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)

Eric D. Roiter, 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, 2006

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Blue Chip Growth Fund

October 31, 2006

1.809076.102

BCF-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 8.8%
Hotels, Restaurants & Leisure - 0.4%
McDonald's Corp.	1,853,700		$ 77,707
Household Durables - 0.3%
Sony Corp. sponsored ADR	1,287,900		52,778
Media - 2.0%
McGraw-Hill Companies, Inc.	2,354,200		151,069
News Corp. Class B	7,239,200		157,380
Omnicom Group, Inc.	857,200		86,963
Univision Communications, Inc. Class A (a)	308,100		10,802
			406,214
Multiline Retail - 2.5%
Federated Department Stores, Inc.	2,454,200		107,764
Kohl's Corp. (a)	945,800		66,773
Target Corp.	5,785,300		342,374
			516,911
Specialty Retail - 3.6%
Best Buy Co., Inc.	4,127,900		228,066
Home Depot, Inc.	6,437,700		240,319
O'Reilly Automotive, Inc. (a)	1,036,300		33,462
Staples, Inc.	7,006,600		180,700
Urban Outfitters, Inc. (a)	3,050,200		53,379
			735,926
TOTAL CONSUMER DISCRETIONARY			1,789,536
CONSUMER STAPLES - 12.1%
Beverages - 1.5%
PepsiCo, Inc.	4,909,162		311,437
Food & Staples Retailing - 4.0%
CVS Corp.	2,771,700		86,976
Safeway, Inc.	300,000		8,808
Wal-Mart Stores, Inc.	10,562,555		520,523
Walgreen Co.	4,652,600		203,226
			819,533
Food Products - 1.0%
Archer-Daniels-Midland Co.	230,000		8,855
Bunge Ltd.	147,000		9,424
Cosan SA Industria E Comercio	392,100		6,703
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food Products - continued
Global Bio-Chem Technology Group Co. Ltd.	35,330,000		$ 10,358
Nestle SA sponsored ADR	2,031,000		174,260
			209,600
Household Products - 2.7%
Colgate-Palmolive Co.	4,145,700		265,200
Procter & Gamble Co.	4,330,630		274,519
			539,719
Personal Products - 1.3%
Avon Products, Inc.	8,798,100		267,550
Tobacco - 1.6%
Altria Group, Inc.	3,894,700		316,756
TOTAL CONSUMER STAPLES			2,464,595
ENERGY - 5.1%
Energy Equipment & Services - 3.8%
Baker Hughes, Inc.	2,573,200		177,679
Diamond Offshore Drilling, Inc.	986,000		68,261
National Oilwell Varco, Inc. (a)	144,973		8,756
Schlumberger Ltd. (NY Shares)	5,366,000		338,487
Transocean, Inc. (a)	1,269,600		92,097
Weatherford International Ltd. (a)	2,306,900		94,767
			780,047
Oil, Gas & Consumable Fuels - 1.3%
EOG Resources, Inc.	1,565,800		104,173
Tesoro Corp.	235,000		15,026
Ultra Petroleum Corp. (a)	520,000		27,752
Valero Energy Corp.	2,088,700		109,302
VeraSun Energy Corp. (d)	140,000		2,575
			258,828
TOTAL ENERGY			1,038,875
FINANCIALS - 8.6%
Capital Markets - 1.6%
E*TRADE Securities Co. Ltd. (d)	6,000		6,310
optionsXpress Holdings, Inc.	300,000		9,324
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Capital Markets - continued
State Street Corp.	2,915,500		$ 187,263
UBS AG (NY Shares)	2,047,300		122,510
			325,407
Commercial Banks - 0.6%
Mizuho Financial Group, Inc.	1,896		14,768
Wells Fargo & Co.	2,839,300		103,038
			117,806
Consumer Finance - 1.8%
American Express Co.	4,787,529		276,767
Capital One Financial Corp.	541,900		42,989
SLM Corp.	1,188,300		57,846
			377,602
Diversified Financial Services - 0.0%
IntercontinentalExchange, Inc.	72,200		6,095
Insurance - 4.5%
AFLAC, Inc.	1,943,800		87,315
AMBAC Financial Group, Inc.	389,800		32,544
American International Group, Inc.	9,851,255		661,709
Hartford Financial Services Group, Inc.	115,000		10,025
Prudential Financial, Inc.	1,552,900		119,465
			911,058
Thrifts & Mortgage Finance - 0.1%
Fannie Mae	403,900		23,935
TOTAL FINANCIALS			1,761,903
HEALTH CARE - 23.5%
Biotechnology - 5.0%
Alkermes, Inc. (a)	441,300		7,414
Alnylam Pharmaceuticals, Inc. (a)(d)	287,800		5,675
Amgen, Inc. (a)	4,149,000		314,951
Amylin Pharmaceuticals, Inc. (a)	1,279,400		56,242
Biogen Idec, Inc. (a)	2,033,750		96,807
Cephalon, Inc. (a)(d)	664,500		46,635
Genentech, Inc. (a)	3,791,100		315,799
Gilead Sciences, Inc. (a)	2,114,900		145,717
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Biotechnology - continued
Telik, Inc. (a)	750,000		$ 14,213
Theravance, Inc. (a)	400,000		12,584
			1,016,037
Health Care Equipment & Supplies - 3.4%
Baxter International, Inc.	5,044,000		231,873
Becton, Dickinson & Co.	1,212,300		84,897
C.R. Bard, Inc.	2,654,700		217,579
Medtronic, Inc.	1,654,800		80,556
St. Jude Medical, Inc. (a)	2,386,000		81,959
			696,864
Health Care Providers & Services - 3.9%
Acibadem Saglik Hizmetleri AS	1,500,000		16,469
Cardinal Health, Inc.	2,288,575		149,787
McKesson Corp.	1,137,600		56,982
Medco Health Solutions, Inc. (a)	1,170,000		62,595
Omnicare, Inc.	1,471,800		55,752
UnitedHealth Group, Inc.	7,842,500		382,557
WellPoint, Inc. (a)	888,300		67,795
			791,937
Life Sciences Tools & Services - 1.0%
Fisher Scientific International, Inc. (a)	636,500		54,497
Millipore Corp. (a)	1,346,000		86,857
Ventana Medical Systems, Inc. (a)	250,000		10,098
Waters Corp. (a)	1,208,700		60,193
			211,645
Pharmaceuticals - 10.2%
Allergan, Inc.	1,131,200		130,654
Barr Pharmaceuticals, Inc. (a)	1,332,300		69,773
Johnson & Johnson	12,344,704		832,031
Merck & Co., Inc.	6,724,300		305,418
Nastech Pharmaceutical Co., Inc. (a)(d)(e)	2,095,100		36,853
Novartis AG sponsored ADR	3,130,500		190,115
Pfizer, Inc.	581,000		15,484
Schering-Plough Corp.	5,534,700		122,538
Wyeth	7,495,700		382,506
			2,085,372
TOTAL HEALTH CARE			4,801,855
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 9.8%
Aerospace & Defense - 3.0%
General Dynamics Corp.	1,141,000		$ 81,125
Honeywell International, Inc.	5,607,200		236,175
Rockwell Collins, Inc.	1,617,400		93,939
United Technologies Corp.	3,043,500		200,019
			611,258
Air Freight & Logistics - 0.6%
FedEx Corp.	1,080,900		123,806
Construction & Engineering - 0.8%
Fluor Corp.	1,904,700		149,386
Jacobs Engineering Group, Inc. (a)	126,000		9,518
			158,904
Electrical Equipment - 0.2%
Q-Cells AG	375,000		14,838
SolarWorld AG	250,000		13,447
Vestas Wind Systems AS (a)	360,700		10,160
			38,445
Industrial Conglomerates - 4.7%
3M Co.	1,126,800		88,837
General Electric Co.	22,775,500		799,648
Tyco International Ltd.	2,889,000		85,023
			973,508
Machinery - 0.2%
Deere & Co.	428,800		36,504
Road & Rail - 0.3%
Burlington Northern Santa Fe Corp.	915,400		70,971
TOTAL INDUSTRIALS			2,013,396
INFORMATION TECHNOLOGY - 25.0%
Communications Equipment - 4.9%
Alcatel SA sponsored ADR (d)	10,277,800		130,528
AudioCodes Ltd. (a)(e)	3,433,500		38,043
Cisco Systems, Inc. (a)	14,665,600		353,881
Corning, Inc. (a)	4,191,400		85,630
Harris Corp.	2,462,000		104,881
Juniper Networks, Inc. (a)	183,900		3,167
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Communications Equipment - continued
QUALCOMM, Inc.	7,129,000		$ 259,424
Sonus Networks, Inc. (a)	3,200,778		16,740
			992,294
Computers & Peripherals - 4.7%
Apple Computer, Inc. (a)	5,545,000		449,589
EMC Corp. (a)	17,433,600		213,562
Hewlett-Packard Co.	5,010,400		194,103
Intermec, Inc. (a)	1,113,373		25,162
Network Appliance, Inc. (a)	1,914,700		69,887
Rackable Systems, Inc. (a)	551,600		17,105
			969,408
Electronic Equipment & Instruments - 1.2%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	2,018,400		13,111
Jabil Circuit, Inc.	7,891,200		226,556
			239,667
Internet Software & Services - 2.7%
aQuantive, Inc. (a)	1,112,000		30,224
Google, Inc. Class A (sub. vtg.) (a)	881,800		420,081
Yahoo!, Inc. (a)	4,013,364		105,712
			556,017
IT Services - 1.2%
Affiliated Computer Services, Inc. Class A (a)	1,303,800		69,727
Cognizant Technology Solutions Corp. Class A (a)	1,316,300		99,091
Western Union Co. (a)	3,439,300		75,837
			244,655
Office Electronics - 0.0%
Zebra Technologies Corp. Class A (a)	200,000		7,454
Semiconductors & Semiconductor Equipment - 4.5%
Altera Corp. (a)	2,846,100		52,482
Applied Materials, Inc.	9,790,300		170,253
Cree, Inc. (a)(d)	704,700		15,496
Cypress Semiconductor Corp. (a)	850,000		14,272
Intel Corp.	11,241,440		239,892
KLA-Tencor Corp.	1,608,900		79,110
Marvell Technology Group Ltd. (a)	2,993,200		54,716
Microchip Technology, Inc.	2,131,800		70,200
National Semiconductor Corp.	3,962,500		96,249
PMC-Sierra, Inc. (a)	2,732,100		18,114
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
Renewable Energy Corp. AS (d)	1,840,700		$ 30,553
Samsung Electronics Co. Ltd.	96,070		62,296
Silicon Laboratories, Inc. (a)	143,300		4,676
Teradyne, Inc. (a)	1,448,900		20,314
			928,623
Software - 5.8%
Autodesk, Inc. (a)	2,277,300		83,691
Business Objects SA sponsored ADR (a)	250,000		9,260
Citrix Systems, Inc. (a)	305,983		9,036
Cognos, Inc. (a)	200,000		7,296
Electronic Arts, Inc. (a)	2,025,800		107,145
Hyperion Solutions Corp. (a)	635,000		23,749
Intuit, Inc. (a)	1,955,000		69,012
Microsoft Corp.	23,091,200		662,948
Oracle Corp. (a)	10,957,400		202,383
			1,174,520
TOTAL INFORMATION TECHNOLOGY			5,112,638
MATERIALS - 2.7%
Chemicals - 2.0%
Monsanto Co.	3,896,800		172,316
Potash Corp. of Saskatchewan, Inc.	840,800		105,016
Praxair, Inc.	2,117,700		127,591
Tokuyama Corp.	551,600		6,942
			411,865
Metals & Mining - 0.7%
Allegheny Technologies, Inc. (d)	1,505,000		118,489
Oregon Steel Mills, Inc. (a)	298,700		16,249
			134,738
TOTAL MATERIALS			546,603
TELECOMMUNICATION SERVICES - 2.3%
Diversified Telecommunication Services - 1.7%
AT&T, Inc.	6,638,800		227,379
Cbeyond, Inc. (d)	780,778		23,689
Verizon Communications, Inc.	2,478,800		91,716
			342,784
Common Stocks - continued
	Shares		Value (000s)
TELECOMMUNICATION SERVICES - continued
Wireless Telecommunication Services - 0.6%
American Tower Corp. Class A (a)	3,452,300		$ 124,352
TOTAL TELECOMMUNICATION SERVICES			467,136
TOTAL COMMON STOCKS (Cost $16,751,933)		19,996,537
Convertible Preferred Stocks - 0.0%

INFORMATION TECHNOLOGY - 0.0%
Communications Equipment - 0.0%
Chorum Technologies, Inc. Series E (a)(f)	132,000		0
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,980)		0
Money Market Funds - 2.6%

Fidelity Cash Central Fund, 5.34% (b)	420,544,559		420,545
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	118,267,515		118,268
TOTAL MONEY MARKET FUNDS (Cost $538,813)		538,813
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $17,292,726)		20,535,350
NET OTHER ASSETS - (0.5)%			(110,129)
NET ASSETS - 100%		$ 20,425,221

Legend

(a) Non-income producing

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

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

(e) Affiliated company

(f) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $0 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Chorum Technologies, Inc. Series E	9/19/00	$ 1,980

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 3,178
Fidelity Securities Lending Cash Central Fund	280
Total	$ 3,458

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
AudioCodes Ltd.	$ 33,305	$ -	$ -	$ -	$ 38,043
Nastech Pharmaceutical Co., Inc.	28,514	-	-	-	36,853
Total	$ 61,819	$ -	$ -	$ -	$ 74,896

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $17,304,393,000. Net unrealized appreciation aggregated $3,230,957,000, of which $3,743,531,000 related to appreciated investment securities and $512,574,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Blue Chip Value Fund

October 31, 2006

1.809087.102

BCV-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%
	Shares		Value
CONSUMER DISCRETIONARY - 7.9%
Diversified Consumer Services - 0.4%
Apollo Group, Inc. Class A (a)	37,900		$ 1,400,784
Hotels, Restaurants & Leisure - 0.7%
Gaylord Entertainment Co. (a)	15,400		716,716
McDonald's Corp.	37,000		1,551,040
			2,267,756
Household Durables - 1.1%
D.R. Horton, Inc.	19,400		454,542
KB Home	17,700		795,438
Sony Corp. sponsored ADR	32,500		1,331,850
Toll Brothers, Inc. (a)	16,700		482,797
Whirlpool Corp.	5,100		443,343
			3,507,970
Leisure Equipment & Products - 0.5%
Eastman Kodak Co.	65,200		1,590,880
Media - 2.2%
CBS Corp. Class B	16,520		478,089
Clear Channel Communications, Inc.	17,900		623,815
Clear Channel Outdoor Holding, Inc. Class A	10,500		257,775
Comcast Corp. Class A	34,600		1,407,182
Live Nation, Inc. (a)	12,100		257,246
News Corp. Class A	52,432		1,093,207
The Walt Disney Co.	64,400		2,026,024
Univision Communications, Inc. Class A (a)	16,300		571,478
Viacom, Inc. Class B (non-vtg.) (a)	9,220		358,842
			7,073,658
Multiline Retail - 1.4%
Family Dollar Stores, Inc.	15,500		456,475
Federated Department Stores, Inc.	32,100		1,409,511
Kohl's Corp. (a)	12,900		910,740
Saks, Inc.	39,000		754,260
Sears Holdings Corp. (a)	6,000		1,046,820
			4,577,806
Specialty Retail - 1.5%
Best Buy Co., Inc.	19,400		1,071,850
Circuit City Stores, Inc.	13,700		369,626
Home Depot, Inc.	35,200		1,314,016
OfficeMax, Inc.	18,200		865,956
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Specialty Retail - continued
Staples, Inc.	18,900		$ 487,431
TJX Companies, Inc.	18,100		523,995
			4,632,874
Textiles, Apparel & Luxury Goods - 0.1%
VF Corp.	4,000		304,040
TOTAL CONSUMER DISCRETIONARY			25,355,768
CONSUMER STAPLES - 6.5%
Beverages - 1.1%
Diageo PLC sponsored ADR	20,700		1,541,529
PepsiAmericas, Inc.	23,800		486,710
The Coca-Cola Co.	31,900		1,490,368
			3,518,607
Food & Staples Retailing - 2.1%
CVS Corp.	19,400		608,772
Kroger Co.	95,200		2,141,048
Rite Aid Corp.	214,400		1,003,392
Safeway, Inc.	27,600		810,336
Wal-Mart Stores, Inc.	45,400		2,237,312
			6,800,860
Food Products - 1.0%
Hershey Co.	15,000		793,650
Nestle SA (Reg.)	6,120		2,090,584
Tyson Foods, Inc. Class A	24,500		354,025
			3,238,259
Household Products - 0.7%
Colgate-Palmolive Co.	31,600		2,021,452
Personal Products - 0.7%
Avon Products, Inc.	73,800		2,244,258
Tobacco - 0.9%
Altria Group, Inc.	36,600		2,976,678
TOTAL CONSUMER STAPLES			20,800,114
ENERGY - 13.5%
Energy Equipment & Services - 5.7%
GlobalSantaFe Corp.	29,600		1,536,240
Halliburton Co.	95,400		3,086,190
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
National Oilwell Varco, Inc. (a)	63,357		$ 3,826,763
Noble Corp.	23,400		1,640,340
Pride International, Inc. (a)	33,800		933,218
Schlumberger Ltd. (NY Shares)	26,900		1,696,852
Smith International, Inc.	82,600		3,261,048
Transocean, Inc. (a)	30,600		2,219,724
			18,200,375
Oil, Gas & Consumable Fuels - 7.8%
Apache Corp.	13,400		875,288
Chesapeake Energy Corp.	34,500		1,119,180
ConocoPhillips	81,600		4,915,584
CONSOL Energy, Inc.	47,300		1,673,947
Exxon Mobil Corp.	116,000		8,284,720
Noble Energy, Inc.	25,500		1,240,065
Occidental Petroleum Corp.	43,900		2,060,666
Quicksilver Resources, Inc. (a)	39,850		1,366,058
Ultra Petroleum Corp. (a)	30,500		1,627,785
Valero Energy Corp.	39,300		2,056,569
			25,219,862
TOTAL ENERGY			43,420,237
FINANCIALS - 28.6%
Capital Markets - 3.0%
Charles Schwab Corp.	43,232		787,687
Investors Financial Services Corp.	40,700		1,600,324
KKR Private Equity Investors, LP	38,079		843,450
KKR Private Equity Investors, LP Restricted Depository Units (e)	7,700		170,555
Morgan Stanley	33,400		2,552,762
Nomura Holdings, Inc.	47,600		838,712
State Street Corp.	18,300		1,175,409
UBS AG (NY Shares)	26,000		1,555,840
			9,524,739
Commercial Banks - 6.0%
Banco Bilbao Vizcaya Argentaria SA	58,400		1,413,280
Bank Hapoalim BM (Reg.)	143,300		714,153
HSBC Holdings PLC sponsored ADR (d)	20,900		1,995,323
Kookmin Bank sponsored ADR	9,100		722,176
Mizuho Financial Group, Inc.	93		724,376
U.S. Bancorp, Delaware	125,200		4,236,768
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Commercial Banks - continued
Unicredito Italiano Spa	167,100		$ 1,385,509
Wachovia Corp.	124,242		6,895,431
Wells Fargo & Co.	37,200		1,349,988
			19,437,004
Consumer Finance - 0.3%
Capital One Financial Corp.	12,800		1,015,424
Diversified Financial Services - 5.2%
Bank of America Corp.	174,216		9,385,016
JPMorgan Chase & Co.	156,352		7,417,339
			16,802,355
Insurance - 9.0%
ACE Ltd.	47,780		2,735,405
American International Group, Inc.	149,700		10,055,349
Aspen Insurance Holdings Ltd.	67,100		1,665,422
Endurance Specialty Holdings Ltd.	6,100		217,465
Hartford Financial Services Group, Inc.	31,600		2,754,572
IPC Holdings Ltd.	64,262		1,930,430
Max Re Capital Ltd.	32,351		753,131
MBIA, Inc.	11,600		719,432
Montpelier Re Holdings Ltd.	74,900		1,329,475
PartnerRe Ltd.	14,500		1,013,840
Platinum Underwriters Holdings Ltd.	59,870		1,787,718
Scottish Re Group Ltd.	16,900		193,167
The St. Paul Travelers Companies, Inc.	75,100		3,839,863
			28,995,269
Real Estate Investment Trusts - 1.7%
Annaly Capital Management, Inc.	51,900		680,928
Equity Office Properties Trust	20,500		871,250
Equity Residential (SBI)	42,600		2,326,386
General Growth Properties, Inc.	29,000		1,505,100
			5,383,664
Real Estate Management & Development - 0.5%
Mitsubishi Estate Co. Ltd.	61,000		1,460,328
Thrifts & Mortgage Finance - 2.9%
Countrywide Financial Corp.	55,600		2,119,472
Fannie Mae	73,940		4,381,684
Freddie Mac	12,500		862,375
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Thrifts & Mortgage Finance - continued
Hudson City Bancorp, Inc.	54,500		$ 748,285
Washington Mutual, Inc.	29,400		1,243,620
			9,355,436
TOTAL FINANCIALS			91,974,219
HEALTH CARE - 8.4%
Biotechnology - 0.6%
Biogen Idec, Inc. (a)	12,500		595,000
Cephalon, Inc. (a)	17,900		1,256,222
			1,851,222
Health Care Equipment & Supplies - 1.1%
Baxter International, Inc.	47,440		2,180,817
C.R. Bard, Inc.	7,400		606,504
Cooper Companies, Inc.	3,100		178,653
Inverness Medical Innovations, Inc. (a)	16,400		618,116
Inverness Medical Innovations, Inc. (a)(f)	1,400		47,489
			3,631,579
Health Care Providers & Services - 0.5%
Brookdale Senior Living, Inc.	7,800		375,336
UnitedHealth Group, Inc.	25,200		1,229,256
			1,604,592
Life Sciences Tools & Services - 1.1%
Illumina, Inc. (a)	7,800		342,888
Thermo Electron Corp. (a)	39,100		1,676,217
Waters Corp. (a)	30,300		1,508,940
			3,528,045
Pharmaceuticals - 5.1%
Allergan, Inc.	2,900		334,950
Bristol-Myers Squibb Co.	52,400		1,296,900
Johnson & Johnson	16,900		1,139,060
Merck & Co., Inc.	111,100		5,046,162
Pfizer, Inc.	237,000		6,316,050
Schering-Plough Corp.	51,710		1,144,859
Wyeth	20,600		1,051,218
			16,329,199
TOTAL HEALTH CARE			26,944,637
Common Stocks - continued
	Shares		Value
INDUSTRIALS - 10.5%
Aerospace & Defense - 2.8%
General Dynamics Corp.	16,900		$ 1,201,590
Hexcel Corp. (a)	46,900		759,311
Honeywell International, Inc.	150,960		6,358,435
Raytheon Co.	14,700		734,265
			9,053,601
Air Freight & Logistics - 0.4%
United Parcel Service, Inc. Class B	18,000		1,356,300
Airlines - 0.2%
AirTran Holdings, Inc. (a)	58,100		579,257
Building Products - 0.4%
Masco Corp.	42,000		1,161,300
Commercial Services & Supplies - 0.3%
Cintas Corp.	7,500		310,500
The Brink's Co.	12,900		677,121
			987,621
Construction & Engineering - 0.6%
Chicago Bridge & Iron Co. NV (NY Shares)	16,400		402,784
Fluor Corp.	18,000		1,411,740
			1,814,524
Electrical Equipment - 0.4%
ABB Ltd. sponsored ADR	35,600		531,152
SolarWorld AG	17,300		930,524
			1,461,676
Industrial Conglomerates - 4.6%
General Electric Co.	346,350		12,160,349
Textron, Inc.	7,300		663,789
Tyco International Ltd.	66,040		1,943,557
			14,767,695
Machinery - 0.5%
Caterpillar, Inc.	7,500		455,325
Deere & Co.	8,500		723,605
Flowserve Corp. (a)	6,800		360,400
			1,539,330
Road & Rail - 0.2%
CSX Corp.	20,500		731,235
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Transportation Infrastructure - 0.1%
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	7,900		$ 298,146
TOTAL INDUSTRIALS			33,750,685
INFORMATION TECHNOLOGY - 6.9%
Communications Equipment - 1.2%
Alcatel SA sponsored ADR	32,000		406,400
Dycom Industries, Inc. (a)	20,100		468,531
Harris Corp.	29,600		1,260,960
MasTec, Inc. (a)	27,300		298,935
Motorola, Inc.	11,400		262,884
Nokia Corp. sponsored ADR	39,900		793,212
Nortel Networks Corp. (a)	177,200		395,156
			3,886,078
Computers & Peripherals - 2.1%
Dell, Inc. (a)	30,100		732,333
Hewlett-Packard Co.	67,000		2,595,580
Imation Corp.	10,700		489,739
International Business Machines Corp.	24,400		2,252,852
Seagate Technology	28,200		636,756
			6,707,260
Electronic Equipment & Instruments - 0.6%
Agilent Technologies, Inc. (a)	26,700		950,520
Amphenol Corp. Class A	4,700		319,130
Jabil Circuit, Inc.	28,900		829,719
			2,099,369
IT Services - 0.5%
First Data Corp.	28,200		683,850
Infosys Technologies Ltd. sponsored ADR	11,100		578,310
Western Union Co. (a)	14,700		324,135
			1,586,295
Office Electronics - 0.1%
Zebra Technologies Corp. Class A (a)	10,800		402,516
Semiconductors & Semiconductor Equipment - 1.6%
Analog Devices, Inc.	25,400		808,228
Applied Materials, Inc.	42,600		740,814
Intel Corp.	54,700		1,167,298
Marvell Technology Group Ltd. (a)	42,700		780,556
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
National Semiconductor Corp.	50,000		$ 1,214,500
Samsung Electronics Co. Ltd.	570		369,615
			5,081,011
Software - 0.8%
Compuware Corp. (a)	74,700		600,588
Electronic Arts, Inc. (a)	11,800		624,102
Symantec Corp. (a)	61,100		1,212,224
			2,436,914
TOTAL INFORMATION TECHNOLOGY			22,199,443
MATERIALS - 4.7%
Chemicals - 1.7%
Chemtura Corp.	34,500		296,010
Cytec Industries, Inc.	8,900		492,971
E.I. du Pont de Nemours & Co.	22,000		1,007,600
Ecolab, Inc.	24,300		1,102,005
Lyondell Chemical Co.	18,018		462,522
NOVA Chemicals Corp.	20,500		601,679
Praxair, Inc.	18,700		1,126,675
Rohm & Haas Co.	8,300		430,106
			5,519,568
Containers & Packaging - 0.3%
Smurfit-Stone Container Corp.	89,669		955,872
Metals & Mining - 2.4%
Alcoa, Inc.	29,300		847,063
Allegheny Technologies, Inc.	5,620		442,463
Freeport-McMoRan Copper & Gold, Inc. Class B	30,400		1,838,592
Mittal Steel Co. NV Class A (NY Shares)	19,700		842,175
Newmont Mining Corp.	41,600		1,883,232
Oregon Steel Mills, Inc. (a)	35,000		1,904,000
			7,757,525
Paper & Forest Products - 0.3%
Weyerhaeuser Co.	12,300		782,157
TOTAL MATERIALS			15,015,122
Common Stocks - continued
	Shares		Value
TELECOMMUNICATION SERVICES - 4.6%
Diversified Telecommunication Services - 4.0%
AT&T, Inc.	256,000		$ 8,768,000
TELUS Corp.	11,700		676,686
Verizon Communications, Inc.	98,600		3,648,200
			13,092,886
Wireless Telecommunication Services - 0.6%
American Tower Corp. Class A (a)	33,600		1,210,272
Sprint Nextel Corp.	35,039		654,879
			1,865,151
TOTAL TELECOMMUNICATION SERVICES			14,958,037
UTILITIES - 2.2%
Electric Utilities - 1.4%
Exelon Corp.	31,300		1,939,974
FPL Group, Inc.	31,700		1,616,700
PPL Corp.	24,500		845,740
			4,402,414
Independent Power Producers & Energy Traders - 0.1%
AES Corp. (a)	19,400		426,606
Multi-Utilities - 0.7%
CMS Energy Corp. (a)	62,300		927,647
Duke Energy Corp.	38,100		1,205,484
			2,133,131
TOTAL UTILITIES			6,962,151
TOTAL COMMON STOCKS (Cost $263,592,419)		301,380,413
Investment Companies - 2.5%

