corp. Class A	715,187		$ 25,131,671
Regis Corp. (e)	4,045,824		66,189,681
			91,321,352
Household Durables - 5.8%
KB Home (d)	3,300,000		23,001,000
M.D.C. Holdings, Inc. (d)(e)	2,424,300		54,304,320
Meritage Homes Corp. (a)	1,536,160		27,266,840
Ryland Group, Inc. (d)	2,171,537		29,315,750
			133,887,910
Specialty Retail - 3.2%
Asbury Automotive Group, Inc. (a)	1,465,159		27,325,215
Ascena Retail Group, Inc. (a)	960,700		27,764,230
Tsutsumi Jewelry Co. Ltd.	791,400		18,443,757
			73,533,202
TOTAL CONSUMER DISCRETIONARY			298,742,464
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 0.3%
Ingles Markets, Inc. Class A	403,831		6,097,848
Food Products - 2.3%
Chiquita Brands International, Inc. (a)	2,070,900		18,389,592
Dean Foods Co. (a)	3,600,000		34,992,000
			53,381,592
TOTAL CONSUMER STAPLES			59,479,440
ENERGY - 3.3%
Energy Equipment & Services - 1.8%
Superior Energy Services, Inc. (a)(d)	1,466,700		41,243,604
Oil, Gas & Consumable Fuels - 1.5%
Berry Petroleum Co. Class A	1,025,000		35,413,750
TOTAL ENERGY			76,657,354
Common Stocks - continued
	Shares		Value
FINANCIALS - 35.0%
Capital Markets - 3.3%
Knight Capital Group, Inc. Class A (a)	3,454,903		$ 43,151,738
Waddell & Reed Financial, Inc. Class A	1,210,000		33,553,300
			76,705,038
Commercial Banks - 11.0%
Associated Banc-Corp.	4,432,650		49,424,048
CapitalSource, Inc.	6,548,461		41,648,212
City National Corp.	784,900		33,295,458
National Penn Bancshares, Inc. (d)	4,266,604		33,279,511
PacWest Bancorp (e)	1,857,600		32,768,064
TCF Financial Corp.	5,255,800		55,921,712
Western Liberty Bancorp (a)(e)	2,400,000		6,528,000
			252,865,005
Insurance - 7.7%
Alterra Capital Holdings Ltd.	2,337,411		50,675,070
Aspen Insurance Holdings Ltd.	1,520,200		40,270,098
Platinum Underwriters Holdings Ltd.	1,694,139		58,668,034
ProAssurance Corp.	350,000		26,792,500
			176,405,702
Real Estate Investment Trusts - 8.1%
DCT Industrial Trust, Inc.	12,180,586		60,415,707
Franklin Street Properties Corp.	3,160,000		40,132,000
Highwoods Properties, Inc. (SBI) (d)	1,720,330		53,295,823
National Retail Properties, Inc. (d)	1,140,000		31,065,000
			184,908,530
Real Estate Management & Development - 1.1%
Forestar Group, Inc. (a)(e)	1,996,875		25,959,375
Thrifts & Mortgage Finance - 3.8%
Astoria Financial Corp. (d)(e)	5,418,152		44,970,662