iShares Russell 1000 Value Index Fund (Cost $7,868,348)	99,500		7,904,280
Money Market Funds - 4.5%
	Shares		Value
Fidelity Cash Central Fund, 5.34% (b)	12,450,015		$ 12,450,015
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	1,940,000		1,940,000
TOTAL MONEY MARKET FUNDS (Cost $14,390,015)		14,390,015
TOTAL INVESTMENT PORTFOLIO - 100.8% (Cost $285,850,782)			323,674,708
NET OTHER ASSETS - (0.8)%			(2,570,018)
NET ASSETS - 100%		$ 321,104,690

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 $170,555 or 0.1% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Inverness Medical Innovations, Inc.	8/17/06	$ 42,350

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	$ 122,186
Fidelity Securities Lending Cash Central Fund	6,749
Total	$ 128,935

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $286,463,167. Net unrealized appreciation aggregated $37,211,541, of which $40,471,091 related to appreciated investment securities and $3,259,550 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Dividend Growth Fund

October 31, 2006

1.809095.102

DGF-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 12.9%
Hotels, Restaurants & Leisure - 0.3%
Carnival Corp. unit	334,800		$ 16,345
McDonald's Corp.	634,100		26,581
Royal Caribbean Cruises Ltd.	273,200		11,065
			53,991
Media - 6.0%
Clear Channel Communications, Inc.	22,144,842		771,748
Clear Channel Outdoor Holding, Inc. Class A	1,399,000		34,345
E.W. Scripps Co. Class A	346,900		17,158
News Corp. Class A	1,085,800		22,639
Omnicom Group, Inc.	558,800		56,690
Viacom, Inc. Class B (non-vtg.) (a)	2,668,100		103,842
			1,006,422
Multiline Retail - 0.8%
Target Corp.	2,409,025		142,566
Specialty Retail - 5.8%
Gap, Inc.	2,000,300		42,046
Home Depot, Inc. (d)	23,271,100		868,710
TJX Companies, Inc.	1,982,300		57,388
			968,144
TOTAL CONSUMER DISCRETIONARY			2,171,123
CONSUMER STAPLES - 9.0%
Food & Staples Retailing - 6.9%
CVS Corp.	11,398,600		357,688
Wal-Mart Stores, Inc.	16,371,844		806,804
			1,164,492
Household Products - 0.1%
Colgate-Palmolive Co.	154,000		9,851
Personal Products - 0.7%
Alberto-Culver Co.	1,843,845		93,686
Avon Products, Inc.	824,200		25,064
			118,750
Tobacco - 1.3%
Altria Group, Inc.	2,737,500		222,641
TOTAL CONSUMER STAPLES			1,515,734
Common Stocks - continued
	Shares		Value (000s)
ENERGY - 6.3%
Energy Equipment & Services - 4.0%
Diamond Offshore Drilling, Inc.	3,468,800		$ 240,145
ENSCO International, Inc.	2,049,094		100,344
GlobalSantaFe Corp.	4,438,679		230,367
Halliburton Co.	2,050,700		66,340
Transocean, Inc. (a)	301,600		21,878
			659,074
Oil, Gas & Consumable Fuels - 2.3%
Chesapeake Energy Corp.	2,018,200		65,470
ConocoPhillips	1,759,725		106,006
EOG Resources, Inc.	288,200		19,174
Exxon Mobil Corp.	21,000		1,500
Quicksilver Resources, Inc. (a)	882,600		30,256
Southwestern Energy Co. (a)	485,888		17,288
Ultra Petroleum Corp. (a)	834,300		44,527
Valero Energy Corp.	1,299,100		67,982
XTO Energy, Inc.	777,800		36,292
			388,495
TOTAL ENERGY			1,047,569
FINANCIALS - 20.4%
Capital Markets - 1.8%
Goldman Sachs Group, Inc.	456,900		86,715
KKR Private Equity Investors, LP	605,700		13,416
KKR Private Equity Investors, LP Restricted Depository Units (e)	2,296,400		50,865
Merrill Lynch & Co., Inc.	1,712,200		149,681
			300,677
Commercial Banks - 1.7%
U.S. Bancorp, Delaware	189,300		6,406
Wachovia Corp.	4,827,971		267,952
Wells Fargo & Co.	174,200		6,322
			280,680
Consumer Finance - 0.1%
Capital One Financial Corp. (d)	284,600		22,577
Diversified Financial Services - 4.4%
Bank of America Corp.	12,642,403		681,046
Citigroup, Inc.	1,304,539		65,436
			746,482
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 11.7%
ACE Ltd.	2,436,500		$ 139,490
AFLAC, Inc.	89,100		4,002
American International Group, Inc.	15,167,600		1,018,808
Hartford Financial Services Group, Inc.	4,421,220		385,398
MBIA, Inc.	1,146,600		71,112
MetLife, Inc.	2,604,000		148,767
PartnerRe Ltd.	280,400		19,606
Swiss Reinsurance Co. (Reg.)	622,512		51,036
The Chubb Corp.	2,127,400		113,071
Transatlantic Holdings, Inc.	295,907		18,033
			1,969,323
Thrifts & Mortgage Finance - 0.7%
Fannie Mae	1,843,133		109,224
TOTAL FINANCIALS			3,428,963
HEALTH CARE - 19.6%
Biotechnology - 1.4%
Amgen, Inc. (a)	1,797,524		136,450
Biogen Idec, Inc. (a)	1,926,715		91,712
			228,162
Health Care Providers & Services - 7.1%
Cardinal Health, Inc.	18,126,470		1,186,379
UnitedHealth Group, Inc.	39,200		1,912
			1,188,291
Pharmaceuticals - 11.1%
Eli Lilly & Co.	488,000		27,333
Johnson & Johnson	9,540,732		643,045
Merck & Co., Inc.	3,899,005		177,093
Pfizer, Inc.	6,652,500		177,289
Wyeth	16,440,560		838,962
			1,863,722
TOTAL HEALTH CARE			3,280,175
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - 7.5%
Aerospace & Defense - 0.9%
General Dynamics Corp.	786,362		$ 55,910
Honeywell International, Inc.	2,050,200		86,354
			142,264
Commercial Services & Supplies - 0.1%
ChoicePoint, Inc. (a)	301,100		10,957
Industrial Conglomerates - 5.7%
3M Co.	728,000		57,396
General Electric Co.	20,184,880		708,691
Tyco International Ltd.	6,725,090		197,919
			964,006
Machinery - 0.8%
Illinois Tool Works, Inc.	288,700		13,837
Ingersoll-Rand Co. Ltd. Class A	3,357,300		123,246
			137,083
Road & Rail - 0.0%
Burlington Northern Santa Fe Corp.	91,800		7,117
TOTAL INDUSTRIALS			1,261,427
INFORMATION TECHNOLOGY - 13.9%
Communications Equipment - 2.6%
Cisco Systems, Inc. (a)	9,961,100		240,361
Juniper Networks, Inc. (a)	2,990,090		51,489
Motorola, Inc.	6,682,900		154,108
			445,958
Computers & Peripherals - 3.5%
Dell, Inc. (a)	3,321,700		80,817
EMC Corp. (a)	3,112,900		38,133
International Business Machines Corp.	5,025,919		464,043
			582,993
IT Services - 0.3%
First Data Corp.	959,500		23,268
Western Union Co. (a)	959,500		21,157
			44,425
Semiconductors & Semiconductor Equipment - 3.2%
Analog Devices, Inc.	647,900		20,616
Applied Materials, Inc.	6,478,400		112,659
Intel Corp.	10,759,200		229,601
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
KLA-Tencor Corp.	665,500		$ 32,723
Lam Research Corp. (a)	891,300		44,075
Linear Technology Corp.	515,400		16,039
National Semiconductor Corp.	1,432,100		34,786
Novellus Systems, Inc. (a)(d)	722,700		19,983
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,346,240		22,759
Xilinx, Inc.	145,500		3,712
			536,953
Software - 4.3%
BEA Systems, Inc. (a)	2,975,800		48,416
Microsoft Corp.	15,349,087		440,672
Oracle Corp. (a)	6,454,000		119,205
Symantec Corp. (a)	5,630,637		111,712
			720,005
TOTAL INFORMATION TECHNOLOGY			2,330,334
TELECOMMUNICATION SERVICES - 7.0%
Diversified Telecommunication Services - 6.6%
AT&T, Inc.	28,820,191		987,092
Qwest Communications International, Inc. (a)	13,379,300		115,463
Verizon Communications, Inc.	236,050		8,734
			1,111,289
Wireless Telecommunication Services - 0.4%
Sprint Nextel Corp.	3,622,586		67,706
TOTAL TELECOMMUNICATION SERVICES			1,178,995
TOTAL COMMON STOCKS (Cost $13,306,523)		16,214,320

Convertible Bonds - 0.3%
	Principal Amount (000s)		Value (000s)
TELECOMMUNICATION SERVICES - 0.3%
Diversified Telecommunication Services - 0.3%
Qwest Communications International, Inc. 3.5% 11/15/25	$ 36,750		$ 59,212
TOTAL CONVERTIBLE BONDS (Cost $36,750)		59,212

Money Market Funds - 3.3%
	Shares
Fidelity Cash Central Fund, 5.34% (b)	531,063,915		531,064
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	17,043,100		17,043
TOTAL MONEY MARKET FUNDS (Cost $548,107)		548,107
Cash Equivalents - 0.1%
	Maturity Amount (000s)
Investments in repurchase agreements in a joint trading account at 5.3%, dated 10/31/06 due 11/1/06 (Collateralized by U.S. Treasury Obligations) # (Cost $13,731)	$ 13,733		13,731
TOTAL INVESTMENT PORTFOLIO - 100.3% (Cost $13,905,111)			16,835,370
NET OTHER ASSETS - (0.3)%			(57,975)
NET ASSETS - 100%		$ 16,777,395

Legend

(a) Non-income producing

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

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

Repurchase Agreements / Counterparty	Value (000s)
$13,731,000 due 11/1/06 at 5.3%
BNP Paribas Securities Corp.	$ 7,497
Banc of America Securities LLC	1,934
Barclays Capital, Inc.	4,300
	$ 13,731

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	$ 6,140
Fidelity Securities Lending Cash Central Fund	10
Total	$ 6,150

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Clear Channel Outdoor Holding, Inc. Class A	$ 46,412	$ -	$ 20,122	$ -	$ -

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $13,969,380,000. Net unrealized appreciation aggregated $2,865,990,000, of which $3,222,829,000 related to appreciated investment securities and $356,839,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Growth & Income Portfolio

October 31, 2006

1.809089.102

GAI-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 14.5%
Diversified Consumer Services - 1.6%
Apollo Group, Inc. Class A (a)(d)(e)	13,008,776		$ 480,804
Household Durables - 2.4%
D.R. Horton, Inc.	5,473,351		128,241
Hovnanian Enterprises, Inc. Class A (d)	1,652,600		50,983
KB Home (d)	3,517,948		158,097
Ryland Group, Inc. (d)(e)	3,375,300		155,028
Standard Pacific Corp. (e)	4,890,700		118,502
Toll Brothers, Inc. (a)	4,045,200		116,947
			727,798
Media - 1.6%
Clear Channel Communications, Inc.	6,815,800		237,531
Clear Channel Outdoor Holding, Inc. Class A (e)	2,441,500		59,939
McGraw-Hill Companies, Inc.	2,712,400		174,055
			471,525
Multiline Retail - 1.3%
Target Corp.	6,330,800		374,657
Specialty Retail - 7.6%
Best Buy Co., Inc.	6,617,469		365,615
Chico's FAS, Inc. (a)(d)	7,036,800		168,391
Home Depot, Inc.	38,720,010		1,445,418
Staples, Inc.	10,358,000		267,133
			2,246,557
TOTAL CONSUMER DISCRETIONARY			4,301,341
CONSUMER STAPLES - 4.1%
Food & Staples Retailing - 3.3%
Wal-Mart Stores, Inc.	20,143,600		992,677
Food Products - 0.8%
Nestle SA (Reg.)	656,715		224,333
TOTAL CONSUMER STAPLES			1,217,010
ENERGY - 12.7%
Energy Equipment & Services - 6.0%
Baker Hughes, Inc.	2,617,200		180,718
GlobalSantaFe Corp.	2,638,200		136,923
Halliburton Co.	8,788,620		284,312
National Oilwell Varco, Inc. (a)	2,657,300		160,501
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Energy Equipment & Services - continued
Noble Corp.	3,006,200		$ 210,735
Pride International, Inc. (a)	3,100,450		85,603
Schlumberger Ltd. (NY Shares)	7,696,500		485,495
Smith International, Inc.	2,500,000		98,700
Weatherford International Ltd. (a)	3,566,900		146,528
			1,789,515
Oil, Gas & Consumable Fuels - 6.7%
Apache Corp.	3,516,970		229,728
Canadian Natural Resources Ltd.	2,132,200		111,012
ConocoPhillips	8,428,600		507,739
Occidental Petroleum Corp.	6,518,240		305,966
Peabody Energy Corp.	5,671,776		238,044
Plains Exploration & Production Co. (a)	2,731,400		115,511
Valero Energy Corp.	4,727,500		247,390
XTO Energy, Inc.	5,086,500		237,336
			1,992,726
TOTAL ENERGY			3,782,241
FINANCIALS - 22.6%
Capital Markets - 2.1%
AP Alternative Assets, L.P. Restricted Depositary Units (f)	4,454,200		80,176
KKR Private Equity Investors, LP	4,218,800		93,446
KKR Private Equity Investors, LP Restricted Depository Units (f)	6,842,100		151,553
Legg Mason, Inc.	1,513,300		136,227
UBS AG (NY Shares)	2,627,600		157,236
			618,638
Commercial Banks - 4.5%
Erste Bank AG	2,220,600		151,214
HSBC Holdings PLC sponsored ADR (d)	2,495,000		238,198
Standard Chartered PLC (United Kingdom)	10,097,886		284,110
Wachovia Corp.	11,938,631		662,594
			1,336,116
Diversified Financial Services - 4.8%
African Bank Investments Ltd.	17,989,228		67,133
Bank of America Corp.	25,357,259		1,365,996
			1,433,129
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Insurance - 11.1%
ACE Ltd.	4,145,028		$ 237,303
American International Group, Inc.	28,949,601		1,944,545
Berkshire Hathaway, Inc. Class A (a)	2,846		300,182
Hartford Financial Services Group, Inc.	4,424,080		385,647
Markel Corp. (a)	238,500		95,281
Max Re Capital Ltd.	2,378,443		55,370
RenaissanceRe Holdings Ltd. (e)	3,631,400		197,548
W.R. Berkley Corp.	2,450,450		90,324
			3,306,200
Thrifts & Mortgage Finance - 0.1%
Countrywide Financial Corp.	1,111,800		42,382
TOTAL FINANCIALS			6,736,465
HEALTH CARE - 12.6%
Biotechnology - 3.1%
Amgen, Inc. (a)	4,716,690		358,044
Celgene Corp. (a)	2,514,220		134,360
Cephalon, Inc. (a)(d)	2,179,615		152,965
Genentech, Inc. (a)	1,836,630		152,991
MannKind Corp. (a)(d)	854,104		17,296
Vertex Pharmaceuticals, Inc. (a)	2,835,094		115,105
			930,761
Health Care Equipment & Supplies - 0.6%
Advanced Medical Optics, Inc. (a)	892,726		36,468
C.R. Bard, Inc.	1,818,420		149,038
			185,506
Health Care Providers & Services - 2.1%
UnitedHealth Group, Inc.	12,766,062		622,729
Life Sciences Tools & Services - 0.4%
Illumina, Inc. (a)(d)(e)	2,837,920		124,755
Pharmaceuticals - 6.4%
Allergan, Inc.	2,718,420		313,978
Elan Corp. PLC sponsored ADR (a)(d)	10,232,278		148,163
Johnson & Johnson	13,511,273		910,660
Novartis AG sponsored ADR	1,994,350		121,117
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Roche Holding AG (participation certificate)	864,560		$ 151,280
Teva Pharmaceutical Industries Ltd. sponsored ADR (d)	7,435,400		245,145
			1,890,343
TOTAL HEALTH CARE			3,754,094
INDUSTRIALS - 13.1%
Aerospace & Defense - 2.7%
Honeywell International, Inc.	18,929,038		797,291
Air Freight & Logistics - 0.1%
C.H. Robinson Worldwide, Inc.	888,183		37,073
Commercial Services & Supplies - 1.4%
Robert Half International, Inc. (e)	11,209,627		409,712
Industrial Conglomerates - 8.0%
General Electric Co. (d)	63,961,639		2,245,686
Smiths Group PLC	8,438,710		152,276
			2,397,962
Machinery - 0.9%
Illinois Tool Works, Inc.	3,108,960		149,012
ITT Industries, Inc.	1,979,200		107,649
			256,661
TOTAL INDUSTRIALS			3,898,699
INFORMATION TECHNOLOGY - 16.5%
Communications Equipment - 1.8%
CSR PLC (a)	4,885,208		70,541
Motorola, Inc.	12,456,921		287,257
Research In Motion Ltd. (a)	1,584,200		186,112
			543,910
Computers & Peripherals - 2.3%
Dell, Inc. (a)	16,274,874		395,968
EMC Corp. (a)	10,215,500		125,140
NCR Corp. (a)	3,827,300		158,909
			680,017
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Internet Software & Services - 5.7%
eBay, Inc. (a)	23,330,463		$ 749,608
Google, Inc. Class A (sub. vtg.) (a)	1,978,540		942,557
			1,692,165
IT Services - 1.2%
Infosys Technologies Ltd. sponsored ADR	2,490,200		129,739
Satyam Computer Services Ltd. sponsored ADR	5,340,000		118,067
Western Union Co. (a)	5,329,400		117,513
			365,319
Office Electronics - 0.6%
Zebra Technologies Corp. Class A (a)(e)	4,615,469		172,019
Semiconductors & Semiconductor Equipment - 4.9%
Applied Materials, Inc.	12,259,151		213,187
ARM Holdings PLC (e)	68,288,426		153,381
ASML Holding NV (NY Shares) (a)	3,115,900		71,167
Broadcom Corp. Class A (a)	6,935,348		209,933
KLA-Tencor Corp.	2,798,500		137,602
Lam Research Corp. (a)	1,643,400		81,266
Linear Technology Corp.	6,047,900		188,211
Marvell Technology Group Ltd. (a)	4,332,600		79,200
Maxim Integrated Products, Inc.	6,314,730		189,505
National Semiconductor Corp.	4,801,580		116,630
			1,440,082
TOTAL INFORMATION TECHNOLOGY			4,893,512
MATERIALS - 2.1%
Chemicals - 1.0%
Praxair, Inc.	4,784,690		288,278
Metals & Mining - 1.1%
Mittal Steel Co. NV Class A (NY Shares)	7,721,800		330,107
TOTAL MATERIALS			618,385
TOTAL COMMON STOCKS (Cost $24,670,959)		29,201,747
Money Market Funds - 3.3%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.34% (b)	652,978,959		$ 652,979
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	319,926,425		319,926
TOTAL MONEY MARKET FUNDS (Cost $972,905)		972,905
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $25,643,864)			30,174,652
NET OTHER ASSETS - (1.5)%			(431,629)
NET ASSETS - 100%		$ 29,743,023

Legend

(a) Non-income producing

(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 $231,729,000 or 0.8% of net assets.