Washington Federal, Inc.	3,086,175		42,126,289
			87,096,951
TOTAL FINANCIALS			803,940,601
HEALTH CARE - 7.9%
Health Care Providers & Services - 7.9%
Centene Corp. (a)	1,274,832		44,810,345
Chemed Corp.	390,200		23,162,272
MEDNAX, Inc. (a)	779,700		51,304,260
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Providence Service Corp. (a)(e)	1,016,495		$ 12,706,188
Team Health Holdings, Inc. (a)	2,441,500		49,611,280
			181,594,345
INDUSTRIALS - 14.6%
Commercial Services & Supplies - 7.7%
ACCO Brands Corp. (a)	2,170,000		14,907,900
HNI Corp. (d)(e)	3,049,619		73,343,336
Knoll, Inc.	1,712,898		26,121,695
United Stationers, Inc.	1,980,800		63,009,248
			177,382,179
Machinery - 2.4%
Blount International, Inc. (a)(e)	2,604,723		40,451,348
Columbus McKinnon Corp. (NY Shares) (a)(e)	1,047,872		15,707,601
			56,158,949
Trading Companies & Distributors - 4.5%
H&E Equipment Services, Inc. (a)(e)	2,742,264		30,082,636
WESCO International, Inc. (a)	1,503,633		72,866,055
			102,948,691
TOTAL INDUSTRIALS			336,489,819
INFORMATION TECHNOLOGY - 11.7%
Communications Equipment - 1.9%
ViaSat, Inc. (a)	1,034,472		44,058,162
Electronic Equipment & Components - 6.8%
Ingram Micro, Inc. Class A (a)	2,753,100		49,225,428
Macnica, Inc.	677,400		14,315,872
Ryoyo Electro Corp. (e)	1,972,700		17,922,317
SYNNEX Corp. (a)	675,710		19,507,748
Tech Data Corp. (a)	1,114,600		54,816,028
			155,787,393
Internet Software & Services - 1.0%
j2 Global Communications, Inc.	730,149		22,473,986
Semiconductors & Semiconductor Equipment - 0.5%
Miraial Co. Ltd. (e)	720,200		11,192,515
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Software - 1.5%
Monotype Imaging Holdings, Inc. (a)(e)	2,604,000		$ 35,336,280
TOTAL INFORMATION TECHNOLOGY			268,848,336
MATERIALS - 5.0%
Chemicals - 0.9%
PolyOne Corp.	1,750,000		19,582,500
Metals & Mining - 4.1%
Carpenter Technology Corp.	634,380		35,982,034
Haynes International, Inc.	496,108		29,017,357
RTI International Metals, Inc. (a)	1,120,997		29,583,111
			94,582,502
TOTAL MATERIALS			114,165,002
UTILITIES - 5.4%
Electric Utilities - 2.1%
Westar Energy, Inc. (d)	1,760,000		47,977,600
Gas Utilities - 3.3%
Southwest Gas Corp.	836,756		33,035,127
UGI Corp.	1,502,654		43,081,090
			76,116,217
TOTAL UTILITIES			124,093,817
TOTAL COMMON STOCKS (Cost $2,075,530,947)		2,264,011,178
Nonconvertible Preferred Stocks - 1.3%

CONSUMER DISCRETIONARY - 0.5%
Household Durables - 0.5%
M/I Homes, Inc. Series A, 9.75% (a)	750,400		10,933,328
FINANCIALS - 0.8%
Real Estate Investment Trusts - 0.8%
DDR Corp. Series H, 7.375%	818,790		19,151,498
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $20,354,770)		30,084,826
Money Market Funds - 6.2%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	4,271,298		$ 4,271,298
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	137,580,075		137,580,075
TOTAL MONEY MARKET FUNDS (Cost $141,851,373)		141,851,373
TOTAL INVESTMENT PORTFOLIO - 106.0% (Cost $2,237,737,090)			2,435,947,377
NET OTHER ASSETS (LIABILITIES) - (6.0)%			(137,032,201)
NET ASSETS - 100%		$ 2,298,915,176

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
Fidelity Cash Central Fund	$ 2,324
Fidelity Securities Lending Cash Central Fund	34,208
Total	$ 36,532

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Astoria Financial Corp.	$ 56,131,471	$ 5,135,258	$ -	$ 652,360	$ 44,970,662
Blount International, Inc.	43,316,543	-	-	-	40,451,348
Columbus McKinnon Corp. (NY Shares)	15,792,000	1,137,487	-	-	15,707,601
DCT Industrial Trust, Inc.	74,961,776	-	7,151,583	856,141	-
Forestar Group, Inc.	-	24,473,760	-	-	25,959,375
H&E Equipment Services, Inc.	29,272,896	2,743,497	-	-	30,082,636
Haynes International, Inc.	42,301,857	-	8,879,973	119,222	-
HNI Corp.	49,131,621	18,981,945	7,942,190	598,473	73,343,336
Ingles Markets, Inc. Class A	10,225,970	-	3,819,157	78,182	-
M.D.C. Holdings, Inc.	54,813,423	-	-	606,075	54,304,320
Miraial Co. Ltd.	15,046,860	-	-	-	11,192,515
Monotype Imaging Holdings, Inc.	35,396,690	274,945	-	-	35,336,280
PacWest Bancorp	36,873,360	-	-	18,576	32,768,064
Providence Service Corp.	12,045,466	-	-	-	12,706,188
Regis Corp.	60,080,486	-	-	242,749	66,189,681
Ryoyo Electro Corp.	19,684,709	-	-	-	17,922,317
Western Liberty Bancorp	7,248,000	-	-	-	6,528,000
Total	$ 562,323,128	$ 52,746,892	$ 27,792,903	$ 3,171,778	$ 467,462,323

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 309,675,792	$ 291,232,035	$ 18,443,757	$ -
Consumer Staples	59,479,440	59,479,440	-	-
Energy	76,657,354	76,657,354	-	-
Financials	823,092,099	823,092,099	-	-
Health Care	181,594,345	181,594,345	-	-
Industrials	336,489,819	336,489,819	-	-
Information Technology	268,848,336	225,417,632	43,430,704	-
Materials	114,165,002	114,165,002	-	-
Utilities	124,093,817	124,093,817	-	-
Money Market Funds	141,851,373	141,851,373	-	-
Total Investments in Securities:	$ 2,435,947,377	$ 2,374,072,916	$ 61,874,461	$ -

Income Tax Information

Investment Valuation

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.

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 ® Series Real
Estate Equity Fund