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 2,721
Fidelity Securities Lending Cash Central Fund	491
Total	$ 3,212

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Apollo Group, Inc. Class A	$ 420,871	$ 157,859	$ 4,304	$ -	$ 480,804
ARM Holdings PLC	148,296	-	-	519	153,381
Clear Channel Outdoor Holding, Inc. Class A	50,100	-	-	-	59,939
Illumina, Inc.	108,494	-	-	-	124,755
RenaissanceRe Holdings Ltd.	188,143	-	-	763	197,548
Robert Half International, Inc.	333,620	28,245	-	825	409,712
Ryland Group, Inc.	85,426	54,518	-	374	155,028
Standard Pacific Corp.	83,097	27,181	-	161	118,502
Zebra Technologies Corp. Class A	130,785	14,249	-	-	172,019
Total	$ 1,548,832	$ 282,052	$ 4,304	$ 2,642	$ 1,871,688

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $25,679,254,000. Net unrealized appreciation aggregated $4,495,398,000, of which $5,344,491,000 related to appreciated investment securities and $849,093,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® International Real Estate Fund

October 31, 2006

1.809077.102

IRE-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.2%
	Shares		Value
Australia - 12.5%
Abacus Property Group unit	2,180,774		$ 2,861,577
Aspen Group	9,298,903		12,273,861
Centro Properties Group unit	1,172,300		6,997,103
CFS Retail Property Trust	2,259,700		3,489,947
Charter Hall Group unit	2,555,824		3,284,461
DB RREEF Trust unit	3,833,000		4,896,073
FKP Property Group unit	2,446,911		11,479,313
Macquarie Goodman Group unit	2,320,208		11,890,771
Mirvac Group unit	1,326,300		5,031,100
Stockland Corp. Ltd. unit	2,024,900		11,882,229
The GPT Group unit	2,930,800		10,709,108
TOTAL AUSTRALIA			84,795,543
Austria - 1.8%
Immoeast Immobilien Anlagen AG (a)	990,100		12,435,434
Belgium - 0.2%
Cofinimmo SA	8,001		1,516,553
Brazil - 0.7%
Gafisa SA (a)	111,200		1,620,476
Rossi Residencial SA	249,800		3,074,372
TOTAL BRAZIL			4,694,848
France - 5.3%
Fonciere Des Regions (d)	59,300		9,514,298
Gecina SA	45,000		6,387,106
Silic SA	44,500		6,179,818
Societe de la Tour Eiffel	89,741		13,859,995
TOTAL FRANCE			35,941,217
Germany - 1.8%
DIC Asset AG	176,400		6,236,848
Patrizia Immobilien AG	225,800		5,758,458
TOTAL GERMANY			11,995,306
Greece - 0.8%
Babis Vovos International Technical SA	197,530		5,269,460
Hong Kong - 11.3%
Hong Kong Land Holdings Ltd.	4,285,000		16,111,600
Hopson Development Holdings Ltd.	5,820,000		12,676,902
Kerry Properties Ltd.	7,332,000		27,057,090
Link (REIT)	2,479,000		5,100,036
Common Stocks - continued
	Shares		Value
Hong Kong - continued
New World Development Co. Ltd.	5,529,000		$ 9,469,511
Sino Land Co.	3,320,000		5,780,075
TOTAL HONG KONG			76,195,214
Italy - 1.7%
Immobiliare Grande Distribuzione Spa	432,200		1,654,980
Risanamento Spa	1,204,000		9,604,910
TOTAL ITALY			11,259,890
Japan - 25.1%
Aeon Mall Co. Ltd.	121,700		6,420,050
Japan Excellent, Inc.	1,000		5,335,158
Japan Logistics Fund, Inc.	982		7,304,549
Japan Retail Fund Investment Corp.	1,033		7,993,032
Japan Single Residence (REIT), Inc.	362		1,402,069
Mitsubishi Estate Co. Ltd.	2,291,000		54,846,106
Mitsui Fudosan Co. Ltd.	1,963,000		48,336,528
Nippon Residential Investment Corp.	1,502		8,360,141
NTT Urban Development Co.	1,098		9,481,704
Sumitomo Realty & Development Co. Ltd.	624,000		20,700,411
TOTAL JAPAN			170,179,748
Korea (South) - 0.2%
Macquarie Central Office Corporate Restructuring REIT	168,910		1,274,555
Netherlands - 0.7%
Corio NV	68,393		4,967,189
Philippines - 0.4%
Robinsons Land Corp.	10,231,000		2,976,515
Singapore - 3.6%
Ascendas Real Estate Investment Trust (A-REIT)	3,625,000		5,050,886
CapitaLand Ltd.	3,844,900		13,454,928
Mapletree Logistics Trust (REIT)	9,392,000		6,030,564
TOTAL SINGAPORE			24,536,378
Sweden - 3.8%
Castellum AB	1,900,014		22,755,761
Fabege AB	112,900		2,633,979
TOTAL SWEDEN			25,389,740
Common Stocks - continued
	Shares		Value
Switzerland - 0.2%
Swiss Prime Site AG	21,093		$ 1,089,278
Thailand - 1.4%
Land & House PCL (For. Reg.)	1,788,700		421,731
Ticon Industrial Connection PCL (For. Reg.)	17,138,900		8,829,307
TOTAL THAILAND			9,251,038
United Kingdom - 19.7%
Big Yellow Group PLC	308,500		3,154,166
British Land Co. PLC	1,445,800		41,230,059
Capital & Regional PLC	263,500		6,458,747
Derwent Valley Holdings PLC	342,500		12,961,844
Hammerson PLC	656,800		16,875,835
Helical Bar PLC	708,500		5,838,323
Land Securities Group PLC	1,133,700		45,326,686
Minerva PLC	257,000		1,713,345
TOTAL UNITED KINGDOM			133,559,005
TOTAL COMMON STOCKS (Cost $555,281,520)		617,326,911
Investment Companies - 1.1%

Australia - 0.7%
Tishman Speyer Office Fund	2,537,800		4,793,716
Luxembourg - 0.4%
ProLogis European Properties	155,100		2,929,951
TOTAL INVESTMENT COMPANIES (Cost $7,106,653)		7,723,667
Money Market Funds - 9.7%

Fidelity Cash Central Fund, 5.34% (b)	63,635,759		63,635,759
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	2,014,080		2,014,080
TOTAL MONEY MARKET FUNDS (Cost $65,649,839)		65,649,839
TOTAL INVESTMENT PORTFOLIO - 102.0% (Cost $628,038,012)			690,700,417
NET OTHER ASSETS - (2.0)%			(13,782,320)
NET ASSETS - 100%		$ 676,918,097

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	$ 473,020
Fidelity Securities Lending Cash Central Fund	12,760
Total	$ 485,780

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $636,281,306. Net unrealized appreciation aggregated $54,419,111, of which $57,124,959 related to appreciated investment securities and $2,705,848 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity® Leveraged Company Stock Fund

October 31, 2006

1.809078.102

LSF-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.4%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 8.0%
Auto Components - 0.5%
Delphi Corp. (a)	3,220,300		$ 9,339
TRW Automotive Holdings Corp. (a)	618,100		15,854
			25,193
Diversified Consumer Services - 3.2%
Carriage Services, Inc. Class A	266,200		1,259
Service Corp. International (SCI) (g)	15,724,700		143,408
			144,667
Hotels, Restaurants & Leisure - 1.7%
Bally Technologies, Inc. (a)(f)	1,152,360		22,874
Centerplate, Inc. unit	363,005		6,222
Friendly Ice Cream Corp. (a)(g)	423,400		4,547
Pinnacle Entertainment, Inc. (a)	493,200		14,924
Six Flags, Inc. (a)(f)	3,295,400		18,784
Steak n Shake Co. (a)	659,400		12,258
			79,609
Media - 2.2%
Cablevision Systems Corp. - NY Group Class A	242,900		6,750
Charter Communications, Inc. Class A (a)(f)	13,115,971		30,167
Gray Television, Inc.	1,348,300		8,697
Liberty Global, Inc.:
Class A (a)	33,815		887
Class C (a)	33,815		860
Nexstar Broadcasting Group, Inc. Class A (a)(g)	940,500		3,574
NTL, Inc.	781,380		21,121
The Reader's Digest Association, Inc. (non-vtg.)	752,900		10,827
Tribune Co.	249,100		8,303
Triple Crown Media, Inc. (a)	62,230		439
Valassis Communications, Inc. (a)	589,400		8,847
			100,472
Specialty Retail - 0.4%
Gamestop Corp. Class A (a)	326,000		16,646
TOTAL CONSUMER DISCRETIONARY			366,587
CONSUMER STAPLES - 2.8%
Food & Staples Retailing - 1.1%
Koninklijke Ahold NV sponsored ADR (a)	2,756,800		29,029
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Food & Staples Retailing - continued
Kroger Co.	339,300		$ 7,631
Pathmark Stores, Inc. (a)	1,297,047		13,139
			49,799
Food Products - 1.1%
Corn Products International, Inc.	744,019		26,926
Kellogg Co.	84,900		4,271
Smithfield Foods, Inc. (a)	711,700		19,130
			50,327
Personal Products - 0.6%
Playtex Products, Inc. (a)	1,734,555		24,180
Revlon, Inc. Class A (sub. vtg.) (a)	1,853,658		2,465
			26,645
TOTAL CONSUMER STAPLES			126,771
ENERGY - 34.9%
Energy Equipment & Services - 7.0%
Basic Energy Services, Inc. (a)	249,300		6,093
Grant Prideco, Inc. (a)	628,000		23,720
Grey Wolf, Inc. (a)	8,326,600		58,286
Hanover Compressor Co. (a)	451,500		8,362
Hercules Offshore, Inc.	33,400		1,190
Nabors Industries Ltd. (a)	808,800		24,976
Noble Corp.	348,000		24,395
Oil States International, Inc. (a)	270,700		7,861
Petroleum Geo-Services ASA sponsored ADR (a)(f)	748,259		43,631
Pride International, Inc. (a)	646,100		17,839
Rowan Companies, Inc.	321,100		10,718
Universal Compression Holdings, Inc. (a)(g)	1,534,500		92,469
			319,540
Oil, Gas & Consumable Fuels - 27.9%
Alpha Natural Resources, Inc. (a)(f)(g)	3,738,792		59,484
Cabot Oil & Gas Corp.	200,000		10,582
Chesapeake Energy Corp.	2,989,000		96,963
Comstock Resources, Inc. (a)	311,800		8,699
ConocoPhillips	201,631		12,146
El Paso Corp.	4,557,712		62,441
Forest Oil Corp. (a)(g)	3,697,000		120,670
Frontier Oil Corp.	1,583,600		46,558
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Frontline Ltd. (f)	185,300		$ 7,009
Frontline Ltd. (NY Shares)	1,136,800		43,005
General Maritime Corp. (g)	3,249,200		118,726
Houston Exploration Co. (a)	89,200		4,831
Mariner Energy, Inc. (a)	2,921,653		57,907
Massey Energy Co.	586,700		14,814
Nexen, Inc.	831,600		44,371
OMI Corp. (g)	5,100,900		113,852
Overseas Shipholding Group, Inc.	1,075,400		67,266
Petrohawk Energy Corp. (a)	2,719,148		30,808
Plains Exploration & Production Co. (a)	299,100		12,649
Pogo Producing Co.	404,600		18,106
Range Resources Corp.	3,489,300		94,734
Ship Finance International Ltd.:
(Norway)	33,245		665
(NY Shares)	496,052		10,452
Teekay Shipping Corp.	3,273,100		134,557
Valero Energy Corp.	964,600		50,478
Williams Companies, Inc. (f)	1,298,400		31,720
			1,273,493
TOTAL ENERGY			1,593,033
FINANCIALS - 1.0%
Capital Markets - 0.2%
Merrill Lynch & Co., Inc.	126,000		11,015
Commercial Banks - 0.2%
PNC Financial Services Group, Inc.	157,200		11,009
Insurance - 0.4%
American Financial Group, Inc., Ohio	333,700		15,971
Thrifts & Mortgage Finance - 0.2%
Capital Crossing Bank (a)(g)	258,800		7,557
TOTAL FINANCIALS			45,552
HEALTH CARE - 3.2%
Biotechnology - 0.0%
Lexicon Genetics, Inc. (a)	392,187		1,565
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.6%
Baxter International, Inc.	430,100		$ 19,772
Beckman Coulter, Inc.	159,200		9,165
			28,937
Health Care Providers & Services - 2.6%
DaVita, Inc. (a)	1,439,200		80,063
Emergency Medical Services Corp. Class A	258,600		4,707
Quest Diagnostics, Inc.	218,900		10,888
Rural/Metro Corp. (a)	834,200		7,299
Tenet Healthcare Corp. (a)(f)	2,043,452		14,427
			117,384
TOTAL HEALTH CARE			147,886
INDUSTRIALS - 10.1%
Air Freight & Logistics - 0.1%
Park-Ohio Holdings Corp. (a)	179,465		2,504
Airlines - 0.9%
AirTran Holdings, Inc. (a)	861,500		8,589
AMR Corp. (f)	816,730		23,146
US Airways Group, Inc. (a)	230,246		11,480
			43,215
Building Products - 1.1%
American Standard Companies, Inc.	834,600		36,964
Goodman Global, Inc.	406,800		6,537
Lennox International, Inc.	230,700		6,220
			49,721
Commercial Services & Supplies - 5.1%
Allied Waste Industries, Inc. (f)	4,371,500		53,114
Cenveo, Inc. (a)(g)	3,118,400		61,869
Deluxe Corp.	355,000		8,048
Global Cash Access Holdings, Inc. (a)	1,835,000		29,268
Layne Christensen Co. (a)	83,100		2,449
Republic Services, Inc.	496,500		20,361
Waste Management, Inc.	1,494,300		56,006
			231,115
Construction & Engineering - 0.1%
Armstrong World Industries, Inc. (a)	119,216		4,423
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.1%
GrafTech International Ltd. (a)	837,325		$ 5,066
Industrial Conglomerates - 0.4%
Tyco International Ltd.	679,200		19,989
Machinery - 0.8%
Eaton Corp.	328,800		23,815
FreightCar America, Inc.	151,247		8,042
Thermadyne Holdings Corp. (a)	64,900		652
Timken Co.	92,800		2,789
			35,298
Marine - 0.1%
American Commercial Lines, Inc.	8,000		513
Golden Ocean Group Ltd. (a)(f)	2,067,600		2,372
			2,885
Road & Rail - 0.6%
Burlington Northern Santa Fe Corp.	246,400		19,103
Kansas City Southern	326,700		9,275
			28,378
Trading Companies & Distributors - 0.8%
H&E Equipment Services, Inc.	12,900		346
UAP Holding Corp.	846,600		21,190
United Rentals, Inc. (a)	655,600		15,531
			37,067
TOTAL INDUSTRIALS			459,661
INFORMATION TECHNOLOGY - 19.2%
Communications Equipment - 1.2%
Ciena Corp. (a)	90,200		2,121
Lucent Technologies, Inc. (a)	3,259,600		7,921
Motorola, Inc.	1,997,200		46,055
			56,097
Computers & Peripherals - 1.8%
EMC Corp. (a)	2,664,000		32,634
Seagate Technology	1,810,300		40,877
Sun Microsystems, Inc. (a)	1,260,600		6,845
			80,356
Electronic Equipment & Instruments - 4.1%
Celestica, Inc. (sub. vtg.) (a)	3,779,400		37,099
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
DDi Corp. (a)	295,900		$ 2,320
Flextronics International Ltd. (a)	7,427,100		86,154
Merix Corp. (a)(f)(g)	1,545,123		13,906
Sanmina-SCI Corp. (a)	1,619,100		6,395
Solectron Corp. (a)	3,673,600		12,270
Viasystems Group, Inc. (a)	775,300		6,978
Viasystems Group, Inc. (a)(i)	625,780		5,632
Vishay Intertechnology, Inc. (a)	1,248,400		16,841
			187,595
IT Services - 0.2%
Affiliated Computer Services, Inc. Class A (a)	65,100		3,482
Hewitt Associates, Inc. Class A (a)	147,000		3,679
			7,161
Semiconductors & Semiconductor Equipment - 10.2%
AMIS Holdings, Inc. (a)	2,909,824		27,905
Amkor Technology, Inc. (a)(f)(g)	12,599,836		87,065
Atmel Corp. (a)(f)	20,182,000		116,047
Cypress Semiconductor Corp. (a)	1,151,200		19,329
Fairchild Semiconductor International, Inc. (a)	200,000		3,222
Freescale Semiconductor, Inc.:
Class A (a)	1,273,500		50,138
Class B (a)	27,040		1,063
ON Semiconductor Corp. (a)(g)	17,876,600		111,192
Skyworks Solutions, Inc. (a)	1,112,647		7,377
STATS ChipPAC Ltd. sponsored ADR (a)(f)	5,467,282		34,444
Texas Instruments, Inc.	262,700		7,928
			465,710
Software - 1.7%
Autodesk, Inc. (a)	495,100		18,195
Sybase, Inc. (a)	396,100		9,645
Symantec Corp. (a)	2,549,400		50,580
			78,420
TOTAL INFORMATION TECHNOLOGY			875,339
MATERIALS - 9.2%
Chemicals - 4.5%
Albemarle Corp.	218,000		14,177
Common Stocks - continued
	Shares		Value (000s)
MATERIALS - continued
Chemicals - continued
Arch Chemicals, Inc.	648,542		$ 21,700
Celanese Corp. Class A	4,143,100		85,389
Chemtura Corp.	2,502,961		21,475
Methanex Corp.	701,700		15,895
Monsanto Co.	253,800		11,223
NOVA Chemicals Corp. (f)	537,000		15,761
Pliant Corp. (a)	567		0
Rhodia SA sponsored ADR	7,102,200		19,176
Texas Petrochemicals, Inc. (a)	11,700		304
			205,100
Construction Materials - 0.1%
Texas Industries, Inc.	53,800		3,341
Containers & Packaging - 1.8%
Packaging Corp. of America	179,700		4,128
Pactiv Corp. (a)	1,004,500		30,979
Sealed Air Corp.	156,900		9,339
Smurfit-Stone Container Corp.	3,726,482		39,724
			84,170
Metals & Mining - 0.7%
Allegheny Technologies, Inc.	123,874		9,753
Chaparral Steel Co.	107,600		4,475
Freeport-McMoRan Copper & Gold, Inc. Class B	282,500		17,086
			31,314
Paper & Forest Products - 2.1%
Aracruz Celulose SA (PN-B) sponsored ADR (non-vtg.)	184,500		10,151
International Paper Co.	1,209,800		40,347
Weyerhaeuser Co.	691,100		43,947
			94,445
TOTAL MATERIALS			418,370
TELECOMMUNICATION SERVICES - 2.7%
Diversified Telecommunication Services - 2.7%
General Communications, Inc. Class A (a)	907,800		11,901
McLeodUSA, Inc. (a)	1,701,867		11,913
Qwest Communications International, Inc. (a)	11,009,200		95,009
XO Holdings, Inc. (a)	926,500		3,613
			122,436
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 5.3%
Electric Utilities - 0.2%
Allegheny Energy, Inc. (a)	269,300		$ 11,588
Gas Utilities - 0.3%
ONEOK, Inc.	317,600		13,222
Independent Power Producers & Energy Traders - 3.2%
AES Corp. (a)	5,606,140		123,279
Dynegy, Inc. Class A (a)	1,987,000		12,081
Mirant Corp. (a)	335,400		9,918
			145,278
Multi-Utilities - 1.6%
Aquila, Inc.	911,800		4,185
CMS Energy Corp. (a)	4,552,600		67,788
			71,973
TOTAL UTILITIES			242,061
TOTAL COMMON STOCKS (Cost $3,296,271)		4,397,696
Nonconvertible Preferred Stocks - 0.0%

MATERIALS - 0.0%
Chemicals - 0.0%
Pliant Corp. Series AA 13.00% (a)	5,008		1,813
TELECOMMUNICATION SERVICES - 0.0%
Diversified Telecommunication Services - 0.0%
PTV, Inc. Series A, 10.00%	84		0
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $2,411)		1,813

Corporate Bonds - 1.2%
	Principal Amount (000s)
Convertible Bonds - 0.3%
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
ICO North America, Inc. 7.5% 8/15/09 (i)	$ 11,095		13,314
Corporate Bonds - continued
	Principal Amount (000s)		Value (000s)
Nonconvertible Bonds - 0.9%
CONSUMER DISCRETIONARY - 0.4%
Auto Components - 0.4%
IdleAire Technologies Corp. 0% 12/15/12 unit (e)(h)	$ 24,470		$ 18,353
INDUSTRIALS - 0.5%
Airlines - 0.2%
Delta Air Lines, Inc. 8% 12/15/07 (d)(h)	11,835		3,314
Northwest Airlines, Inc.:
8.7% 3/15/07 (d)	1,750		1,085
9.875% 3/15/07 (d)	7,000		4,480
			8,879
Building Products - 0.3%
Owens Corning:
7% 3/15/09 (d)	3,225		1,725
7.5% 8/1/18 (d)	9,690		5,281
7.5% 5/1/05 (d)	6,091		3,411
7.7% 5/1/08 (d)	5,790		3,170
			13,587
TOTAL INDUSTRIALS			22,466
MATERIALS - 0.0%
Chemicals - 0.0%
Pliant Corp. 13% 7/15/10	661		463
TOTAL NONCONVERTIBLE BONDS			41,282
TOTAL CORPORATE BONDS (Cost $51,972)		54,596

Money Market Funds - 5.4%
	Shares
Fidelity Cash Central Fund, 5.34% (b)	106,732,928		106,733
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	138,424,451		138,424
TOTAL MONEY MARKET FUNDS (Cost $245,157)		245,157
Cash Equivalents - 0.3%
	Maturity Amount (000s)		Value (000s)
Investments in repurchase agreements in a joint trading account at 5.3%, dated 10/31/06 due 11/1/06 (Collateralized by U.S. Treasury Obligations) # (Cost $12,560)	$ 12,562		$ 12,560
TOTAL INVESTMENT PORTFOLIO - 103.3% (Cost $3,608,371)			4,711,822
NET OTHER ASSETS - (3.3)%			(151,159)
NET ASSETS - 100%		$ 4,560,663

Legend

(a) Non-income producing

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

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

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

(g) Affiliated company

(h) 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 $21,667,000 or 0.5% of net assets.

(i) 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 $18,946,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
ICO North America, Inc. 7.5% 8/15/09	8/12/05	$ 11,095
Viasystems Group, Inc.	2/13/04	$ 12,594

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

Repurchase Agreement/ Counterparty	Value (Amounts in thousands)
$12,560,000 due 11/1/06 at 5.3%
BNP Paribas Securities Corp.	$ 6,858
Banc of America Securities LLC	1,769
Barclays Capital, Inc.	3,933
	$ 12,560

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 1,646
Fidelity Securities Lending Cash Central Fund	597
Total	$ 2,243

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Alpha Natural Resources, Inc.	$ 50,922	$ 10,328	$ -	$ -	$ 59,484
Amkor Technology, Inc.	77,867	-	-	-	87,065
Capital Crossing Bank	6,897	-	-	-	7,557
Cenveo, Inc.	56,139	3,552	-	-	61,869
Forest Oil Corp.	120,974	2,688	-	-	120,670
Friendly Ice Cream Corp.	3,260	-	-	-	4,547
General Maritime Corp.	117,946	-	-	2,144	118,726
Merix Corp.	16,239	-	-	-	13,906
Nexstar Broadcasting Group, Inc. Class A	2,093	1,936	-	-	3,574
OMI Corp.	112,526	-	-	638	113,852
Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
ON Semiconductor Corp.	$ 112,444	$ -	$ -	$ -	$ 111,192
Service Corp. International (SCI)	117,896	197	-	393	143,408
Universal Compression Holdings, Inc.	82,523	12,673	-	-	92,469
Total	$ 877,726	$ 31,374	$ -	$ 3,175	$ 938,319

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $3,606,634,000. Net unrealized appreciation aggregated $1,105,188,000, of which $1,287,920,000 related to appreciated investment securities and $182,732,000 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® OTC Portfolio

October 31, 2006

1.809071.102

OTC-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.7%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 11.2%
Auto Components - 0.1%
LKQ Corp. (a)	309,400		$ 7,160
Distributors - 0.4%
Building Materials Holding Corp. (d)	1,296,723		33,793
Diversified Consumer Services - 0.2%
Apollo Group, Inc. Class A (a)	337,800		12,485
New Oriental Education & Technology Group, Inc. sponsored ADR	4,000		96
			12,581
Hotels, Restaurants & Leisure - 2.6%
BJ's Restaurants, Inc. (a)	708,805		15,261
Jack in the Box, Inc. (a)	204,100		11,452
Morgans Hotel Group Co.	1,203,100		15,640
Panera Bread Co. Class A (a)	8,600		531
Red Robin Gourmet Burgers, Inc. (a)(e)	1,314,450		63,409
Starbucks Corp. (a)(d)	1,402,800		52,956
Texas Roadhouse, Inc. Class A (a)	1,397,410		20,193
The Cheesecake Factory, Inc. (a)(d)	1,590,700		44,937
			224,379
Household Durables - 0.2%
Bassett Furniture Industries, Inc.	41,949		693
Comstock Homebuilding Companies, Inc. Class A (a)(d)	255,000		1,380
M.D.C. Holdings, Inc. (d)	172,500		8,601
Sony Corp. sponsored ADR	212,000		8,688
			19,362
Internet & Catalog Retail - 0.3%
Coldwater Creek, Inc. (a)	880,650		26,851
Leisure Equipment & Products - 0.3%
JAKKS Pacific, Inc. (a)	250,000		5,423
RC2 Corp. (a)	523,800		23,665
			29,088
Media - 1.6%
CKX, Inc. (a)	54,842		751
Comcast Corp. Class A	1,896,200		77,118
Grupo Televisa SA de CV (CPO) sponsored ADR	347,000		8,564
News Corp. Class B	395,600		8,600
NTL, Inc.	777,300		21,010
TiVo, Inc. (a)(d)	3,354,075		21,433
			137,476
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Multiline Retail - 1.1%
Sears Holdings Corp. (a)	515,000		$ 89,852
Specialty Retail - 3.5%
Best Buy Co., Inc.	688,950		38,064
Circuit City Stores, Inc.	1,113,800		30,050
Citi Trends, Inc. (a)(d)	129,300		5,074
Gamestop Corp.:
Class A (a)	189,900		9,696
Class B (a)	1,021,100		50,800
O'Reilly Automotive, Inc. (a)	263,000		8,492
OfficeMax, Inc.	744,800		35,438
Provogue (India) Ltd.	400,000		3,477
RadioShack Corp.	391,100		6,977
Staples, Inc.	1,219,400		31,448
The Children's Place Retail Stores, Inc. (a)	375,776		26,376
Urban Outfitters, Inc. (a)	3,117,100		54,549
			300,441
Textiles, Apparel & Luxury Goods - 0.9%
Carter's, Inc. (a)	150,000		4,235
Crocs, Inc.	400,000		15,848
Deckers Outdoor Corp. (a)(e)	675,500		35,916
Under Armour, Inc. Class A (sub. vtg.)	225,000		10,429
Volcom, Inc. (a)	165,900		5,435
			71,863
TOTAL CONSUMER DISCRETIONARY			952,846
CONSUMER STAPLES - 1.5%
Food & Staples Retailing - 1.1%
Costco Wholesale Corp. (d)	675,500		36,058
CVS Corp.	846,900		26,576
Rite Aid Corp.	2,477,400		11,594
Susser Holdings Corp.	158,775		2,890
Whole Foods Market, Inc.	322,800		20,608
			97,726
Food Products - 0.4%
Dean Foods Co. (a)	590,700		24,744
SunOpta, Inc. (a)	774,700		7,631
			32,375
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.0%
Bare Escentuals, Inc.	13,800		$ 423
TOTAL CONSUMER STAPLES			130,524
ENERGY - 1.3%
Energy Equipment & Services - 0.3%
Noble Corp.	304,200		21,324
Oil, Gas & Consumable Fuels - 1.0%
CONSOL Energy, Inc.	368,600		13,045
International Coal Group, Inc. (a)	1,242,900		6,451
Massey Energy Co.	305,600		7,716
Peabody Energy Corp.	307,500		12,906
Valero Energy Corp.	928,700		48,599
			88,717
TOTAL ENERGY			110,041
FINANCIALS - 2.5%
Capital Markets - 1.3%
Charles Schwab Corp.	3,738,300		68,112
T. Rowe Price Group, Inc.	340,000		16,085
TD Ameritrade Holding Corp.	1,620,010		26,682
Thomas Weisel Partners Group, Inc.	247,600		3,964
			114,843
Commercial Banks - 0.6%
East West Bancorp, Inc.	212,350		7,753
Fifth Third Bancorp	29,300		1,168
Industrial & Commercial Bank of China	5,460,000		2,443
SVB Financial Group (a)	431,300		19,848
UCBH Holdings, Inc.	706,800		12,115
Zions Bancorp	43,800		3,522
			46,849
Diversified Financial Services - 0.2%
The NASDAQ Stock Market, Inc. (a)	374,500		13,381
Insurance - 0.1%
eHealth, Inc.	7,300		161
Navigators Group, Inc. (a)	200,000		9,414
			9,575
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Real Estate Management & Development - 0.0%
GAGFAH SA	18,300		$ 531
Thrifts & Mortgage Finance - 0.3%
Hudson City Bancorp, Inc.	2,147,200		29,481
TOTAL FINANCIALS			214,660
HEALTH CARE - 14.2%
Biotechnology - 9.7%
Alkermes, Inc. (a)	1,380,600		23,194
Amgen, Inc. (a)	2,947,700		223,760
Amylin Pharmaceuticals, Inc. (a)	661,300		29,071
Biogen Idec, Inc. (a)	2,640,200		125,674
BioMarin Pharmaceutical, Inc. (a)	1,377,600		22,083
Celgene Corp. (a)	2,677,692		143,096
Cephalon, Inc. (a)	428,900		30,100
Gilead Sciences, Inc. (a)	1,682,600		115,931
PDL BioPharma, Inc. (a)	1,454,700		30,738
Regeneron Pharmaceuticals, Inc. (a)	1,152,900		23,116
Senomyx, Inc. (a)	100,000		1,542
Solexa, Inc. (a)	2,458,520		25,175
Solexa, Inc.:
warrants 11/22/10 (a)(f)	354,776		1,768
warrants 1/19/11 (a)(f)	452,917		2,286
Theravance, Inc. (a)	100,323		3,156
Vertex Pharmaceuticals, Inc. (a)	588,200		23,881
			824,571
Health Care Equipment & Supplies - 1.3%
ArthroCare Corp. (a)	100,000		4,041
Aspect Medical Systems, Inc. (a)	93,000		1,662
Cooper Companies, Inc.	645,200		37,183
Gen-Probe, Inc. (a)	285,800		13,681
Hologic, Inc. (a)	100,000		4,815
Respironics, Inc. (a)	1,074,800		37,962
Sirona Dental Systems, Inc.	352,400		13,039
			112,383
Health Care Providers & Services - 0.8%
Brookdale Senior Living, Inc.	334,700		16,106
Bumrungrad Hospital PCL (For. Reg.)	3,597,300		3,603
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Providers & Services - continued
LCA-Vision, Inc. (d)	347,200		$ 12,197
UnitedHealth Group, Inc.	796,737		38,865
			70,771
Health Care Technology - 0.6%
Cerner Corp. (a)	520,400		25,141
Emdeon Corp. (a)	2,309,750		26,909
			52,050
Life Sciences Tools & Services - 0.5%
Affymetrix, Inc. (a)	927,941		23,662
Exelixis, Inc. (a)	253,200		2,456
PRA International (a)	401,876		11,855
			37,973
Pharmaceuticals - 1.3%
Elan Corp. PLC sponsored ADR (a)	985,400		14,269
Sepracor, Inc. (a)	1,536,700		79,540
Teva Pharmaceutical Industries Ltd. sponsored ADR	628,300		20,715
			114,524
TOTAL HEALTH CARE			1,212,272
INDUSTRIALS - 2.4%
Air Freight & Logistics - 0.1%
EGL, Inc. (a)	222,000		7,546
Airlines - 0.7%
JetBlue Airways Corp. (a)	3,937,375		49,453
UAL Corp. (a)	283,700		10,196
			59,649
Building Products - 0.0%
Builders FirstSource, Inc. (a)	150,000		2,373
Commercial Services & Supplies - 0.2%
Adesa, Inc.	150,000		3,771
Innerworkings, Inc.	754,300		11,277
Monster Worldwide, Inc. (a)	100,000		4,051
			19,099
Construction & Engineering - 0.3%
Foster Wheeler Ltd. (a)	459,700		20,664
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - 0.1%
ABB Ltd. sponsored ADR	582,100		$ 8,685
Q-Cells AG	11,000		435
			9,120
Machinery - 0.2%
Joy Global, Inc.	500,600		19,578
Marine - 0.1%
American Commercial Lines, Inc.	100,000		6,415
Road & Rail - 0.5%
Landstar System, Inc.	865,522		40,195
Trading Companies & Distributors - 0.2%
UAP Holding Corp.	700,000		17,521
TOTAL INDUSTRIALS			202,160
INFORMATION TECHNOLOGY - 64.3%
Communications Equipment - 8.9%
Acme Packet, Inc.	51,400		884
Adtran, Inc.	600,000		13,884
Andrew Corp. (a)	1,164,900		10,787
Blue Coat Systems, Inc. (a)	409,300		9,127
Cisco Systems, Inc. (a)	6,400,100		154,434
Comverse Technology, Inc. (a)	1,469,000		31,980
Juniper Networks, Inc. (a)	4,960,486		85,420
Nortel Networks Corp. (a)	9,226,400		20,575
Optium Corp.	20,100		407
QUALCOMM, Inc.	4,956,900		180,382
Research In Motion Ltd. (a)	2,014,445		236,657
Riverbed Technology, Inc.	196,300		4,705
Sandvine Corp.	1,259,700		2,307
Sonus Networks, Inc. (a)	2,222,000		11,621
			763,170
Computers & Peripherals - 11.3%
Apple Computer, Inc. (a)	4,303,000		348,887
Dell, Inc. (a)	743,600		18,092
EMC Corp. (a)	5,124,700		62,778
Hewlett-Packard Co.	3,203,600		124,107
Hutchinson Technology, Inc. (a)	749,700		17,356
Komag, Inc. (a)	544,164		20,814
Network Appliance, Inc. (a)	5,591,571		204,092
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Computers & Peripherals - continued
Palm, Inc. (a)	400,000		$ 6,140
Rackable Systems, Inc. (a)	987,500		30,622
SanDisk Corp. (a)(d)	979,200		47,100
Seagate Technology	2,355,100		53,178
Sun Microsystems, Inc. (a)	4,987,700		27,083
			960,249
Electronic Equipment & Instruments - 2.1%
Agilent Technologies, Inc. (a)	1,034,600		36,832
Flextronics International Ltd. (a)	3,042,100		35,288
Hon Hai Precision Industry Co. Ltd. (Foxconn)	6,620,450		43,005
Jabil Circuit, Inc.	1,185,100		34,024
Solectron Corp. (a)	7,007,300		23,404
Sunpower Corp. Class A (d)	207,200		6,972
			179,525
Internet Software & Services - 12.7%
Akamai Technologies, Inc. (a)	1,078,175		50,523
CNET Networks, Inc. (a)	1,160,100		10,371
CyberSource Corp. (a)	1,448,088		14,843
DivX, Inc.	410,700		9,380
eBay, Inc. (a)	5,773,400		185,499
Equinix, Inc. (a)	556,500		38,065
Google, Inc. Class A (sub. vtg.) (a)	1,340,200		638,455
Internap Network Services Corp. (a)	275,926		4,547
LivePerson, Inc. (a)	1,275,538		7,105
Sina Corp. (a)	304,500		7,829
United Internet AG	580,000		8,913
VeriSign, Inc. (a)	1,635,920		33,831
Yahoo!, Inc. (a)(d)	2,644,216		69,649
			1,079,010
IT Services - 2.3%
Cognizant Technology Solutions Corp. Class A (a)	1,067,175		80,337
ExlService Holdings, Inc.	25,200		524
Infosys Technologies Ltd. sponsored ADR	1,001,800		52,194
NCI, Inc. Class A	330,556		3,838
Paychex, Inc.	444,200		17,537
Sapient Corp. (a)	2,982,000		16,252
Satyam Computer Services Ltd. sponsored ADR	1,088,800		24,073
			194,755
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - 13.1%
Advanced Micro Devices, Inc. (a)	1,113,300		$ 23,680
Amkor Technology, Inc. (a)	1,000,000		6,910
Analog Devices, Inc.	408,200		12,989
Applied Materials, Inc.	4,251,100		73,927
Atheros Communications, Inc. (a)	441,325		9,590
Atmel Corp. (a)	3,105,700		17,858
Broadcom Corp. Class A (a)	5,714,609		172,981
Cree, Inc. (a)	394,900		8,684
Cypress Semiconductor Corp. (a)	959,900		16,117
Himax Technologies, Inc. sponsored ADR	1,433,700		9,133
Intel Corp.	10,830,100		231,114
Intersil Corp. Class A	3,081,265		72,256
KLA-Tencor Corp.	522,100		25,672
Lam Research Corp. (a)	201,300		9,954
Linear Technology Corp.	577,000		17,956
LSI Logic Corp. (a)	998,800		10,038
Marvell Technology Group Ltd. (a)	8,399,106		153,536
Maxim Integrated Products, Inc.	4,325,000		129,793
Monolithic Power Systems, Inc. (a)	100,000		1,004
NVIDIA Corp. (a)	474,200		16,535
PixArt Imaging, Inc.	1,064,000		8,756
Saifun Semiconductors Ltd.	291,500		5,772
Samsung Electronics Co. Ltd.	74,550		48,342
Trident Microsystems, Inc. (a)	685,800		14,498
Vimicro International Corp. sponsored ADR	1,570,300		19,880
Virage Logic Corp. (a)	363,000		3,427
			1,120,402
Software - 13.9%
Activision, Inc. (a)(d)	2,760,281		42,564
Adobe Systems, Inc. (a)	1,086,256		41,549
Business Objects SA sponsored ADR (a)(d)	3,749,100		138,867
Callidus Software, Inc. (a)	1,000,000		5,720
Electronic Arts, Inc. (a)	2,494,100		131,913
Gameloft (a)	500,000		2,763
Microsoft Corp.	8,716,700		250,256
Nintendo Co. Ltd.	1,572,600		321,619
Oracle Corp. (a)	3,132,900		57,865
Quality Systems, Inc.	428,600		18,190
Quest Software, Inc. (a)	3,377,621		49,752
Red Hat, Inc. (a)	3,614,010		59,197
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Software - continued
Salesforce.com, Inc. (a)	498,200		$ 19,440
Square Enix Co. Ltd. (d)	169,500		4,246
Take-Two Interactive Software, Inc. (a)(d)	1,293,800		18,100
Ubisoft Entertainment SA (a)(d)	337,100		20,808
VA Software Corp. (a)	1,325,569		5,369
			1,188,218
TOTAL INFORMATION TECHNOLOGY			5,485,329
MATERIALS - 0.6%
Chemicals - 0.2%
Monsanto Co.	472,000		20,872
Containers & Packaging - 0.1%
Smurfit-Stone Container Corp.	500,000		5,330
Metals & Mining - 0.3%
Century Aluminum Co. (a)	315,300		12,271
Titanium Metals Corp. (a)	483,000		14,239
			26,510
TOTAL MATERIALS			52,712
TELECOMMUNICATION SERVICES - 1.7%
Diversified Telecommunication Services - 0.9%
Cogent Communications Group, Inc. (a)	639,187		9,051
Level 3 Communications, Inc. (a)	7,968,000		42,151
Telenor ASA sponsored ADR	304,900		14,535
Time Warner Telecom, Inc. Class A (sub. vtg.) (a)	344,473		6,869
			72,606
Wireless Telecommunication Services - 0.8%
NII Holdings, Inc. (a)	1,044,800		67,943
SBA Communications Corp. Class A (a)	153,200		4,092
			72,035
TOTAL TELECOMMUNICATION SERVICES			144,641
TOTAL COMMON STOCKS (Cost $7,699,353)		8,505,185
Money Market Funds - 1.5%
	Shares		Value (000s)
Fidelity Cash Central Fund, 5.34% (b)	1,925,795		$ 1,926
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	120,543,576		120,544
TOTAL MONEY MARKET FUNDS (Cost $122,470)		122,470
TOTAL INVESTMENT PORTFOLIO - 101.2% (Cost $7,821,823)			8,627,655
NET OTHER ASSETS - (1.2)%			(99,678)
NET ASSETS - 100%		$ 8,527,977

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 holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Solexa, Inc. warrants 11/22/10	11/21/05	$ 0
Solexa, Inc. warrants 1/19/11	1/18/06	$ 0

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	$ 919
Fidelity Securities Lending Cash Central Fund	222
Total	$ 1,141

Other Affiliated Issuers

Affiliates (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Deckers Outdoor Corp.	$ 28,803	$ -	$ -	$ -	$ 35,916
Red Robin Gourmet Burgers, Inc.	53,592	-	3,144	-	63,409
Total	$ 82,395	$ -	$ 3,144	$ -	$ 99,325

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $7,859,552,000. Net unrealized appreciation aggregated $768,103,000, of which $1,270,295,000 related to appreciated investment securities and $502,192,000 related to depreciated investment securities.