October 31, 2011

1.930458.100

SLE-QTLY-1211

Investments October 31, 2011 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%
	Shares		Value
HEALTH CARE PROVIDERS & SERVICES - 3.5%
Health Care Facilities - 3.5%
Brookdale Senior Living, Inc. (a)	435,300		$ 7,217,274
Emeritus Corp. (a)	352,900		6,249,859
Sunrise Senior Living, Inc. (a)	271,800		1,494,900
TOTAL HEALTH CARE FACILITIES			14,962,033
REAL ESTATE INVESTMENT TRUSTS - 90.3%
REITs - Apartments - 16.9%
AvalonBay Communities, Inc.	42,200		5,641,718
BRE Properties, Inc.	37,500		1,879,500
Camden Property Trust (SBI)	245,900		14,911,376
Education Realty Trust, Inc.	977,100		9,038,175
Equity Residential (SBI)	247,300		14,511,564
Essex Property Trust, Inc.	115,600		16,503,056
Post Properties, Inc.	230,700		9,477,156
TOTAL REITS - APARTMENTS			71,962,545
REITs - Health Care Facilities - 9.6%
HCP, Inc.	222,300		8,858,655
Health Care REIT, Inc.	91,700		4,831,673
Ventas, Inc.	486,700		27,065,387
TOTAL REITS - HEALTH CARE FACILITIES			40,755,715
REITs - Hotels - 4.6%
Chesapeake Lodging Trust	412,000		6,155,280
DiamondRock Hospitality Co.	552,600		5,001,030
Host Hotels & Resorts, Inc.	413,700		5,903,499
Sunstone Hotel Investors, Inc. (a)	346,800		2,410,260
TOTAL REITS - HOTELS			19,470,069
REITs - Industrial Buildings - 14.7%
DCT Industrial Trust, Inc.	662,300		3,285,008
Prologis, Inc.	832,500		24,775,200
Public Storage	255,600		32,985,180
Stag Industrial, Inc.	137,100		1,472,454
TOTAL REITS - INDUSTRIAL BUILDINGS			62,517,842
Common Stocks - continued
	Shares		Value
REAL ESTATE INVESTMENT TRUSTS - CONTINUED
REITs - Malls - 16.6%
CBL & Associates Properties, Inc.	799,400		$ 12,294,772
Simon Property Group, Inc.	387,200		49,731,968
The Macerich Co.	169,400		8,429,344
TOTAL REITS - MALLS			70,456,084
REITs - Management/Investment - 3.5%
Digital Realty Trust, Inc.	217,700		13,569,241
Lexington Corporate Properties Trust	150,600		1,183,716
TOTAL REITS - MANAGEMENT/INVESTMENT			14,752,957
REITs - Office Buildings - 16.1%
Alexandria Real Estate Equities, Inc.	160,300		10,594,227
Boston Properties, Inc.	191,500		18,956,585
Douglas Emmett, Inc.	542,300		10,574,850
Highwoods Properties, Inc. (SBI)	351,700		10,895,666
SL Green Realty Corp.	248,500		17,144,015
TOTAL REITS - OFFICE BUILDINGS			68,165,343
REITs - Shopping Centers - 8.3%
Acadia Realty Trust (SBI)	384,800		7,973,056
DDR Corp.	865,400		11,085,774
Excel Trust, Inc.	169,800		1,784,598
Glimcher Realty Trust	495,900		4,542,444
Kite Realty Group Trust	372,700		1,539,251
Vornado Realty Trust	99,900		8,272,719
TOTAL REITS - SHOPPING CENTERS			35,197,842
TOTAL REAL ESTATE INVESTMENT TRUSTS			383,278,397
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.3%
Diversified Real Estate Activities - 0.8%
The St. Joe Co. (a)	226,100		3,244,535
Common Stocks - continued
	Shares		Value
REAL ESTATE MANAGEMENT & DEVELOPMENT - CONTINUED
Real Estate Operating Companies - 1.5%
Brookfield Properties Corp.	189,800		$ 3,114,940
Forest City Enterprises, Inc. Class A (a)	236,300		3,232,584
TOTAL REAL ESTATE OPERATING COMPANIES			6,347,524
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT			9,592,059
TOTAL COMMON STOCKS (Cost $386,389,278)		407,832,489
Convertible Preferred Stocks - 0.1%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
Real Estate Services - 0.1%
Grubb & Ellis Co.:
12.00% (c)	11,100		282,495
12.00% (c)	4,100		104,345
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $368,448)			386,840
Money Market Funds - 3.0%

Fidelity Cash Central Fund, 0.12% (b) (Cost $12,851,559)	12,851,559		12,851,559
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $399,609,285)			421,070,888
NET OTHER ASSETS (LIABILITIES) - 0.8%			3,405,388
NET ASSETS - 100%		$ 424,476,276

Legend

(a) Non-income producing

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $386,840 or 0.1% 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	$ 218

Other Information

The following is a summary of the inputs used, as of October 31, 2011, 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	Total	Level 1	Level 2	Level 3
Investments in Securities:
Common Stocks	$ 407,832,489	$ 407,832,489	$ -	$ -
Convertible Preferred Stocks	386,840	-	386,840	-
Money Market Funds	12,851,559	12,851,559	-	-
Total Investments in Securities:	$ 421,070,888	$ 420,684,048	$ 386,840	$ -

Income Tax Information

At October 31, 2011, the cost of investment securities for income tax purposes was $399,609,285. Net unrealized appreciation aggregated $21,461,603, of which $22,049,438 related to appreciated investment securities and $587,835 related to depreciated investment securities.

Investment Valuation

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.

Quarterly Report

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

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

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund'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 Securities Fund

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

Date:	December 30, 2011

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:	December 30, 2011

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

Date:	December 30, 2011

EX-99.CERT 2 ex99.htm

Exhibit EX-99.CERT

I, Kenneth B. Robins, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 30, 2011

/s/Kenneth B. Robins

Kenneth B. Robins

President and Treasurer

I, Christine Reynolds, certify that:

1. I have reviewed this report on Form N-Q of Fidelity Securities Fund;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 30, 2011

/s/Christine Reynolds

Christine Reynolds

Chief Financial Officer