Investment Valuation

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Real Estate Income Fund

October 31, 2006

1.809106.102

REI-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 19.9%
	Shares		Value
CONSUMER DISCRETIONARY - 1.3%
Hotels, Restaurants & Leisure - 0.8%
Red Lion Hotels Corp. (a)	71,400		$ 853,230
Starwood Hotels & Resorts Worldwide, Inc.	68,900		4,116,086
			4,969,316
Household Durables - 0.5%
KB Home	22,200		997,668
Lennar Corp. Class A	23,500		1,115,780
Ryland Group, Inc.	24,300		1,116,099
			3,229,547
TOTAL CONSUMER DISCRETIONARY			8,198,863
FINANCIALS - 18.1%
Real Estate Investment Trusts - 18.0%
Acadia Realty Trust (SBI)	48,700		1,244,285
Alexandria Real Estate Equities, Inc.	27,300		2,721,810
American Financial Realty Trust (SBI)	166,100		1,938,387
American Home Mortgage Investment Corp.	6,000		205,020
Annaly Capital Management, Inc.	367,600		4,822,912
Anworth Mortgage Asset Corp.	351,300		3,189,804
Apartment Investment & Management Co. Class A	8,700		498,684
Archstone-Smith Trust	10,400		626,184
AvalonBay Communities, Inc.	22,300		2,922,638
Boston Properties, Inc.	13,400		1,431,522
Capital Lease Funding, Inc.	122,500		1,443,050
CBRE Realty Finance, Inc.	175,000		2,684,500
Cousins Properties, Inc.	25,000		894,250
Developers Diversified Realty Corp.	49,800		3,032,820
DiamondRock Hospitality Co.	37,100		625,877
Douglas Emmett, Inc. (a)	46,200		1,101,870
Duke Realty Corp.	31,000		1,241,860
Education Realty Trust, Inc.	43,000		665,210
Equity Lifestyle Properties, Inc.	89,130		4,391,435
Equity Office Properties Trust	42,300		1,797,750
Equity Residential (SBI)	85,600		4,674,616
Federal Realty Investment Trust (SBI)	33,900		2,717,085
Fieldstone Investment Corp.	190,217		1,546,464
General Growth Properties, Inc.	137,440		7,133,136
Glenborough Realty Trust, Inc.	41,700		1,083,366
GMH Communities Trust	95,900		1,339,723
Health Care Property Investors, Inc.	10,000		314,000
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - continued
Healthcare Realty Trust, Inc.	7,300		$ 295,650
HomeBanc Mortgage Corp., Georgia	313,700		1,646,925
Host Hotels & Resorts, Inc.	151,349		3,490,108
Inland Real Estate Corp.	176,100		3,291,309
Innkeepers USA Trust (SBI)	61,500		1,054,725
Kimco Realty Corp.	83,100		3,692,133
KKR Financial Corp.	16,800		450,744
Luminent Mortgage Capital, Inc.	150,000		1,591,500
Maguire Properties, Inc.	7,000		299,320
MFA Mortgage Investments, Inc.	332,400		2,632,608
MortgageIT Holdings, Inc.	169,100		2,397,838
Nationwide Health Properties, Inc.	86,900		2,497,506
New York Mortgage Trust, Inc.	201,000		777,870
Newcastle Investment Corp.	129,300		3,836,331
Opteum, Inc. Class A	101,000		837,290
Origen Financial, Inc. (c)	75,000		425,250
ProLogis Trust	35,366		2,237,607
Redwood Trust, Inc.	13,800		758,586
Regency Centers Corp.	25,700		1,854,512
Resource Capital Corp.	18,600		306,342
Saxon Capital, Inc.	289,000		4,089,350
Simon Property Group, Inc.	23,804		2,311,368
Spirit Finance Corp.	344,600		4,104,186
Strategic Hotel & Resorts, Inc.	42,500		903,975
Thornburg Mortgage, Inc. (SBI)	12,000		308,160
Trustreet Properties, Inc.	65,100		1,104,747
U-Store-It Trust	11,700		256,932
United Dominion Realty Trust, Inc. (SBI)	68,100		2,204,397
Ventas, Inc.	109,500		4,268,310
Vornado Realty Trust	15,500		1,848,375
Washington (REIT) (SBI)	29,200		1,230,780
Winthrop Realty Trust	120,700		749,547
			114,042,539
Real Estate Management & Development - 0.1%
The St. Joe Co.	16,700		898,126
TOTAL FINANCIALS			114,940,665
Common Stocks - continued
	Shares		Value
HEALTH CARE - 0.2%
Health Care Providers & Services - 0.2%
Capital Senior Living Corp. (a)	90,500		$ 864,275
Emeritus Corp. (a)	11,775		282,600
			1,146,875
MATERIALS - 0.3%
Paper & Forest Products - 0.3%
Weyerhaeuser Co.	32,200		2,047,598
TOTAL COMMON STOCKS (Cost $101,755,419)		126,334,001
Preferred Stocks - 23.3%

Convertible Preferred Stocks - 2.7%
FINANCIALS - 2.7%
Real Estate Investment Trusts - 2.7%
Annaly Capital Management, Inc. Series B, 6.00%	20,000		542,600
Crescent Real Estate Equities Co. Series A, 6.75%	17,700		388,515
Equity Office Properties Trust Series B, 5.25%	74,000		4,366,000
Glenborough Realty Trust, Inc. Series A, 7.75%	2,030		51,461
HRPT Properties Trust 6.50% (a)	80,000		2,017,120
Lexington Corporate Properties Trust Series C 6.50%	2,300		102,994
The Mills Corp.:
6.75% (c)	7,008		6,035,640
Series F, 6.75%	600		516,750
Trustreet Properties, Inc. Series C, 7.50%	27,300		683,865
Windrose Medical Properties Trust 7.50%	88,500		2,657,655
			17,362,600
Nonconvertible Preferred Stocks - 20.6%
CONSUMER DISCRETIONARY - 0.0%
Hotels, Restaurants & Leisure - 0.0%
Hilton Hotels Corp. 8.00%	4,800		122,928
FINANCIALS - 20.6%
Diversified Financial Services - 0.5%
DRA CRT Acquisition Corp. Series A, 8.50%	25,000		606,250
Red Lion Hotels Capital Trust 9.50%	87,750		2,342,925
			2,949,175
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - 19.2%
Accredited Mortgage Loan Trust Series A, 9.75%	172,595		$ 4,363,202
Alexandria Real Estate Equities, Inc.:
Series B, 9.10%	101,200		2,569,468
Series C, 8.375%	65,000		1,719,250
American Home Mortgage Investment Corp.:
Series A, 9.375%	120,000		3,187,200
Series B, 9.25%	123,700		3,167,957
Annaly Capital Management, Inc. Series A, 7.875%	157,000		3,940,700
Anthracite Capital, Inc. Series C, 9.375%	46,000		1,209,800
Anworth Mortgage Asset Corp. Series A, 8.625%	217,827		5,447,853
Apartment Investment & Management Co.:
Series G, 9.375%	66,600		1,782,882
Series T, 8.00%	57,500		1,469,125
Ashford Hospitality Trust, Inc. Series A, 8.55%	100,000		2,610,000
Capital Lease Funding, Inc. Series A, 8.125%	2,000		51,380
CBL & Associates Properties, Inc. Series B, 8.75%	60,000		3,063,000
Cedar Shopping Centers, Inc. 8.875%	90,000		2,407,500
CenterPoint Properties Trust Series D, 5.377%	3,575		2,860,000
Colonial Properties Trust (depositary shares) Series D, 8.125%	3,500		90,160
Cousins Properties, Inc. Series A, 7.75%	81,700		2,087,435
Crescent Real Estate Equities Co. Series B, 9.50%	33,900		874,959
Developers Diversified Realty Corp. (depositary shares) Series F, 8.60%	7,200		184,248
Digital Realty Trust, Inc. Series A, 8.50%	120,000		3,127,200
Duke Realty Corp. (depositary shares) Series B, 7.99%	74,700		3,787,290
Eagle Hospitality Properties Trust, Inc. Series A, 8.25%	24,000		609,600
Eastgroup Properties, Inc. Series D, 7.95%	103,900		2,702,439
Entertainment Properties Trust Series A 9.50%	20,000		514,000
Equity Inns, Inc. Series B, 8.75%	44,600		1,181,454
Federal Realty Investment Trust Series B, 8.50%	11,600		290,464
Glimcher Realty Trust Series F, 8.75%	32,000		819,200
Highwoods Properties, Inc.:
Series A, 8.625%	214		221,490
Series B, 8.00%	8,266		209,543
Home Properties of New York, Inc. Series F, 9.00%	5,000		128,600
HomeBanc Mortgage Corp., Georgia Series A, 10.00%	107,485		2,690,350
Host Hotels & Resorts, Inc. Series E, 8.875%	50,000		1,365,000
HRPT Properties Trust Series B, 8.75%	41,200		1,052,660
Impac Mortgage Holdings, Inc. Series C, 9.125%	86,200		2,076,558
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Innkeepers USA Trust Series C, 8.00%	42,400		$ 1,079,504
LaSalle Hotel Properties:
Series A, 10.25%	208,200		5,377,806
Series B, 8.375%	19,400		504,400
LBA Realty Fund II:
Series A, 8.75% (a)(c)	69,000		2,622,000
Series B, 7.625%	24,800		446,400
Lexington Corporate Properties Trust Series B, 8.05%	74,500		1,895,280
MFA Mortgage Investments, Inc. Series A, 8.50%	229,400		5,741,882
Mid-America Apartment Communities, Inc. Series H, 8.30%	27,800		731,140
Nationwide Health Properties, Inc. 7.677%	36,939		3,734,533
New Century Financial Corp. Series B 9.75%	25,000		625,000
New Plan Excel Realty Trust (depositary shares) Series D, 7.80%	42,106		2,157,933
Newcastle Investment Corp. Series B, 9.75%	199,700		5,202,185
NorthStar Realty Finance Corp. Series A 8.75%	20,000		519,000
Omega Healthcare Investors, Inc. Series D, 8.375%	79,800		2,122,680
Parkway Properties, Inc. Series D, 8.00%	40,000		1,028,000
Prime Group Realty Trust Series B, 9.00%	60,000		1,128,000
ProLogis Trust Series C, 8.54%	6,478		356,290
PS Business Parks, Inc. (depositary shares) Series F, 8.75%	21,500		545,025
RAIT Investment Trust:
Series A, 7.75%	44,200		1,100,580
Series B, 8.375%	81,300		2,134,125
Realty Income Corp. 8.25%	76,800		2,010,624
Saul Centers, Inc. 8.00%	117,700		3,014,297
Simon Property Group, Inc.:
Series G, 7.89%	29,600		1,539,200
Series J, 8.375%	12,500		813,125
Strategic Hotel & Resorts, Inc. 8.50% (c)	119,500		3,077,125
The Mills Corp.:
Series B, 9.00%	46,400		1,004,560
Series C, 9.00%	157,300		3,413,410
Series E, 8.75%	151,020		3,215,216
Series G, 7.875%	20,767		415,340
United Dominion Realty Trust, Inc. Series B, 8.60%	12,500		325,250
			121,741,877
Real Estate Management & Development - 0.3%
Affordable Residential Communties, Inc. Series A, 8.25%	83,000		1,992,000
Preferred Stocks - continued
	Shares		Value
Nonconvertible Preferred Stocks - continued
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.6%
Fannie Mae 7.00%	20,000		$ 1,070,000
MFH Financial Trust I 9.50% (a)(c)	22,660		2,349,842
			3,419,842
TOTAL FINANCIALS			130,102,894
TOTAL NONCONVERTIBLE PREFERRED STOCKS			130,225,822
TOTAL PREFERRED STOCKS (Cost $147,363,862)		147,588,422

Corporate Bonds - 31.9%
		Principal Amount
Convertible Bonds - 2.6%
FINANCIALS - 2.6%
Real Estate Investment Trusts - 2.1%
American Financial Realty Trust 4.375% 7/15/24		$ 10,250,000		9,651,798
Biomed Realty LP 4.5% 10/1/26 (c)		1,000,000		1,018,934
Essex Portfolio LP 3.625% 11/1/25 (c)		400,000		530,330
New Plan Excel Realty Trust 3.7% 9/15/26 (c)		1,000,000		1,011,190
Washington (REIT) 3.875% 9/15/26		750,000		765,750
				12,978,002
Real Estate Management & Development - 0.5%
Affordable Resources Communities LP 7.5% 8/15/25 (c)		1,000,000		1,048,400
ERP Operating LP 3.85% 8/15/26		2,000,000		2,077,940
				3,126,340
TOTAL FINANCIALS				16,104,342
Nonconvertible Bonds - 29.3%
CONSUMER DISCRETIONARY - 4.5%
Hotels, Restaurants & Leisure - 0.6%
Felcor Lodging LP 9% 6/1/11 (d)		1,500,000		1,601,250
Host Marriott LP 7% 8/15/12		1,000,000		1,008,750
Landry's Seafood Restaurants, Inc. 7.5% 12/15/14		1,500,000		1,436,250
				4,046,250
Corporate Bonds - continued
		Principal Amount		Value
Nonconvertible Bonds - continued
CONSUMER DISCRETIONARY - continued
Household Durables - 3.9%
Beazer Homes USA, Inc.:
8.125% 6/15/16		$ 1,000,000		$ 1,017,500
8.375% 4/15/12		1,000,000		1,022,500
D.R. Horton, Inc. 4.875% 1/15/10		1,000,000		968,750
K. Hovnanian Enterprises, Inc.:
6% 1/15/10		420,000		396,900
6.25% 1/15/16		1,000,000		910,000
7.5% 5/15/16		1,000,000		967,500
7.75% 5/15/13		4,000,000		3,790,000
KB Home:
5.875% 1/15/15		1,000,000		916,300
6.25% 6/15/15		3,000,000		2,817,591
7.75% 2/1/10		1,500,000		1,500,000
Kimball Hill, Inc. 10.5% 12/15/12		1,000,000		905,000
Meritage Homes Corp. 6.25% 3/15/15		3,000,000		2,700,000
Standard Pacific Corp.:
6.5% 8/15/10		500,000		483,750
9.25% 4/15/12		2,000,000		2,015,000
Stanley-Martin Communities LLC 9.75% 8/15/15		2,020,000		1,565,500
Technical Olympic USA, Inc.:
7.5% 3/15/11		200,000		165,000
8.25% 4/1/11 (c)		500,000		475,000
WCI Communities, Inc. 9.125% 5/1/12		2,250,000		2,058,750
				24,675,041
TOTAL CONSUMER DISCRETIONARY				28,721,291
CONSUMER STAPLES - 0.2%
Food & Staples Retailing - 0.2%
Ahold Lease Series 2001 A1 pass thru trust certificates 7.82% 1/2/20		1,433,258		1,458,340
FINANCIALS - 23.7%
Real Estate Investment Trusts - 18.8%
AMB Property LP 3.5% 3/1/09		1,000,000		961,574
Archstone-Smith Trust 5% 8/15/07		1,020,000		1,016,063
Arden Realty LP:
5.2% 9/1/11		740,000		741,399
5.25% 3/1/15		400,000		399,527
Corporate Bonds - continued
		Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
Arden Realty LP: - continued
7% 11/15/07		$ 1,000,000		$ 1,016,511
8.5% 11/15/10		1,000,000		1,117,726
AvalonBay Communities, Inc. 5.5% 1/15/12		1,000,000		1,008,664
Bay Apartment Communities, Inc. 6.625% 1/15/08		840,000		850,020
Brandywine Operating Partnership LP 4.5% 11/1/09		1,000,000		974,334
BRE Properties, Inc. 5.75% 9/1/09		1,800,000		1,816,650
Camden Property Trust:
4.375% 1/15/10		2,370,000		2,309,987
7% 11/15/06		943,000		943,463
Colonial Properties Trust 7% 7/14/07		3,450,000		3,482,972
Commercial Net Lease Realty, Inc.:
6.15% 12/15/15		100,000		101,746
6.25% 6/15/14		500,000		512,468
Crescent Real Estate Equities LP 7.5% 9/15/07 (d)		1,500,000		1,507,500
Crescent Real Estate Equities LP/Crescent Finance Co. 9.25% 4/15/09		2,500,000		2,575,000
Developers Diversified Realty Corp.:
5% 5/3/10		1,000,000		987,422
6.625% 1/15/08		550,000		556,850
7.5% 7/15/18		200,000		224,191
Duke Realty LP:
5.25% 1/15/10		200,000		199,485
6.8% 2/12/09		1,500,000		1,543,677
Evans Withycombe Residential LP 7.625% 4/15/07		1,675,000		1,685,943
Federal Realty Investment Trust 6.125% 11/15/07		1,200,000		1,205,160
Health Care Property Investors, Inc.:
6% 3/1/15		500,000		499,197
6.3% 9/15/16		4,500,000		4,580,654
Health Care REIT, Inc.:
6% 11/15/13		1,000,000		998,202
6.2% 6/1/16		1,000,000		1,008,608
7.5% 8/15/07		450,000		453,270
8% 9/12/12		2,450,000		2,703,406
Healthcare Realty Trust, Inc. 8.125% 5/1/11		1,790,000		1,955,115
Heritage Property Investment Trust, Inc. 4.5% 10/15/09		1,500,000		1,464,756
Highwoods/Forsyth LP:
7% 12/1/06		500,000		500,434
7.125% 2/1/08		950,000		966,265
Corporate Bonds - continued
		Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
HMB Capital Trust V 8.99% 12/15/36 (c)(d)		$ 2,530,000		$ 2,530,000
Hospitality Properties Trust 6.75% 2/15/13		610,000		642,162
Host Hotels & Resorts LP 6.875% 11/1/14 (c)		1,000,000		1,002,500
HRPT Properties Trust:
5.99% 3/16/11 (d)		1,575,000		1,577,485
6.5% 1/15/13		200,000		208,311
iStar Financial, Inc.:
5.125% 4/1/11		1,000,000		984,480
5.73% 9/15/09 (c)(d)		1,000,000		1,000,129
5.94% 3/16/09 (d)		500,000		503,362
6.5% 12/15/13		1,000,000		1,016,200
7% 3/15/08		1,800,000		1,827,000
Liberty Property LP 7.25% 8/15/07		1,500,000		1,509,558
Mack-Cali Realty LP 7.25% 3/15/09		180,000		186,891
Nationwide Health Properties, Inc.:
6% 5/20/15		1,000,000		993,377
6.5% 7/15/11		1,500,000		1,541,433
7.23% 11/8/06		300,000		300,061
8.25% 7/1/12		1,300,000		1,423,928
New Plan Excel Realty Trust 7.35% 6/15/07		1,750,000		1,759,774
Omega Healthcare Investors, Inc. 7% 4/1/14		3,970,000		3,974,963
ProLogis Trust 7.1% 4/15/08		775,000		792,198
Reckson Operating Partnership LP 7.75% 3/15/09		2,600,000		2,717,335
Rouse Co. LP/TRC, Inc. 6.75% 5/1/13 (c)		500,000		505,613
Security Capital Industrial Trust 7.95% 5/15/08		64,000		65,855
Senior Housing Properties Trust:
7.875% 4/15/15		355,000		366,538
8.625% 1/15/12		3,500,000		3,771,250
Shurgard Storage Centers, Inc.:
5.875% 3/15/13		1,000,000		1,026,565
7.75% 2/22/11		500,000		540,813
Simon Property Group LP 5.375% 8/28/08		550,000		549,060
Tanger Properties LP 9.125% 2/15/08		300,000		312,186
The Rouse Co.:
5.375% 11/26/13		2,000,000		1,866,760
7.2% 9/15/12		3,220,000		3,317,402
Thornburg Mortgage, Inc. 8% 5/15/13		6,995,000		6,890,075
Trustreet Properties, Inc. 7.5% 4/1/15		3,500,000		3,762,500
Corporate Bonds - continued
		Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Real Estate Investment Trusts - continued
United Dominion Realty Trust, Inc.:
4.5% 3/3/08		$ 1,750,000		$ 1,720,789
5% 1/15/12		1,000,000		975,120
5.13% 1/15/14		500,000		488,723
6.05% 6/1/13		2,500,000		2,543,878
6.5% 6/15/09		325,000		336,122
Ventas Realty LP:
6.5% 6/1/16		2,730,000		2,682,225
6.625% 10/15/14		3,920,000		3,910,200
6.75% 6/1/10		2,100,000		2,157,750
6.75% 4/1/17		2,000,000		2,002,500
8.75% 5/1/09		800,000		848,000
9% 5/1/12		5,011,000		5,574,738
Vornado Realty LP 4.5% 8/15/09		1,000,000		974,440
Vornado Realty Trust 5.625% 6/15/07		2,700,000		2,697,219
				119,245,707
Real Estate Management & Development - 3.9%
American Real Estate Partners/American Real Estate Finance Corp.:
7.125% 2/15/13		1,000,000		992,500
8.125% 6/1/12		3,190,000		3,261,775
Colonial Realty LP 6.05% 9/1/16		1,000,000		1,011,550
EOP Operating LP:
4.65% 10/1/10		3,500,000		3,405,028
5.9716% 10/1/10 (d)		3,000,000		3,027,522
6.763% 6/15/07		1,043,000		1,050,669
7.5% 4/19/29		2,000,000		2,291,568
First Industrial LP:
5.25% 6/15/09		1,000,000		993,873
7.375% 3/15/11		2,100,000		2,248,770
7.6% 5/15/07		1,000,000		1,010,497
Post Apartment Homes LP:
5.125% 10/12/11		1,500,000		1,464,212
7.7% 12/20/10		2,500,000		2,692,530
Price Development Co. LP 7.29% 3/11/08		1,100,000		1,109,625
				24,560,119
Corporate Bonds - continued
		Principal Amount		Value
Nonconvertible Bonds - continued
FINANCIALS - continued
Thrifts & Mortgage Finance - 1.0%
Saxon Capital, Inc. 12% 5/1/14 (c)		$ 1,750,000		$ 2,345,000
Wrightwood Capital LLC 9% 6/1/14 (f)		4,000,000		3,960,000
				6,305,000
TOTAL FINANCIALS				150,110,826
HEALTH CARE - 0.6%
Health Care Providers & Services - 0.6%
Tenet Healthcare Corp. 7.375% 2/1/13		4,000,000		3,550,000
TELECOMMUNICATION SERVICES - 0.3%
Wireless Telecommunication Services - 0.3%
American Tower Corp. 7.125% 10/15/12		2,000,000		2,047,500
TOTAL NONCONVERTIBLE BONDS				185,887,957
TOTAL CORPORATE BONDS (Cost $201,305,073)			201,992,299
Asset-Backed Securities - 3.8%

Ameriquest Mortgage Securities, Inc. Series 2004-R9 Class M9, 7.82% 10/25/34 (c)(d)		2,000,000		1,904,625
Conseco Finance Securitizations Corp.:
Series 2000-4 Class A4, 7.73% 4/1/31		214,314		214,264
Series 2002-2 Class M2, 9.163% 3/1/33		500,000		367,060
Crest Clarendon Street Ltd./Crest Clarendon Corp. Series 2002-1A Class D, 9% 12/28/35 (c)		500,000		538,000
Crest Dartmouth Street Ltd./Crest Dartmouth Street Corp. Series 2003-1A Class D, 9% 6/28/38 (c)		850,000		931,813
Crown Castle Towers LLC/Crown Atlantic Holdings Sub LLC/Crown Communication, Inc. Series 2005-1 Class D, 5.612% 6/15/35 (c)		2,000,000		1,992,915
Diversified REIT Trust:
Series 1999-1A Class H, 6.78% 3/18/11 (c)(d)		1,785,000		1,751,269
Series 2000-1A Class G, 6.971% 3/8/10 (c)		1,720,000		1,722,555
Fairfield Street Solar Corp. Series 2004-1A Class E1, 8.765% 11/28/39 (c)(d)		550,000		559,994
Gramercy Real Estate CDO Ltd. Series 2005-1A Class H, 7.3769% 7/25/35 (c)(d)		2,000,000		2,031,260
Asset-Backed Securities - continued
		Principal Amount		Value
Green Tree Financial Corp. Series 1996-4 Class M1, 7.75% 6/15/27		$ 1,788,179		$ 1,484,188
GSAMP Trust Series 2005-HE3 Class B3, 7.82% 6/25/35 (d)		1,259,000		1,127,699
Guggenheim Structured Real Estate Funding Ltd./Guggenheim Structured Real Estate Funding LLC Series 2005-2A:
Class D, 6.87% 8/26/30 (c)(d)		735,000		737,279
Class E, 7.32% 8/26/30 (c)(d)		1,420,000		1,428,662
Kent Funding III Ltd. 0% 11/5/47 (c)		1,650,000		1,497,375
Merit Securities Corp. Series 13 Class M1, 8.63% 12/28/33		500,000		455,000
Park Place Securities NIMS Trust Series 2004-WCW1 Class NOTE, 5.65% 9/25/34 (c)		74,984		74,684
Park Place Securities, Inc. Series 2004-WHQ2 Class M10, 7.82% 2/25/35 (c)(d)		1,500,000		1,393,320
Resi Finance LP Series 2006-B Class B6, 7.02% 6/15/38 (c)(d)		997,412		997,397
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 8.13% 2/5/36 (c)(d)		3,000,000		2,797,500
TOTAL ASSET-BACKED SECURITIES (Cost $24,196,273)			24,006,859
Collateralized Mortgage Obligations - 2.6%

Private Sponsor - 2.5%
Countrywide Home Loans, Inc.:
Series 2002-38 Class B3, 5% 2/25/18 (c)		200,434		184,491
Series 2002-R2 Class 2B3, 5.7255% 7/25/33 (c)(d)		266,991		177,044
Series 2003-40 Class B3, 4.5% 10/25/18 (c)		253,553		223,010
Series 2003-R2 Class B3, 5.5% 5/25/43 (c)		579,047		460,400
Series 2003-R3:
Class B2, 5.5% 11/25/33		1,829,989		1,702,025
Class B3, 5.5% 11/25/33 (c)		547,958		431,917
Series 2004-R1 Class 1B3, 5.5% 11/25/34 (c)(d)		613,589		469,865
Diversified REIT Trust Series 2000-1A Class F, 6.971% 3/8/10 (c)		1,512,000		1,539,986
Residential Finance LP/Residential Finance Development Corp. floater:
Series 2003-B Class B9, 17.27% 7/10/35 (c)(d)		940,742		983,053
Series 2004-C Class B5, 6.67% 9/10/36 (c)(d)		388,174		391,132
Series 2005-A Class B6, 7.32% 3/10/37 (c)(d)		1,954,065		1,962,843
Series 2005-B Class B6, 6.92% 6/10/37 (c)(d)		973,898		974,006
Collateralized Mortgage Obligations - continued
		Principal Amount		Value
Private Sponsor - continued
Residential Finance LP/Residential Finance Development Corp. floater: - continued
Series 2005-D Class B6, 7.57% 12/15/37 (c)(d)		$ 491,961		$ 498,873
Residential Funding Mortgage Securities I, Inc. Series 2002-S20 Class M3, 5.25% 12/25/17		81,659		79,302
Residential Funding Securities Corp. Series 2002-RM1 Class BI1, 5.5% 12/25/17 (c)		169,674		165,174
Resix Finance Ltd. floater:
Series 2003-D Class B8, 11.82% 12/10/35 (c)(d)		710,506		724,737
Series 2004-A Class B7, 9.57% 2/10/36 (c)(d)		672,924		679,348
Series 2004-B Class B7, 9.32% 2/10/36 (c)(d)		808,707		813,378
Series 2005-C Class B7, 8.42% 9/10/37 (c)(d)		1,970,088		1,970,075
Series 2006-B Class B7, 9.17% 7/15/38 (c)(d)		997,412		997,397
TOTAL PRIVATE SPONSOR				15,428,056
U.S. Government Agency - 0.1%
Fannie Mae REMIC Trust:
Series 2003-W1 Subordinate REMIC Pass-Through Certificate, Class B3, 5.75% 12/25/42		328,196		267,033
Series 2003-W4 Subordinate REMIC Pass-Through Certificate, Class 2B3, 5.9759% 10/25/42 (c)(d)		82,205		55,158
Series 2003-W10 Subordinate REMIC Pass-Through Certificate, Class 2B3, 5.8587% 6/25/43 (d)		191,196		123,760
Series 2001-W3 Subordinate REMIC Pass-Through Certificate, Class B3, 7% 9/25/41		284,496		252,244
Series 2002-W1 Subordinate REMIC Pass-Through Certificate, Class 3B3, 5.6996% 2/25/42 (c)(d)		166,029		113,284
TOTAL U.S. GOVERNMENT AGENCY				811,479
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $16,213,274)			16,239,535
Commercial Mortgage Securities - 8.0%

Asset Securitization Corp. Series 1997-D4 Class B2, 7.525% 4/14/29		515,000		566,073
Banc of America Commercial Mortgage, Inc. Series 2003-2:
Class BWD, 6.947% 10/11/37 (c)		424,166		433,643
Class BWE, 7.226% 10/11/37 (c)		574,677		593,983
Class BWF, 7.55% 10/11/37 (c)		507,240		529,841
Class BWG, 8.155% 10/11/37 (c)		491,603		526,710
Commercial Mortgage Securities - continued
		Principal Amount		Value
Banc of America Commercial Mortgage, Inc. Series 2003-2: - continued
Class BWH, 9.073% 10/11/37 (c)		$ 258,018		$ 286,063
Class BWJ, 9.99% 10/11/37 (c)		424,166		486,092
Class BWK, 10.676% 10/11/37 (c)		333,273		389,097
Class BWL, 10.1596% 10/11/37 (c)		561,971		635,246
Banc of America Large Loan, Inc. floater:
Series 2005-ESHA Class K, 7.12% 7/14/08 (c)(d)		3,000,000		3,009,675
Series 2005-MIB1 Class K, 7.32% 3/15/22 (c)(d)		700,000		694,941
Capital Trust RE CDO Ltd. floater Series 2005-1A Class D, 6.82% 3/20/50 (c)(d)		2,250,000		2,252,025
Credit Suisse First Boston Mortgage Securities Corp.:
Series 1997-C2 Class F, 7.46% 1/17/35 (d)		2,000,000		2,216,878
Series 2004-FL1A Class G, 8.2194% 5/15/14 (c)(d)		1,739,397		1,740,505
Series 2004-TF2A Class AX, 1.1432% 11/15/19 (c)(d)(e)		16,399,007		61,496
First Chicago/Lennar Trust I weighted average coupon Series 1997-CHL1 Class E, 7.6262% 4/29/39 (c)(d)		2,610,949		2,653,377
Global Signal Trust III Series 2006-1 Class F, 7.036% 2/15/36 (c)		1,015,000		1,036,735
GMAC Commercial Mortgage Securities, Inc.:
Series 1997-C2 Class F, 6.75% 4/15/29 (d)		2,767,000		2,917,023
Series 2003-J10 Class B2, 6.75% 4/15/29 (d)		1,000,000		1,014,219
J.P. Morgan Commercial Mortgage Finance Corp.:
Series 1997-C5 Class F, 7.5605% 9/15/29		2,000,000		2,194,857
Series 1999-C7 Class F, 6% 10/15/35 (c)		350,000		349,317
Series 1999-C8:
Class G, 6% 7/15/31 (c)		1,385,000		1,370,928
Class H, 6% 7/15/31 (c)		2,638,000		2,460,753
Series 2000-C9 Class G, 6.25% 10/15/32 (c)		2,425,000		2,470,494
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-A:
Class G, 6% 10/15/32 (c)(d)		2,895,000		2,854,731
Class X, 1.6993% 10/15/32 (c)(d)(e)		19,827,545		494,241
Merrill Lynch Financial Asset, Inc. Series 2005-CA16:
Class F, 4.384% 7/12/15	CAD	710,000		553,712
Class G, 4.384% 7/12/15	CAD	355,000		267,486
Class H, 4.384% 7/12/15	CAD	236,000		155,836
Class J, 4.384% 7/12/15	CAD	355,000		215,849
Class K, 4.384% 7/12/15	CAD	355,000		202,287
Class L, 4.384% 7/12/15	CAD	236,000		126,152
Class M, 4.384% 7/12/15	CAD	995,000		350,401
Merrill Lynch Mortgage Investors, Inc.:
Series 1999-C1 Class G, 6.71% 11/15/31 (c)		3,359,000		2,878,260
Commercial Mortgage Securities - continued
		Principal Amount		Value
Merrill Lynch Mortgage Investors, Inc.: - continued
Series 2001-HRPA Class G, 6.778% 2/3/16 (c)		$ 820,000		$ 842,036
Mezz Capital Commercial Mortgage Trust Series 2004-C1:
Class D, 6.988% 9/15/13		750,000		750,930
Class E, 7.983% 10/15/13		1,453,000		1,490,289
Class X, 7.846% 1/15/18 (d)		7,157,439		2,514,050
Morgan Stanley Capital I, Inc.:
Series 1997-C1 Class F, 6.85% 2/15/20 (c)		500,000		499,339
Series 1997-HF1 Class G, 6.86% 7/15/29 (c)		555,000		556,114
SBA CMBS Trust Series 2006-1A Class J, 7.825% 11/15/36		1,000,000		1,006,140
Timberstar Trust I Series 2006-1 Class F, 7.5296% 10/15/36 (c)		2,000,000		2,030,449
Wachovia Ltd./Wachovia LLC Series 2006-1 Class 1Ml, LIBOR + 5.5% 9/25/26 (c)(d)		2,000,000		2,004,880
Wrightwood Capital Real Estate CDO Ltd. floater Series 2005-1A Class F, 7.3425% 11/21/40 (c)(d)		250,000		253,078
TOTAL COMMERCIAL MORTGAGE SECURITIES (Cost $48,665,338)			50,936,231
Floating Rate Loans - 3.0%

CONSUMER DISCRETIONARY - 0.8%
Hotels, Restaurants & Leisure - 0.2%
Landry's Seafood Restaurants, Inc. term loan 7.1201% 12/28/10 (d)		997,462		996,215
Specialty Retail - 0.6%
The Pep Boys - Manny, Moe & Jack term loan 8.07% 10/25/13 (d)		60,396		61,075
Toys 'R' US, Inc. term loan 8.32% 12/9/08 (d)		3,600,000		3,609,000
				3,670,075
TOTAL CONSUMER DISCRETIONARY				4,666,290
CONSUMER STAPLES - 0.3%
Food & Staples Retailing - 0.3%
Cumberland Farms, Inc. term loan 7.37% 9/29/13 (d)		2,000,000		2,007,500
Floating Rate Loans - continued
		Principal Amount		Value
FINANCIALS - 1.3%
Diversified Financial Services - 0.4%
Landsource Communication Development LLC Tranche B, term loan 7.875% 3/31/10 (d)		$ 2,700,000		$ 2,666,250
Real Estate Investment Trusts - 0.6%
Apartment Investment & Management Co. term loan 6.9088% 3/22/11 (d)		2,200,000		2,205,500
Capital Automotive (REIT) Tranche B, term loan 7.08% 12/16/10 (d)		97,679		98,045
General Growth Properties, Inc. Tranche A1, term loan 6.57% 2/24/10 (d)		1,000,000		992,500
Lion Gables Realty LP term loan 7.07% 3/31/07 (d)		35,811		35,855
Newkirk Master LP Tranche B, term loan 7.0725% 8/11/08 (d)		80,256		80,156
				3,412,056
Real Estate Management & Development - 0.1%
MDS Realty Holdings LLC Tranche M3, term loan 8.82% 1/8/08 (d)		446,274		446,274
Shea Mountain House LLC Tranche B, term loan 7.33% 5/11/11 (d)		348,250		337,803
				784,077
Thrifts & Mortgage Finance - 0.2%
Charter Municipal Mortgage Acceptance Co. term loan 7.9% 8/15/12 (d)		1,500,000		1,505,625
TOTAL FINANCIALS				8,368,008
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
HealthSouth Corp. term loan 8.62% 3/10/13 (d)		2,992,500		3,003,722
TELECOMMUNICATION SERVICES - 0.1%
Wireless Telecommunication Services - 0.1%
Crown Castle Operating Co. Tranche B, term loan 7.65% 6/1/14 (d)		837,900		841,042
TOTAL FLOATING RATE LOANS (Cost $18,898,654)			18,886,562

Preferred Securities - 0.7%
	Principal Amount		Value
FINANCIALS - 0.7%
Diversified Financial Services - 0.7%
Cairn High Grade ABS CDO II Ltd. Series 2006-2A Class SUB, 1/13/47 (c)	$ 1,000,000		$ 915,000
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (c)	500,000		525,419
Crest Dartmouth Street 2003 1 Ltd. Series 2003-1A Class PS, 6/28/38 (c)	590,000		679,594
Harp High Grade CDO I Ltd. Series 2006-1, 7/8/46 (c)	810,000		785,700
Ipswich Street CDO Series 2006-1, 6/27/46 (c)	1,350,000		1,309,500
			4,215,213
TOTAL PREFERRED SECURITIES (Cost $4,171,150)		4,215,213
Fixed-Income Funds - 3.1%
	Shares
Fidelity Ultra-Short Central Fund (g) (Cost $19,995,490)	200,884		19,989,967
Money Market Funds - 2.9%

Fidelity Cash Central Fund, 5.34% (b) (Cost $18,093,720)	18,093,720		18,093,720
TOTAL INVESTMENT PORTFOLIO - 99.2% (Cost $600,658,253)			628,282,809
NET OTHER ASSETS - 0.8%			5,255,599
NET ASSETS - 100%		$ 633,538,408

Currency Abbreviation

CAD - Canadian dollar

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 $98,760,034 or 15.6% of net assets.

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

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

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
Wrightwood Capital LLC 9% 6/1/14	1/1/05	$ 4,000,000

(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. A complete unaudited list of holdings for each Fidelity Central Fund, as of the Investing Fund's report date, is available upon request or at fidelity.com. The reports are located just after the Investing Fund's financial statements and quarterly reports but are not part of the financial statements or quarterly reports. In addition, each Fidelity Central Fund's financial statements are available on the EDGAR database on the SEC's web site, www.sec.gov, or upon request.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 373,466
Fidelity Ultra-Short Central Fund	280,166
Total	$ 653,632

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

Fund	Value, beginning of period	Purchases	Sales Proceeds	Value, end of period	% ownership, end of period
Fidelity Ultra-Short Central Fund	$ 19,983,940	$ -	$ -	$ 19,989,967	0.2%

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $600,905,271. Net unrealized appreciation aggregated $27,377,538, of which $37,932,215 related to appreciated investment securities and $10,554,677 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. For example, when developments occur between the close of a market and the close of the NYSE that may materially affect the value of some or all of the securities, or when trading in a security is halted, those securities may be fair valued. The frequency of when fair value pricing is used is unpredictable. The value of securities used under fair value pricing may differ from published prices for the same securities.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Growth Fund

October 31, 2006

1.823237.101

SCP-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
CONSUMER DISCRETIONARY - 12.2%
Diversified Consumer Services - 1.5%
DeVry, Inc. (a)	175,000		$ 4,261,250
Sotheby's Class A (ltd. vtg.)	96,200		3,655,600
			7,916,850
Hotels, Restaurants & Leisure - 2.9%
Domino's Pizza, Inc.	152,700		4,150,386
McCormick & Schmick's Seafood Restaurants (a)	94,700		2,489,663
Penn National Gaming, Inc. (a)	142,900		5,225,853
Ruth's Chris Steak House, Inc. (a)	163,500		3,219,315
			15,085,217
Household Durables - 0.5%
Lifetime Brands, Inc. (d)	124,077		2,542,338
Internet & Catalog Retail - 1.0%
Coldwater Creek, Inc. (a)	171,000		5,213,790
Media - 2.2%
Focus Media Holding Ltd. ADR (a)	80,600		4,262,934
New Frontier Media, Inc. (a)	479,632		4,225,558
R.H. Donnelley Corp.	50,000		3,011,000
			11,499,492
Specialty Retail - 2.3%
Eddie Bauer Holdings, Inc. (a)	235,000		1,739,000
The Children's Place Retail Stores, Inc. (a)	90,600		6,359,214
Zumiez, Inc. (a)(d)	126,300		4,150,218
			12,248,432
Textiles, Apparel & Luxury Goods - 1.8%
Crocs, Inc. (d)	95,000		3,763,900
Volcom, Inc. (a)(d)	172,600		5,654,376
			9,418,276
TOTAL CONSUMER DISCRETIONARY			63,924,395
CONSUMER STAPLES - 0.9%
Personal Products - 0.9%
Herbalife Ltd. (a)	127,000		4,648,200
ENERGY - 10.9%
Energy Equipment & Services - 3.7%
Hornbeck Offshore Services, Inc. (a)	126,500		4,565,385
NATCO Group, Inc. Class A (a)	112,600		3,731,564
Oil States International, Inc. (a)	94,200		2,735,568
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Pason Systems, Inc.	158,400		$ 2,040,230
Superior Energy Services, Inc. (a)	193,000		6,040,900
			19,113,647
Oil, Gas & Consumable Fuels - 7.2%
Cabot Oil & Gas Corp.	110,000		5,820,100
Forest Oil Corp. (a)	103,800		3,388,032
Foundation Coal Holdings, Inc.	192,500		7,066,675
Holly Corp.	79,400		3,776,264
Mariner Energy, Inc. (a)	307,910		6,102,776
Plains Exploration & Production Co. (a)	75,000		3,171,750
Range Resources Corp.	208,350		5,656,703
Tesoro Corp.	43,700		2,794,178
Western Refining, Inc.	5,900		139,004
			37,915,482
TOTAL ENERGY			57,029,129
FINANCIALS - 6.7%
Commercial Banks - 0.7%
Center Financial Corp., California	151,600		3,662,656
Insurance - 5.4%
American Equity Investment Life Holding Co.	309,100		3,944,116
Aspen Insurance Holdings Ltd.	193,200		4,795,224
National Financial Partners Corp.	125,500		4,944,700
RAM Holdings Ltd.	200,000		2,600,000
RLI Corp.	72,000		3,903,120
Universal American Financial Corp. (a)	225,000		4,182,750
Willis Group Holdings Ltd.	111,500		4,240,345
			28,610,255
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	99,300		2,981,979
TOTAL FINANCIALS			35,254,890
HEALTH CARE - 15.7%
Biotechnology - 0.8%
Myogen, Inc. (a)	85,500		4,471,650
Health Care Equipment & Supplies - 4.0%
DJO, Inc. (a)	193,800		7,796,574
Inverness Medical Innovations, Inc. (a)	144,300		5,438,667
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Merit Medical Systems, Inc. (a)	174,100		$ 2,752,521
Respironics, Inc. (a)	141,800		5,008,376
			20,996,138
Health Care Providers & Services - 6.1%
Amedisys, Inc. (a)(d)	90,700		3,679,699
Chemed Corp.	71,700		2,544,633
Healthways, Inc. (a)	116,300		4,925,305
Humana, Inc. (a)	61,700		3,702,000
Omnicare, Inc. (d)	150,900		5,716,092
Sierra Health Services, Inc. (a)	151,500		5,187,360
VCA Antech, Inc. (a)	183,800		5,949,606
			31,704,695
Health Care Technology - 1.4%
Per-Se Technologies, Inc. (a)	290,000		7,099,200
Life Sciences Tools & Services - 0.9%
ICON PLC sponsored ADR	124,990		4,484,641
Pharmaceuticals - 2.5%
Adams Respiratory Therapeutics, Inc. (a)	96,700		4,167,770
Kos Pharmaceuticals, Inc. (a)	105,200		5,233,700
Medicis Pharmaceutical Corp. Class A	106,300		3,724,752
			13,126,222
TOTAL HEALTH CARE			81,882,546
INDUSTRIALS - 17.0%
Aerospace & Defense - 1.8%
BE Aerospace, Inc. (a)	160,000		4,044,800
Heico Corp. Class A	85,700		2,570,143
Hexcel Corp. (a)(d)	186,700		3,022,673
			9,637,616
Air Freight & Logistics - 1.3%
Hub Group, Inc. Class A	256,000		6,952,960
Building Products - 0.6%
NCI Building Systems, Inc. (a)	50,000		2,992,500
Commercial Services & Supplies - 4.9%
Administaff, Inc.	129,000		4,444,050
CDI Corp.	130,400		3,082,656
Clean Harbors, Inc. (a)	114,600		4,903,734
Huron Consulting Group, Inc. (a)	147,600		5,898,096
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Navigant Consulting, Inc. (a)	170,000		$ 3,027,700
Tele Atlas NV (a)(d)	223,900		4,201,054
			25,557,290
Construction & Engineering - 0.7%
Chicago Bridge & Iron Co. NV (NY Shares)	149,000		3,659,440
Electrical Equipment - 2.7%
C&D Technologies, Inc.	474,110		2,351,586
EnerSys (a)	138,900		2,448,807
Genlyte Group, Inc. (a)	34,000		2,626,840
Q-Cells AG (d)	96,000		3,798,566
Ultralife Batteries, Inc. (a)(d)	240,000		2,877,600
			14,103,399
Machinery - 3.9%
Bucyrus International, Inc. Class A	122,300		5,124,370
Flowserve Corp. (a)	68,800		3,646,400
Graco, Inc.	58,000		2,364,080
Greenbrier Companies, Inc.	68,000		2,550,000
Manitowoc Co., Inc.	73,000		4,006,240
Watts Water Technologies, Inc. Class A	71,200		2,650,064
			20,341,154
Road & Rail - 0.6%
Landstar System, Inc.	67,300		3,125,412
Trading Companies & Distributors - 0.5%
WESCO International, Inc. (a)	43,000		2,806,610
TOTAL INDUSTRIALS			89,176,381
INFORMATION TECHNOLOGY - 26.3%
Communications Equipment - 3.1%
F5 Networks, Inc. (a)	71,100		4,706,109
Harris Corp.	191,100		8,140,859
MasTec, Inc. (a)	311,300		3,408,735
			16,255,703
Computers & Peripherals - 0.7%
Neoware, Inc. (a)(d)	55,019		658,577
Synaptics, Inc. (a)	100,000		2,836,000
			3,494,577
Electronic Equipment & Instruments - 3.3%
Amphenol Corp. Class A	41,800		2,838,220
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Cogent, Inc. (a)(d)	236,900		$ 2,724,350
FARO Technologies, Inc. (a)	123,593		2,353,211
ScanSource, Inc. (a)	110,400		3,465,456
Trimble Navigation Ltd. (a)	122,400		5,657,328
			17,038,565
Internet Software & Services - 3.7%
CyberSource Corp. (a)	298,666		3,061,327
Digitas, Inc. (a)	514,600		5,434,176
Equinix, Inc. (a)(d)	67,200		4,596,480
j2 Global Communications, Inc. (a)	234,200		6,426,448
			19,518,431
IT Services - 7.4%
CACI International, Inc. Class A (a)	45,500		2,618,070
Iron Mountain, Inc. (a)	124,000		5,377,880
Lionbridge Technologies, Inc. (a)	805,346		5,452,192
Ness Technologies, Inc. (a)	534,300		7,896,954
Satyam Computer Services Ltd. sponsored ADR (d)	230,000		5,085,300
SI International, Inc. (a)	174,647		5,791,295
TALX Corp.	273,025		6,639,968
			38,861,659
Office Electronics - 0.8%
Zebra Technologies Corp. Class A (a)	117,100		4,364,317
Semiconductors & Semiconductor Equipment - 5.4%
California Micro Devices Corp. (a)	654,000		2,812,200
Entegris, Inc. (a)	441,200		4,945,852
FormFactor, Inc. (a)	139,200		5,314,656
Intersil Corp. Class A	100,000		2,345,000
Microsemi Corp. (a)	166,400		3,261,440
Rudolph Technologies, Inc. (a)	249,000		4,397,340
Tessera Technologies, Inc. (a)	153,600		5,362,176
			28,438,664
Software - 1.9%
Blackbaud, Inc.	236,259		5,906,475
Moldflow Corp. (a)	174,100		2,184,955
Quality Systems, Inc.	37,800		1,604,232
			9,695,662
TOTAL INFORMATION TECHNOLOGY			137,667,578
Common Stocks - continued
	Shares		Value
MATERIALS - 5.9%
Metals & Mining - 5.9%
Allegheny Technologies, Inc. (d)	33,500		$ 2,637,455
Carpenter Technology Corp.	63,800		6,825,962
Meridian Gold, Inc. (a)	230,500		5,804,333
Oregon Steel Mills, Inc. (a)	106,600		5,799,040
Reliance Steel & Aluminum Co.	116,000		3,984,600
Titanium Metals Corp. (a)	199,800		5,890,104
			30,941,494
TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
Dobson Communications Corp. Class A	456,400		3,541,664
UTILITIES - 0.8%
Multi-Utilities - 0.8%
CMS Energy Corp. (a)	283,600		4,222,804
TOTAL COMMON STOCKS (Cost $462,059,157)		508,289,081
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 5.34% (b)	21,420,212		21,420,212
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	15,168,420		15,168,420
TOTAL MONEY MARKET FUNDS (Cost $36,588,632)		36,588,632
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $498,647,789)		544,877,713
NET OTHER ASSETS - (4.1)%		(21,564,431)
NET ASSETS - 100%		$ 523,313,282

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	$ 278,395
Fidelity Securities Lending Cash Central Fund	16,505
Total	$ 294,900

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $499,932,825. Net unrealized appreciation aggregated $44,944,888, of which $66,289,060 related to appreciated investment securities and $21,344,172 related to depreciated investment securities.

Investment Valuation

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, 2006

1.824307.101

ASCP-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
CONSUMER DISCRETIONARY - 12.2%
Diversified Consumer Services - 1.5%
DeVry, Inc. (a)	175,000		$ 4,261,250
Sotheby's Class A (ltd. vtg.)	96,200		3,655,600
			7,916,850
Hotels, Restaurants & Leisure - 2.9%
Domino's Pizza, Inc.	152,700		4,150,386
McCormick & Schmick's Seafood Restaurants (a)	94,700		2,489,663
Penn National Gaming, Inc. (a)	142,900		5,225,853
Ruth's Chris Steak House, Inc. (a)	163,500		3,219,315
			15,085,217
Household Durables - 0.5%
Lifetime Brands, Inc. (d)	124,077		2,542,338
Internet & Catalog Retail - 1.0%
Coldwater Creek, Inc. (a)	171,000		5,213,790
Media - 2.2%
Focus Media Holding Ltd. ADR (a)	80,600		4,262,934
New Frontier Media, Inc. (a)	479,632		4,225,558
R.H. Donnelley Corp.	50,000		3,011,000
			11,499,492
Specialty Retail - 2.3%
Eddie Bauer Holdings, Inc. (a)	235,000		1,739,000
The Children's Place Retail Stores, Inc. (a)	90,600		6,359,214
Zumiez, Inc. (a)(d)	126,300		4,150,218
			12,248,432
Textiles, Apparel & Luxury Goods - 1.8%
Crocs, Inc. (d)	95,000		3,763,900
Volcom, Inc. (a)(d)	172,600		5,654,376
			9,418,276
TOTAL CONSUMER DISCRETIONARY			63,924,395
CONSUMER STAPLES - 0.9%
Personal Products - 0.9%
Herbalife Ltd. (a)	127,000		4,648,200
ENERGY - 10.9%
Energy Equipment & Services - 3.7%
Hornbeck Offshore Services, Inc. (a)	126,500		4,565,385
NATCO Group, Inc. Class A (a)	112,600		3,731,564
Oil States International, Inc. (a)	94,200		2,735,568
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Pason Systems, Inc.	158,400		$ 2,040,230
Superior Energy Services, Inc. (a)	193,000		6,040,900
			19,113,647
Oil, Gas & Consumable Fuels - 7.2%
Cabot Oil & Gas Corp.	110,000		5,820,100
Forest Oil Corp. (a)	103,800		3,388,032
Foundation Coal Holdings, Inc.	192,500		7,066,675
Holly Corp.	79,400		3,776,264
Mariner Energy, Inc. (a)	307,910		6,102,776
Plains Exploration & Production Co. (a)	75,000		3,171,750
Range Resources Corp.	208,350		5,656,703
Tesoro Corp.	43,700		2,794,178
Western Refining, Inc.	5,900		139,004
			37,915,482
TOTAL ENERGY			57,029,129
FINANCIALS - 6.7%
Commercial Banks - 0.7%
Center Financial Corp., California	151,600		3,662,656
Insurance - 5.4%
American Equity Investment Life Holding Co.	309,100		3,944,116
Aspen Insurance Holdings Ltd.	193,200		4,795,224
National Financial Partners Corp.	125,500		4,944,700
RAM Holdings Ltd.	200,000		2,600,000
RLI Corp.	72,000		3,903,120
Universal American Financial Corp. (a)	225,000		4,182,750
Willis Group Holdings Ltd.	111,500		4,240,345
			28,610,255
Real Estate Management & Development - 0.6%
CB Richard Ellis Group, Inc. Class A (a)	99,300		2,981,979
TOTAL FINANCIALS			35,254,890
HEALTH CARE - 15.7%
Biotechnology - 0.8%
Myogen, Inc. (a)	85,500		4,471,650
Health Care Equipment & Supplies - 4.0%
DJO, Inc. (a)	193,800		7,796,574
Inverness Medical Innovations, Inc. (a)	144,300		5,438,667
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Equipment & Supplies - continued
Merit Medical Systems, Inc. (a)	174,100		$ 2,752,521
Respironics, Inc. (a)	141,800		5,008,376
			20,996,138
Health Care Providers & Services - 6.1%
Amedisys, Inc. (a)(d)	90,700		3,679,699
Chemed Corp.	71,700		2,544,633
Healthways, Inc. (a)	116,300		4,925,305
Humana, Inc. (a)	61,700		3,702,000
Omnicare, Inc. (d)	150,900		5,716,092
Sierra Health Services, Inc. (a)	151,500		5,187,360
VCA Antech, Inc. (a)	183,800		5,949,606
			31,704,695
Health Care Technology - 1.4%
Per-Se Technologies, Inc. (a)	290,000		7,099,200
Life Sciences Tools & Services - 0.9%
ICON PLC sponsored ADR	124,990		4,484,641
Pharmaceuticals - 2.5%
Adams Respiratory Therapeutics, Inc. (a)	96,700		4,167,770
Kos Pharmaceuticals, Inc. (a)	105,200		5,233,700
Medicis Pharmaceutical Corp. Class A	106,300		3,724,752
			13,126,222
TOTAL HEALTH CARE			81,882,546
INDUSTRIALS - 17.0%
Aerospace & Defense - 1.8%
BE Aerospace, Inc. (a)	160,000		4,044,800
Heico Corp. Class A	85,700		2,570,143
Hexcel Corp. (a)(d)	186,700		3,022,673
			9,637,616
Air Freight & Logistics - 1.3%
Hub Group, Inc. Class A	256,000		6,952,960
Building Products - 0.6%
NCI Building Systems, Inc. (a)	50,000		2,992,500
Commercial Services & Supplies - 4.9%
Administaff, Inc.	129,000		4,444,050
CDI Corp.	130,400		3,082,656
Clean Harbors, Inc. (a)	114,600		4,903,734
Huron Consulting Group, Inc. (a)	147,600		5,898,096
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Commercial Services & Supplies - continued
Navigant Consulting, Inc. (a)	170,000		$ 3,027,700
Tele Atlas NV (a)(d)	223,900		4,201,054
			25,557,290
Construction & Engineering - 0.7%
Chicago Bridge & Iron Co. NV (NY Shares)	149,000		3,659,440
Electrical Equipment - 2.7%
C&D Technologies, Inc.	474,110		2,351,586
EnerSys (a)	138,900		2,448,807
Genlyte Group, Inc. (a)	34,000		2,626,840
Q-Cells AG (d)	96,000		3,798,566
Ultralife Batteries, Inc. (a)(d)	240,000		2,877,600
			14,103,399
Machinery - 3.9%
Bucyrus International, Inc. Class A	122,300		5,124,370
Flowserve Corp. (a)	68,800		3,646,400
Graco, Inc.	58,000		2,364,080
Greenbrier Companies, Inc.	68,000		2,550,000
Manitowoc Co., Inc.	73,000		4,006,240
Watts Water Technologies, Inc. Class A	71,200		2,650,064
			20,341,154
Road & Rail - 0.6%
Landstar System, Inc.	67,300		3,125,412
Trading Companies & Distributors - 0.5%
WESCO International, Inc. (a)	43,000		2,806,610
TOTAL INDUSTRIALS			89,176,381
INFORMATION TECHNOLOGY - 26.3%
Communications Equipment - 3.1%
F5 Networks, Inc. (a)	71,100		4,706,109
Harris Corp.	191,100		8,140,859
MasTec, Inc. (a)	311,300		3,408,735
			16,255,703
Computers & Peripherals - 0.7%
Neoware, Inc. (a)(d)	55,019		658,577
Synaptics, Inc. (a)	100,000		2,836,000
			3,494,577
Electronic Equipment & Instruments - 3.3%
Amphenol Corp. Class A	41,800		2,838,220
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
Cogent, Inc. (a)(d)	236,900		$ 2,724,350
FARO Technologies, Inc. (a)	123,593		2,353,211
ScanSource, Inc. (a)	110,400		3,465,456
Trimble Navigation Ltd. (a)	122,400		5,657,328
			17,038,565
Internet Software & Services - 3.7%
CyberSource Corp. (a)	298,666		3,061,327
Digitas, Inc. (a)	514,600		5,434,176
Equinix, Inc. (a)(d)	67,200		4,596,480
j2 Global Communications, Inc. (a)	234,200		6,426,448
			19,518,431
IT Services - 7.4%
CACI International, Inc. Class A (a)	45,500		2,618,070
Iron Mountain, Inc. (a)	124,000		5,377,880
Lionbridge Technologies, Inc. (a)	805,346		5,452,192
Ness Technologies, Inc. (a)	534,300		7,896,954
Satyam Computer Services Ltd. sponsored ADR (d)	230,000		5,085,300
SI International, Inc. (a)	174,647		5,791,295
TALX Corp.	273,025		6,639,968
			38,861,659
Office Electronics - 0.8%
Zebra Technologies Corp. Class A (a)	117,100		4,364,317
Semiconductors & Semiconductor Equipment - 5.4%
California Micro Devices Corp. (a)	654,000		2,812,200
Entegris, Inc. (a)	441,200		4,945,852
FormFactor, Inc. (a)	139,200		5,314,656
Intersil Corp. Class A	100,000		2,345,000
Microsemi Corp. (a)	166,400		3,261,440
Rudolph Technologies, Inc. (a)	249,000		4,397,340
Tessera Technologies, Inc. (a)	153,600		5,362,176
			28,438,664
Software - 1.9%
Blackbaud, Inc.	236,259		5,906,475
Moldflow Corp. (a)	174,100		2,184,955
Quality Systems, Inc.	37,800		1,604,232
			9,695,662
TOTAL INFORMATION TECHNOLOGY			137,667,578
Common Stocks - continued
	Shares		Value
MATERIALS - 5.9%
Metals & Mining - 5.9%
Allegheny Technologies, Inc. (d)	33,500		$ 2,637,455
Carpenter Technology Corp.	63,800		6,825,962
Meridian Gold, Inc. (a)	230,500		5,804,333
Oregon Steel Mills, Inc. (a)	106,600		5,799,040
Reliance Steel & Aluminum Co.	116,000		3,984,600
Titanium Metals Corp. (a)	199,800		5,890,104
			30,941,494
TELECOMMUNICATION SERVICES - 0.7%
Wireless Telecommunication Services - 0.7%
Dobson Communications Corp. Class A	456,400		3,541,664
UTILITIES - 0.8%
Multi-Utilities - 0.8%
CMS Energy Corp. (a)	283,600		4,222,804
TOTAL COMMON STOCKS (Cost $462,059,157)		508,289,081
Money Market Funds - 7.0%

Fidelity Cash Central Fund, 5.34% (b)	21,420,212		21,420,212
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	15,168,420		15,168,420
TOTAL MONEY MARKET FUNDS (Cost $36,588,632)		36,588,632
TOTAL INVESTMENT PORTFOLIO - 104.1% (Cost $498,647,789)		544,877,713
NET OTHER ASSETS - (4.1)%		(21,564,431)
NET ASSETS - 100%		$ 523,313,282

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	$ 278,395
Fidelity Securities Lending Cash Central Fund	16,505
Total	$ 294,900

Income Tax Information

Investment Valuation

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 Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Small Cap Value Fund

October 31, 2006

1.823236.101

SCV-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 14.2%
Auto Components - 1.2%
Aftermarket Technology Corp. (a)	50,000		$ 939,500
Hawk Corp. Class A (a)	371,600		5,462,520
Spartan Motors, Inc.	344,210		7,149,242
			13,551,262
Distributors - 0.3%
Building Materials Holding Corp.	129,100		3,364,346
Hotels, Restaurants & Leisure - 2.8%
Cosi, Inc. (a)	99,700		433,695
Domino's Pizza, Inc.	275,000		7,474,500
Gaylord Entertainment Co. (a)	115,000		5,352,100
Isle of Capri Casinos, Inc. (a)(d)	439,500		11,031,450
Multimedia Games, Inc. (a)	61,000		572,790
Pinnacle Entertainment, Inc. (a)(d)	207,700		6,285,002
Vail Resorts, Inc. (a)	30,000		1,159,500
			32,309,037
Household Durables - 4.7%
Bassett Furniture Industries, Inc.	5,811		95,998
Ethan Allen Interiors, Inc.	225,300		8,025,186
Interface, Inc. Class A (a)	1,004,490		14,615,330
Jarden Corp. (a)(d)	645,000		23,207,100
Kimball International, Inc. Class B	160,000		3,976,000
Lenox Group, Inc. (a)	262,845		1,579,698
Ryland Group, Inc.	55,000		2,526,150
			54,025,462
Leisure Equipment & Products - 2.4%
JAKKS Pacific, Inc. (a)	65,000		1,409,850
RC2 Corp. (a)	569,555		25,732,495
			27,142,345
Specialty Retail - 1.9%
Asbury Automotive Group, Inc.	75,000		1,800,000
Citi Trends, Inc. (a)(d)	90,000		3,531,600
Genesco, Inc.	60,000		2,254,200
Gymboree Corp. (a)	85,000		3,949,100
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		1,377,000
Sonic Automotive, Inc. Class A (sub. vtg.)	132,500		3,484,750
The Children's Place Retail Stores, Inc. (a)	67,500		4,737,825
			21,134,475
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.9%
Carter's, Inc. (a)	150,000		$ 4,234,500
Warnaco Group, Inc. (a)	290,000		6,159,600
			10,394,100
TOTAL CONSUMER DISCRETIONARY			161,921,027
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 0.1%
Performance Food Group Co. (a)	50,000		1,453,500
Food Products - 1.0%
Diamond Foods, Inc.	525,400		8,947,562
Hain Celestial Group, Inc. (a)	90,000		2,540,700
			11,488,262
Personal Products - 1.5%
Playtex Products, Inc. (a)	535,000		7,457,900
Prestige Brands Holdings, Inc. (a)	812,838		9,591,488
			17,049,388
TOTAL CONSUMER STAPLES			29,991,150
ENERGY - 8.5%
Energy Equipment & Services - 2.2%
Carbo Ceramics, Inc. (d)	43,500		1,465,950
Hornbeck Offshore Services, Inc. (a)	154,100		5,561,469
Oil States International, Inc. (a)	244,760		7,107,830
Superior Energy Services, Inc. (a)	255,000		7,981,500
W-H Energy Services, Inc. (a)	50,000		2,341,500
			24,458,249
Oil, Gas & Consumable Fuels - 6.3%
Alpha Natural Resources, Inc. (a)	107,400		1,708,734
Cabot Oil & Gas Corp.	145,000		7,671,950
Comstock Resources, Inc. (a)	240,300		6,704,370
Forest Oil Corp. (a)	140,300		4,579,392
Holly Corp.	57,400		2,729,944
Mariner Energy, Inc. (a)	530,000		10,504,600
Petroleum Development Corp. (a)	127,622		5,889,755
Southwestern Energy Co. (a)	60,000		2,134,800
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp. (d)	413,800		$ 26,458,369
World Fuel Services Corp.	81,900		3,523,338
			71,905,252
TOTAL ENERGY			96,363,501
FINANCIALS - 27.5%
Capital Markets - 1.4%
American Capital Strategies Ltd. (d)	93,700		4,044,092
Piper Jaffray Companies (a)	50,000		3,457,500
TradeStation Group, Inc. (a)	510,000		7,981,500
			15,483,092
Commercial Banks - 6.1%
Boston Private Financial Holdings, Inc.	660,200		18,247,928
Cathay General Bancorp	270,220		9,309,079
Center Financial Corp., California	353,352		8,536,984
Colonial Bancgroup, Inc.	80,000		1,907,200
East West Bancorp, Inc.	28,800		1,051,488
First Bancorp, Puerto Rico	53,000		524,700
Hanmi Financial Corp.	245,040		5,236,505
Nara Bancorp, Inc.	208,270		3,957,130
Preferred Bank, Los Angeles California	66,900		3,918,333
South Financial Group, Inc.	175,900		4,666,627
UCBH Holdings, Inc.	150,000		2,571,000
Wintrust Financial Corp.	209,360		10,103,714
			70,030,688
Consumer Finance - 0.3%
Advanta Corp. Class B	50,000		1,962,000
CompuCredit Corp. (a)(d)	35,000		1,216,600
			3,178,600
Diversified Financial Services - 1.0%
Marlin Business Services Corp. (a)	470,779		10,879,703
Insurance - 14.4%
American Equity Investment Life Holding Co.	2,035,000		25,966,600
Aspen Insurance Holdings Ltd.	360,200		8,940,164
Delphi Financial Group, Inc. Class A	70,000		2,747,500
HCC Insurance Holdings, Inc.	175,920		5,921,467
IPC Holdings Ltd.	543,440		16,324,938
Max Re Capital Ltd.	75,000		1,746,000
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
National Financial Partners Corp. (d)	286,300		$ 11,280,220
Navigators Group, Inc. (a)	69,862		3,288,404
Ohio Casualty Corp.	100,500		2,756,715
Old Republic International Corp.	125,000		2,816,250
Philadelphia Consolidated Holdings Corp. (a)	99,140		3,878,357
Platinum Underwriters Holdings Ltd.	329,700		9,844,842
RLI Corp.	180,000		9,757,800
Tower Group, Inc.	100,000		3,535,000
United America Indemnity Ltd. Class A (a)	310,012		7,117,876
USI Holdings Corp. (a)	1,143,190		18,211,017
Willis Group Holdings Ltd.	195,000		7,415,850
Zenith National Insurance Corp.	494,000		22,980,880
			164,529,880
Real Estate Investment Trusts - 2.4%
Columbia Equity Trust, Inc.	130,000		2,230,800
Education Realty Trust, Inc.	176,300		2,727,361
Equity Lifestyle Properties, Inc.	75,100		3,700,177
Equity One, Inc.	155,000		3,893,600
GMH Communities Trust	314,100		4,387,977
Pennsylvania (REIT) (SBI)	245,000		10,559,500
			27,499,415
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc.	157,000		14,444,000
Thrifts & Mortgage Finance - 0.6%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	220,000		2,882,000
Doral Financial Corp.	100,000		460,000
Farmer Mac Class C (non-vtg.)	100,000		2,630,000
Fremont General Corp.	100,000		1,453,000
			7,425,000
TOTAL FINANCIALS			313,470,378
HEALTH CARE - 4.5%
Health Care Equipment & Supplies - 0.1%
PolyMedica Corp.	25,000		1,038,750
Health Care Providers & Services - 2.4%
Air Methods Corp. (a)	50,000		1,210,000
Odyssey Healthcare, Inc. (a)	325,000		4,306,250
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Omnicare, Inc.	432,000		$ 16,364,160
VistaCare, Inc. Class A (a)	470,841		5,890,221
			27,770,631
Health Care Technology - 1.1%
Per-Se Technologies, Inc. (a)	505,700		12,379,536
Life Sciences Tools & Services - 0.9%
ICON PLC sponsored ADR	288,720		10,359,274
TOTAL HEALTH CARE			51,548,191
INDUSTRIALS - 15.0%
Aerospace & Defense - 2.4%
AAR Corp. (a)	542,300		14,121,492
DRS Technologies, Inc.	159,000		7,030,980
Hexcel Corp. (a)	350,200		5,669,738
			26,822,210
Air Freight & Logistics - 1.3%
Forward Air Corp.	80,000		2,597,600
Hub Group, Inc. Class A	180,000		4,888,800
Park-Ohio Holdings Corp. (a)	511,490		7,135,286
			14,621,686
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	235,000		2,342,950
Building Products - 1.3%
Insteel Industries, Inc. (d)	265,988		4,771,825
NCI Building Systems, Inc. (a)	162,700		9,737,595
			14,509,420
Commercial Services & Supplies - 2.3%
FTI Consulting, Inc. (a)	545,000		15,483,450
Navigant Consulting, Inc. (a)	125,000		2,226,250
Standard Parking Corp. (a)	71,684		2,492,453
Team, Inc. (a)	184,628		5,891,479
			26,093,632
Construction & Engineering - 0.9%
Shaw Group, Inc. (a)	393,000		10,438,080
Electrical Equipment - 1.2%
Belden CDT, Inc.	250,000		9,050,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
C&D Technologies, Inc.	285,000		$ 1,413,600
GrafTech International Ltd. (a)	510,000		3,085,500
			13,549,100
Machinery - 1.3%
Basin Water, Inc. (d)	63,500		529,590
Columbus McKinnon Corp. (NY Shares) (a)	60,000		1,320,600
Manitowoc Co., Inc.	171,520		9,413,018
Tennant Co.	137,200		3,793,580
			15,056,788
Road & Rail - 0.4%
Swift Transportation Co., Inc. (a)	115,000		2,892,250
YRC Worldwide, Inc. (a)	40,000		1,549,600
			4,441,850
Trading Companies & Distributors - 3.7%
Kaman Corp.	537,022		10,949,879
UAP Holding Corp.	900,980		22,551,529
WESCO International, Inc. (a)	138,000		9,007,260
			42,508,668
TOTAL INDUSTRIALS			170,384,384
INFORMATION TECHNOLOGY - 14.7%
Communications Equipment - 0.4%
ECI Telecom Ltd. (a)	150,000		1,113,000
MasTec, Inc. (a)	100,000		1,095,000
Powerwave Technologies, Inc. (a)	195,000		1,269,450
Redback Networks, Inc. (a)	34,300		542,626
			4,020,076
Computers & Peripherals - 0.5%
Komag, Inc. (a)	70,000		2,677,500
Neoware, Inc. (a)	100,000		1,197,000
Rackable Systems, Inc. (a)	50,000		1,550,500
			5,425,000
Electronic Equipment & Instruments - 6.9%
Amphenol Corp. Class A	20,000		1,358,000
Benchmark Electronics, Inc. (a)	167,900		4,457,745
CTS Corp.	190,000		2,682,800
Ingram Micro, Inc. Class A (a)	727,700		14,997,897
Insight Enterprises, Inc. (a)	680,600		14,626,094
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
KEMET Corp. (a)	1,124,700		$ 8,266,545
Mettler-Toledo International, Inc. (a)	113,700		7,805,505
Tektronix, Inc.	506,000		15,367,220
Vishay Intertechnology, Inc. (a)	627,491		8,464,854
			78,026,660
Internet Software & Services - 1.1%
j2 Global Communications, Inc. (a)	380,800		10,449,152
RealNetworks, Inc. (a)	125,000		1,372,500
webMethods, Inc. (a)	145,000		1,090,400
			12,912,052
IT Services - 1.9%
MPS Group, Inc. (a)	170,000		2,592,500
Ness Technologies, Inc. (a)	318,000		4,700,040
Telvent GIT SA (a)	1,081,000		14,571,880
			21,864,420
Semiconductors & Semiconductor Equipment - 2.4%
Applied Micro Circuits Corp. (a)	950,000		2,897,500
California Micro Devices Corp. (a)	575,000		2,472,500
Cirrus Logic, Inc. (a)	340,000		2,400,400
Intevac, Inc. (a)	691,000		14,289,880
MKS Instruments, Inc. (a)	123,900		2,682,435
Rudolph Technologies, Inc. (a)	165,244		2,918,209
			27,660,924
Software - 1.5%
Hyperion Solutions Corp. (a)	60,000		2,244,000
Moldflow Corp. (a)	427,898		5,370,120
Quest Software, Inc. (a)	595,000		8,764,350
Sonic Solutions, Inc. (a)	75,000		1,210,500
			17,588,970
TOTAL INFORMATION TECHNOLOGY			167,498,102
MATERIALS - 6.5%
Chemicals - 1.5%
Albemarle Corp.	68,300		4,441,549
Cytec Industries, Inc.	99,670		5,520,721
Georgia Gulf Corp.	230,800		4,936,812
Olin Corp.	125,000		2,162,500
			17,061,582
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp.	150,000		$ 1,599,000
Metals & Mining - 4.8%
Carpenter Technology Corp.	205,000		21,932,950
Compass Minerals International, Inc.	726,466		22,484,123
Meridian Gold, Inc. (a)	270,000		6,799,002
Titanium Metals Corp. (a)	120,000		3,537,600
			54,753,675
TOTAL MATERIALS			73,414,257
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Syniverse Holdings, Inc. (a)	334,000		4,926,500
UTILITIES - 1.9%
Electric Utilities - 0.5%
ITC Holdings Corp.	149,900		5,324,448
Independent Power Producers & Energy Traders - 0.8%
Dynegy, Inc. Class A (a)	585,000		3,556,800
NRG Energy, Inc.	109,000		5,248,350
			8,805,150
Multi-Utilities - 0.6%
CMS Energy Corp. (a)	500,000		7,445,000
TOTAL UTILITIES			21,574,598
TOTAL COMMON STOCKS (Cost $988,464,893)		1,091,092,088
Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 5.34% (b)	47,214,947		$ 47,214,947
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	19,632,225		19,632,225
TOTAL MONEY MARKET FUNDS (Cost $66,847,172)		66,847,172
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $1,055,312,065)		1,157,939,260
NET OTHER ASSETS - (1.7)%		(19,337,457)
NET ASSETS - 100%		$ 1,138,601,803

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	$ 488,903
Fidelity Securities Lending Cash Central Fund	27,081
Total	$ 515,984

Income Tax Information

At October 31, 2006, the aggregate cost of investment securities for income tax purposes was $1,055,703,901. Net unrealized appreciation aggregated $102,235,359, of which $142,659,548 related to appreciated investment securities and $40,424,189 related to depreciated investment securities.

Investment Valuation

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, 2006

1.824309.101

ASCV-QTLY-1206

Investments October 31, 2006 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.8%
	Shares		Value
CONSUMER DISCRETIONARY - 14.2%
Auto Components - 1.2%
Aftermarket Technology Corp. (a)	50,000		$ 939,500
Hawk Corp. Class A (a)	371,600		5,462,520
Spartan Motors, Inc.	344,210		7,149,242
			13,551,262
Distributors - 0.3%
Building Materials Holding Corp.	129,100		3,364,346
Hotels, Restaurants & Leisure - 2.8%
Cosi, Inc. (a)	99,700		433,695
Domino's Pizza, Inc.	275,000		7,474,500
Gaylord Entertainment Co. (a)	115,000		5,352,100
Isle of Capri Casinos, Inc. (a)(d)	439,500		11,031,450
Multimedia Games, Inc. (a)	61,000		572,790
Pinnacle Entertainment, Inc. (a)(d)	207,700		6,285,002
Vail Resorts, Inc. (a)	30,000		1,159,500
			32,309,037
Household Durables - 4.7%
Bassett Furniture Industries, Inc.	5,811		95,998
Ethan Allen Interiors, Inc.	225,300		8,025,186
Interface, Inc. Class A (a)	1,004,490		14,615,330
Jarden Corp. (a)(d)	645,000		23,207,100
Kimball International, Inc. Class B	160,000		3,976,000
Lenox Group, Inc. (a)	262,845		1,579,698
Ryland Group, Inc.	55,000		2,526,150
			54,025,462
Leisure Equipment & Products - 2.4%
JAKKS Pacific, Inc. (a)	65,000		1,409,850
RC2 Corp. (a)	569,555		25,732,495
			27,142,345
Specialty Retail - 1.9%
Asbury Automotive Group, Inc.	75,000		1,800,000
Citi Trends, Inc. (a)(d)	90,000		3,531,600
Genesco, Inc.	60,000		2,254,200
Gymboree Corp. (a)	85,000		3,949,100
Lithia Motors, Inc. Class A (sub. vtg.)	54,000		1,377,000
Sonic Automotive, Inc. Class A (sub. vtg.)	132,500		3,484,750
The Children's Place Retail Stores, Inc. (a)	67,500		4,737,825
			21,134,475
Common Stocks - continued
	Shares		Value
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 0.9%
Carter's, Inc. (a)	150,000		$ 4,234,500
Warnaco Group, Inc. (a)	290,000		6,159,600
			10,394,100
TOTAL CONSUMER DISCRETIONARY			161,921,027
CONSUMER STAPLES - 2.6%
Food & Staples Retailing - 0.1%
Performance Food Group Co. (a)	50,000		1,453,500
Food Products - 1.0%
Diamond Foods, Inc.	525,400		8,947,562
Hain Celestial Group, Inc. (a)	90,000		2,540,700
			11,488,262
Personal Products - 1.5%
Playtex Products, Inc. (a)	535,000		7,457,900
Prestige Brands Holdings, Inc. (a)	812,838		9,591,488
			17,049,388
TOTAL CONSUMER STAPLES			29,991,150
ENERGY - 8.5%
Energy Equipment & Services - 2.2%
Carbo Ceramics, Inc. (d)	43,500		1,465,950
Hornbeck Offshore Services, Inc. (a)	154,100		5,561,469
Oil States International, Inc. (a)	244,760		7,107,830
Superior Energy Services, Inc. (a)	255,000		7,981,500
W-H Energy Services, Inc. (a)	50,000		2,341,500
			24,458,249
Oil, Gas & Consumable Fuels - 6.3%
Alpha Natural Resources, Inc. (a)	107,400		1,708,734
Cabot Oil & Gas Corp.	145,000		7,671,950
Comstock Resources, Inc. (a)	240,300		6,704,370
Forest Oil Corp. (a)	140,300		4,579,392
Holly Corp.	57,400		2,729,944
Mariner Energy, Inc. (a)	530,000		10,504,600
Petroleum Development Corp. (a)	127,622		5,889,755
Southwestern Energy Co. (a)	60,000		2,134,800
Common Stocks - continued
	Shares		Value
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Tesoro Corp. (d)	413,800		$ 26,458,369
World Fuel Services Corp.	81,900		3,523,338
			71,905,252
TOTAL ENERGY			96,363,501
FINANCIALS - 27.5%
Capital Markets - 1.4%
American Capital Strategies Ltd. (d)	93,700		4,044,092
Piper Jaffray Companies (a)	50,000		3,457,500
TradeStation Group, Inc. (a)	510,000		7,981,500
			15,483,092
Commercial Banks - 6.1%
Boston Private Financial Holdings, Inc.	660,200		18,247,928
Cathay General Bancorp	270,220		9,309,079
Center Financial Corp., California	353,352		8,536,984
Colonial Bancgroup, Inc.	80,000		1,907,200
East West Bancorp, Inc.	28,800		1,051,488
First Bancorp, Puerto Rico	53,000		524,700
Hanmi Financial Corp.	245,040		5,236,505
Nara Bancorp, Inc.	208,270		3,957,130
Preferred Bank, Los Angeles California	66,900		3,918,333
South Financial Group, Inc.	175,900		4,666,627
UCBH Holdings, Inc.	150,000		2,571,000
Wintrust Financial Corp.	209,360		10,103,714
			70,030,688
Consumer Finance - 0.3%
Advanta Corp. Class B	50,000		1,962,000
CompuCredit Corp. (a)(d)	35,000		1,216,600
			3,178,600
Diversified Financial Services - 1.0%
Marlin Business Services Corp. (a)	470,779		10,879,703
Insurance - 14.4%
American Equity Investment Life Holding Co.	2,035,000		25,966,600
Aspen Insurance Holdings Ltd.	360,200		8,940,164
Delphi Financial Group, Inc. Class A	70,000		2,747,500
HCC Insurance Holdings, Inc.	175,920		5,921,467
IPC Holdings Ltd.	543,440		16,324,938
Max Re Capital Ltd.	75,000		1,746,000
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - continued
National Financial Partners Corp. (d)	286,300		$ 11,280,220
Navigators Group, Inc. (a)	69,862		3,288,404
Ohio Casualty Corp.	100,500		2,756,715
Old Republic International Corp.	125,000		2,816,250
Philadelphia Consolidated Holdings Corp. (a)	99,140		3,878,357
Platinum Underwriters Holdings Ltd.	329,700		9,844,842
RLI Corp.	180,000		9,757,800
Tower Group, Inc.	100,000		3,535,000
United America Indemnity Ltd. Class A (a)	310,012		7,117,876
USI Holdings Corp. (a)	1,143,190		18,211,017
Willis Group Holdings Ltd.	195,000		7,415,850
Zenith National Insurance Corp.	494,000		22,980,880
			164,529,880
Real Estate Investment Trusts - 2.4%
Columbia Equity Trust, Inc.	130,000		2,230,800
Education Realty Trust, Inc.	176,300		2,727,361
Equity Lifestyle Properties, Inc.	75,100		3,700,177
Equity One, Inc.	155,000		3,893,600
GMH Communities Trust	314,100		4,387,977
Pennsylvania (REIT) (SBI)	245,000		10,559,500
			27,499,415
Real Estate Management & Development - 1.3%
Jones Lang LaSalle, Inc.	157,000		14,444,000
Thrifts & Mortgage Finance - 0.6%
BankAtlantic Bancorp, Inc. Class A (non-vtg.)	220,000		2,882,000
Doral Financial Corp.	100,000		460,000
Farmer Mac Class C (non-vtg.)	100,000		2,630,000
Fremont General Corp.	100,000		1,453,000
			7,425,000
TOTAL FINANCIALS			313,470,378
HEALTH CARE - 4.5%
Health Care Equipment & Supplies - 0.1%
PolyMedica Corp.	25,000		1,038,750
Health Care Providers & Services - 2.4%
Air Methods Corp. (a)	50,000		1,210,000
Odyssey Healthcare, Inc. (a)	325,000		4,306,250
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Health Care Providers & Services - continued
Omnicare, Inc.	432,000		$ 16,364,160
VistaCare, Inc. Class A (a)	470,841		5,890,221
			27,770,631
Health Care Technology - 1.1%
Per-Se Technologies, Inc. (a)	505,700		12,379,536
Life Sciences Tools & Services - 0.9%
ICON PLC sponsored ADR	288,720		10,359,274
TOTAL HEALTH CARE			51,548,191
INDUSTRIALS - 15.0%
Aerospace & Defense - 2.4%
AAR Corp. (a)	542,300		14,121,492
DRS Technologies, Inc.	159,000		7,030,980
Hexcel Corp. (a)	350,200		5,669,738
			26,822,210
Air Freight & Logistics - 1.3%
Forward Air Corp.	80,000		2,597,600
Hub Group, Inc. Class A	180,000		4,888,800
Park-Ohio Holdings Corp. (a)	511,490		7,135,286
			14,621,686
Airlines - 0.2%
AirTran Holdings, Inc. (a)(d)	235,000		2,342,950
Building Products - 1.3%
Insteel Industries, Inc. (d)	265,988		4,771,825
NCI Building Systems, Inc. (a)	162,700		9,737,595
			14,509,420
Commercial Services & Supplies - 2.3%
FTI Consulting, Inc. (a)	545,000		15,483,450
Navigant Consulting, Inc. (a)	125,000		2,226,250
Standard Parking Corp. (a)	71,684		2,492,453
Team, Inc. (a)	184,628		5,891,479
			26,093,632
Construction & Engineering - 0.9%
Shaw Group, Inc. (a)	393,000		10,438,080
Electrical Equipment - 1.2%
Belden CDT, Inc.	250,000		9,050,000
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - continued
C&D Technologies, Inc.	285,000		$ 1,413,600
GrafTech International Ltd. (a)	510,000		3,085,500
			13,549,100
Machinery - 1.3%
Basin Water, Inc. (d)	63,500		529,590
Columbus McKinnon Corp. (NY Shares) (a)	60,000		1,320,600
Manitowoc Co., Inc.	171,520		9,413,018
Tennant Co.	137,200		3,793,580
			15,056,788
Road & Rail - 0.4%
Swift Transportation Co., Inc. (a)	115,000		2,892,250
YRC Worldwide, Inc. (a)	40,000		1,549,600
			4,441,850
Trading Companies & Distributors - 3.7%
Kaman Corp.	537,022		10,949,879
UAP Holding Corp.	900,980		22,551,529
WESCO International, Inc. (a)	138,000		9,007,260
			42,508,668
TOTAL INDUSTRIALS			170,384,384
INFORMATION TECHNOLOGY - 14.7%
Communications Equipment - 0.4%
ECI Telecom Ltd. (a)	150,000		1,113,000
MasTec, Inc. (a)	100,000		1,095,000
Powerwave Technologies, Inc. (a)	195,000		1,269,450
Redback Networks, Inc. (a)	34,300		542,626
			4,020,076
Computers & Peripherals - 0.5%
Komag, Inc. (a)	70,000		2,677,500
Neoware, Inc. (a)	100,000		1,197,000
Rackable Systems, Inc. (a)	50,000		1,550,500
			5,425,000
Electronic Equipment & Instruments - 6.9%
Amphenol Corp. Class A	20,000		1,358,000
Benchmark Electronics, Inc. (a)	167,900		4,457,745
CTS Corp.	190,000		2,682,800
Ingram Micro, Inc. Class A (a)	727,700		14,997,897
Insight Enterprises, Inc. (a)	680,600		14,626,094
Common Stocks - continued
	Shares		Value
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Instruments - continued
KEMET Corp. (a)	1,124,700		$ 8,266,545
Mettler-Toledo International, Inc. (a)	113,700		7,805,505
Tektronix, Inc.	506,000		15,367,220
Vishay Intertechnology, Inc. (a)	627,491		8,464,854
			78,026,660
Internet Software & Services - 1.1%
j2 Global Communications, Inc. (a)	380,800		10,449,152
RealNetworks, Inc. (a)	125,000		1,372,500
webMethods, Inc. (a)	145,000		1,090,400
			12,912,052
IT Services - 1.9%
MPS Group, Inc. (a)	170,000		2,592,500
Ness Technologies, Inc. (a)	318,000		4,700,040
Telvent GIT SA (a)	1,081,000		14,571,880
			21,864,420
Semiconductors & Semiconductor Equipment - 2.4%
Applied Micro Circuits Corp. (a)	950,000		2,897,500
California Micro Devices Corp. (a)	575,000		2,472,500
Cirrus Logic, Inc. (a)	340,000		2,400,400
Intevac, Inc. (a)	691,000		14,289,880
MKS Instruments, Inc. (a)	123,900		2,682,435
Rudolph Technologies, Inc. (a)	165,244		2,918,209
			27,660,924
Software - 1.5%
Hyperion Solutions Corp. (a)	60,000		2,244,000
Moldflow Corp. (a)	427,898		5,370,120
Quest Software, Inc. (a)	595,000		8,764,350
Sonic Solutions, Inc. (a)	75,000		1,210,500
			17,588,970
TOTAL INFORMATION TECHNOLOGY			167,498,102
MATERIALS - 6.5%
Chemicals - 1.5%
Albemarle Corp.	68,300		4,441,549
Cytec Industries, Inc.	99,670		5,520,721
Georgia Gulf Corp.	230,800		4,936,812
Olin Corp.	125,000		2,162,500
			17,061,582
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Containers & Packaging - 0.2%
Smurfit-Stone Container Corp.	150,000		$ 1,599,000
Metals & Mining - 4.8%
Carpenter Technology Corp.	205,000		21,932,950
Compass Minerals International, Inc.	726,466		22,484,123
Meridian Gold, Inc. (a)	270,000		6,799,002
Titanium Metals Corp. (a)	120,000		3,537,600
			54,753,675
TOTAL MATERIALS			73,414,257
TELECOMMUNICATION SERVICES - 0.4%
Wireless Telecommunication Services - 0.4%
Syniverse Holdings, Inc. (a)	334,000		4,926,500
UTILITIES - 1.9%
Electric Utilities - 0.5%
ITC Holdings Corp.	149,900		5,324,448
Independent Power Producers & Energy Traders - 0.8%
Dynegy, Inc. Class A (a)	585,000		3,556,800
NRG Energy, Inc.	109,000		5,248,350
			8,805,150
Multi-Utilities - 0.6%
CMS Energy Corp. (a)	500,000		7,445,000
TOTAL UTILITIES			21,574,598
TOTAL COMMON STOCKS (Cost $988,464,893)		1,091,092,088
Money Market Funds - 5.9%
	Shares		Value
Fidelity Cash Central Fund, 5.34% (b)	47,214,947		$ 47,214,947
Fidelity Securities Lending Cash Central Fund, 5.35% (b)(c)	19,632,225		19,632,225
TOTAL MONEY MARKET FUNDS (Cost $66,847,172)		66,847,172
TOTAL INVESTMENT PORTFOLIO - 101.7% (Cost $1,055,312,065)		1,157,939,260
NET OTHER ASSETS - (1.7)%		(19,337,457)
NET ASSETS - 100%		$ 1,138,601,803

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	$ 488,903
Fidelity Securities Lending Cash Central Fund	27,081
Total	$ 515,984

Income Tax Information

Investment Valuation

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 Corp. 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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	December 20, 2006

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/Christine Reynolds
	Christine Reynolds
	President and Treasurer

Date:	December 20, 2006

By:	/s/Joseph B. Hollis
	Joseph B. Hollis
	Chief Financial Officer

Date:	December 20, 2006